Document:

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          Supplementary Bond Terms Notice:
          SMHL Global Fund No. 6 -
          Class A Notes and Class B Notes

          [Freehills LOGO]

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

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

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

          Reference PJSR:TEL:25E

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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                 13
     2.3      Interpretation                                                 13
     2.4      Payments                                                       13

3    Notes                                                                   14

     3.1      Conditions of Notes                                            14
     3.2      Issue of Notes                                                 14
     3.3      Trustee's covenant to Noteholders and the Note Trustee         14
     3.4      Final redemption                                               15
     3.5      Period during which interest accrues                           15
     3.6      Calculation of interest                                        15
     3.7      Aggregate receipts                                             16
     3.8      Application of Principal Repayment Pool                        17
     3.9      Repayment of Principal                                         17
     3.10     Final Maturity Date                                            17
     3.11     Reduction in Principal balance                                 17
     3.12     Cancellation on repayment                                      17
     3.13     Payments into US$ Account                                      17
     3.14     Payments out of US$ Account                                    17
     3.15     Rounding of amounts                                            18
     3.16     Prescription                                                   18
     3.17     Replacement of Currency Swap                                   18
     3.18     Realised Losses on Mortgages                                   19

4    Notes Callable at Option of Trustee                                     20

     4.1      Call - Class A Notes                                           20
     4.2      Tax event                                                      20
     4.3      Call - Class B Notes                                           21

5    Cash-Collateral                                                         21

     5.1      Cash Collateral Account                                        21
     5.2      Initial Cash Collateral and Liquidity Notes                    21
     5.3      Investment of Cash Collateral                                  22
     5.4      Use of Cash Collateral                                         22
     5.5      Surplus Cash Collateral                                        22

6    Distribution of Collections                                             22

     6.1      Distribution of Interest Collections                           22
     6.2      Distribution of Principal Collections                          24
     6.3      Rights of Liquidity Noteholder                                 25
     6.4      Funding Loan Redraw Facilities                                 26

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

     6.5      Payment of Charge Offs                                         26

7    Substitution of Mortgages                                               26

     7.1  Purchase of Substitute Mortgages                                   26

8    Notifications of Calculations                                           27

9    Amendments to Master Trust Deed                                         28

10   Rating Agency Requirements                                              36

     10.1     Designated Rating Agencies                                     36
     10.2     Designated Ratings                                             36
     10.3     Minimum Rating Requirements                                    36
     10.4     Banks                                                          36
     10.5     Notifications to Designated Rating Agencies                    37
     10.6     No other Requirements                                          37
     10.7     Loan Redraw Facilities                                         37

11   Threshold Rate                                                          37

12   Beneficiaries                                                           38

13   Note Trustee                                                            39

     13.1     Capacity                                                       39
     13.2     Exercise of rights                                             39
     13.3     Representation and warranty                                    39
     13.4     Payments                                                       39

14   Security Trust Deed                                                     39

15   Miscellaneous                                                           40

     15.1     Banking Day                                                    40
     15.2     Provisions of the Master Trust Deed to Apply
                 Other Than as Set Out Herein                                40
     15.3     Limitation of Liability                                        40
     15.4     Aggregate Outstanding Principal Balance of Notes               40
     15.5     Attorney                                                       40

16   Privacy                                                                 40

Schedule 1                                                                   44

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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Supplementary Bond Terms Notice SMHL Global Fund No. 6
Class A Notes and Class B Notes

To:       Perpetual Trustees Australia Limited
          ABN 86 000 431 827
          as trustee of the SMHL Global Fund No. 6
          (Trustee)

From:     ME Portfolio Management Limited
          ABN 79 005 964 134
          (Manager)

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1    Function

     This Supplementary Bond Terms Notice:

          (a)  accompanies a Securitisation Fund Bond Issue Direction dated ___
               April 2004, 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 Direction as "Class A 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.

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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, 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 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);

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

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          (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; or

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

          A$ Exchange Rate means, on any date, the rate of exchange (set as at
          the commencement of a Currency Swap) applicable under that 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 paragraph (a) of the definition of Banking
               Day and the definition of US$ 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.

          Banking Day means:

          (a)  in relation to the Note Trust Deed, any Class A Note (including
               any Condition), and any payment of US$ under a Currency Swap and
               the definition of "Cut-Off" in this clause 2.1, any day, other
               than a Saturday, Sunday or public holiday, on which Banks are
               open for business in London, Sydney, Melbourne and New York;

          (b)  in relation to any Class B Note, any other Transaction Document
               and any payments of A$, any day, other than a Saturday, Sunday or
               public holiday, on which Banks are open for business in Sydney
               and Melbourne.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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. 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. 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 Capital Beneficiary
          and the Income Beneficiary.

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

          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 A Notes substantially in the form of Schedule 1 to
          the Note Trust Deed.

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

          Calculation Period means in relation to a Payment Date:

          (a)  in relation to a first Calculation Period:

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

               (2)  with respect of all other amounts received or applied by the
                    Trustee, the period from and including the Closing Date
                    until the close of business on the first Cut-Off;

          (b)  in relation to the last Calculation Period, from but excluding
               the last day of the prior Calculation Period to and including the
               day on which all amounts due on the Notes are redeemed in full;
               and

          (c)  in relation to any other period, each period commencing
               immediately after one Cut-Off and ending at the next Cut-Off.

          Capital Beneficiary means Origination Capital Pty Limited ACN 106 421
          765.

          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(k) or 6.1(l).

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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 clause 6.1(m).

          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(k) or 6.1(l).

          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.

          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 Note
          under clause 3.18(b).

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

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

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

          Class A Outstanding Principal Balance means, in relation to a Class A
          Note, the Outstanding Principal Balance of the Class A 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 Note under
          clause 3.18(a)

          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 Direction.

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

          Clearing Agency means 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 Notes (directly or through a
          Common Depository).

          Closing Date means the Bond Issue Date in relation to the Notes and
          is, in relation to the Securitisation Fund, 14 April 2004 or such
          later date as may be agreed between the Trustee and the Manager.

          Collections means, subject to clause 3.15, 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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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (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 Interest Hedge or Currency
               Swap following default by the Interest Hedge Provider or the
               Currency Swap Provider respectively; and

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

          but excluding:

          (a)  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;

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

          (c)  receipts under any Redraw Funding Facility;

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

          (e)  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;

          (f)  to the extent that the 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

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

          Common Depository means Cede & Co, as nominee for DTC, or any other
          common depository for DTC or any Clearing Agency appointed from time
          to time to hold any Book-Entry Note.

          Conditions means the Conditions for the Class A Notes in the form set
          out in schedule 4 to the Note Trust Deed (but, so long as the Class A
          Notes are represented by Book-Entry Notes, with the deletion of any
          provisions which are

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          applicable only to the 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 the Currency Swap, any Confirmation
          (as defined in the Currency Swap).

          Corporations Act means the Corporations Act 2001 (Cth).

          CSFB means Credit Suisse First Boston LLC.

          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
          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 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.

          Currency Swap Provider means, initially, Deutsche Bank
          Aktiengesellschaft and thereafter any other person who is or becomes a
          party to a Currency Swap.

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

          Cut-Off Date means the close of business, [insert date] 2004.

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

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

          Deutsche Bank Securities means Deutsche Bank Securities Inc.

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

          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.

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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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

          (a)

               (1)  for Class A Notes - 9 November 2035; and

               (2)  for Class B Notes - 9 November 2035,

                    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, Inc.

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

          Income Beneficiary means ME Portfolio Management Limited.

          Initial Payment Funding Facility means the Payment Funding Facility
          dated on or about the date of this Supplementary Bond Terms Notice.

          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 Westpac Banking Corporation or any
          other person 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:

          (a)  in relation to the first Interest Period of a Note, the period
               commencing on (and including) the Closing Date and ending on (but
               excluding) the first Payment Date;

          (b)  in relation to the final Interest Period, the period commencing
               on (and including) the Payment Date prior to the day on which all
               amounts due on such Notes are redeemed in full in accordance with
               the Transaction Documents and ending on (but excluding) such day;
               but 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:

               (1)  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

               (2)  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; and

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (c)  in relation to each other Interest Period, each period commencing
               on (and including) a Payment Date and ending on (but excluding)
               the next Payment Date.

          Interest Rate means, in relation to:

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

          (b)  Class B Note and an Interest Period, the Benchmark Rate for 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.

          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 collectively, CSFB and Deutsche Bank Securities.

          LIBOR means, in relation to any Interest Period, 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 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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               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 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;

          (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 and New York City.

          Liquidity Noteholder means initially, P.T. Limited 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).

          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.

          Manager means ME Portfolio Management Limited.

          Margin means in respect of each Class:

          (a)  in respect of the Notes, up to but excluding [insert date], the
               following percentage in respect of each Class:

               (1)  Class A Notes [#]% per annum; and

               (2)  Class B Notes [#]% per annum; and

          (b)  from and including [insert date] the percentage per annum
               referred to in paragraph (a) plus the following percentage in
               respect of each Class:

               (1)  Class A Notes [#]% per annum; and

               (2)  Class B Notes [#]% 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 from time to
          time.

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

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                                                                          page 9

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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 includes the Conditions
          relating to a Class A Note.

          Noteholder means, at any time, the person who:

          (a)  in relation to 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 register
               maintained under the Note Trust Deed 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 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, Principal Paying Agent, Calculation Agent and 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 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

               (2)  all repayments of principal made in relation to that Note
                    (other than amounts applied under clauses 6.1(k), 6.1(l) or
                    6.1(m)); 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(k), 6.1(l) or 6.1(m) (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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          Payment Date means:

          (a)  in respect of Class A Notes, the ninth day of each February, May,
               August and November (New York time) after the Closing Date;

          (b)  in respect of Class B Notes, the ninth day of each February, May,
               August and November after the Closing Date,

          with the first Payment Date being 9 August 2004 and the last Payment
          Date being the Final Maturity Date, but, in each case if that day is
          not a Banking Day, the Payment Date shall be adjusted in accordance
          with the Modified Following Business Day Convention.

          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.

          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.

          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.

          Redraw Charge Off means, in relation to a Redraw Funding Facility, the
          amount of reduction of the Redraw Principal Outstanding under clause
          3.18(b).

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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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(k), and 6.1(n) in repaying the Redraw Principal Outstanding
               under the Redraw Funding Facility.

          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 Payment Date, an amount equal to
          the higher of:

          (a)  0.25% 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
          Payment Date in accordance with clauses 3 and 6.

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

          Securitisation Fund or Fund means the Securitisation Fund established
          under the Master Trust Deed known as SMHL Global Fund No. 6.

          Security Trust Deed means the deed so entitled dated on or about the
          date of this Supplementary Bond Terms Notice between the Trustee, the
          Manager, the Note Trustee and the Security Trustee.

          Spread has the meaning given in the Currency Swap in respect of
          payments by the Trustee under the Currency Swap.

          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).

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

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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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 10.9 of the Master
          Trust Deed.

          Trustee means Perpetual Trustees Australia 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.

     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.

     2.4  Payments

          All payments of principal and interest:

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

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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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3    Notes

     3.1  Conditions of Notes

          (a)  The conditions of the Class A 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 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 Notes must be issued 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 and the
                    Public Offers of Securities Regulations 1995, as amended;
                    and

               (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 Notes.

          (b)  Class B Notes must be issued in minimum parcels or subscriptions
               which have an aggregate Original Principal Balance of A$500,000,
               (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
               and the Public Offers of Securities Regulations 1995, as amended.

          (c)  No Class B Note has been or will be registered under the
               Securities Act and the 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;

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (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;

          (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 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)  on a daily basis at the applicable Interest Rate;

               (2)  on 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

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                                                                         page 15

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    the case of Class B Notes) or 360 days (in the case of Class
                    A 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).

          (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 Notes, notice of that
                    availability has been duly given in accordance with
                    Condition 12; or

               (2)  in the case of 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
               and the Paying Agents 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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

     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 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.

     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 US$ Account

          (a)  The Trustee must direct the Currency Swap Provider to pay all
               amounts denominated in US$ payable to the Trustee by the Currency
               Swap Provider under the 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 Currency Swap Provider under the Currency Swap they
               must promptly pay that amount to the credit of the US$ Account or
               to the Principal Paying Agent.

     3.14 Payments out of US$ Account

          On each Payment Date, the Trustee must, on the direction of the
          Manager, or must require that the Principal Paying Agent on its
          behalf, distribute from the

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                                                                         page 17

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          US$ Account the relevant amounts of principal and interest due in
          respect of each Class A Notes in accordance with the Note Trust Deed
          and in the order of priority in clauses 6.1 and 6.2.

     3.15 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.

     3.16 Prescription

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

     3.17 Replacement of Currency Swap

          (a)  If the 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:

               (1)  that the 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 condition in clause 3.17(a) is 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
               3.17(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.

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                                                                         page 18

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               Where the upfront premium payable upon entry into the Replacement
               Currency Swap is:

               (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; and

               (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.

     3.18 Realised Losses on Mortgages

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

          (a)  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
               (Class B Charge Offs); and

          (b)  if the Outstanding Principal Balance of the Class B Notes is zero
               and any amount of that excess has not been applied under clause
               3.18(a), reduce pro-rata and rateably as between the Class A
               Notes and the Redraw Funding Facilities with respect to the
               balance of the deficiency:

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

               (2)  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).

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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

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 60 nor less than 45 days' notice
          to the Class A Noteholders, in the case of Class A Notes, in
          accordance with Condition 12, purchase or redeem all, but not some
          only, of the Notes by repaying the Outstanding Principal Balance of
          those Notes, together with accrued interest to (but excluding) the
          date of repurchase or redemption on any Payment Date falling on or
          after the earlier of:

          (a)  the Payment Date on which the Outstanding Principal Balance of
               all Notes is equal to or less than 10% of the Total Original
               Principal Balance; and

          (b)  in the case of Class A Notes, the Payment Date falling on [insert
               date],

          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(k) and 6.1(l), the Noteholders owning at least 75% of
               the aggregate Invested Amount of the Class A Notes must consent
               to such repurchase or redemption; and

          (d)  the Trustee will be in a position on such 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.

     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 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 Swap, the Payment 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 Calculation Period ceases to be receivable
               (whether or not actually received) by the Trustee during such
               Calculation Period,

          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
          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

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<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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 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 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 60 nor less than 45 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 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 Payment Date falling after such
               date.

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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 No. 6
          Cash Collateral Account".

     5.2  Initial Cash Collateral and Liquidity Notes

          On the Closing Date, the Trustee must:

          (a)  subject to the terms of the Master Trust Deed, and in accordance
               with the Bond Issue Direction:

               (1)  issue to the Liquidity Noteholder (as nominee on behalf of
                    the Trustee in its capacity as trustee of the Fund known as
                    the Superannuation Members' Home Loans Securitisation Fund
                    No. 12) liquidity notes (being Bonds as defined in the
                    Master Trust Deed) having an initial Face Value of an amount
                    equal to A$[#], being comprised in a Class named "SMHL
                    Global Fund No. 6 - Liquidity Notes", and being on the terms
                    set out in the Schedule and the Master Trust Deed; and

               (2)  issue to the Liquidity Noteholder (as nominee on behalf of
                    the Trustee in its capacity as trustee of the Fund known as
                    the Superannuation Members' Home Loans Securitisation Fund
                    2004-1P) liquidity notes (being Bonds as defined in the
                    Master Trust Deed) having an initial Face Value of an amount
                    equal to A$[#],

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    being comprised in a Class named "SMHL Global Fund No. 6 -
                    Liquidity Notes", and being on the terms set out in the
                    Schedule 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, "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 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 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 paragraphs (a) - (f) of clause 6.1, 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 paragraphs.

     5.5  Surplus Cash Collateral

          If on any Payment Date after the making of all payments which the
          Trustee is obliged to make on that Payment Date there is Surplus Cash
          Collateral, the Trustee must (at the direction of the Manager) on that
          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 each Liquidity
          Notes in accordance with the Liquidity Notes Supplementary Bond Terms.

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6    Distribution of Collections

     6.1  Distribution of Interest Collections

          Subject to the terms of the Security Trust Deed and these
          Supplementary Bond Terms, on each Payment Date (to the extent it has
          not already done so in

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          accordance with this clause 6.1), the Trustee must apply the Interest
          Collections for the relevant Calculation Period as follows:

          (a)  first, in or toward payment of or allowance for Taxes in respect
               of the Securitisation Fund;

          (b)  secondly, pari passu and rateably in or toward payment of or
               allowance for the Trustee's Fee, the Manager's Fee and any
               Expenses (other than the Expenses referred to below in this
               clause 6.1) in respect of the Securitisation Fund;

          (c)  thirdly, without duplication, in or toward any amounts payable
               under clause 6.1(d) on any previous Payment Date, if there had
               been sufficient Interest Collections, which have not been paid 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;

          (d)  fourthly, pari passu and rateably, in or toward payment of any
               interest due under any Redraw Funding Facility and in and toward
               payment to the Currency Swap Provider, in or toward payment of
               the A$ Class A Interest Amount payable under the Confirmation at
               that Payment Date which is thereafter to be applied to payment of
               interest on the Class A Notes;

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

          (f)  sixthly, in or toward payment to Class B Noteholders of the Class
               B Interest due on the Class B Notes on that Payment Date;

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

          (h)  eighthly, to reimburse any amounts that have been paid in any
               previous Interest Periods under clauses 6.2(a), 6.2(b), 6.2(c)
               and 6.2(d) (to the extent not already reimbursed under this
               clause 6.1(h));

          (i)  ninthly, in or 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;

          (j)  tenthly, pari passu and rateably in or 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;

          (k)  eleventhly, in respect of the amount of any Class A Charge Offs
               and Redraw Charge Offs, in and towards reinstatement of in the
               books of the Fund pari passu and rateably to Class A Charge Offs
               and Redraw Charge Offs for that Calculation Period;

          (l)  twelfthly, in respect of the amount of any Carry Over Redraw
               Charge Offs and the A$ Equivalent of the Carry Over Class A
               Charge Offs allocated to each Class A Note, as the case may be,
               in and towards reinstatement of in the books of the Fund, pari
               passu and rateably (based on the Carry Over

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               Redraw Charge Offs and the A$ Equivalent of the Carry Over Class
               A Charge Offs allocated to each Class A Note as the case may be):

               (1)  the A$ Equivalent of any Carry Over Class A Charge Offs; and

               (2)  any Carry Over Redraw Charge Offs;

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

               (1)  any Class B Charge Offs for that Calculation Period; and

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

          (n)  fourteenthly, (to the extent not paid under clause 6.2) pari
               passu and rateably, in or toward repayment of any principal due
               and payable under any Redraw Funding Facility and in or toward
               repayment of any principal due and payable under any Payment
               Funding Facility; and

          (o)  fifteenthly, in payment of or provision for amounts payable to
               the Income Beneficiary of the Securitisation Fund in accordance
               with clauses 22.1(d) and 22.3(d) of the Master Trust Deed.

     6.2  Distribution of Principal Collections

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

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

          (b)  secondly, pari passu and rateably in or toward payment of or
               allowance for 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 (to the extent
               not paid or provided for under clauses 5.4 and 6.1);

          (c)  thirdly, in or toward payment of the amounts payable and the
               priority under clause 6.1(d) on the Class A Notes on that Payment
               Date (to the extent not paid under clauses 5.4 and 6.1);

          (d)  fourthly, in or toward payment of the amounts payable and the
               priority under clause 6.1(f) on the Class B Notes on that Payment
               Date (to the extent not paid under clauses 5.4 and 6.1);

          (e)  fifthly, in or toward repayment of any Redraw Principal
               Outstanding under a Redraw Funding Facility;

          (f)  sixthly, in or toward payments approved by the Manager under any
               Loan Redraw Facility;

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (g)  seventhly, in or toward payment to the Currency Swap Provider
               under a Confirmation relating to the Class A Notes, until the
               Outstanding Principal Balance of the Class A Notes is reduced to
               zero, of an amount equal to the lesser of:

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

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

          (h)  eighthly, in or toward payment 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:

               (1)  the amount available for distribution under this paragraph
                    (h) after all payments which have priority under this clause
                    6.2; and

               (2)  the Outstanding Principal Balance for all Class B Notes;

          (i)  ninthly, pari passu and rateably (based on the Carry Over Redraw
               Charge Offs and A$ Equivalent of the Carry Over Class A Charge
               Offs allocated to each Class A Note, as the case may be):

               (1)  in or toward payment to the Currency Swap Provider under a
                    Confirmation relating to the Class A Notes, of the A$
                    Equivalent of any Carry Over Class A Charge Offs; and

               (2)  in or toward repaying the Redraw Principal Outstanding of
                    each Redraw Funding Facility to the extent of any Carry Over
                    Redraw Charge Offs;

          (j)  tenthly, in or toward repaying the Invested Amount of the Class B
               Notes to the extent of any Carry Over Class B Charge Offs;

          (k)  eleventhly, in or 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); and

          (l)  twelfthly, subject to clause 6.3, pari passu and rateably in or
               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.

     6.3  Rights of Liquidity Noteholder

          On any 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
          Payment Date.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

     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 (Prepayments) and by drawings under Redraw Funding
               Facilities.

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

               (1)  all amounts specified in paragraphs (a) to (d) inclusive of
                    clause 6.2 which are due and payable have been paid; and

               (2)  the Trustee holds Collections equal to the sum of the
                    advance under the Loan Redraw Facility and all amounts
                    specified in paragraphs (a) to (d) inclusive of clause 6.2
                    which are accrued but not due and payable.

     6.5  Payment of Charge Offs

          The amount of any reinstatement under clauses 6.1(k), 6.1(l) and
          6.1(m) must be applied on the Payment Date of the reinstatement in
          accordance with clause 6.2 as if the amount reinstated formed part of
          Principal Collections.

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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.

          (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 the purchase of Mortgages (Substitute
                    Mortgages) from 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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    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 Mortgage no later than 2 Banking Days prior
                         to the date referred to in the Mortgage Transfer
                         Proposal for the purchase of the Substitute Mortgage;

                    (B)  the Manager certifies to the Trustee that the proposed
                         Substitute Mortgage is a Mortgage for the purposes of
                         this agreement, and satisfies 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 Origination Fund
                    No. 3.

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8    Notifications of Calculations

          (a)  The Manager must calculate the Collections for an immediately
               preceding Calculation Period no later than 6 Banking Days before
               each Payment Date.

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

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

          (d)  In the absence of manifest error, each of the Trustee and the
               Currency Swap Provider 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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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9    Amendments to Master Trust Deed

          The Master Trust Deed is amended for the purpose of the Fund as
          follows:

          (a)  Clause 1.1 - Authorised Investment

               For the purposes of the definition of Authorised Investment in
               clause 1.1 of the Master Trust Deed, 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); and

               (2)  a new paragraph (o) is inserted as follows and the existing
                    paragraphs (o), (p) and (q) become (p), (q) and (r)
                    respectively:

                    "(o) any fees and expenses payable to DTC, the Note Trustee,
                         the Paying Agents, the Note Registrar, the Calculation
                         Agents (for which the Trustee is not personally liable
                         under the Transaction Documents), Clearstream,
                         Luxembourg, Euroclear, and any Stock Exchange;".

          (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 - Fitch

               For the purposes of the Fund, the definition of Fitch in clause
               1.1 of the Master Trust Deed, is deleted and the following
               definition is inserted:

               "Fitch Ratings means Fitch, Inc. and its successors and assigns".

          (e)  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.

          (f)  Clause 1.1 - Rating Agency

               For the purpose of definition of Rating Agency in clause 1.1
               replace the word "Fitch" with the words "Fitch Ratings".

          (g)  Clause 1.1 - Securities System

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

          (h)  Clause 1.1 - Termination Date

               For the purpose of the definition of "Termination Date" in clause
               1.1 of the Master Trust Deed, the words "and the Trustee and
               Manager agree that no

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               further Notes 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.

          (i)  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 B Note relating to the Fund; and

                         (b)  in relation to each Class A Note relating to a
                              Fund, that Class A 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 Note) the Note
                         Trust Deed and the Conditions.

                    5.2  Legal nature of Notes

                         (a)  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 B Notes.

                         (b)  Class A 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 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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    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 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 Payment Date; and

                         (b)  (principal) their Principal Entitlement on each
                              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 B Notes

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

                    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 in
                         relation to the Class A 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."

          (j)  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 Noteholders.

          (k)  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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               (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.

          (l)  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:

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

          (m)  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 B Notes but, except for
                    clause 8.1(a), (b) and (c) does not apply to the Class A
                    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 Notes) the relevant Note Trust Deed
                    and Conditions" after the words subject to this Deed and the
                    corresponding Supplementary Bond Terms".

          (n)  Clause 9 - Note Registration Confirmation

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

          (o)  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."

          (p)  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 Origination Fund No. 3, 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 provisions of clause 7 of the
                              Supplementary Bond Terms Notice with respect to
                              the substitution of Mortgages,

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                              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 as a consequence of any breach of warranty
                         on the part of the Mortgage Manager contained in the
                         Mortgage Management Agreement.

                    (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.

          (q)  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
                    the 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.

          (r)  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 in default must be
                    borne by the Manager. The Manager agrees to indemnify the
                    Trustee and the Fund for these costs."

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

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               Clause 16.3 of the Master Trust Deed is amended by:

               (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."

          (t)  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."

          (u)  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 in default must be
                    borne by the Trustee. The Trustee agrees to indemnify the
                    Manager and the Fund for these costs."

          (v)  Clause 19.1 - Opening of bank accounts

               For the purposes of this Fund, insert after clause 19.1(c) of the
               Master Trust Deed as clause 19.1(d):

                    "(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

                         (2)  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."

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (w)  Clause 22 - Payments

               For the purposes of the Fund, the Master Trust Deed is
               amended by:

               (1)  deleting clause 22.1(d) and replacing it with:

                    "fourthly, subject to clause 22.4, to the Income Beneficiary
                    in accordance with its instructions";

               (2)  by deleting clause 22.2(d) and replacing it with:

                    "(d) fourthly, subject to clause 22.4, to the Capital
                    Beneficiary in accordance with its instructions"; and

               (3)  by deleting clause 22.3(d) and replacing it with:

                    "(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 Capital Beneficiary
                    and in relation to the balance to the Income Beneficiary".

          (x)  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 Notes.

          (y)  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).

               (2)  By inserting as clause 25.5 the following:

                    "25.5 Class A Notes

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

                    (b)  Any payment made by or on behalf of the Trustee in
                         respect of any Class A 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 Note, and a good discharge to the
                         Trustee and the Manager (as the case may be) in
                         relation to that Class A 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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    (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 and all other withholdings and deductions referred
                         to in Condition 7 of the Class A 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 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."

          (z)  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

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                                                                         Page 35

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               of Voting Secured Creditors passed in accordance with Schedule 1
               of the Security Trust Deed.

          (aa) 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 "9th of February, May,
               August and November" and delete the word "15th" in the definition
               of "Valuation Date" in clause 1 and insert the word "last".

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

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 Fitch Ratings - "AAA";

               (2)  in the case of Moody's - "Aaa";

               (3)  in the case of S&P - "AAA"; and

          (b)  For the Class B Notes:

               (1)  In the case of Fitch Ratings - "AA";

               (2)  In the case of Moody's - "Aa2"; and

               (3)  In the case of S&P - "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, "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
               clause 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.

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

     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.

     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 Redraw Facilities

          The Manager must:

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

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

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

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;

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                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

                    (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.

          (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 25% 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 25% 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.

          (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.

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                                                                         Page 38

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          (d)  The Income Beneficiary 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 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 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 Noteholders in accordance with the Note
               Trust Deed.

          (b)  The Class A 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 under
          the Note Trust Deed 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 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 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

          The parties to this Supplementary Bond Terms Notice agree to comply
          with clause 12.12 of the Security Trust Deed.

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                                                                         Page 39

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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

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 Set Out
          Herein

          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

          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.

     15.4 Aggregate Outstanding Principal Balance of Notes

          For the purposes of 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.

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

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 (as amended by the Privacy Amendment (Private Sector) Act
               2000 to be obtained by that party in relation to the collection,
               use or disclosure of the Personal Information.

          (c)  Each party to this 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:

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                                                                         Page 40

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

               (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 (as amended by the
                    Privacy Amendment (Private Sector) Act 2000 and all
                    applicable regulations, principles, standards, codes of
                    conduct or guidelines concerning the handling of Personal
                    Information under that Act or with any request or direction
                    arising directly from or in connection 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.

          (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.

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                                                                         Page 41

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

Dated: April 2004

TRUSTEE

Signed by

Perpetual Trustees Australia Limited

by its attorney under Power of Attorney

dated

in the presence of:
                   ---------------------   -------------------------------------

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

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

MANAGER

Signed by

ME Portfolio Management Limited

by its attorney under Power of Attorney

dated

in the presence of:

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

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

--------------------------------------------------------------------------------
                                                                         Page 42

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

SECURITY TRUSTEE

Signed by

Perpetual Trustee Company Limited

by its attorney under Power of Attorney

dated

in the presence of:

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

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

NOTE TRUSTEE

Signed by

The Bank of New York

by its Authorised Signatory in the

presence of:

----------------------------------------   -------------------------------------
Witness                                    Authorised Signatory

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

--------------------------------------------------------------------------------
                                                                         Page 43

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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

Schedule 1

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

Supplementary Bond Terms Notice
SMHL Global Fund No. 6 - Liquidity Notes

To:   Perpetual Trustees Australia Limited
      ABN 86 000 431 827
      as trustee of the SMHL Global Fund No. 6
      (Trustee)

From: ME Portfolio Management Limited
      ABN 79 005 964 134
      (Manager)

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

1    Function

     This Supplementary Bond Terms Notice:

     (a)  accompanies a Securitisation Fund Bond Issue Direction dated April
          2004 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 No. 6
          - 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).

          Final Maturity Date means the earlier of:

          (a)  9 November 2035; and

          (b)  the date declared to be the Final Maturity Date in accordance
               with clause 5.

          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.

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                                                                         Page 44

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          Interest Period has the same meaning as in the SMHL Global Fund No. 6
          Bond Terms for the Class B Notes.

          Interest Rate has, in relation to an Interest Period, the same meaning
          as in the SMHL Global Fund No. 6 Bond Terms for Class B Notes.

          Issue Date means the Bond Issue Date relating to the Liquidity Notes.

          SMHL Global Fund No. 6 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.

          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 No. 6 - 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 Trustees Australia Limited as Trustee for SMHL SF12 and SMHL
          SF2004-1P), 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 from time to
          time.

          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 No. 6
          Bond Terms for Class B Notes.

          Principal Collections has the same meaning as in the SMHL Global Fund
          No. 6 Bond Terms.

          Securitisation Fund means the Securitisation Fund established under
          the Master Trust Deed known as the SMHL Global Fund No. 6.

          Security Trust Deed means the Security Trust Deed for the
          Securitisation Fund.

          Trustee means Perpetual Trustees Australia 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
          No. 6 Bond Terms) and is not defined herein shall have the same
          meaning herein unless the context otherwise requires or unless
          otherwise defined herein.

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                                                                         Page 45

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

     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, except that references to the SMHL Global Fund No. 6 Bond
          Terms are to the SMHL Global Fund No. 6 Bond Terms as at the Bond
          Issue Date.

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

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

          (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 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 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 Payment Date, the Trustee must (at the direction of the
          Manager) comply with clause 5.5 of the SMHL Global Fund No. 6 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

--------------------------------------------------------------------------------
                                                                         Page 46

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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 No. 6 Bond Terms in accordance with
     the SMHL Global Fund No. 6 Bond Terms, the Trustee must declare, and the
     Manager must direct the Trustee to declare, by giving not less than 5
     Banking Day's notice to the Liquidity Noteholder, that same date to be the
     Final Maturity Date for the Liquidity Notes.

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

6    Cash collateral

     The Trustee and Manager must:

          (a)  comply with the terms of clause 5 of the SMHL Global Fund No. 6
               Bond Terms; and

          (b)  not make any variation or amendment to the SMHL Global Fund No. 6
               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 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 No. 6 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 No. 6 Bond Terms.

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

8    Notifications of calculations etc

     The Manager must, not later than 2 Banking Days before each 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
     Payment Date in accordance with the SMHL Global Fund No. 6 Bond Terms and
     this Supplementary Bond Terms Notice.

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                                                                         Page 47

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

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

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.

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

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
     receives 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 Fitch
          Ratings, Moody's and S&P.

     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 No.
          6 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,

--------------------------------------------------------------------------------
                                                                         Page 48

<PAGE>

                          Supplementary Bond Terms Notice SMHL Global Fund No. 6

          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.

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

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 Payment Date other than the Final
     Maturity Date does not constitute a Financial Default or an Event of
     Default 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.

Dated: April 2004

For and on behalf of ME Portfolio Management Limited
by its attorney in the presence of:

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

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

--------------------------------------------------------------------------------
                                                                         Page 49<PAGE>

          Security Trust Deed - SMHL Global
          Fund No. 6

          Perpetual Trustees Australia Limited
          ABN 86 000 431 827

          ME Portfolio Management Limited
          ABN 79 005 964 134

          Perpetual Trustee Company Limited
          ABN 42 000 001 007

          and

          The Bank of New York

          [Freehills LOGO]

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

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

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

          Reference PJSR:TEL:25E

<PAGE>

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

Table of contents

Clause                                                                      Page
                                                                            ----
1    Definitions and Interpretation                                            6

     1.1   Definitions                                                         6
     1.2   Definitions from other documents                                   13
     1.3   Interpretation                                                     13
     1.4   Benefit of Covenants Hereunder                                     15
     1.5   Transaction Document                                               15
     1.6   Knowledge of Issuing Trustee                                       15
     1.7   Knowledge of the Security Trustee                                  15
     1.8   Knowledge of the Note Trustee                                      15

2    Acceptance of Trust                                                      15

     2.1   Appointment of Security Trustee                                    15
     2.2   Duration of Trust                                                  15
     2.3   Benefit of Trusts                                                  16
     2.4   Terms of Notes                                                     16
     2.5   Interested Persons Bound                                           16
     2.6   Resolution of Conflicts                                            16

3    Note Trustee                                                             16

     3.1   Capacity                                                           16
     3.2   Exercise of rights                                                 17
     3.3   Instructions or directions                                         17
     3.4   Payments                                                           17
     3.5   Notices                                                            17
     3.6   Limitation of liability of Note Trustee                            17

4    Charge                                                                   18

     4.1   Charge                                                             18
     4.2   Priority                                                           18
     4.3   Nature of Charge                                                   18
     4.4   Crystallisation                                                    18
     4.5   De-crystallisation                                                 19
     4.6   Prospective liability                                              20
     4.7   Amount ultimately recoverable                                      20

5    Representations and Warranties                                           20

     5.1   By the Issuing Trustee                                             20
     5.2   By the Manager                                                     21
     5.3   Survival of Representations and Warranties                         22

6    Issuing Trustee's and Manager's Covenants                                22

     6.1   Covenants                                                          22
     6.2   Negative Covenants                                                 23
     6.3   Fixed Rate Mortgages                                               24

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                                                                          page 1

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

     6.4   Dealing in Accordance with Transaction Documents                   25
     6.5   Notify Events of Default                                           25

7    Events of Default                                                        25

     7.1   Events of Default                                                  25
     7.2   Rights of the Security Trustee upon Event of Default               27
     7.3   Notify Events of Default                                           27

8    Enforcement                                                              27

     8.1   Power to Deal with the Charged Property Ceases                     27
     8.2   Protection of Charged Property                                     27
     8.3   Power to Enforce                                                   28
     8.4   No Obligation to Enforce                                           28
     8.5   Obligation to Convene Meeting                                      28
     8.6   Security Trustee to Act in Accordance with Directions              28
     8.7   Security Trustee Must Receive Indemnity                            29
     8.8   Limitation on Rights of Secured Creditors                          30
     8.9   Immaterial waivers                                                 30
     8.10  Acts pursuant to resolutions                                       30
     8.11  Overriding provision                                               30

9    Receiver                                                                 31

     9.1   Appointment of Receiver                                            31
     9.2   Agency of Receiver                                                 31
     9.3   Powers of Receiver                                                 31
     9.4   Nature of Receiver's Powers                                        33
     9.5   Status of Receiver after commencement of winding-up                34
     9.6   Powers exercisable by the Security Trustee                         34
     9.7   Notice of exercise of rights                                       34
     9.8   Termination of receivership and possession                         34

10   Security Trustee's Powers                                                35

     10.1  Act Jointly                                                        35
     10.2  Appointment of Attorney                                            35
     10.3  Purposes of appointment                                            35
     10.4  Delegation and substitution                                        36
     10.5  Security Trustee May Make Good Default                             36

11   Protection of Persons Dealing with Security Trustee or Receiver          36

     11.1  No Enquiry                                                         36
     11.2  Receipts                                                           36

12   Application of Moneys                                                    37

     12.1  Priority of Payments                                               37
     12.2  Moneys Received                                                    38
     12.3  Satisfaction of debts                                              38
     12.4  Investment of Funds                                                38
     12.5  Powers to Invest                                                   38
     12.6  Limit of Security Trustee's Liability                              39

--------------------------------------------------------------------------------
                                                                          page 2

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

     12.7  Amounts contingently due                                           39
     12.8  Notice of a subsequent Encumbrance                                 39
     12.9  Payments into US$ Account                                          40
     12.10 Payments out of US$ Account                                        40
     12.11 Excluded amounts                                                   40
     12.12 Proportionate Sharing                                              41
     12.13 Currency Indemnity                                                 41

13   Remuneration and Indemnification of Security Trustee                     42

     13.1  Fee                                                                42
     13.2  Cessation of Fee                                                   42
     13.3  Expenses                                                           42
     13.4  Costs                                                              42
     13.5  Indemnity                                                          42
     13.6  Non-Discharge                                                      43

14   Supplemental Security Trustee Provisions                                 43

     14.1  Additional Powers, Protections, etc.                               43
     14.2  Security Trustee Not Precluded From Entering into Contracts        45
     14.3  Duties of the Security Trustee                                     45
     14.4  Security Trustee Liable for Negligence etc.                        45
     14.5  Reliance on Experts                                                46
     14.6  Information                                                        46

15   Retirement and Removal of Security Trustee                               46

     15.1  Retirement                                                         46
     15.2  Removal                                                            46
     15.3  Appointment                                                        47
     15.4  Retirement or Removal Effective                                    47
     15.5  Vesting of Property in Security Trustee                            48
     15.6  Retention of Lien                                                  48

16   Meetings of Secured Creditors                                            48

     16.1  Meetings Regulated by the Schedule                                 48
     16.2  Limitation on Security Trustee's Powers                            48
     16.3  Security Trustee rights                                            48

17   Continuing Security and Releases                                         49

     17.1  Liability Preserved                                                49
     17.2  Issuing Trustee's Liability Not Affected                           50
     17.3  Waiver by Issuing Trustee                                          50
     17.4  No Notice or Enforcement                                           50
     17.5  No Liability for Loss                                              50
     17.6  No Liability to Account                                            50
     17.7  Indemnity Regarding Exercise of Powers                             51
     17.8  No Conflict                                                        51
     17.9  Contract Involving Conflict of Duty                                51
     17.10 Benefit for Receiver etc.                                          51

--------------------------------------------------------------------------------
                                                                          page 3

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

18   Assurance                                                                51

     18.1  Further Assurance                                                  51
     18.2  Postponement or Waiver of Encumbrances                             52

19   Payments                                                                 52

     19.1  Moneys Repayable as Agreed or on Demand                            52
     19.2  No Set-Off or Deduction                                            52

20   Discharge of the Charge                                                  52

     20.1  Release                                                            52
     20.2  Contingent Liabilities                                             53
     20.3  Charge Reinstated                                                  53

21   Amendment                                                                53

     21.1  Amendment by Security Trustee                                      53
     21.2  Amendment with Consent                                             54
     21.3  Distribution of Amendments                                         54

22   Expenses, Stamp Duties and Registration                                  54

     22.1  Expenses                                                           54
     22.2  Stamp Duties                                                       55
     22.3  Registration                                                       55
     22.4  Goods and services tax in relation to the Security Trustee         55
     22.5  Indemnity                                                          56

23   Governing Law and Jurisdiction                                           57

     23.1  Governing Law                                                      57
     23.2  Jurisdiction                                                       57

24   Notices                                                                  57

     24.1  Service of Notices                                                 57
     24.2  Addresses                                                          58

25   Miscellaneous                                                            58

     25.1  Assignments                                                        58
     25.2  Certificate of Security Trustee                                    59
     25.3  Continuing Obligation                                              59
     25.4  Settlement Conditional                                             59
     25.5  No Merger                                                          59
     25.6  Interest on Judgment                                               59
     25.7  No Postponement                                                    59
     25.8  Severability of Provisions                                         60
     25.9  Remedies Cumulative                                                60
     25.10 Waiver                                                             60
     25.11 Consents and Approvals                                             60
     25.12 Written Waiver, Consent and Approval                               60
     25.13 Time of Essence                                                    60
     25.14 Moratorium Legislation                                             60

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                                                                          page 4

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

     25.15 Debit Accounts                                                     61
     25.16 Binding on Each Signatory                                          61
     25.17 Counterparts                                                       61
     25.18 Certificate of amount of Secured Moneys etc                        61
     25.19 Attorneys                                                          61

26   Trustees' liability                                                      61

     26.1  Limitation on Issuing Trustee's liability                          61
     26.2  Limitation on Security Trustee's liability                         63
     26.3  Rights against Charged Property Preserved                          63
     26.4  Waiver of Personal Liability                                       63
     26.5  Restricted remedies                                                63
     26.6  Wilful Default of the Issuing Trustee                              64
     26.7  Wilful default of the Security Trustee                             64
     26.8  Wilful default of the Note Trustee                                 65

27   Privacy                                                                  66

Schedule 1 - Meetings Procedures

--------------------------------------------------------------------------------
                                                                          page 5

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

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

This Security Trust Deed is made on ___ March 2004 between the following
parties:

          1.   Perpetual Trustees Australia Limited
               ABN 86 000 431 827
               of Level 7, 39 Hunter Street,
               Sydney, New South Wales
               in its capacity as trustee of the Securitisation Fund
               (Issuing Trustee)

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

          3.   Perpetual Trustee Company Limited
               ABN 42 000 001 007
               of Level 7, 39 Hunter Street,
               Sydney, New South Wales
               (Security Trustee)

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

          Recitals

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

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

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

This deed witnesses

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

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

1    Definitions and Interpretation

     1.1  Definitions

          In this Deed unless the context indicates a contrary intention:

          Attorney means an attorney appointed under this Deed.

--------------------------------------------------------------------------------
                                                                          page 6

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

          Charge means the charge created by this Deed.

          Charged Property means:

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

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

               (1)  the Future Property; and

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

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

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

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

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

          Encumbrance means an interest or power:

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                          page 7

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

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

          Extraordinary Resolution in relation to the Voting Secured Creditors
          means:

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

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

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

          Fund Property means:

          (a)  all Loans, Mortgages and Related Securities;

          (b)  all Interest Hedges;

          (c)  all Enhancements;

          (d)  all bank accounts;

          (e)  all other Authorised Investments;

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

          (g)  all Redraw Funding Facilities;

          (h)  all Payment Funding Facilities; and

          (i)  all Title Documents.

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                          page 8

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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

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

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

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

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

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

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

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

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

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

          Liquidity Noteholder means a Bondholder (as defined in the Master
          Trust Deed) of an SMHL Global No. 6 Liquidity Note.

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

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

--------------------------------------------------------------------------------
                                                                          page 9

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

          Noteholder Secured Creditor means together:

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

          (b)  each Class B Noteholder.

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

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

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

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

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

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

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

          Receiver means a receiver appointed by the Security Trustee hereunder
          and includes a receiver and manager and where more than one person has
          been appointed as receiver or receiver and manager each such person
          and also any servant agent or delegate of any such receiver or
          receiver and manager.

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

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

          Representative means:

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

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

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

          Secured Creditor means:

          (a)  each Payment Funding Facility Provider;

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

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

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

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

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

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

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

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

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

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

          (l)  each Redraw Facility Provider; and

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

          Secured Documents means each of:

          (a)  this Deed;

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

          (d)  each Note;

          (e)  each Supplementary Bond Terms Notice;

          (f)  each Enhancement;

          (g)  each Hedge;

          (h)  the Note Trust Deed;

          (i)  each Payment Funding Facility;

          (j)  each Currency Swap;

          (k)  the Committed Bond Subscription Agreement; and

          (l)  each Redraw Funding Facility.

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

          (a)  are present or future;

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

          (c)  are at any time ascertained or unascertained;

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

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

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

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

          (j)  comprise any combination of the above.

          Securitisation Fund means the Securitisation Fund constituted under
          the Master Trust Deed known as SMHL Global Fund No. 6.

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

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

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

          Voting Secured Creditor means:

          (a)  with respect only to the enforcement of the security under this
               Deed, for so long as the Secured Moneys of the Class A
               Noteholders and the Class B Noteholders are 75% or more of total
               Secured Moneys, the Noteholder Secured Creditors alone; and

          (b)  at any other time (subject to clause 16.3)

               (1)  the Note Trustee, acting on behalf of the Class A
                    Noteholders under the Note Trust Deed and clause 3 or, if
                    the Note Trustee has become bound to take steps and/or to
                    proceed hereunder and fails to do so within a reasonable
                    time and such failure is continuing, the Class A Noteholders
                    and then only to the extent permitted by the Australian law;
                    and

               (2)  each other Secured Creditor (other than a Class A
                    Noteholder).

     1.2  Definitions from other documents

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

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

     1.3  Interpretation

          In this Deed unless the context indicates a contrary intention:

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

     1.4  Benefit of Covenants Hereunder

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

     1.5  Transaction Document

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

     1.6  Knowledge of Issuing Trustee

          In relation to the Securitisation Fund, the Issuing Trustee will only
          be considered to have knowledge or notice of or be aware of any matter
          or thing if the Issuing Trustee has knowledge, notice or awareness of
          that matter or thing by virtue of the actual notice or awareness of
          the officers or employees of the Issuing Trustee who have day to day
          responsibility for the administration of the Securitisation Fund.

     1.7  Knowledge of the Security Trustee

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

     1.8  Knowledge of the Note Trustee

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

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2    Acceptance of Trust

     2.1  Appointment of Security Trustee

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

     2.2  Duration of Trust

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

          (a)  the Charge Release Date; and

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

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                                      Security Trust Deed SMHL Global Fund No. 6

     2.3  Benefit of Trusts

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

     2.4  Terms of Notes

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

     2.5  Interested Persons Bound

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

     2.6  Resolution of Conflicts

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

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

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

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

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3    Note Trustee

     3.1  Capacity

          The Note Trustee is a party to this Deed in its capacity as trustee
          for the Class A Noteholders from time to time under the Note Trust
          Deed. Notwithstanding any

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                                      Security Trust Deed SMHL Global Fund No. 6

          other provision of this Deed, this Deed becomes effective against the
          Note Trustee only upon execution of the Note Trust Deed.

     3.2  Exercise of rights

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

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

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

     3.3  Instructions or directions

          The Security Trustee may rely on any instructions or directions given
          to it by the Note Trustee as being given on behalf of all Class A
          Noteholders from time to time and need not inquire whether the Note
          Trustee or the Class A Noteholders from time to time have complied
          with any requirements under the Note Trust Deed or as to the
          reasonableness or otherwise of the Note Trustee.

     3.4  Payments

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

     3.5  Notices

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

     3.6  Limitation of liability of Note Trustee

          Notwithstanding any other provision of this deed, the Note Trustee
          will have no liability under or in connection with this deed or any
          other Transaction Document other than to the extent to which the
          liability is able to be satisfied out of the property from which the
          Note Trustee is actually indemnified for the liability. This
          limitation will not apply to a liability of the Note Trustee to the
          extent that it is not satisfied because, under this deed, any other
          Transaction Document or by operation of laws, there is a reduction in
          the extent of the Note Trustee's indemnification as a result of the
          Note Trustee's fraud, negligence or wilful default. Nothing in this
          clause or any similar provision in any other Transaction Document
          limits or adversely affects the powers of the Note Trustee.

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                                      Security Trust Deed SMHL Global Fund No. 6

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4    Charge

     4.1  Charge

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

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

     4.2  Priority

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

     4.3  Nature of Charge

          The Charge is a floating charge over all Charged Property.

     4.4  Crystallisation

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

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

               (1)  all of the Charged Property:

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

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

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

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

                    (E)  when an order is made or a resolution is passed for the
                         liquidation of the Issuing Trustee whether in its
                         personal

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                                      Security Trust Deed SMHL Global Fund No. 6

                         capacity or in its capacity as trustee of the
                         Securitisation Fund;

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

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

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

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

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

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

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

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

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

                    (A)  creates or allows any Encumbrance over;

                    (B)  sells, leases or otherwise disposes of;

                    (C)  creates or allows any interest in; or

                    (D)  parts with possession of,

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

     4.5  De-crystallisation

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

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

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

               (2)  the further operation of clause 4.4.

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                                      Security Trust Deed SMHL Global Fund No. 6

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

     4.6  Prospective liability

          (a)  The parties acknowledge that the maximum amount of the
               prospective liability secured by this Deed for the purposes of
               establishing priority under section 282(3) of the Corporations
               Act, is $3,500,000,000.

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

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

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

     4.7  Amount ultimately recoverable

          Subject to this Deed and without limiting the Secured Moneys, the
          amount ultimately recoverable by the Chargee under this Deed is
          limited to $3,500,000,000.

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5    Representations and Warranties

     5.1  By the Issuing Trustee

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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

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

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

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

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

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

     5.2  By the Manager

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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

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

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

     5.3  Survival of Representations and Warranties

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

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6    Issuing Trustee's and Manager's Covenants

     6.1  Covenants

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

               connection with the exercise and performance of its powers and
               obligations under this Deed, including without limitation:

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

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

     6.2  Negative Covenants

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

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

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

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

               (1)  the Notes;

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

     6.3  Fixed Rate Mortgages

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

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

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

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

               (4)  the fixed interest rate period for any Mortgage to end on or
                    after [insert date].

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

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

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

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

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

     6.4  Dealing in Accordance with Transaction Documents

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

     6.5  Notify Events of Default

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

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7    Events of Default

     7.1  Events of Default

          Subject to the Supplementary Bond Terms Notice for the Class A Notes
          and Class B Notes and the Liquidity Notes, each of the following
          events is an Event of Default whether or not caused by any reason
          whatsoever outside the control of an Interested Person or any other
          person:

          (a)  (Failure to Pay): the Issuing Trustee does not within 10 Banking
               Days of the due date, and in the specified manner, pay in full
               any Secured Moneys (except in respect of any moneys payable under
               any Payment Funding Facility and Redraw Funding Facility which
               fall due for payment prior to the Repayment Date or payment of
               interest on Class B Notes unless all Class A Notes have been
               repaid);

          (b)  (Failure to Comply): the Issuing Trustee or the Manager defaults
               in fully performing observing and fulfilling any material
               obligation in relation to the Securitisation Fund under this Deed
               or a Secured Document (other than a provision requiring the
               payment of money as contemplated by paragraph (a) of this clause
               or, prior to the Repayment Date, in respect of any such default
               under a Payment Funding Facility and Redraw Funding Facility and
               such default has not been remedied within 10 Banking Days of the
               Issuing Trustee or the Manager (as the case requires) receiving
               notice from the Security Trustee specifying the breach and
               requiring the same to be rectified;

          (c)  (Untrue Warranty): any representation, warranty or statement in
               relation to the Securitisation Fund made, repeated or deemed to
               be made or repeated in this Deed or in a Secured Document by the
               Issuing Trustee or the Manager is proved to be untrue in any
               material respect when made, repeated or deemed to be made or
               repeated (as the case may be) (except, prior to the Repayment
               Date, in respect of any representation, warranty or statement
               made, repeated or deemed to be made or repeated under the Payment
               Funding Facility and Redraw Funding Facility;

          (d)  (Breach of Undertaking): the Issuing Trustee or the Manager
               breaches any material undertaking given at any time to the
               Security Trustee in relation to the Securitisation Fund or fails
               to comply with any material

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<PAGE>

                                      Security Trust Deed SHML Global Fund No. 6

               condition imposed by the Security Trustee in relation to the
               Securitisation Fund in agreeing to any matter (including any
               waiver) (except, prior to the Repayment Date, in respect of any
               breach of any material undertaking or failure to comply with any
               material condition under the Payment Funding Facility and Redraw
               Funding Facility;

          (e)  (Insolvency Event): any Insolvency Event occurs in relation to
               the Issuing Trustee other than for the reconstruction of the
               Issuing Trustee or the Securitisation Fund with the prior written
               approval of the Manager and the Security Trustee and provided
               that each Designated Rating Agency has confirmed in writing that
               such reconstruction will not have an adverse effect on the rating
               of the Notes;

          (f)  (Encumbrance): any Encumbrance over any Charged Property becomes
               enforceable or any Encumbrance that is a floating security over
               any Charged Property crystallises or otherwise becomes a fixed or
               specific security;

          (g)  (Investigation): any investigation into the affairs, or into
               particular affairs, of the Issuing Trustee in relation to the
               Securitisation Fund is directed or commenced under any Statute;

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

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

          (j)  (Vesting of Assets): there occurs without the prior written
               approval of the Security Trustee, any vesting or distribution of
               any assets of the Securitisation Fund other than in accordance
               with the relevant Supplementary Bond Terms Notices;

          (k)  (Breach of Trust): any material breach of trust in relation to
               the Securitisation Fund by the Issuing Trustee or the Issuing
               Trustee for any reason loses or ceases to be entitled to a
               material extent to its right of indemnity against the assets of
               the Securitisation Fund;

          (l)  (Diminution of Assets): as a result of the act or omission of the
               Issuing Trustee the assets of the Securitisation Fund are
               materially diminished or made materially less accessible to the
               Security Trustee;

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

     7.2  Rights of the Security Trustee upon Event of Default

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

          (a)  declare the Charge immediately enforceable;

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

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

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

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

     7.3  Notify Events of Default

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

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8    Enforcement

     8.1  Power to Deal with the Charged Property Ceases

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

     8.2  Protection of Charged Property

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

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                                      Security Trust Deed SHML Global Fund No. 6

     8.3  Power to Enforce

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

     8.4  No Obligation to Enforce

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

     8.5  Obligation to Convene Meeting

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

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

     8.6  Security Trustee to Act in Accordance with Directions

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

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

               (1)  this Deed; and

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

     8.7  Security Trustee Must Receive Indemnity

          If:

          (a)  the Security Trustee convenes a meeting of the Voting Secured
               Creditors, or is required by an Extraordinary Resolution to take
               any action under this Deed, and advises them that the Security
               Trustee will not act in relation to the enforcement of this Deed
               unless it is personally indemnified by the Voting Secured
               Creditors (other than the Note Trustee) to its reasonable
               satisfaction against all actions, proceedings, claims and demands
               to which it may render itself liable, and all costs, charges,
               damages and expenses which it may incur, in relation to the
               enforcement of this Deed and put in funds to the extent to which
               it may become liable (including costs and expenses); and

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

     8.8  Limitation on Rights of Secured Creditors

          Subject to this Deed, the powers, rights and remedies conferred on the
          Security Trustee by this Deed are exercisable by the Security Trustee
          only, and no Secured Creditor is entitled without the written consent
          of the Security Trustee to exercise the same or any of them. Without
          limiting the generality of the foregoing, subject to clause 8.7, no
          Secured Creditor is entitled to enforce the Charge or the provisions
          of this Deed or to appoint or cause to be appointed a Receiver to any
          of the Charged Property or otherwise to exercise any power conferred
          by the terms of any applicable law on chargees except as provided in
          this Deed.

     8.9  Immaterial waivers

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

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

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

     8.10 Acts pursuant to resolutions

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

     8.11 Overriding provision

          Notwithstanding any other provision of this Deed:

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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9    Receiver

9.1       Appointment of Receiver

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

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

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

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

     9.2  Agency of Receiver

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

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

          (c)  Each Secured Creditor acknowledges that:

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

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

     9.3  Powers of Receiver

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

               (1)  by auction, private treaty or tender;

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

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

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

               (5)  in one lot or in separate parcels;

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

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

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

          (g)  borrowings and security:

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

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

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

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

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

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

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

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

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

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

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

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

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

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

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

     9.4  Nature of Receiver's Powers

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

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                                      Security Trust Deed SHML Global Fund No. 6

     9.5  Status of Receiver after commencement of winding-up

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

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

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

               (2)  appointed at any other time,

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

     9.6  Powers exercisable by the Security Trustee

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

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

               (1)  to be a mortgagee in possession;

               (2)  to account as mortgagee in possession; or

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

     9.7  Notice of exercise of rights

          The Security Trustee, Receiver or Attorney is not required:

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

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

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

     9.8  Termination of receivership and possession

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

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                                      Security Trust Deed SHML Global Fund No. 6

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10   Security Trustee's Powers

     10.1 Act Jointly

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

     10.2 Appointment of Attorney

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

     10.3 Purposes of appointment

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

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

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

               (1)  this Deed;

               (2)  any other Secured Document; or

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

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

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

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

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

     10.4 Delegation and substitution

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

     10.5 Security Trustee May Make Good Default

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

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11   Protection of Persons Dealing with Security Trustee or Receiver

     11.1 No Enquiry

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

     11.2 Receipts

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

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                                      Security Trust Deed SHML Global Fund No. 6

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12   Application of Moneys

     12.1 Priority of Payments

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

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

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

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

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

               (3)  the Receivers remuneration;

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

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

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

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

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

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

               (3)  all Secured Moneys owing to each Currency Swap Provider and
                    Interest Hedge Provider;

               (4)  all Secured Money owing to the Redraw Facility Provider;

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

     12.2 Moneys Received

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

     12.3 Satisfaction of debts

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

     12.4 Investment of Funds

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

     12.5 Powers to Invest

          Any moneys received in or towards satisfaction of the Secured Moneys
          pending application pursuant to the provisions of this Deed, or
          surplus moneys which under this Deed ought to or may be invested by
          the Security Trustee, may be invested in the name or under the control
          of the Security Trustee in any

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                                      Security Trust Deed SHML Global Fund No. 6

          Authorised Investments which may be selected by the Security Trustee
          and the Security Trustee may at any time vary or transpose any such
          investments for or into other such investments and shall not be
          responsible for any loss occasioned thereby, whether by depreciation
          in value or otherwise.

     12.6 Limit of Security Trustee's Liability

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

     12.7 Amounts contingently due

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

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

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

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

     12.8 Notice of a subsequent Encumbrance

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

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

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

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

     12.9 Payments into US$ Account

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

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

     12.10 Payments out of US$ Account

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

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

     12.11 Excluded amounts

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

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

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

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

          This clause 12.11 shall not apply to the extent that the relevant
          moneys are applied in accordance with the relevant document to satisfy
          any obligation owed to the Issuing Trustee by the relevant Interest
          Hedge Provider, Currency Swap Provider or Enhancement Provider.

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                                      Security Trust Deed SHML Global Fund No. 6

     12.12 Proportionate Sharing

          (a)  Whenever any Secured Creditor receives or recovers any money in
               respect of any sum due from the Issuing Trustee under a Secured
               Document in any way (including without limitation by set-off)
               except those referred to in clause 12.11 or through distribution
               by the Security Trustee under this Deed (the Received Moneys)
               after the Charge has been enforced:

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

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

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

               (4)

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

                    (B)  (without limiting sub-paragraph 12.12(a)(4)(A))
                         immediately on the Secured Creditor making or becoming
                         liable to make a payment under paragraph 12.12(a)(2),
                         the Issuing Trustee shall indemnify the Secured
                         Creditor against the payment to the extent that
                         (despite sub-paragraph 12.12(a)(4)(A)) its liability
                         has been discharged by the recovery or payment.

          (b)  If a Secured Creditor receives or recovers any Received Moneys,
               and does not pay that amount to the Security Trustee under clause
               12.12(a), the Security Trustee may retain out of amounts which
               would otherwise be payable to the Secured Creditor under this
               Deed any amounts which the Security Trustee considers necessary
               to put all Secured Creditors in the same position as if that
               Secured Creditor had complied with, or been required to comply
               with, clause 12.12(a) and the Security Trustee's obligation to
               apply monies to such Secured Creditor shall be discharged to the
               extent of such retention.

     12.13 Currency Indemnity

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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13   Remuneration and Indemnification of Security Trustee

     13.1 Fee

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

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

     13.2 Cessation of Fee

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

     13.3 Expenses

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

     13.4 Costs

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

     13.5 Indemnity

          Subject to clause 26, the Issuing Trustee shall indemnify the Security
          Trustee and every or any Receiver, Attorney, or other person appointed
          under this Deed in respect of all liabilities and reasonable expenses
          (including Taxes) properly incurred by it or by any person appointed
          by it or to whom any duties, powers, trusts, authorities or
          discretions may be delegated by it in the execution or

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                                      Security Trust Deed SHML Global Fund No. 6

          purported execution of any duties, powers, trusts, authorities or
          discretions vested in it hereby and against all liabilities, actions,
          proceedings, costs, claims and demands in respect of any matter or
          thing properly done or omitted in any way relating hereto. Failing due
          payment in accordance with the preceding provision of this clause, the
          Security Trustee may in priority to any payment to the Secured
          Creditors retain and pay out of any moneys in its hands upon the
          trusts of this Deed the amount of any such liabilities and expenses,
          and also any remuneration outstanding to the Security Trustee under
          this clause 13.

     13.6 Non-Discharge

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

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14   Supplemental Security Trustee Provisions

     14.1 Additional Powers, Protections, etc.

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

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

          (b)  (No Enquiry): The Security Trustee shall not be bound to give
               notice to any person of the execution hereof or to take any steps
               to ascertain whether any Event of Default has happened and, until
               it shall have actual knowledge or shall have express notice to
               the contrary, the Security Trustee shall be entitled to assume
               that no such Event of Default has happened and that the Issuing
               Trustee is performing all its obligations under this Deed and
               under the Secured Documents, and that all other persons are
               performing all of the obligations imposed on them under the
               Transaction Documents.

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

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                                      Security Trust Deed SHML Global Fund No. 6

               such meeting or the passing of such resolution or that for any
               reason such resolution was not valid or binding upon the Secured
               Creditors.

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

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

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

          (g)  (Employ Agents): Wherever it considers it expedient in the
               interests of the Secured Creditors, the Security Trustee may,
               instead of acting personally, employ and pay an agent selected by
               it, whether or not a lawyer or other professional person, to
               transact or conduct, or concur in transacting or conducting any
               business and to do or concur in doing all acts required to be
               done by the Security Trustee (including the receipt and payment
               of money under this Deed). Any such agent being a lawyer, banker,
               broker or other person engaged in any profession or business
               shall be entitled to charge and be paid all usual professional
               and other charges for business transacted and acts done by him or
               any partner of his or by his firm in connection with the trusts
               hereof and also his reasonable charges in addition to
               disbursements for all other work and business done and all time
               spent by him or his partners or firm on matters arising in
               connection herewith including matters which might or should have
               been attended to in person by a trustee not being a lawyer,
               banker, broker or other professional person.

          (h)  (Delegation): The Security Trustee may whenever it thinks it
               expedient in the interests of Secured Creditors, delegate to any
               person or fluctuating body of persons selected by it (including,
               without limitation, a Related Body Corporate) all or any of the
               duties, powers, trusts, authorities and

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                                      Security Trust Deed SHML Global Fund No. 6

               discretions vested in the Security Trustee by this Deed. Any such
               delegation may be by power of attorney or in such other manner as
               the Security Trustee may think fit and may be made upon such
               terms and conditions (including power to sub-delegate) as the
               Security Trustee may think fit. Except for its own fraud,
               negligence or wilful default, the Security Trustee is not liable
               for any loss incurred as a result of any fraud, neglect, default
               or breach of duty by any of its attorneys, agents or delegates
               where the appointment was made in good faith, except where such
               attorney, agent or delegate is a Related Body Corporate of the
               Security Trustee.

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

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

     14.2 Security Trustee Not Precluded From Entering into Contracts

          The Security Trustee, any Related Body Corporate of the Security
          Trustee and any director or officer of the Security Trustee or of any
          Related Body Corporate of the Security Trustee shall not be precluded
          from subscribing for some or all of the Notes with or without a
          commission or other remuneration or from purchasing or otherwise
          acquiring, holding, dealing in or disposing of Notes, at any time from
          contracting or entering into any financial or other transactions with
          the Issuing Trustee, the Manager or any Related Body Corporate thereof
          or from being interested in any contract or transaction or from
          accepting and holding the office of trustee for the holders of any
          securities or interests of the Issuing Trustee, the Manager or any
          Related Body Corporate thereof and shall not be liable to account to
          any Interested Person for any profit made by it or him thereby or in
          connection therewith, provided that the Security Trustee, any Related
          Body Corporate of the Security Trustee and any director or officer of
          the Security Trustee or any Related Body Corporate of the Security
          Trustee shall, in connection with the above mentioned, act in utmost
          good faith in relation to the Interested Person.

     14.3 Duties of the Security Trustee

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

     14.4 Security Trustee Liable for Negligence etc.

          Subject to clause 14.5, nothing in this Deed shall, in any case where
          the Security Trustee has failed to comply with the terms of this Deed,
          or to show the degree of skill, care and diligence required of it as
          Security Trustee (having regard to the provisions of this Deed
          conferring on the Security Trustee any duties, powers,

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                                      Security Trust Deed SHML Global Fund No. 6

          trusts, authorities or discretions) relieve or indemnify the Security
          Trustee from or against any liability which would otherwise attach to
          it in respect of any fraud, negligence or wilful default.

     14.5 Reliance on Experts

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

     14.6 Information

          The Issuing Trustee and the Manager authorises:

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

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

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

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15   Retirement and Removal of Security Trustee

     15.1 Retirement

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

     15.2 Removal

          The Security Trustee may be removed:

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

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

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

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

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

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

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

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

     15.3 Appointment

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

     15.4 Retirement or Removal Effective

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

          (b)  If the Security Trustee gives notice pursuant to clause 15.1 and
               no new Security Trustee have been appointed by the Manager prior
               to the expiry of this notice, the retirement of the Security
               Trustee shall become effective upon expiry of the notice given
               under clause 15.1 and the Manager shall act as an interim
               Security Trustee until the new Security Trustee has been
               appointed and the Manager has received confirmation by the
               Designated

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                                      Security Trust Deed SHML Global Fund No. 6

               Rating Agencies that such appointment will not cause a
               downgrading, qualification or withdrawal of the then current
               ratings of the Notes.

     15.5 Vesting of Property in Security Trustee

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

     15.6 Retention of Lien

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

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16   Meetings of Secured Creditors

     16.1 Meetings Regulated by the Schedule

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

     16.2 Limitation on Security Trustee's Powers

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

     16.3 Security Trustee rights

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

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                                      Security Trust Deed SHML Global Fund No. 6

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

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

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

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

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

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

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

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

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

               means so many of the Noteholder Secured Creditors who represent
               more than 50% of the aggregate of the Invested Amount of the
               Class A Notes and the Class B Notes.

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17   Continuing Security and Releases

     17.1 Liability Preserved

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

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                                      Security Trust Deed SHML Global Fund No. 6

     17.2 Issuing Trustee's Liability Not Affected

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

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

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

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

          (d)  (Release): the release, discharge, abandonment or transfer
               whether wholly or partially and with or without consideration of
               any other security judgment or negotiable instrument held from
               time to time or recovered by the Security Trustee from or against
               the Issuing Trustee or any other person.

     17.3 Waiver by Issuing Trustee

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

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

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

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

     17.4 No Notice or Enforcement

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

     17.5 No Liability for Loss

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

     17.6 No Liability to Account

          Neither the Security Trustee nor any Receiver shall by reason of the
          Security Trustee or the Receiver entering into possession of the
          Charged Property or any

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                                      Security Trust Deed SHML Global Fund No. 6

          part thereof be liable to account as mortgagee or chargee in
          possession or for anything except actual receipts or be liable for any
          loss upon realisation or for any default, omission, delay or mistake
          for which a mortgagee or chargee in possession might be liable.

     17.7 Indemnity Regarding Exercise of Powers

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

     17.8 No Conflict

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

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

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

     17.9 Contract Involving Conflict of Duty

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

     17.10 Benefit for Receiver etc.

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

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18   Assurance

     18.1 Further Assurance

          The Issuing Trustee shall procure that all persons having or claiming
          any estate or interest in the Charged Property or any part thereof
          shall from time to time and at all times hereafter upon the request of
          the Security Trustee and at the cost of the

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                                      Security Trust Deed SHML Global Fund No. 6

          Issuing Trustee, make do and execute or cause to be made done and
          executed all such acts deeds and assurances whatsoever for more
          satisfactorily securing to the Security Trustee the payment of the
          Secured Moneys or for assuring or more satisfactorily assuring the
          Charged Property to the Security Trustee or as the Security Trustee
          may direct and in particular shall, whenever requested by the Security
          Trustee so to do, execute in favour of the Security Trustee such legal
          mortgages transfers assignments or other assurances of all or any part
          of the Charged Property in such form and containing such powers and
          provisions as the Security Trustee shall require.

     18.2 Postponement or Waiver of Encumbrances

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

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

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

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19   Payments

     19.1 Moneys Repayable as Agreed or on Demand

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

     19.2 No Set-Off or Deduction

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

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20   Discharge of the Charge

     20.1 Release

          Upon the Manager providing a certificate to the Security Trustee
          stating that all Secured Moneys have been paid in full and that all
          the Obligations have been performed, observed and fulfilled, including
          that all costs, charges, moneys and expenses incurred by or payable to
          or at the direction of the Security Trustee, the Receiver or any
          attorney appointed hereunder in respect of the Securitisation Fund
          have been paid (upon which certificate, the Security Trustee may rely

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                                      Security Trust Deed SMHL Global Fund No. 6

          conclusively) and upon adequate provision having been made to the
          reasonable satisfaction of the Security Trustee of all costs, charges,
          moneys and expenses reasonably likely thereafter to be incurred by or
          payable to or at the direction of the Security Trustee, the Receiver
          or any attorney appointed hereunder in respect of the Securitisation
          Fund, then the Security Trustee shall, subject to clause 20.2, at the
          request of the Manager or the Issuing Trustee, and at the cost of the
          Issuing Trustee, release the Charged Property from the Charge and this
          Deed.

     20.2 Contingent Liabilities

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

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

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

     20.3 Charge Reinstated

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

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21   Amendment

     21.1 Amendment by Security Trustee

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

          (c)  in the opinion of the Security Trustee appropriate or expedient
               as a consequence of an amendment to any Statute or regulation or
               altered requirements of any Government Agency (including, without
               limitation, an alteration, addition or modification which is in
               the opinion of the Security Trustee appropriate or expedient as a
               consequence of the enactment of a Statute or regulation or an
               amendment to any Statute or regulation or ruling by the
               Commissioner or Deputy Commissioner of Taxation or any
               governmental announcement or statement, in any case which has or
               may have the effect of altering the manner or basis of taxation
               of trusts generally or of trusts similar to the Securitisation
               Fund);

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

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

     21.2 Amendment with Consent

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

     21.3 Distribution of Amendments

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

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22   Expenses, Stamp Duties and Registration

     22.1 Expenses

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

          (b)  the exercise, enforcement, preservation or attempted exercise
               enforcement or preservation of any rights under this Deed
               including without limitation any expenses incurred in the
               evaluation of any matter of material concern to the Security
               Trustee; and

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

     22.2 Stamp Duties

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

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

     22.3 Registration

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

     22.4 Goods and services tax in relation to the Security Trustee

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

               subsequent adjustment may be made until a further confirmation
               has been obtained.

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

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

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

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

               (3)  the imposition of the GST; and

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

     22.5 Indemnity

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

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23   Governing Law and Jurisdiction

     23.1 Governing Law

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

     23.2 Jurisdiction

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

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

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24   Notices

     24.1 Service of Notices

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

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

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

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

                    (A)  delivered to the address of that party;

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

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

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

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

     24.2 Addresses

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

          Issuing Trustee

          Address:      Perpetual Trustees Australia Limited
                        Level 7, 9 Castlereagh Street, Sydney, NSW 2000

          Facsimile No: (02) 9221 7870
          Attention:    Manager - Securitisation

          Manager

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

          Facsimile No: (03) 9605 6200
          Attention:    Manager - Capital Markets

          Security Trustee

          Address:      Perpetual Trustee Company Limited
                        Level 7, 9 Castlereagh Street, Sydney, NSW 2000

          Facsimile No: (02) 9221 7870
          Attention:    Manager - Securitisation

          Note Trustee

          Address:      The Bank of New York

                        101 Barclay Street,

                        Floor 21 West, New York, NY

          Facsimile No: (0011) 1 212 815 3522
          Attention:    Global Structured Finance

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25   Miscellaneous

     25.1 Assignments

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

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                                      Security Trust Deed SMHL Global Fund No. 6

     25.2 Certificate of Security Trustee

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

     25.3 Continuing Obligation

          This Deed shall be a continuing obligation notwithstanding any
          settlement of account intervening payment express or implied
          revocation or any other matter or thing whatsoever until a final
          discharge thereof has been given to the Issuing Trustee.

     25.4 Settlement Conditional

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

     25.5 No Merger

          Neither this Deed nor any of the Security Trustee's or the Receiver's
          powers shall merge or prejudicially affect nor be merged in or
          prejudicially affected by and the Issuing Trustee's obligations
          hereunder shall not in any way be abrogated or released by any other
          security any judgment or order any contract any cause of action or
          remedy or any other matter or thing now or hereafter existing in
          respect of the Secured Moneys.

     25.6 Interest on Judgment

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

     25.7 No Postponement

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

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     25.8 Severability of Provisions

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

     25.9 Remedies Cumulative

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

     25.10 Waiver

          A failure to exercise or enforce or a delay in exercising or enforcing
          or the partial exercise or enforcement of any right remedy power or
          privilege hereunder by the Security Trustee shall not in any way
          preclude or operate as a waiver of any further exercise or enforcement
          thereof or the exercise or enforcement of any other right remedy power
          or privilege hereunder or provided by law.

     25.11 Consents and Approvals

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

     25.12 Written Waiver, Consent and Approval

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

     25.13 Time of Essence

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

     25.14 Moratorium Legislation

          To the fullest extent permitted by law, the provisions of all Statutes
          operating directly or indirectly:

          (a)  to lessen or otherwise to vary or affect in favour of the Issuing
               Trustee any obligation under this Deed; or

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

          are hereby expressly waived negatived and excluded.

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                                      Security Trust Deed SMHL Global Fund No. 6

     25.15 Debit Accounts

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

     25.16 Binding on Each Signatory

          This Deed shall bind each of the signatories hereto notwithstanding
          that any one or more of the named parties hereto does not execute this
          Deed, that there is any invalidity forgery or irregularity touching
          any execution hereof or that this Deed is or becomes unenforceable
          void or voidable against any such named party.

     25.17 Counterparts

          This Deed may be executed in a number of counterparts and all such
          counterparts taken together shall be deemed to constitute one and the
          same instrument.

     25.18 Certificate of amount of Secured Moneys etc

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

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

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

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

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

     25.19 Attorneys

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

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26   Trustees' liability

     26.1 Limitation on Issuing Trustee's liability

          (a)  The Issuing Trustee enters into the Transaction Documents and
               issues the Notes only in its capacity as trustee of the
               Securitisation Fund and in no

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                                      Security Trust Deed SMHL Global Fund No. 6

               other capacity (except where the Transaction Documents provide
               otherwise). A liability arising under or in connection with the
               Notes, the Transaction Documents or the Securitisation Fund is
               limited to and can be enforced against the Issuing Trustee only
               to the extent to which it can be satisfied out of property of the
               Securitisation Fund out of which the Issuing Trustee is actually
               indemnified for the liability. This limitation of the Issuing
               Trustee's liability applies despite any other provision of the
               Transaction Documents (other than clause 12.1 of the Note Trust
               Deed) and extends to all liabilities and obligations of the
               Issuing Trustee in any way connected with any representation,
               warranty, conduct, omission, agreement or transaction related to
               the Notes, the Transaction Documents or the Securitisation Fund.

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

          (c)  The provisions of this clause 26.1 shall not apply to any
               obligation or liability of the Issuing Trustee to the extent that
               it is not satisfied because under the Transaction Documents or by
               operation of law there is a reduction in the extent of the
               Issuing Trustee's indemnification out of the assets of the
               Securitisation Fund, as a result of the Issuing Trustee's fraud,
               negligence or wilful default and will not apply to any obligation
               or liability of the Issuing Trustee to pay amounts from its
               personal funds pursuant to clause 12.1 of the Note Trust Deed.

          (d)  It is acknowledged that the Relevant Parties are responsible
               under the Transaction Documents for performing a variety of
               obligations relating to the Securitisation Fund, including under
               this Deed. No act or omission of the Issuing Trustee (including
               any related failure to satisfy its obligations or breach of
               representation or warranty under this Deed) will be considered
               fraud, negligence or wilful default of the Issuing Trustee for
               the purpose of paragraph (c) of this clause 26.1 to the extent to
               which the act or omission was caused or contributed to by any
               failure by any Relevant Party or any other person to fulfil its
               obligations relating to the Securitisation Fund or by any other
               act or omission of a Relevant Party or any other person.

          (e)  No attorney, agent, delegate, receiver or receiver and manager
               appointed in accordance with this deed or any other Transaction
               Documents has authority to act on behalf of the Issuing Trustee
               in a way which exposes the Issuing Trustee to any personal
               liability and no act or omission of any such person will be
               considered fraud, negligence or wilful default of the Issuing
               Trustee for the purpose of paragraph (c) of this clause 26.1.

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

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                                      Security Trust Deed SMHL Global Fund No. 6

          (g)  For the purposes of this clause 26.1, "Relevant Parties" means
               each party to a Transaction Document other that the Issuer
               Trustee.

     26.2 Limitation on Security Trustee's liability

          Notwithstanding any other provision of this Deed, the Security Trustee
          will have no liability under or in connection with this Deed or any
          other Secured Document other than to the extent to which the liability
          is able to be satisfied out of the property from which the Security
          Trustee is actually indemnified for the liability. This limitation
          will not apply to a liability of the Security Trustee to the extent
          that it is not satisfied because, under this Deed or by operation of
          law, there is a reduction in the extent of the Security Trustee's
          indemnification as a result of the Security Trustee's fraud,
          negligence or wilful default. Nothing in this clause or any similar
          provision in any other Secured Document limits or adversely affects
          the powers of the Security Trustee, any Receiver or attorney in
          respect of the Charge or the Charged Property.

     26.3 Rights against Charged Property Preserved

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

     26.4 Waiver of Personal Liability

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

          (a)  the Secured Moneys; or

          (b)  this Deed

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

     26.5 Restricted remedies

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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

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

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

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

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

     26.6 Wilful Default of the Issuing Trustee

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

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

               (1)  other than a default which:

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

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Issuing Trustee, and that other act or omission does
                         not occur;

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

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

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

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

     26.7 Wilful default of the Security Trustee

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

               (1)  other than a default which:

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

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Security Trustee, and that other act or omission does
                         not occur;

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

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

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

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

     26.8 Wilful default of the Note Trustee

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

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

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by a
                         person other than the Note Trustee or any person
                         referred to in paragraph 26.8(b) in relation to the
                         Note Trustee;

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Note Trustee, and that other act or omission does not
                         occur;

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

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

               (2)  in circumstances where had it not committed that default it
                    would have been entitled to recoupment, reimbursement or a
                    right of

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                                      Security Trust Deed SMHL Global Fund No. 6

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

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

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27   Privacy

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

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

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

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

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

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

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

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

          (e)  Notwithstanding anything else contained in this clause 27,
               paragraphs 27(a) to 27(c) above do not apply to the Note Trustee,
               the Principal Paying Agent, the 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.

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                                      Security Trust Deed SMHL Global Fund No. 6

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Schedule 1 - Meetings Procedures

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1    Definitions and Incorporation of Terms

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

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

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

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

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2    Convening of Meetings

          (a)  Generally

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

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

                    (A)  by the Issuing Trustee;

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

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

          (b)  Time and place

               (1)  Every meeting of Voting Secured Creditors shall be held at
                    such time and place as the Security Trustee approves,
                    provided (subject

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                                      Security Trust Deed SMHL Global Fund No. 6

                    to sub-paragraph (2)) that any such meeting shall not be
                    held until the Class A Noteholders have determined how to
                    direct the Note Trustee to vote (as the case may be) in the
                    meeting of Voting Secured Creditors.

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

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

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

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3    Notice of meetings

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

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

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

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

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

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

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

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

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4    Chairman

          A person (who need not be a Voting Secured Creditor and who may be a
          representative of the Security Trustee) nominated in writing by the
          Security Trustee shall be entitled to take the chair at every such
          meeting but if no such nomination is made or if at any meeting the
          person nominated shall not be present

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                                      Security Trust Deed SMHL Global Fund No. 6

          within 15 minutes after the time appointed for the holding of such
          meeting the Secured Creditors present shall choose one of their number
          to be chairman.

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5    Quorum

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

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

6    Adjournment

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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7    Voting Procedure

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

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

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

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

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

               (1)  on a show of hands, every person holding, or being a
                    Representative holding or representing other persons who
                    hold, Secured Moneys shall have one vote except that the
                    Note Trustee shall represent each Class A Noteholder who has
                    directed the Note Trustee to vote on its behalf under the
                    Note Trust Deed; and

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

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

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

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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8    Right to Attend and Speak

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

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

9    Appointment of Proxies

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

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

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

10   Corporate Representatives

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

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                                      Security Trust Deed SMHL Global Fund No. 6

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

11   Rights of Representatives

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

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

12   Extraordinary Resolutions

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

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

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

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

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

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

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

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

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

               (9)  to appoint any persons (whether Voting Secured Creditors or
                    not) as a committee or committees to represent the interests
                    of the Voting Secured Creditors and to confer upon such
                    committee or

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                                      Security Trust Deed SMHL Global Fund No. 6

                    committees any powers or discretions which the Voting
                    Secured Creditors could themselves exercise by Extraordinary
                    Resolution;

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

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

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

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

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

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

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

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

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

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

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

13   Resolution Binding on Voting Secured Creditors

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

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

14   Minutes and Records

          Minutes of all resolutions and proceedings at every such meeting as
          aforesaid shall be made and duly entered in the books to be from time
          to time provided for that purpose by the Security Trustee and any such
          minutes as aforesaid if purporting to

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                                                                         page 73

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

          be signed by the chairman of the meeting at which such resolutions
          were passed or proceedings transacted or by the chairman of the next
          succeeding meeting of the Voting Secured Creditors shall be conclusive
          evidence of the matters therein contained and until the contrary is
          proved provided every such meeting in respect of the proceedings of
          which minutes have been made and signed as aforesaid shall be deemed
          to have been duly convened and held and all resolutions passed or
          proceedings transacted thereat to have been duly passed and
          transacted.

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

15   Written Resolutions

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

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

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

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

16   Further Procedures for Meetings

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

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

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

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

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                                                                         page 74

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

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

Executed as a deed:

Signed sealed and delivered for
Perpetual Trustees Australia Limited
by its attorney in the
presence of:

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

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

Signed sealed and delivered for
ME Portfolio Management Limited
by its attorney in the
presence of:

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

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

Signed sealed and delivered for
Perpetual Trustee Company Limited
by its attorney in the
presence of:

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

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

--------------------------------------------------------------------------------
                                                                         page 75

<PAGE>

                                      Security Trust Deed SMHL Global Fund No. 6

Executed for
and on behalf of
The Bank of New York
by its Authorised Officer in the
presence of:

---------------------------------------   --------------------------------------
Witness                                   Authorised Officer

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

--------------------------------------------------------------------------------
                                                                         page 76

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