Document:

Notice
      of Creation of a Securitisation Fund

     

    
      	
              To:

            	
              Perpetual
                Limited

            

    

    ABN
      86
      000 431 827

    (Trustee)

    

    
      	
              From:

            	
              ME
                Portfolio Management
                Limited

            

    

    ABN
      79
      005 964 134

    (Manager)

     

    Pursuant
      to clause 4.2(a)(1) of the Master Trust Deed dated 4 July 1994 between the
      Trustee and the Manager establishing the Superannuation Members’ Home Loans
      Trusts (as amended and restated from time to time) (Trust
      Deed),
      the
      Manager hereby gives notice of the creation of a Securitisation Fund under
      the
      Trust Deed to be known as the “SMHL Global Fund 2007-1”.

     

    1    Unitholders
      and Beneficiaries of the Securitisation Fund

     

    For
      the
      purposes of clause 4.1 of the Trust Deed, the Unitholders and Beneficiaries
      of
      the SMHL Global Fund 2007-1 are:

     

    (a)   (Residual
      Capital Unitholder)

     

    Industry
      Funds Management (Nominees 2) Pty Limited, in its capacity as trustee of Super
      Business Loans Unit Trust No. 1 as to A$100 of the capital of the SMHL Global
      Fund 2007-1.

     

    
      	
              (b)

            	
              (Income
                Unitholder)

            

    

     

    Industry
      Funds Management (Nominees 2) Pty Limited, in its capacity as trustee of Super
      Business Loans Unit Trust No. 1 as to the balance of the SMHL Global Fund
      2007-1.

    

      
        	
                2

              	
                Creation
                  of Residual Capital Units and Income
                  Units

              

      

       

    

    This
      Notice of Creation of a Securitisation Fund is accompanied by the sum of:

     

    
      	
              (a)

            	
              A$100
                in accordance with clause 4.2(a)(2) and clause 3.6(b) of Schedule
                10 of
                the Trust Deed on behalf of Industry Funds Management (Nominees 2)
                Pty
                Limited and in consideration of the issue of 100 Residual Capital
                Units to
                Industry Funds Management (Nominees 2) Pty Limited, in its capacity
                as
                trustee of Super Business Loans Unit Trust No. 1;
                and

            

    

     

    
      	
              (b)

            	
              A$10.00
                in accordance with clause 4.2(a)(3) and clause 3.6(a) of Schedule
                10 of
                the Trust Deed on behalf of Industry Funds Management (Nominees 2)
                Pty
                Limited and in consideration of the issue of 10 Income Units to Industry
                Funds Management (Nominees 2) Pty Limited, in its capacity as trustee
                of
                Super Business Loans Unit Trust No.
                1.

            

    

     

    
      
        
        

      

      
        page
          1

        
          

        

      

      
        
        

      

    

    

      
        	
                Dated:

              	
                2
                  May 2007

              

      

       

    

     

    Signed
      for and on behalf of 

    ME
      Portfolio Management Limited

    by:

    

     

    
      	/s/
              Paul Garvey	 	/s/
              Nicholas Vamvakas
	
              Authorised
                Signatory

            	 	
              Authorised
                Signatory

            
	 	 	 
	 Paul
              Garvey	 	Nicholas
              Vamvakas
	
              Name
                (please print)

            	 	
              Name
                (please print)

            

    

    

     

    
      
        
        

      

      
        page
          2Perpetual
      Limited

    
      
        

      

    

    ME
      Portfolio Management Limited

    
      
        

      

    

    Perpetual
      Trustee Company Limited

    
      
        

      

    

    The
      Bank of New York

    
      
        

      

    

     

    Supplementary
      Bond 

    Terms
      Notice: SMHL 

    Global
      Fund 2007-1 -

    Class
      A
      Notes and 

    Class
      B
      Notes

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

        
          

        

      

    

    Table
      of contents

     

    
      
        
          	
                  Clause

                	
                  Page

                
	 	 	 	 
	
                  1

                	
                  Function

                	
                  1

                
	 	 	 	 
	
                  2

                	
                  Definitions
                    and Interpretation

                	
                  1

                
	 	 	 	 
	 	
                  2.1

                	
                  Definitions

                	
                  1

                
	 	
                  2.2

                	
                  Incorporation
                    of Master Trust Deed Definitions

                	
                  20

                
	 	
                  2.3

                	
                  Interpretation

                	
                  20

                
	 	
                  2.4

                	
                  Payments

                	
                  20

                
	 	
                  2.5

                	
                  Acknowledgment

                	
                  20

                
	 	 	 	 
	
                  3

                	
                  Notes

                	
                  20

                
	 	 	 	 
	 	
                  3.1

                	
                  Conditions
                    of Notes

                	
                  20

                
	 	
                  3.2

                	
                  Issue
                    of Notes

                	
                  20

                
	 	
                  3.3

                	
                  Trustee's
                    covenant to Noteholders and the Note Trustee

                	
                  21

                
	 	
                  3.4

                	
                  Final
                    redemption

                	
                  21

                
	 	
                  3.5

                	
                  Period
                    during which interest accrues

                	
                  22

                
	 	
                  3.6

                	
                  Calculation
                    of interest

                	
                  22

                
	 	
                  3.7

                	
                  Aggregate
                    receipts

                	
                  23

                
	 	
                  3.8

                	
                  Application
                    of Principal Repayment Pool

                	
                  23

                
	 	
                  3.9

                	
                  Repayment
                    of Principal

                	
                  23

                
	 	
                  3.10

                	
                  Final
                    Maturity Date

                	
                  23

                
	 	
                  3.11

                	
                  Reduction
                    in Principal balance

                	
                  24

                
	 	
                  3.12

                	
                  Cancellation
                    on repayment

                	
                  24

                
	 	
                  3.13

                	
                  Payments
                    into Euro Account

                	
                  24

                
	 	
                  3.14

                	
                  Payments
                    out of Euro Account

                	
                  24

                
	 	
                  3.15

                	
                  Payments
                    into US$ Account

                	
                  24

                
	 	
                  3.16

                	
                  Payments
                    out of US$ Account

                	
                  24

                
	 	
                  3.17

                	
                  Rounding
                    of amounts

                	
                  25

                
	 	
                  3.18

                	
                  Prescription

                	
                  25

                
	 	
                  3.19

                	
                  Replacement
                    of Currency Swap

                	
                  25

                
	 	
                  3.20

                	
                  Realised
                    Losses on Mortgages

                	
                  26

                
	 	 	 	 
	
                  4

                	
                  Notes
                    Callable at Option of Trustee

                	
                  28

                
	 	 	 	 
	 	
                  4.1

                	
                  Call
                    - Class A Notes

                	
                  28

                
	 	
                  4.2

                	
                  Tax
                    event

                	
                  29

                
	 	
                  4.3

                	
                  Call
                    - Class B Notes

                	
                  29

                
	 	 	 	 
	
                  5

                	
                  Cash-Collateral

                	
                  30

                
	 	 	 	 
	 	
                  5.1

                	
                  Cash
                    Collateral Account

                	
                  30

                
	 	
                  5.2

                	
                  Initial
                    Cash Collateral and Liquidity Notes

                	
                  30

                

        

         

          
            

              
                
                  
                  

                

                
                  page
                    i

                  
                    

                  

                

                
                  
                  

                

              

              
                
                  Supplementary
                    Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
                    Notes

                   

                

              

            

          

        

        
          	 	
                  5.3

                	
                  Investment
                    of Cash Collateral

                	
                  30

                
	 	
                  5.4

                	
                  Use
                    of Cash Collateral

                	
                  30

                
	 	
                  5.5

                	
                  Surplus
                    Cash Collateral

                	
                  31

                
	 	 	 	 
	
                  6

                	
                  Distribution
                    of Collections

                	
                  31

                
	 	 	 	 
	 	
                  6.1

                	
                  Distribution
                    of Interest Collections

                	
                  31

                
	 	
                  6.2

                	
                  Distribution
                    of Principal Collections

                	
                  37

                
	 	
                  6.3

                	
                  Rights
                    of Liquidity Noteholder

                	
                  43

                
	 	
                  6.4

                	
                  Funding
                    Loan Redraw Facilities

                	
                  44

                
	 	
                  6.5

                	
                  Funding
                    Top-up Loans

                	
                  44

                
	 	
                  6.6

                	
                  Payment
                    of Charge Offs

                	
                  44

                
	 	 	 	 
	
                  7

                	
                  Substitution
                    of Mortgages

                	
                  44

                
	 	 	 	 
	 	
                  7.1

                	
                  Purchase
                    of Substitute Mortgages

                	
                  44

                
	 	 	 	 
	
                  8

                	
                  Notifications

                	
                  46

                
	 	 	 	 
	 	
                  8.1

                	
                  Notification
                    of Calculations and defaults

                	
                  46

                
	 	
                  8.2

                	
                  Notification
                    of defaults

                	
                  46

                
	 	 	 	 
	
                  9

                	
                  Amendments
                    to Master Trust Deed

                	
                  46

                
	 	 	 	 
	
                  10

                	
                  Rating
                    Agency Requirements

                	
                  60

                
	 	 	 	 
	 	
                  10.1

                	
                  Designated
                    Rating Agencies

                	
                  60

                
	 	
                  10.2

                	
                  Designated
                    Ratings

                	
                  60

                
	 	
                  10.3

                	
                  Minimum
                    Rating Requirements

                	
                  60

                
	 	
                  10.4

                	
                  Banks

                	
                  60

                
	 	
                  10.5

                	
                  Notifications
                    to Designated Rating Agencies

                	
                  60

                
	 	
                  10.6

                	
                  No
                    other Requirements

                	
                  61

                
	 	
                  10.7

                	
                  Loan
                    Facilities

                	
                  61

                
	 	
                  10.8

                	
                  Top-up
                    Loans

                	
                  61

                
	 	 	 	 
	
                  11

                	
                  Threshold
                    Rate

                	
                  62

                
	 	 	 	 
	
                  12

                	
                  Beneficiaries

                	
                  63

                
	 	 	 	 
	
                  13

                	
                  Note
                    Trustee

                	
                  63

                
	 	 	 	 
	 	
                  13.1

                	
                  Capacity

                	
                  63

                
	 	
                  13.2

                	
                  Exercise
                    of rights

                	
                  63

                
	 	
                  13.3

                	
                  Representation
                    and warranty

                	
                  64

                
	 	
                  13.4

                	
                  Payments

                	
                  64

                
	 	 	 	 
	
                  14

                	
                  Security
                    Trust Deed

                	
                  64

                
	 	 	 	 
	 	
                  14.1

                	
                  Compliance
                    with Security Trust Deed

                	
                  64

                
	 	
                  14.2

                	
                  Limitation
                    of Liability of Security Trustee

                	
                  64

                

        

        
          

            
              
                
                

              

              
                page
                  ii

                
                  

                

              

              
                
                

              

            

            
              
                Supplementary
                  Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
                  Notes

                 

              

            

          

          	 	 	 	 
	
                  15

                	
                  Miscellaneous

                	
                  64

                
	 	 	 	 
	 	
                  15.1

                	
                  Banking
                    Day

                	
                  64

                
	 	
                  15.2

                	
                  Provisions
                    of the Master Trust Deed to apply

                	
                  64

                
	 	
                  15.3

                	
                  Limitation
                    of Liability - Trustee

                	
                  64

                
	 	
                  15.4

                	
                  Aggregate
                    Outstanding Principal Balance of Notes

                	
                  65

                
	 	
                  15.5

                	
                  Attorney

                	
                  65

                
	 	
                  15.6

                	
                  Know
                    Your Customer

                	
                  65

                
	 	
                  15.7

                	
                  Compliance
                    with Regulation AB

                	
                  65

                
	 	
                  15.8

                	
                  Direction
                    of claims by the Manager

                	
                  70

                
	 	
                  15.9

                	
                  Direction
                    of defence of claims

                	
                  71

                
	 	
                  15.10

                	
                  Details
                    on Register conclusive

                	
                  71

                
	 	 	 	 
	
                  16

                	
                  Privacy

                	
                  72

                
	 	 	 	 
	
                  Schedule
                    1 - Form of Supplementary Bond Terms Notice: SMHL Global Fund
                    2007-1 -
                    Liquidity Notes

                	
                  75

                

          

            
              
                
                

              

              
                page
                  iii

                
                  

                

              

              
                
                

              

            

            
              
                 

              

            

          

        

      

    

     

    Date
      29 May 2007

     

     

    
      	 	
              To:

            	
              Perpetual
                Limited

            

      	 	 	ABN 86 000 431 827

      	 	 	as trustee of the SMHL Global Fund
              2007-1

      	 	 	(Trustee)

    

     

     

    
      	 	
              From:

            	
              ME
                Portfolio Management Limited

            

      	 	 	ABN 79
              005 964 134

      	 	 	as manager of the SMHL Global Fund
              2007-1

      	 	 	(Manager)

    

     

     

      
        

      

    

    1      Function

     

    This
      Supplementary Bond Terms Notice:

     

    (a)   accompanies
      a Securitisation Fund Bond Issue Direction dated 29 May 2007, as the same may
      be
      amended from time to time, in relation to a proposed issue of Notes by the
      Trustee;

     

    (b)   sets
      out
      the Supplementary Bond Terms for the classes of Notes named in the Bond Issue
      Direction as “Class A1 Notes”, “Class A2 Notes”, “Class A3 Notes”
and “Class B Notes”; and

     

    (c)   shall
      be
      entered into the Register by the Trustee pursuant to clause 23.1(f) of the
      Master Trust Deed.

     

      
        

      

    

    2      
      Definitions
      and Interpretation

     

    
      	 	
              2.1

            	
              Definitions

            

    

     

    In
      this
      Supplementary Bond Terms Notice (including clause 1) and in respect of the
      Securitisation Fund and the Master Trust Deed the following definitions apply,
      unless the context indicates a contrary intention:

     

    A$
      Class A Interest Amount
      means,
      for any Payment Date in relation to a Confirmation for Class A Offered Notes,
      the amount in Australian dollars which is calculated:

     

    (a)   on
      a
      daily basis at the applicable rate set out in that Confirmation (being
      AUD-BBR-BBSW, as defined in the ISDA Definitions, as at the first day of the
      Interest Period ending on (but excluding) that Payment Date with a designated
      maturity of 90 days (or in the case of the first Interest Period, the rate
      will
      be determined by linear interpolation calculated by reference to the duration
      of
      that first Interest Period) plus the relevant Spread);

     

    

      
        
          
          

        

        
          page
            1

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (b)   on
      the A$
      Equivalent of the aggregate of the Invested Amount of those Class A Offered
      Notes as at the first day of the Interest Period ending on (but excluding)
      that
      Payment Date; and

     

    (c)   on
      the
      basis of the actual number of days in that Interest Period and a year of 365
      days.

     

    A$
      Equivalent means:

     

    (a)   in
      relation to an amount denominated or to be denominated in US$, the amount
      converted to (and denominated in) A$ at the A$ Exchange Rate; 

     

    (b)   in
      relation to an amount denominated or to be denominated in €, the amounts
      converted to (and denominated in) A$ at the A$ Exchange Rate; or 

     

    (c)   in
      relation to an amount denominated in A$, the amount of A$.

     

    A$
      Exchange Rate
      means,
      on any date:

     

    (a)   in
      respect of € - the rate of exchange (set as at the commencement of the Euro
      Currency Swap) applicable under the Euro Currency Swap for the exchange of
      Euros
      for Dollars; and

     

    (b)   in
      respect of US$ - the rate of exchange (set as at the commencement of the US
      Currency Swap) applicable under the US Currency Swap for the exchange of United
      States Dollars for Dollars.

     

    Authorised
      Signatory
      means:

     

    (a)   in
      relation to the Note Trustee, any duly authorised officer of the Note Trustee
      and any other duly authorised person of the Note Trustee;

     

    (b)   in
      relation to the Principal Paying Agent, any duly authorised officer of the
      Principal Paying Agent and any other duly authorised person of the Principal
      Paying Agent; and 

     

    (c)   in
      relation to the Calculation Agent, any duly authorised officer of the
      Calculation Agent and any other duly authorised person of the Calculation
      Agent.

     

    Bank
      means:

     

    (a)   for
      the
      purposes of the definition of Banking Day and the definition of US$ Account
      and
      Euro Account:

     

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

     

    (2)   a
      person
      authorised under the Banking Act 1987 (UK) to carry on a deposit taking
      business; or

     

    (3)   a
      banking
      institution or trust company organised or doing business under the laws of
      the
      United States of America or any of its states; and

     

    (b)   in
      any
      other case, 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.

     

    

      
        
          
          

        

        
          page
            2

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Banking
      Day
      means
      any day (other than a Saturday, Sunday or public holiday) on which Banks are
      open for business in London, New York, Sydney and Melbourne and which is a
      TARGET Settlement Day.

     

    Benchmark
      Rate
      in
      relation to an Interest Period means the rate expressed as a percentage per
      annum calculated by taking the rates appearing on the Reuters Screen page BBSW
      at approximately 10.10 am Sydney time on (subject to this definition) the first
      Banking Day of that Interest Period for each Bank so quoting (being no fewer
      than 5) as being the mean buying and selling rate for a bill of exchange of
      the
      type specified for the purpose of quoting on the Reuters Screen page BBSW and
      having a tenor closest to the term of that Interest Period, eliminating the
      highest and lowest mean rates and taking the average of the remaining mean
      rates
      and then (if necessary) rounding the resultant figure upwards to 4 decimal
      places (or, in the case of the first Interest Period, the rate will be
      determined by linear interpolation calculated by reference to the duration
      of
      the first Interest Period). If fewer than 5 Banks quote on the Reuters Screen
      page BBSW the Benchmark Rate for that Interest Period shall be calculated as
      above by taking the rates otherwise quoted by 5 Banks or 5 institutions
      otherwise authorised to quote rates on the Reuters Screen page BBSW at or about
      10.10 am (Sydney time) for a bill of exchange having a tenor closest to the
      term
      of that Interest Period, on application by the Manager for such a bill of the
      same tenor (or, in the case of the first Interest Period, the rate will be
      determined by linear interpolation calculated by reference to the duration
      of
      the first Interest Period). If a rate cannot be determined in accordance with
      the foregoing procedures, then the Benchmark Rate shall mean such rate as is
      specified in good faith by the Manager at or around that time on that date,
      having regard, to the extent possible, to comparable indices then available
      as
      to the rates otherwise bid and offered for such bills of that tenor around
      that
      time.

     

    Beneficiaries
      means,
      in relation to the Fund, the Residual Capital Unitholder and the Income
      Unitholder.

     

    Bond
      Issue Direction
      means
      the Securitisation Fund Bond Issue Direction referred to in clause
      1(a).

     

    Book-Entry
      Note
      means:

     

    (a)    a
      Class A1 Book-Entry Note; or

     

    (b)    a
      Class A2 Book-Entry Note.

     

    Calculation
      Agent
      has the
      same meaning as in the Note Trust Deed.

     

    Calculation
      Period
      means a
      Monthly Calculation Period or a Quarterly Calculation Period.

     

    Carry
      Over Class A Charge Offs
      means,
      at any Cut-Off, in relation to a Class A Note, the aggregate of Class A Charge
      Offs in relation to that Class A Note prior to that Cut-Off which have not
      been
      reinstated under clauses 6.1(a)(11), 6.1(a)(12), 6.1(c)(11) or
      6.1(c)(12).

     

    Carry
      Over Class B Charge Offs
      means,
      at any Cut-Off, in relation to a Class B Note, the aggregate of Class B Charge
      Offs in relation to that Class B Note prior to that Cut-Off which have not
      been
      reinstated under clauses 6.1(a)(13) or 6.1(c)(13).

     

    

      
        
          
          

        

        
          page
            3

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Carry
      Over Redraw Charge Offs
      means,
      at any Cut-Off, in relation to a Redraw Funding Facility, the aggregate Redraw
      Charge Offs in relation to that Redraw Funding Facility prior to that Cut-Off
      which have not been reinstated under clauses 6.1(a)(11), 6.1(a)(12),
      6.1(c)(11) or 6.1(c)(12).

     

    Carry
      Over Top-up Charge Offs
      means,
      at any Cut-Off, in relation to a Top-up Funding Facility, the aggregate Top-up
      Charge Offs in relation to that Top-up Funding Facility prior to that Cut-Off
      which have not been reinstated under clauses 6.1(a)(11), 6.1(a)(12),
      6.1(c)(11) or 6.1(c)(12).

     

    Cash
      Collateral
      means,
      at any time, the balance of the Cash Collateral Account at that
      time.

     

    Cash
      Collateral Account
      means
      the ledger account established and maintained by the Manager in accordance
      with
      clause 5.

     

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

     

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

     

    Class
      includes
      each class constituted by the Class A Notes and the Class B Notes. 

     

    Class
      A Charge Offs
      means,
      in relation to a Class A Note, the amount of any reduction in the Outstanding
      Principal Balance of that Class A Note under clauses 3.20(a)(2)(A) and
      3.20(b)(2)(A).

     

    Class
      A Interest
      means:

     

    (a)   all
      Class A3 Interest; and

     

    (b)   all
      interest accrued on the Class A Offered Notes in respect of an Interest Period
      in accordance with clause 3.6.

     

    Class
      A Note
      means a
      Class A Offered Note or a Class A3 Note.

     

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

     

    Class
      A Offered Note means
      a
      Class A1 Note or a Class A2 Note.

     

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

     

    Class
      A Outstanding Principal Balance
      means,
      in relation to a Class A Note, the Outstanding Principal Balance of the Class
      A
      Note.

     

    Class A1
      Book-Entry Note
      means a
      book-entry note issued or to be issued by the Trustee in registered form under
      clause 3.1 of the Note Trust Deed representing Class A1 Notes and
      substantially in the form of part A of schedule 1 to the Note Trust
      Deed.

     

    Class A1
      Definitive Note
      means a
      note in definitive form (which must be in registered form) issued or to be
      issued in respect of any Class A1 Note under, and in the circumstances
      specified in, clause 3.3 of the Note Trust Deed, and includes any replacement
      for a Class A1 Definitive Note issued under Condition 11.

     

    Class A1
      Note
      means a
      Note issued as a Class A1 Note by the Trustee with the characteristics of a
      Class A1 Note under this Supplementary Bond Terms Notice and the Bond Issue
      Direction and includes any relevant Book-Entry Note (or any part or interest
      in)
      and any relevant Definitive Note.

     

    

      
        
          
          

        

        
          page
            4

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Class A2
      Book Entry Note
      means a
      means a book-entry note issued or to be issued by the Trustee in registered
      form
      under clause 3.1 of the Note Trust Deed representing Class A2 Notes and
      substantially in the form of part B of schedule 1 to the Note Trust
      Deed.

     

    Class A2
      Definitive Note
      means a
      note in definitive form (which must be in registered form) issued or to be
      issued in respect of any Class A2 Note under, and in the circumstances
      specified in, clause 3.4 of the Note Trust Deed, and includes any replacement
      for a Class A2 Definitive Note issued under Condition 11.

     

    Class A2
      Note
      means a
      Note issued as a Class A2 Note by the Trustee with the characteristics of a
      Class A2 Note under this Supplementary Bond Terms Notice and the Bond Issue
      Direction and includes any relevant Book-Entry Note (or any part or interest
      in)
      and any relevant Definitive Note.

     

    Class A3
      Interest
      means
      all interest accrued on the Class A3 Notes in respect of an Interest Period
      in accordance with clause 3.6.

     

    Class A3
      Irish Paying Agent means
      BNY
      Fund Services (Ireland) Limited or any successor as Class A3 Irish Paying
      Agent under the Note Trust Deed.

     

    Class A3
      Note
      means a
      Note issued as a Class A3 Note by the Trustee with the characteristics of a
      Class A3 Note under this Supplementary Bond Terms Notice and the Bond Issue
      Direction.

     

    Class A3
      Noteholder means
      a
      Noteholder of a Class A3 Note.

     

    Class
      B Charge Offs
      means in
      relation to a Class B Note, the amount of any reduction in the Outstanding
      Principal Balance of that Class B Note under clause 3.20(a)(1) and
      3.20(b)(1).

     

    Class
      B Interest
      means
      all interest accrued on the Class B Notes in respect of an Interest Period
      in
      accordance with clause 3.6.

     

    Class
      B Note
      means a
      Note issued as a Class B Note by the Trustee with the characteristics of a
      Class
      B Note under this Supplementary Bond Terms Notice and the Bond Issue
      Direction.

     

    Class
      B Noteholder
      means a
      Noteholder of a Class B Note.

     

    Clearing
      Agency
      means:

     

    (a)   in
      relation to the Class A1 Notes, DTC, an organisation registered as a
      clearing agency pursuant to Section 17A of the Exchange Act and appointed by
      the
      Manager and the Trustee to hold the Class A1 Notes (directly or through a
      Common Depository);

     

    (b)   in
      relation to the Class A2 Notes, Euroclear or Clearstream, Luxembourg
      (directly or through a Common Depository); and

     

    (c)   in
      relation to the Class A3 Notes, Euroclear, Clearstream, Luxembourg or
      Austraclear.

     

    Closing
      Date
      means
      the Bond Issue Date in relation to the Notes and is, in relation to the
      Securitisation Fund, 5 June 2007 or such later date as may be agreed between
      the
      Trustee and the Manager.

     

    Collections
      means,
      subject to clause 3.17, in relation to each Calculation Period, the aggregate
      of
      all moneys received by or on behalf of the Trustee or, in respect of amounts
      under clause 5.4 and clause 3(b)(1) of the Payment Funding Facility, which
      are
      to be applied towards Collections, in respect of the Securitisation Fund during
      that Calculation Period including:

     

    

      
        
          
          

        

        
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    (a)   payments
      of interest, principal, fees and other amounts under the Loans;

     

    (b)   proceeds
      from the enforcement of the Loans;

     

    (c)   amounts
      received under the Relevant Mortgage Insurance Policies;

     

    (d)   amounts
      recovered from losses on Loans not previously received;

     

    (e)   amounts
      received from the Mortgage Manager for breaches of representations or
      undertakings which have not been designated by the Manager as Suspended
      Moneys;

     

    (f)   any
      interest income received during that Calculation Period in respect of Authorised
      Investments not being funds credited to the Cash Collateral Account or received
      under the Payment Funding Facility;

     

    (g)   any
      amounts received on termination of an Interest Hedge or Currency Swap following
      default by the Interest Hedge Provider or a Currency Swap Provider
      respectively;

     

    (h)   amounts
      (if any) held as collateral against default under an Interest Hedge or Currency
      Swap following a default by the Interest Hedge Provider or a Currency Swap
      Provider respectively;

     

    (i)    with
      respect to a Monthly Calculation Period and in respect of which the Monthly
      Payment Date immediately following that Monthly Calculation Period is also
      a
      Monthly Payment Date (but not a Quarterly Payment Date), any amounts retained
      in
      the bank account for the Securitisation Fund or invested in Authorised
      Investments on any preceding Monthly Payment Date since the last Quarterly
      Payment Date (but which is not a Quarterly Payment Date) for application
      pursuant to clauses 6.1(a)(7) to 6.1(a)(15) inclusive on that Monthly Payment
      Date to each relevant party in accordance with clause 6.1(a); and

     

    (j)    with
      respect to a Monthly Calculation Period and in respect of which the Monthly
      Payment Date immediately following that Monthly Calculation Period is also
      a
      Quarterly Payment Date, any amounts retained in the bank account for the
      Securitisation Fund or invested in Authorised Investments on the two immediately
      preceding Monthly Payment Dates for application pursuant to clauses 6.1(a)(6)
      to
      6.1(a)(15) inclusive on that Quarterly Payment Date to each relevant party
      in
      accordance with clause 6.1(c),

     

    but
      excluding:

     

    (k)   receipts
      (whether of an income nature or, upon sale or maturity, of a capital nature)
      in
      respect of Authorised Investments comprised in the Cash Collateral Account;
      

     

    (l)    receipts
      which the Trustee is obliged to pay to a Relevant Mortgage Insurer under a
      Relevant Mortgage Insurance Policy; 

     

    (m)          receipts
      under any Redraw Funding Facility or Top-Up Funding Facility;

     

    (n)          
      receipts
      under or arising from any drawing under any Payment Funding
      Facility;

     

    

      
        
          
          

        

        
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    (o)   to
      the
      extent that the Interest Hedge Provider has not defaulted under the relevant
      Interest Hedge, receipts from an Interest Hedge Provider which, as a consequence
      of a downgrade or withdrawal of the rating of the Interest Hedge Provider by
      a
      Designated Rating Agency, have been provided to the Trustee as collateral
      against default by the Interest Hedge Provider under the relevant Interest
      Hedge; 

     

    (p)   to
      the
      extent that a Currency Swap Provider has not defaulted under the relevant
      Currency Swap, receipts from a Currency Swap Provider which, as a consequence
      of
      a downgrade or withdrawal of the rating of the Currency Swap Provider by a
      Designated Rating Agency, have been provided to the Trustee as collateral
      against default by the Currency Swap Provider under the relevant Currency Swap;
      and

     

    (q)   receipts
      that have been designated by the Manager as Suspended Moneys.

     

     

    Commission
      means
      the United States Securities and Exchange Commission.

     

    Common
      Depository means:
      

     

    (a)   in
      respect of Class A1 Notes, Cede & Co, as nominee for DTC, or any other
      common depository for any Clearing Agency in respect of the Class A1 Notes
      appointed from time to time to hold any Class A1 Book-Entry Note;
      and

     

    (b)   in
      respect of Class A2 Notes, The Bank of New York or its nominee, as nominee
      for Euroclear or Clearstream, Luxembourg, or any other common depository for
      any
      Clearing Agency in respect of the Class A2 Notes appointed from time to
      time to hold any Class A2 Book-Entry Note.

     

    Conditions
      means:

     

    (a)   the
      Conditions for the Class A1 Notes in the form set out in part A of schedule
      4 to the Note Trust Deed (but, so long as the Class A1 Notes are
      represented by Class A1 Book-Entry Notes, with the deletion of any
      provisions which are applicable only to the Class A1 Definitive Notes), as
      the same may from time to time be modified in accordance with this Supplementary
      Bond Terms Notice and the Note Trust Deed; and

     

    (b)   the
      Conditions for the Class A2 Notes in the form set out in part B of schedule
      4 to the Note Trust Deed (but, so long as the Class A2 Notes are
      represented by Class A2 Book-Entry Notes, with the deletion of any
      provisions which are applicable only to the Class A2 Definitive Notes), as
      the same may from time to time be modified in accordance with this Supplementary
      Bond Terms Notice and the Note Trust Deed. 

     

    Any
      reference in this Supplementary Bond Terms Notice to a particular numbered
      Condition shall be construed accordingly.

     

    Confirmation
      means,
      in respect of a Currency Swap, any Confirmation (as defined in the Currency
      Swap).

     

    Corporations
      Act means
      the
Corporations
      Act 2001
      (Cth).

     

    Currency
      Swap
      means
      the US Currency Swap and the Euro Currency Swap.

     

    Currency
      Swap Provider
      means
      the US Currency Swap Provider and the Euro Currency Swap Provider.

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Cut-Off
      means
      each Monthly Cut-Off or Quarterly Cut-Off, as the context requires.

     

    Cut-Off
      Date
      means
      the close of business, 14 May 2007.

     

    Definitive
      Note
      means
      a:

     

    (a)   a
      Class A1 Definitive Note; or

     

    (b)   a
      Class A2 Definitive Note.

     

    Designated
      Rating Agency
      means,
      S&P or Moody’s or Fitch Ratings.

     

    DTC
      means
      the Depository Trust Company.

     

    Encumbrance
      means
      an
      interest or power:

     

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

     

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

     

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

     

    EURIBOR
      means,
      in relation to any Interest Period and any Class A2 Note, the rate of
      interest determined by the Calculation Agent as follows:

     

    (a)   on
      the
      second Banking Day before the beginning of each Interest Period (each an
      Interest Determination Date), the rate “EUR-EURIBOR-Telerate” as the applicable
      Floating Rate Option under the ISDA Definitions being the rate applicable to
      any
      Interest Period for three-month (or, in the case of the first Interest Period,
      the rate will be determined by linear interpolation calculated by reference
      to
      the duration of the first Interest Period) deposits in Euros which appears
      on
      the Telerate Page 248 as of 11:00 a.m., Brussels time, determined on the
      Interest Determination Date by the Calculation Agent;

     

    (b)   if
      such
      rate does not appear on the Telerate Page 248, the rate for that Interest Period
      will be determined as if the Trustee and the Calculation Agent had specified
      “EUR-EURIBOR-Reference Banks” as the applicable Floating Rate Option under the
      ISDA Definitions. “EUR-EURIBOR-Reference Banks” means that the rate for an
      Interest Period will be determined on the basis of the rates at which deposits
      in Euros are offered by the Reference Banks (being four major banks in the
      Euro-zone interbank market agreed to by the Calculation Agent and the Euro
      Currency Swap Provider) at approximately 11:00 a.m., Brussels time, on the
      Interest Determination Date to prime banks in the Euro-zone interbank market
      for
      a period of three months (or, in the case of the first Interest Period, the
      rate
      will be determined by linear interpolation calculated by reference to the
      duration of the first Interest Period) commencing on the first day of the
      Interest Period and in Representative Amount (as defined in the ISDA
      Definitions). The Calculation Agent will request the principal Euro-zone office
      of each of the Reference Banks to provide a quotation of its rate. If at least
      two such quotations are provided, the rate for that Interest Period will be
      the
      arithmetic mean of the quotations. If fewer than two quotations are provided
      as
      requested, the rate for that Interest Period will be the arithmetic mean of
      the
      rates quoted by major banks in /the Euro-zone interbank market, selected by
      the
      Calculation Agent and the Euro Currency Swap Provider, at approximately 11:00
      a.m., Brussels time, on that Interest Determination Date for loans in Euros
      to
      leading European banks for a period of three months (or, in the case of the
      first Interest Period, the rate will be determined by linear interpolation
      calculated by reference to the duration of the first Interest Period) commencing
      on the first day of the Interest Period and in a Representative
      Amount;

     

    

      
        
          
          

        

        
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            Notes

           

        

      

    

    (c)   if
      no
      such rates are available in the Euro-zone interbank market, then the rate for
      such Interest Period will be the most recently determined rate in accordance
      with this paragraph. 

     

    In
      this definition of EURIBOR, Banking Day means any day which is a TARGET
      Settlement Day.

     

    Euro
      and
      €
      means
      the
      single currency introduced at the third stage of the European Economic Monetary
      Union pursuant to the Treaty establishing the European Community as
      amended.

     

    Euro
      Account
      means,
      in relation to the Fund, the Euro account of the Principal Paying Agent for
      the
      Fund or any other account opened and maintained outside Australia, of the
      Principal Paying Agent for the Fund so long as the Principal Paying Agent is
      a
      Bank which complies with clause 10.4(a).

     

    Euro
      Currency Swap means
      the
      master agreement dated on or about the date of this Supplementary Bond Terms
      Notice between the Trustee in its capacity as trustee of the Securitisation
      Fund, the Manager and the Euro Currency Swap Provider, on the terms of the
      ISDA
      Master Agreement (with amendments thereto), each Transaction (as defined in
      that
      agreement) entered into in accordance with that agreement under which the Euro
      Currency Swap Provider agrees to pay certain amounts in € to the Trustee or at
      the Trustee’s direction in exchange for certain amounts in A$ or any other Hedge
      or similar terms which, if entered into, will not result in the downgrading
      of,
      or withdrawal of the ratings for, any Notes.

     

    Euro
      Currency Swap Provider means, initially,
      Australia and New Zealand Banking Group Limited and thereafter any other person
      who is or becomes party to a Euro Currency Swap.

     

    Euro
      Exchange Rate means,
      on
      any date, the rate of exchange (set at the commencement of the Euro Currency
      Swap) applicable under the Euro Currency Swap for the exchange of Euros for
      Dollars.

     

    Exchange
      Act means
      the
      United States Securities Exchange Act of 1934.

     

    Final
      Interest Period Adjustment
      means,
      in relation to the last Monthly Interest Period or the last Quarterly Interest
      Period, if the Outstanding Principal Balance of any Note on the due date for
      redemption is not zero and payment of principal due is improperly withheld
      or
      refused, the final Interest Period ends on the day on which:

     

    (a)   the
      monies in respect of that Note have been received by the Note Trustee or the
      Principal Paying Agent and notice to that effect has been given in accordance
      with the relevant Condition; or

     

    

      
        
          
          

        

        
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            Notes

           

        

      

    

    (b)   the
      Outstanding Principal Balance of that Note has been reduced to zero provided
      that interest will thereafter begin to accrue from (and including) any date
      on
      which the Invested Amount of the Notes becomes greater than zero.

     

    Final
      Maturity Date
      means in
      respect of each Class the earlier of:

    

      
        	 	
                (a)

              	
                (1)

              	
                for
                  Class A Notes - 12 June 2040;
                  and

              

      

    

     

    (2)   for
      Class
      B Notes - 12 June 2040,

     

    in
      each
      case, the date specified is subject to adjustment in accordance with the
      Modified Following Business Day Convention; and

     

    (b)   the
      date
      declared by the Trustee at the direction of the Manager in accordance with
      clause 4.

     

    Fitch
      Ratings
      means
      Fitch Australia Pty Ltd.

     

    Hedge
      in
      relation to the Fund includes any Interest Hedge and each Currency
      Swap.

     

    Income
      Unitholder
      means
      Industry Funds Management (Nominees 2) Pty Limited as trustee of the Super
      Business Loans Unit Trust No. 1.

     

    Initial
      Payment Funding Facility means
      the
      Payment Funding Facility Agreement dated on or about the date of this
      Supplementary Bond Terms Notice between the Trustee (as the “Issuer” and
“Noteholder”) and the Manager (as the “SF Manager” and “OF
      Manager”).

     

    Interest
      means
      Class A Interest or Class B Interest.

     

    Interest
      Collections
      means,
      in relation to a Calculation Period, all Collections for that Calculation Period
      other than Principal Collections.

     

    Interest
      Hedge
      means
      each master agreement made between the Trustee and the Manager on one hand
      and
      the Interest Hedge Provider on the terms of the ISDA Master Agreement (with
      amendments thereto), each Transaction (as defined in that agreement) entered
      into in accordance with that agreement in relation to the interest rate risk
      arising from a Mortgage under which all or part of the interest payable is
      fixed. 

     

    Interest
      Hedge Provider
      means,
      in relation to an Interest Hedge, the person who has entered into that Interest
      Hedge with the Trustee other than the Manager.

     

    Interest
      Period means
      each Monthly Interest Period and each Quarterly Interest Period.

     

    Interest
      Rate
      means,
      in relation to:

     

    (a)    a
      Class A1 Note and an Interest Period, LIBOR in relation to that Interest
      Period; 

     

    (b)    a
      Class A2 Note and an Interest Period, EURIBOR in relation to that Interest
      Period;

     

    (c)    a
      Class A3 Note and an Interest Period, the Benchmark Rate in relation to
      that Interest Period;

     

    (d)    Class
      B
      Note and an Interest Period, the Benchmark Rate in relation to that Interest
      Period;

     

    

      
        
          
          

        

        
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    (e)    a
      Liquidity Note and an Interest Period, the Benchmark Rate in relation to that
      Interest Period, 

     

    plus,
      in
      all cases, the relevant Margin for the relevant Note. 

     

    Invested
      Amount
      means at
      any time in relation to a Note, an amount equal to:

     

    (a)    the
      Original Principal Balance of the Note; minus

     

    (b)    all
      repayments of principal made in relation to the Note.

     

    Irish
      Paying Agent
      means
      BNY Fund Services (Ireland) Limited or any successor as Irish Paying Agent
      under
      the Note Trust Deed.

     

    ISDA
      means
      the International Swaps and Derivatives Association, Inc. (formerly the
      International Swaps Dealers Association Inc).

     

    ISDA
      Definitions
      means
      the 2000 Definitions published by ISDA as amended from time to
      time.

     

    ISDA
      Master Agreement
      means
      the June 1992 Multicurrency-Cross border edition of the Master Agreement
      published by ISDA, any schedule forming part of that Agreement and the relevant
      addenda to it. 

     

    Lead
      Manager
      means,
      in respect of the:

     

    (a)    Class A1
      Notes - Credit Suisse Securities (USA) LLC;

     

    (b)    Class A2
      Notes - Credit Suisse Securities (Europe) Limited; and

     

    (c)    Class A3
      Notes - Credit Suisse, Sydney Branch.

     

    LIBOR
      means,
      in relation to any Interest Period and any Class A1 Note, the rate of
      interest determined by the Calculation Agent as follows:

     

    (a)   on
      the
      second Banking Day before the beginning of each Interest Period (each an
      Interest Determination Date), the rate "USD-LIBOR-BBA" as the applicable
      Floating Rate Option under the ISDA Definitions being the rate applicable to
      any
      Interest Period for three-month (or in the case of the first Interest Period,
      the rate will be determined by linear interpolation calculated by reference
      to
      the duration of that first Interest Period) deposits in United States Dollars
      which appears on the Telerate Page 3750 as of 11.00 am, London time, determined
      on the Interest Determination Date by the Calculation Agent;

     

    (b)   if
      such
      rate does not appear on the Telerate Page 3750, the rate for that Interest
      Period will be determined as if the Trustee and the Calculation Agent had
      specified "USD-LIBOR-Reference Banks" as the applicable Floating Rate Option
      under the ISDA Definitions. "USD-LIBOR-Reference Banks" means that the rate
      for
      an Interest Period will be determined on the basis of the rates at which
      deposits in US Dollars are offered by the Reference Banks (being four major
      banks in the London interbank market agreed to by the Calculation Agent and
      the
      US Currency Swap Provider) at approximately 11.00 am, London time, on the
      Interest Determination Date to prime banks in the London interbank market for
      a
      period of three months (or in the case of the first Interest Period, the rate
      will be determined by linear interpolation calculated by reference to the
      duration of that first Interest Period) commencing on the first day of the
      Interest Period and in a Representative Amount (as defined in the ISDA
      Definitions). The Calculation Agent will request the principal London office
      of
      each of the Reference Banks to provide a quotation of its rate. If at least
      two
      such quotations are provided, the rate for that Interest Period will be the
      arithmetic mean of the quotations. If fewer than two quotations are provided
      as
      requested, the rate for that Interest Period will be the arithmetic mean of
      the
      rates quoted by not less than two major banks in New York City, selected by
      the
      Calculation Agent and the US Currency Swap Provider, at approximately 11.00
      am,
      New York City time, on that Interest Determination Date for loans in US Dollars
      to leading European banks for a period of three months (or in the case of the
      first Interest Period, the rate will be determined by linear interpolation
      calculated by reference to the duration of that first Interest Period)
      commencing on the first day of the Interest Period and in a Representative
      Amount; 

     

    

      
        
          
          

        

        
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          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (c)   if
      no
      such rates are available in New York City, then the rate for such Interest
      Period will be the most recently determined rate in accordance with this
      paragraph.

     

    In
      this
      definition of LIBOR, Banking Day means any day on which commercial banks are
      open for business (including dealings in foreign exchange and foreign currency
      deposits) in London.

     

    Liquidity
      Noteholder
      means
      initially, P.T. Limited (as nominee on behalf of Perpetual Limited in its
      capacity as trustee of the Superannuation Members’ Home Loans Warehousing Trust
      2004-1), and subsequently each person who is from time to time the holder of
      a
      Liquidity Note.

     

    Liquidity
      Notes
      means
      the liquidity notes issued by the Trustee to the Liquidity Noteholder in
      accordance with clauses 5.2(a) and 5.2(b).

     

    Liquidity
      Notes Amount means
      A$8,960,000.

     

    Liquidity
      Notes Supplementary Bond Terms
      means
      the terms in respect of the Class named “SMHL Global Fund 2007-1 - Liquidity
      Notes” set out in schedule 1.

     

    Loan
      Redraw Facility
      means,
      in relation to a Loan, any facility under which a Mortgagor may apply to redraw
      amounts under the Loan where the actual outstanding principal balance under
      the
      Loan is less than the scheduled principal balance of the Loan.

     

    LTV
      means,
      in
      relation to a Loan, the Outstanding Principal Balance of the Loan divided by
      the
      most recent market valuation held at the Cut-Off Date of the Land secured by
      the
      Mortgage securing that Loan.

     

    Manager
      means ME
      Portfolio Management Limited ABN 79 005 964 134.

     

    Margin
      means in
      respect of each Class:

     

    (a)    in
      respect of the Notes, up to but excluding 12 March 2013, the following
      percentage in respect of each Class:

     

    (1)    Class A1
      Notes - 0.06% per annum; 

     

    (2)    Class A2
      Notes - 0.08% per annum;

     

    (3)    Class A3
      Notes - 0.14% per annum;

     

    (4)    Class
      B
      Notes - 0.19% per annum; and

     

    

      
        
          
          

        

        
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          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (5)    Liquidity
      Notes - 6.00% per annum; and

     

    (b)    from
      and
      including 12 March 2013, the percentage per annum referred to in paragraph
      (a)
      plus the following percentage in respect of each Class:

     

    (1)    Class A1
      Notes - 0.06% per annum; 

     

    (2)    Class A2
      Notes - 0.08% per annum; 

     

    (3)    Class A3
      Notes - 0.14% per annum;

     

    (4)    Class
      B
      Notes - 0.19% per annum; and

     

    (5)    Liquidity
      Notes - 0.00% per annum.

     

    Master
      Trust Deed
      means
      the Master Trust Deed dated 4 July 1994 made between the Trustee and the Manager
      and providing for the establishment of a series of separate trusts known
      collectively as the Superannuation Members’ Home Loans Trusts, as amended and
      restated from time to time.

     

    Modified
      Following Business Day Convention has
      the
      meaning given to it in the ISDA Definitions.

     

    Monthly
      Calculation Period
      means,
      in relation to a Monthly Payment Date:

     

    (a)   which
      relates to the first Monthly Calculation Period:

     

    (1)   with
      respect to the principal under the Loans secured by Mortgages comprised in
      Assets of the Securitisation Fund, the period from the Cut Off Date to (and
      including) the first Monthly Cut Off; and

     

    (2)   with
      respect to all other amounts received or applied by the Trustee, the period
      from
      (and including) the Closing Date to (and including) the first Monthly Cut
      Off;

     

    (b)   which
      relates to the last Monthly Calculation Period, the period from (but excluding)
      the preceding Monthly Cut Off to (and including) the day on which all amounts
      due on the Notes are redeemed in full; and

     

    (c)   which
      relates to any other period, the period from (but excluding) the preceding
      Monthly Cut Off to (and including) the Monthly Cut-Off relating to such Monthly
      Payment Date. 

     

    Monthly
      Cut-Off
      means,
      in relation to a Monthly Payment Date, the close of business on the day which
      is
      7 Banking Days before that Monthly Payment Date.

     

    Monthly
      Interest Period
      means,
      in relation to a Monthly Payment Date:

     

    (a)   which
      relates to the first Monthly Interest Period, the period from (and including)
      the Closing Date to (but excluding) the first Monthly Payment Date;
      and

     

    (b)   which
      relates to the last Monthly Interest Period, the period from (and including)
      the
      preceding Monthly Payment Date to (but excluding) the day on which all amounts
      due on the Notes are redeemed in full subject to any necessary Final Interest
      Period Adjustment; and 

     

    (c)   which
      relates to any other period, the period from (and including) the preceding
      Monthly Payment Date to (but excluding) that Monthly Payment Date.

     

    

      
        
          
          

        

        
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            13

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Monthly
      Payment Date
      means
      the 12th day of each calendar month (Sydney time) after the Closing Date, with
      the first Monthly Payment Date being 12 July 2007 and the last Monthly Payment
      Date being the Final Maturity Date, but, in each case if that day is not a
      Banking Day, the Monthly Payment Date shall be adjusted in accordance with
      the
      Modified Following Business Day Convention.

     

    Moody’s
      means
      Moody’s Investors Service Pty Limited.

     

    Mortgage
      Transfer Proposal
      means a
      mortgage transfer proposal as that term is defined in the Master Trust Deed
      with
      such amendment as may be necessary to give effect to clause 7 of this
      deed.

     

    Note
      means a
      Bond being a Class A Note or a Class B Note referred to in this Supplementary
      Bond Terms Notice, and, in relation to a Class A Offered Note, includes the
      Conditions relating to a Class A Offered Note.

     

    Noteholder
      means,
      at any time, the person who:

     

    (a)   in
      relation to a Class A3 Note and a Class B Note, is registered as the holder
      of that Note at that time;

     

    (b)   in
      relation to a Definitive Note, is the registered holder of that Note at that
      time; or

     

    (c)   in
      relation to a Note which is represented by a Book-Entry Note, unless the context
      requires otherwise, is noted on the Note Register as a noteholder. 

     

    The
      words
      holder and holders shall (where appropriate) be construed accordingly.

     

    Note
      Register
      means
      the register kept by the Note Registrar to provide for the registration and
      transfer of Class A Offered Notes under the Note Trust Deed. 

     

    Note
      Registrar
      means
      The Bank of New York or any successor note registrar approved in writing by
      the
      Note Trustee and appointed under the Note Trust Deed. 

     

    Note
      Trust Deed
      means
      the deed so entitled dated on or about the date of this Supplementary Bond
      Terms
      Notice between The Bank of New York as Note Trustee, the Principal Paying Agent,
      the Irish Paying Agent, the Class A3 Irish Paying Agent, the Calculation
      Agent, the Note Registrar, the Trustee, the Manager and the Security Trustee.
      

     

    Note
      Trustee
      means
      The Bank of New York or any successor Note Trustee appointed under the Note
      Trust Deed.

     

    Original
      LTV means,
      in
      relation to a Loan, the Original Principal Balance of the Loan and the original
      amount advanced under any Top-up Loan made prior to the Cut-Off divided by
      the
      most recent market valuation (for the purposes of the relevant Top-up Loan)
      held
      at the Cut-Off of the Land secured by the Mortgage securing that
      Loan.

     

    Original
      Principal Balance
      means in
      relation to a Note, the initial Face Value of that Note.

     

    Outstanding
      Principal Balance
      means:

     

    (a)    at
      any
      time in relation to a Note, an amount equal to:

     

    (1)   the
      Original Principal Balance of the Note; minus

     

    

      
        
          
          

        

        
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            Notes

           

        

      

    

    (2)   all
      repayments of principal made in relation to that Note (other than amounts
      applied under clauses 6.1(a)(11), 6.1(a)(12), 6.1(a)(13), 6.1(c)(11), 6.1(c)(12)
      or 6.1(c)(13)); minus

     

    (3)   the
      Carry
      Over Class A Charge Offs or the Carry Over Class B Charge Offs (if any and
      as
      the case requires) for the Note; plus

     

    (4)   the
      amount to be applied, or available to be applied, under clauses 6.1(a)(11),
      6.1(a)(12), 6.1(a)(13), 6.1(c)(11), 6.1(c)(12) or 6.1(c)(13) (if any and as
      the
      case requires) in reinstating the Outstanding Principal Balance of the Note;
      and

     

    (b)    at
      any
      time in relation to a Loan, the then outstanding principal under the Loan
      secured by the Mortgage.

     

    Paying
      Agent
      means,
      in respect of any Class A Offered Notes, any person appointed as a Paying Agent
      under the Note Trust Deed and includes the Principal Paying Agent and the Irish
      Paying Agent.

     

    Paying
      Office
      in
      respect of any Class A Offered Notes has the same meaning as in the Note Trust
      Deed.

     

    Payment
      Date
      means
      each Monthly Payment Date and each Quarterly Payment Date, as the context
      requires.

     

    Payment
      Funding Facility
      means
      any facility provided to the Trustee to enable the Trustee to support or fund
      payments required or to be made by the Trustee in respect of any Enhancement
      or
      Interest Hedge or as otherwise provided in that facility and in a form approved
      by each Designated Rating Agency.

     

    Pool
      means
      all
      of the Loans related to the Mortgages which comprise the Assets of the
      Securitisation Fund.

     

    Principal
      Collections
      means,
      in relation to a Calculation Period, the amount equal to the excess of the
      aggregate Unpaid Balance of the Loans secured by the Mortgages comprised in
      the
      Assets of the Fund as of the first day of that Calculation Period over the
      aggregate Unpaid Balance of the Loans secured by the Mortgages comprised in
      the
      Assets of the Fund as of the last day of that Calculation Period, plus in the
      case of the first Calculation Period only, an amount equal to:

     

    (a)   the
      aggregate Original Principal Balance of the Class A Notes and Class B Notes;
      minus

     

    (b)   the
      aggregate Unpaid Balance of the Loans secured by the Mortgages comprised in
      the
      Assets of the Fund as at the Bond Issue Date.

     

    Principal
      Entitlement
      in
      relation to a Note for a Payment Date means the principal amount payable in
      respect of that Note on that Payment Date pursuant to clause 3.9.

     

    Principal
      Paying Agent
      means
      The Bank of New York or any successor as Principal Paying Agent under the Note
      Trust Deed.

     

    Principal
      Repayment Pool
      means,
      on any Payment Date the amount required to be paid, and available for payment
      to, Noteholders in accordance with clause 6.2.

     

    Quarterly
      Calculation Period
      means,
      in relation to a Quarterly Payment Date:

     

    (a)    which
      relates to the first Quarterly Calculation Period:

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (1)   with
      respect to the principal under the Loans secured by Mortgages comprised in
      Assets of the Securitisation Fund, the period from the Cut Off Date to (and
      including) the first Quarterly Cut Off; and

     

    (2)   with
      respect to all other amounts received or applied by the Trustee, the period
      from
      (and including) the Closing Date to (and including) the first Quarterly Cut
      Off;

     

    (b)   which
      relates to the last Quarterly Calculation Period, the period from (but
      excluding) the preceding Quarterly Cut Off to (and including) the day on which
      all amounts due on the Notes are redeemed in full; and

     

    (c)   which
      relates to any other period, the period from (but excluding) the preceding
      Quarterly Cut Off to (and including) the Quarterly Cut-Off relating to such
      Quarterly Payment Date. 

     

    Quarterly
      Cut-Off
      means,
      in relation to a Quarterly Payment Date, the close of business on the day which
      is 7 Banking Days before that Quarterly Payment Date.

     

    Quarterly
      Interest Period
      means,
      in relation to a Quarterly Payment Date:

     

    (a)   which
      relates to the first Quarterly Interest Period, the period from (and including)
      the Closing Date to (but excluding) the first Quarterly Payment Date;
      and

     

    (b)   which
      relates to the last Quarterly Interest Period, the period from (and including)
      the preceding Quarterly Payment Date to (but excluding) the day on which all
      amounts due on the Notes are redeemed in full subject to any necessary Final
      Interest Period Adjustment; and 

     

    (c)   which
      relates to any other period, the period from (and including) the preceding
      Quarterly Payment Date to (but excluding) that Quarterly Payment
      Date.

     

    Quarterly
      Payment Date
      means:

     

    (a)   in
      respect of Class A1 Notes, the 12th day of each September, December, March
      and June (New York time) after the Closing Date;

     

    (b)   in
      respect of Class A2 Notes, the 12th day of each September, December, March
      and June (London time) after the Closing Date;

     

    (c)   in
      respect of Class B Notes, the 12th day of each September, December, March and
      June after the Closing Date,

     

    with
      the
      first Quarterly Payment Date being 12 September 2007 and the last Quarterly
      Payment Date being the Final Maturity Date, but, in each case if that day is
      not
      a Banking Day, the Quarterly Payment Date shall be adjusted in accordance with
      the Modified Following Business Day Convention.

     

    Realised
      Loss
      means
      with respect to a Loan secured by the Mortgages comprised in the Assets of
      the
      Fund:

     

    (a)   the
      Outstanding Principal Balance of such Loan; minus

     

    (b)   the
      total
      amount recovered and recoverable under the Relevant Mortgage Insurance Policy;
      plus

     

    (c)   any
      damages or other amounts payable under or in respect of the Master Trust Deed,
      this Supplementary Bond Terms Notice or the Mortgage Origination and Management
      Agreement relating to such Loan.

     

    

      
        
          
          

        

        
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          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

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

     

    Redraw
      Charge Off
      means,
      in relation to a Redraw Funding Facility, the amount of reduction of the Redraw
      Principal Outstanding under clauses 3.20(a)(2)(B) and
      3.20(b)(2)(B).

     

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

     

    Redraw
      Principal Outstanding
      means at
      any time in respect of a Redraw Funding Facility, an amount equal
      to:

     

    (a)   all
      principal drawings under the Redraw Funding Facility which have been used to
      fund a payment of principal under a Loan Redraw Facility; minus

     

    (b)   all
      repayments of principal in respect of such principal drawing; minus

     

    (c)   the
      Carry
      Over Redraw Charge Offs for the Redraw Funding Facility; plus

     

    (d)   the
      amount to be applied or available to be applied under clauses 6.1(a)(11),
      6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in repaying the Redraw Principal
      Outstanding under the Redraw Funding Facility.

     

     

    Regulation
      AB
      means
      Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§
229.1100-229.1123 as may be amended from time to time and subject to such
      clarification and interpretation as have been provided by the Commission in
      the
      adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
      70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission
      or
      as may be provided by the Commission or its staff from time to
      time.

     

    Relevant
      Mortgage Insurance Policy
      means a
      Mortgage Insurance Policy issued to or held by the Trustee (in whole or in
      part)
      as trustee of the Securitisation Fund, or which covers Mortgages comprised
      in
      the Assets of the Securitisation Fund.

     

    Relevant
      Mortgage Insurer
      means a
      Mortgage Insurer under a Relevant Mortgage Insurance Policy. 

     

    Required
      Cash Collateral
      means,
      on a Monthly Payment Date, an amount equal to the higher of:

     

    (a)   0.28%
      of
      the aggregate Outstanding Principal Balance of the Loans secured by the
      Mortgages or such other amount as the Manager and the Designated Rating Agencies
      agree from time to time; and

     

    (b)   0.03%
      of
      the Total Original Principal Balance of the Notes or such other amount as the
      Manager and the Designated Rating Agencies agree from time to time,

     

    in
      each
      case disregarding payments and allocation of Realised Losses in respect of
      the
      Outstanding Principal Balance to be made on that Monthly Payment Date in
      accordance with clauses 3 and 6.

     

    Residual
      Capital Unitholder means
      Industry Funds Management (Nominees 2) Pty Limited as trustee of the Super
      Business Loans Unit Trust No. 1. 

     

    S&P
      means
      Standard and Poor’s (Australia) Pty. Ltd.

     

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

     

    

      
        
          
          

        

        
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          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    Securitisation
      Fund
      or
Fund
      means
      the Securitisation Fund established under the Master Trust Deed known as SMHL
      Global Fund 2007-1.

     

    Security
      Trust Deed
      means
      the deed so entitled dated 2 May 2007 between the Trustee, the Manager, the
      Note
      Trustee and the Security Trustee.

     

    Servicing
      Criteria
      means
      the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
      be amended from time to time.

     

    Spread
      has the
      meaning given in:

     

    (a)    the
      Euro
      Currency Swap in respect of payments by the Trustee under the Euro Currency
      Swap; and 

     

    (b)    the
      US
      Currency Swap in respect of payments by the Trustee under the US Currency
      Swap.

     

    Subcontractor
      means
      any vendor, subcontractor or other entity that is not responsible for the
      overall servicing (as "servicing" is commonly understood by participants in
      the
      mortgage-backed securities market) of Loans but performs one or more discrete
      functions identified in Item 1122(d) of Regulation AB with respect to Loans
      or
      the Securitisation Fund under the direction or authority of the
      Trustee.

     

    Substitute
      Mortgages
      means
      any Mortgages purchased by the Trustee pursuant to clause 7.1(c).

     

    Surplus
      Cash Collateral
      means,
      on any Payment Date, the amount by which the Cash Collateral exceeds the
      Required Cash Collateral.

     

    Suspended
      Moneys has
      the
      meaning given to it in clause 7.1(b).

     

    Suspension
      Date
      means
      the date which is 120 days after the issue of the Bond Issue Confirmation
      Certificate (as defined in the Mortgage Origination and Management
      Agreement).

     

    Swap
      Provider
      means,
      in relation to a Hedge, the counterparty which enters into that arrangement
      with
      the Trustee (other than the Manager).

     

    TARGET
      means
      the Trans-European Automated Real-time Gross Settlement Express Transfer system.
      

     

    TARGET
      Settlement Day
      means
      any day on which TARGET is open.

     

    Top-up
      Charge Off means,
      in
      relation to a Top-up Funding Facility, the amount of the reduction of the Top-up
      Principal Outstanding under clauses 3.20(a)(2)(C) and
      3.20(b)(2)(C).

     

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

     

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

     

    Top-up
      Principal Outstanding
      means at
      any time in respect of a Top-up Funding Facility, an amount equal
      to:

     

    (a)   all
      principal drawings under the Top-Up Funding Facility which have been used to
      fund a payment under a Top-Up Loan; minus

     

    (b)   all
      repayments of principal in respect of such principal drawings;
      minus

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (c)   the
      Carry
      Over Top-Up Charge Offs for the Top-Up Funding Facility; plus

     

    (d)   the
      amount to be applied or available to be applied under clauses 6.1(a)(11),
      6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in repaying the Top-up Principal
      Outstanding under the Top-Up Funding Facility.

     

    Total
      Original Principal Balance
      means,
      as the context requires, the aggregate Original Principal Balance of all Notes
      or a Class of Notes.

     

    Total
      Outstanding Principal Balance
      means,
      at any time, the aggregate Outstanding Principal Balance at that time of all
      Notes or a Class of Notes.

     

    Transaction
      has the
      meaning given to it under the relevant ISDA Master Agreement.

     

    Transaction
      Document
      means
      each Transaction Document (as defined in the Master Trust Deed) to the extent
      that it relates to the Securitisation Fund or the Notes.

     

    Transfer
      Date has
      the
      meaning given to it in clause 10.8 of the Master Trust Deed.

     

    Trustee
      means
      Perpetual Limited, in its capacity as trustee of the Securitisation
      Fund.

     

    United
      States Dollars,
      USD
      and
US$
      means
      the currency of the United States of America.

     

    Unpaid
      Balance
      means,
      at any time, an amount equal to:

     

    (a)   the
      aggregate initial Outstanding Principal Balance of Loans secured by Mortgages
      comprised in Assets of the Securitisation Fund; minus

     

    (b)   all
      repayments of principal in respect of such Loans which have not been
      redrawn.

     

    US$
      Account
      means,
      in relation to the Fund, the US$ account of the Principal Paying Agent for
      the
      Fund or any other account opened and maintained outside Australia, of the
      Principal Paying Agent for the Fund so long as the Principal Paying Agent is
      a
      Bank which complies with clause 10.4(a).

     

    US$
      Exchange Rate
      means,
      on any date, the rate of exchange (set as at the commencement of the Currency
      Swap) applicable under the Currency Swap for the exchange of Dollars for United
      States Dollars. 

     

    US
      Currency Swap
      means,
      each master agreement dated on or about the date of this Supplementary Bond
      Terms Notice between the Trustee in its capacity as trustee of the
      Securitisation Fund, the Manager and the US Currency Swap Provider, on the
      terms
      of the ISDA Master Agreement (with amendments thereto), each Transaction (as
      defined in that agreement) entered into in accordance with that agreement under
      which the US Currency Swap Provider agrees to pay certain amounts in US$ to
      the
      Trustee or at the Trustee's direction in exchange for certain amounts in A$
      or
      any other Hedge on similar terms which, if entered into, will not result in
      the
      downgrading of, or withdrawal of the ratings for, any Notes.

     

    US
      Currency Swap Provider
      means,
      initially, Australia and New Zealand Banking Group Limited and thereafter any
      other person who is or becomes a party to a US Currency Swap.

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    
      	 	
              2.2

            	
              Incorporation
                of Master Trust Deed
                Definitions

            

    

     

    Subject
      to clause 2.1, each expression used herein that is defined in the Master Trust
      Deed and is not defined herein shall have the same meaning herein as in the
      Master Trust Deed.

     

    
      	 	
              2.3

            	
              Interpretation

            

    

     

    The
      provisions of clause 1.2 of the Master Trust Deed shall be incorporated, mutatis
      mutandis, into this Supplementary Bond Terms Notice, as if references in that
      clause to “this Deed” were references to this Supplementary Bond Terms
      Notice.

     

    
      	 	
              2.4

            	
              Payments

            

    

     

    All
      payments of principal and interest:

     

    (a)    on
      the
      Class A1 Notes must be in United States Dollars; 

     

    (b)    on
      the
      Class A2 Notes must be in Euro;

     

    (c)    on
      the
      Class A3 Notes must be in Dollars; and

     

    (d)    on
      the
      Class B Notes must be in Dollars.

     

    
      	 	
              2.5

            	
              Acknowledgment

            

    

     

    The
      parties acknowledge that the matters contained in clauses 1 to 12 (inclusive)
      and 15 of this Supplementary Bond Terms Notice result from decisions and
      directions of the Manager to the Trustee and not from directions or decisions
      made by the Note Trustee, the Principal Paying Agent, the Irish Paying Agent,
      the Class A3 Irish Paying Agent, the Calculation Agent or the Note
      Registrar.

     

    
      
        

      

    

    3      
      Notes

     

    
      	 	
              3.1

            	
              Conditions
                of Notes

            

    

     

    (a)   The
      conditions of the Class A Offered Notes will be as set out in the Master Trust
      Deed as supplemented and amended by this Supplementary Bond Terms Notice, the
      Conditions and the Note Trust Deed.

     

    (b)   The
      conditions of the Class A3 Notes and the Class B Notes will be as set out
      in the Master Trust Deed, as supplemented and amended by this Supplementary
      Bond
      Terms Notice.

     

    
      	 	
              3.2

            	
              Issue
                of Notes

            

    

     

    (a)   Class
      A
      Offered Notes must be issued fully paid in amounts, or on terms, such that
      their
      offer for subscription and their issue will comply with the Note Trust Deed
      and
      otherwise in a way that does not require disclosure to investors under Part
      6D.2
      of the Corporations Act, and will comply with:

     

    
      	 	
              (1)

            	
              the
                Financial Services and Markets Act 2000 (UK) and all regulations
                made
                under or in relation to that Act, as amended;
                and

            

    

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (2)

            	
              the
                Securities Act, the Exchange Act, all regulations made under or in
                relation to them, and all other laws or regulations of any jurisdiction
                of
                the United States of America regulating the offer or issue of, or
                subscription for, Class A Offered
                Notes.

            

    

     

    (b)   Class A3
      Notes and Class B Notes must be issued in minimum parcels or subscriptions
      which
      have an aggregate Original Principal Balance of A$100,000, (disregarding
      any amount payable to the extent to which it is to be paid out of money lent
      by
      the person offering the Notes or an associate (as defined in Division 2 of
      Part
      1.2 of the Corporations Act)) or otherwise in a way that does not require
      disclosure to investors under Part 6D.2 of the Corporations Act, and will comply
      with the Financial Services and Markets Act 2000 (UK) and all regulations made
      under or in relation to that Act, as amended.

     

    (c)   No
      Class A2 Note, Class A3 Note or Class B Note has been or will be
      registered under the Securities Act and the Class A2 Notes, Class A3
      Notes and Class B Notes may not be offered or sold within the United States
      or
      to, or for the account of benefit of, US persons except in accordance with
      Regulation S under the Securities Act or pursuant to an exemption from the
      registration requirements of the Securities Act. Terms used in this paragraph
      have the meanings given to them by Regulation S of the Securities
      Act.

     

    
      	 	
              3.3

            	
              Trustee's
                covenant to Noteholders and the Note
                Trustee

            

    

     

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

     

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

     

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

     

    
      	 	
              (1)

            	
              make
                all payments on or in respect of the Notes held by that Noteholder
                on the
                applicable Payment Date;

            

    

     

    
      	 	
              (2)

            	
              comply
                with the terms of this Supplementary Bond Terms Notice and the Transaction
                Documents to which it is a party;
                and

            

    

     

    
      	 	
              (3)

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

            

    

     

    
      	 	
              3.4

            	
              Final
                redemption

            

    

     

    Each
      Note
      must be finally redeemed, and the obligations of the Trustee with respect to
      the
      payment of the Outstanding Principal Balance of that Note must be finally
      discharged, on the first to occur of: 

     

    (a)   the
      date
      upon which the Invested Amount of that Note is reduced to zero;

     

    (b)   the
      date
      upon which the Note is redeemed under clause 4;

     

    (c)   the
      date
      upon which the relevant Noteholder renounces in writing all of its rights to
      any
      amounts payable under or in respect of that Note;

     

    

      
        
          
          

        

        
          page
            21

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (d)   the
      date
      on which all amounts received by the Note Trustee with respect to the
      enforcement of the Security Trust Deed are paid to the Principal Paying Agent,
      all amounts payable to the Class A3 Noteholders with respect to the
      enforcement of the Security Trust Deed are paid to the Class A3 Noteholders
      and all amounts payable to the Class B Noteholders with respect to the
      enforcement of the Security Trust Deed are paid to the Class B
      Noteholders;

     

    (e)   the
      Payment Date immediately following the date on which the Trustee completes
      a
      sale and realisation of all Assets of the Fund in accordance with the Master
      Trust Deed and this Supplementary Bond Terms Notice; and

     

    (f)   the
      Final
      Maturity Date.

     

    
      	 	
              3.5

            	
              Period
                during which interest
                accrues

            

    

     

    Each
      Note
      bears interest calculated and payable in arrears in accordance with this
      Supplementary Bond Terms Notice from the Closing Date to the date upon which
      that Note is finally redeemed under clause 3.4.

     

    
      	 	
              3.6

            	
              Calculation
                of interest

            

    

     

    (a)   Subject
      to clause 3.6(b), interest payable on each Note in respect of each Interest
      Period is calculated as the product of: 

     

    
      	 	
              (1)

            	
              at
                the applicable Interest Rate; 

            

    

     

    
      	 	
              (2)

            	
              the
                Invested Amount of that Note as at the first day of that Interest
                Period,
                after giving effect to any payments of principal made with respect
                to such
                Note on such day; and

            

    

     

    
      	 	
              (3)

            	
              a
                fraction, the numerator of which is the actual number of days in
                that
                Interest Period and the denominator of which is 365 days (in the
                case of
                Class A3 Notes and Class B Notes) or 360 days (in the case of
                Class A1 Notes and Class A2
                Notes).

            

    

     

    (b)   No
      interest will accrue on any Note for the period from and including:

     

    
      	 	
              (1)

            	
              the
                date on which the Outstanding Principal Balance of that Note is reduced
                to
                zero (provided that interest shall thereafter begin to accrue from
                (and
                including) any date on which the Outstanding Principal Balance of
                that
                Note becomes greater than zero); or

            

    

     

    
      	 	
              (2)

            	
              if
                the Outstanding Principal Balance of the Note on the due date for
                redemption in full of the Note is not zero, unless payment of principal
                due is improperly withheld or refused, following which the Note will
                continue to earn interest on the Invested Amount of the Note at the
                rate
                from time to time applicable to the Note until the later of:
                

            

    

     

    
      	 	
              (A)

            	
              the
                date on which the moneys in respect of that Note have been received
                by the
                Note Trustee or the Principal Paying Agent and notice to that effect
                is
                given in accordance with the relevant Conditions; or
                

            

    

     

    
      	 	
              (B)

            	
              the
                date on which the Outstanding Principal Balance of that Note has
                been
                reduced to zero (provided that interest shall thereafter begin to
                accrue
                from (and including) any date on which the Outstanding Principal
                Balance
                of that Note becomes greater than zero).

            

    

     

    

      
        
          
          

        

        
          page
            22

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (c)   If
      Interest is not paid in respect of a Note on the date when due and payable
      (other than because the due date is not a Banking Day) that unpaid Interest
      will
      itself bear interest at the Interest Rate applicable from time to time on that
      Note until the unpaid Interest, and interest on it, is available for payment
      and:

     

    
      	 	
              (1)

            	
              in
                the case of the Class A Offered Notes, notice of that availability
                has
                been duly given in accordance with Condition 12;
                or

            

    

     

    
      	 	
              (2)

            	
              in
                the case of the Class A3 Notes and the Class B Notes, there is full
                satisfaction of those amounts, to be determined in accordance with
                the
                Master Trust Deed (as amended in accordance with this Supplementary
                Bond
                Terms Notice).

            

    

     

    
      	 	
              3.7

            	
              Aggregate
                receipts

            

    

     

    (a)   Notwithstanding
      anything in clause 6.2, no Noteholder will be entitled to receive aggregate
      principal under any Note at any time in excess of the Invested Amount for that
      Note at that time.

     

    (b)   The
      Trustee, the Manager, the Note Trustee, the Security Trustee, the Paying Agents
      and the Class A3 Irish Paying Agent may treat the Noteholder as the
      absolute owner of that Note (whether or not that Note is overdue and despite
      any
      notation or notice to the contrary or writing on it or any notice of previous
      loss or theft of it or of trust or other interest in it) for the purpose of
      making payment and for all other purposes.

     

    
      	 	
              3.8

            	
              Application
                of Principal Repayment
                Pool

            

    

     

    At
      all
      times prior to the making by the Security Trustee of a declaration in accordance
      with the Security Trust Deed that the charge created by the Security Trust
      Deed
      is immediately enforceable, the Principal Repayment Pool in relation to a
      Payment Date must be applied in or towards the repayment of principal on the
      Notes on that Payment Date in accordance with this clause 3 and clause 6 or
      the
      purchase of Substitute Mortgages in accordance with clause 7. Upon and after
      the
      making of such a declaration, the Notes will rank, and payments will be made
      in
      respect of the Notes, in accordance with the provisions of the Security Trust
      Deed and, in the case of the Class A Offered Notes, the Note Trust
      Deed.

     

    
      	 	
              3.9

            	
              Repayment
                of Principal

            

    

     

    On
      each
      Payment Date, the Principal Repayment Pool must, subject to this clause 3 and
      clauses 6 and 7, be applied in or towards making repayments of principal on
      the
      Notes in accordance with clause 6 until the Invested Amount for each Note is
      reduced to zero.

     

    
      	 	
              3.10

            	
              Final
                Maturity Date

            

    

     

    The
      Outstanding Principal Balance of each Note must be repaid in full on the Final
      Maturity Date.

     

     

    

      
        
          
          

        

        
          page
            23

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    
      	 	
              3.11

            	
              Reduction
                in Principal balance

            

    

     

    Each
      payment of principal in respect of a Note under this clause 3 reduces the
      Invested Amount of that Note by the amount of that payment. The Trustee has
      no
      obligation to make any payment of principal under this clause 3 in respect
      of a
      Note in excess of the Invested Amount of that Note immediately prior to that
      payment being made.

     

    
      	 	
              3.12

            	
              Cancellation
                on repayment

            

    

     

    Upon
      the
      reduction of the Invested Amount of a Note to zero by repayment of principal
      in
      accordance with this clause 3 and payment of all the Interest Amounts (and
      other
      interest payments) in relation to that Note, that Note is
      cancelled.

     

    
      	 	
              3.13

            	
              Payments
                into Euro Account

            

    

     

    (a)   The
      Trustee must direct the Euro Currency Swap Provider to pay all amounts
      denominated in € payable to the Trustee by the Euro Currency Swap Provider under
      the Euro Currency Swap into the Euro Account or to the Principal Paying Agent
      under the Note Trust Deed on behalf of the Trustee.

     

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

     

    
      	 	
              3.14

            	
              Payments
                out of Euro Account

            

    

     

    On
      each
      Payment Date, subject to the terms of this Supplementary Bond Terms Notice,
      the
      Trustee must, on the direction of the Manager, or must require that the
      Principal Paying Agent on its behalf, distribute from the Euro Account the
      relevant amounts of principal and interest due in respect of each Class A2
      Note in accordance with the Note Trust Deed and in the order of priority in
      clauses 6.1 and 6.2. 

     

    
      	 	
              3.15

            	
              Payments
                into US$ Account

            

    

     

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

     

    (b)   If
      the
      Trustee or the Manager receives any amount denominated in US$ from the US
      Currency Swap Provider under the US Currency Swap they must promptly pay that
      amount to the credit of the US$ Account or to the Principal Paying
      Agent.

     

    
      	 	
              3.16

            	
              Payments
                out of US$ Account

            

    

     

    On
      each
      Payment Date, subject to the terms of this Supplementary Bond Terms Notice,
      the
      Trustee must, on the direction of the Manager, or must require that the
      Principal Paying Agent on its behalf, distribute from the US$ Account the
      relevant amounts of principal and interest due in respect of each Class A1
      Note in accordance with the Note Trust Deed and in the order of priority in
      clauses 6.1 and 6.2. 

     

    

      
        
          
          

        

        
          page
            24

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    
      	 	
              3.17

            	
              Rounding
                of amounts

            

    

     

    In
      making
      the calculations required or contemplated by this clause 3, the Manager shall
      round calculations to four decimal places, except that all monetary amounts
      shall be rounded down to the nearest cent or as otherwise required in this
      Supplementary Bond Terms Notice. 

     

    
      	 	
              3.18

            	
              Prescription

            

    

     

    Despite
      any other provision of this Supplementary Bond Terms Notice and the Master
      Trust
      Deed, Condition 8 of the Class A Offered Notes applies to all amounts payable
      in
      relation to any Class A Offered Note.

     

    
      	 	
              3.19

            	
              Replacement
                of Currency Swap

            

    

     

    (a)   If
      a
      Currency Swap is terminated, the Trustee must at the direction of the Manager
      enter into one or more currency swaps which replace the Currency Swap
      (collectively a Replacement
      Currency Swap)
      but
      only on the condition that: 

     

    
      	 	
              (1)

            	
              the
                relevant amount determined under section 6(e) of the ISDA Master
                Agreement
                for the Currency Swap (Currency
                Swap Termination Amount),
                if any, which is payable by the Trustee to the Currency Swap Provider
                on
                termination of the Currency Swap will be paid in full when due in
                accordance with this Supplementary Bond Terms Notice and the Currency
                Swap; 

            

    

     

    
      	 	
              (2)

            	
              the
                ratings assigned to the Notes are not adversely affected, which must
                be
                confirmed in writing by each Designated Rating Agency;
                

            

    

     

    
      	 	
              (3)

            	
              the
                liability of the Trustee under that Replacement Currency Swap is
                limited
                to at least the same extent that its liability is limited under the
                Currency Swap; and

            

    

     

    
      	 	
              (4)

            	
              the
                terms of the Replacement Currency Swap are acceptable to the Trustee
                acting reasonably and taking into account the interests of the
                Noteholders. 

            

    

     

    (b)   If
      the
      conditions in clause 3.19(a) are satisfied, the Trustee must at the direction
      of
      the Manager enter into the Replacement Currency Swap and if it does so it must
      direct the provider of the Replacement Currency Swap to pay any upfront premium
      to enter into the Replacement Currency Swap due to the Trustee directly to
      the
      Currency Swap Provider in satisfaction of and to the extent of the Trustee's
      obligation to pay the Currency Swap Termination Amount to the Currency Swap
      Provider as referred to in clause 3.19(a). If the Currency Swap Termination
      Amount (if any) is payable by the Currency Swap Provider to the Trustee, the
      Trustee shall direct the Currency Swap Provider to pay such amount directly
      to
      the Replacement Currency Swap Provider in satisfaction and to the extent of
      any
      upfront premium to enter into the Replacement Currency Swap. Where the upfront
      premium payable upon entry into the Replacement Currency Swap is: 

     

    

      
        
          
          

        

        
          page
            25

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (1)

            	
              payable
                by the Trustee to the Replacement Swap Provider, then
                the:

            

    

     

    
      	 	
              (A)

            	
              excess
                of the Currency Swap Termination Amount over the upfront premium
                will be
                included as Income Collection for the relevant Calculation Period;
                and

            

    

     

    
      	 	
              (B)

            	
              excess
                of the upfront premium payable over the Currency Swap Termination
                Amount
                will be satisfied by the Trustee as an Expense;
                or

            

    

     

    
      	 	
              (2)

            	
              payable
                by the Replacement Swap Provider to the Trustee, then
                the:

            

    

     

    
      	 	
              (A)

            	
              excess
                of the Currency Swap Termination Amount over the upfront premium
                will be
                satisfied by the Trustee as an Expense;
                and

            

    

     

    
      	 	
              (B)

            	
              excess
                of the upfront premium over the Currency Swap Termination Amount
                will be
                included as Income Collection for the relevant Calculation Period.
                

            

    

     

    
      	 	
              3.20

            	
              Realised
                Losses on Mortgages

            

    

     

    (a)   On
      each
      Monthly Payment Date on which the Manager determines that the aggregate amount
      of Realised Losses for the related Monthly Calculation Period exceeds funds
      available on such Monthly Payment Date to reimburse such Realised Losses under
      clause 6.1(a) the Manager must do the following on and with effect from
      such Monthly Payment Date:

     

    
      	 	
              (1)

            	
              reduce
                pro-rata as between themselves the Outstanding Principal Balance
                of the
                Class B Notes by the amount of that excess until the Outstanding
                Principal
                Balance of the Class B Notes is zero, but only to the extent of the
                portion of the applicable Quarterly Calculation Period that falls
                within
                the applicable Monthly Calculation Period, to be applied to reduce
                pro-rata as between themselves, the Outstanding Principal Balance
                of the
                Class B Notes, on the following Quarterly Payment Date;
                and

            

    

     

    
      	 	
              (2)

            	
              if
                the Outstanding Principal Balance of the Class B Notes is zero and
                any
                amount of that excess has not been applied or allocated under
                clause 3.20(a)(1), reduce pro-rata and rateably as between the Class
                A Notes, the Redraw Funding Facilities and the Top-up Funding Facilities
                with respect to the balance of the deficiency (having taken into
                account
                any relevant amounts allocated under clause 3.20(a)(2)(A),(B) and (C)
                respectively since the preceding Monthly Payment
                Date):

            

    

     

    
      	 	
              (A)

            	
              rateably
                as between each of the Class A Notes, the A$ Equivalent Outstanding
                Principal Balance of the Class A Notes by the amount of the remaining
                deficiency until the Outstanding Principal Balance of the Class A
                Notes is
                zero:

            

    

     

    
      	 	
              (i)

            	
              in
                respect of the Class A3 Notes, on that Monthly Payment Date;
                and

            

    

     

    

      
        
          
          

        

        
          page
            26

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (ii)

            	
              in
                respect of the Class A Offered Notes, only to the extent of the portion
                of
                the applicable Quarterly Calculation Period that falls within the
                applicable Monthly Calculation Period, to be applied to reduce pro-rata
                as
                between themselves, the Outstanding Principal Balance of the Class
                A
                Offered Notes, on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (B)

            	
              rateably
                as between each Redraw Funding Facility, the Redraw Principal Outstanding
                of the Redraw Funding Facilities by the amount of the remaining deficiency
                until the Redraw Principal Outstanding under each Redraw Funding
                Facility
                is zero, but only to the extent of the portion of the applicable
                Quarterly
                Calculation Period that also falls within the applicable Monthly
                Calculation Period, to be applied to reduce pro-rata as between each
                Redraw Funding Facility, the Redraw Principal Outstanding of the
                Redraw
                Funding Facilities, on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (C)

            	
              rateably
                as between each Top-up Funding Facility, the Top-up Principal Outstanding
                of the Top-up Funding Facilities by the amount of the remaining deficiency
                until the Top-up Principal Outstanding under each Top-up Funding
                Facility
                is zero, but only to the extent of the portion of the applicable
                Quarterly
                Calculation Period that also falls within the applicable Monthly
                Calculation Period, to be applied to reduce pro-rata as between each
                Top-up Funding Facility, the Top-up Principal Outstanding of the
                Top-up
                Funding Facilities on the following Quarterly Payment
                Date.

            

    

     

    (b)   On
      each
      Quarterly Payment Date on which the Manager determines that the aggregate amount
      of Realised Losses for the Monthly Calculation Period ending immediately before
      the relevant Quarterly Payment Date exceeds funds available on such Quarterly
      Payment Date to reimburse such Realised Losses under clause 6.1(c) the
      Manager must do the following on and with effect from such Quarterly Payment
      Date:

     

    
      	 	
              (1)

            	
              reduce
                pro-rata as between themselves the Outstanding Principal Balance
                of the
                Class B Notes by the amount of that excess until the Outstanding
                Principal
                Balance of the Class B Notes is zero, including all amounts allocated
                under clause 3.20(a)(1) for the two preceding Monthly Payment Dates;
                and

            

    

     

    
      	 	
              (2)

            	
              if
                the Outstanding Principal Balance of the Class B Notes is zero and
                any
                amount of that excess has not been applied under clause 3.20(b)(1),
                reduce pro-rata and rateably as between the Class A Notes, the Redraw
                Funding Facilities and the Top-up Funding Facilities with respect
                to the
                balance of the deficiency (having taken into account any relevant
                amounts
                allocated under clause 3.20(a)(2)(A),(B) or (C) respectively since
                the
                preceding Quarterly Payment Date):

            

    

     

     

    

      
        
          
          

        

        
          page
            27

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (A)

            	
              rateably
                as between each of the Class A Notes, the A$ Equivalent Outstanding
                Principal Balance of the Class A Notes by the amount of the remaining
                deficiency until the Outstanding Principal Balance of the Class A
                Notes is
                zero (Class
                A Charge Offs); 

            

    

     

    
      	 	
              (B)

            	
              rateably
                as between each Redraw Funding Facility, the Redraw Principal Outstanding
                of the Redraw Funding Facilities by the amount of the remaining deficiency
                until the Redraw Principal Outstanding under each Redraw Funding
                Facility
                is zero (Redraw
                Charge Offs);
                and

            

    

     

    
      	 	
              (C)

            	
              rateably
                as between each Top-up Funding Facility, the Top-up Principal Outstanding
                of the Top-up Funding Facilities by the amount of the remaining deficiency
                until the Top-up Principal Outstanding under each Top-up Funding
                Facility
                is zero (Top
                Up Charge Offs);
                .

            

    

     

     

      
        

      

    

    4      
      Notes
      Callable at Option of Trustee

     

    
      	 	
              4.1

            	
              Call
                - Class A Notes

            

    

     

    The
      Trustee must, when so directed by the Manager (at the Manager's option), having
      given not more than 30 nor less than 15 days' notice to the Class A Noteholders,
      and in the case of Class A Offered Notes, in accordance with Condition 12,
      purchase or redeem all, but not some only, of the Class A Notes by repaying
      the
      Outstanding Principal Balance of those Class A Notes, together with accrued
      interest to (but excluding) the date of repurchase or redemption on any
      Quarterly Payment Date falling on or after the earlier of:

     

    (a)   the
      Monthly Payment Date on which the Outstanding Principal Balance of all Notes
      calculated and expressed in the A$ Equivalent is equal to or less than 10%
      of
      the Total Original Principal Balance calculated and expressed in the A$
      Equivalent; and

     

    (b)   in
      the
      case of Class A Notes, the Quarterly Payment Date falling on 12 March
      2013,

     

    provided
      that:

     

    (c)   if
      the
      aggregate Outstanding Principal Balance of all Class A Notes on such date of
      redemption or repurchase has been reduced by Class A Charge Offs which have
      not
      been reinstated under clauses 6.1(c)(11) and 6.1(c)(12), the Noteholders owning
      at least 75% of the aggregate Invested Amount of the Class A Notes calculated
      and expressed in the A$ Equivalent must consent to such repurchase or
      redemption; and 

     

    (d)   the
      Trustee will be in a position on such Monthly Payment Date to discharge (and
      the
      Manager so certifies to the Trustee and the Note Trustee upon which the Trustee
      and the Note Trustee will rely conclusively) all its liabilities in respect
      of
      the Notes (at their Outstanding Principal Balance) and any amounts which would
      be required under the Security Trust Deed to be paid in priority or pari passu
      with the Notes if the security for the Notes were being enforced. 

     

     

    

      
        
          
          

        

        
          page
            28

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    
      	 	
              4.2

            	
              Tax
                event

            

    

     

    If
      the
      Manager satisfies the Trustee and the Note Trustee immediately prior to giving
      the notice referred to below that either:

     

    (a)   on
      the
      next Quarterly Payment Date the Trustee would be required to deduct or withhold
      from any payment of principal or interest in respect of the Notes, the Currency
      Swaps, the Payment Funding Facility, the Top-up Funding Facility or the Redraw
      Funding Facility any amount for or on account of any present or future taxes,
      duties, assessments or governmental charges of whatever nature imposed, levied,
      collected, withheld or assessed by the Commonwealth of Australia or any of
      its
      political sub-divisions or any of its authorities; or

     

    (b)   the
      total
      amount payable in respect of interest in relation to any of the Loans secured
      by
      the Mortgages comprised in the Assets of the Fund for a Quarterly Calculation
      Period ceases to be receivable (whether or not actually received) by the Trustee
      during such Quarterly Calculation Period (but this paragraph (b) does not apply
      to a failure by the Trustee to receive any interest in relation to any of the
      Loans merely by reason of the failure by any borrowers to pay that interest
      in
      breach of the relevant Loans), 

     

    the
      Trustee must, when so directed by the Manager, at the Manager's option (provided
      that the Trustee will be in a position on such Quarterly Payment Date to
      discharge (and the Manager will so certify to the Trustee and the Note Trustee)
      all its liabilities in respect of the Notes (at their Invested Amount) and
      any
      amounts which would be required under the Security Trust Deed to be paid in
      priority or pari passu with the Notes if the security for the Notes were being
      enforced), having given not more than 60 nor less than 45 days notice to the
      Class A Offered Noteholders in accordance with Condition 12, redeem all, but
      not
      some only, of the Notes at their then Invested Amounts together with accrued
      interest to (but excluding) the date of redemption on any subsequent Payment
      Date, provided that the Noteholders may by Extraordinary Resolution elect,
      and
      must notify the Trustee and the Manager not less than 21 days before the next
      Quarterly Payment Date following the receipt of notice of such proposed
      redemption, that they do not require the Trustee to redeem the
      Notes.

     

    
      	 	
              4.3

            	
              Call
                - Class B Notes

            

    

     

    The
      Trustee must, when so directed by the Manager (at the Manager's option), having
      given not more than 30 nor less than 15 days' notice to the Class B Noteholders,
      in the case of Class B Notes redeem all, but not some only, of the Class B
      Notes
      by repaying the Outstanding Principal Balance of those Class B Notes, together
      with accrued interest to (but excluding) the date of redemption,
      on:

     

    (a)    the
      date
      of redemption, repurchase or final repayment of the Class A Notes; or

     

    (b)    (if
      directed by the Manager) any Monthly Payment Date falling after such
      date.

     

     

     

    
      
        
        

      

      
        page
          29

        
          

        

      

      
        
        

      

    

     

      
        

      

    

    5      Cash-Collateral

     

    
      	 	
              5.1

            	
              Cash
                Collateral Account

            

    

     

    On
      the
      Closing Date the Manager must establish and at all times until the Outstanding
      Principal Balance of all Notes is reduced to zero maintain a ledger account
      in
      the accounting records maintained by it pursuant to the Master Trust Deed
      designated “SMHL Global Fund 2007-1 Cash Collateral Account”.

     

    
      	 	
              5.2

            	
              Initial
                Cash Collateral and Liquidity
                Notes

            

    

     

    On
      the
      Closing Date, the Trustee must, subject to the terms of the Master Trust Deed,
      and in accordance with the Bond Issue Direction:

     

    (a)   issue
      to
      the Liquidity Noteholder liquidity notes (being Bonds as defined in the Master
      Trust Deed) having an initial Face Value of an amount equal to Liquidity Notes
      Amount, being comprised in a Class named "SMHL Global Fund 2007-1 - Liquidity
      Notes", and being on the terms set out in the Liquidity Notes Supplementary
      Bond
      Terms and the Master Trust Deed; 

     

    (b)   in
      accordance with clauses 7.8(f) and 7.10 of the Master Trust Deed, hold an amount
      of the issue proceeds of the Notes equal to the Face Value of the Liquidity
      Notes as trustee of the Securitisation Fund; and 

     

    (c)   credit
      that amount to the Cash Collateral Account.

     

    
      	 	
              5.3

            	
              Investment
                of Cash Collateral

            

    

     

    Amounts
      credited to the Cash Collateral Account must be invested in Authorised
      Investments:

     

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

     

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

     

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

     

    Income
      from Authorised Investments comprised in the Cash Collateral does not constitute
      Collections, and must be credited to the Cash Collateral Account.

     

    
      	 	
              5.4

            	
              Use
                of Cash Collateral

            

    

     

    If
      on any
      relevant Payment Date, the Collections (other than Collections with respect
      to
      amounts applied from the Cash Collateral Account) for the relevant Calculation
      Period are less than the aggregate of the amounts referred to in
      clauses 6.1(a)(1) to 6.1(a)(6) (inclusive) (in respect of a Monthly Payment
      Date) and clauses 6.1(c)(1) to 6.1(c)(6) (inclusive) (in respect of a
      Quarterly Payment Date), the Manager must direct the Trustee to withdraw from
      the Cash Collateral Account the amount equal to the lesser of the amount of
      such
      deficiency and the Cash Collateral, which amount will then be applied to and
      become part of the Collections available for application on the relevant Payment
      Date in accordance with those clauses.

     

    

      
        
          
          

        

        
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            30

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    5.5         
      Surplus
      Cash Collateral

     

    If
      on any
      relevant Payment Date after the making of all payments which the Trustee is
      obliged to make on that relevant Payment Date there is Surplus Cash Collateral,
      the Trustee must (at the direction of the Manager) on that relevant Payment
      Date
      apply the Surplus Cash Collateral in or towards payment to each Liquidity
      Noteholder of amounts payable under or in respect of the Liquidity Notes or
      interest payable in respect of the Liquidity Notes in accordance with the
      Liquidity Notes Supplementary Bond Terms.

     

     

      
        

      

    

    6      Distribution
      of Collections

     

    
      	 	
              6.1

            	
              Distribution
                of Interest Collections

            

    

     

    (a)   Subject
      to the terms of the Security Trust Deed and these Supplementary Bond Terms
      (including clause 6.1(b)), on each Monthly Payment Date (other
      than a Quarterly Payment Date and to the extent it has not already done so
      in
      accordance with this clause 6.1(a)), the Trustee must apply the Interest
      Collections for the relevant Monthly Calculation Period as follows:

     

    
      	 	
              (1)

            	
              first,
                in payment of Taxes in respect of the Securitisation
                Fund;

            

    

     

    
      	 	
              (2)

            	
              secondly,
                pari passu and rateably in payment of the Trustee’s Fee, the Manager’s Fee
                and any Expenses (other than the Expenses referred to below in this
                clause 6.1(a)) in respect of the Securitisation
                Fund;

            

    

     

    
      	 	
              (3)

            	
              thirdly,
                without duplication, in or toward any amounts payable or to be applied
                under clause 6.1(a)(4) on any previous Monthly Payment Date, if there
                had been sufficient Interest Collections, which have not been paid
                or
                allocated by the Trustee together with accrued interest thereon which
                in
                the case of a Note must be at the Interest Rate applicable to the
                relevant
                Note;

            

    

     

    
      	 	
              (4)

            	
              fourthly,
                pari passu and rateably:

            

    

     

    
      	 	
              (A)

            	
              toward
                payment of any interest due under any Redraw Funding Facility or
                Top-up
                Funding Facility for the portion of the applicable Quarterly Interest
                Period that also falls within the applicable Monthly Interest Period,
                to
                be retained in the bank account for the Securitisation Fund or invested
                in
                Authorised Investments until applied to payments of interest to the
                Redraw
                Funding Facility or Top-up Funding Facility on the following Quarterly
                Payment Date;
                and

            

    

     

    
      	 	
              (B)

            	
              toward
                payment to the Euro Currency Swap Provider and the US Currency Swap
                Provider, toward allowance for the A$ Class A Interest Amount under
                the
                relevant Confirmation on that Monthly Payment Date for the portion
                of the
                applicable Quarterly Interest Period that also falls within the applicable
                Monthly Interest Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payments of the A$ Class A Interest Amount to the Euro Currency Swap
                Provider and the US Currency Swap Provider which is thereafter to
                be
                applied to payment of interest on the Class A Offered Notes on the
                following Quarterly Payment Date;
                and

            

    

     

    

      
        
          
          

        

        
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            31

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (C)

            	
              in
                payment to Class A3 Noteholders of the Class A3 Interest due on
                the Class A3 Notes on that Monthly Payment
                Date;

            

    

     

    
      	 	
              (5)

            	
              fifthly,
                without duplication, toward any amounts to be applied under
                clause 6.1(a)(6) on any previous Monthly Payment Date, if there had
                been sufficient Interest Collections, which have not previously been
                paid
                or allocated by the Trustee with accrued interest thereon at the
                Interest
                Rate applicable to the relevant
                Note;

            

    

     

    
      	 	
              (6)

            	
              sixthly,
                pari passu and rateably toward payment to Class B Noteholders of
                the Class
                B Interest to be applied on the Class B Notes for the portion of
                the
                applicable Quarterly Interest Period that also falls within the applicable
                Monthly Interest Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payments of Class B Interest due on the Class B Notes on the following
                Quarterly Payment Date;

            

    

     

    
      	 	
              (7)

            	
              seventhly,
                in crediting to the Cash Collateral Account the amount (if any) by
                which
                the Required Cash Collateral exceeds the Cash
                Collateral;

            

    

     

    
      	 	
              (8)

            	
              eighthly,
                to reimburse or make allowance for, in the order of priorities specified
                in clause 6.2(a) any amounts that have been paid or allocated on
                any
                previous Monthly Payment Date (to the extent not previously reimbursed
                under this clause 6.1(a)(8))
                under:

            

    

     

    
      	 	
              (A)

            	
              clauses 6.2(a)(1),
                6.2(a)(2) and 6.2(a)(3)(C); and

            

    

     

    
      	 	
              (B)

            	
              clauses 6.2(a)(3)(A),
                6.2(a)(3)(B) and 6.2(a)(4), such amounts to be retained in the bank
                account for the Securitisation Fund or invested in Authorised Investments
                until applied to reimburse those amounts on the following Quarterly
                Payment Date;

            

    

     

    
      	 	
              (9)

            	
              ninthly,
                toward payment toward any break costs payable on cancellation of
                any
                Interest Hedge to the extent that those amounts are not recovered
                under
                the relevant Loan secured by Mortgages comprised in the Assets of
                the Fund
                in the form of any applicable prepayment fees or a drawing has not
                been
                made under a Payment Funding Facility for the portion of the applicable
                Quarterly Calculation Period that also falls within the applicable
                Monthly
                Calculation Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                the payment of such break costs on the following Quarterly Payment
                Date;

            

    

     

    

      
        
          
          

        

        
          page
            32

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (10)

            	
              tenthly,
                pari passu and rateably toward payment to the Liquidity Noteholder
                of
                interest payable in respect of the Liquidity Notes and in or towards
                payment of any interest in respect of any Payment Funding Facility
                for the
                portion of the applicable Quarterly Interest Period that also falls
                within
                the applicable Monthly Interest Period, to be retained in the bank
                account
                for the Securitisation Fund or invested in Authorised Investments
                until
                applied to the payment of interest payable in respect of the Liquidity
                Notes and in or towards payment of any interest in respect of any
                Payment
                Funding Facility on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (11)

            	
              eleventhly,
                in respect of the amount of any Class A Charge Offs, any Redraw Charge
                Offs and any Top-up Charge Offs, in and towards reinstatement in
                the books
                of the Fund, pari passu and rateably allocated
                to:

            

    

     

    
      	 	
              (A)

            	
              that
                portion of the Class A Charge Offs that relates to the Class A3 Notes
                for that Monthly Calculation Period;
                and

            

    

     

    
      	 	
              (B)

            	
              Redraw
                Charge Offs, Top-up Charge Offs and that portion of the Class A Charge
                Offs that relates to the Class A Offered Notes for the portion of
                the
                applicable Quarterly Calculation Period that also falls within the
                applicable Monthly Calculation Period, to be retained in the bank
                account
                for the Securitisation Fund or invested in Authorised Investments
                until
                applied to reinstatement in the books of the Fund pari passu and
                rateably
                to that portion of the Class A Charge Offs that relates to the Class
                A
                Offered Notes, Redraw Charge Offs and Top-up Charge Offs on the following
                Quarterly Payment Date;

            

    

     

    
      	 	
              (12)

            	
              twelfthly,
                in respect of the amount of any Carry Over Redraw Charge Offs, any
                Carry
                Over Top-up Charge Offs and the A$ Equivalent of any Carry Over Class
                A
                Charge Offs allocated to:

            

    

     

    
      	 	
              (A)

            	
              each
                Class A3 Note on that Monthly Payment Date;
                and

            

    

     

    
      	 	
              (B)

            	
              each
                Class A Offered Note to be retained in the bank account for the
                Securitisation Fund or invested in Authorised
                Investments,

            

    

     

    until
      applied in and towards reinstatement in the books of the Fund, pari passu and
      rateably as between any Carry Over Redraw Charge Offs, any Carry Over Top-up
      Charge Offs and the A$ Equivalent of any Carry Over Class A Charge Offs
      allocated to each Class A Note, of: 

     

    
      	 	
              (C)

            	
              the
                A$ Equivalent of any Carry Over Class A Charge Offs;
                

            

    

     

    
      	 	
              (D)

            	
              any
                Carry Over Redraw Charge Offs; and

            

    

     

    
      	 	
              (E)

            	
              any
                Carry Over Top-up Charge Offs,

            

    

     

    on
      that
      Monthly Payment Date (in respect of the Class A3 Notes) and on the
      following Quarterly Payment Date (in respect of the Class A Offered Notes,
      any
      Carry Over Redraw Charge Offs and any Carry Over Top-up Charge
      Offs):

     

    

      
        
          
          

        

        
          page
            33

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (13)

            	
              thirteenthly,
                in respect of the amount of any Class B Charge Offs and any Carry
                Over
                Class B Charge Offs to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments, until
                applied
                towards reinstatement in the books of the Fund and in the following
                order
                of:

            

      	 	 	 

      	 	 	
              (A)     
                any
                Class B Charge Offs for the portion of the applicable Quarterly
                Calculation Period that also falls within the applicable Monthly
                Calculation Period; and

            

      	 	 	 

      	 	 	
              (B)     
                pari
                passu and rateably the Invested Amount of the Class B Notes to the
                extent
                of any Carry Over Class B Charge Offs,

               
on
              the following Quarterly Payment
              Date;

    

     

    
      	 	
              (14)

            	
              fourteenthly
                (to the extent not paid or allowed for under clause 6.2(a)), pari
                passu and rateably, toward repayment of any principal to be applied
                under
                any Redraw Funding Facility, toward repayment of any principal to
                be
                applied under any Top-up Funding Facility and toward repayment of
                any
                principal to be applied under any Payment Funding Facility, in each
                case
                for the portion of the applicable Quarterly Calculation Period that
                also
                falls within the applicable Monthly Calculation Period, to be retained
                in
                the bank account for the Securitisation Fund or invested in Authorised
                Investments until applied to the repayment of any principal due and
                payable under any Redraw Funding Facility, any principal due and
                payable
                under any Top-up Funding Facility and any principal due and payable
                under
                any Payment Funding Facility on the following Quarterly Payment Date;
                and

            

    

     

    
      	 	
              (15)

            	
              fifteenthly,
                in payment of or provision for amounts payable to the Income Unitholder
                of
                the Securitisation Fund in accordance with clauses 22.1(d) and
                22.3(d) of the Master Trust Deed for the portion of the applicable
                Quarterly Interest Period that also falls within the applicable Monthly
                Interest Period, to be retained in the bank account for the Securitisation
                Fund or invested in Authorised Investments until applied to the payment
                of
                or provision for amounts payable to the Income Unitholder of the
                Securitisation Fund on the following Quarterly Payment
                Date.

            

    

     

    (b)   The
      Trustee must only make an application of Interest Collections under
      clause 6.1(a) to the extent that any Interest Collections remain from which
      to make the application after amounts with priority to that payment have been
      applied.

     

    (c)   Subject
      to the terms of the Security Trust Deed and these Supplementary Bond Terms
      (including clause 6.1(d)), on each Quarterly Payment Date (to
      the
      extent it has not already done so in accordance with this clause 6.1(c)), the
      Trustee must apply the Interest Collections in relation to the Monthly
      Calculation Period ending immediately before the relevant Quarterly Payment
      Date
      as follows:

     

    

      
        
          
          

        

        
          page
            34

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (1)

            	
              first,
                in payment of Taxes in respect of the Securitisation Fund which have
                been
                incurred prior to that Quarterly Payment Date and which have not
                previously been paid on a prior Monthly Payment Date under an application
                of this clause 6.1;

            

    

     

    
      	 	
              (2)

            	
              secondly,
                pari passu and rateably in payment of the Trustee’s Fee, the Manager’s Fee
                and any Expenses (other than the Expenses referred to below in this
                clause
                6.1(c)) in respect of the Securitisation Fund which have been incurred
                prior to that Quarterly Payment Date and which have not previously
                been
                paid on a prior Monthly Payment Date under an application of this
                clause 6.1;

            

    

     

    
      	 	
              (3)

            	
              thirdly,
                without duplication, in or toward any amounts payable or to be applied
                under clause 6.1(c)(4) on any previous Payment Date, if there had
                been
                sufficient Interest Collections, which have not previously been paid
                or
                allocated by the Trustee, together with accrued interest thereon
                which in
                the case of a Note must be at the Interest Rate applicable to the
                relevant
                Note;

            

    

     

    
      	 	
              (4)

            	
              fourthly,
                pari passu and rateably:

            

    

     

    
      	 	
              (A)

            	
              in
                payment of any interest due under any Redraw Funding Facility or
                Top-up
                Funding Facility for the applicable Quarterly Interest Period, including
                (without duplication) all amounts allocated under clause 6.1(a)(4)(A)
                on the two preceding Monthly Payment Dates;

            

    

     

    
      	 	
              (B)

            	
              in
                payment to the Euro Currency Swap Provider and the US Currency Swap
                Provider, in payment of the A$ Class A Interest Amount payable under
                the
                Confirmation at that Quarterly Payment Date which is thereafter to
                be
                applied to payment of interest on the Class A Offered Notes for the
                applicable Quarterly Interest Period, including (without duplication)
                all
                amounts allocated under clause 6.1(a)(4)(B) on the two preceding
                Monthly Payment Dates;
                and

            

    

     

    
      	 	
              (C)

            	
              in
                payment to Class A3 Noteholders of the Class A3 Interest due on
                the Class A3 Notes on that Quarterly Payment Date for the applicable
                Monthly Interest Period;

            

    

     

    
      	 	
              (5)

            	
              fifthly,
                without duplication, in payment of any amounts payable under clause
                6.1(c)(6) on any previous Payment Date, if there had been sufficient
                Interest Collections, which have not previously been paid or allocated
                by
                the Trustee with accrued interest thereon at the Interest Rate applicable
                to the relevant Note;

            

    

     

    
      	 	
              (6)

            	
              sixthly,
                pari passu and rateably in payment to Class B Noteholders of the
                Class B
                Interest due on the Class B Notes on that Quarterly Payment Date
                for the
                applicable Quarterly Interest Period, including (without duplication)
                all
                amounts allocated under clause 6.1(a)(6) on the two preceding Monthly
                Payment Dates; 

            

    

     

    
      	 	
              (7)

            	
              seventhly,
                in crediting to the Cash Collateral Account the amount (if any) by
                which
                the Required Cash Collateral exceeds the Cash
                Collateral;

            

    

     

     

    

      
        
          
          

        

        
          page
            35

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (8)

            	
              eighthly,
                to reimburse, in the order of priorities specified in clause 6.2(c),
                any
                amounts that have been paid or allocated on any previous Payment
                Date
                under clauses 6.2(c)(1), 6.2(c)(2), 6.2(c)(3) and 6.2(c)(4) (to the
                extent
                not previously reimbursed under this clause 6.1(c)(8)) for the applicable
                Monthly Interest Period (in the case of clauses 6.2(c)(1), 6.2(c)(2)
                and
                6.2(c)(3)(C)) and Quarterly Interest Period (in the case of clauses
                6.2(c)(3)(A), 6.2(c)(3)(B) and 6.2(c)(4)), including (without duplication)
                all amounts allocated under clause 6.1(a)(8)(B) on the two preceding
                Monthly Payment Dates;

            

    

     

    
      	 	
              (9)

            	
              ninthly,
                in payment toward any break costs payable on cancellation of any
                Interest
                Hedge to the extent that those amounts are not recovered under the
                relevant Loan secured by Mortgages comprised in the Assets of the
                Fund in
                the form of any applicable prepayment fees or a drawing has not been
                made
                under a Payment Funding Facility for the applicable Quarterly Calculation
                Period, including (without duplication) all amounts allocated under
                clause 6.1(a)(9) on the two preceding Monthly Payment
                Dates;

            

    

     

    
      	 	
              (10)

            	
              tenthly,
                pari passu and rateably in payment to the Liquidity Noteholder of
                interest
                payable in respect of the Liquidity Notes and in payment of any interest
                in respect of any Payment Funding Facility for the applicable Quarterly
                Interest Period, including (without duplication) all amounts allocated
                under clause 6.1(a)(10) on the two preceding Monthly Payment Dates;
                and;

            

    

     

    
      	 	
              (11)

            	
              eleventhly,
                in respect of the amount of any Class A Charge Offs, any Redraw Charge
                Offs and any Top-up Charge Offs, in and towards reinstatement of
                in the
                books of the Fund, pari passu and rateably allocated
                to:

            

    

     

    
      	 	
              (A)

            	
              that
                portion of the Class A Charge Offs that relates to the Class A3 Notes
                for that Monthly Calculation Period;
                and

            

    

     

    
      	 	
              (B)

            	
              Redraw
                Charge Offs, Top-Up Charge Offs and that portion of the Class A Charge
                Offs that relates to the Class A Offered Notes for that Calculation
                Period
                for the applicable Quarterly Calculation Period, including (without
                duplication) all amounts allocated under clause 6.1(a)(11)(B) on the
                two preceding Monthly Payment
                Dates;

            

    

     

    
      	 	
              (12)

            	
              twelfthly,
                in respect of the amount of any Carry Over Redraw Charge Offs, any
                Carry
                Over Top-up Charge Offs and the A$ Equivalent of any Carry Over Class
                A
                Charge Offs allocated to:

            

    

     

    
      	 	
              (A)

            	
              each
                Class A3 Note; and

            

    

     

    
      	 	
              (B)

            	
              each
                Class A Offered Note,

            

    

     

    in
      reinstatement in the books of the Fund, pari passu and rateably (as between
      any
      Carry Over Redraw Charge Offs, any Carry Over Top-up Charge offs and the A$
      Equivalent of any Carry Over Class A Charge Offs allocated to each Class A
      Note)
      of: 

     

    
      	 	
              (C)

            	
              the
                A$ Equivalent of any Carry Over Class A Charge Offs;
                

            

    

     

    

      
        
          
          

        

        
          page
            36

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (D)

            	
              any
                Carry Over Redraw Charge Offs; and

            

    

     

    
      	 	
              (E)

            	
              any
                Carry Over Top-up Charge Offs,

            

    

     

    on
      that
      Monthly Payment Date (in the case of the Class A3 Notes) and on that
      Quarterly Payment Date (in the case of the Class A Offered Notes (including
      (without duplication) any amounts allocated on the two preceding Monthly Payment
      Dates), any Carry Over Redraw Charge Offs and any Carry Over Top-up Charge
      Offs);

     

    
      	 	
              (13)

            	
              thirteenthly,
                in respect of the amount of any Class B Charge Offs and any Carry
                Over
                Class B Charge Offs in and towards reinstatement in the books of
                the Fund
                and in the following order of:

            

    

     

    
      	 	
              (A)

            	
              any
                Class B Charge Offs for that Calculation Period;
                and

            

    

     

    
      	 	
              (B)

            	
              pari
                passu and rateably the Invested Amount of the Class B Notes to the
                extent
                of any Carry Over Class B Charge
                Offs,

            

    

     

    for
      the
      applicable Quarterly Calculation Period, including (without duplication) all
      amounts allocated under clause 6.1(a)(13) on the two preceding Monthly
      Payment Dates;

     

    
      	 	
              (14)

            	
              fourteenthly
                (to the extent not paid under clause 6.2(c)), pari passu and rateably,
                in
                repayment of any principal due and payable under any Redraw Funding
                Facility, in repayment of any principal due and payable under any
                Top-up
                Funding Facility and in repayment of any principal due and payable
                under
                any Payment Funding Facility for the applicable Quarterly Calculation
                Period, including (without duplication) all amounts allocated under
                clause 6.1(a)(14) on the two preceding Monthly Payment Dates;
                and

            

    

     

    
      	 	
              (15)

            	
              fifteenthly,
                in payment of or provision for amounts payable to the Income Unitholder
                of
                the Securitisation Fund in accordance with clauses 22.1(d) and
                22.3(d) of the Master Trust Deed for the applicable Quarterly Interest
                Period, including (without duplication) all amounts allocated under
                clause 6.1(a)(15) on the two preceding Monthly Payment
                Dates.

            

    

     

    (d)   The
      Trustee must only make an application of Interest Collections under
      clause 6.1(c) to the extent that any Interest Collections remain from which
      to make the application, after payment of amounts with priority to that payment
      have been made.

     

    
      	 	
              6.2

            	
              Distribution
                of Principal Collections

            

    

     

    (a)   Subject
      to the terms of the Security Trust Deed and these Supplementary Bond Terms
      (including clause 6.2(b)), on each Monthly Payment Date (other than a
      Quarterly Payment Date and to the extent it has not already done so in
      accordance with this clause 6.2(a)), the Trustee must apply the Principal
      Collections for the relevant Monthly Calculation Period together with any
      amounts to be applied under this clause 6.2(a) pursuant to clauses 
6.1(a)(8) and 6.5, for the relevant Monthly Calculation Period towards the
      following payments in the following order of priority:

     

    

      
        
          
          

        

        
          page
            37

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (1)

            	
              first,
                in payment of Taxes in respect of the Securitisation Fund (to the
                extent
                not paid or allowed for under
                clause 6.1(a));

            

    

     

    
      	 	
              (2)

            	
              secondly,
                pari passu and rateably in payment of the Trustee’s Fee, the Manager’s Fee
                and any Expenses (other than the Expenses referred to below in this
                clause 6.2(a)) in respect of the Securitisation Fund and which have
                not previously been paid under clauses 5.4 and
                6.1(a));

            

    

     

    
      	 	
              (3)

            	
              thirdly,
                in or toward payment of the amounts payable or to be applied, and
                in the
                priority under clause 6.1(a)(4), which have not previously been paid
                or allowed for on a prior Monthly Payment Date under clauses 5.4
                and
                6.1(a)) of:

            

    

     

    
      	 	
              (A)

            	
              any
                interest due under any Redraw Funding Facility or Top-up Funding
                Facility
                for the portion of the applicable Quarterly Interest Period that
                also
                falls within the applicable Monthly Interest Period, to be retained
                in the
                bank account for the Securitisation Fund or invested in Authorised
                Investments until applied to payments of interest to the Redraw Funding
                Facility or Top-up Funding Facility on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (B)

            	
              the
                applicable A$ Class A Interest Amount in respect of the Class A Offered
                Notes for the portion of the applicable Quarterly Interest Period
                that
                also falls within the applicable Monthly Interest Period, to be retained
                in the bank account for the Securitisation Fund or invested in Authorised
                Investments until applied to payments to the Euro Currency Swap Provider
                and the US Currency Swap Provider which is thereafter to be applied
                to
                payment on the Class A Offered Notes on the following Quarterly Payment
                Date; and

            

    

     

    
      	 	
              (C)

            	
              any
                Class A3 Interest payable to the Class A3 Noteholders on that
                Monthly Payment Date;

            

    

     

    
      	 	
              (4)

            	
              fourthly,
                toward payment of the amounts payable under and in the priority as
                specified, in clause 6.1(a)(6) on the Class B Notes on that Monthly
                Payment Date and which have not previously been paid or allowed for
                on a
                prior Monthly Payment Date under clauses 5.4 and 6.1(a)), provided
                that such amounts must be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payments on the Class B Notes on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (5)

            	
              fifthly,
                pari passu and rateably toward repayment of any Redraw Principal
                Outstanding under a Redraw Funding Facility and any Top-up Principal
                Outstanding under any Top-up Funding Facility for the portion of
                the
                applicable Quarterly Calculation Period that also falls within the
                applicable Monthly Calculation Period, to be retained in the bank
                account
                for the Securitisation Fund or invested in Authorised Investments
                until
                applied to payments of principal to the Redraw Funding Facility or
                Top-up
                Funding Facility on the following Quarterly Payment
                Date;

            

    

     

    

      
        
          
          

        

        
          page
            38

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (6)

            	
              sixthly,
                pari passu and rateably toward payments approved by the Manager under
                any
                Loan Redraw Facility and any Top-up Loan for the portion of the applicable
                Quarterly Calculation Period that also falls within the applicable
                Monthly
                Calculation Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payments approved by the Manager under any Loan Redraw Facility and
                any
                Top-up Loan on the following Quarterly Payment
                Date;

            

    

     

    
      	 	
              (7)

            	
              seventhly,
                pari passu and rateably (having taken into account any amounts allocated
                under this clause 6.2(a)(7) since the preceding Quarterly Payment
                Date):

            

    

     

    
      	 	
              (A)

            	
              in
                payment of principal to the Class A3 Noteholders for the applicable
                Monthly Calculation Period until the Outstanding Principal Balance
                of the
                Class A3 Notes is reduced to zero;
                and

            

    

     

    
      	 	
              (B)

            	
              toward
                payment to the Currency Swap Providers under a Confirmation relating
                to
                the Class A Offered Notes for the portion of the applicable Quarterly
                Calculation Period that also falls within the applicable Monthly
                Calculation Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payments to the Currency Swap Providers on the following Quarterly
                Payment
                Date, until the Outstanding Principal Balance of the Class A Offered
                Notes
                is reduced to zero, 

            

    

     

    of
      an
      amount equal to the lesser of:

     

    
      	 	
              (C)

            	
              the
                amount available for distribution under this clause 6.2(a)(7) after
                all payments which have priority under this clause 6.2(a);
                and

            

    

     

    
      	 	
              (D)

            	
              the
                A$ Equivalent of the Outstanding Principal Balance of all Class A
                Notes,

            

    

     

    
      	 	
              (8)

            	
              eighthly,
                toward payment of principal to the Class B Noteholders pari passu
                and
                rateably, until the Outstanding Principal Balance of the Class B
                Notes is
                reduced to zero, of an amount equal to the lesser
                of:

            

    

     

    
      	 	
              (A)

            	
              the
                amount available for distribution under this clause 6.2(a)(8) after
                all payments which have priority under this clause 6.2(a);
                and

            

    

     

    
      	 	
              (B)

            	
              the
                Outstanding Principal Balance for all Class B
                Notes,

            

    

     

    for
      the
      portion of the applicable Quarterly Calculation Period that also falls within
      the applicable Monthly Calculation Period, to be retained in the bank account
      for the Securitisation Fund or invested in Authorised Investments until applied
      to payments to the Class B Noteholders on the following Quarterly Payment
      Date;

     

    
      	 	
              (9)

            	
              ninthly,
                pari passu and rateably as between any Carry Over Redraw Charge Offs,
                any
                Carry Over Top-up Charge Offs and the A$ Equivalent of any Carry
                Over
                Class A Charge Offs allocated to each Class A Note (having taken
                into
                account any amounts allocated under this clause 6.2(a)(9) since the
                preceding Quarterly Payment Date):

            

    

     

    

      
        
          
          

        

        
          page
            39

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (A)

            	
              toward
                payment to the Currency Swap Providers under a Confirmation of the
                A$
                Equivalent of any Carry Over Class A Charge Offs relating to the
                Class A
                Offered Notes; 

            

    

     

    
      	 	
              (B)

            	
              toward
                repaying the Redraw Principal Outstanding of each Redraw Funding
                Facility
                to the extent of any Carry Over Redraw Charge Offs;
                and

            

    

     

    
      	 	
              (C)

            	
              toward
                repaying the Top-up Principal Outstanding of each Top-up Funding
                Facility
                to the extent of any Carry Over Top-up Charge
                Offs,

            

    

     

    to
      be
      retained in the bank account for the Securitisation Fund or invested in
      Authorised Investments until applied to payments to the Currency Swap Providers,
      repaying the Redraw Principal Outstanding of each Redraw Funding Facility,
      and
      Top-up Principal Outstanding of each Top-up Funding Facility on the following
      Quarterly Payment Date; and

     

    
      	 	
              (D)

            	
              in
                payment to the Class A3 Noteholders of any Carry Over Class A Charge
                Offs relating to the Class A3 Notes on that Monthly Payment
                Date;

            

    

     

    
      	 	
              (10)

            	
              tenthly,
                toward repaying the Invested Amount of the Class B Notes to the extent
                of
                any Carry Over Class B Charge Offs, to be retained in the bank account
                for
                the Securitisation Fund or invested in Authorised Investments until
                applied to repayment of the Invested Amount of the Class B Notes
                on the
                following Quarterly Payment Date;

            

    

     

    
      	 	
              (11)

            	
              eleventhly,
                toward payment towards any break costs payable on cancellation of
                any
                Interest Hedge to the extent that those amounts are not recovered
                under
                the relevant Loan secured by Mortgages comprised in Assets of the
                Fund in
                the form of any applicable prepayment fees or a drawing has not been
                made
                under a Payment Funding Facility (to the extent not paid under clause
                6.1)
                for the portion of the applicable Quarterly Calculation Period that
                also
                falls within the applicable Monthly Calculation Period, to be retained
                in
                the bank account for the Securitisation Fund or invested in Authorised
                Investments until applied to payment of such break costs on the following
                Quarterly Payment Date; and

            

    

     

    
      	 	
              (12)

            	
              twelfthly,
                subject to clause 6.3, pari passu and rateably toward payment to
                the
                Liquidity Noteholder of the principal amount outstanding in respect
                of the
                Liquidity Notes and in or towards repayment of any principal in respect
                of
                any Payment Funding Facility for the portion of the applicable Quarterly
                Calculation Period that also falls within the applicable Monthly
                Calculation Period, to be retained in the bank account for the
                Securitisation Fund or invested in Authorised Investments until applied
                to
                payment of the principal amount outstanding in respect of the Liquidity
                Notes and repayment of any principal in respect of any Payment Funding
                Facility on the following Quarterly Payment
                Date.

            

    

     

    

      
        
          
          

        

        
          page
            40

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (b)   The
      Trustee must only make an application of Principal Collections under
      clause 6.2(a) only to the extent that any Principal Collections remain from
      which to make the application after amounts with priority to that payment have
      been applied.

     

    (c)   Subject
      to the terms of the Security Trust Deed and these Supplementary Bond Terms
      (including clause 6.2(d)), on each Quarterly Payment Date (to the extent it
      has not already done so in accordance with this clause 6.2(c)), the Trustee
      must apply the Principal Collections together with any amounts to be applied
      under this clause 6.2(c) pursuant to clauses 6.1(c)(8) and 6.5 in relation
      to the Monthly Calculation Period ending immediately before the relevant
      Quarterly Payment Date towards the following payments in the following order
      of
      priority:

     

    
      	 	
              (1)

            	
              first,
                in payment of Taxes in respect of the Securitisation Fund (to the
                extent
                not paid for under clause 6.1) which have been incurred prior to that
                Quarterly Payment Date and which have not been previously paid on
                a prior
                Monthly Payment Date under an application of this
                clause 6.2;

            

    

     

    
      	 	
              (2)

            	
              secondly,
                pari passu and rateably in payment of the Trustee’s Fee, the Manager’s Fee
                and any Expenses (other than the Expenses referred to below in this
                clause
                6.2) in respect of the Securitisation Fund which have been incurred
                prior
                to that Quarterly Payment Date and which have not been previously
                paid on
                a prior Monthly Payment Date (to the extent not paid or allowed for
                under
                clauses 5.4 and 6.1);

            

    

     

    
      	 	
              (3)

            	
              thirdly,
                in payment of the amounts payable and in the priority under
                clause 6.1(c)(4) and which have not previously been paid or allowed
                for on a previous Payment Date under clauses 5.4 and 6.1
                of:

            

    

     

    
      	 	
              (A)

            	
              any
                interest due under any Redraw Funding Facility or Top-up Funding
                Facility
                for the applicable Quarterly Interest Period, including (without
                duplication) all amounts allocated under clause 6.2(a)(4)(A) on the
                two preceding Monthly Payment Dates; 

            

    

     

    
      	 	
              (B)

            	
              the
                applicable A$ Class A Interest Amount in respect of the Class A Offered
                Notes, for the applicable Quarterly Interest Period, including (without
                duplication) all amounts allocated under clause 6.2(a)(3)(B) on the
                two preceding Monthly Payment Dates;
                and

            

    

     

    
      	 	
              (C)

            	
              any
                Class A3 Interest payable to the Class A3 Noteholders, for the
                applicable Monthly Interest Period;

            

    

     

    
      	 	
              (4)

            	
              fourthly,
                in payment of the amounts payable under, and in the priority as specified
                in, clause 6.1(c)(6) on the Class B Notes and which have not
                previously been paid or allowed for a previous Payment Date for the
                applicable Quarterly Interest Period, including (without duplication)
                all
                amounts allocated under clause 6.2(a)(4) on the two preceding Monthly
                Payment Dates (to the extent not paid under clauses 5.4 and
                6.1);

            

    

     

    

      
        
          
          

        

        
          page
            41

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (5)

            	
              fifthly,
                pari passu and rateably in repayment of any Redraw Principal Outstanding
                under a Redraw Funding Facility and any Top-up Principal Outstanding
                under
                any Top-up Funding Facility for the applicable Quarterly Calculation
                Period, including (without duplication) all amounts allocated under
                clause 6.2(a)(5) on the two preceding Monthly Payment
                Dates;

            

    

     

    
      	 	
              (6)

            	
              sixthly,
                pari passu and rateably in payment of amounts approved by the Manager
                under any Loan Redraw Facility and any Top-up Loan for the applicable
                Quarterly Calculation Period, including (without duplication) all
                amounts
                allocated under clause 6.2(a)(6) on the two preceding Monthly Payment
                Dates;

            

    

     

    
      	 	
              (7)

            	
              seventhly,
                pari passu and rateably: 

            

    

     

    
      	 	
              (A)

            	
              in
                payment of principal to the Class A3 Noteholders for the applicable
                Monthly Calculation Period until the Outstanding Principal Balance
                of the
                Class A3 Notes is reduced to zero;
                and

            

    

     

    
      	 	
              (B)

            	
              in
                payment to the Currency Swap Providers under a Confirmation relating
                to
                the Class A Offered Notes for the applicable Quarterly Calculation
                Period,
                including (without duplication) all amounts allocated under
                clause 6.2(a)(7)(B) on the two preceding Monthly Payment Dates, until
                the Outstanding Principal Balance of the Class A Offered Notes is
                reduced
                to zero, 

            

    

     

    of
      an
      amount equal to the lesser of:

     

    
      	 	
              (C)

            	
              the
                amount available for distribution under this clause 6.2(c)(7) after
                all
                payments which have priority under this clause 6.2;
                and

            

    

     

    
      	 	
              (D)

            	
              the
                A$ Equivalent of the Outstanding Principal Balance for all Class
                A
                Notes;

            

    

     

    
      	 	
              (8)

            	
              eighthly,
                in payment of principal to the Class B Noteholders pari passu and
                rateably, until the Outstanding Principal Balance of the Class B
                Notes is
                reduced to zero, of an amount equal to the lesser
                of:

            

    

     

    
      	 	
              (A)

            	
              the
                amount available for distribution under this clause 6.2(c)(8) after
                all payments which have priority under this clause 6.2;
                and

            

    

     

    
      	 	
              (B)

            	
              the
                Outstanding Principal Balance for all Class B
                Notes,

            

    

     

    for
      the
      applicable Quarterly Calculation Period, including (without duplication) all
      amounts allocated under clause 6.2(a)(8) on the two preceding Monthly
      Payment Dates;

     

    
      	 	
              (9)

            	
              ninthly,
                pari passu and rateably as between any Carry Over Redraw Charge Offs,
                any Carry Over Top-up Charge Offs and the A$ Equivalent of any Carry
                Over
                Class A Charge Offs allocated to each Class A
                Note:

            

    

     

    

      
        
          
          

        

        
          page
            42

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    
      	 	
              (A)

            	
              in
                payment to the Currency Swap Providers under a Confirmation of the
                A$
                Equivalent of any Carry Over Class A Charge Offs relating to the
                Class A
                Offered Notes; 

            

    

     

    
      	 	
              (B)

            	
              in
                repaying the Redraw Principal Outstanding of each Redraw Funding
                Facility
                to the extent of any Carry Over Redraw Charge Offs;
                and

            

    

     

    
      	 	
              (C)

            	
              in
                repaying the Top-up Principal Outstanding of each Top-up Funding
                Facility
                to the extent of any Carry Over Top-up Charge
                Offs,

            

    

     

    including
      (without duplication) all amounts allocated under clause 6.2(a)(9) on the
      two preceding Monthly Payment Dates; and

     

    
      	 	
              (D)

            	
              in
                payment to the Class A3 Noteholders of any Carry Over Class A Charge
                Offs;

            

    

     

    
      	 	
              (10)

            	
              tenthly,
                in repayment of the Invested Amount of the Class B Notes to the extent
                of
                any Carry Over Class B Charge Offs including (without duplication)
                all
                amounts allocated under clause 6.2(a)(10) on the two preceding
                Monthly Payment Dates;

            

    

     

    
      	 	
              (11)

            	
              eleventhly,
                in payment towards any break costs payable on cancellation of any
                Interest
                Hedge to the extent that those amounts are not recovered under the
                relevant Loan secured by Mortgages comprised in Assets of the Fund
                in the
                form of any applicable prepayment fees or a drawing has not been
                made
                under a Payment Funding Facility for the applicable Quarterly Calculation
                Period, including all amounts allocated under clause 6.2(a)(11) on
                the two preceding Monthly Payment Dates (to the extent not paid under
                clause 6.1(c)(9)); and

            

    

     

    
      	 	
              (12)

            	
              twelfthly,
                subject to clause 6.3, pari passu and rateably in payment to the
                Liquidity
                Noteholder of the principal amount outstanding in respect of the
                Liquidity
                Notes and in repayment of any principal in respect of any Payment
                Funding
                Facility for the applicable Quarterly Calculation Period, including
                (without duplication) all amounts allocated under clause 6.2(a)(12)
                on the two preceding Monthly Payment
                Dates.

            

    

     

    (d)   The
      Trustee must only make an application of Principal Collections under
      clause 6.2(c) to the extent that any Principal Collections remain from
      which to make the application, after payment of amounts with priority to that
      payment have been made.

     

    
      	 	
              6.3

            	
              Rights
                of Liquidity Noteholder

            

    

     

    On
      any
      Quarterly Payment Date, the Trustee must not make any payments out of Principal
      Collections to the Liquidity Noteholder under clause 6.2 unless the Invested
      Amount of all the Class A Notes and Class B Notes is zero, or will be zero
      following any payments made on the relevant Quarterly Payment Date.

     

    

      
        
          
          

        

        
          page
            43

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

    
      	 	
              6.4

            	
              Funding
                Loan Redraw Facilities

            

    

     

    (a)   The
      Trustee may only fund advances under Loan Redraw Facilities from Collections
      which represent prepayments of principal under Loans (Redraw
      Prepayments)
      and by
      drawings under Redraw Funding Facilities.

     

    (b)   The
      Trustee must not apply any Redraw Prepayments to making advances under a Loan
      Redraw Facility unless:

     

    
      	 	
              (1)

            	
              all
                amounts specified in clauses 6.2(a)(1) to 6.2(a)(4) inclusive and
                clauses 6.2(c)(1) to 6.2(c)(4) inclusive which are due and payable
                have been paid or allocated; and

            

    

     

    
      	 	
              (2)

            	
              the
                Trustee holds Collections equal to the sum of the advance under the
                Loan
                Redraw Facility and all amounts specified in clauses 6.2(a)(1) to
                6.2(a)(4) inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive
                which are accrued but not due and payable.

            

    

     

    
      	 	
              6.5

            	
              Funding
                Top-up Loans

            

    

     

    (a)   Subject
      to clause 6.5(c), the Trustee may only fund advances for Top-up Loans from
      Collections which represent repayments or prepayments of principal under Loans
      (Top-up
      Prepayments)
      and by
      drawings under Top-up Funding Facilities.

     

    (b)   The
      Trustee must not apply any Top-up Prepayments to making advances for a Top-up
      Loan unless:

     

    
      	 	
              (1)

            	
              all
                amounts specified in clauses 6.2(a)(1) to 6.2(a)(4) inclusive and
                clauses 6.2(c)(1) to 6.2(c)(4) inclusive which are due and payable
                have been paid or allocated; and

            

    

     

    
      	 	
              (2)

            	
              the
                Trustee holds Collections equal to the sum of the advance under the
                Top-up
                Loan and all amounts specified in clauses 6.2(a)(1) to 6.2(a)(4)
                inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive which are
                accrued but not due and payable.

            

    

     

    (c)   The
      Trustee must not fund any advances for Top-up Loans until a Top-up Funding
      Facility has been duly executed in the form agreed by each Designated Rating
      Agency.

     

    
      	 	
              6.6

            	
              Payment
                of Charge Offs

            

    

     

    The
      amount of any reinstatement under clauses 6.1(a)(11), 6.1(a)(12),
      6.1(a)(13), 6.1(c)(11), 6.1(c)(12) and 6.1(c)(13) must be applied on the
      relevant Payment Date of the reinstatement in accordance with clause 6.2 as
      if
      the amount reinstated formed part of Principal Collections.

     

     

      
        

      

    

    7      
      Substitution
      of Mortgages

     

    
      	 	
              7.1

            	
              Purchase
                of Substitute Mortgages

            

    

     

    (a)   The
      Manager may, within 120 days after the issue of the Bond Issue Confirmation
      Certificate (as defined in the Mortgage Origination and Management Agreement),
      determine to suspend, to the extent necessary, the obligations of the Trustee
      to
      treat as Principal Collections so much of the payments in respect of principal
      received on the repurchase of Loans pursuant to either clause 10.4 of the
      Mortgage Origination and Management Agreement or clause 11.6 of the Master
      Trust
      Deed, to purchase substitute mortgages.

     

     

    

      
        
          
          

        

        
          page
            44

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (b)   Any
      payments of principal suspended in accordance with clause 7.1(a) (Suspended
      Moneys)
      may
      only be used in the manner provided in clause 7.1(c).

     

    (c)   The
      Manager may only make a determination pursuant to clause 7.1(a):

     

    
      	 	
              (1)

            	
              for
                the purpose of directing the Trustee to apply the Suspended Moneys
                in and
                toward the purchase of Mortgages (Substitute
                Mortgages)
                from any other Fund which has been created pursuant to the Master
                Trust
                Deed (including Origination Fund No.
                3);

            

    

     

    
      	 	
              (2)

            	
              if
                the final payment date of each Substitute Mortgage is at least one
                year
                before the Final Maturity Date of the Notes;

            

    

     

    
      	 	
              (3)

            	
              if
                the Manager has given the Designated Rating Agencies not less than
                5
                Banking Days notice or such shorter period as the Designated Rating
                Agencies may agree of its intention to make the determination;
                

            

    

     

    
      	 	
              (4)

            	
              if
                the Manager receives confirmation from the Designated Rating Agencies
                that
                the purchase by the Trustee of the Substitute Mortgages will not
                adversely
                affect the Designated Rating of the Notes;
                and

            

    

     

    
      	 	
              (5)

            	
              if
                

            

    

     

    
      	 	
              (A)

            	
              the
                Trustee receives from the Manager a completed Mortgage Transfer Proposal
                in relation to the Substitute Mortgages no later than 2 Banking Days
                prior
                to the date referred to in the Mortgage Transfer Proposal for the
                purchase
                of the Substitute Mortgages;

            

    

     

    
      	 	
              (B)

            	
              the
                Manager certifies to the Trustee that the proposed Substitute Mortgages
                are Mortgages for the purposes of this agreement, and satisfy the
                requirements in this clause 7, as at the Transfer
                Date;

            

    

     

    
      	 	
              (C)

            	
              prior
                to or on the 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 Interest Hedge (if any)
                referred to in the Mortgage Transfer
                Proposal.

            

    

     

    If
      the
      provisions of this clause 7 are satisfied then the Substitute Mortgage shall
      be
      acquired from any other relevant Fund which has been created pursuant to the
      Master Trust Deed (including Origination Fund No. 3).

     

    

      
        
          
          

        

        
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            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

     

      
        

      

    

    8      
      Notifications

     

    
      	 	
              8.1

            	
              Notification
                of Calculations
                and defaults

            

    

     

    (a)   The
      Manager must calculate the Collections for an immediately preceding:

     

    
      	 	
              (1)

            	
              Monthly
                Calculation Period no later than 6 Banking Days before each Monthly
                Payment Date; and

            

    

     

    
      	 	
              (2)

            	
              Quarterly
                Calculation Period no later than 6 Banking Days before each Quarterly
                Payment Date; and.

            

    

     

    (b)   The
      Manager must, not later than 2 Banking Days before each relevant Payment Date
      advise the Trustee and in respect of Class A Offered Notes only, the Currency
      Swap Providers in writing of:

     

    
      	 	
              (1)

            	
              all
                amounts payable or to be allowed for under clause 6;
                

            

    

     

    
      	 	
              (2)

            	
              reasonable
                details of the calculation of all such amounts;
                and

            

    

     

    
      	 	
              (3)

            	
              the
                Outstanding Principal Balance and Invested Amount of each Note following
                the making of all payments to be made on that relevant Payment Date
                in
                accordance with clauses 3 and 6.

            

    

     

    (c)   The
      Manager must also notify the Trustee of all details of payments which are to
      be
      made by or on behalf of the Trustee on or by each relevant Payment Date. The
      Manager must, not later than 2 Banking Days before each relevant Payment Date
      also notify the Currency Swap Providers of all payments which are to be made
      by
      or on behalf of the Trustee on each relevant Payment Date under clauses 6.1
      and
      6.2 in respect of Class A Offered Notes. 

     

    (d)   In
      the
      absence of manifest error, each of the Trustee and the Currency Swap Providers
      is entitled to rely (and will rely on) conclusively on the Manager's
      calculations and notifications and is not required to investigate the accuracy
      of them.

     

    
      	 	
              8.2

            	
              Notification
                of defaults

            

    

     

    The
      Manager will confirm to the Trustee in a certificate signed by an Authorised
      Signatory of the Manager, to be provided on each anniversary of this
      Supplementary Bond Terms Notice:

     

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

     

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

     

     

      
        

      

    

    9      
      Amendments
      to Master Trust Deed

     

    The
      Master Trust Deed is amended for the purpose of the Fund as follows and for
      the
      avoidance of doubt terms used in this clause 9, unless otherwise defined in
      the
      Master Trust Deed, have the same meanings given to them in this Supplementary
      Bond Terms Notice:

     

    

      
        
          
          

        

        
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          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
            Notes

           

        

      

    

    (a)   Clause
      1.1 - Authorised Investment

     

    For
      the
      purposes of the definition of Authorised Investment in clause 1.1 of the Master
      Trust Deed: 

     

    
      	 	
              (1)

            	
              the
                words “, stock” are deleted from paragraph (c) of that
                definition;

            

    

     

    
      	 	
              (2)

            	
              the
                words “or stock” are deleted from paragraph (d) of that definition;
                and

            

    

     

    
      	 	
              (3)

            	
              each
                investment must be of a type which does not adversely affect the
                50% risk
                weighting attributed to the Notes by the Bank of England (as to which
                the
                Trustee may rely conclusively on advice from the Manager to that
                effect).

            

    

     

    (b)   Clause
      1.1 - Expenses

     

    For
      the
      purpose of the definition of Expenses in clause 1.1 of the Master Trust Deed,
      

     

    
      	 	
              (1)

            	
              words
                “subject to clauses 14 and 18,” are added at the beginning of paragraph
                (m); 

            

    

     

    
      	 	
              (2)

            	
              new
                paragraphs (o) and (p) are inserted as follows and the existing paragraphs
                (o), (p) and (q) become (q), (r) and (s)
                respectively:

            

    

     

    "(o)       
      any
      fees
      and expenses under or in connection with any Transaction Document payable to
      DTC, the Note Trustee, the Paying Agents, the Class A3 Irish Paying Agent,
      the Note Registrar, the Calculation Agents (for which the Trustee is not
      personally liable under the Transaction Documents), any Securities System and
      any Stock Exchange;

     

    (p)   any
      costs
      and expenses incurred by the Trustee or the Manager in complying with their
      obligations under this Deed or any Transaction Document in connection with
      compliance with Regulation AB;”; and

     

    
      	 	
              (3)

            	
              in
                the existing paragraph (p) (which following the amendment in clause
                9(b)(2) is renumbered paragraph (r)), the words “, other than as
                contemplated in paragraph (p) above” are inserted at the end before the
                semi-colon.

            

    

     

    (c)   Clause
      1.1 - Financial Default

     

    For
      the
      purpose of the definition of Financial Default delete “3 Banking Days” and
      insert “10 Banking Days”.

     

    (d)   Clause
      1.1 - Manager’s Default

     

    For
      the
      purposes of the definition of Manager's Default add "or any representation
      given
      by the Manager in any Transaction Document in relation to the Fund is or becomes
      not true" after the words "in relation to the Fund" in paragraph (a) of the
      definition.

     

    (e)   Clause
      1.1 - Net Income

     

    For
      the
      purposes of the Fund, the definition of Net Income in clause 1.1 of the Master
      Trust Deed is deleted.

     

    
      
        
          
          

        

        
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            47

          
            

          

        

        
          
          

        

      

      
        
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            Notes

        

      

    

    (f)   Clause
      1.1 - Net Income Account

     

    For
      the
      purposes of the Fund, the definition of Net Income Account in clause 1.1 of
      the
      Master Trust Deed is deleted.

     

    (g)   Clause
      1.1 - Noteholders Report

     

    For
      the
      purposes of the Fund, the following new definition is inserted alphabetically
      in
      clause 1.1 of the Master Trust Deed:

     

    “Noteholders
      Report
      means
      the report to be delivered by the Manager, on behalf of the Trustee, and
      containing the information set out in Schedule 2 of the Note Trust Deed with
      respect to the Fund;”

     

    (h)   Clause
      1.1 - Operating Income

     

    For
      the
      purposes of the Fund, the following new definition is inserted alphabetically
      in
      clause 1.1 of the Master Trust Deed:

     

    “Operating
      Income
      means
      the gross income realised by the Fund from its operations including rent,
      interest, dividends, distributions and otherwise less expenses arising in
      deriving that income including, but not limited to:

     

    (1)   outgoings
      in respect of the assets of the Fund;

     

    (2)   repairs
      and maintenance;

     

    (3)   interest
      and other borrowing costs;

     

    (4)   fees
      paid
      to the Trustee and Manager; and

     

    (5)   any
      other
      amount that the Manager considers prudent or  appropriate
      to allow for contingencies or future expenses  that
      will
      or may arise in respect of the Fund;”.

     

    (i)   Clause
      1.1 - Operating Income Account

     

    For
      the
      purposes of the Fund, the following new definition is inserted alphabetically
      in
      clause 1.1 of the Master Trust Deed:

     

    “Operating
      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);”.

     

    (j)   Clause
      1.1 - Securities System

     

    For
      the
      purpose of the definition of Securities System in clause 1.1 insert "or DTC"
      after "Euroclear".

     

    (k)   Clause
      1.1 - Termination Date

     

    For
      the
      purpose of the definition of "Termination Date" in clause 1.1 of the Master
      Trust Deed; 

     

    
      	 	
              (1)

            	
              the
                words "and the Trustee and Manager agree that no further Bonds are
                proposed to be issued by the Trustee in relation to that Fund" are
                inserted at the end of paragraph (c)(1) of that
                definition;

            

    

     

    
      	 	
              (2)

            	
              paragraph
                “(a)” of that definition is
                deleted;

            

    

     

    
      	 	
              (3)

            	
              paragraph
                “(b)” of that definition is re-lettered as paragraph
                “(a)”;

            

    

     

    
      
        
        

      

      
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          Notes

        
 

      

    

    
      	 	
              (4)

            	
              paragraph
                “(c)” of that definition is re-lettered as paragraph
                “(b)”;

            

    

     

    
      	 	
              (5)

            	
              paragraph
                “(d)” of that definition is re-lettered as paragraph “(c)”;
                and

            

    

     

    
      	 	
              (6)

            	
              the
                words “under paragraphs (c) and (d)” in the final paragraph of that
                definition are deleted and replaced with the words “under paragraphs (b)
                and (c)”.

            

    

     

    (l)   Clause
      1.2(k)

     

    For
      the
      purposes of the Fund, clause 1.2(k) of the Master Trust Deed is deleted and
      the
      following new clause 1.2(k) is inserted as follows:

     

    “(k) Not
      used;”.

     

    (m)         
      Clause
      2.4 - No Further Interests

     

    For
      the
      purposes of the Fund, a new clause 2.4 is inserted in the Master Trust Deed
      as
      follows:

     

    “2.4       
      No
      Further Interests

     

    The
      Trustee must not create any further interests in the Funds after the date that
      is the eightieth anniversary of the date of this Deed.”.

     

    (n)   Clause
      3.1 - Beneficial Interest in the Origination Funds

     

    For
      the
      purpose of clause 3.1(a) of the Master Trust Deed: 

     

    
      	 	
              (1)

            	
              the
                words “Net Income” as it appears twice in the first line of the paragraph
                are deleted, and the words “Net Income” in the first line of the paragraph
                are deleted and replaced with the words “Operating Income”;
                and

            

    

     

    
      	 	
              (2)

            	
              the
                words “Net Income Account” in the third line of the paragraph are deleted
                and replaced with the words “Operating Income
                Account”.

            

    

     

    (o)         
      Clause
      5 - Notes

     

    For
      the
      purpose of the Fund, clause 5 in the Master Trust Deed is deleted and the
      following clause 5 is inserted as follows:

     

    "5.   Notes 

     

    5.1   Acknowledgment
      of indebtedness

     

    Subject
      to the terms of this Deed and the Supplementary Bond Terms Notice:

     

    (a)   each
      entry in the Register for a Fund in respect of a Class A3 Note and a Class
      B Note relating to the Fund; and

     

    (b)   in
      relation to each Class A Offered Note relating to a Fund, that Class A Offered
      Note,

     

    constitutes
      an independent and separate acknowledgment to the relevant Noteholder by the
      Trustee of its indebtedness as trustee of the Fund for the Outstanding Principal
      Balance of that Note together with the other rights given to Noteholders under
      this Deed, the Supplementary Bond Terms Notice and the Security Trust Deed,
      and
      (in relation to a Class A Offered Note) the Note Trust Deed and the
      Conditions.

     

     

    
      
        
        

      

      
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        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    5.2   Legal
      nature of Notes

     

    (a)   Class A3
      Notes and Class B Notes will be in the form of inscribed stock, and the
      Trustee's obligations in relation to the Notes and under this Deed and this
      Supplementary Bond Terms Notice (including any obligation to pay interest or
      principal) will become effective on inscription in the Register for the Fund
      under this Deed and this Supplementary Bond Terms Notice of the details for
      those Class A3 Notes and Class B Notes.

     

    (b)   Class
      A
      Offered Notes will be in registered form in respect of Book-Entry Notes and
      will
      be in registered form in respect of Definitive Notes.

     

    5.3   Terms
      of Notes

     

    (a)   All
      Notes
      issued by the Trustee as trustee of a Fund shall be issued with the benefit
      of,
      and subject to, this Deed, the relevant Supplementary Bond Terms Notice and
      the
      relevant Security Trust Deed and, in relation to Class A Offered Notes, the
      Note
      Trust Deed and the Conditions. 

     

    (b)   The
      documents referred to in paragraph (a) are binding on the Manager, the Trustee,
      the Note Trustee, the Security Trustee and the Noteholders.

     

    5.4   Interest
      and Principal Entitlement of Noteholders

     

    Subject
      to this Deed, the relevant Supplementary Bond Terms Notice and the Security
      Trust Deed and, in relation to Class A Offered Notes, the Note Trust Deed and
      the Conditions, the Trustee as trustee of a Fund must, in respect of the Notes
      issued by it in that capacity, pay or cause to be paid to the Noteholders (as
      relevant) of those Notes:

     

    (a)    (interest)
      Interest on each relevant Payment Date; and

     

    (b)    (principal)
      their
      Principal Entitlement on each relevant Payment Date.

     

    5.5   Notes
      not invalid if issued in breach

     

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

     

    5.6   Location
      of Class A3 Notes and Class B Notes

     

    The
      property in Class A3 Notes and Class B Notes shall for all purposes be
      regarded as situated at the place where the Register on which those
      Class A3 Notes and Class B Notes are recorded is located.

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

    5.7   No
      discrimination between Noteholders 

     

    There
      shall not be any discrimination or preference between Notes within the same
      Class, or the corresponding Noteholders, in relation to a Fund by reason of
      the
      time of issue of Notes or for any other reason, subject only to the
      Supplementary Bond Terms relating to the Notes the terms of the Security Trust
      Deed relating to the Fund and the Note Trust Deed and the Conditions in relation
      to the Class A Offered Notes.

     

    5.8   Note
      Register

     

    In
      the
      event that any Definitive Notes are issued in registered form, the Trustee
      (or
      if the Trustee fails to do so, the Manager on behalf of the Trustee) must,
      on
      the direction of the Manager, appoint a person to operate and maintain a
      register of those notes in accordance with standard United States practice
      and
      law."

     

    (p)   Clause
      6.2 - Limit on Interest of Income Unitholder in Assets of an Origination
      Fund

     

    For
      the
      purpose of clause 6.2 of the Master Trust Deed:

     

    
      	 	
              (1)

            	
              the
                words “Net Income” in the second line of the paragraph are deleted and
                replaced with the words “Operating Income”;
                and

            

    

     

    
      	 	
              (2)

            	
              the
                words “Net Income Account” in the fourth line of the paragraph are deleted
                and replaced with the words “Operating Income
                Account”.

            

    

     

    (q)   Clause
      6.5 - Ranking of interest of Beneficiary

     

    For
      the
      purposes of clause 6.5 of the Master Trust Deed, the Trustee may seek and rely
      upon a direction from the Note Trustee as to the interests of the Class A
      Offered Noteholders.

     

    (r)   Clauses
      7.1 and 7.7(a) - Bond Issue Direction

     

    
      	 	
              (1)

            	
              For
                the purposes of clause 7.1 of the Master Trust Deed, the Securitisation
                Fund Bond Issue Direction for the Notes may be issued by the Manager
                on or
                at any time prior to the Bond Issue Date for the
                Notes.

            

    

     

    
      	 	
              (2)

            	
              For
                the purposes of clause 7.7(a) of the Master Trust Deed, the certification
                by the Manager may occur on or at any time prior to the Bond Issue
                Date
                for the Notes.

            

    

     

    (s)   Clause
      7.8 - Issue of Bonds and Transfer of Benefit of Mortgages

     

    
      	 	
              (1)

            	
              Clause
                7.8(b) of the Master Trust Deed is amended by inserting "in respect
                of
                Class B Notes only" after "Applications for
                Bonds".

            

    

     

    
      	 	
              (2)

            	
              Clause
                7.8(c) of the Master Trust Deed is amended by replacing paragraph
                (1) with
                the following:

            

    

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

    "(1)       
      (Transaction
      Documents):
      entered into the Transaction Documents to which it is a party in its capacity
      as
      trustee of the Fund;".

     

    (t)   Clause
      8 - Transfer of Notes

     

    
      	 	
              (1)

            	
              For
                the purposes of this Fund, clause 8 of the Master Trust Deed applies
                in
                respect of the Class A3 Notes and the Class B Notes but, except for
                clauses 8.1(a), (b) and (c), does not apply to the Class A Offered
                Notes.

            

    

     

    
      	 	
              (2)

            	
              For
                the purposes of this Fund, clause 8.1(a) of the Master Trust Deed
                is
                amended by inserting the words “and (in respect of the Class A Offered
                Notes) the relevant Note Trust Deed and Conditions” after the words
                “subject to this Deed and the corresponding Supplementary Bond
                Terms”.

            

    

     

    (u)   Clause
      9 - Note Registration Confirmation

     

    For
      the
      purposes of this Fund, clause 9 applies to the Class A3 Notes and the Class
      B Notes and does not apply to the Class A Offered Notes.

     

    (v)   Clause
      10.12 - Moneys Payable to Trustee 

     

    For
      the
      purposes of the Fund, the words "and any moneys payable to the Principal Paying
      Agent under any Transaction Document" are inserted after the words "subject
      to
      this Deed."

     

    (w)   Clause
      11 - Origination and Management of Mortgages 

     

    A
      new
      clause 11.6 is inserted as follows:

     

    “11.6     
      Repurchase
      of Mortgages

     

    (a)   If
      the
      Manager determines that any representation or warranty by the Mortgage Manager
      under the Mortgage Management Agreement with respect to a Mortgage forming
      part
      of the Securitisation Fund is false or misleading, the Trustee, as trustee
      of
      any other Fund created pursuant to the Master Trust Deed, will be obliged at
      the
      request of the Manager made in accordance with clause 10.4 to either (at the
      election of the Manager):

     

                                          
       (1)   repurchase
      the Mortgage; or

     

    (2)   repurchase
      and substitute or substitute a Mortgage in which event the Trustee shall be
      obliged to comply with the provisions of clause 7 of the Supplementary Bond
      Terms Notice with respect to the substitution of Mortgages,

     

    within
      120 days after the date of the relevant Bond Issue Confirmation Certificate
      (as
      defined in the Mortgage Management Agreement).

     

    (b)   For
      the
      avoidance of doubt, it is recorded that neither the Trustee nor the Mortgage
      Manager shall be obliged to pay damages to the Note Trustee or any Class A
      Noteholder or any other person as a consequence of any breach of warranty on
      the
      part of the Mortgage Manager contained in the Mortgage Management
      Agreement.

     

     

    
      
        
        

      

      
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    (c)   The
      provisions of clauses 7.14 and 7.15 shall be incorporated into this clause
      mutatis mutandis in relation to any Mortgage repurchased and any substitute
      Mortgage.

     

    (x)   Clause
      12.17 - Additional Covenants by Manager

     

    For
      the
      purposes of clause 12.17 of the Master Trust Deed, the Manager must
      also:

     

    
      	 	
              (1)

            	
              (Stock
                Exchange):
                comply with the rules and regulations of each relevant Stock
                Exchange;

            

    

     

    
      	 	
              (2)

            	
              (Filing):
                make or cause the making of all filings which the Manager is actually
                aware are required in connection with the Fund or the Assets of the
                Fund
                with any Governmental Agency in any
                jurisdiction;

            

    

     

    
      	 	
              (3)

            	
              (Comply
                with obligations and laws):
                promptly comply with all other duties and obligations imposed on
                the
                Manager by the Transaction Documents in relation to the Fund and
                comply
                with all relevant material laws in the relevant jurisdiction in carrying
                out such duties and obligations;

            

    

     

    
      	 	
              (4)

            	
              (Not
                merge):
                not merge or consolidate into another entity unless the surviving
                entity
                assumes the obligations of the Manager under the Transaction
                Documents;

            

    

     

    
      	 	
              (5)

            	
              (Enhancements):
                perform all obligations within its power to ensure that all Enhancements
                and Hedges are maintained and available for the
                Fund;

            

    

     

    
      	 	
              (6)

            	
              (Agreed
                Procedures):
                not agree to any amendment to the Agreed Procedures (as defined in
                the
                Mortgage Origination and Management Agreement) applicable to this
                Fund,
                unless each Designated Rating Agency has confirmed that it will not
                withdraw or downgrade the rating of the Notes as a result of such
                amendment; and

            

    

     

    
      	 	
              (7)

            	
              (Noteholders
                Report):
                deliver to the Trustee by not later than two Banking Days prior to
                each
                Monthly Payment Date the Noteholders Report for the related Monthly
                Calculation Period, with written instructions for the Trustee to
                forward
                the Noteholders Report to each Class A3 Noteholder and each Class B
                Noteholder.

            

    

     

    (y)   Clause
      14.1 - Retirement for Cause

     

    For
      the
      purposes of the Fund, the following words are added at the end of clause
      14.1:

     

    "The
      costs of removal of the Manager under this clause 14.1 must be borne by the
      Manager. The Manager agrees to indemnify the Trustee and the Fund for these
      costs."

     

    (z)   Clause
      16.3 - To act honestly, diligently and prudently

     

    Clause
      16.3 of the Master Trust Deed is amended by:

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

    
      	 	
              (1)

            	
              replacing
                "." at the end of paragraph (g) with ";";
                and

            

    

     

    
      	 	
              (2)

            	
              inserting
                new sub-clauses (i) and (j) as
                follows:

            

    

     

    "(i)   (removal
      of the Trustee's agents or delegates):
      remove
      any agent or delegate of the Trustee that breaches any obligation or duty
      imposed on the Trustee under this Deed or any other Transaction Document in
      relation to the Fund where the Manager reasonably believes it will adversely
      affect the rating of either or both of the Class A Notes and the Class B Notes
      by the Designated Rating Agencies within 45 days' notice from the Manager to
      the
      Trustee to remove that agent or delegate; and

     

    (j)   (Agreed
      Procedures):
      not
      agree to any amendment to the Agreed Procedures (as defined in the Mortgage
      Origination and Management Agreement) applicable to this Fund, unless each
      Designated Rating Agency has confirmed that it will not withdraw or downgrade
      the rating of the Notes as a result of such amendment."

     

    (aa)        
      A
      new
      clause 16.10 inserted into the Master Trust Deed as follows:

     

    "16.10
       Compliance
      with laws

     

    The
      Trustee must comply with all relevant material laws in the relevant jurisdiction
      in performance of its duties and in exercising its discretions under the
      Transaction Documents."

     

    (bb)        Clause
      18.1 - Retirement for Cause

     

    For
      the
      purposes of the Fund, the following words are added at the end of clause
      18.1:

     

    "The
      costs of removal of the Trustee under this clause 18.1 must be borne by the
      Trustee. The Trustee agrees to indemnify the Manager and the Fund for these
      costs."

     

    (cc)        
      Clause
      19.1 - Opening of bank accounts

     

    For
      the
      purposes of the Fund, the following amendments are made to clause 19.1 of the
      Master Trust Deed:

     

    
      	 	
              (1)

            	
              in
                first and fourth lines of clause 19.1(c), the words “Net Income Account”
                are deleted and replaced with the words “Operating Income Account”;
                and

            

    

     

    
      	 	
              (2)

            	
              the
                following new clause 19.1(d) is inserted immediately after clause
                19.1(c):

            

    

     

    "(d)        
      (Change
      Bank Accounts):
      If a
      bank account for a Fund is held with a Bank which ceases to have the ratings
      specified in a Supplementary Bond Terms Notice in respect of the Fund, the
      Manager must direct the Trustee to, and the Trustee shall, as soon as
      practicable, and in any event, within 10 days of receipt of actual notice of
      that cessation:

     

    
      	 	
              (1)

            	
              close
                that account; and

            

    

     

     

    
      
        
        

      

      
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          54

        
          

        

      

      
        
        

      

    

    
      
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          Notes

        
 

      

    

    (3)   transfer
      all funds standing to the credit of that account to another existing bank
      account for the Fund with a Bank which has the specified rating, or if none,
      open such an account, as nominated by the Manager."

     

    (dd)       
      Clause
      19.2 - Location of Bank Accounts

     

    For
      the
      purpose of clause 19.2(a) of the Master Trust Deed, the words “Net Income
      Account” in the third line of the paragraph are deleted and replaced with the
      words “Operating Income Account”.

     

    (ee)        
      Clause
      19.10 - All Transactions through Central Accounts

     

    For
      the
      purposes of clause 19.10(c) of the Master Trust Deed:

     

    
      	 	
              (1)

            	
              the
                words “Net Income” as it appears twice in the first line of the paragraph
                are deleted, and the words “Net Income” in the first line of the paragraph
                are deleted and replaced with the words “Operating
                Income”;

            

    

     

    
      	 	
              (2)

            	
              the
                words “Net Income Account” in the second line of the paragraph are deleted
                and replaced with the words “Operating Income
                Account”.

            

    

     

    (ff)          Clause
      21.3 - Accounts to be kept in accordance with Approved Accounting
      Standards

     

    For
      the
      purposes of the Fund, clause 21.3 of the Master Trust Deed is deleted and
      replaced with the following new clause 21.3:

     

    “21.3    Not
      Used”.

     

    (gg)        
      Clause
      22 - Payments

     

    For
      the
      purposes of the Fund, the following amendments are made to the Master Trust
      Deed:

     

    
      	 	
              (1)

            	
              clause
                22.1(d) is deleted and replaced with the
                following:

            

    

     

    “fourthly,
      subject to clause 22.4, to the Income Unitholder in accordance with its
      instructions”;

     

    
      	 	
              (2)

            	
              in
                clause 22.1(d), the words “Net Income” are deleted and replaced with the
                words “Operating Income”;

            

    

     

    
      	 	
              (3)

            	
              clause
                22.2(d) is deleted and replaced with the
                following:

            

    

     

    “(d)
      fourthly, subject to clause 22.4, to the Residual Capital Unitholder in
      accordance with its instructions”; 

     

    
      	 	
              (4)

            	
              in
                clause 22.3(a), the words “Net Income” in the first line of the paragraph
                are deleted and replaced with the words “Operating Income”, and the words
                “Net Income” in the third line of the paragraph are deleted and replaced
                with the words “Operating Income”;

            

    

     

    
      	 	
              (5)

            	
              in
                clause 22.3(b), the words “Net Income” as it appears twice in the first
                line of the paragraph are deleted and replaced with the words “Operating
                Income”;

            

    

     

     

    
      
        
        

      

      
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          55

        
          

        

      

      
        
        

      

    

    
      
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          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    
      	 	
              (6)

            	
              in
                clause 22.3(b), the words “Net Income” in the fourth line of the paragraph
                are deleted and replaced with the words “Operating Income”;
                

            

    

     

    
      	 	
              (7)

            	
              in
                clause 22.3(c), the words “Net Income” in the first line of the paragraph
                are deleted and replaced with the words “Operating Income”, the words “Net
                Income” in the second line of the paragraph are deleted and replaced with
                the words “Operating Income”, and the words “Net Income Account” in
                subparagraph (2) are deleted and replaced with the words “Operating Income
                Account”; and

            

    

     

    
      	 	
              (8)

            	
              clause
                22.3(d) is deleted and replaced with the
                following:

            

    

     

    “(d)
      Upon
      termination of the Fund, the surplus capital of the Fund remaining after
      satisfaction by the Trustee of all of its obligations in respect of the Fund
      shall be paid in relation to the first $100 only to the Residual Capital
      Unitholder and in relation to the balance to the Income
      Unitholder”.

     

    (hh)       
      Clause
      22.7 - Net Income, Income and Capital

     

    For
      the
      purpose of clause 22.7 of the Master Trust Deed, clause 22.7 is deleted and
      replaced with the following new clause 22.7:

     

    “22.7     
      Operating
      Income, Income and Capital 

     

    (a)   For
      each
      Income Distribution Period the Manager must
      determine the Operating Income for the Income Distribution Period.

     

    (b)   If
      no
      determination is made or to the extent to which no determination is made under
      clause 22.7(a), then the Distributable Income for that Income Distribution
      Period is equal to the Operating Income for that Income Distribution
      Period.

     

    (c)   In
      determining the Operating Income the Manager does not have to take into account
      accounting standards or generally accepted accounting principles and practices
      which apply to trusts.

     

    (d)   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.”.

     

    (ii)   Clause
      23 - The Register

     

    For
      the
      purpose of this Fund paragraphs (g) to (m) inclusive of clause 23.1 and clauses
      23.5, 23.6 and 23.7 of the Master Trust Deed do not apply to the Class A Offered
      Notes.

     

    (jj)   Clause
      25 - Payments generally

     

    For
      the
      purpose of the Fund clause 25 is amended as follows:

     

    
      	 	
              (1)

            	
              By
                deleting “in Australia” from clause 25.1(b).

            

    

     

     

    
      
        
        

      

      
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          56

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    
      	 	
              (2)

            	
              By
                inserting as clause 25.5 the
                following:

            

    

     

    "25.5   Class
      A Offered Notes

     

    (a)   Clause
      25.1 to 25.3 inclusive apply to the Class A3 Notes and the Class B Notes
      only and not to the Class A Offered Notes and the following provisions of this
      clause 25.5 apply to the Class A Offered Notes only and not to the Class A3
      Notes and the Class B Notes.

     

    (b)   Any
      payment made by or on behalf of the Trustee in respect of any Class A Offered
      Note must be made in accordance with the relevant Supplementary Bond Terms
      Notice and the relevant Note Trust Deed.

     

    (c)   There
      is
      a full satisfaction of the moneys payable under a Class A Offered Note, and
      a
      good discharge to the Trustee and the Manager (as the case may be) in relation
      to that Class A Offered Note, when so provided under the Note Trust
      Deed."

     

    
      	 	
              (3)

            	
              A
                new clause 25.6 inserted into the Master Trust Deed as
                follows:

            

    

     

    "25.6    Taxation

     

    (a)   (Net
      payments):
      Subject to this clause, payments in respect of the Notes shall be made free
      and
      clear of, and without deduction for, or by reference to, any present or future
      Taxes of any Australian Jurisdiction unless required by law.

     

    (b)   (Interest
      Withholding Tax - Class B Notes):
      All
      payments in respect of the Class B Notes will be made without withholding or
      deduction for, or on account of, any present or future taxes, duties or charges
      of whatsoever nature unless the Trustee or any person making payments on behalf
      of the Trustee is required by applicable law to make any such payment in respect
      of the Class B Notes subject to any withholding or deduction for, or on account
      of, any present or future taxes, duties or charges of whatever nature. In that
      event the Trustee or any person making payments on behalf of the Trustee (as
      the
      case may be) will make such payment after such withholding or deduction has
      been
      made and will account to the relevant authorities for the amount so required
      to
      be withheld or deducted. Neither the Trustee, any person making payments on
      behalf of the Trustee or any note trustee will be obliged to make any additional
      payments to Class B Noteholders in respect of that withholding or
      deduction.

     

    (c)   (Interest
      Withholding Tax - Class A Notes):
      Payments on Class A Notes by or on behalf of the Trustee will be made subject
      to
      deduction for any Interest Withholding Tax (being tax imposed under Division
      11A
      of Part IIIA of the Income Tax Assessment Act 1936 on amounts of, or deemed
      to
      be, interest or in the nature of interest) and all other withholdings and
      deductions referred to in Condition 7 of the Class A Notes.

     

     

    
      
        
        

      

      
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          57

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
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          Notes

        
 

      

    

    (d)   (Tax
      file numbers):
      The
      Trustee or any person making payments on behalf of the Trustee will be required
      to deduct tax-at-source on interest payments on any Class A Note or Class B
      Note
      to each Class A Noteholder or Class B Noteholder who has or is required to
      have
      a Tax File Number at the highest personal marginal tax rate unless the Trustee
      or any person making payments on behalf of the Trustee receives from such Class
      A Noteholder or Class B Noteholder the Tax File Number (as defined in the Income
      Tax Assessment Act 1936) of that Class A Noteholder or Class B Noteholder,
      or
      evidence of any exemption the Class A Noteholder or Class B Noteholder may
      have
      from the need to advise the Trustee or any person making payments on behalf
      of
      the Trustee of a Tax File Number. The Tax File Number or appropriate evidence
      (as the case may be) must be received by the Trustee or any person making
      payments on behalf of the Trustee not less than ten Banking Days prior to the
      relevant payment date. The Trustee, or any person making any payments on behalf
      of the Trustee, is entitled to deduct any such tax-at-source required to be
      paid
      by it in relation to the Class A Notes or the Class B Notes at that highest
      personal marginal tax rate if no Tax File Number or exemption (as the case
      may
      be) is provided."

     

    (kk)        
      Clause
      26.16 - Trustee’s Right of Indemnity

     

    For
      the
      purposes of this Fund, delete clause 26.16 and substitute the
      following:

     

    "26.16 Liability
      of Trustee Limited to its Right of Indemnity

     

    (a)   Subject
      to this Deed, a liability of the Trustee as trustee of the Fund arising under
      or
      in connection with this Deed is limited to and can be enforced against the
      Trustee only to the extent to which it can be satisfied out of the assets of
      the
      Fund which are available to satisfy the right of the Trustee to be exonerated
      or
      indemnified for the liability. This limitation of the Trustee’s liability
      applies despite any other provision of this Deed and extends to all liabilities
      and obligations of the Trustee in any way connected with any representation,
      warranty, conduct, omission, agreement or transaction related to this Deed
      or
      the Fund.

     

    (b)   Subject
      to clause 26.16(c), no person (including any Relevant Party) may take action
      against the Trustee in any capacity other than as trustee of the Fund or seek
      the appointment of a receiver (except under the Security Trust Deed in respect
      of the Fund), or a liquidator, an administrator or any similar person to the
      Trustee or prove in any liquidation, administration or arrangement of or
      affecting the Trustee (except in relation to the assets of the
      Fund).

     

     

    
      
        
        

      

      
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          58

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    (c)   The
      provisions of this clause 26.16 shall not apply to any obligation or liability
      of the Trustee to the extent that it is not satisfied because under a
      Transaction Document for the Fund or by operation of law there is a reduction
      in
      the extent of the Trustee’s indemnification or exoneration out of the assets of
      the Fund, as a result of the Trustee’s fraud, negligence or wilful
      default.

     

    (d)   It
      is
      acknowledged that the Relevant Party is responsible under this Deed or the
      other
      Transaction Documents for the Fund for performing a variety of obligations
      relating to the Fund. No act or omission of the Trustee (including any related
      failure to satisfy its obligations under this Deed) will be considered fraud,
      negligence or wilful default of the Trustee for the purposes of clause 26.16(c)
      to the extent to which the act or omission was caused or contributed to by
      any
      failure by the Relevant Party or any other person who has been delegated or
      appointed by the Trustee in accordance with the Transaction Documents for the
      Fund to fulfil its obligations relating to the Fund or by any other act or
      omission of the Relevant Party or any other person.

     

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

     

    (f)   In
      this
      clause 26.16 Relevant Parties means any party to a Transaction Document other
      than the Trustee.

     

    (g)   The
      Issuer is not obliged to do or refrain from doing anything under this agreement
      (including incur any liability) unless the Trustee’s liability is limited in the
      same manner as set out in paragraphs (a) to (e) of this clause
      26.16.”

     

    (ll)   Clause
      28 - Amendment

     

    For
      the
      purposes of this Fund, the reference to prior consent of the Bondholders in
      clause 28.2 is a reference to the Extraordinary Resolution of Voting Secured
      Creditors passed in accordance with Schedule 1 of the Security Trust
      Deed.

     

    (mm)  Schedule
      9 - Amendment

     

    For
      the
      purposes of this Fund, delete the word “15th
      September, December, March and June” in the definition of “Fee Payment Date”” in
      clause 1 and insert the words “12th day of September, December, March and June”
and delete the word “15th”
in
      the
      definition of “Valuation Date” in clause 1 and insert the word
“last”.

     

     

    
      
        
        

      

      
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          59

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

      

    

     

     

      
        

      

    

    10   
      Rating
      Agency Requirements

     

    
      	 	
              10.1

            	
              Designated
                Rating Agencies

            

    

     

    The
      Designated Rating Agencies for the Notes as at the Closing Date are Moody’s,
      S&P and Fitch Ratings.

     

    
      	 	
              10.2

            	
              Designated
                Ratings

            

    

     

    The
      Designated Ratings for the Notes are as follows: 

     

    (a)   For
      the
      Class A Notes: 

     

    
      	 	
              (1)

            	
              in
                the case of Moody’s - “Aaa”; 

            

    

     

    
      	 	
              (2)

            	
              in
                the case of S&P - “AAA”; 

            

    

     

    
      	 	
              (3)

            	
              in
                the case of Fitch Ratings - “AAA”;
                and

            

    

     

    (b)   For
      the
      Class B Notes:

     

    
      	 	
              (1)

            	
              In
                the case of Moody's - “Aa2”; 

            

    

     

    
      	 	
              (2)

            	
              In
                the case of S&P - “AA”; and

            

    

     

    
      	 	
              (3)

            	
              In
                the case of Fitch Ratings - “AA”.

            

    

     

    
      	 	
              10.3

            	
              Minimum
                Rating Requirements

            

    

     

    Subject
      to clauses 5.3 and 10.4, all Authorised Investments of the Fund other than
      cash
      and Mortgages must be rated “AAA” or “A-1+” by S&P and “Aaa” or “Prime-1” by
      Moody’s and “AAA” or “F1+” by Fitch Ratings.

     

    
      	 	
              10.4

            	
              Banks

            

    

     

    (a)   Subject
      to clause 10.4(b), any bank account for the purposes of clauses 19.1 and 19.11
      of the Master Trust Deed must be with a Bank which has a short-term rating
      of at
      least “P-1” (Moody's), “A-1+” (S&P) and “F1” (Fitch Ratings).

     

    (b)   Subject
      to clause 5.3, the Assets of the Fund may be invested in deposits which mature
      or are callable within 30 days of being made with a Bank rated at least “A-1” by
      S&P, provided that the aggregate amount of such deposits does not at any
      time exceed 20% of the Total Outstanding Principal Balance.

     

    
      	 	
              10.5

            	
              Notifications
                to Designated Rating
                Agencies

            

    

     

    The
      Manager must give written notice to each Designated Rating Agency:

     

    (a)   of
      the
      occurrence of an Event of Default under the Security Trust Deed, promptly upon
      becoming aware of the same; 

     

    (b)   prior
      to
      any amendment being made to any Transaction Document (including any change
      to
      any of the parties to any Transaction Document); and

     

    (c)   of
      a
      breach of a provision of a Transaction Document relating to the Securitisation
      Fund, promptly upon becoming aware of the same, which breach is in the
      reasonable opinion of the Manager likely to have a material adverse effect
      on
      the ability of the Trustee to meet its obligations in respect of the
      Notes.

     

     

    
      
        
        

      

      
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          60

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

      

    

     

    
      	 	
              10.6

            	
              No
                other Requirements

            

    

     

    For
      the
      purposes of the Master Trust Deed, there are no minimum rating requirements
      in
      relation to the Fund, other than those expressly set out in this Supplementary
      Bond Terms Notice.

     

    
      	 	
              10.7

            	
              Loan
                Facilities 

            

    

     

    The
      Manager must:

     

    (a)   ensure
      that the form of documentation to provide Loan Redraw Facilities or Top-up
      Loans
      is approved by the Mortgage Insurer; and

     

    (b)   that
      the
      provision of any Loan Redraw Facility or Top-up Loan is made in accordance
      with
      any relevant terms of the Mortgage Insurance Policy.

     

    
      	 	
              10.8

            	
              Top-up
                Loans 

            

    

     

    In
      relation to a Top-up Loan, the Manager must ensure that in any Calculation
      Period:

     

    (a)   a
      Top-up
      Loan may only be made if the current weighted average LTV of the Pool, after
      giving effect to the Top-up Loan, has increased by no more than 2%
      of the
      weighted average LTV of the Pool as at the Cut-Off Date;

     

    (b)   after
      giving effect to the Top-up Loan, the weighted average LTV of the Pool must
      not
      exceed the weighted average Original LTV of the Pool as of the Cut-Off;

     

    (c)   after
      giving effect to the Top-up Loan, the percentage of Loans in the Pool with
      an
      Original LTV over 80% must not exceed the percentage of Loans in the Pool with
      an Original LTV over 80% as of the Cut-Off Date by more than 2%; 

     

    (d)   a
      Top-up
      Loan will only be made if the term of the relevant Loan will not be increased
      as
      a result of the Top-up Loan being made;

     

    (e)   a
      Top-up
      Loan will only be made for a period of 15 months after the Closing Date;

     

    (f)   the
      aggregate of the Top-up Loans to be funded after the Suspension Date will not
      exceed 5% of the Pool as at the Suspension Date; and

     

    (g)   a
      Top-up
      Loan may only be made if there are as of the Cut-Off no unreimbursed Carry
      Over
      Class A Charge Offs, Carry Over Class B Charge Offs, Carry Over Redraw Charge
      Offs and Carry Over Top-up Charge Offs;

     

    or
      on
      such other conditions (whether in substitution or in addition to the above)
      as
      may be agreed by the Designated Rating Agencies and the Manager from time to
      time and notified to the Trustee.

     

     

    
      
        
        

      

      
        page
          61

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

      

    

     

     

      
        

      

    

    11  Threshold
      Rate

     

    (a)   In
      exercising its powers and performing its obligations under the Master Trust
      Deed, the Manager must at all times ensure that, to the extent that the Trustee
      is entitled to do so under the terms of the Mortgages, the rate of interest
      payable on or in respect of Loans secured by Mortgages comprised in the Assets
      of the Fund is changed from time to time so that:

     

    
      	 	
              (1)

            	
              on
                the assumption that all parties to all of the Transaction Documents
                and
                all issuers of Authorised Investments from time to time comprised
                in the
                Assets of the Fund have complied and will at all times comply in
                full with
                their respective obligations under those Transaction Documents and
                Authorised Investments; and

            

    

     

    
      
        
          	 	
                  (2)

                	
                  having
                    regard to:

                

        

         

      

    

    
      	 	
               

            	
              
                (A)     
                  the
                  terms of the Transaction
                  Documents;

              

            

    

    
       

      
        	 	
                 

              	
                
                  (B)     
                     the
                    terms of the Mortgages comprised in the Assets of the
                    Fund;

                

              

      

      
         

        
          	 	
                   

                	
                  
                    (C)      
                      the
                      anticipated Expenses of the
                      Fund;

                  

                

        

        
           

          
            	 	
                     

                  	
                    
                      (D)      
                        the
                        amount of the Cash Collateral in the Cash Collateral
                        Account;

                    

                  

          

          
             

            
              	 	
                       

                    	
                      
                        (E)      
                          all
                          other information available to the
                          Manager;

                      

                    

            

            
               

              
                	 	
                         

                      	
                        
                          (F)      
                            the
                            Benchmark Rate from time to time;
                            and

                        

                      

              

              
                 

                
                  	 	
                           

                        	
                          
                            (G)     
                              any
                              mismatch between the time at which the Benchmark Rate
                              is determined and
                              the time at which the rate of interest payable on or
                              in respect of Loans
                              secured by the Mortgages comprised in the Assets of
                              the Fund may be
                              reset,

                             
the
                            Trustee will have available to it at all times sufficient
                            funds to enable
                            it to comply with all of its obligations under the Transaction
                            Documents
                            relating to the Fund as they fall due (other than any
                            payments of interest
                            on the Liquidity Notes).

                        

                

                 

              

            

          

        

      

    

    (b)   Without
      limiting the operation of clause 11(a), the interest rate applicable to each
      fixed interest period of the Loan secured by a Mortgage comprised in the Assets
      of the Fund must be equal to or greater than: 

     

    
      	 	
              (1)

            	
              for
                so long as the Outstanding Principal Balance of all such Loans is
                equal to
                or less than 40% of the Outstanding Principal Balance of all Loans
                secured
                by Mortgages comprised in the Assets of the Fund, the rate, expressed
                as a
                percentage, determined by the Manager to be the fixed-floating swap
                rate
                for the period most closely approximating the term of the fixed interest
                period of the Loans secured by the Mortgages plus 0.80%; and
                

            

    

     

    
      	 	
              (2)

            	
              for
                so long as the Outstanding Principal Balance of all such Loans is
                greater
                than 40% of the Outstanding Principal Balance of all Loans secured
                by
                Mortgages comprised in the Assets of the Fund, such rate as agreed
                from
                time to time between the Manager and each Designated Rating
                Agency.

            

    

     

     

    
      
        
        

      

      
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          62

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    (c)   For
      the
      purposes of clause 11(a) it is acknowledged that if there is any shortfall
      under
      any determination under clause 11(a), the Manager may direct the Trustee to
      make
      a drawing under the Payment Funding Facility in respect of that shortfall (to
      the extent it has not already done so in respect of the shortfall) provided
      that:

     

    
      	 	
              (1)

            	
              such
                a drawing must be made in accordance with clause 5.5(b)(2) of the
                Initial
                Payment Funding Facility; and

            

    

     

    
      	 	
              (2)

            	
              if
                such a drawing is not made the Manager must comply with clauses 11(a)
                and
                11(b).

            

    

     

     

      
        

      

    

    12  Beneficiaries

     

    (a)   The
      Beneficiaries hold the beneficial interest in the Fund in accordance with the
      Master Trust Deed and this Supplementary Bond Terms Notice.

     

    (b)   The
      beneficial interest held by each Beneficiary is limited to the Fund and each
      Asset of the Fund subject to and in accordance with the Master Trust Deed and
      this Supplementary Bond Terms Notice.

     

    (c)   Subject
      to clause 12(d), no Beneficiary has any right to receive distributions in
      respect of the Fund other than the right to receive on the termination of the
      Fund the entire beneficial interest of the Fund.

     

    (d)   The
      Income Unitholder has the right to receive distributions in respect of the
      Fund
      under the Master Trust Deed and this Supplementary Bond Terms Notice to the
      extent that Net Income is available for distribution under the Master Fund
      Deed
      and this Supplementary Bond Terms Notice.

     

    (e)   The
      Beneficiaries may not assign, or create or allow to exist any Encumbrance over,
      its rights or interests in respect of the Fund if to do so might have an adverse
      tax consequence in respect of the Fund.

     

     

      
        

      

    

    13  Note
      Trustee

     

    
      	 	
              13.1

            	
              Capacity

            

    

     

    The
      Note
      Trustee is a party to this Supplementary Bond Terms Notice in its capacity
      as
      trustee for the Class A Offered Noteholders from time to time under the Note
      Trust Deed and, for the purposes of clause 16 in its capacity as the Principal
      Paying Agent, the Calculation Agent and the Note Registrar.

     

    
      	 	
              13.2

            	
              Exercise
                of rights

            

    

     

    (a)   The
      rights, remedies and discretions of the Class A Offered Noteholders under the
      Transaction Documents including all rights to vote or give instructions to
      the
      Security Trustee and to enforce undertakings or warranties under the Transaction
      Documents, except as otherwise provided in the Note Trust Deed or the Security
      Trust Deed, may only be exercised by the Note Trustee on behalf of the Class
      A
      Offered Noteholders in accordance with the Note Trust Deed.

     

     

    
      
        
        

      

      
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        Supplementary
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          Notes

        
 

      

    

    (b)   The
      Class
      A Offered Noteholders, except as otherwise provided in the Note Trust Deed
      or
      the Security Trust Deed, may only exercise enforcement rights in respect of
      the
      Charged Property through the Note Trustee and only in accordance with the
      Transaction Documents.

     

    
      	 	
              13.3

            	
              Representation
                and warranty

            

    

     

    The
      Note
      Trustee represents and warrants to each other party to this Supplementary Bond
      Terms Notice that it has the corporate power to enter into the Transaction
      Documents to which it is a party and to exercise the rights, remedies and
      discretions of, and to vote on behalf of the Class A Offered Noteholders,
      in accordance with the Note Trust Deed and the Security Trust Deed.

     

    
      	 	
              13.4

            	
              Payments

            

    

     

    Any
      payment to be made to the Class A Offered Noteholders under the Transaction
      Documents may be made to the Principal Paying Agent or the Note Trustee (as
      the
      case may be) in accordance with the Note Trust Deed.

     

     

      
        

      

    

    14   Security
      Trust Deed

     

    
      	 	
              14.1

            	
              Compliance
                with Security Trust Deed

            

    

     

    The
      parties to this Supplementary Bond Terms Notice agree to comply with clause
      12.14 of the Security Trust Deed.

     

    
      	 	
              14.2

            	
              Limitation
                of Liability of Security
                Trustee

            

    

     

    Clause
      26.2 of the Security Trust Deed is incorporated as if set out in full in this
      Supplementary Bond Terms Notice except that any reference to “this Deed” is
      taken to be a reference to “this Supplementary Bond Terms Notice”.

     

     

      
        

      

    

    15  Miscellaneous

     

    
      	 	
              15.1

            	
              Banking
                Day

            

    

     

    Except
      where this Supplementary Bond Terms Notice expressly provides to the contrary,
      where any determination, date, payment, matter or thing falls under this
      Supplementary Bond Terms Notice on a day which is not a Banking Day, then such
      determination, date, payment, matter or thing shall be done or extended to
      the
      first Banking Day thereafter.

     

    
      	 	
              15.2

            	
              Provisions
                of the Master Trust Deed to
                apply

            

    

     

    Other
      than as expressly set out herein, or inconsistent with this Supplementary Bond
      Terms Notice, but subject to clause 15.4, the provisions of the Master Trust
      Deed shall apply to all Notes and to all Noteholders.

     

    
      	 	
              15.3

            	
              Limitation
                of Liability
                - Trustee

            

    

     

    Without
      derogating from the generality of clause 15.2 nothing in this Supplementary
      Bond
      Terms Notice shall, nor shall it be construed as, limiting or in any way
      affecting the full operation of clause 26 of the Master Trust Deed.

     

     

    
      
        
        

      

      
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        Supplementary
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          Notes

      

    

     

    
      	 	
              15.4

            	
              Aggregate
                Outstanding Principal Balance of
                Notes

            

    

     

    Notwithstanding
      clause 7.9 of the Master Trust Deed, the aggregate Outstanding Principal Balance
      of Notes created on the Bond Issue Date may exceed the then aggregate
      Outstanding Principal Balance of the Portfolio of Mortgages attached to the
      Bond
      Issue Direction.

     

    
      	 	
              15.5

            	
              Attorney

            

    

     

    Each
      of
      the Attorneys executing this notice states that the Attorney has no notice
      of
      alteration to, or revocation or suspension of, the power of attorney appointing
      that Attorney.

     

    
      	 	
              15.6

            	
              Know
                Your Customer

            

    

     

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

     

    
      	 	
              15.7

            	
              Compliance
                with Regulation AB

            

    

     

    In
      relation to compliance with Regulation AB:

     

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

     

    (b)   the
      Manager shall not exercise its right to request delivery of information or
      other
      performance under these provisions other than as required to comply with the
      Securities Act, the Exchange Act and the rules and regulations of the Commission
      thereunder, including Regulation AB, with respect to the Securitisation Fund.
      The Manager shall not request the delivery of information or other performance
      under this clause 15.7 unless the Manager is required under the Exchange Act
      to
      file an annual report on Form 10-K with respect to the Securitisation Fund.
      The
      Manager and the Trustee acknowledge that interpretations of the requirements
      of
      Regulation AB may change over time, whether due to interpretive guidance
      provided by the Commission or its staff, consensus among participants in the
      asset-backed securities markets, advice of counsel, or otherwise, and agrees
      to
      comply with requests made by the Manager in good faith for delivery of
      information under these provisions on the basis of evolving interpretations
      of
      Regulation AB; provided that, to the extent the Manager and the Trustee do
      not
      agree with respect to an interpretation of Regulation AB, the Manager and the
      Trustee shall obtain a written opinion of counsel of U.S. national reputation
      in
      the practice of U.S. federal securities laws reasonably acceptable to the
      Manager and the Trustee, addressed to the Manager and the Trustee, stating
      the
      opinion of such counsel with respect to the interpretation of the relevant
      provision(s) of Regulation AB; provided, further, that the costs and fees of
      such counsel incurred in the preparation of such written opinion shall be
      divided equally between the Manager and the Trustee. In relation to the
      Securitisation Fund, the Trustee shall cooperate fully with the Manager to
      deliver to the Manager (including any of its assignees or designees), any and
      all statements, reports, certifications, records and any other information
      within the control of the Trustee or for which the Trustee is responsible
      necessary in the good faith determination of the Manager to permit the Manager
      to comply with the provisions of Regulation AB, together with such disclosures
      relating to the Manager, the Trustee, any Subcontractor of the Trustee, the
      Loans, the servicing of the Loans or any other servicing activities within
      the
      meaning of Item 1122 of Regulation AB, reasonably believed by the Manager to
      be
      necessary in order to effect such compliance;

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

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

     

    (d)   the
      Trustee acknowledges and agrees that, to the extent the Manager reasonably
      determines, upon consultation with, and to the extent agreed with, the Trustee,
      that the Trustee is “participating in the servicing function” in relation to the
      Securitisation Fund within the meaning of Item 1122 of Regulation AB, the
      Trustee will comply with the applicable requirements contained in clause 15.7(e)
      - (i); provided that, to the extent the Manager and the Trustee do not agree
      whether the Trustee is “participating in the servicing function” with respect to
      one or more Servicing Criteria within the meaning of Item 1122 in relation
      to
      the Securitisation Fund, the Manager and the Trustee shall obtain a written
      opinion of counsel of U.S. national reputation in the practice of U.S. federal
      securities laws reasonably acceptable to the Manager and the Trustee, addressed
      to the Manager and the Trustee, stating whether, in the opinion of such counsel,
      the Trustee is “participating in the servicing function” with respect to such
      Servicing Criteria within the meaning of Item 1122 in relation to the
      Securitisation Fund; provided, further, that the costs and fees of such counsel
      incurred in the preparation of such written opinion shall be divided equally
      between the Manager and the Trustee;

     

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

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

    
      	 	
              (1)

            	
              deliver
                to the Manager a report (in form and substance reasonably satisfactory
                to
                the Manager) regarding the Trustee’s assessment of compliance with the
                Servicing Criteria during the immediately preceding financial year
                ended
                June 30, as required under Rules 13a-18 and 15d-18 of the Exchange
                Act and
                Item 1122 of Regulation AB. Such report shall be addressed to the
                Manager
                and signed by an authorized officer of the Trustee, and shall address
                each
                of the Servicing Criteria specified on a certification substantially
                in
                the form of Schedule 2 hereto and addressing, at a minimum, the criteria
                identified in Schedule 3 hereto as “Applicable Servicing
                Criteria”,
                but only with respect to such of the Servicing Criteria that the
                Trustee
                performs;

            

    

     

    
      	 	
              (2)

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

            

    

     

    
      	 	
              (3)

            	
              cause
                each Subcontractor of the Trustee (if any) determined by the Trustee
                pursuant to clause 15.7(f) to be "participating in the servicing
                function"
                within the meaning of Item 1122 of Regulation AB, to deliver to the
                Manager an assessment of compliance and accountants’ attestation as and
                when provided in clause 15.7(e)(1) and (2),
                but only with respect to such of the Servicing Criteria that such
                Subcontractor of the Trustee
                performs;

            

    

     

    An
      assessment of compliance provided by a Subcontractor of the Trustee pursuant
      to
      clause 15.7(e)(3) need not address any elements of the Servicing Criteria other
      than those specified by the Trustee pursuant to clause 15.7(f),
      and
      need only address such of the Servicing Criteria that such Subcontractor
      performs;;

     

    (f)   in
      relation to the use of Subcontractors:

     

    
      	 	
              (1)

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

            

    

     

    
      	 	
              (A)

            	
              the
                identity of each such Subcontractor;

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    
      	 	
              (2)

            	
              as
                a condition to the utilization of any Subcontractor determined to
                be
                "participating in the servicing function" within the meaning of Item
                1122
                of Regulation AB, (i) the Trustee shall cause any such Subcontractor
                used
                by the Trustee for the benefit of the Manager to comply with the
                provisions of clauses 15.7(e) - (i), 15.8 and 15.9 of this Supplementary
                Bond Terms Notice to the same extent as if such Subcontractor were
                the
                Trustee (provided that in the case of a Subcontractor of the Trustee,
                the
                obligations of such Subcontractor under clause 15.7(g) will be owed
                directly to the Manager and the Trustee will do all things reasonably
                necessary to cause the Subcontractor to owe such obligations directly
                to
                the Manager) and (ii) the Trustee shall obtain the written consent
                of the
                Manager (which is not to be unreasonably withheld or delayed) to
                the
                utilization of such Subcontractor. The Trustee shall be responsible
                for
                obtaining from each Subcontractor and delivering to the Manager any
                assessment of compliance and accountants’ attestation required to be
                delivered by such Subcontractor under clause 15.7(e) - (i), in each
                case
                as and when required to be
                delivered;

            

    

     

     

    
      
        
        

      

      
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          Notes

        
 

      

    

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

     

    
      	 	
              (1)

            	
              any
                untrue statement of a material fact contained or alleged to be contained
                in any information, report, certification, accountants’ letter or other
                material provided in written or electronic form under this clause
                15.7 by
                or on behalf of the Trustee, or provided under this clause 15.7 by
                or on
                behalf of any Subcontractor of the Trustee (collectively, the
                "Trustee
                Information");
                provided that in the case of any untrue statement of a material fact
                contained or alleged to be contained in the accountant's letter,
                the
                Trustee will indemnify and hold harmless the Manager only to the
                extent of
                the sum that the Trustee recovers from the accounting firm providing
                such
                accountant's letter (which recovery the Trustee must if the Trustee
                in
                good faith determines the Trustee is entitled to do so after taking
                professional advice pursue including by taking action in any relevant
                court of competent jurisdiction); provided, further, that the Trustee
                will
                not indemnify and hold harmless the Manager to the extent that the
                untrue
                statement of a material fact contained or alleged to be contained
                in the
                Trustee Information relates to information provided to the Trustee
                by the
                Manager or any other party to enable the Trustee to complete its
                duties
                under the Transaction Documents; or

            

    

     

    
      	 	
              (2)

            	
              the
                omission or alleged omission to state in the Trustee Information
                a
                material fact required to be stated in the Trustee Information or
                necessary in order to make the statements therein, in the light of
                the
                circumstances under which they were made, not misleading; provided,
                by way
                of clarification, that this clause 15.7(g)(2) shall be construed
                solely by
                reference to the Trustee Information and not to any other information
                communicated in connection with a sale or purchase of securities,
                without
                regard to whether the Trustee Information or any portion thereof
                is
                presented together with or separately from such other information;
                provided, further, that in the case of the omission or alleged omission
                to
                state in an accountant's letter a material fact required to be stated
                in
                the accountant's letter or necessary in order to make the statements
                therein, in the light of the circumstances under which they were
                made, not
                misleading, the Trustee will indemnify and hold harmless the Manager
                only
                to the extent of the sum that the Trustee recovers from the accounting
                firm providing such accountant's letter (which recovery the Trustee
                must
                if the Trustee in good faith determines the Trustee is entitled to
                do so
                after taking professional advice pursue including by taking action
                in any
                relevant court of competent jurisdiction); provided, further, that
                the
                Trustee will not indemnify and hold harmless the Manager to the extent
                that the omission or alleged omission to state in the Trustee Information
                a material fact required to be stated in the Trustee Information
                or
                necessary in order to make the statements therein, in the light of
                the
                circumstances under which they were made, not misleading, relates
                to
                information provided to the Trustee by the Manager or any other party
                to
                enable the Trustee to complete its duties under the Transaction Documents;
                or

            

    

     

     

     

    
      
        
        

      

      
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          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
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              (3)

            	
              any
                failure by the Trustee or any Subcontractor of the Trustee to deliver
                any
                information, report, certification, accountants’ letter or other material
                when and as required under this clause 15.7, including any failure
                by the
                Trustee to disclose any non-compliance with any of the Servicing
                Criteria
                in a certification or to identify pursuant to clause 15.7(f) any
                Subcontractor "participating in the servicing function" within the
                meaning
                of Item 1122 of Regulation AB. In the case of any failure of performance
                described in clause 15.7(g)(3), the Trustee shall promptly reimburse
                the
                Manager, for all costs reasonably incurred by the Manager in order
                to
                obtain the information, report, certification, accountants’ letter or
                other material not delivered as required by the Trustee or any
                Subcontractor of the Trustee;

            

    

     

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

     

    
      	 	
              (1)

            	
              deliver
                any information, report, certification, accountants’ letter or other
                material when and as required under this clause 15.7, shall, except
                as
                provided in clause 15.7(h)(2), immediately and automatically, without
                notice or grace period, entitle the Manager, in its sole discretion:
                

            

    

     

    
      	 	
               

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

              

            

    

     

    
       

      
        	 	
                 

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

                

              

      

    

     

    
      
        
        

      

      
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          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    
      	 	
              (2)

            	
              deliver
                any information, report, certification or accountants’ letter when and as
                required under clause 15.7(e) - (i) or (except as provided below)
                any
                failure by the Trustee to identify pursuant to clause 15.7(f) any
                Subcontractor of the Trustee "participating in the servicing function"
                within the meaning of Item 1122 of Regulation AB, which continues
                unremedied for ten calendar days after the date on which such information,
                report, certification or accountants’ letter was required to be delivered,
                shall entitle the Manager, in its sole discretion: 

            

    

     

    
      	 	
              (A)

            	
              to
                remove the Trustee or direct the Trustee to remove the Subcontractor
                of
                the Trustee from the performance of any activities which the Manager
                reasonably determines to constitute “participating in the servicing
                function” in relation to the Securitisation Fund within the meaning of
                Item 1122 of Regulation AB; and 

            

    

     

    
      	 	
              (B)

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

            

    

     

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

     

    (i)    the
      Trustee shall promptly reimburse the Manager (or any designee of the Manager),
      for all reasonable expenses incurred by the Manager (or such designee), as
      such
      are incurred, in connection with the termination of the Trustee and the transfer
      of servicing activities within the meaning of Item 1122 of Regulation AB to
      a
      successor. The provisions of this clause 15.7(i) shall not limit whatever rights
      the Manager may have under other provisions of the Transaction Documents or
      otherwise, whether in equity or at law, such as an action for damages, specific
      performance or injunctive relief.

     

    
      	 	
              15.8

            	
              Direction
                of claims by the Manager

            

    

     

    (a)   If
      the
      Trustee is entitled to recover from the accounting firm providing the
      accountant's letter referred to in clause 15.7(g) by any action,
      proceeding, claim or demand ((for the purpose of this clause 15.8, a
Claim),
      the
      Trustee must if the Trustee in good faith determines that it is entitled to
      do
      so after taking professional advice pursue such Claim and must promptly notify
      the Manager in writing of such Claim.

     

    (b)   Upon
      notice to the Manager of any such Claim under clause 15.8(a), the Manager will
      have the option to assume the direction of that Claim (including the employment
      of legal advisers selected by the Trustee but approved by the Manager subject
      to
      the payment by the Trustee of all fees and expenses).

     

     

    
      
        
        

      

      
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    (c)   If
      the
      Trustee receives notice from the Manager of its election to direct the Claim
      and
      the Manager approves the legal advisers selected by the Trustee for the purposes
      of that Claim, the Trustee will not be liable to the Manager under this
      clause 15.8 for any fees or expenses subsequently incurred by the Manager
      in connection with the Claim unless the
      Trustee does not employ legal advisers approved by or on behalf of the Manager
      to represent the Manager within a reasonable time after notice of the
      Claim.

     

    
      	 	
              15.9

            	
              Direction
                of defence of claims

            

    

     

    (a)   If
      any
      action, proceeding, claim or demand brought against the Manager in connection
      with (i) any untrue statement of a material fact contained or alleged to be
      contained in the Trustee Information referred to in clause 15.7(g) or (ii)
      the
      omission or alleged omission to state in the Trustee Information a material
      fact
      required to be stated in the Trustee Information or necessary in order to make
      the statements therein, in the light of the circumstances under which they
      were
      made, not misleading (for the purpose of this clause 15.9, a Claim),
      the
      Trustee will have the option to assume the direction of that Claim (including
      the employment of legal advisers selected by the Trustee but approved by the
      Manager subject to the payment by the Trustee of all fees and
      expenses).

     

    (b)   If
      the
      Trustee notifies the Manager in writing of its election to direct the defence
      of
      a Claim brought against the Trustee and the Manager approves the legal advisers
      selected by the Trustee for the purposes of the defence of that Claim, the
      Trustee will not be liable to the Manager under this clause 15.9 for any
      fees or expenses subsequently incurred by the Manager in connection with the
      Claim against the Trustee unless the Trustee does not employ legal advisers
      approved by or on behalf of the Manager to represent the Trustee within a
      reasonable time after notice of the Claim.

     

    (c)   If
      any
      Claim brought against the Trustee is settled with respect to the Trustee with
      the consent of the Manager or if there is a final judgement against the Trustee
      in relation to it, the Trustee agrees to indemnify and hold harmless the Manager
      from and against any loss or liability by reason of such settlement or judgement
      (other than any fees and expenses incurred in circumstances where the Trustee
      is
      not liable for them under clause 15.9(b), or any fees and expenses incurred
      in
      connection with any Claim brought against the Trustee that is settled with
      respect to the Trustee or compromised by the Trustee without the consent of
      the
      Manager (unless the Manager has unreasonably withheld its
      consent)).

    
       

      
        	 	
                15.10

              	
                Direction
                  of defence of claims

              

      

       

    

    In
      respect of all Class A3 Notes, the Class A3 Irish Paying Agent shall
      be entitled to rely on the Register as being a correct, complete and conclusive
      record of the matters set out in it at any time in respect of the Class A3
      Notes and whether or not the information shown in the Register is inconsistent
      with any other document, matter or thing. The Class A3 Irish Paying Agent
      is not liable to any person in any circumstances whatsoever for any inaccuracy
      in, or omission from, the Register.

     

     

    
      
        
        

      

      
        page
          71

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

      

    

     

      
        

      

    

    16  Privacy

     

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

     

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

     

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

     

    
      	 	
              (1)

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

            

    

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (2)

            	
              in
                addition to the obligation under clause 16(b) above, it will comply
                with
                the Privacy
                Act 1988
                (Cth) (as
                amended by the Privacy
                Amendment (Private Sector) Act 2000
                (Cth)) and all applicable regulations, principles, standards, codes
                of
                conduct or guidelines concerning the handling of Personal Information
                under that Act or with any request or direction arising directly
                from or
                in connection with the proper exercise of the functions of the Privacy
                Commissioner.

            

    

     

    (d)   In
      this
      clause 16, “Personal Information” has the same meaning as in the Privacy Act
      1988 (Cth).

     

    (e)   Notwithstanding
      anything else contained in this clause 16, paragraphs (a) to (c) above do not
      apply to the Note Trustee, the Principal Paying Agent, the Calculation Agent
      or
      the Note Registrar. Each of the Note Trustee, the Principal Paying Agent, the
      Calculation Agent and the Note Registrar agrees to comply with all privacy
      legislation applicable to it. 

     

     

    
      
        
        

      

      
        page
          72

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    Dated:    29
      May
      2007

     

    TRUSTEE

     

    Signed
      by

    Perpetual
      Limited

    by
      its
      attorney under Power of Attorney

    dated
      24
      May 2007

    in
      the
      presence of:

     

     

    
      	/s/
              Zachary Low	 	/s/
              Craig Cullen
	Witness	 	Attorney
	 	 	 
	Zachary
              Low	 	Craig
              Cullen
	Name (please print)	 	Name (please
              print)

    

       

     

     

    MANAGER

    

    Signed
      by

    ME
      Portfolio Management Limited

    by
      its
      attorney under Power of Attorney

    dated
      2
      May 2007

    in
      the
      presence of:

     

    
       

      
        	/s/
                Antonia Leung	 	/s/
                Timothy D. Barton
	Witness	 	Attorney
	 	 	 
	Antonia
                Leung	 	Timothy
                D. Barton
	Name (please print)	 	Name (please
                print)

      

         

    

    

     

    SECURITY
      TRUSTEE

     

    Acknowledged
      and agreed by

    Perpetual
      Trustee Company Limited

    by
      its
      attorney under Power of Attorney

    dated
      24
      May 2007

    in
      the
      presence of:

     

    
       

      
        	/s/
                Zachary Low	 	/s/
                Craig Cullen
	Witness	 	Attorney
	 	 	 
	Zachary
                Low	 	Craig
                Cullen
	Name (please print)	 	Name (please
                print)

      

         

    

     

    
      
        
        

      

      
        page
          73

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Class A and Class B
          Notes

        
 

      

    

    NOTE
      TRUSTEE

     

    Acknowledged
      and agreed by

    The
      Bank of New York 

    by
      its
      Authorised Signatory in the 

    presence
      of:

     

    
      
        	/s/
                Charles P. Austin	 	/s/
                Edward R. Bauzyk
	Witness	 	Autorised Signatory
	 	 	 
	Charles
                P. Austin	 	Edward
                R. Bauzyk
Vice President
	Name (please print)	 	Name (please
                print)

      

        

    

     

    
      
        
        

      

      
        page
          74

        
          

        

      

      
        
        

      

    

    
      
         

        
 

      

    

    Schedule
      1 - Form of Supplementary Bond Terms Notice: 

    SMHL
      Global Fund 2007-1 - Liquidity Notes

    
 

    

     

      
        

      

    

    Perpetual
      Limited

    
      
        

      

    

    ME
      Portfolio Management Limited

    
      
        

      

    

     

    Supplementary
      Bond 

    Terms
      Notice: SMHL 

    Global
      Fund 2007-1 - 

    Liquidity
      Notes

    

     

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

            Table
              of contents

             

          

        

      

    

    
      
        
          	
                  Clause

                	 	
                  Page

                
	 	 	 	 
	
                  1

                	
                  Function

                	
                  1

                
	 	 	 	 
	
                  2

                	
                  Definitions
                    and Interpretation

                	
                  1

                
	 	 	 	 
	 	
                  2.1

                	
                  Definitions

                	
                  1

                
	 	
                  2.2

                	
                  Incorporation
                    of Master Trust Deed Definitions

                	
                  3

                
	 	
                  2.3

                	
                  Interpretation

                	
                  3

                
	 	 	 	 
	
                  3

                	
                  Interest
                    on the Liquidity Note

                	
                  3

                
	 	 	 	 
	 	
                  3.1

                	
                  Interest

                	
                  3

                
	 	
                  3.2

                	
                  Calculation
                    of Interest

                	
                  3

                
	 	
                  3.3

                	
                  Payment
                    of Interest

                	
                  4

                
	 	 	 	 
	
                  4

                	
                  Payment
                    of Principal on the Notes

                	
                  4

                
	 	 	 	 
	 	
                  4.1

                	
                  Final
                    Maturity Date

                	
                  4

                
	 	
                  4.2

                	
                  Reduction
                    in Principal balance

                	
                  4

                
	 	
                  4.3

                	
                  Cancellation
                    on Repayment

                	
                  4

                
	 	 	 	 
	
                  5

                	
                  Notes
                    Callable at Option of Trustee

                	
                  4

                
	 	 	 	 
	
                  6

                	
                  Cash
                    collateral

                	
                  5

                
	 	 	 	 
	
                  7

                	
                  Distribution
                    of collections

                	
                  5

                
	 	 	 	 
	 	
                  7.1

                	
                  Distribution
                    of Collections

                	
                  5

                
	 	
                  7.2

                	
                  Rights
                    for Repayment of Principal

                	
                  5

                
	 	 	 	 
	
                  8

                	
                  Notifications
                    of calculations etc

                	
                  5

                
	 	 	 	 
	
                  9

                	
                  Notice
                    to Noteholders

                	
                  5

                
	 	 	 	 
	
                  10

                	
                  Restriction
                    on transfer

                	
                  6

                
	 	 	 	 
	
                  11

                	
                  Rating
                    Agency requirements

                	
                  6

                
	 	 	 	 
	 	
                  11.1

                	
                  Designated
                    Rating Agencies

                	
                  6

                
	 	
                  11.2

                	
                  Designated
                    Ratings

                	
                  6

                
	 	
                  11.3

                	
                  Investment
                    of Fund

                	
                  6

                
	 	 	 	 
	
                  12

                	
                  Miscellaneous

                	
                  6

                
	 	 	 	 
	 	
                  12.1

                	
                  Banking
                    Day

                	
                  6

                
	 	
                  12.2

                	
                  Provisions
                    of the Master Trust Deed to Apply Other Than as Set Out
                    Herein

                	
                  6

                
	 	
                  12.3

                	
                  Limitation
                    of Liability

                	
                  6

                

        

        
           

          
            
              
              

            

            
              page
                i

              
                

              

            

            
              
              

            

          

          
            
              Supplementary
                Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

               

            

          

        

        
          	 	
                  12.4

                	
                  Know
                    Your Customer

                	
                  7

                
	 	
                  12.5

                	
                  Compliance
                    with Regulation AB

                	
                  7

                
	 	
                  12.6

                	
                  Direction
                    of claims by the Manager

                	
                  12

                
	 	
                  12.7

                	
                  Direction
                    of defence of claims

                	
                  12

                
	 	 	 	 
	
                  13

                	
                  Financial
                    Default

                	
                  13

                
	 	 	 	 
	
                  14

                	
                  Attorney

                	
                  13

                
	 	 	 	 
	
                  Schedule
                    A - Report on assessment of compliance with Regulation AB Servicing
                    Criteria

                	
                  15

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

                	
                  16

                

        

        
          
            
              
                 

                
                  
                    
                    

                  

                  
                    page
                      ii

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                  
                    Supplementary
                      Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

                    
 

                  

                

              

            

          

        

      

    

    Date            2007

     

    Supplementary
      Bond Terms Notice 

    SMHL
      Global Fund 2007-1 - Liquidity Notes

    

    
      	To: 	Perpetual
              Limited 
	 	ABN 86 000 431 827 
	 	as trustee of the SMHL Global Fund
              2007-1 
	 	(Trustee) 

    

     

    
      
        	From: 	ME Portfolio Management
                Limited 
	 	ABN 79 005 964 134 
	 	as manager of the SMHL Global Fund
                2007-1 
	 	(Manager) 

      

       

    

    
      
        

      

    

    1      Function

     

    This
      Supplementary Bond Terms Notice:

     

    
      	 	
              (a)

            	
              accompanies
                a Securitisation Fund Bond Issue Direction dated
                [                     ]
                May 2007 as the same may be amended from time to time, in relation
                to a
                proposed issue of Notes by the
                Trustee;

            

    

     

    (b)   sets
      out
      the Supplementary Bond Terms for the Notes comprised in the Class named in
      the
      Bond Issue Direction as the “SMHL Global Fund 2007-1 - Liquidity Notes”;
      and

     

    (c)    shall
      be
      entered into the Register by the Trustee pursuant to clause 23.1(f) of the
      Master Trust Deed.

     

    
      
        

      

    

    
      	
              2

            	
              Definitions
                and
                Interpretation

            

    

     

    
      	 	
              2.1

            	
              Definitions

            

    

     

    In
      this
      Supplementary Bond Terms Notice (including clause 1), unless the context
      indicates a contrary intention:

     

    Bond
      Issue Direction
      means
      the Securitisation Fund Bond Issue Direction referred to in clause
      1(a).

     

    Class
      A Note
      has the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Class
      B Note
      has the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Commission
      has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

     

    
      
        
        

      

      
        page
          1

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    Exchange
      Act has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    Final
      Maturity Date
      means
      the earlier of:

     

    
      	 	
              (a)

            	
              12
                June 2040; and

            

    

     

    (b)  the
      date
      declared to be the Final Maturity Date in accordance with
      clause 5.

     

    Fitch
      Ratings
      means
      Fitch Australia Pty Ltd.

     

    Interest
      Amount means,
      in
      relation to a Liquidity Note and an Interest Period, interest on that Liquidity
      Note for that Interest Period calculated in accordance with clause
      3.2.

     

    Interest
      Period
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Interest
      Rate
      has, in
      relation to an Interest Period, the same meaning as in the SMHL Global Fund
      2007-1 Bond Terms.

     

    Issue
      Date
      means
      the Bond Issue Date relating to the Liquidity Notes.

     

    Liquidity
      Notes
      means
      the Bonds (as defined in the Master Trust Deed) comprised in the Class named
      in
      the Bond Issue Direction as “SMHL Global Fund 2007-1 - Liquidity Notes”, issued
      by the Trustee pursuant to the Bond Issue Direction and in accordance with
      the
      Master Trust Deed.

     

    Liquidity
      Noteholder
      means
      initially P.T. Limited (as nominee for Perpetual Limited, in its capacity as
      trustee of Superannuation Members’ Home Loans Warehousing Trust 2004-1), and
      thereafter each person who is from time to time entered in the Register as
      the
      holder of a Liquidity Note.

     

    Manager
      means ME
      Portfolio Management Limited.

     

    Master
      Trust Deed
      means
      the Master Trust Deed dated 4 July 1994 made between the Trustee and the Manager
      and providing for the establishment of a series of separate trusts known
      collectively as the Superannuation Members’ Home Loans Trusts, as amended and
      restated from time to time.

     

    Moody’s
      means
      Moody’s Investors Service Pty Limited.

     

    Original
      Principal Balance
      means,
      in relation to a Liquidity Note, the initial Face Value of the Liquidity
      Note.

     

    Outstanding
      Principal Balance
      means,
      at any time in relation to a Liquidity Note, the Original Principal Balance
      of
      the Liquidity Note minus all repayments of principal made in relation to the
      Liquidity Note.

     

    Payment
      Date
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Principal
      Collections
      has the
      same meaning as in the SMHL Global Fund 2007-1 Bond Terms.

     

    Regulation
      AB has
      the
      meaning given to it in the SMHL Global Fund 2007-1 Bond Terms.

     

    S&P
      means
      Standard and Poor’s (Australia) Pty. Ltd.

     

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

     

     

    
      
        
        

      

      
        page
          2

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    Securitisation
      Fund
      means
      the Securitisation Fund established under the Master Trust Deed known as the
      SMHL Global Fund 2007-1.

     

    Security
      Trust Deed
      means
      the Security Trust Deed for the Securitisation Fund.

     

    Servicing
      Criteria
      means
      the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
      be amended from time to time.

     

    SMHL
      Global Fund 2007-1 Bond Terms
      means
      the Supplementary Bond Terms Notice dated on or about the date of this
      Supplementary Bond Terms Notice in respect of the Securitisation Fund and
      providing terms of issue for the Class A Notes and Class B Notes.

     

    Subcontractor
      means
      any vendor, subcontractor or other entity that is not responsible for the
      overall servicing (as "servicing" is commonly understood by participants in
      the
      mortgage-backed securities market) of Loans but performs one or more discrete
      functions identified in Item 1122(d) of Regulation AB with respect to Loans
      or
      the Securitisation Fund under the direction or authority of the
      Trustee.

     

    Trustee
      means
      Perpetual Limited, in its capacity as trustee of the Securitisation
      Fund.

     

    
      	 	
              2.2

            	
              Incorporation
                of Master Trust Deed
                Definitions

            

    

     

    Subject
      to clause 2.1, each term or expression used herein that is defined in the Master
      Trust Deed (as amended by the SMHL Global Fund 2007-1 Bond Terms) and is not
      defined herein shall have the same meaning herein unless the context otherwise
      requires or unless otherwise defined herein.

     

    
      	 	
              2.3

            	
              Interpretation

            

    

     

    The
      provisions of clause 1.2 of the Master Trust Deed shall be incorporated, mutatis
      mutandis, into this Supplementary Bond Terms Notice, as if references in that
      clause to “this Deed” were references to this Supplementary Bond Terms
      Notice..

     

    
      
        

      

    

    3      
      Interest
      on the Liquidity Note

     

    
      	 	
              3.1

            	
              Interest

            

    

     

    Each
      Liquidity Note bears interest calculated, and payable in arrears, in accordance
      with this clause 3 and clause 7 until the Final Maturity Date or the date on
      which the Outstanding Principal Balance of the Liquidity Note is reduced to
      zero
      (whichever is the earlier).

     

    
      	 	
              3.2

            	
              Calculation
                of Interest

            

    

     

    Interest
      on each Liquidity Note is calculated for each Interest Period:

     

    
      	 	
              (a)

            	
              on
                the daily Outstanding Principal Balance of the Liquidity Note during
                that
                Interest Period;

            

    

     

    (b)      
      at
      the
      Interest Rate for the Liquidity Note for that Interest Period; and

     

     

    
      
        
        

      

      
        page
          3

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    (c) on
      the
      actual number of days in that Interest Period and assuming a year of 365
      days.

     

    
      	 	
              3.3

            	
              Payment
                of Interest

            

    

     

    On
      each
      relevant Payment Date, the Manager must direct the Trustee to pay, and the
      Trustee must, subject to clause 7, pay the Interest Amount for each Liquidity
      Note for the Interest Period to which that relevant Payment Date
      relates.

     

    
      
        

      

    

    4            
      Payment
      of Principal on the Notes

     

     

    
      	 	
              4.1

            	
              Final
                Maturity Date

            

    

     

    The
      Outstanding Principal Balance of each Liquidity Note must, subject to
      clause 7, be repaid in full on the Final Maturity Date.

     

    
      	 	
              4.2

            	
              Reduction
                in Principal balance

            

    

     

    On
      each
      relevant Payment Date, the Trustee must (at the direction of the Manager) comply
      with clause 5.5 of the SMHL Global Fund 2007-1 Bond Terms and each repayment
      of
      principal of the Liquidity Notes must be applied as between each Liquidity
      Note
      as the Manager may from time to time determine until the Outstanding Principal
      Balance for each Liquidity Note is reduced to zero. Each payment of principal
      in
      respect of a Liquidity Note under this Supplementary Bond Terms Notice reduces
      the Outstanding Principal Balance of the Liquidity Note by the amount of that
      payment. The Trustee has no obligation to make any payment under this clause
      4
      in respect of the Liquidity Notes in excess of the Outstanding Principal Balance
      of the Liquidity Notes immediately prior to that payment being
      made.

     

    
      	 	
              4.3

            	
              Cancellation
                on Repayment

            

    

     

    Upon
      the
      reduction of the Outstanding Principal Balance of the Liquidity Notes to zero
      by
      repayment of principal in accordance with this Supplementary Bond Terms Notice
      and payment of all the Interest Amounts in relation to that Liquidity Bond,
      the
      Liquidity Note is cancelled.

     

    
      
        

      

    

    5            
      Notes
      Callable at Option of Trustee

     

    If
      the
      Trustee declares a date to be the Final Maturity Date of the Notes issued
      pursuant to the SMHL Global Fund 2007-1 Bond Terms in accordance with the SMHL
      Global Fund 2007-1 Bond Terms, the Trustee must declare, and the Manager must
      direct the Trustee to declare, by giving not less than 5 Banking Days notice
      to
      the Liquidity Noteholder, that same date to be the Final Maturity Date for
      the
      Liquidity Notes.

     

     

    
      
        
        

      

      
        page
          4

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
          Notes

      

    

     

    
      
        

      

    

    6    Cash
      collateral

     

    The
      Trustee and Manager must:

     

    
      	 	
              (a)

            	
              comply
                with the terms of clause 5 of the SMHL Global Fund 2007-1 Bond Terms;
                and

            

      	 	 	 

      	 	(b)	not make any variation or amendment to the SMHL
              Global
              Fund 2007-1 Bond Terms without the consent of the Liquidity
              Noteholder.

    

     

    
      

    

    7     Distribution
      of collections

     

    
      	 	
              7.1

            	
              Distribution
                of Collections

            

    

     

    Subject
      to the terms of the Security Trust Deed, on each relevant Payment Date, the
      Trustee must apply the Interest Collections and the Principal Collections for
      the relevant Calculation Period in accordance with the SMHL Global Fund 2007-1
      Bond Terms.

     

    
      	 	
              7.2

            	
              Rights
                for Repayment of Principal

            

    

     

    The
      rights of the Liquidity Noteholder to receive payment of or towards the
      Outstanding Principal Balance are subject to clause 6.3 of the SMHL Global
      Fund
      2007-1 Bond Terms.

     

    
      
        

      

    

    8           
      Notifications
      of calculations etc

     

    The
      Manager must, not later than two Banking Days before each relevant Payment
      Date
      advise the Trustee in writing of the Outstanding Principal Balance of all
      Liquidity Notes following the making of all payments to be made on that relevant
      Payment Date in accordance with the SMHL Global Fund 2007-1 Bond Terms and
      this
      Supplementary Bond Terms Notice.

     

    
      
        

      

    

    9            Notice
      to Noteholders

     

    
      	 	
              (a)

            	
              (Notices):
                The Manager shall from time to time advise the Liquidity Noteholder
                of the
                Interest Amount, Principal Entitlement and Outstanding Principal
                Balance
                on the Liquidity Notes.

            

      	 	 	 

      	 	(b)	(Method
              of Notices):
              A notice to the Liquidity Noteholder pursuant to clause 9(a) must be
              given
              in writing sent to the address or facsimile number of the Liquidity
              Noteholder then appearing in the
              Register.

      	 	 	 

      	 	(c)	(Non-Receipt):
              The Manager shall not be liable for the accidental omission to give
              to, or
              the non-receipt or late receipt by, the Liquidity Noteholder of a notice
              pursuant to this clause 9.

    

     

     

    
      
        
        

      

      
        page
          5

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
          Notes

      

    

     

    
      
        

      

    

    10    Restriction
      on transfer

     

    For
      the
      purposes of clause 8.1 of the Master Trust Deed the Liquidity Noteholder may
      not
      transfer any Liquidity Note without the prior written consent of the trustee
      for
      the time being of the Fund on whose behalf it holds Liquidity Notes, the
      Security Trustee and provided the Manager has received from each Designated
      Rating Agency a confirmation that there will be no adverse change to the rating
      of the Notes. 

     

    
      
        

      

    

    11    Rating
      Agency requirements

     

    
      	 	
              11.1

            	
              Designated
                Rating Agencies

            

    

     

    The
      Designated Rating Agencies for the Liquidity Notes are Moody’s, S&P and
      Fitch Ratings.

     

    
      	 	
              11.2

            	
              Designated
                Ratings

            

    

     

    The
      Liquidity Notes are not rated and have no Designated Rating.

     

    
      	 	
              11.3

            	
              Investment
                of Fund

            

    

     

    The
      Trustee and the Manager must comply with the SMHL Global Fund 2007-1 Bond Terms
      insofar as they relate to:

     

    
      	 	
              (a)

            	
              the
                investment of the Assets of the Fund in Authorised Investments;
                and

            

      	 	 	 

      	 	(b)	the exercise of their respective powers under the
              Master
              Trust Deed with respect to the setting of the rate of interest payable
              on
              or in respect of Loans secured by Mortgages comprised in the Assets
              of the
              Fund.

    

     

    
      
        

      

    

    12          
      Miscellaneous

     

    
      	 	
              12.1

            	
              Banking
                Day

            

    

     

    Where
      any
      determination, date, payment, matter or thing falls under this Supplementary
      Bond Terms Notice on a day which is not a Banking Day, then such determination,
      date, payment, matter or thing shall be done or extended to the first Banking
      Day thereafter.

     

    
      	 	
              12.2

            	
              Provisions
                of the Master Trust Deed to Apply Other Than as Set Out
                Herein

            

    

     

    Other
      than as expressly set out herein, or inconsistent with this Supplementary Bond
      Terms Notice, but subject to clause 12.3, the provisions of the Master Trust
      Deed shall apply to all Notes and to all Noteholders.

     

    
      	 	
              12.3

            	
              Limitation
                of Liability

            

    

     

    Without
      derogating from the generality of clause 12.2 nothing in this Supplementary
      Bond
      Terms Notice shall, nor shall it be construed as, limiting or in any way
      affecting the full operation of clause 26 of the Master Trust Deed.

     

     

    
      
        
        

      

      
        page
          6

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
          Notes

      

    

     

    
      	 	
              12.4

            	
              Know
                Your Customer

            

    

     

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

     

    
      	 	
              12.5

            	
              Compliance
                with Regulation AB

            

    

     

    In
      relation to compliance with Regulation AB:

     

    
      	 	
              (a)

            	
              the
                Manager and the Trustee acknowledge and agree that the purpose of
                this
                clause 12.5 is to facilitate compliance by the Trustee in relation
                to the
                Securitisation Fund with the provisions of Regulation AB and related
                rules
                and regulations of the Commission to the extent applicable to the
                Trustee;

            

      	 	 	 

      	 	(b) 	the Manager shall not exercise its right to request
              delivery of information or other performance under these provisions
              other
              than as required to comply with the Securities Act, the Exchange Act
              and
              the rules and regulations of the Commission thereunder, including
              Regulation AB, with respect to the Securitisation Fund. The Manager
              shall
              not request the delivery of information or other performance under
              this
              clause 12.5 unless the Manager is required under the Exchange Act to
              file
              an annual report on Form 10-K with respect to the Securitisation Fund.
              The
              Manager and the Trustee acknowledge that interpretations of the
              requirements of Regulation AB may change over time, whether due to
              interpretive guidance provided by the Commission or its staff, consensus
              among participants in the asset-backed securities markets, advice of
              counsel, or otherwise, and agrees to comply with requests made by the
              Manager in good faith for delivery of information under these provisions
              on the basis of evolving interpretations of Regulation AB; provided
              that,
              to the extent the Manager and the Trustee do not agree with respect
              to an
              interpretation of Regulation AB, the Manager and the Trustee shall
              obtain
              a written opinion of counsel of U.S. national reputation in the practice
              of U.S. federal securities laws reasonably acceptable to the Manager
              and
              the Trustee, addressed to the Manager and the Trustee, stating the
              opinion
              of such counsel with respect to the interpretation of the relevant
              provision(s) of Regulation AB; provided, further, that the costs and
              fees
              of such counsel incurred in the preparation of such written opinion
              shall
              be divided equally between the Manager and the Trustee. In relation
              to the
              Securitisation Fund, the Trustee shall cooperate fully with the Manager
              to
              deliver to the Manager (including any of its assignees or designees),
              any
              and all statements, reports, certifications, records and any other
              information within the control of the Trustee or for which the Trustee
              is
              responsible necessary in the good faith determination of the Manager
              to
              permit the Manager to comply with the provisions of Regulation AB,
              together with such disclosures relating to the Manager, the Trustee,
              any
              Subcontractor of the Trustee, the Loans, the servicing of the Loans
              or any
              other servicing activities within the meaning of Item 1122 of Regulation
              AB, reasonably believed by the Manager to be necessary in order to
              effect
              such compliance; 

    

     

    
       

      
        
          
          

        

        
          page
            7

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
            Notes

        

      

    

     

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

     

    (d)   the
      Trustee acknowledges and agrees that, to the extent the Manager reasonably
      determines, upon consultation with, and to the extent agreed with, the Trustee,
      that the Trustee is “participating in the servicing function” in relation to the
      Securitisation Fund within the meaning of Item 1122 of Regulation AB, the
      Trustee will comply with the applicable requirements contained in clause 16(e)
      -
      (i); provided that, to the extent the Manager and the Trustee do not agree
      whether the Trustee is “participating in the servicing function” with respect to
      one or more Servicing Criteria within the meaning of Item 1122 in relation
      to
      the Securitisation Fund, the Manager and the Trustee shall obtain a written
      opinion of counsel of U.S. national reputation in the practice of U.S. federal
      securities laws reasonably acceptable to the Manager and the Trustee, addressed
      to the Manager and the Trustee, stating whether, in the opinion of such counsel,
      the Trustee is “participating in the servicing function” with respect to such
      Servicing Criteria within the meaning of Item 1122 in relation to the
      Securitisation Fund; provided, further, that the costs and fees of such counsel
      incurred in the preparation of such written opinion shall be divided equally
      between the Manager and the Trustee;

     

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

     

    
      	 	
              (1)

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

            

    

     

    
      	 	
              (2)

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

            

    

     

     

    
      
        
        

      

      
        page
          8

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    
      	 	
              (3)

            	
              cause
                each Subcontractor of the Trustee (if any) determined by the Trustee
                pursuant to clause 16(f) to be "participating in the servicing function"
                within the meaning of Item 1122 of Regulation AB, to deliver to the
                Manager an assessment of compliance and accountants’ attestation as and
                when provided in clause 16(e)(1) and (2), but only with respect to
                such of
                the Servicing Criteria that such Subcontractor of the Trustee
                performs.

            

    

     

    An
      assessment of compliance provided by a Subcontractor of the Trustee pursuant
      to
      clause 16(e)(3) need not address any elements of the Servicing Criteria other
      than those specified by the Trustee pursuant to clause 16(f), and need only
      address such of the Servicing Criteria that such Subcontractor
      performs;

     

    (f)   in
      relation to the use of Subcontractors:

     

    
      	 	
              (1)

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

            

    

     

    
      	 	
              (A)

            	
              the
                identity of each such Subcontractor;

            

    

     

    
      	 	
              (B)

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

            

    

     

    
      	 	
              (C)

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

            

    

     

    
      	 	
              (2)

            	
              as
                a condition to the utilization of any Subcontractor determined to
                be
                "participating in the servicing function" within the meaning of Item
                1122
                of Regulation AB, (i) the Trustee shall cause any such Subcontractor
                used
                by the Trustee for the benefit of the Manager to comply with the
                provisions of clauses 16(e) - (i), 12.6 and 12.7 of this Supplementary
                Bond Terms Notice to the same extent as if such Subcontractor were
                the
                Trustee (provided that in the case of a Subcontractor of the Trustee,
                the
                obligations of such Subcontractor under clause 16(g) will be owed
                directly
                to the Manager and the Trustee will do all things reasonably necessary
                to
                cause the Subcontractor to owe such obligations directly to the Manager)
                and (ii) the Trustee shall obtain the written consent of the Manager
                (which is not to be unreasonably withheld or delayed) to the utilization
                of such Subcontractor. The Trustee shall be responsible for obtaining
                from
                each Subcontractor and delivering to the Manager any assessment of
                compliance and accountants’ attestation required to be delivered by such
                Subcontractor under clause 16(e) - (i), in each case as and when
                required
                to be delivered;

            

    

     

     

    
      
        
        

      

      
        page
          9

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

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

     

    
      	 	
              (1)

            	
              any
                untrue statement of a material fact contained or alleged to be contained
                in any information, report, certification, accountants’ letter or other
                material provided in written or electronic form under this clause
                12.5 by
                or on behalf of the Trustee, or provided under this clause 12.5 by
                or on
                behalf of any Subcontractor of the Trustee (collectively, the "Trustee
                Information"); provided that in the case of any untrue statement
                of a
                material fact contained or alleged to be contained in the accountant's
                letter, the Trustee will indemnify and hold harmless the Manager
                only to
                the extent of the sum that the Trustee recovers from the accounting
                firm
                providing such accountant's letter (which recovery the Trustee must
                if the
                Trustee in good faith determines the Trustee is entitled to do so
                after
                taking professional advice pursue including by taking action in any
                relevant court of competent jurisdiction); provided, further, that
                the
                Trustee will not indemnify and hold harmless the Manager to the extent
                that the untrue statement of a material fact contained or alleged
                to be
                contained in the Trustee Information relates to information provided
                to
                the Trustee by the Manager or any other party to enable the Trustee
                to
                complete its duties under the Transaction Documents; or
                

            

    

     

    
      	 	
              (2)

            	
              the
                omission or alleged omission to state in the Trustee Information
                a
                material fact required to be stated in the Trustee Information or
                necessary in order to make the statements therein, in the light of
                the
                circumstances under which they were made, not misleading; provided,
                by way
                of clarification, that this clause 16(g)(2) shall be construed solely
                by
                reference to the Trustee Information and not to any other information
                communicated in connection with a sale or purchase of securities,
                without
                regard to whether the Trustee Information or any portion thereof
                is
                presented together with or separately from such other information;
                provided, further, that in the case of the omission or alleged omission
                to
                state in an accountant's letter a material fact required to be stated
                in
                the accountant's letter or necessary in order to make the statements
                therein, in the light of the circumstances under which they were
                made, not
                misleading, the Trustee will indemnify and hold harmless the Manager
                only
                to the extent of the sum that the Trustee recovers from the accounting
                firm providing such accountant's letter (which recovery the Trustee
                must
                if the Trustee in good faith determines the Trustee is entitled to
                do so
                after taking professional advice pursue including by taking action
                in any
                relevant court of competent jurisdiction); provided, further, that
                the
                Trustee will not indemnify and hold harmless the Manager to the extent
                that the omission or alleged omission to state in the Trustee Information
                a material fact required to be stated in the Trustee Information
                or
                necessary in order to make the statements therein, in the light of
                the
                circumstances under which they were made, not misleading, relates
                to
                information provided to the Trustee by the Manager or any other party
                to
                enable the Trustee to complete its duties under the Transaction Documents;
                or

            

    

     

    
       

      
        
          
          

        

        
          page
            10

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
            Notes

        

      

    

     

    
      	 	
              (3)

            	
              any
                failure by the Trustee or any Subcontractor of the Trustee to deliver
                any
                information, report, certification, accountants’ letter or other material
                when and as required under this clause 12.5, including any failure
                by the
                Trustee to disclose any non-compliance with any of the Servicing
                Criteria
                in a certification or to identify pursuant to clause 16(f) any
                Subcontractor "participating in the servicing function" within the
                meaning
                of Item 1122 of Regulation AB. In the case of any failure of performance
                described in clause 16(g)(3), the Trustee shall promptly reimburse
                the
                Manager, for all costs reasonably incurred by the Manager in order
                to
                obtain the information, report, certification, accountants’ letter or
                other material not delivered as required by the Trustee or any
                Subcontractor of the Trustee;

            

    

     

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

     

    
      	 	
              (1)

            	
              deliver
                any information, report, certification, accountants’ letter or other
                material when and as required under this clause 12.5, shall, except
                as
                provided in clause 16(h)(2), immediately and automatically, without
                notice
                or grace period, entitle the Manager, in its sole discretion:
                

            

    

    
       

      
        	 	
                 

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

                

              

      

      
         

        
          	 	
                   

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

                  

                

        

         

      

    

    
      	 	
              (2)

            	
              deliver
                any information, report, certification or accountants’ letter when and as
                required under clause 16(e) - (i) or (except as provided below) any
                failure by the Trustee to identify pursuant to clause 16(f) any
                Subcontractor of the Trustee "participating in the servicing function"
                within the meaning of Item 1122 of Regulation AB, which continues
                unremedied for ten calendar days after the date on which such information,
                report, certification or accountants’ letter was required to be delivered,
                shall entitle the Manager, in its sole discretion: 

            

    

     

     

    
      
        
        

      

      
        page
          11

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    
      	 	
              (A)

            	
              to
                remove the Trustee or direct the Trustee to remove the Subcontractor
                of
                the Trustee from the performance of any activities which the Manager
                reasonably determines to constitute “participating in the servicing
                function” in relation to the Securitisation Fund within the meaning of
                Item 1122 of Regulation AB; and 

            

    

     

    
      	 	
              (B)

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

            

    

     

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

     

    (i)   the
      Trustee shall promptly reimburse the Manager (or any designee of the Manager),
      for all reasonable expenses incurred by the Manager (or such designee), as
      such
      are incurred, in connection with the termination of the Trustee and the transfer
      of servicing activities within the meaning of Item 1122 of Regulation AB to
      a
      successor. The provisions of this clause 16(i) shall not limit whatever rights
      the Manager may have under other provisions of the Transaction Documents or
      otherwise, whether in equity or at law, such as an action for damages, specific
      performance or injunctive relief.

     

    
      	 	
              12.6

            	
              Direction
                of claims by the Manager

            

    

     

    
      	 	
              (a)

            	
              If
                the Trustee is entitled to recover from the accounting firm providing
                the
                accountant's letter referred to in clause 16(g) by any action, proceeding,
                claim or demand ((for the purpose of this clause 12.6, a Claim),
                the Trustee must if the Trustee in good faith determines that it
                is
                entitled to do so after taking professional advice pursue such Claim
                and
                must promptly notify the Manager in writing of such
                Claim.

            

      	 	 	 

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

      	 	 	 

      	 	(c)	If the Trustee receives notice from the Manager
              of its
              election to direct the Claim and the Manager approves the legal advisers
              selected by the Trustee for the purposes of that Claim, the Trustee
              will
              not be liable to the Manager under this clause 12.6 for any fees or
              expenses subsequently incurred by the Manager in connection with the
              Claim
              unless the Trustee does not employ legal advisers approved by or on
              behalf
              of the Manager to represent the Manager within a reasonable time after
              notice of the Claim.

    

     

    
      	 	
              12.7

            	
              Direction
                of defence of claims

            

    

     

    
      	 	
              (a)

            	
              If
                any action, proceeding, claim or demand brought against the Manager
                in
                connection with (i) any untrue statement of a material fact contained
                or
                alleged to be contained in the Trustee Information referred to in
                clause
                16(g) or (ii) the omission or alleged omission to state in the Trustee
                Information a material fact required to be stated in the Trustee
                Information or necessary in order to make the statements therein,
                in the
                light of the circumstances under which they were made, not misleading
                (for
                the purpose of this clause 12.7, a Claim),
                the Trustee will have the option to assume the direction of that
                Claim
                (including the employment of legal advisers selected by the Trustee
                but
                approved by the Manager subject to the payment by the Trustee of
                all fees
                and expenses).

            

    

     

     

    
      
        
        

      

      
        page
          12

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    (b)   If
      the
      Trustee notifies the Manager in writing of its election to direct the defence
      of
      a Claim brought against the Trustee and the Manager approves the legal advisers
      selected by the Trustee for the purposes of the defence of that Claim, the
      Trustee will not be liable to the Manager under this clause 12.7 for any fees
      or
      expenses subsequently incurred by the Manager in connection with the Claim
      against the Trustee unless the Trustee does not employ legal advisers approved
      by or on behalf of the Manager to represent the Trustee within a reasonable
      time
      after notice of the Claim.

     

    (c)   If
      any
      Claim brought against the Trustee is settled with respect to the Trustee with
      the consent of the Manager or if there is a final judgement against the Trustee
      in relation to it, the Trustee agrees to indemnify and hold harmless the Manager
      from and against any loss or liability by reason of such settlement or judgement
      (other than any fees and expenses incurred in circumstances where the Trustee
      is
      not liable for them under clause 16(b), or any fees and expenses incurred in
      connection with any Claim brought against the Trustee that is settled with
      respect to the Trustee or compromised by the Trustee without the consent of
      the
      Manager (unless the Manager has unreasonably withheld its
      consent)).

     

    
      
        

      

    

    13    Financial
      Default

     

    For
      the
      purposes of the Securitisation Fund and all Transaction Documents relating
      to
      the Securitisation Fund, any failure by the Trustee to pay all or part of any
      Interest Amount on any relevant Payment Date other than the Final Maturity
      Date
      does not constitute a Financial Default or an Event of Default (as defined
      in
      the Security Trust Deed) for the purposes of the Security Trust
      Deed.

    
    

    
      

    

    14    Attorney

     

    The
      attorney executing this notice states that he or she has no notice of,
      alteration to, or revocation or suspension of, the power of attorney appointing
      that attorney.

     

     

    
      
        
        

      

      
        page
          13

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        
 

      

    

    Dated:    [            
                   ]
      2007

     

    Signed
      by

    ME
      Portfolio Management Limited:

    by
      its
      attorney in the

    presence
      of:

     

    
      
        	 	 	 
	Witness	 	Attorney
	 	 	 
	 	 	 
	Name (please print)	 	Name (please
                print)

      

        

         

        
          
            
              
                
                

              

              
                page
                  14

                
                  

                

              

              
                
                

              

            

            
              
                Supplementary
                  Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
                  Notes

              

            

          

          
 

          
            

          

        

      

    

    Schedule
      A - Report on assessment of compliance with Regulation AB Servicing
      Criteria

     

     

    ME
      Portfolio Management Limited

    Level
      16

    360
      Collins Street

    Melbourne
      VIC 3000

     

     

    [________________]
      (the "Asserting
      Party")
      is
      responsible for assessing compliance as of June 30,
      [                 
 ]
      and for
      the period from [    ]
      (date
      of issuance of SMHL Global Fund 2007-1) through June 30, [   
 ]
      (the
      "Reporting
      Period")
      with
      the servicing criteria set forth in Section 229.1122(d) of the Code of Federal
      Regulations (the "CFR"),
      except for criteria 229.1122(d)[insert
      section numbers in Regulation AB that are not applicable to Asserting
      Party]
      of the
      CFR, which have not been determined pursuant to the transaction documents for
      the SMHL Global Fund 2007-1 to be, and the Asserting Party has concluded are
      not, servicing criteria that the Asserting Party performs, or in which the
      Asserting Party participates, in relation to SMHL Global Fund 2007-1 (the
      "Applicable
      Servicing Criteria").
      This
      assessment of compliance is provided in relation to SMHL Global Fund
      2007-1.

     

    The
      Asserting Party has assessed its compliance with the Applicable Servicing
      Criteria for the Reporting Period and has concluded that the Asserting Party
      has
      complied, in all material respects, with the Applicable Servicing Criteria
      in
      relation to SMHL Global Fund 2007-1.

     

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

     

    

     

    [NAME
      OF
      ASSERTING PARTY]

     

    Date:                     

     

    By:

    Name:                

     

    Title:                      
      

     

    
      
        
        

      

      
        page
          15

        
          

        

      

      
        
        

      

    

    
      
        Supplementary
          Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity Notes

        

          
            

          

        

      

    

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

     

     

    
      	
              SERVICING
                CRITERIA

            	
              APPLICABLE
                

              SERVICING
                

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 

    

    
      	 	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

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

            	 

    

    
       

      
        
          
          

        

        
          page
            16

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
            Notes

        

      

    

     

    
       

      
        	
                SERVICING
                  CRITERIA

              	
                APPLICABLE
                  

                SERVICING
                  

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 

      

    

    
      	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 

    

     

    
       

      
        
          
          

        

        
          page
            17

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
            Notes

        

      

    

    
       

      
        	
                SERVICING
                  CRITERIA

              	
                APPLICABLE
                  

                SERVICING
                  

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 

      

    

    
      	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 

    

     

    
       

      
        
          
          

        

        
          page
            18

          
            

          

        

        
          
          

        

      

      
        
          Supplementary
            Bond Terms Notice: SMHL Global Fund 2007-1 - Liquidity
            Notes

        

      

    

     

    
       

      
        	
                SERVICING
                  CRITERIA

              	
                APPLICABLE
                  

                SERVICING
                  

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 

      

    

    
      	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 

    

    
      
         

         

        
          
            
            

          

          
            page
              19

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