Document:

Exhibit 10.10

(MULTICURRENCY-CROSS BORDER)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of 22 September 2006

                   COMMONWEALTH BANK OF AUSTRALIA ("PARTY A")
                                       and
    PERPETUAL LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS TRUSTEE OF THE
                               SECURITISATION FUND
                                   ("PARTY B")
                                       and
     ME PORTFOLIO MANAGEMENT LIMITED (ABN 79 005 964 134) IN ITS CAPACITY AS
                       MANAGER OF THE SECURITISATION FUND
                                   ("MANAGER")

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1 INTERPRETATION

      (a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will
      have the meanings therein specified for the purpose of this Master
      Agreement.

      (b) INCONSISTENCY. In the event of any inconsistency between the
      provisions of the Schedule and the other provisions of this Master
      Agreement, the Schedule will prevail. In the event of any inconsistency
      between the provisions of any Confirmation and this Master Agreement
      (including the Schedule), such Confirmation will prevail for the purpose
      of the relevant Transaction.

      (c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the
      fact that this Master Agreement and all Confirmations form a single
      agreement between the parties (collectively referred to as this
      "Agreement"), and the parties would not otherwise enter into any
      Transactions.

2 OBLIGATIONS

      (a) GENERAL CONDITIONS.

            (i) Each party will make each payment or delivery specified in each
            Confirmation to be made by it, subject to the other provisions of
            this Agreement.

            (ii) Payments under this Agreement will be made on the due date for
            value on that date in the place of the account specified in the
            relevant Confirmation or otherwise pursuant to this Agreement, in
            freely transferable funds and in the manner customary for payments
            in the required currency. Where settlement is by delivery (that is,
            other than by payment), such delivery will be made for receipt on
            the due date in the manner customary for the relevant obligation
            unless otherwise specified in the relevant Confirmation or elsewhere
            in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.
<PAGE>

            (iii) Each obligation of each party under Section 2(a)(i) is subject
            to (1) the condition precedent that no Event of Default or Potential
            Event of Default with respect to the other party has occurred and is
            continuing, (2) the condition precedent that no Early Termination
            Date in respect of the relevant Transaction has occurred or been
            effectively designated and (3) each other applicable condition
            precedent specified in this Agreement.

      (b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
      payment or delivery by giving notice to the other party at least five
      Local Business Days prior to the scheduled date for the payment or
      delivery to which such change applies unless such other party gives timely
      notice of a reasonable objection to such change.

      (c) NETTING. If on any date amounts would otherwise be payable:-

            (i) in the same currency; and

            (ii) in respect of the same Transaction,

      by each party to the other, then, on such date, each party's obligation to
      make payment of any such amount will be automatically satisfied and
      discharged and, if the aggregate amount that would otherwise have been
      payable by one party exceeds the aggregate amount that would otherwise
      have been payable by the other party, replaced by an obligation upon the
      party by whom the larger aggregate amount would have been payable to pay
      to the other party the excess of the larger aggregate amount over the
      smaller aggregate amount.

      The parties may elect in respect of two or more Transactions that a net
      amount will be determined in respect of all amounts payable on the same
      date in the same currency in respect of such Transactions, regardless of
      whether such amounts are payable in respect of the same Transaction. The
      election may be made in the Schedule or a Confirmation by specifying that
      subparagraph (ii) above will not apply to the Transactions identified as
      being subject to the election, together with the starting date (in which
      case subparagraph (ii) above will not, or will cease to, apply to such
      Transactions from such date). This election may be made separately for
      different groups of Transactions and will apply separately to each pairing
      of Offices through which the parties make and receive payments or
      deliveries.

      (d) DEDUCTION OR WITHHOLDING FOR TAX.

            (i) GROSS-UP. All payments under this Agreement will be made without
            any deduction or withholding for or on account of any Tax unless
            such deduction or withholding is required by any applicable law, as
            modified by the practice of any relevant governmental revenue
            authority, then in effect. If a party is so required to deduct or
            withhold, then that party ("X") will:-

                  (1) promptly notify the other party ("Y") of such requirement;

                  (2) pay to the relevant authorities the full amount required
                  to be deducted or withheld (including the full amount required
                  to be deducted or withheld from any additional amount paid by
                  X to Y under this Section 2(d)) promptly upon the earlier of
                  determining that such deduction or withholding is required or
                  receiving notice that such amount has been assessed against Y;

                  (3) promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities; and

                  (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition
                  to the payment to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary to ensure
                  that the net amount actually received by Y (free and clear of
                  Indemnifiable Taxes, whether assessed against X or Y) will
                  equal the full amount Y would have received had no such
                  deduction or withholding been required. However, X will not be
                  required to pay any additional amount to Y to the extent that
                  it would not he required to be paid but for:-

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<PAGE>

                        (A) the failure by Y to comply with or perform any
                        agreement contained in Section 4(a)(i), 4(a)(iii) or
                        4(d); or

                        (B) the failure of a representation made by Y pursuant
                        to Section 3(f) to be accurate and true unless such
                        failure would not have occurred but for (I) any action
                        taken by a taxing authority, or brought in a court of
                        competent jurisdiction, on or after the date on which a
                        Transaction is entered into (regardless of whether such
                        action is taken or brought with respect to a party to
                        this Agreement) or (II) a Change in Tax Law.

            (ii) LIABILITY. If:-

                  (1) X is required by any applicable law, as modified by the
                  practice of any relevant governmental revenue authority, to
                  make any deduction or withholding in respect of which X would
                  not be required to pay an additional amount to Y under Section
                  2(d)(i)(4);

                  (2) X does not so deduct or withhold; and

                  (3) a liability resulting from such Tax is assessed directly
                  against X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

      (e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
      designation of an Early Termination Date in respect of the relevant
      Transaction, a party that defaults in the performance of any payment
      obligation will, to the extent permitted by law and subject to Section
      6(c), be required to pay interest (before as well as after judgment) on
      the overdue amount to the other party on demand in the same currency as
      such overdue amount, for the period from (and including) the original due
      date for payment to (but excluding) the date of actual payment, at the
      Default Rate. Such interest will be calculated on the basis of daily
      compounding and the actual number of days elapsed. If, prior to the
      occurrence or effective designation of an Early Termination Date in
      respect of the relevant Transaction, a party defaults in the performance
      of any obligation required to be settled by delivery, it will compensate
      the other party on demand if and to the extent provided for in the
      relevant Confirmation or elsewhere in this Agreement.

3 REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:-

      (a) BASIC REPRESENTATIONS.

            (i) STATUS. It is duly organised and validly existing under the laws
            of the jurisdiction of its organisation or incorporation and, if
            relevant under such laws, in good standing;

            (ii) POWERS. It has the power to execute this Agreement and any
            other documentation relating to this Agreement to which it is a
            party, to deliver this Agreement and any other documentation
            relating to this Agreement that it is required by this Agreement to
            deliver and to perform its obligations under this Agreement and any
            obligations it has under any Credit Support Document to which it is
            a party and has taken all necessary action to authorise such
            execution, delivery and performance;

            (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
            performance do not violate or conflict with any law applicable to
            it, any provision of its constitutional documents, any order or
            judgment of any court or other agency of government

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            applicable to it or any of its assets or any contractual restriction
            binding on or affecting it or any of its assets;

            (iv) CONSENTS. All governmental and other consents that are required
            to have been obtained by it with respect to this Agreement or any
            Credit Support Document to which it is a party have been obtained
            and are in full force and effect and all conditions of any such
            consents have been complied with; and

            (v) OBLIGATIONS BINDING. Its obligations under this Agreement and
            any Credit Support Document to which it is a party constitute its
            legal, valid and binding obligations, enforceable in accordance with
            their respective terms (subject to applicable bankruptcy,
            reorganisation, insolvency, moratorium or similar laws affecting
            creditors' rights generally and subject, as to enforceability, to
            equitable principles of general application (regardless of whether
            enforcement is sought in a proceeding in equity or at law)).

      (b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
      Default or, to its knowledge, Termination Event with respect to it has
      occurred and is continuing and no such event or circumstance would occur
      as a result of its entering into or performing its obligations under this
      Agreement or any Credit Support Document to which it is a party.

      (c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
      threatened against it or any of its Affiliates any action, suit or
      proceeding at law or in equity or before any court, tribunal, governmental
      body, agency or official or any arbitrator that is likely to affect the
      legality, validity or enforceability against it of this Agreement or any
      Credit Support Document to which it is a party or its ability to perform
      its obligations under this Agreement or such Credit Support Document.

      (d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
      furnished in writing by or on behalf of it to the other party and is
      identified for the purpose of this Section 3(d) in the Schedule is, as of
      the date of the information, true, accurate and complete in every material
      respect.

      (e) PAYER TAX REPRESENTATION. Each representation specified in the
      Schedule as being made by it for the purpose of this Section 3(e) is
      accurate and true.

      (f) PAYEE TAX REPRESENTATIONS. Each representation specified in the
      Schedule as being made by it for the purpose of this Section 3(f) is
      accurate and true.

4 AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

      (a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or,
      in certain cases under subparagraph (iii) below, to such government or
      taxing authority as the other party reasonably directs:-

            (i) any forms, documents or certificates relating to taxation
            specified in the Schedule or any Confirmation;

            (ii) any other documents specified in the Schedule or any
            Confirmation; and

            (iii) upon reasonable demand by such other party, any form or
            document that may be required or reasonably requested in writing in
            order to allow such other party or its Credit Support Provider to
            make a payment under this Agreement or any applicable Credit Support
            Document without any deduction or withholding for or on account of
            any Tax or with such deduction or withholding at a reduced rate (so
            long as the completion, execution or submission of such form or
            document would not materially prejudice the legal or commercial
            position of the party in receipt of such demand), with any such form
            or document to be accurate and completed in a manner reasonably

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<PAGE>

      satisfactory to such other party and to be executed and to be delivered
      with any reasonably required certification,

      in each case by the date specified in the Schedule or such Confirmation
      or, if none is specified, as soon as reasonably practicable.

      (b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to
      maintain in full force and effect all consents of any governmental or
      other authority that are required to be obtained by it with respect to
      this Agreement or any Credit Support Document to which it is a party and
      will use all reasonable efforts to obtain any that may become necessary in
      the future.

      (c) COMPLY WITH LAWS. It will comply in all material respects with all
      applicable laws and orders to which it may be subject if failure so to
      comply would materially impair its ability to perform its obligations
      under this Agreement or any Credit Support Document to which it is a
      party.

      (d) TAX AGREEMENT. It will give notice of any failure of a representation
      made by it under Section 3(f) to be accurate and true promptly upon
      learning of such failure.

      (e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
      levied or imposed upon it or in respect of its execution or performance of
      this Agreement by a jurisdiction in which it is incorporated, organised,
      managed and controlled, or considered to have its seat, or in which a
      branch or office through which it is acting for the purpose of this
      Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the
      other party against any Stamp Tax levied or imposed upon the other party
      or in respect of the other party's execution or performance of this
      Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax
      Jurisdiction with respect to the other party.

5 EVENTS OF DEFAULT AND TERMINATION EVENTS

      (a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party
      or, if applicable, any Credit Support Provider of such party or any
      Specified Entity of such party of any of the following events constitutes
      an event of default (an "Event of Default") with respect to such party:-

            (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when
            due, any payment under this Agreement or delivery under Section
            2(a)(i) or 2(e) required to be made by it if such failure is not
            remedied on or before the third Local Business Day after notice of
            such failure is given to the party;

            (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
            perform any agreement or obligation (other than an obligation to
            make any payment under this Agreement or delivery under Section
            2(a)(i) or 2(e) or to give notice of a Termination Event or any
            agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to
            be complied with or performed by the party in accordance with this
            Agreement if such failure is not remedied on or before the thirtieth
            day after notice of such failure is given to the party;

            (iii) CREDIT SUPPORT DEFAULT.

                  (1) Failure by the party or any Credit Support Provider of
                  such party to comply with or perform any agreement or
                  obligation to be complied with or performed by it in
                  accordance with any Credit Support Document if such failure is
                  continuing after any applicable grace period has elapsed;

                  (2) the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and effect for the purpose of
                  this Agreement (in either case other than in accordance with
                  its terms) prior to the satisfaction of all obligations of
                  such party under each Transaction to which such Credit Support
                  Document relates without the written consent of the other
                  party; or

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                  (3) the party or such Credit Support Provider disaffirms,
                  disclaims, repudiates or rejects, in whole or in part, or
                  challenges the validity of, such Credit Support Document;

            (iv) MISREPRESENTATION. A representation (other than a
            representation under Section 3(e) or (f)) made or repeated or deemed
            to have been made or repeated by the party or any Credit Support
            Provider of such party in this Agreement or any Credit Support
            Document proves to have been incorrect or misleading in any material
            respect when made or repeated or deemed to have been made or
            repeated;

            (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit
            Support Provider of such party or any applicable Specified Entity of
            such party (1) defaults under a Specified Transaction and, after
            giving effect to any applicable notice requirement or grace period,
            there occurs a liquidation of, an acceleration of obligations under,
            or an early termination of, that Specified Transaction, (2)
            defaults, after giving effect to any applicable notice requirement
            or grace period, in making any payment or delivery due on the last
            payment, delivery or exchange date of, or any payment on early
            termination of, a Specified Transaction (or such default continues
            for at least three Local Business Days if there is no applicable
            notice requirement or grace period) or (3) disaffirms, disclaims,
            repudiates or rejects, in whole or in part, a Specified Transaction
            (or such action is taken by any person or entity appointed or
            empowered to operate it or act on its behalf);

            (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule
            as applying to the party, the occurrence or existence of (1) a
            default, event of default or other similar condition or event
            (however described) in respect of such party, any Credit Support
            Provider of such party or any applicable Specified Entity of such
            party under one or more agreements or instruments relating to
            Specified Indebtedness of any of them (individually or collectively)
            in an aggregate amount of not less than the applicable Threshold
            Amount (as specified in the Schedule) which has resulted in such
            Specified Indebtedness becoming, or becoming capable at such time of
            being declared, due and payable under such agreements or
            instruments, before it would otherwise have been due and payable or
            (2) a default by such party, such Credit Support Provider or such
            Specified Entity (individually or collectively) in making one or
            more payments on the due date thereof in an aggregate amount of not
            less than the applicable Threshold Amount under such agreements or
            instruments (after giving effect to any applicable notice
            requirement or grace period);

            (vii) BANKRUPTCY. The party, any Credit Support Provider of such
            party or any applicable Specified Entity of such party:-

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or (B) is not
                  dismissed, discharged, stayed or restrained in each case
                  within 30 days of the institution or presentation thereof; (5)
                  has a resolution passed for its winding-up, official
                  management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its

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                  assets or has a distress, execution, attachment, sequestration
                  or other legal process levied, enforced or sued on or against
                  all or substantially all its assets and such secured party
                  maintains possession, or any such process is not dismissed,
                  discharged, stayed or restrained, in each case within 30 days
                  thereafter; (8) causes or is subject to any event with respect
                  to it which, under the applicable laws of any jurisdiction,
                  has an analogous effect to any of the events specified in
                  clauses (1) to (7) (inclusive); or (9) takes any action in
                  furtherance of, or indicating its consent to, approval of, or
                  acquiescence in, any of the foregoing acts; or

            (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support
            Provider of such party consolidates or amalgamates with, or merges
            with or into, or transfers all or substantially all its assets to,
            another entity and, at the time of such consolidation, amalgamation,
            merger or transfer:-

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

      (b) TERMINATION EVENTS. The occurrence at any time with respect to a party
      or, if applicable, any Credit Support Provider of such party or any
      Specified Entity of such party of any event specified below constitutes an
      Illegality if the event is specified in (i) below, a Tax Event if the
      event is specified in (ii) below or a Tax Event Upon Merger if the event
      is specified in (iii) below, and, if specified to be applicable, a Credit
      Event Upon Merger if the event is specified pursuant to (iv) below or an
      Additional Termination Event if the event is specified pursuant to (v)
      below:-

            (i) ILLEGALITY. Due to the adoption of, or any change in, any
            applicable law after the date on which a Transaction is entered
            into, or due to the promulgation of, or any change in, the
            interpretation by any court, tribunal or regulatory authority with
            competent jurisdiction of any applicable law after such date, it
            becomes unlawful (other than as a result of a breach by the party of
            Section 4(b)) for such party (which will be the Affected Party):-

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

            (ii) TAX EVENT. Due to (x) any action taken by a taxing authority,
            or brought in a court of competent jurisdiction, on or after the
            date on which a Transaction is entered into (regardless of whether
            such action is taken or brought with respect to a party to this
            Agreement) or (y) a Change in Tax Law, the party (which will be the
            Affected Party) will, or there is a substantial likelihood that it
            will, on the next succeeding Scheduled Payment Date (1) be required
            to pay to the other party an additional amount in respect of an
            Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
            interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
            payment from which an amount is required to be deducted or withheld
            for or on account of a Tax (except in respect of interest under
            Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is

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            required to be paid in respect of such Tax under Section 2(d)(i)(4)
            (other than by reason of Section 2(d)(i)(4)(A) or (B));

            (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
            next succeeding Scheduled Payment Date will either (1) be required
            to pay an additional amount in respect of an Indemnifiable Tax under
            Section 2(d)(i)(4) (except in respect of interest under Section
            2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an
            amount has been deducted or withheld for or on account of any
            Indemnifiable Tax in respect of which the other party is not
            required to pay an additional amount (other than by reason of
            Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party
            consolidating or amalgamating with, or merging with or into, or
            transferring all or substantially all its assets to, another entity
            (which will be the Affected Party) where such action does not
            constitute an event described in Section 5(a)(viii);

            (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
            specified in the Schedule as applying to the party, such party
            ("X"), any Credit Support Provider of X or any applicable Specified
            Entity of X consolidates or amalgamates with, or merges with or
            into, or transfers all or substantially all its assets to, another
            entity and such action does not constitute an event described in
            Section 5(a)(viii) but the creditworthiness of the resulting,
            surviving or transferee entity is materially weaker than that of X,
            such Credit Support Provider or such Specified Entity, as the case
            may be, immediately prior to such action (and, in such event, X or
            its successor or transferee, as appropriate, will be the Affected
            Party); or

            (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination
            Event" is specified in the Schedule or any Confirmation as applying,
            the occurrence of such event (and, in such event, the Affected Party
            or Affected Parties shall be as specified for such Additional
            Termination Event in the Schedule or such Confirmation).

      (c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which
      would otherwise constitute or give rise to an Event of Default also
      constitutes an Illegality, it will be treated as an Illegality and will
      not constitute an Event of Default.

6 EARLY TERMINATION

      (a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event
      of Default with respect to a party (the "Defaulting Party") has occurred
      and is then continuing, the other party (the "Non-defaulting Party") may,
      by not more than 20 days notice to the Defaulting Party specifying the
      relevant Event of Default, designate a day not earlier than the day such
      notice is effective as an Early Termination Date in respect of all
      outstanding Transactions. If, however, "Automatic Early Termination" is
      specified in the Schedule as applying to a party, then an Early
      Termination Date in respect of all outstanding Transactions will occur
      immediately upon the occurrence with respect to such party of an Event of
      Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent
      analogous thereto, (8), and as of the time immediately preceding the
      institution of the relevant proceeding or the presentation of the relevant
      petition upon the occurrence with respect to such party of an Event of
      Default specified in Section 5(a)(vii)(4) or, to the extent analogous
      thereto, (8).

      (b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

            (i) NOTICE. If a Termination Event occurs, an Affected Party will,
            promptly upon becoming aware of it, notify the other party,
            specifying the nature of that Termination Event and each Affected
            Transaction and will also give such other information about that
            Termination Event as the other party may reasonably require.

            (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality
            under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
            Affected Party, or if a Tax Event Upon Merger occurs and the
            Burdened Party is the Affected Party, the Affected Party will, as a
            condition to its right to designate an Early Termination Date under

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            Section 6(b)(iv), use all reasonable efforts (which will not require
            such party to incur a loss, excluding immaterial, incidental
            expenses) to transfer within 20 days after it gives notice under
            Section 6(b)(i) all its rights and obligations under this Agreement
            in respect of the Affected Transactions to another of its Offices or
            Affiliates so that such Termination Event ceases to exist.

            If the Affected Party is not able to make such a transfer it will
            give notice to the other party to that effect within such 20 day
            period, whereupon the other party may effect such a transfer within
            30 days after the notice is given under Section 6(b)(i).

            Any such transfer by a party under this Section 6(b)(ii) will be
            subject to and conditional upon the prior written consent of the
            other party, which consent will not be withheld if such other
            party's policies in effect at such time would permit it to enter
            into transactions with the transferee on the terms proposed.

            (iii) TWO AFFECTED PARTIES. If an Illegality under Section
            5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
            each party will use all reasonable efforts to reach agreement within
            30 days after notice thereof is given under Section 6(b)(i) on
            action to avoid that Termination Event.

            (iv) RIGHT TO TERMINATE. If:-

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then continuing,
      designate a day not earlier than the day such notice is effective as an
      Early Termination Date in respect of all Affected Transactions.

      (c) EFFECT OF DESIGNATION.

            (i) If notice designating an Early Termination Date is given under
            Section 6(a) or (b), the Early Termination Date will occur on the
            date so designated, whether or not the relevant Event of Default or
            Termination Event is then continuing.

            (ii) Upon the occurrence or effective designation of an Early
            Termination Date, no further payments or deliveries under Section
            2(a)(i) or 2(e) in respect of the Terminated Transactions will be
            required to be made, but without prejudice to the other provisions
            of this Agreement. The amount, if any, payable in respect of an
            Early Termination Date shall be determined pursuant to Section 6(e).

      (d) CALCULATIONS.

            (i) STATEMENT. On or as soon as reasonably practicable following the
            occurrence of an Early Termination Date, each party will make the
            calculations on its part, if any, contemplated by Section 6(e) and
            will provide to the other party a statement (1) showing, in
            reasonable detail, such calculations (including all relevant
            quotations and specifying any amount payable under Section 6(e)) and
            (2) giving details of the relevant account to which any amount
            payable to it is to be paid. In the absence of written confirmation
            from the source of a quotation obtained in determining a Market
            Quotation, the records of the party obtaining such quotation will be
            conclusive evidence of the existence and accuracy of such quotation.

                                       9
<PAGE>

            (ii) PAYMENT DATE. An amount calculated as being due in respect of
            any Early Termination Date under Section 6(e) will be payable on the
            day that notice of the amount payable is effective (in the case of
            an Early Termination Date which is designated or occurs as a result
            of an Event of Default) and on the day which is two Local Business
            Days after the day on which notice of the amount payable is
            effective (in the case of an Early Termination Date which is
            designated as a result of a Termination Event). Such amount will be
            paid together with (to the extent permitted under applicable law)
            interest thereon (before as well as after judgment) in the
            Termination Currency, from (and including) the relevant Early
            Termination Date to (but excluding) the date such amount is paid, at
            the Applicable Rate. Such interest will be calculated on the basis
            of daily compounding and the actual number of days elapsed.

      (e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs,
      the following provisions shall apply based on the parties' election in the
      Schedule of a payment measure, either "Market Quotation" or "Loss", and a
      payment method, either the "First Method" or the "Second Method". If the
      parties fail to designate a payment measure or payment method in the
      Schedule, it will be deemed that "Market Quotation" or the "Second
      Method", as the case may be, shall apply. The amount, if any, payable in
      respect of an Early Termination Date and determined pursuant to this
      Section will be subject to any Set-off.

            (i) EVENTS OF DEFAULT. If the Early Termination Date results from an
            Event of Default:-

                  (1) First Method and Market Quotation. If the First Method and
                  Market Quotation apply, the Defaulting Party will pay to the
                  Non-defaulting Party the excess, if a positive number, of (A)
                  the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party.

                  (2) First Method and Loss. If the First Method and Loss apply,
                  the Defaulting Party will pay to the Non-defaulting Party, if
                  a positive number, the Non-defaulting Party's Loss in respect
                  of this Agreement.

                  (3) Second Method and Market Quotation. If the Second Method
                  and Market Quotation apply, an amount will be payable equal to
                  (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-Defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4) Second Method and Loss. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

            (ii) TERMINATION EVENTS. If the Early Termination Date results from
            a Termination Event:-

                  (1) One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the

                                       10
<PAGE>

                  Affected Party, respectively, and, if Loss applies and fewer
                  than all the Transactions are being terminated, Loss shall be
                  calculated in respect of all Terminated Transactions.

                  (2) Two Affected Parties. If there are two Affected Parties:-

                        (A) if Market Quotation applies, each party will
                        determine a Settlement Amount in respect of the
                        Terminated Transactions, and an amount will be payable
                        equal to (I) the sum of (a) one-half of the difference
                        between the Settlement Amount of the party with the
                        higher Settlement Amount ("X") and the Settlement Amount
                        of the party with the lower Settlement Amount ("Y") and
                        (b) the Termination Currency Equivalent of the Unpaid
                        Amounts owing to X less (II) the Termination Currency
                        Equivalent of the Unpaid Amounts owing to Y; and

                        (B) if Loss applies, each party will determine its Loss
                        in respect of this Agreement (or, if fewer than all the
                        Transactions are being terminated, in respect of all
                        Terminated Transactions) and an amount will be payable
                        equal to one-half of the difference between the Loss of
                        the party with the higher Loss ("X") and the Loss of the
                        party with the lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

            (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
            Termination Date occurs because "Automatic Early Termination"
            applies in respect of a party, the amount determined under this
            Section 6(e) will be subject to such adjustments as are appropriate
            and permitted by law to reflect any payments or deliveries made by
            one party to the other under this Agreement (and retained by such
            other party) during the period from the relevant Early Termination
            Date to the date for payment determined under Section 6(d)(ii).

            (iv) PRE-ESTIMATE. The parties agree that if Market Quotation
            applies an amount recoverable under this Section 6(e) is a
            reasonable pre-estimate of loss and not a penalty. Such amount is
            payable for the loss of bargain and the loss of protection against
            future risks and except as otherwise provided in this Agreement
            neither party will be entitled to recover any additional damages as
            a consequence of such losses.

7 TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:-

      (a) a party may make such a transfer of this Agreement pursuant to a
      consolidation or amalgamation with, or merger with or into, or transfer of
      all or substantially all its assets to, another entity (but without
      prejudice to any other right or remedy under this Agreement); and

      (b) a party may make such a transfer of all or any part of its interest in
      any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8 CONTRACTUAL CURRENCY

      (a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
      will be made in the relevant currency specified in this Agreement for that
      payment (the "Contractual Currency"). To the extent permitted by
      applicable law, any obligation to make payments

                                       11
<PAGE>

      under this Agreement in the Contractual Currency will not be discharged or
      satisfied by any tender in any currency other than the Contractual
      Currency, except to the extent such tender results in the actual receipt
      by the party to which payment is owed, acting in a reasonable manner and
      in good faith in converting the currency so tendered into the Contractual
      Currency, of the full amount in the Contractual Currency of all amounts
      payable in respect of this Agreement. If for any reason the amount in the
      Contractual Currency so received falls short of the amount in the
      Contractual Currency payable in respect of this Agreement, the party
      required to make the payment will, to the extent permitted by applicable
      law, immediately pay such additional amount in the Contractual Currency as
      may be necessary to compensate for the shortfall. If for any reason the
      amount in the Contractual Currency so received exceeds the amount in the
      Contractual Currency payable in respect of this Agreement, the party
      receiving the payment will refund promptly the amount of such excess.

      (b) JUDGMENTS. To the extent permitted by applicable law, if any judgment
      or order expressed in a currency other than the Contractual Currency is
      rendered (i) for the payment of any amount owing in respect of this
      Agreement, (ii) for the payment of any amount relating to any early
      termination in respect of this Agreement or (iii) in respect of a judgment
      or order of another court for the payment of any amount described in (i)
      or (ii) above, the party seeking recovery, after recovery in full of the
      aggregate amount to which such party is entitled pursuant to the judgment
      or order, will be entitled to receive immediately from the other party the
      amount of any shortfall of the Contractual Currency received by such party
      as a consequence of sums paid in such other currency and will refund
      promptly to the other party any excess of the Contractual Currency
      received by such party as a consequence of sums paid in such other
      currency if such shortfall or such excess arises or results from any
      variation between the rate of exchange at which the Contractual Currency
      is converted into the currency of the judgment or order for the purposes
      of such judgment or order and the rate of exchange at which such party is
      able, acting in a reasonable manner and in good faith in converting the
      currency received into the Contractual Currency, to purchase the
      Contractual Currency with the amount of the currency of the judgment or
      order actually received by such party. The term "rate of exchange"
      includes, without limitation, any premiums and costs of exchange payable
      in connection with the purchase of or conversion into the Contractual
      Currency.

      (c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
      indemnities constitute separate and independent obligations from the other
      obligations in this Agreement, will be enforceable as separate and
      independent causes of action, will apply notwithstanding any indulgence
      granted by the party to which any payment is owed and will not be affected
      by judgment being obtained or claim or proof being made for any other sums
      payable in respect of this Agreement.

      (d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
      sufficient for a party to demonstrate that it would have suffered a loss
      had an actual exchange or purchase been made.

9 MISCELLANEOUS

      (a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
      understanding of the parties with respect to its subject matter and
      supersedes all oral communication and prior writings with respect thereto.

      (b) AMENDMENTS. No amendment, modification or waiver in respect of this
      Agreement will be effective unless in writing (including a writing
      evidenced by a facsimile transmission) and executed by each of the parties
      or confirmed by an exchange of telexes or electronic messages on an
      electronic messaging system.

      (c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
      6(c)(ii), the obligations of the parties under this Agreement will survive
      the termination of any Transaction.

                                       12
<PAGE>

      (d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
      powers, remedies and privileges provided in this Agreement are cumulative
      and not exclusive of any rights, powers, remedies and privileges provided
      by law.

      (e) COUNTERPARTS AND CONFIRMATIONS.

            (i) This Agreement (and each amendment, modification and waiver in
            respect of it) may be executed and delivered in counterparts
            (including by facsimile transmission), each of which will be deemed
            an original.

            (ii) The parties intend that they are legally bound by the terms of
            each Transaction from the moment they agree to those terms (whether
            orally or otherwise). A Confirmation shall be entered into as soon
            as practicable and may be executed and delivered in counterparts
            (including by facsimile transmission) or be created by an exchange
            of telexes or by an exchange of electronic messages on an electronic
            messaging system, which in each case will be sufficient for all
            purposes to evidence a binding supplement to this Agreement. The
            parties will specify therein or through another effective means that
            any such counterpart, telex or electronic message constitutes a
            Confirmation.

      (f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power
      or privilege in respect of this Agreement will not be presumed to operate
      as a waiver, and a single or partial exercise of any right, power or
      privilege will not be presumed to preclude any subsequent or further
      exercise, of that right, power or privilege or the exercise of any other
      right, power or privilege.

      (g) HEADINGS. The headings used in this Agreement are for convenience of
      reference only and are not to affect the construction of or to be taken
      into consideration in interpreting this Agreement.

10 OFFICES; MULTIBRANCH PARTIES

      (a) If Section 10(a) is specified in the Schedule as applying, each party
      that enters into a Transaction through an Office other than its head or
      home office represents to the other party that, notwithstanding the place
      of booking office or jurisdiction of incorporation or organisation of such
      party, the obligations of such party are the same as if it had entered
      into the Transaction through its head or home office. This representation
      will be deemed to be repeated by such party on each date on which a
      Transaction is entered into.

      (b) Neither party may change the Office through which it makes and
      receives payments or deliveries for the purpose of a Transaction without
      the prior written consent of the other party.

      (c) If a party is specified as a Multibranch Party in the Schedule, such
      Multibranch Party may make and receive payments or deliveries under any
      Transaction through any Office listed in the Schedule, and the Office
      through which it makes and receives payments or deliveries with respect to
      a Transaction will be specified in the relevant Confirmation.

11 EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12 NOTICES

      (a) EFFECTIVENESS. Any notice or other communication in respect of this
      Agreement may be given in any manner set forth below (except that a notice
      or other communication under Section 5 or 6 may not be given by facsimile
      transmission or electronic messaging system)

                                       13
<PAGE>

      to the address or number or in accordance with the electronic messaging
      system details provided (see the Schedule) and will be deemed effective as
      indicated:-

            (i) if in writing and delivered in person or by courier, on the date
            it is delivered;

            (ii) if sent by telex, on the date the recipient's answerback is
            received;

            (iii) if sent by facsimile transmission, on the date that
            transmission is received by a responsible employee of the recipient
            in legible form (it being agreed that the burden of proving receipt
            will be on the sender and will not be met by a transmission report
            generated by the sender's facsimile machine);

            (iv) if sent by certified or registered mail (airmail, if overseas)
            or the equivalent (return receipt requested), on the date that mail
            is delivered or its delivery is attempted; or

            (v) if sent by electronic messaging system, on the date that
            electronic message is received,

      unless the date of that delivery (or attempted delivery) or that receipt,
      as applicable, is not a Local Business Day or that communication is
      delivered (or attempted) or received, as applicable, after the close of
      business on a Local Business Day, in which case that communication shall
      be deemed given and effective on the first following day that is a Local
      Business Day.

      (b) CHANGE OF ADDRESSES. Either party may by notice to the other change
      the address, telex or facsimile number or electronic messaging system
      details at which notices or other communications are to be given to it.

13 GOVERNING LAW AND JURISDICTION

      (a) GOVERNING LAW. This Agreement will he governed by and construed in
      accordance with the law specified in the Schedule.

      (b) JURISDICTION. With respect to any suit, action or proceedings relating
      to this Agreement ("Proceedings"), each party irrevocably:-

            (i) submits to the jurisdiction of the English courts, if this
            Agreement is expressed to be governed by English law, or to the
            non-exclusive jurisdiction of the courts of the State of New York
            and the United States District Court located in the Borough of
            Manhattan in New York City, if this Agreement is expressed to be
            governed by the laws of the State of New York; and

            (ii) waives any objection which it may have at any time to the
            laying of venue of any Proceedings brought in any such court, waives
            any claim that such Proceedings have been brought in an inconvenient
            forum and further waives the right to object, with respect to such
            Proceedings, that such court does not have any jurisdiction over
            such party.

      Nothing in this Agreement precludes either party from bringing Proceedings
      in any other jurisdiction (outside, if this Agreement is expressed to be
      governed by English law, the Contracting States, as defined in Section
      1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification,
      extension or re-enactment thereof for the time being in force) nor will
      the bringing of Proceedings in any one or more jurisdictions preclude the
      bringing of Proceedings in any other jurisdiction.

      (c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
      (if any) specified opposite its name in the Schedule to receive, for it
      and on its behalf, service of process in any Proceedings. If for any
      reason any party's Process Agent is unable to act as such, such party will
      promptly notify the other party and within 30 days appoint a substitute
      process agent acceptable to the other party. The parties irrevocably
      consent to service of process given in the manner provided for notices in
      Section 12.

                                       14
<PAGE>

      Nothing in this Agreement will affect the right of either party to serve
      process in any other manner permitted by law.

      (d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest
      extent permitted by applicable law, with respect to itself and its
      revenues and assets (irrespective of their use or intended use), all
      immunity on the grounds of sovereignty or other similar grounds from (i)
      suit, (ii) jurisdiction of any court, (iii) relief by way of injunction,
      order for specific performance or for recovery of property, (iv)
      attachment of its assets (whether before or after judgment) and (v)
      execution or enforcement of any judgment to which it or its revenues or
      assets might otherwise be entitled in any Proceedings in the courts of any
      jurisdiction and irrevocably agrees, to the extent permitted by applicable
      law, that it will not claim any such immunity in any Proceedings.

14 DEFINITIONS

As used in this Agreement:-

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:-

      (a) in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

      (b) in respect of an obligation to pay an amount under Section 6(e) of
      either party from and after the date (determined in accordance with
      Section 6(d)(ii)) on which that amount is payable, the Default Rate;

      (c) in respect of all other obligations payable or deliverable (or which
      would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
      Non-default Rate; and

      (d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

                                       15
<PAGE>

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable

                                       16
<PAGE>

condition precedent) by the parties under Section 2(a)(i) in respect of such
Terminated Transaction or group of Terminated Transactions that would, but for
the occurrence of the relevant Early Termination Date, have been required after
that date. For this purpose, Unpaid Amounts in respect of the Terminated
Transaction or group of Terminated Transactions are to be excluded but, without
limitation, any payment or delivery that would, but for the relevant Early
Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included. The
Replacement Transaction would be subject to such documentation as such party and
the Reference Market-maker may, in good faith, agree. The party making the
determination (or its agent) will request each Reference Market-maker to provide
its quotation to the extent reasonably practicable as of the same day and time
(without regard to different time zones) on or as soon as reasonably practicable
after the relevant Early Termination Date. The day and time as of which those
quotations are to be obtained will be selected in good faith by the party
obliged to make a determination under Section 6(e), and, if each party is so
obliged, after consultation with the other. If more than three quotations are
provided, the Market Quotation will be the arithmetic mean of the quotations,
without regard to the quotations having the highest and lowest values. If
exactly three such quotations are provided, the Market Quotation will be the
quotation remaining after disregarding the highest and lowest quotations. For
this purpose, if more than one quotation has the same highest value or lowest
value, then one of such quotations shall be disregarded. If fewer than three
quotations are provided, it will be deemed that the Market Quotation in respect
of such Terminated Transaction or group of Terminated Transactions cannot be
determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:-

      (a) the Termination Currency Equivalent of the Market Quotations (whether
      positive or negative) for each Terminated Transaction or group of
      Terminated Transactions for which a Market Quotation is determined; and

      (b) such party's Loss (whether positive or negative and without reference
      to any Unpaid Amounts) for each Terminated Transaction or group of
      Terminated Transactions for which a

                                       17
<PAGE>

      Market Quotation cannot be determined or would not (in the reasonable
      belief of the party making the determination) produce a commercially
      reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

                                       18
<PAGE>

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

                                       19
<PAGE>

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

PARTY A
Signed in Sydney on the 18th day of September
2006 for the Commonwealth Bank of Australia
by its duly appointed Attorney under Power of
Attorney dated 3 November 2005 Registered
Book 4475 No. 35 who declares that he/she has
not received notice of revocation of the power

In the presence of

  Witness:  /s/ Jacqueline De Lacy           Attorney:      /s/ Karen Freeman
           ----------------------------                   ---------------------

  Name:     Jacqueline De Lacy               Name:          Karen Freeman

  Title     Associate                        Title:         Manager

  Date:     18 September 2006                Date:          18 September 2006

PARTY B
Signed by Perpetual Limited
by its attorney who declares that he/she has not
received notice of revocation of the power

In the presence of

  Witness:  /s/ Nora McDonnell          Attorney:      /s/ Jennifer Wu
           ----------------------                    ----------------------

  Name:     Nora McDonnell              Name:          Jennifer Wu

  Title     Assistant Manager           Title:         Attorney

  Date:     22 September 2006           Date:          22 September 2006

THE MANAGER
Signed by ME Portfolio Management Limited
by its attorney who declares that he/she has not
received notice of revocation of the power.

                                       20
<PAGE>

In the presence of

  Witness:  /s/ Michael Donohue          Attorney:      /s/ Nicholas Vamvakas
           ---------------------------                ------------------------

  Name:     Michael Donohue              Name:          Nicholas Vamvakas

  Title     Manager Treasury             Title:         GM Financial Markets

  Date:     20 September 2006            Date:          20 September 2006

                                                        /s/ Paul Garvey
                                                      ------------------------

                                         Name:          Paul Garvey

                                         Title:         Manager Capital Markets

                                         Date:          20 September 2006

                                       21
<PAGE>

                                      ISDA

              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE

                                     to the

                                Master Agreement

                          dated as of 22 September 2006

                                     between

               COMMONWEALTH BANK OF AUSTRALIA (ABN 48 123 123 124)
                                   ("PARTY A")

                                       AND

    PERPETUAL LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS TRUSTEE OF THE
                              SECURITISATION FUND
                                   ("PARTY B")

                                       AND

ME PORTFOLIO MANAGEMENT LIMITED (ABN 79 005 964 134) IN ITS CAPACITY AS MANAGER
                           OF THE SECURITISATION FUND
                                   ("MANAGER")

                                     PART 1
                             TERMINATION PROVISIONS

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

(b)   "SPECIFIED TRANSACTION" will not apply.

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

      (ii)  Replace Section 5(a)(i) with:

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

      (iii) Section 5(b)(ii) will not apply if Party A is the sole Affected
            Party (subject to Section 6(aa)(iii) of the Agreement, inserted by
            Part 1(j) of this Schedule).

                                       22
<PAGE>

(d)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
      Insolvency Event (as defined in the Security Trust Deed) has occurred in
      respect of Party A (which will be the Defaulting Party) or Party B (which
      will be the Defaulting Party).".

      However, the parties agree for the purposes of this Agreement that the
      occurrence of an Insolvency Event (as defined in the Security Trust Deed)
      in respect of Party B will not constitute an Event of Default provided
      that:

      (i)   within 30 Local Business Days of that occurrence, Party A, Party B
            and the Manager are able to procure the novation of this Agreement
            and all Transactions to a third party;

      (ii)  the Designated Rating Agencies confirm that the novation will not
            cause a reduction or withdrawal of the rating of the Notes; and

      (iii) Party A, Party B and the Manager agree to execute such a novation
            agreement in a form agreed between the parties.

      For the avoidance of doubt, the occurrence of an Insolvency Event in
      respect of Party B in its personal capacity shall not constitute an Event
      of Default.

(e)   The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):

      will not apply to Party A; and

      will not apply to Party B.

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

      (i)   Market Quotation will apply; and

      (ii)  the Second Method will apply.

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

(h)   "ADDITIONAL TERMINATION EVENT" will apply. The following shall constitute
      an Additional Termination Event:

      (i)   With respect to Class A1 Notes only, Party B becomes obliged to make
            a withholding or deduction in respect of any Class A1 Notes and the
            Class A1 Notes are redeemed as a result.

            For the purposes of this Additional Termination Event both Party A
            and Party B are Affected Parties.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A1 Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A1 Notes.

      (ii)  With respect to Class A2 Notes only, Party B becomes obliged to make
            a withholding or deduction in respect of any Class A2 Notes and the
            Class A2 Notes are redeemed as a result.

                                       23
<PAGE>

            For the purposes of this Additional Termination Event, both Party A
            and Party B are Affected Parties.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A2 Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A2 Notes.

      (iii) An Event of Default (as defined in the Security Trust Deed) occurs
            and the Security Trustee has declared, in accordance with the
            Security Trust Deed, the Class A Offered Notes immediately due and
            payable.

            For the purposes of this Additional Termination Event, Party B is
            the Affected Party.

      (iv)  Party A fails to comply with its obligations under Part 5(v). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

      (v)   Party A fails to comply with its obligations under Part 5(aa). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

(i)   TRANSFER TO AVOID TERMINATION EVENT. In Section 6(b)(ii), after the words
      "another of its Offices or Affiliates" on the seventh line add "(in
      respect of which the Designated Rating Agencies confirm that the transfer
      will not cause a reduction or withdrawal of the ratings for the Notes if
      any)".

(j)   RESTRICTED TERMINATION RIGHTS

      Add a new Section 6(aa) as follows:

      "(aa) Restricted Termination Rights

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

            (ii)  CONSULTATION: Each party may only designate an Early
                  Termination Date following prior consultation with the other
                  party as to the timing of the Early Termination Date. Subject
                  to its duties under the Master Trust Deed and the
                  Supplementary Bond Terms Notice, Party B may exercise its
                  rights only after consultation with and on the instructions of
                  the Note Trustee (if applicable) and only after consultation
                  between Party A and the Note Trustee (if applicable). Party B
                  may only designate an Early Termination Date at the direction
                  of the Manager.

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

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

                                      24
<PAGE>

                  (b)  If a Tax Event occurs where Party A is the Affected
                       Party and Party A is unable to transfer all its rights
                       and obligations under this Agreement and each
                       Transaction to an Affiliate pursuant to Section
                       6(b)(ii), Party A may, at its cost, transfer all its
                       rights, powers and privileges and all its unperformed
                       and future obligations under this Agreement and each
                       Transaction to any person provided that:

                       (A)   each Designated Rating Agency has confirmed in
                             writing that the transfer will not result in a
                             reduction, qualification or withdrawal of the
                             credit ratings then assigned by the them to the
                             relevant Class A Offered Notes; and

                       (B)   that person has a long term credit rating assigned
                             by each of the Designated Rating Agencies of at
                             least the long term credit rating assigned by that
                             Designated Rating Agency to Party A as at the date
                             of this Agreement.

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

                                       25
<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATIONS

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

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

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

      (ii)  the satisfaction of the agreement of the other party contained in
            Section 4(d) of this Agreement; and

      (iii) the accuracy of any representation made by the other party pursuant
            to Section 3(f) of this Agreement;

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

(b)   PAYEE TAX REPRESENTATIONS:

      For the purpose of Section 3(f) of this Agreement:

      (i)   Party A represents that:

            (A)   It is a resident of the Commonwealth of Australia and it is
                  fully eligible for the benefits of the "Business Profits" or
                  "Industrial and Commercial Profits" provision, as the case may
                  be, the "Interest" provision or the "Other Income" provision
                  (if any) of the double tax treaties entered into between the
                  Commonwealth of Australia and other foreign jurisdictions,
                  with respect to any payment described in such provisions and
                  received or to be received by it in connection with this
                  Agreement. Except where the Office specified for the purposes
                  of a particular transaction is located outside the
                  Commonwealth of Australia, no such payment is attributable to
                  a trade or business carried on by it through a permanent
                  establishment located outside the Commonwealth of Australia.

            (B)   Each payment received or to be received by it in connection to
                  a Transaction will be effectively connected with its conduct
                  or a trade or business in the Office through which it entered
                  into that Transaction as determined in accordance with this
                  Agreement.

            (C)   It is a "foreign person" within the meaning of the applicable
                  U.S. Treasury Regulations concerning information reporting and
                  backup withholding tax (as in effect on January 1, 2001),
                  unless Party A provides written notice to Party B that it is
                  no longer a foreign person. In respect of each Transaction it
                  enters into through an office or discretionary agent in the
                  United States or which otherwise is allocated for United
                  States federal income tax purposes

                                       26
<PAGE>

                  to such United States trade or business, each payment received
                  or to be received by it under such Transaction will be
                  effectively connected with its conduct of a trade or business
                  in the United States.

            (D)   In respect of all Transactions (other than those described in
                  (a) above), no payment received or to be received by it in
                  connection with this Agreement is attributable to a trade or
                  business carried on by it through a permanent establishment in
                  the United States.

      (ii)  Party B represents that it is an Australian resident and does not
            derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. Party B further
            represents that it is a non-US person acting out of a non-US office
            or branch.

      (iii) The Manager represents that it is an Australian resident and does
            not derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. The Manager
            further represents that it is a non-US branch of a non-US person for
            United States tax purposes.

                                       27
<PAGE>

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                           DOCUMENT                                      DATE BY WHICH TO BE DELIVERED     COVERED BY SECTION
PARTY REQUIRED TO                                                                                          3(D) REPRESENTATIONS
DELIVER
-----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>                                           <C>                               <C>
Party A, Party B  and      A list of authorised signatories for the                                        Yes
the Manager                party and evidence satisfactory in form       On execution and delivery of
                           and substance to the other parties of the     this Agreement or any relevant
                           authority of the authorised signatories of    Confirmation and at any time
                           the party to execute this Agreement and       on the request of the other
                           each confirmation on behalf of each           party.
                           relevant party.
-----------------------------------------------------------------------------------------------------------------------------------
Party A, Party B and       As reasonably required by any  other party    Upon reasonable request.          Yes
the Manager                any document or certificate in connection
                           with its obligations to make a payment
                           under this Agreement which would enable
                           that party to make the payment free from
                           any deduction or withholding for or on
                           account of Tax or that would reduce the
                           rate at which the deduction or withholding
                           for or on account of Tax is applied to
                           that payment (including, without
                           limitation, any United States Form W-8BEN
                           or other relevant United States tax form).
-----------------------------------------------------------------------------------------------------------------------------------
Party A                    The financial data relating to Party A        If the Manager notifies Party     Yes
                           required to be disclosed by the Manager in    A that the significance
                           the Manager's reasonable judgment pursuant    percentage as computed by the
                           to Item 1115(b)(1) of Regulation AB.          Manager in accordance with
                                                                         Regulation AB is or becomes
                                                                         10% or greater, in accordance
                                                                         with Part 5(aa).
-----------------------------------------------------------------------------------------------------------------------------------
Party A                    The financial statements relating to Party    If the Manager notifies Party     Yes
                           A required to be disclosed by the Manager     A that the significance
                           in the Manager's reasonable judgment          percentage as computed by the
                           pursuant to Item 1115(b)(2) of Regulation     Manager in accordance with
                           AB.                                           Regulation AB is or becomes
                                                                         20% or greater, in accordance
                                                                         with Part 5(aa).
-----------------------------------------------------------------------------------------------------------------------------------
Party A                    A certificate of an authorised person of      At the execution of this          Yes
                           Party A certifying that the information       Agreement and thereafter upon
                           provided by Party A to the Manager for use    the provision of any financial
                           in a prospectus is true and accurate in       data or financial statements
                           all material respects.                        as may be required above.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       28
<PAGE>

<TABLE>
<CAPTION>

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

Party B (where             Copies of any reports or accounts relating    Upon reasonable request by        Yes
applicable) and the        to the Securitisation Fund that are           Party A subject to not being
Manager                    produced for (a) distribution to the Class    obliged to deliver any
                           A Offered Noteholders, or (b) presentation    document if to do so would
                           to the Board of Directors of the Manager      breach or infringe any law or
                           and such other information in the             legally binding obligation or
                           Manager's control regarding the financial     restraint.
                           condition and business operations of the
                           Securitisation Fund as Party A may
                           reasonably require.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       29
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                           DOCUMENT                                      DATE BY WHICH TO BE DELIVERED     COVERED BY SECTION
PARTY REQUIRED TO                                                                                          3(D) REPRESENTATIONS
DELIVER
-----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>                                           <C>                               <C>
Party B and the Manager    Legal opinions as to the validity and         Promptly after entering into      Yes
                           enforceability of the obligations of Party    this Agreement, in the form
                           B and the Manager under this Agreement,       previously agreed with the
                           the Master Trust Deed, the Note Trust         other parties.
                           Deed, the Security Trust Deed and the
                           Class A Offered Notes in form and
                           substance and issued by legal counsel
                           reasonably acceptable to Party A.
-----------------------------------------------------------------------------------------------------------------------------------
Manager                    Copies of the Master Trust Deed, the Note     On execution and delivery of      Yes
                           Trust Deed, the Supplementary Bond Terms      this Agreement.
                           Notice and the Security Trust Deed
                           certified to be true copies by two
                           authorised signatories of the Manager.
-----------------------------------------------------------------------------------------------------------------------------------
Manager                    A copy of any document amending or varying    Promptly upon any such            Yes
                           the terms of the Master Trust Deed, the       document becoming effective in
                           Security Trust Deed, the Note Trust Deed      accordance with its terms.
                           or the Supplementary Bond Terms Notice
                           certified to be a true copy by two
                           authorised signatories of the Manager.
-----------------------------------------------------------------------------------------------------------------------------------
Party A                    A legal opinion by Party A's internal         Promptly after entering into      Yes
                           counsel as previously provided to the         this Agreement.
                           Designated Rating Agencies.

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       30
<PAGE>

                                     PART 4
                                  MISCELLANEOUS

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

      (i)   ADDRESS FOR NOTICES TO PARTY A:

            All notices to PARTY A under Sections 5 or 6 of this Agreement
            (other than Section 5(a)(i)) shall be sent to:

            Level 1

            120 Pitt Street

            Sydney NSW 2000

            Australia

            Attention:     Executive Manager, Global Markets Documentation

            Telephone No:  02 9312 0522

            Facsimile No:  02 9312 0106

            All other notices to PARTY A shall be sent directly to the Office
            through which Party A is acting for the relevant Transaction, using
            the address and contact particulars specified in the Confirmation of
            that Transaction or otherwise notified.

      (ii)  ADDRESS FOR NOTICES TO PARTY B:

            Level 12

            123 Pitt Street

            Sydney NSW 2000

            Australia

            Attention:  Manager, Securitisation

            Telephone:  (612) 9229 9000

            Facsimile:  (612) 9221 7870

      (iii) ADDRESS FOR NOTICES TO MANAGER:

            Level 23

            360 Collins Street

            Melbourne  VIC 3000

            Australia

            Attention:  Settlements Officer

            Telephone:  (613) 9605 6000

            Facsimile:  (613) 9605 6228

(b)   PROCESS AGENT. For the purposes of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent:  Nil.

      Party B appoints as its Process Agent:  Nil.

                                       31
<PAGE>

(c)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

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

      Party A is a Multibranch Party and may act through its Sydney and
      Melbourne offices.

      Party B is not a Multibranch Party.

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

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

      (i)   In relation to Party A: Nil

      (ii)  In relation to Party B: Security Trust Deed.

(g)   CREDIT SUPPORT PROVIDER. Credit Support Provider means:

      (i)   In relation to Party A: Nil.

      (ii)  In relation to Party B: Nil

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

      Section 13(b)(i) is deleted and replaced with the following:

      "(i)  submits to the non-exclusive jurisdiction of the courts of New South
            Wales and courts of appeal from them and a reference in section
            13(b)(ii) to "such court" is a reference to those courts.

(i)   NETTING OF PAYMENTS. Unless otherwise agreed between Party A and Party B
      (at the direction of the Manager), sub-paragraph (ii) of Section 2(c) of
      this Agreement will not apply in respect of all Transactions.

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

                                       32
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                                     PART 5
                                OTHER PROVISIONS

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

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

(b)   In Section 2(a)(ii), after "freely transferable funds" add "free of any
      set-off, counterclaim, deduction or withholding (except as expressly
      provided in this Agreement)".

(c)   Insert new Sections 2(a)(iv) and (v) as follows:

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

      (v)   Where:

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

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

            then Party A's obligation to make the Party A Payment to Party B
            shall be subject to the condition precedent (which shall be an
            "applicable condition precedent" for the purpose of Section
            2(a)(iii)(3)) that Party A first receives the Party B Payment or
            confirmation from Party B's bank that it holds irrevocable
            instructions to effect payment of the Party B Payment and that funds
            are available to make that payment."

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

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

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

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

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

(g)   ADDITIONAL REPRESENTATIONS. In Section 3:

      (i)   add the following in section 3(a)(v) after the words "creditors
            rights generally":

            "(including in the case of a party being an ADI (as that term is
            defined in the Reserve Bank Act 1959 (Cth)), sections 11F and 13A(3)
            of the Banking Act 1959 (Cth) or any other analogous provision under
            any law applicable to a party)".

                                       33
<PAGE>

      (ii)  add the following immediately after paragraph (f):

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

(h)   Party B also represents to Party A (which representations will be deemed
      to be repeated by Party B on each date on which a Transaction is entered
      into) that:

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

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

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

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

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

      (vi)  INDEMNITY. Party B has not committed any fraud, negligence or Wilful
            Default which would prejudice its right of indemnity out of the
            Securitisation Fund.

(i)   In Section 4 add a new paragraph as follows:

            "(f)  CONTRACTING AS PRINCIPAL. Party A will enter into all
                  Transactions as principal and not otherwise and Party B will
                  enter into all Transactions in its capacity as trustee of the
                  Securitisation Fund and not otherwise."

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

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

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

(m)   Section 12 is amended as follows by replacing Section 12(a)(iii) with:

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

                                       34
<PAGE>

(n)   Definitions and interpretation.

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

            "COMMISSION" means the United States Securities and Exchange
            Commission.

            "EXCHANGE ACT" means the United States Securities Exchange Act of
            1934, as amended.

            "MASTER TRUST DEED" means the Master Trust Deed dated 4 July 1994
            (as amended and restated) made between the Manager (formerly called
            Superannuation Members' Home Loans Limited) as manager and Party B
            (formerly called Perpetual Trustees Australia Limited) as trustee,
            pursuant to which the trust funds, collectively known as
            "Superannuation Members' Home Loans Trusts" are constituted,
            including the Securitisation Fund.

            "RATING AGENCY CONFIRMATION" means, at any time, a confirmation from
            each Designated Rating Agency that there will not be a downgrade or
            withdrawal of the rating of any of the Notes at that time.

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

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

            "SECURITY TRUST DEED" means the Security Trust Deed dated 17 August
            2006 between Party B, the Manager, the Security Trustee and the Note
            Trustee.

            "SIGNIFICANCE PERCENTAGE" has the meaning given to it in Item 1115
            of Regulation AB.

            "SWAP FINANCIAL DISCLOSURE" means, if the Manager determines
            reasonably and in good faith that the significance percentage of
            this Agreement is or has become:

            (a)   10% or more, the information set forth in Item 1115(b)(1) of
                  Regulation AB; or

            (b)   20% or more, the information set forth in Item 1115(b)(2) of
                  Regulation AB.

            "SWAP FINANCIAL DISCLOSURE REQUEST" means a request by the Manager
            or Party B for Party A to provide the Swap Financial Disclosure
            pursuant to Part 5(aa)(iii) of the Schedule to this Agreement.

            "WILFUL DEFAULT" in relation to Party B means a wilful default of
            this Agreement by Party B:

            (a)   other than a default which:

                  (A)   arises out of a breach of a Transaction Document by a
                        person other than Party B or any person referred to in
                        paragraph (c) in relation to Party B;

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

                                       35
<PAGE>

            (b)   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)
                  incurred in complying with this Agreement from the
                  Securitisation Fund.

            (c)   A reference to the "fraud", "negligence" or "Wilful Default"
                  of Party B means the fraud, negligence or Wilful Default of
                  Party B and of its officers or employees, but not of its
                  agents or delegates, unless Party B is liable for the acts or
                  omissions of such other person under the terms of this
                  Agreement.

      (ii)  Each of the following expressions has the meanings given to them in
            the Master Trust Deed and the Security Trust Deed (as the case may
            be) provided that in the event of any inconsistency those in the
            Security Trust Deed will prevail:

            "CHARGED PROPERTY"

            "CURRENCY SWAP"

            "DESIGNATED RATING AGENCY"

            "EXPENSE"

            "EXTRAORDINARY RESOLUTION"

            "NOTE TRUSTEE"

            "NOTE TRUST DEED"

            "OUTSTANDING PRINCIPAL BALANCE"

            "PAYING AGENT"

            "PRINCIPAL PAYING AGENT"

            "PRIOR INTEREST"

            "SECURED CREDITOR"

            "SECURED DOCUMENT"

            "SECURED MONEYS"

            "SECURITY TRUSTEE"

            "SECURITISATION FUND"

            "SUPPLEMENTARY BOND TERMS NOTICE"

            "TRANSACTION DOCUMENT"

      (iii) The expressions "CLASS A OFFERED NOTES", "CLASS A OFFERED
            NOTEHOLDER", "CLASS A1 NOTES", "CLASS A2 NOTES", "INVESTED AMOUNT"
            and "NOTES" have the meanings given to them in the Supplementary
            Bond Terms Notice.

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

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

                                       36
<PAGE>

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

      (ii)  Party A is a Secured Creditor; and

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

      (iv)  this Agreement is a "Currency Swap" and a "Transaction Document" and
            Party A is a "Currency Swap Provider" in respect of the
            Securitisation Fund.

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

(q)   Any reference to a:

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

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

(r)   New Sections 15, 16 and 17 are added as follows:

      "15.  CAPACITY OF PARTY B AND THE MANAGER

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

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

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

            (d)   It is acknowledged that the Manager is responsible under the
                  Master Trust Deed for performing a variety of obligations
                  relating to the Securitisation Fund, including under this
                  Agreement. No act or omission of Party B

                                       37
<PAGE>

                  (including any related failure to satisfy its obligations or
                  breach of a representation or warranty under this Agreement)
                  will be considered fraud, negligence or Wilful Default of
                  Party B for the purpose of paragraph (c) of this Section 15 to
                  the extent to which the act or omission was caused or
                  contributed to by any failure by the Manager or any other
                  person to fulfil its obligations relating to the
                  Securitisation Fund or by any other act or omission of the
                  Manager or any other person.

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

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this Agreement has authority to act on
                  behalf of Party B in a way which exposes Party B to any
                  personal liability and no act or omission of any such person
                  will be considered fraud, negligence or Wilful Default of
                  Party B for the purpose of paragraph (c) of this Section 15.

            (g)   Subject to the provisions related to deemed receipt of notices
                  and other communications under this Agreement, Party B will
                  only be considered to have knowledge or awareness of, or
                  notice of, any thing, or grounds to believe any thing, by
                  virtue of the officers of Party B having day to day
                  responsibility for the administration or management of Party
                  B's obligations in relation to the Securitisation Fund having
                  actual knowledge, actual awareness or actual notice of that
                  thing, or grounds or reason to believe that thing (and similar
                  references will be interpreted in this way). In addition,
                  notice, knowledge or awareness of an Event of Default or other
                  default (howsoever described) means notice, knowledge or
                  awareness of the occurrence of the events or circumstances
                  constituting that Event of Default or other default (as the
                  case may be).

            (h)   In this Agreement, except where expressly provided to the
                  contrary:

                  (i)   a reference to Party B is a reference to Party B in its
                        capacity as trustee of the Securitisation Fund only, and
                        in no other capacity; and

                  (ii)  a reference to the undertaking, assets, business, money
                        or any other thing of or in relation to Party B is a
                        reference to such undertaking, assets, business, money
                        or other thing of or in relation to Party B only in its
                        capacity as trustee of the Securitisation Fund, and in
                        no other capacity.

            (i)   The provision of this Section 15:

                  (i)   are paramount and apply regardless of any other
                        provision of this Agreement or any other instrument,
                        even a provision which seeks to apply regardless of any
                        other provision;

                  (ii)  survive and endure beyond any termination of this
                        Agreement for any reason; and

                  (iii) are not severable from this Agreement.

      16.   REPLACEMENT SWAP TRANSACTION

            (a)   If any Transaction under this Agreement is terminated, Party B
                  must, subject to paragraph (b), at the direction of the
                  Manager, enter into one or more swaps which replace those
                  Transactions (collectively a "REPLACEMENT SWAP TRANSACTION")
                  but only on the following conditions:

                                       38
<PAGE>

                  (i)   the amount payable under Section 6(e) (if any) by Party
                        B to Party A upon termination of any Transactions will
                        be paid in full when due in accordance with the
                        Supplementary Bond Terms Notice and this Agreement;

                  (ii)  the Designated Rating Agencies confirm that the
                        Replacement Swap Transaction will not cause a reduction
                        or withdrawal of the ratings of the Notes; and

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

            (b)   If the conditions in Section 16(a) are satisfied, Party B
                  must, provided it is satisfied with the terms of the
                  Replacement Swap Transaction, acting reasonably and
                  considering the interests of Class A Offered Noteholders, at
                  the direction of the Manager, enter into the Replacement Swap
                  Transaction and if it does it must direct the Replacement Swap
                  Transaction provider to pay any upfront premium to enter into
                  the Replacement Swap Transaction due to Party B directly to
                  Party A in satisfaction of and to the extent of Party B's
                  obligation to pay an amount to Party A as referred to in
                  Section 16(a)(i) and to the extent that such premium is not
                  greater than or equal to the amount referred to in Section
                  16(a)(i), the balance must be satisfied by Party B as an
                  Expense of the Securitisation Fund.

            (c)   If Party B enters into a Replacement Swap Transaction pursuant
                  to paragraph (a), Party B must direct Party A to pay any
                  amount payable under Section 6(e) by Party A to Party B on
                  termination of this Agreement or any Transaction directly to
                  the Replacement Swap Transaction provider as payment of and to
                  the extent of any premium payable by Party B to enter into the
                  Replacement Swap Transaction, in satisfaction of and to the
                  extent of Party A's obligation to pay that part of the amount
                  payable under Section 6(e) to Party B.

      17.   SEGREGATION

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

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

            (ii)  representations made and agreements entered into by the
                  parties under this Agreement are made and entered separately
                  and severally in respect of

                                       39
<PAGE>

                  each Relevant Swap Transaction and may be enforced separately
                  and severally in respect of each Relevant Swap Transaction;

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

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

(s)   TELEPHONE RECORDING: Each party:

      (i)   consents to the recording of the telephone conversations of trading
            and marketing personnel of that party and its Affiliates in
            connection with this Agreement or any potential transaction; and

      (ii)  agrees to obtain any necessary consent of, and give notice of such
            recording to, such personnel of it and its Affiliates; and

      (iii) will provide transcripts of such recordings (if any) upon reasonable
            request by another party; and

      (iv)  acknowledges that, to the extent permitted by applicable law, such
            recordings and transcripts can be used as evidence by another party
            in any dispute between them.

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

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

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

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

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

                                       40
<PAGE>

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

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

      Subject to Section 15, Party B agrees that it is bound by anything the
      Manager does under this Part 5(u).

      Party A is not obliged to enquire into the authority of the Manager to
      exercise or satisfy any of Party B's rights or obligations on Party B's
      behalf.

(v)   RATINGS DOWNGRADE:

      (i)   In the event that the unsecured and unsubordinated debt obligations
            of Party A (or any applicable assignee or its guarantor) shall have
            (1) a long term credit rating of less than AA- by S&P and a
            short-term credit rating of less than A-1+ by S&P, or (2) a long
            term credit rating of less than A2 by Moody's and a short term
            credit rating of less than P-1 by Moody's, or (3) a long term credit
            rating of less than BBB+ by Fitch Ratings and a short term credit
            rating of less than F2 by Fitch Ratings and Party B does not receive
            written affirmation of the then current rating of the Notes, then
            Party A shall immediately notify the Designated Rating Agencies and
            Party B and within 5 Local Business Days (or 30 Local Business Days
            if the downgrade is to no less than A- (S&P long term) and A-1 (S&P
            short term) and A3 (Moody's long term) and A+ (Fitch long term) and
            F1 (Fitch short term)) of such downgrade (unless during this period,
            Party A and Party B receive written confirmation from S&P, Fitch
            Ratings and Moody's that such downgrade would not result in the
            Notes either being downgraded or placed under review for possible
            downgrade) at its cost either:

            (A)   put in place an appropriate mark-to-market collateral
                  agreement (consisting of either cash or securities) which is
                  based either on S&P's New Interest Rate and Currency Swap
                  Criteria published in February 2004 (as may be amended from
                  time to time), Moody's Framework for De-Linking Hedge
                  Counterparty Risks from Global Structured Finance Cashflow
                  Transactions published May 2006 (as amended from time to
                  time), Fitch Ratings' Counterparty Risk in Structured Finance
                  Transactions: Swap Criteria published on 13 September 2004 (as
                  amended from time to time) or on any other agreement reached
                  between the parties (whichever of these has the highest
                  ratings criteria), in support of its obligations under the
                  Agreement, PROVIDED that Party A and Party B receive prior
                  written confirmation from S&P, Fitch Ratings and Moody's that
                  the rating assigned to the Notes then outstanding by S&P,
                  Fitch Ratings and Moody's is not adversely affected by the
                  downgrade following such collateral arrangements being put in
                  place and PROVIDED FURTHER that this Part 5(v)(i)(A) will not
                  apply where the long term credit rating falls to BBB+ (or
                  less) by Fitch Ratings and the short term credit rating falls
                  to F2 (or less) by Fitch Ratings;

            (B)   transfer all its rights and obligations with respect to this
                  Agreement to a replacement third party, which each Designated
                  Rating Agency has provided its Rating Agency Confirmation,
                  whose unsecured and unsubordinated debt obligations have (1) a
                  long term credit rating of at least AA- by S&P and a
                  short-term credit rating of at least A-1+ by S&P, or (2) a

                                       41
<PAGE>

                  long term credit rating of at least A2 by Moody's and a short
                  term credit rating of at least P-1 by Moody's, or (3) a long
                  term credit rating of at least A+ by Fitch Ratings and a short
                  term credit rating of at least F1 by Fitch Ratings;

            (C)   procure that its obligations with respect to this Agreement
                  are guaranteed by a third party resident outside Australia
                  whose unsecured and unsubordinated debt obligations have (1) a
                  long term credit rating of at least AA- by S&P and a
                  short-term credit rating of at least A-1+ by S&P, or (2) a
                  long term credit rating of at least A2 by Moody's and a short
                  term credit rating of at least P-1 by Moody's, or (3) a long
                  term credit rating of at least A+ by Fitch Ratings and a short
                  term credit rating of at least F1 by Fitch Ratings; or

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

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

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

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

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

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

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

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

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

            (F)   making interest payments to Party A as contemplated by Part
                  5(v)(v).

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

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

(w)   EXCHANGE CONTROLS

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

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

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

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

                  Nothing in this Section 5(b)(i) limits the rights of Party A
                  or Party B in relation to any other Termination Event or Event
                  of Default resulting from such event including any rights of
                  Party A or Party B arising as a result of a failure by Party A
                  or Party B to make any payment in accordance with this
                  Agreement."

(x)   TRANSFER

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

            "a party may make such a transfer in accordance with this Agreement
            or the Security Trust Deed".

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

(y)   PARTY B'S PAYMENT INSTRUCTIONS

      Party B irrevocably authorises and instructs Party A to make payment of:

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

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

(z)   NO AMENDMENT

      (i)   Each of Party B and the Manager agrees that it will not consent to
            any amendment to any provision in any Transaction Document dealing
            with the ranking, priority or entitlement of Party A in respect of
            any security or moneys without the prior written consent of Party A.

      (ii)  No amendment may be made to this agreement unless each of the
            Designated Rating Agencies has provided a Rating Agency
            Confirmation.

                                       42
<PAGE>

(aa)  REGULATION AB FINANCIAL DISCLOSURE

      (i)   Party A acknowledges that for so long as there are reporting
            obligations with respect to any Transaction under this Agreement
            under Regulation AB, the Manager is required under Regulation AB to
            disclose certain information set forth in Regulation AB regarding
            Party A or its group of affiliated entities, if applicable,
            depending on the aggregate significance percentage of this Agreement
            and any other derivative contracts between Party A or its group of
            affiliated entities, if applicable, and Party B, as calculated from
            time to time in accordance with Item 1115 of Regulation AB.

      (ii)  If the Manger determines, reasonably and in good faith, that the
            significance percentage of this Agreement is or has become:

            (A)   10% or more; or

            (B)   20% or more,

            then on any Local Business Day after the date of such determination,
            Party B (at the direction of the Manager) or the Manager may request
            Party A to provide the relevant Swap Financial Disclosure.

      (iii) Party A, at its own expense, shall within four Local Business Days
            after receipt of a Swap Financial Disclosure Request provide the
            Manager with the relevant Swap Financial Disclosure.

      (iv)  If Party A is not able to provide the relevant Swap Financial
            Disclosure in accordance with Part 5(aa)(iii) of this Schedule, then
            Party A at its own expense, shall secure another entity to replace
            Party A as party to this Agreement on terms substantially similar to
            this Agreement which entity is able to and will provide the Swap
            Financial Disclosure for such entity within the time period
            specified in Part 5(aa)(iii) of this Schedule (subject to Rating
            Agency Confirmation having been obtained and to approval by the
            Manager (which approval will not be unreasonably withheld or
            delayed)).

      (v)   The parties agree that, if permitted by Regulation AB, any required
            Swap Financial Disclosure may be provided by incorporation by
            reference from reports filed pursuant to the Exchange Act.

                                       43
<PAGE>

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

PARTY A

Signed in Sydney on the 18th day of
September 2006 for Commonwealth Bank
of Australia by its duly appointed Attorney
under Power of Attorney dated 3 November
2005 Registered Book 4475 No. 35 who
declares that he/she has not received
notice of revocation of the power

In the presence of

  Witness:  /s/ Jacqueline De Lacy         Attorney:      /s/ Karen Freeman
           -------------------------                    ----------------------

  Name:     Jacqueline De Lacy             Name:          Karen Freeman

  Title     Associate                      Title:         Manager

  Date:     18 September 2006              Date:          18 September 2006

PARTY B

Signed by Perpetual Limited
by its attorney who declares that he/she
has not received notice of revocation of the
power

In the presence of

  Witness:  /s/ Nora McDonnell          Attorney:      /s/ Jennifer Wu
           -----------------------                   -----------------------

  Name:     Nora McDonnell              Name:          Jennifer Wu

  Title     Assistant Manager           Title:         Attorney

  Date:     22 September 2006           Date:          22 September 2006

THE MANAGER

Signed by ME Portfolio Management
Limited
by its attorney who declares that he/she
has not received notice of revocation of the
power.

                                       44
<PAGE>

In the presence of

  Witness:  /s/ Michael Donohue        Attorney:      /s/ Nicholas Vamvakas
           ------------------------                 -------------------------

  Name:     Michael Donohue            Name:          Nicholas Vamvakas

  Title     Treasury Manager           Title:         GM Financial Markets

  Date:     20 September 2006          Date:          20 September 2006

                                                      /s/ Paul Garvey
                                                    -------------------------

                                       Name:          Paul Garvey

                                       Title:         Manager Capital Markets

                                       Date:          20 September 2006

                                       45

<PAGE>

To:               Perpetual Limited (ABN 86 000 431 827) as trustee for
                  SMHL Global Fund No. 9
                  C/o ME Portfolio Management Limited

Copy To:          ME Portfolio Management Limited (ABN 79 005 964 134) as
                  manager of the SMHL Global Fund No. 9

Attention:        Derivative Operations

Facsimile no.:    +613 9605 6228

RE:               CROSS CURRENCY SWAP TRANSACTION

OUR REFERENCE:    91637

Ladies and Gentlemen:

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between Commonwealth Bank of Australia (ABN 48 123 123
124) ("PARTY A") and ME Portfolio Management Limited (ABN 79 005 964 134) as
manager of the SMHL Global Fund No. 9 ("MANAGER") and for Perpetual Limited (ABN
86 000 431 827) as trustee of the SMHL Global Fund No. 9 ("PARTY B") on the
Trade Date specified below (the "TRANSACTION"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps and Derivatives Association, Inc. (the
"DEFINITIONS") are incorporated by reference herein. Any terms used and not
otherwise defined herein, which are contained in the Definitions, shall have the
meaning set forth therein. This Confirmation incorporates the attached
Definitions Schedule which forms part of, and is subject to this Confirmation.
In the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation will prevail for the purposes of this Transaction.

Where in this Confirmation a word or expression is defined by reference to the
Supplementary Bond Terms Notice or there is a reference to the Supplementary
Bond Terms Notice, any amendment to the meaning of the word or expression or to
the Supplementary Bond Terms Notice will be of no effect for the purposes of
this Confirmation unless and until the amendment is consented to by all parties
to this Confirmation.

For the purpose of this Confirmation, all references in the Definitions or the
Agreement to a "Swap Transaction" shall be deemed to be references to this
Transaction.

1. This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement dated as of 22 September 2006, (as the same may be amended or
supplemented from time to time, the "AGREEMENT"), between Party A, Party B and
the Manager. All provisions contained in the Agreement shall govern this
Confirmation except as expressly modified below.

                                       46
<PAGE>

2.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

1.    TRADE DATE:              28 September 2006

2.    EFFECTIVE DATE:          11 October 2006

3.    TERMINATION DATE:        The date of redemption of the Class A1 Notes in
                               accordance with clause 3.4 of the Supplementary
                               Bond Terms Notice.

4.    FLOATING AMOUNTS

4.1   FLOATING AMOUNTS
      PAYABLE BY PARTY A:

      (A) Floating Rate        Party A
          Payer:

          Calculation Amount:  For each Floating Rate Payer Payment Date, the
                               aggregate Invested Amount of the Class A1 Notes
                               as at the end of the first day of the Quarterly
                               Interest Period ending on but excluding that
                               Floating Rate Payer Payment Date (after taking
                               into account any reductions in the Invested
                               Amount of the Class A1 Notes on that day)
                               provided that the Calculation Amount for any
                               Floating Rate Payer Payment Date cannot be higher
                               than the Calculation Amount for the previous
                               Floating Rate Payer Payment Period Date (or
                               US$1,340,000,000.00 in the case of the first
                               Floating Rate Payer Payment Date).

          Party A Floating     Commencing on the 9th November 2006 and quarterly
          Rate Payer Payment   thereafter on the 9th day of February, May,
          Dates:               August and November of each calendar year up to
                               and including the Termination Date, subject to
                               adjustment in accordance with the Modified
                               Following Business Day Convention.

          Party A Floating     USD-LIBOR-BBA
          Rate Option:

          Floating Rate Day    Actual/360
          Count Fraction:

          Reset Dates:         The first Business Day of each Quarterly Interest
                               Period.

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Party A Spread:      In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.06%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.12%.

                                       47
<PAGE>

      (B) Floating Rate Payer: Party A

          Calculation Amount:  An amount equal to the Class A1 Unpaid Interest
                               Amount in relation to that Floating Rate Payer
                               Payment Date.

          Floating Rate Payer  Commencing on the 9th November 2006 and quarterly
          Payment Dates:       thereafter on the 9th day of February, May,
                               August and November of each calendar year up to
                               and including the Termination Date, subject to
                               adjustment in accordance with the Modified
                               Following Business Day Convention.

          Floating Rate        USD-LIBOR-BBA
          Option:

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Spread:              In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.06%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.12%.

          Floating Rate Day    Actual/360
          Count Fraction:

          Reset Dates:         The first Business Day of each Quarterly Interest
                               Period

          Compounding          Inapplicable

      (C) Class A1 Unpaid      On each Floating Rate Payer Payment Date Party A
          Interest Amount      will pay to Party B an amount equal to the Class
                               A1 Unpaid Interest Amount, if any, in relation to
                               that Floating Rate Payer Payment Date.

4.2   FLOATING AMOUNTS
      PAYABLE BY PARTY B:

      (A) Floating Rate        Party B
          Payer:

          Calculation Amount:  For each Floating Rate Payer Payment Date, the A$
                               Equivalent of the aggregate Invested Amount of
                               the Class A1 Notes as at the end of the first day
                               of the Quarterly Interest Period referrable to a
                               Floating Rate Payer Payment Date (after taking
                               into account any reductions in the Invested
                               Amount of the Class A1 Notes on that day)
                               provided that the Calculation Amount for any
                               Floating Rate Payment Date cannot be higher than
                               the Calculation Amount for the previous Floating
                               Rate Payer Payment Period Date (or
                               A$1,774,834,437.09 in the case of the first
                               Floating Rate Payer Payment Date).

                                       48
<PAGE>

          Party B Floating     Commencing on the 9th November 2006 and quarterly
          Rate Payer Payment   thereafter on the 9th day of February, May,
          Dates:               August and November of each calendar year up to
                               and including the Termination Date, subject to
                               adjustment in accordance with the Modified
                               Following Business Day Convention.

          Party B Floating     AUD-BBR-BBSW
          Rate Option:

          Party B Floating     Actual/365 (Fixed)
          Rate Day Count
          Fraction

          Reset Dates          The first day of each Quarterly Interest Period

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period)

          Party B Spread:      In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.1437%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.2237%.

      (B) Floating Rate        Party B
          Payer:

          Calculation Amount:  An amount equal to the A$ Class A1 Unpaid
                               Interest Amount in relation to that Floating Rate
                               Payer Payment Date.

          Floating Rate Payer  Commencing on the 9th November 2006 and quarterly
          Payment Dates:       thereafter on the 9th day of February, May,
                               August and November of each calendar year up to
                               and including the Termination Date, subject to
                               adjustment in accordance with the Modified
                               Following Business Day Convention.

          Floating Rate        AUD-BBR-BBSW
          Option:

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Spread:              In respect of:

                               (a)      Floating Rate Payer Payment Dates prior
                                        to 9 August 2012 (or if that day is not
                                        a Business Day, the next following
                                        Business Day), 0.1437%; and

                               (b)      Floating Rate Payer Payment Dates on and
                                        after 9 August 2012 (or if that day is
                                        not a Business Day, the next following
                                        Business Day), 0.2237%.

                                       49
<PAGE>

          Floating Rate Day    Actual/365 (Fixed)
          Count Fraction:

          Reset Dates          The first day of each Quarterly Interest Period

          Compounding:         Inapplicable

      (C) A$ Class A1 Unpaid   On each Floating Rate Payer Payment Date Party B
          Interest Amount      will pay to Party A an amount equal to the A$
                               Class A1 Unpaid Interest Amount, if any, in
                               relation to that Floating Rate Payer Payment
                               Date.

4.3   PROPORTIONAL ADJUSTMENT  If the A$ Class A1 Interest Payment in relation
      OF FLOATING AMOUNTS      to a Quarterly Payment Date will be less than the
                               aggregate of the Floating Amounts payable by
                               Party B to Party A on that Quarterly Payment Date
                               (including any A$ Class A1 Unpaid Interest
                               Amount), Party A may, in its discretion, elect,
                               by notice in writing to Party B and the Manager
                               (such notice to be received by both such parties
                               prior to that Quarterly Payment Date), to pay to
                               Party B on that Quarterly Payment Date (in return
                               for payment by Party B of the A$ Class A1
                               Interest Payment and in lieu of the Floating
                               Amounts that would otherwise be payable by Party
                               A to Party B on that Quarterly Payment Date) a
                               proportion of the Floating Amounts that would
                               otherwise be payable by Party A to Party B on
                               that Quarterly Payment Date (including any Class
                               A1 Unpaid Interest Amounts) being the same
                               proportion as the A$ Class A1 Interest Payment
                               bears to the Floating Amounts payable by Party B
                               to Party A on that Quarterly Payment Date.

                               Notwithstanding any election by Party A pursuant
                               to this paragraph 4.3, a failure by Party B to
                               pay to Party A the full amount of the Floating
                               Amounts payable by Party B on a Quarterly Payment
                               Date constitutes a failure to pay for the
                               purposes of Section 5(a)(i) of the Agreement.

5.    EXCHANGES

5.1   INITIAL EXCHANGE:

          Initial Exchange     Effective Date
          Date:

          Party A Initial      The A$ Equivalent of the Party B Initial Exchange
          Exchange Amount:     Amount, being A$1,774,834,437.09

          Party B Initial      The total Invested Amount of the Class A1 Notes
          Exchange Amount:     on the Effective Date, being US$1,340,000,000.00

                               Notwithstanding Section 2(a)(ii) of the
                               Agreement, Party A must pay the Party A Initial
                               Exchange Amount to Party B by 4.00pm (Sydney
                               time) on the Initial Exchange Date and Party B
                               must pay Party A the Party B Initial Exchange
                               Amount by 4.00pm (London time) on the Initial
                               Exchange Date. Section 2(a)(v) does not apply to
                               the payment of the Party A Initial Exchange
                               Amount.

                                       50
<PAGE>

5.2   INTERIM (INSTALMENT)
      EXCHANGE:

          Interim Exchange     Each Quarterly Payment Date (other than the Final
          Date:                Exchange Date)

          Party A Interim      In respect of an Instalment Exchange Date means
          Exchange Amount:     the US$ Equivalent of the A$ Class A1 Principal
                               in relation to the Quarterly Payment Date
                               occurring on that Instalment Exchange Date.

          Party B Interim      In respect of an Instalment Exchange Date means
          Exchange Amount:     the A$ Class A1 Principal in relation to the
                               Quarterly Payment Date occurring on that
                               Instalment Exchange Date.

5.3   FINAL EXCHANGE:

          Final Exchange       Termination Date
          Date:

          Party A Final        The US$ Equivalent of the A$ Class A1 Principal
          Exchange Amount:     in relation to the Quarterly Payment Date which
                               is the Final Exchange Date.

          Party B Final        The A$ Class A1 Principal in relation to the
          Exchange Amount:     Quarterly Payment Date which is the Final
                               Exchange Date.

6.    EXCHANGE RATES:

          For the purpose
          of the definitions
          of "A$ Equivalent"
          and "US$
          Equivalent":

          US$ Exchange Rate:   0.7550

          A$ Exchange Rate:    1 / 0.7550

7.    ACCOUNT DETAILS:

7.1   PAYMENTS TO PARTY A

          Account for          The account notified in writing by Party A to
          payments in US$      Party B in accordance with the Agreement.

          Account for          The account notified in writing by Party A to
          payments in A$       Party B in accordance with the Agreement.

7.2   PAYMENTS TO PARTY B

          Account for          The account notified in writing by the Principal
          payments in US$      Paying Agent to Party A as contemplated by Part
                               5(cc)(ii) of the Schedule to the Agreement.

          Account for          The account notified in writing by Party B to
          payments in A$       Party A in accordance with Part 5(cc)(i) of the
                               Schedule to the Agreement.

8.    OFFICES:                 The Office of Party A for the Transaction is
                               Sydney.

                               The Office of Party B for the Transaction is
                               Sydney.

                               The Office of the Manager for the Transaction is
                               Melbourne.

                                       51
<PAGE>

9.    NOTIFICATION OF          The Manager must notify Party A of all of the
      INVESTED AMOUNT          matters which the Manager is required to notify
                               the Currency Swap Provider of under clause 8(b)
                               of the Supplementary Bond Terms Notice, by the
                               time required under that clause for the
                               notification.

10.   CALCULATION AGENT        Party A

11. In connection with this Confirmation and the Transaction to which this
Confirmation relates, each party to this Confirmation represents and
acknowledges to the other party that:

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

(b) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of this
Transaction. It is also capable of assuming, and assumes, the risks of this
Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of this Transaction.

12. This Confirmation will be governed by and construed in accordance with the
laws specified in the Agreement.

13. Please confirm that the above correctly sets out the terms of our agreement
in respect of each Transaction to which this Confirmation relates by signing and
returning this Confirmation to us by facsimile today to:

Attention:     Keith Doree
               Financial Markets Operations
               Premium Business Services

Address:       Level 3, 120 Pitt Street
               Sydney  NSW 2000

Facsimile No.: 02 9312 4794

                                       52
<PAGE>

Yours sincerely

SIGNED for and on behalf of
Commonwealth Bank of Australia
(ABN 48 123 123 124)

By:      /s/ Keith A Doree
         ---------------------------------
          (Authorised Officer)

Name     Keith A Doree
         ---------------------------------

Title    Manager - Documentation
         ---------------------------------

SIGNED for and on behalf of
Commonwealth Bank of Australia
(ABN 48 123 123 124)
By:

------------------------------------------
          (Authorised Officer)
Name
         ---------------------------------
Title
         ---------------------------------

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED by ME PORTFOLIO MANAGEMENT
LIMITED, ABN 79 005 964 134 as
manager of the SMHL Global Fund NO. 9
itself and on behalf of PERPETUAL
LIMITED, ABN 86 000 431 827 as
trustee for the SMHL Global Fund No.
9
By:      /s/ Andrew Gibson                           /s/ Bruce Talbot
         ------------------------------              ---------------------------
         (Authorised Officer)

Name     Andrew Gibson                               Bruce Talbot
         ------------------------------              ---------------------------

Title    Authorised Signatory                        Authorised Signatory
         ------------------------------              ---------------------------

                                       53
<PAGE>

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement unless the context otherwise requires,

"A$ EQUIVALENT", "CLASS A1 NOTES", " CONDITIONS", "CURRENCY SWAP PROVIDER",
"INVESTED AMOUNT", "NOTE TRUSTEE", "NOTES", "QUARTERLY INTEREST PERIOD" and
"QUARTERLY PAYMENT DATE", have the meanings given to those terms in the
Supplementary Bond Terms Notice.

"A$ CLASS A1 PRINCIPAL" means the amount available for distribution to Party A
in accordance with clause 6.2(c)(7)(B) of the Supplementary Bond Terms Notice.

"A$ CLASS A1 INTEREST PAYMENT" means the amount available for distribution to
Party A in accordance with 6.1(c)(4)(B) of the Supplementary Bond Terms Notice.

"A$ CLASS A1 UNPAID INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate amount of the Floating Amounts referred to in
paragraph 4.2 with respect to the immediately preceding Floating Rate Payer
Payment Date which were not paid by Party B on that Floating Rate Payer Payment
Date as a result of the operation of paragraph 4.3.

"CLASS A1 UNPAID INTEREST AMOUNT" in relation to a Floating Rate Payer Payment
Date means the aggregate amount of the Floating Amounts referred to in paragraph
4.1 with respect to the immediately preceding Floating Rate Payer Payment Date
which were not paid by Party A on that Floating Rate Payer Payment Date as a
result of the operation of paragraph 4.3.

"RATE PAGE" means Telerate Page 3750 or, if Telerate Page 3750 ceases to quote
the relevant rate, such other page, section or part of Telerate as quotes the
relevant rate and is selected by the Calculation Agent or, if there is no such
page, section or part of such other page, section or part of a different screen
information service as quotes the relevant rate selected by the Calculation
Agent and approved by the Note Trustee and the Currency Swap Provider.

"SUPPLEMENTARY BOND TERMS NOTICE" means the document entitled "Supplementary
Bond Terms Notice: SMHL Global Fund No. 9 - Class A and Class B Notes" dated 3
October 2006 executed by ME Portfolio Management Limited, Perpetual Limited,
Perpetual Trustee Company Limited and The Bank of New York (as the same may be
supplemented or amended from time to time).

"US$ EQUIVALENT" means:

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

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

"USD-LIBOR-BBA" has the meaning ascribed to that term in the 2000 ISDA
Definitions except that:

(a)   reference to "London Banking Days" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "Banking Day" as
      that expression is defined in the Conditions;

(b)   reference to "Telerate Page 3750" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "Rate Page" (as
      defined above); and

                                       54
<PAGE>

(c)   the interest rate so determined will be rounded down to the nearest four
      decimal places, and that if USD-LIBOR-BBA cannot be determined in
      accordance with the 2000 ISDA Definitions as varied above (including
      endeavouring to determine a rate under the definition of
      "USD-LIBOR-Reference Banks" in section 7.1(w)(xx) of the Annex to the 2000
      ISDA Definitions ((a) above will apply in this circumstance to
      7.1(w)(xx))), it will remain as the most recently determined rate obtained
      from a Rate Page for a preceding Quarterly Interest Period.

                                       55
<PAGE>

To:              Perpetual Limited (ABN 86 000 431 827) as trustee for SMHL
                 Global Fund No. 9
                 C/o ME Portfolio Management Limited

Copy To:         ME Portfolio Management Limited (ABN 79 005 964 134) as manager
                 of the SMHL Global Fund No. 9

Attention:       Derivative Operations

Facsimile no.:   +613 9605 6228

RE:              CROSS CURRENCY SWAP TRANSACTION

OUR REFERENCE:   91646

Ladies and Gentlemen:

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between Commonwealth Bank of Australia (ABN 48 123 123
124) ("PARTY A") and ME Portfolio Management Limited (ABN 79 005 964 134) as
manager of the SMHL Global Fund No. 9 ("MANAGER") and for Perpetual Limited (ABN
86 000 431 827) as trustee of the SMHL Global Fund No. 9 ("PARTY B") on the
Trade Date specified below (the "TRANSACTION"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps and Derivatives Association, Inc. (the
"DEFINITIONS") are incorporated by reference herein. Any terms used and not
otherwise defined herein, which are contained in the Definitions, shall have the
meaning set forth therein. This Confirmation incorporates the attached
Definitions Schedule which forms part of, and is subject to this Confirmation.
In the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation will prevail for the purposes of this Transaction.

Where in this Confirmation a word or expression is defined by reference to the
Supplementary Bond Terms Notice or there is a reference to the Supplementary
Bond Terms Notice, any amendment to the meaning of the word or expression or to
the Supplementary Bond Terms Notice will be of no effect for the purposes of
this Confirmation unless and until the amendment is consented to by all parties
to this Confirmation.

For the purpose of this Confirmation, all references in the Definitions or the
Agreement to a "Swap Transaction" shall be deemed to be references to this
Transaction.

1. This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement dated as of 22 September 2006, (as the same may be amended or
supplemented from time to time, the "AGREEMENT"), between Party A, Party B and
the Manager. All provisions contained in the Agreement shall govern this
Confirmation except as expressly modified below.

                                       56
<PAGE>

2. The terms of the particular Transaction to which this Confirmation relates
are as follows:

1.    TRADE DATE:              28 September 2006

2.    EFFECTIVE DATE:          11 October 2006

3.    TERMINATION DATE:        The date of redemption of the Class A2 Notes in
                               accordance with  clause 3.4 of the Supplementary
                               Bond Terms Notice.

4.    FLOATING AMOUNTS

4.1   FLOATING AMOUNTS
      PAYABLE BY PARTY A:

      (A) Floating Rate        Party A
          Payer:

          Calculation Amount:  For each Floating Rate Payer Payment Date,
                               the aggregate Invested Amount of the Class
                               A2 Notes as at the end of the first day of the
                               Quarterly Interest Period ending on but excluding
                               that Floating Rate Payer Payment Date (after
                               taking into account any reductions in the
                               Invested Amount of the Class A2 Notes on that
                               day) provided that the Calculation Amount for any
                               Floating Rate Payer Payment Date cannot be higher
                               than the Calculation Amount for the previous
                               Floating Rate Payer Payment Period Date (or EUR
                               450,000,000.00 in the case of the first Floating
                               Rate Payer Payment Date).

          Party A Floating     Commencing on the 9th November 2006 and
          Rate Payer Payment   quarterly thereafter on the 9th day of
          Dates:               February, May, August and November of each
                               calendar year up to and including the Termination
                               Date, subject to adjustment in accordance with
                               the Modified Following Business Day Convention.

          Party A Floating     EUR-EURIBOR-Telerate
          Rate Option:

          Floating Rate Day    Actual/360
          Count Fraction:

          Reset Dates:         The first Business Day of each Quarterly
                               Interest Period.

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Party A Spread:      In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.08%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.16%.

                                       57
<PAGE>

      (B) Floating Rate Payer: Party A

          Calculation Amount:  An amount equal to the Class A2 Unpaid Interest
                               Amount in relation to that Floating Rate Payer
                               Payment Date.

          Floating Rate Payer  Commencing on the 9th November 2006 and
          Payment Dates:       quarterly thereafter on the 9th day of
                               February, May, August and November of each
                               calendar year up to and including the Termination
                               Date, subject to adjustment in accordance with
                               the Modified Following Business Day Convention.

          Floating Rate        EUR-EURIBOR-Telerate
          Option:

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Spread:              In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.08%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.16%.

          Floating Rate Day    Actual/360
          Count Fraction:

          Reset Dates:         The first Business Day of each Quarterly
                               Interest Period

          Compounding          Inapplicable

      (C) Class A2 Unpaid      On each Floating Rate Payer Payment Date Party A
          Interest Amount      will pay to Party B an amount equal to the Class
                               A2 Unpaid Interest Amount, if any, in relation to
                               that Floating Rate Payer Payment Date.

4.2   FLOATING AMOUNTS
      PAYABLE BY PARTY B:

      (A) Floating Rate        Party B
          Payer:

          Calculation Amount:  For each Floating Rate Payer Payment Date, the A$
                               Equivalent of the aggregate Invested Amount of
                               the Class A2 Notes as at the end of the first day
                               of the Quarterly Interest Period referrable to a
                               Floating Rate Payer Payment Date (after taking
                               into account any reductions in the Invested
                               Amount of the Class A2 Notes on that day)
                               provided that the Calculation Amount for any
                               Floating Rate Payment Date cannot be higher than
                               the Calculation Amount for the previous Floating
                               Rate Payer Payment Period Date (or
                               A$762,711,864.41 in the case of the first
                               Floating Rate Payer Payment Date).

                                       58
<PAGE>

          Party B Floating     Commencing on the 9th November 2006 and
          Rate Payer Payment   quarterly thereafter on the 9th day of
          Dates:               February, May, August and November of each
                               calendar year up to and including the Termination
                               Date, subject to adjustment in accordance with
                               the Modified Following Business Day Convention.

          Party B Floating     AUD-BBR-BBSW
          Rate Option:

          Party B Floating     Actual/365 (Fixed)
          Rate Day Count
          Fraction

          Reset Dates          The first day of each Quarterly Interest
                               Period

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period)

          Party B Spread:      In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.1514%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.2514%.

      (B) Floating Rate Payer: Party B

          Calculation Amount:  An amount equal to the A$ Class A2 Unpaid
                               Interest Amount in relation to that Floating Rate
                               Payer Payment Date.

          Floating Rate Payer  Commencing on the 9th November 2006 and
          Payment Dates:       quarterly thereafter on the 9th day of
                               February, May, August and November of each
                               calendar year up to and including the Termination
                               Date, subject to adjustment in accordance with
                               the Modified Following Business Day Convention.

          Floating Rate        AUD-BBR-BBSW
          Option:

          Designated           Three months (except that in the case of the
          Maturity:            first Quarterly Interest Period, the rate will be
                               determined by linear interpolation calculated by
                               reference to the duration of the first Quarterly
                               Interest Period).

          Spread:              In respect of:

                               (a)    Floating Rate Payer Payment Dates prior to
                                      9 August 2012 (or if that day is not a
                                      Business Day, the next following Business
                                      Day), 0.1514%; and

                               (b)    Floating Rate Payer Payment Dates on and
                                      after 9 August 2012 (or if that day is not
                                      a Business Day, the next following
                                      Business Day), 0.2514%.

                                       59
<PAGE>

          Floating Rate Day    Actual/365 (Fixed)
          Count Fraction:

          Reset Dates          The first day of each Quarterly Interest Period

          Compounding:         Inapplicable

      (C) A$ Class A2 Unpaid   On each Floating Rate Payer Payment Date
          Interest Amount      Party B will pay to Party A an amount equal
                               to the A$ Class A2 Unpaid Interest Amount, if
                               any, in relation to that Floating Rate Payer
                               Payment Date.

4.3   PROPORTIONAL ADJUSTMENT  If the A$ Class A2 Interest Payment in
      OF FLOATING AMOUNTS      relation to a Quarterly Payment Date will be
                               less than the aggregate of the Floating Amounts
                               payable by Party B to Party A on that Quarterly
                               Payment Date (including any A$ Class A2 Unpaid
                               Interest Amount), Party A may, in its discretion,
                               elect, by notice in writing to Party B and the
                               Manager (such notice to be received by both such
                               parties prior to that Quarterly Payment Date), to
                               pay to Party B on that Quarterly Payment Date (in
                               return for payment by Party B of the A$ Class A2
                               Interest Payment and in lieu of the Floating
                               Amounts that would otherwise be payable by Party
                               A to Party B on that Quarterly Payment Date) a
                               proportion of the Floating Amounts that would
                               otherwise be payable by Party A to Party B on
                               that Quarterly Payment Date (including any Class
                               A2 Unpaid Interest Amounts) being the same
                               proportion as the A$ Class A2 Interest Payment
                               bears to the Floating Amounts payable by Party B
                               to Party A on that Quarterly Payment Date.

                               Notwithstanding any election by Party A pursuant
                               to this paragraph 4.3, a failure by Party B to
                               pay to Party A the full amount of the Floating
                               Amounts payable by Party B on a Quarterly Payment
                               Date constitutes a failure to pay for the
                               purposes of Section 5(a)(i) of the Agreement.

5.    EXCHANGES

5.1   INITIAL EXCHANGE:

          Initial Exchange     Effective Date
          Date:

          Party A Initial      The A$ Equivalent of the Party B Initial
          Exchange Amount:     Exchange Amount, being A$762,711,864.41

          Party B Initial      The total Invested Amount of the Class A2
          Exchange Amount:     Notes on the Effective Date, being being
                               EUR450,000,000.00

                               Notwithstanding Section 2(a)(ii) of the
                               Agreement, Party A must pay the Party A Initial
                               Exchange Amount to Party B by 4.00pm (Sydney
                               time) on the Initial Exchange Date and Party B
                               must pay Party A the Party B Initial Exchange
                               Amount by 4.00pm (London time) on the Initial
                               Exchange Date. Section 2(a)(v) does not apply to
                               the payment of the Party A Initial Exchange
                               Amount.

                                       60
<PAGE>

5.2   INTERIM (INSTALMENT)
      EXCHANGE:

          Interim Exchange     Each Quarterly Payment Date (other than the
          Date:                Final Exchange Date)

          Party A Interim      In respect of an Instalment Exchange Date
          Exchange Amount:     means the EUR Equivalent of the A$ Class A2
                               Principal in relation to the Quarterly Payment
                               Date occurring on that Instalment Exchange Date.

          Party B Interim      In respect of an Instalment Exchange Date
          Exchange Amount:     means the A$ Class A2 Principal in relation
                               to the Quarterly Payment Date occurring on
                               that Instalment Exchange Date.

5.3   FINAL EXCHANGE:

          Final Exchange Date: Termination Date

          Party A Final        The EUR Equivalent of the A$ Class A2
          Exchange Amount:     Principal in relation to the Quarterly
                               Payment Date which is the Final Exchange Date.

          Party B Final        The A$ Class A2 Principal in relation to the
          Exchange Amount:     Quarterly Payment Date which is the Final
                               Exchange Date.

6.    EXCHANGE RATES:

          For the purpose of
          the definitions of
          "A$ EQUIVALENT" and
          "EUR EQUIVALENT":

          Euro Exchange Rate:  0.5900

          A$ Exchange Rate:    1 / 0.5900

7.    ACCOUNT DETAILS:

7.1   PAYMENTS TO PARTY A

          Account for payments The account notified in writing by Party A to
          in EUR               Party B in accordance with the Agreement.

          Account for payments The account notified in writing by Party A to
          in A$                Party B in accordance with the Agreement.

7.2   PAYMENTS TO PARTY B

          Account for payments The account notified in writing by the Principal
          in EUR               Paying Agent to Party A as contemplated by Part
                               5(cc)(ii) of the Schedule to the Agreement.

          Account for payments The account notified in writing by Party B to
          in A$                Party A in accordance with Part 5(cc)(i) of
                               the Schedule to the Agreement.

                                       61
<PAGE>

8.    OFFICES:                 The Office of Party A for the Transaction is
                               Sydney.

                               The Office of Party B for the Transaction is
                               Sydney.

                               The Office of the Manager for the Transaction is
                               Melbourne.

9.    NOTIFICATION OF          The Manager must notify Party A of all of the
      INVESTED AMOUNT          matters which the Manager is required to
                               notify the Currency Swap Provider of under clause
                               8(b) of the Supplementary Bond Terms Notice, by
                               the time required under that clause for the
                               notification.

10.   CALCULATION AGENT        PARTY A

11. In connection with this Confirmation and the Transaction to which this
Confirmation relates, each party to this Confirmation represents and
acknowledges to the other party that:

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

(b) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of this
Transaction. It is also capable of assuming, and assumes, the risks of this
Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of this Transaction.

12. This Confirmation will be governed by and construed in accordance with the
laws specified in the Agreement.

13. Please confirm that the above correctly sets out the terms of our agreement
in respect of each Transaction to which this Confirmation relates by signing and
returning this Confirmation to us by facsimile today to:

Attention:     Keith Doree
               Financial Markets Operations
               Premium Business Services

Address:       Level 3, 120 Pitt Street
               Sydney  NSW 2000

Facsimile No.: 02 9312 4794

Yours sincerely

SIGNED for and on behalf of
Commonwealth Bank of Australia

                                       62
<PAGE>

(ABN  48 123 123 124)

By:
------------------------------------------
          (Authorised Officer)

Name
         ---------------------------------
Title
         ---------------------------------

SIGNED for and on behalf of
Commonwealth Bank of Australia
(ABN  48 123 123 124)

By:      /s/ Keith A Doree
         ---------------------------------
         (Authorised Officer)

Name     Keith A Doree
         ---------------------------------

Title    Manager - Documentation
         ---------------------------------

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED by ME PORTFOLIO MANAGEMENT
LIMITED, ABN 79 005 964 134 as
manager of the SMHL Global Fund NO. 9
itself and on behalf of PERPETUAL
LIMITED, ABN 86 000 431 827 as
trustee for the SMHL Global Fund No. 9

By:      /s/ Andrew Gibson                           /s/ Bruce Talbot
         ------------------------------              ---------------------------
         (Authorised Officer)

Name     Andrew Gibson                               Bruce Talbot
         ------------------------------              ---------------------------

Title    Authorised Signatory                        Authorised Signatory
         ------------------------------              ---------------------------

                                       63
<PAGE>

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement unless the context otherwise requires,

"A$ EQUIVALENT", "CLASS A2 NOTE", "CONDITIONS", "CURRENCY SWAP PROVIDER",
"INVESTED AMOUNT", "NOTE TRUSTEE", "NOTE", "QUARTERLY INTEREST PERIOD" and
"QUARTERLY PAYMENT DATE", have the meanings given to those terms in the
Supplementary Bond Terms Notice.

"A$ CLASS A2 PRINCIPAL" means the amount available for distribution to Party A
in accordance with clause 6.2(c)(7)(B) of the Supplementary Bond Terms Notice.

"A$ CLASS A2 INTEREST PAYMENT" means the amount available for distribution to
Party A in accordance with clause 6.1(c)(4)(B) of the Supplementary Bond Terms
Notice.

"A$ CLASS A2 UNPAID INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate amount of the Floating Amounts referred to in
paragraph 4.2 with respect to the immediately preceding Floating Rate Payer
Payment Date which were not paid by Party B on that Floating Rate Payer Payment
Date as a result of the operation of paragraph 4.3.

"CLASS A2 UNPAID INTEREST AMOUNT" in relation to a Floating Rate Payer Payment
Date means the aggregate amount of the Floating Amounts referred to in paragraph
4.1 with respect to the immediately preceding Floating Rate Payer Payment Date
which were not paid by Party A on that Floating Rate Payer Payment Date as a
result of the operation of paragraph 4.3.

"RATE PAGE" means Telerate Page 248 or, if Telerate Page 248 ceases to quote the
relevant rate, such other page, section or part of Telerate as quotes the
relevant rate and is selected by the Calculation Agent or, if there is no such
page, section or part of such other page, section or part of a different screen
information service as quotes the relevant rate selected by the Calculation
Agent and approved by the Note Trustee and the Currency Swap Provider.

"SUPPLEMENTARY BOND TERMS NOTICE" means the document entitled "Supplementary
Bond Terms Notice: SMHL Global Fund No. 9 - Class A and Class B Notes" dated 3
October 2006 executed by ME Portfolio Management Limited, Perpetual Limited,
Perpetual Trustee Company Limited and The Bank of New York (as the same may be
supplemented or amended from time to time).

"EUR EQUIVALENT" means:

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

(b)   in relation to an amount denominated in EUR the amount of EUR.

"EUR-EURIBOR-TELERATE" has the meaning ascribed to that term in the 2000 ISDA
Definitions except that:

(a)   reference to "London Banking Days" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "Banking Day" as
      that expression is defined in the Conditions;

(b)   reference to "Telerate Page 248" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "Rate Page" (as
      defined above); and

                                       64
<PAGE>

(c)   the interest rate so determined will be rounded down to the nearest four
      decimal places, and that if EUR-EURIBOR-Telerate cannot be determined in
      accordance with the 2000 ISDA Definitions as varied above (including
      endeavouring to determine a rate under the definition of
      "EUR-EURIBOR-Reference Banks" in section 7.1(w)(xx) of the Annex to the
      2000 ISDA Definitions ((a) above will apply in this circumstance to
      7.1(w)(xx))), it will remain as the most recently determined rate obtained
      from a Rate Page for a preceding Quarterly Interest Period.

                                       65Exhibit 10.11

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

               Perpetual Limited
               ABN 86 000 431 827

               and

               ME Portfolio Management Limited
               ABN 79 005 964 134

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

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

               Reference LGR:OMT:36G

<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------

Table of contents

Clause                                                                      Page

1        Definitions and interpretation                                       2

         1.1      Definitions                                                 2
         1.2      Interpretation                                              6
         1.3      Business Day                                                7
         1.4      Transaction Document                                        7

2        The Notes                                                            7

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

3        Redraw Facilities                                                    9

         3.1      Purpose                                                     9
         3.2      Loan Redraws                                                9

4        Funding procedures                                                   9

         4.1      Delivery of Funding Notice                                  9
         4.2      Requirements for a Funding Notice                           9
         4.3      Delivery of Facility Provider Funding Notice               10
         4.4      Requirements for a Facility Provider Funding Notice        10
         4.5      Copy of the Funding Notice                                 10
         4.6      Irrevocability of Drawdown Notice                          10
         4.7      Notification of Funding Rate                               10

5        Loan Facility                                                       11

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

6        Payments                                                            13

         6.1      Manner of payments                                         13
         6.2      Payments on a Business Day                                 13
         6.3      Appropriation of payments                                  13
         6.4      Payments in gross                                          13
         6.5      Taxation deduction procedures                              13
         6.6      Amounts payable on demand                                  14

7        Representations and warranties                                      14

         7.1      By the Issuer                                              14
         7.2      By the SF Manager                                          15

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------

         7.3      Survival and repetition of representations and warranties  16
         7.4      Reliance by the Note Holder and OF Manager                 16

8        Undertakings                                                        16

         8.1      Term of undertakings                                       16
         8.2      Compliance with Covenants                                  16
         8.3      Notify Events of Default                                   16
         8.4      Know your customer                                         16
         8.5      Compliance with Regulation AB                              17
         8.6      Direction of claims by the SF Manager                      22
         8.7      Direction of defence of claims                             22

9        Events of Default                                                   23

         9.1      Effect of Event of Default                                 23
         9.2      Issuer to continue to perform                              23
         9.3      Enforcement                                                24

10       Increased costs, illegality and yield protection                    24

         10.1     Increased costs                                            24
         10.2     Illegality                                                 25

11       Trustee Limitation of Liability Protection                          25

         11.1     Limitation of Liability - Issuer                           25
         11.2     Limitation of Liability - Note Holder                      27
         11.3     Wilful Default of the Issuer and the Note Holder           28

12       Indemnities                                                         28

         12.1     General indemnity                                          28
         12.2     Continuing indemnities and evidence of loss                29
         12.3     Funds available for indemnity                              29
         12.4     Negligence, wilful default or breach of law                29
         12.5     Notification from Note Holder or OF Manager                29

13       Tax, costs and expenses                                             30

         13.1     Tax                                                        30
         13.2     Costs and expenses                                         30
         13.3     Goods and services tax                                     31

14       Interest on overdue amounts                                         31

         14.1     Payment of interest                                        31
         14.2     Accrual of interest                                        31
         14.3     Rate of interest                                           32

15       Assignment                                                          32

         15.1     Assignment by Transaction Party                            32
         15.2     Assignment by Note Holder and OF Manager                   32
         15.3     Assist transfer or assignment                              32
         15.4     Participation permitted                                    32

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------

         15.5     Lending Office                                             32
         15.6     Disclosure                                                 33
         15.7     No increase in costs                                       33

16       General                                                             33

         16.1     Confidential information                                   33
         16.2     Performance by Note Holder of obligations                  33
         16.3     Transaction Party to bear cost                             33
         16.4     Notices                                                    33
         16.5     Governing law and jurisdiction                             35
         16.6     Prohibition and enforceability                             35
         16.7     Waivers                                                    35
         16.8     Variation                                                  36
         16.9     Cumulative rights                                          36
         16.10    Attorneys                                                  36
         16.11    Binding Obligations                                        36
         16.12    Winding up of Securitisation Fund                          36
         16.13    Termination clause                                         36
         16.14    Counterparts                                               36

Schedule 4 - Report on assessment of compliance with
             Regulation AB servicing criteria                                43

Schedule 5 - Servicing Criteria to be addressed in assessment of compliance  44

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------

This Redraw Funding Facility Agreement

                  is made on 21 September 2006 between the following parties:

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

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

                  3.      ME Portfolio Management Limited ABN 79 005 964 134
                          in its capacity as manager of the Securitisation Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (SF Manager)

                  4.      ME Portfolio Management Limited ABN 79 005 964 134
                          in its capacity as manager of the Origination Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (OF Manager)

Recitals

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

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

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

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

The parties agree

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------
1        Definitions and interpretation

         1.1   Definitions

               In this agreement:

               Attorney means an attorney appointed under a Material Document;

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

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

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

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

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

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

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

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

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

               Card and Cheque Facilities means any Card Facility and any Cheque
               and Direct Entry Facility;

               Card Facility means any facility in force in respect of the
               Origination Fund relating to the provision of credit cards or
               debit cards;

               Cheque and Direct Entry Facility means any facility in force in
               respect of the Origination Fund relating to the provision of
               either or both of direct entry facilities and cheque facilities;

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                                                                          page 2
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

               Class A Notes has the meaning given to it by the Supplementary
               Bond Terms;

               Class B Notes has the meaning given to it by the Supplementary
               Bond Terms;

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

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

               Designated Rating Agency has the meaning given to it in the
               Master Trust Deed;

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

               Drawdown Notice means a Funding Notice or a Facility Provider
               Funding Notice;

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

               Exchange Act has the meaning given to it by the Supplementary
               Bond Terms;

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

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

               Facility Provider means the provider of any of the Card and
               Cheque Facilities;

               Facility Provider Funding Notice means a notice given, or to be
               given, under clauses 4.3 and 4.4;

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

               Funding Notice means a notice given, or to be given, under
               clauses 4.1 and 4.2;

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

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

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

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

               Interest Collections has the meaning given to it by the
               Supplementary Bond Terms;

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

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

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                                                                          page 3
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

               Material Documents means:

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

               (b)  the Security Trust Deed; and

               (c)  the Supplementary Bond Terms;

               Note means a note issued under clauses 2 and 4;

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

               Officer means:

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

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

               Origination Fund means Superannuation Members' Home Loans
               Origination Fund No. 3;

               Outstanding Moneys means all debts and monetary liabilities of
               the Issuer to the Note Holder under or in relation to any
               Material Document, irrespective of whether the debts or
               liabilities:

               (a)  are present or future;

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

               (c)  are at any time ascertained or unascertained;

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

               (e)  are owed to or incurred for the account of the Note Holder
                    alone, or severally or jointly with any other person; (f)
                    are owed or incurred as principal, interest, fees, charges,
                    taxes, duties or other imposts, damages (whether for breach
                    of contract or tort or incurred on any other ground),
                    losses, costs or expenses, or on any other account; or

               (g)  comprise any combination of the above;

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

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

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

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                                                                          page 4
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

               Principal Collections has the meaning given to it by the
               Supplementary Bond Terms;

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

               Redraw Amount has the same meaning as in clause 3.2(a);

               Redraw Facility means a facility contained in a loan or other
               form of financial accommodation the repayment of which is secured
               by a mortgage granted or transferred to the Issuer, which allows
               the mortgagor under that mortgage to redraw amounts prepaid under
               that loan;

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

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

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

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

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

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

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

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

               Tax means:

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

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

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

               Termination Date means the day which is 1 Business Day prior to
               the Final Maturity Date as defined in the Supplementary Bond
               Terms;

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

               Transaction Party means:

               (a)  the Issuer; or

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                                                                          page 5
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

               (b)  the SF Manager.

         1.2   Interpretation

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

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

               (b)  words importing a gender include any gender;

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

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

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

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

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

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

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

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

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

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

                    (1)  which ceases to exist; or

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

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

               (q)  the Issuer or the Note Holder will only be considered to
                    have knowledge or awareness of, or notice of, a thing, or
                    grounds to believe any thing, by virtue of the officers of
                    the Issuer or the Note Holder having day to day
                    responsibility for the administration of the Origination
                    Fund or the Securitisation Fund (as the case may be) having
                    actual knowledge, actual awareness or actual notice of that
                    thing, or grounds or reason to believe that thing (and
                    similar references will be interpreted in this way). In
                    addition, notice, knowledge or awareness of an Event of
                    Default means notice, knowledge or awareness of the
                    occurrence of the events or circumstances constituting an
                    Event of Default and that those events or circumstances
                    constitute an Event of Default.

         1.3   Business Day

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

         1.4   Transaction Document

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

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

         2.1   Application for and Issue of Notes

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

                    (1)  directing a Note be issued from SMHL Global Fund No. 9;

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

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

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

               (b)  The OF Manager may direct that the Issuer and the SF Manager
                    cause the Issuer to issue a Note to the Note Holder by:

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                                                                          page 7
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    (1)  directing a Note be issued from SMHL Global Fund No. 9;

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

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

                    (4)  providing to the Issuer and the SF Manager (and copy to
                         the Noteholder) a Facility Provider Funding Notice
                         pursuant to clause 4.

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

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

         2.2   Acknowledgment of Indebtedness

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

         2.3   Obligations under Notes

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

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

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

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

         2.4   Ownership of Notes

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

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

         2.5   Register

               The Issuer must:

               (a)  establish and maintain the Register;

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

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

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                                                                          page 8
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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

-------------------------------------------------------------------------------
3        Redraw Facilities

         3.1   Purpose

               The Issuer must, and the SF Manager must cause the Issuer to,
               only use the net proceeds of a Funding Portion to:

               (a)  provide funds requested under a Redraw Facility; and

               (b)  reimburse the Note Holder for amounts paid or payable by the
                    Note Holder to a Facility Provider under or in respect of
                    the Card and Cheque Facilities to fund a redraw under a
                    Redraw Facility provided by the Issuer.

         3.2   Loan Redraws

               (a)  The OF Manager must notify the SF Manager by such time as
                    they may agree on each Business Day all amounts payable by
                    the Note Holder on that Business Day to a Facility Provider
                    under or in respect of the Card and Cheque Facilities to
                    fund redraws under Redraw Facilities provided by the Issuer
                    (Redraw Amount).

               (b)  The Issuer must and the SF Manager must cause the Issuer to
                    pay to the Note Holder on each Business Day an amount equal
                    to the Redraw Amount for that Business Day. The amount
                    payable under this clause 3.2(b) must be paid by such time
                    as the parties may from time to time agree.

               (c)  Except as expressly provided under this agreement, the
                    Issuer has no obligation to reimburse the Note Holder for
                    any amounts paid or payable by the Note Holder to a Facility
                    Provider under or in respect of the Facilities to fund
                    redraws under Redraw Facilities provided by the Issuer.

-------------------------------------------------------------------------------
4        Funding procedures

         4.1   Delivery of Funding Notice

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

         4.2   Requirements for a Funding Notice

               A Funding Notice:

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

               (b)  must be received by the Note Holder and the OF Manager not
                    later than 10.00 am on the Business Day which is the Funding
                    Date; and

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                                                                          page 9
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         4.3   Delivery of Facility Provider Funding Notice

               If the OF Manager determines that the Note Holder has, subject to
               clause 3, an obligation to a Facility Provider to fund a redraw
               under a Redraw Facility provided by the Issuer, the OF Manager
               must deliver to the Issuer and the SF Manager a Facility Provider
               Funding Notice in accordance with this clause 4.

         4.4   Requirements for a Facility Provider Funding Notice

               A Facility Provider Funding Notice:

               (a)  must be in writing in the form of, and specifying the
                    matters set out in schedule 3;

               (b)  must be received by the Issuer and the SF Manager not later
                    than 12.00 noon on the Business Day which is the Funding
                    Date; and

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

         4.5   Copy of the Funding Notice

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

               (b)  A copy of each Facility Provider Funding Notice must be
                    provided to the Note Holder at the same time it is given to
                    the Issuer and the SF Manager.

         4.6   Irrevocability of Drawdown Notice

               The Note Holder and the OF Manager must not decline to provide
               the funding specified in a Drawdown Notice. Following the issue
               of the Drawdown Notice the Issuer is irrevocably committed to,
               and the SF Manager is irrevocably committed to cause the Issuer
               to, issue the relevant Note and to draw Funding Portions from the
               Note Holder in accordance with the Funding Notice given to the OF
               Manager and the Note Holder or the Facility Provider Funding
               Notice given by the OF Manager (as the case may be).

         4.7   Notification of Funding Rate

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

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

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                                                                         page 10
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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         5.1   Provision of Funding Portions

               (a)  If the SF Manager gives a Funding Notice in accordance with
                    clause 4, then, subject to this agreement (including,
                    without limitation, clause 11), the Note Holder must, and
                    the OF Manager must cause the Note Holder to, provide the
                    relevant Funding Portion under the Facility as payment for
                    the relevant Note in Same Day Funds in Dollars not later
                    than 12 noon (Melbourne time) on the specified Funding Date
                    and in accordance with that Funding Notice.

               (b)  If the OF Manager gives a Facility Provider Funding Notice
                    in accordance with clause 4 then, subject to this agreement
                    (including, without limitation, clause 11), the Note Holder
                    is deemed to have provided the relevant Funding Portion
                    under the Facility as payment for the Note on the specified
                    Funding Date and in accordance with that Facility Provider
                    Funding Notice. This clause 5.1(b) has application only to
                    the extent that the Note Holder has made or has an
                    obligation to make a payment to a Facility Provider under a
                    Card and Cheque Facility in respect of Redraw Facilities
                    provided by the Issuer on that day.

         5.2   Repayment

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

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

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

         5.3   Repayment of Outstanding Moneys

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

                    (1)  in full on the Termination Date; and

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

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

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

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                                                                         page 11
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

         5.4   Interest

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

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

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

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

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

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

                    (2)  that unpaid interest and interest accrued under clause
                         5.4(b)(1) shall become payable on the next relevant
                         Payment Date to the extent to which (after payment of
                         interest under clause 5.4(a)) the Issuer is required to
                         apply from Interest Collections to payment of interest
                         due under any Redraw Funding Facility pursuant to
                         clauses 6.1(a)(4) and 6.1(c)(4) of the Supplementary
                         Bond Terms; and

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

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

         5.5   Order of Repayment

               (a)  In making repayments under clauses 5.2 and 5.3, the Issuer
                    must, and the SF Manager must cause the Issuer to, apply the
                    amount of the repayment to repay the Principal Outstanding
                    under the Notes in order of the date of issue of the Notes
                    so that the Notes issued earlier in time are repaid first.

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

-------------------------------------------------------------------------------
6        Payments

         6.1   Manner of payments

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

               (a)  in Same Day Funds;

               (b)  in Dollars; and

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

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

         6.2   Payments on a Business Day

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

         6.3   Appropriation of payments

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

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

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

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

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

         6.4   Payments in gross

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

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

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

         6.5   Taxation deduction procedures

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         6.6   Amounts payable on demand

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

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7        Representations and warranties

         7.1   By the Issuer

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

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

               (b)  (Constitution): the execution delivery and performance of
                    this agreement and any Note does not and will not violate
                    its Constitution;

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

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

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

                    (2)  that this representation and warranty does not apply to
                         the filing of ASIC form 309 or ASIC form 350 in
                         relation to the creation and stamping of the Charge (as
                         defined in the Security Trust Deed);

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    which is binding upon it or any of its assets in its
                    capacity as trustee of the Securitisation Fund;

               (g)  (Authorisation): all consents, licences, approvals and
                    authorisations of every Governmental Agency required to be
                    obtained by it in connection with the execution and delivery
                    of, and performance of its obligations under, this agreement
                    and any Note have been obtained and are valid and
                    subsisting;

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

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

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

               (k)  (No Proceedings to Remove): no notice has been given to it
                    and to its knowledge no resolution has been passed or
                    direction or notice has been given, removing it as trustee
                    of the Securitisation Fund.

         7.2   By the SF Manager

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

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

               (b)  (Constitution): the execution, delivery and performance by
                    it of this agreement and each Note does not and will not
                    violate its Constitution;

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

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         7.3   Survival and repetition of representations and warranties

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

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

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

         7.4   Reliance by the Note Holder and OF Manager

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

-------------------------------------------------------------------------------
8        Undertakings

         8.1   Term of undertakings

               Unless the OF Manager otherwise agrees in writing, until the
               Outstanding Moneys are fully and finally repaid the Issuer and
               the SF Manager must, at its own cost (but without prejudice to
               clause 11 in the case of the Issuer), comply with the
               undertakings in this clause 8.

         8.2   Compliance with Covenants

               The Issuer must and the SF Manager must ensure that the Issuer
               does comply with all of its covenants and obligations under the
               Security Trust Deed and Supplementary Bond Terms.

         8.3   Notify Events of Default

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

         8.4   Know your customer

               Subject to any confidentiality, privacy or general trust law
               obligations owed by the Issuer to Bondholders and any applicable
               confidentiality or privacy laws, except to the extent those
               obligations or laws are overridden by applicable anti-money
               laundering or counter-terrorism financing laws, each party hereto
               (Information Provider) agrees to provide any information and
               documents reasonably required by another party hereto
               (Information Receiver) for the

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         8.5   Compliance with Regulation AB

               In relation to compliance with Regulation AB:

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    of Item 1122 of Regulation AB, reasonably believed by the
                    SF Manager to be necessary in order to effect such
                    compliance;

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

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

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

                    (1)  deliver to the SF Manager a report (in form and
                         substance reasonably satisfactory to the SF Manager)
                         regarding the Issuer's assessment of compliance with
                         the Servicing Criteria during the immediately preceding
                         financial year ended June 30, as required under Rules
                         13a-18 and 15d-18 of the Exchange Act and Item 1122 of
                         Regulation AB. Such report shall be addressed to the SF
                         Manager and signed by an authorized officer of the
                         Issuer, and shall address each of the Servicing
                         Criteria specified on a certification substantially in
                         the form of Schedule 4 hereto and addressing, at a
                         minimum, the criteria identified in Schedule 5 hereto
                         as "Applicable Servicing Criteria", but only with
                         respect to such of the Servicing Criteria that the
                         Issuer performs;

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

               (f)  in relation to the use of Subcontractors:

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

                         (A)  the identity of each such Subcontractor;

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

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    (1)  any untrue statement of a material fact contained or
                         alleged to be contained in any information, report,
                         certification, accountants' letter or other material
                         provided in written or electronic form under this
                         clause 8.5 by or on behalf of the Issuer, or provided
                         under this clause 8.5 by or on behalf of any
                         Subcontractor of the Issuer (collectively, the "Issuer
                         Information"); provided that in the case of any untrue
                         statement of a material fact contained or alleged to be
                         contained in the accountant's letter, the Issuer will
                         indemnify and hold harmless the SF Manager only to the
                         extent of the sum that the Issuer recovers from the
                         accounting firm providing such accountant's letter
                         (which recovery the Issuer must if the Issuer in good
                         faith determines the Issuer is entitled to do so after
                         taking professional advice pursue including by taking
                         action in any relevant court of competent
                         jurisdiction); provided, further, that the Issuer will
                         not indemnify and hold harmless the SF Manager to the
                         extent that the untrue statement of a material fact
                         contained or alleged to be contained in the Issuer
                         Information relates to information provided to the
                         Issuer by the SF Manager or any other party to enable
                         the Issuer to complete its duties under the Transaction
                         Documents; or

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

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

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

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

               (i)  the Issuer shall promptly reimburse the SF Manager (or any
                    designee of the SF Manager), for all reasonable expenses
                    incurred by the SF Manager (or such designee), as such are
                    incurred, in connection with the termination of the Issuer
                    and the transfer of servicing activities within the meaning
                    of Item 1122 of Regulation AB to a successor. The provisions
                    of this clause 8.5(i) shall not limit whatever rights the SF
                    Manager may have under other provisions of the Transaction
                    Documents or otherwise, whether in equity or at law, such as
                    an action for damages, specific performance or injunctive
                    relief.

         8.6   Direction of claims by the SF Manager

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

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

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

         8.7   Direction of defence of claims

               (a)  If any action, proceeding, claim or demand brought against
                    the SF Manager in connection with (i) any untrue statement
                    of a material fact contained or alleged to be contained in
                    the Issuer Information referred to in clause 8.5(g) or (ii)
                    the omission or alleged omission to state in the Issuer
                    Information a material fact required to be stated in the
                    Issuer Information or necessary in order to make the
                    statements therein, in the light of the circumstances under
                    which they were made, not misleading (for the

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    purpose of this clause 8.7, a Claim), the Issuer will have
                    the option to assume the direction of that Claim (including
                    the employment of legal advisers selected by the Issuer but
                    approved by the SF Manager subject to the payment by the
                    Issuer of all fees and expenses).

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

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

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9        Events of Default

         9.1   Effect of Event of Default

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

               (b)  The Issuer must and the SF Manager must cause the Issuer to
                    upon receipt of a notice under clause 9.1(a) immediately
                    repay in full the Outstanding Moneys to the Note Holder.

         9.2   Issuer to continue to perform

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         9.3   Enforcement

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

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

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10       Increased costs, illegality and yield protection

         10.1  Increased costs

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

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

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

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

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

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

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

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

               then, and in each such case:

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

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

         10.2  Illegality

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

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

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

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

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11       Trustee Limitation of Liability Protection

         11.1  Limitation of Liability - Issuer

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

               (b)  The Issuer enters into this agreement in its capacity as
                    trustee of the Securitisation Fund and in no other capacity
                    (except where the Transaction Documents provide otherwise).
                    Subject to clause 11.1(d) below, a liability of the Issuer
                    arising under or in connection with this agreement or the

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    Securitisation Fund is limited to and can be enforced
                    against the Issuer only to the extent to which it can be
                    satisfied out of the assets and property of the
                    Securitisation Fund which are available to satisfy the right
                    of the Issuer to be exonerated or indemnified for the
                    liability. This limitation of the Issuer's liability applies
                    despite any other provision of this agreement and extends to
                    all liabilities and obligations of the Issuer in any way
                    connected with any representation, warranty, conduct,
                    omission, agreement or transaction related to this agreement
                    or the Securitisation Fund.

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

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

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

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

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

               (h)  The Issuer is not obliged to do or refrain from doing
                    anything under this agreement (including incur any
                    liability) unless the Issuer's liability is limited in the
                    same manner as set out in paragraphs (b) to (f) of this
                    clause 11.1.

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

         11.2  Limitation of Liability - Note Holder

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

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

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

               (d)  The provisions of this clause 11.2 shall not apply to any
                    obligation or liability of the Note Holder to the extent
                    that it is not satisfied because under the Master Trust Deed
                    establishing the Origination Fund or by operation of law
                    there is a reduction in the extent of the Note Holder's
                    indemnification out of the assets of the Origination Fund,
                    as a result of the Note Holder's fraud, negligence or wilful
                    default.

               (e)  It is acknowledged that the OF Manager is responsible under
                    the Master Trust Deed establishing the Origination Fund for
                    performing a variety of obligations relating to the
                    Origination Fund, including under this agreement. No act or
                    omission of the Note Holder (including any related failure
                    to satisfy its obligations or breach of representation or
                    warranty under this agreement) will be considered fraud,
                    negligence or wilful default of the Note Holder for the
                    purposes of paragraph (d) of this clause 11.2 to the extent
                    to which the act or omission was caused or contributed to by
                    any failure by the OF Manager or any other person to fulfil
                    its obligations relating to the Origination Fund or by any
                    other act or omission of the OF Manager or any other person.

               (f)  No attorney, agent, receiver or receiver and manager
                    appointed in accordance with this agreement has authority to
                    act on behalf of the Note Holder in a way which exposes the
                    Note Holder to any personal liability and no act or omission
                    of any such person will be considered fraud, negligence or
                    wilful default of the Note Holder for the purposes of
                    paragraph (d) of this clause 11.2.

               (g)  The Note Holder is not obliged to do or refrain from doing
                    anything under this agreement (including incur any
                    liability) unless the Note Holder's liability is limited in
                    the same manner as set out in paragraph (b) to (f) of this
                    clause 11.2.

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

         11.3  Wilful Default of the Issuer and the Note Holder

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

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

                    (1)  other than a default which:

                         (A)  arises out of a breach of a Transaction Document
                              by a person other than the Issuer or the Note
                              Holder or any person referred to in paragraph (b)
                              of this clause 11.3 in relation to the Issuer or
                              the Note Holder;

                         (B)  arises because some other act or omission is a
                              precondition to the relevant act or omission of
                              the Issuer or the Note Holder, and that other act
                              or omission does not occur;

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

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

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

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

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12       Indemnities

         12.1  General indemnity

               (a)  Subject to Clause 11.1 the Issuer, to the extent it is
                    permitted or contemplated under the terms of the Master
                    Trust Deed, indemnifies on a full indemnity basis (including
                    legal costs and expenses charged at the usual commercial
                    rates of the relevant legal services provider) and out of
                    the property of the Securitisation Fund the Note Holder and
                    OF Manager against any claim, action, damage, loss,
                    liability, cost, charge, expense, outgoing or payment which
                    the Note Holder or OF Manager, as the case may be, or an
                    Attorney of the Noteholder or OF Manager pays, suffers,
                    incurs or is liable for, in respect of any of the following:

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

                    (2)  the occurrence of any Event of Default;

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

         12.2  Continuing indemnities and evidence of loss

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

                    (1)  any settlement of account; or

                    (2)  the occurrence of any other thing,

                    and remains in full force and effect until:

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

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

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

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

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

         12.3  Funds available for indemnity

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

         12.4  Negligence, wilful default or breach of law

               The indemnities in this clause 12 do not extend to any liability,
               loss, cost, charge or expense that is finally and judicially
               determined to result from any negligence, wilful default or
               breach of law by the other parties to this agreement.

         12.5  Notification from Note Holder or OF Manager

               If the Note Holder or the OF Manager receives written notice
               of any act, matter or thing which may give rise to a
               liability, loss, cost, charge or expense in relation to which
               the Issuer would be required to indemnify it under this clause
               12, the Note Holder or the OF Manager (as the case may be)
               will notify the Issuer of that act,

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

               matter or thing giving such details as it is practicable to give
               as soon as it is reasonably practicable and in any event within 5
               Business Days of it coming to its attention, provided that
               failure to do so will not result in any loss or reduction in the
               indemnity contained in this clause 12 unless the Issuer has been
               prejudiced in any material respect by such failure.

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13       Tax, costs and expenses

         13.1  Tax

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

                    (1)  any Material Document;

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

                    (3)  any transaction contemplated under any Material
                         Document or any agreement or document described in
                         clause 13.1(a)(2).

               (b)  The Issuer must and the SF Manager must cause the Issuer to
                    pay any fine, penalty or other cost in respect of a failure
                    to pay any Tax described in clause 13.1(a) except to the
                    extent that the fine, penalty or other cost is caused by the
                    Note Holder's failure to lodge money received from the
                    Issuer before the due date for lodgement.

               (c)  The Issuer indemnifies out of the property of the
                    Securitisation Fund the Note Holder against any amount
                    payable under clause 13.1(a) or 13.1(b) or both.

         13.2  Costs and expenses

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

               (a)  the negotiation, preparation, execution, delivery, stamping,
                    registration, completion, variation and discharge of any
                    Material Document or any agreement or document described in
                    clause 13.1(a);

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

               (c)  the consent or approval of the Note Holder or OF Manager
                    given under any Material Document or any agreement or
                    document described in clause 13.1(a); and

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

               including, but not limited to, any administration costs of the
               Note Holder or the OF Manager, as the case may be, in connection
               with the matters referred to in

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

               clause 13.2(b) and 13.2(d) and any legal costs and expenses
               (charged at the usual commercial rates of the relevant legal
               services provider) and any professional consultant's fees for any
               of the above on a full indemnity basis.

         13.3  Goods and services tax

               (a)  Subject to clause 13.3(b), all amounts referred to in this
                    agreement which are relevant in determining a payment to be
                    made by one party to another are exclusive of GST unless
                    specifically indicated otherwise.

               (b)  If a party to this agreement is entitled to be indemnified
                    or reimbursed for any cost or expense incurred by that
                    party, then the indemnity or reimbursement will be
                    calculated by reference to the GST-exclusive amount of that
                    cost or expense, increased by an amount equal to that part
                    of the cost or expense for which the party or its
                    representative member is not entitled to an input tax credit
                    but would be entitled if that entity was entitled to a full
                    input tax credit. For the avoidance of doubt, the amount
                    calculated under this clause 13.3(b) is a GST-exclusive
                    amount.

               (c)  If GST is levied or imposed on or in respect of any supply
                    made under or in connection with this agreement for which
                    the consideration is a monetary payment, then the
                    consideration provided for that supply is increased by an
                    amount equal to the consideration multiplied by the rate at
                    which that GST is levied or imposed. This additional amount
                    is payable to the party with the liability to remit GST in
                    the manner and at the time when the consideration to which
                    it relates is payable.

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

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

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14       Interest on overdue amounts

         14.1  Payment of interest

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

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

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

         14.2  Accrual of interest

               The interest payable under this clause 14:

               (a)  accrues from day to day from and including the due date for
                    payment up to the actual date of payment, before and, as an
                    additional and independent

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

                    obligation, after any judgment or other thing into which the
                    liability to pay the Outstanding Moneys becomes merged; and

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

         14.3  Rate of interest

               The rate of interest payable under this clause 14 on any part of
               the Outstanding Moneys is the higher of:

               (a)  the Overdue Rate; and

               (b)  the rate fixed or payable under a judgment or other thing
                    referred to in clause 14.2(a).

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15       Assignment

         15.1  Assignment by Transaction Party

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

         15.2  Assignment by Note Holder and OF Manager

               Neither the Note Holder nor the OF Manager may assign any of its
               rights or transfer by novation any of its rights and obligations
               under this agreement without the prior written consent of the
               other parties. Any such assignment must contain an
               acknowledgement that the assignee is bound by the provisions of
               this agreement.

         15.3  Assist transfer or assignment

               At the request of the Note Holder or OF Manager, the Issuer and
               the SF Manager must do any thing including, but not limited to,
               executing any documents or amending any Material Document, to
               effect any transfer or assignment under this clause 15.

         15.4  Participation permitted

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

         15.5  Lending Office

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

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

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                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

         15.6  Disclosure

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

         15.7  No increase in costs

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

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

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

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

         16.1  Confidential information

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

         16.2  Performance by Note Holder of obligations

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

         16.3  Transaction Party to bear cost

               Without prejudice to clause 11, any thing which must be done by a
               Transaction Party under any Material Document, whether or not at
               the request of the Note Holder or OF Manager, must be done at the
               cost of the Transaction Party.

         16.4  Notices

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

--------------------------------------------------------------------------------
                                                                         page 33
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

                         (A)  if to the Note Holder:

                              Address:         Level 12
                                               123 Pitt Street
                                               Sydney, NSW 2000

                              Attention:       Head of Debt Markets/Manager -
                                               Securitisation

                              Facsimile:       (02) 9221 7870; and

                         (B)  if to the Issuer:

                              Address:         Level 12
                                               123 Pitt Street
                                               Sydney, NSW 2000

                              Attention:       Head of Debt Markets/Manager -
                                               Securitisation

                              Facsimile:       (02) 9221 7870; and

                         (C)  if to the SF Manager:

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

                              Attention:       Manager - Capital Markets

                              Facsimile:       (03) 9605 6200; and

                         (D)  if to the OF Manager:

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

                              Attention:       Manager - Capital Markets

                              Facsimile:       (03) 9605 6200;

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

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

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

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

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

                         (C)  if by facsimile transmission, as long as it is
                              legibly received, when transmitted to the
                              addressee,

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

--------------------------------------------------------------------------------
                                                                         page 34
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

               (b)  A facsimile transmission is regarded as legible unless the
                    addressee telephones the sender within 2 hours after the
                    transmission is received or regarded as received under
                    clause 16.4(a)(3) and informs the sender that it is not
                    legible.

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

         16.5  Governing law and jurisdiction

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

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

         16.6  Prohibition and enforceability

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

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

         16.7  Waivers

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

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

                    (1)  a right arising from a breach of this agreement or the
                         occurrence of an Event of Default; or

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

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

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

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

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

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

         16.8   Variation

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

         16.9   Cumulative rights

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

         16.10  Attorneys

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

         16.11  Binding Obligations

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

         16.12  Winding up of Securitisation Fund

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

         16.13  Termination clause

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

         16.14  Counterparts

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

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

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

--------------------------------------------------------------------------------
                                                                         page 36
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 1 - Funding Notice (clause 4.2)

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

         Attention:   Head of Debt Markets/Manager - Securitisation

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

         Attention:   Manager - Capital Markets

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

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

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

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

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

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

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

Dated:            [insert date]

Signed for and on behalf of
ME Portfolio Management Limited

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

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

--------------------------------------------------------------------------------
                                                                         page 37
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 2 - Conditions

           Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

                 of Level 12, 123 Pitt Street, Sydney, NSW, 2000

                                   ("Issuer")

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

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

1        Note

(a)      This Note certificate is issued as part of the Notes known as the SMHL
         Global Fund No. 9. The terms and conditions of the issue of this Note
         and repayment are constituted by this Note and the Redraw Funding
         Facility Agreement for the Issue and Repayment of Notes - SMHL Global
         Fund No. 9 dated [insert date] between the Issuer, the Note Holder, ME
         Portfolio Management Limited (ABN 79 005 964 134) of Level 23, 360
         Collins Street, Melbourne, Victoria in its capacity as manager of the
         SMHL Global Fund No. 9 (SF Manager) and ME Portfolio Management Limited
         (ABN 79 005 964 134) of Level 23, 360 Collins Street, Melbourne,
         Victoria, in its capacity as manager of the Superannuation Members'
         Home Loans Origination Fund No. 3 (OF Manager) (Agreement). Terms
         defined in the Agreement have the same meaning when used in these
         Conditions.

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

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

2        Derivation of payment

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

3        Extent of liability of Issuer

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

--------------------------------------------------------------------------------
                                                                         page 38
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

(b)      The Issuer issues this Note in its capacity as trustee of the
         Securitisation Fund and in no other capacity (except where the
         Transaction Documents provide otherwise). Subject to paragraph (d)
         below, a liability of the Issuer arising under or in connection with
         this Note or the Agreement or the Securitisation Fund is limited to and
         can be enforced against the Issuer only to the extent to which it can
         be satisfied out of the assets and property of the Securitisation Fund
         which are available to satisfy the right of the Trustee to be
         exonerated or indemnified for the liability. This limitation of the
         Issuer's liability applies despite any other provision of this Note or
         the Agreement and extends to all liabilities and obligations of the
         Issuer in any way connected with any representation, warranty, conduct,
         omission, agreement or transaction related to this Note or the
         Agreement or the Securitisation Fund.

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

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

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

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

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

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

4        Extent of liability of Note Holder

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

(b)      The Note Holder issues this Note only in its capacity as trustee of the
         Origination Fund and no other capacity. A liability arising under or in
         connection with this Note or the Agreement is limited to and can be
         enforced against the Note Holder only to the extent to

--------------------------------------------------------------------------------
                                                                         page 39
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

         which it can be satisfied out of property of the Origination Fund out
         of which the Note Holder is actually indemnified for the liability.
         This limitation of the Note Holder's liability applies despite any
         other provision of this Note or the Agreement and extends to all
         liabilities and obligations of the Note Holder in any way connected
         with any representation, warranty, conduct, omission, agreement or
         transaction related to this Note or the Agreement.

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

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

(e)      It is acknowledged that the OF Manager is responsible under the trust
         deed establishing the Origination Fund for performing a variety of
         obligations relating to the Origination Fund, including under this
         Note and the Agreement. No act or omission of the Note Holder
         (including any related failure to satisfy its obligations or breach
         of representation or warranty under this Note or the Agreement) will
         be considered fraud, negligence or wilful default of the Note Holder
         for the purposes of paragraph (d) of this clause 4 to the extent to
         which the act or omission was caused or contributed to by any failure
         by the OF Manager or any other person to fulfil its obligations
         relating to the Origination Fund or by any other act or omission of
         the OF Manager or any other person.

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

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

5        Wilful Default of the Issuer and the Note Holder

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

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

         (1)   other than a default which:

               (A)  arises out of a breach of a Transaction Document by a person
                    other than the Issuer or the Note Holder or any person
                    referred to in paragraph (b) of this clause 5 in relation to
                    the Issuer or the Note Holder;

               (B)  arises because some other act or omission is a precondition
                    to the relevant act or omission of the Issuer or the Note
                    Holder, and that other act or omission does not occur;

--------------------------------------------------------------------------------
                                                                         page 40
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

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

         (2)   in circumstances where had it not committed that default it would
               have been entitled to recoupment, reimbursement or a right of
               indemnity for its costs and expenses (if any) in complying with
               this Note and the Agreement from the Fund.

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

--------------------------------------------------------------------------------
                                                                         page 41
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 3 - Facility Provider Funding Notice (clause 4.4)

To:      Perpetual Limited
         in its capacity as trustee of the Securitisation Fund
         (Issuer)

         Attention:      Head of Debt Markets/Manager - Securitisation

And:     ME Portfolio Management Limited
         in its capacity as manager of the Securitisation Fund
         (SF Manager)

         Attention:      Manager - Capital Markets

We refer to the Redraw Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Terms and Conditions:

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

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

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

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

Dated:      [insert date]

Signed for and on behalf of
ME Portfolio Management Limited

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

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

--------------------------------------------------------------------------------
                                                                         page 42
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 4 - Report on assessment of compliance with Regulation
AB servicing criteria

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

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

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

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

[NAME OF ASSERTING PARTY]

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

By:

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

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

--------------------------------------------------------------------------------
                                                                         page 43
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 5 - Servicing Criteria to be addressed in assessment of compliance

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

--------------------------------------------------------------------------------
                                                                         page 44
<PAGE>
                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
<TABLE>
<CAPTION>
---------------------------- ---------------------------------------------------- ---------------------
<S>                          <C>                                                  <C>
1122(d)(2)(v)                Each custodial account is maintained at a
                             federally insured depository institution as set
                             forth in the transaction agreements. For purposes
                             of this criterion, "federally insured depository
                             institution" with respect to a foreign financial
                             institution means a foreign financial institution
                             that meets the requirements of Rule 13k-1(b)(1)
                             of the Securities Exchange Act.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(vi)               Unissued checks are safeguarded so as to prevent
                             unauthorized access.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(vii)              Reconciliations are prepared on a monthly basis
                             for all asset-backed securities related bank
                             accounts, including custodial accounts and
                             related bank clearing accounts. These
                             reconciliations are (A) mathematically accurate;
                             (B) prepared within 30 calendar days after the
                             bank statement cutoff date, or such other number
                             of days specified in the transaction agreements;
                             (C) reviewed and approved by someone other than
                             the person who prepared the reconciliation; and
                             (D) contain explanations for reconciling items.
                             These reconciling items are resolved within 90
                             calendar days of their original identification,
                             or such other number of days specified in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
                             Investor Remittances and Reporting
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(i)                Reports to investors, including those to be filed
                             with the Commission, are maintained in accordance
                             with the transaction agreements and applicable
                             Commission requirements. Specifically, such
                             reports (A) are prepared in accordance with
                             timeframes and other terms set forth in the
                             transaction agreements; (B) provide information
                             calculated in accordance with the terms specified
                             in the transaction agreements; (C) are filed with
                             the Commission as required by its rules and
                             regulations; and (D) agree with investors' or the
                             trustee's records as to the total unpaid
                             principal balance and number of mortgage loans
                             serviced by the Servicer.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(ii)               Amounts due to investors are allocated and remitted
                             in accordance with timeframes, distribution
                             priority and other terms set forth in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iii)              Disbursements made to an investor are posted
                             within two business days to the Servicer's
                             investor records, or such other number of days
                             specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iv)               Amounts remitted to investors per the investor
                             reports agree with cancelled checks, or other form
                             of payment, or custodial bank statements.
---------------------------- ---------------------------------------------------- ---------------------
                             Pool Asset Administration
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(i)                Collateral or security on mortgage loans is
                             maintained as required by the transaction
                             agreements or related mortgage loan documents.
---------------------------- ---------------------------------------------------- ---------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 45
<PAGE>
                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
<TABLE>
<CAPTION>
---------------------------- ----------------------------------------------------- ---------------------
<S>                          <C>                                                   <C>

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

--------------------------------------------------------------------------------
                                                                         page 46
<PAGE>
                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9
<TABLE>
<CAPTION>
---------------------------- ---------------------------------------------------- ---------------------
<S>                          <C>                                                  <C>

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

--------------------------------------------------------------------------------
                                                                         page 47
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

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

Executed as an agreement:

ISSUER:

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

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

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

NOTE HOLDER:

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

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

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

--------------------------------------------------------------------------------
                                                                         page 48
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

SF MANAGER:

Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:

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

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

                                                   Witnessed by

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

--------------------------------------------------------------------------------
                                                                         page 49
<PAGE>

                      Redraw Funding Facility Agreement - SMHL Global Fund No. 9

OF MANAGER:

Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:

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

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

                                                   Witnessed by

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

--------------------------------------------------------------------------------
                                                                         page 50

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]