Document:

<PAGE>

                         REDRAW FUNDING FACILITY
                         AGREEMENT FOR THE ISSUE AND REPAYMENT OF NOTES
                         SMHL GLOBAL FUND NO. 5

                         PERPETUAL TRUSTEES AUSTRALIA LIMITED
                         ABN 86 000 431 827

                         PERPETUAL TRUSTEES AUSTRALIA LIMITED
                         ABN 86 000 431 827

                         ME PORTFOLIO MANAGEMENT LIMITED
                         ABN 79 005 964 134

                         and

                         ME PORTFOLIO MANAGEMENT LIMITED
                         ABN 79 005 964 134

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

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

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

   Reference PJSR:TEL:25E

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                                                        Redraw Funding Facility

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                      Page
<S>     <C>                                                                 <C>
1        DEFINITIONS AND INTERPRETATION                                        2

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

2        THE NOTES                                                             7

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

3        REDRAW FACILITIES                                                     8

         3.1      Purpose                                                      8
         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                 9
         4.4      Requirements for a Facility Provider Funding Notice          9
         4.5      Copy of the Note                                            10
         4.6      Irrevocability of Funding Notice                            10
         4.7      Notification of Funding Rate                                10

5        LOAN FACILITY                                                        10

         5.1      Provision of Funding Portions                               10
         5.2      Repayment                                                   11
         5.3      Repayment of Outstanding Moneys                             11
         5.4      Interest                                                    11
         5.5      Order of Repayment                                          12

6        PAYMENTS                                                             12

         6.1      Manner of payments                                          12
         6.2      Payments on a Business Day                                  12
         6.3      Appropriation of payments                                   13
         6.4      Payments in gross                                           13
         6.5      Taxation deduction procedures                               13
         6.6      Amounts payable on demand                                   13

7        REPRESENTATIONS AND WARRANTIES                                       14

         7.1      By the Issuer                                               14
         7.2      By the SF Manager                                           15
</TABLE>

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                                                                          PAGE 1

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<TABLE>
<S>     <C>                                                                  <C>
         7.3      Survival and repetition of representations and warranties   15
         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

9        EVENTS OF DEFAULT                                                    16

         9.1      Effect of Event of Default                                  16
         9.2      Issuer to continue to perform                               16
         9.3      Enforcement                                                 17

10       INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION                     17

         10.1     Increased costs                                             17
         10.2     Illegality                                                  18

11       TRUSTEE LIMITATION OF LIABILITY PROTECTION                           18

         11.1     Limitation of Liability - Issuer                            18
         11.2     Limitation of Liability - Note Holder                       19
         11.3     Wilful Default of the Issuer and the Note Holder            20

12       INDEMNITIES                                                          21

         12.1     General indemnity                                           21
         12.2     Continuing indemnities and evidence of loss                 21
         12.3     Funds available for indemnity                               22
         12.4     Negligence, wilful default or breach of law                 22
         12.5     Notification from Note Holder or OF Manager                 22

13       TAX, COSTS AND EXPENSES                                              22

         13.1     Tax                                                         22
         13.2     Costs and expenses                                          23

14       INTEREST ON OVERDUE AMOUNTS                                          23

         14.1     Payment of interest                                         23
         14.2     Accrual of interest                                         24
         14.3     Rate of interest                                            24

15       ASSIGNMENT                                                           24

         15.1     Assignment by Transaction Party                             24
         15.2     Assignment by Note Holder and OF Manager                    24
         15.3     Assist transfer or assignment                               24
         15.4     Participation permitted                                     24
         15.5     Lending Office                                              24
         15.6     Disclosure                                                  25
         15.7     No increase in costs                                        25

16       GENERAL                                                              25

         16.1     Confidential information                                    25
</TABLE>

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<TABLE>
<S>     <C>                                                                  <C>
         16.2     Performance by Note Holder of obligations                   25
         16.3     Transaction Party to bear cost                              25
         16.4     Notices                                                     25
         16.5     Governing law and jurisdiction                              27
         16.6     Prohibition and enforceability                              27
         16.7     Waivers                                                     27
         16.8     Variation                                                   28
         16.9     Cumulative rights                                           28
         16.10    Attorneys                                                   28
         16.11    Binding Obligations                                         28
         16.12    Winding up of Securitisation Fund                           28
         16.13    Termination clause                                          28
</TABLE>

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                                                                          PAGE 3
<PAGE>

THIS REDRAW FUNDING FACILITY AGREEMENT

          is made on November 2003 between the following parties:

          1.   PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827
               in its capacity as trustee of the Securitisation Fund (as
               hereinafter defined)
               of Level 7, 39 Hunter Street,
               Sydney, New South Wales
               (ISSUER)

          2.   PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827
               in its capacity as trustee of the Origination Fund (as
               hereinafter defined)
               of Level 7, 39 Hunter 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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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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               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;

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

               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;

               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;

               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;

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

               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;

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               NOTE HOLDER means Perpetual Trustees Australia Limited 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"; 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 and in any capacity, 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 in respect of the Class A Notes;

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

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

               PRINCIPAL 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;

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                                                         Redraw Funding Facility

               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;

               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. 5;

               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, 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

               (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;

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

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

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

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

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

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

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

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

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

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

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

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

                    (1)  which ceases to exist; or

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

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

               (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

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                    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.

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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. 5;

               (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:

               (1)  directing a Note be issued from SMHL Global Fund No. 5;

               (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 requested 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.

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          (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, and will be treated by the Issuer as the
               absolute owner of the Note.

     2.5  REGISTER

          The Issuer must:

          (a)  establish and maintain the Register;

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

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

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

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

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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

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          (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.

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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

          (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:

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          (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 NOTE

          (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 FUNDING 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 the Issuer is irrevocably committed to, and the SF Manager is
          irrevocably committed to cause the Issuer to, issue the relevant Note
          and to draw Funding Portions from the Note Holder in accordance with
          the Funding Notice given to the OF Manager and the Note Holder.

     4.7  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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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

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                                                                         PAGE 10
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                                                         Redraw Funding Facility

          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 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 clause 6.1(m) 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 clause 6.2(e) of the Supplementary Bond Terms.

     5.3  REPAYMENT OF OUTSTANDING MONEYS

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

               (1)  in full on the Termination Date; and

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

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

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

     5.4  INTEREST

          (a)  On each 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 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 clause 6.1(d) of the
               Supplementary Bond Terms.

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                                                                         PAGE 11
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                                                         Redraw Funding Facility

          (b)  If on any 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 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 clause 6.1 of the
                    Supplementary Bond Terms; and

               (3)  to the extent to which any unpaid interest (including any
                    interest accrued under paragraph (1)) remains unpaid after
                    that next Payment Date it will again be subject to
                    paragraphs (1) and (2) for each subsequent Payment Period
                    and 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 5.5(a).

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

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6    PAYMENTS

     6.1  MANNER OF PAYMENTS

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

          (a)  in Same Day Funds;

          (b)  in Dollars; and

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

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

     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.

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                                                                         PAGE 12
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                                                         Redraw Funding Facility

     6.3  APPROPRIATION OF PAYMENTS

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

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

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

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

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

     6.4  PAYMENTS IN GROSS

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

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

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

     6.5  TAXATION DEDUCTION PROCEDURES

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

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

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

     6.6  AMOUNTS PAYABLE ON DEMAND

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

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                                                                         PAGE 13
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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 in relation to the creation of the
                    Charge (as defined in the Security Trust Deed);

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

          (f)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery
               and performance of this agreement and each Note by it does not
               violate any existing law or regulation or any document or
               agreement to which it is a party in either case in its capacity
               as trustee of the Securitisation Fund or which is binding upon it
               or any of its assets in its capacity as trustee of the
               Securitisation Fund;

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

          (h)  (SECURITISATION FUND VALIDLY CREATED): the Securitisation Fund
               has been validly created and is in existence at the date of this
               agreement;

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

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                                                                         PAGE 14
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                                                         Redraw Funding Facility

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

          (k)  (NO PROCEEDINGS TO REMOVE): no notice has been given to it and to
               its knowledge no resolution has been passed or direction or
               notice has been given, removing it as trustee of the
               Securitisation Fund.

     7.2  BY THE SF MANAGER

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

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

          (b)  (CONSTITUTION): the execution, delivery and performance by it of
               this agreement and each Note does not and will not violate its
               Constitution;

          (c)  (CORPORATE POWER): the SF Manager has the power and has taken all
               corporate and other action required to enter into this agreement
               and each Note and to authorise the execution and delivery of this
               agreement and each Note and the performance of its obligations
               hereunder;

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

          (e)  (LEGALLY BINDING OBLIGATION): this agreement and each Note
               constitutes or will constitute a valid, legally binding and
               enforceable obligation of the SF Manager in accordance with its
               terms except as such enforceability may be limited by any
               applicable bankruptcy, insolvency, re-organisation, moratorium or
               trust or other similar laws affecting creditors' rights
               generally;

          (f)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery
               and performance of this agreement and each Note by the SF Manager
               does not violate any existing law or regulation or any document
               or agreement to which the SF Manager is a party or which is
               binding upon it or any of its assets; and

          (g)  (AUTHORISATION): all consents, licences, approvals and
               authorisations of every Government Agency required to be obtained
               by the SF Manager in connection with the execution, delivery and
               performance of this agreement and each Note have been obtained
               and are valid and subsisting.

     7.3  SURVIVAL AND REPETITION OF REPRESENTATIONS AND WARRANTIES

          The representations and warranties in, or given under, this agreement
          including, but not limited to, clauses 7.1 and 7.2:

          (a)  survive the execution of each Transaction Document; and

          (b)  are regarded as repeated on each Funding Date with respect to the
               facts and circumstances then subsisting.

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                                                                         PAGE 15
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                                                         Redraw Funding Facility

     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.

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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.

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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)  the Issuer and the SF Manager must continue to perform its
                    obligations under the Transaction Documents as if the
                    declaration had not been made, subject to any directions
                    that may be given by the Note Holder or the OF Manager from
                    time to time under any Transaction Document.

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

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                                                                         PAGE 16
<PAGE>
                                                         Redraw Funding Facility

     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

          (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,

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                                                                         PAGE 17
<PAGE>
                                                         Redraw Funding Facility

          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 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)  The Issuer enters into this agreement only in its capacity as
               trustee of the Securitisation Fund and no other capacity. A
               liability of the Issuer arising under or in connection with this
               agreement is limited to and can be enforced against the Issuer
               only to the extent to which it can be satisfied out of property
               of the Securitisation Fund out of which the Issuer is actually
               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.

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                                                                         PAGE 18
<PAGE>
                                                         Redraw Funding Facility

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

          (c)  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 the Master Trust Deed establishing
               the Securitisation Fund or by operation of law there is a
               reduction in the extent of the Issuer's indemnification out of
               the assets of the Securitisation Fund, as a result of the
               Issuer's fraud, negligence or wilful default.

          (d)  It is acknowledged that the SF Manager is responsible under the
               Master Trust Deed establishing the Securitisation Fund for
               performing a variety of obligations relating to the
               Securitisation Fund, including under this agreement. No act or
               omission of the Issuer (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 Issuer for the purposes of paragraph (c) of this
               clause 11.1 to the extent to which the act or omission was caused
               or contributed to by any failure by the SF Manager or any other
               person to fulfil its obligations relating to the Securitisation
               Fund or by any other act or omission of the SF Manager or any
               other person.

          (e)  No attorney, agent, receiver or receiver and manager appointed in
               accordance with this agreement 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 (c) of this clause 11.1.

          (f)  The Issuer is not obliged to do or refrain from doing anything
               under this agreement (including incur any liability) unless the
               Issuer's liability is limited in the same manner as set out in
               paragraph (a) to (c) of this clause 11.1.

     11.2 LIMITATION OF LIABILITY - NOTE HOLDER

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

          (b)  The parties other than the Note Holder may not sue the Note
               Holder in any capacity other than as trustee of the Origination
               Fund including 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

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                                                                         PAGE 19
<PAGE>
                                                         Redraw Funding Facility

               Holder or prove in any liquidation, administration or arrangement
               of or affecting the Note Holder (except in relation to property
               of the Origination Fund).

          (c)  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.

          (d)  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 (c) 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.

          (e)  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 (c) of this clause 11.2.

          (f)  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 (a) to (c) of this clause 11.2.

     11.3 WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

          (a)  in relation to the Issuer and the Note Holder, means a wilful
               default of this agreement by the Issuer or the Note Holder, as
               the case may be,

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by a
                         person other than the Issuer or the Note Holder or any
                         person referred to in paragraph (b) of this clause 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

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                                                                         PAGE 20
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                    (D)  is in accordance with an instruction or direction given
                         to it by any person in circumstances where that person
                         is authorised to do so by any Transaction Document; and

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

          (b)  A reference to the "fraud", "negligence" or "wilful default" of
               the Issuer or the Note Holder means the fraud, negligence or
               wilful default of the Issuer or the Note Holder, as the case may
               be, and of the officers or employees but not the agents or
               delegates of the Issuer or the Note Holder, unless the Issuer or
               the Note Holder is liable for the acts or omissions of such other
               person under the terms of this agreement.

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12   INDEMNITIES

     12.1 GENERAL INDEMNITY

          (a)  Subject to Clause 11.1 the Issuer, to the extent it is permitted
               or contemplated under the terms of the Trust Deed, indemnifies on
               a full indemnity basis (including legal costs and expenses
               charged at the usual commercial rates of the relevant legal
               services provider) and out of the property of the Securitisation
               Fund the Note Holder and OF Manager against any claim, action,
               damage, loss, liability, cost, charge, expense, outgoing or
               payment which the Note Holder or OF Manager, as the case may be,
               or an Attorney of the 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 Default or Event of Default;

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

          (b)  Without limitation to the indemnity contained in clause 12.1(a),
               that indemnity includes the amount determined by the Note Holder
               or OF Manager, as the case may be, as being incurred by reason of
               the liquidation or re-employment of deposits or other funds
               acquired or contracted for by the Note Holder or OF Manager, as
               the case may be to fund or maintain the Principal Outstanding or
               the relevant Funding Portion and includes, but is not limited to,
               loss of margin.

     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

--------------------------------------------------------------------------------
                                                                         PAGE 21
<PAGE>

               (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 7 of the Supplementary Bond Terms.

     12.4 NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

          The indemnities in this clause 12 do not extend to any liability,
          loss, cost, charge or expense that is finally and judicially
          determined to result from any negligence, wilful default or breach of
          law by the other parties to this agreement.

     12.5 NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

          If the Note Holder or the OF Manager receives written notice of any
          act, matter or thing which may give rise to a liability, loss, cost,
          charge or expense in relation to which the Issuer would be required to
          indemnify it under this clause 12, the Note Holder or the OF Manager
          (as the case may be) will notify the Issuer of that act, matter or
          thing giving such details as it is practicable to give as soon as it
          is reasonably practicable and in any event within 5 Business Days of
          it coming to its attention, provided that failure to do so will not
          result in any loss or reduction in the indemnity contained in this
          clause 12 unless the Issuer has been prejudiced in any material
          respect by such failure.

--------------------------------------------------------------------------------
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:

--------------------------------------------------------------------------------
                                                                         PAGE 22
<PAGE>
                                                         Redraw Funding Facility

               (1)  any Material Document;

               (2)  any agreement or document entered into or signed under any
                    Material Document; and

               (3)  any transaction contemplated under any Material Document or
                    any agreement or document described in clause 13.1(a)(2).

          (b)  The Issuer must and the SF Manager must cause the Issuer to pay
               any fine, penalty or other cost in respect of a failure to pay
               any Tax described in clause 13.1(a) except to the extent that the
               fine, penalty or other cost is caused by the Note Holder's
               failure to lodge money received from the Issuer before the due
               date for lodgement.

          (c)  The Issuer indemnifies out of the property of the Securitisation
               Fund the Note Holder against any amount payable under clause
               13.1(a) or 13.1(b) or both.

     13.2 COSTS AND EXPENSES

          The Issuer must and the SF Manager must cause the Issuer to pay all
          costs and expenses of the Note Holder and the OF Manager and any
          employee, Officer, agent or contractor of the Note Holder and the OF
          Manager in relation to:

          (a)  the negotiation, preparation, execution, delivery, stamping,
               registration, completion, variation and discharge of any Material
               Document or any agreement or document described in clause
               13.1(a);

          (b)  the enforcement, protection or waiver, or attempted enforcement
               or protection, of any rights under any Material Document or any
               agreement or document described in clause 13.1(a);

          (c)  the consent or approval of the Note Holder or OF Manager given
               under any Material Document or any agreement or document
               described in clause 13.1(a); and

          (d)  any enquiry by any Governmental Agency involving a Transaction
               Party,

          including, but not limited to, any administration costs of the Note
          Holder or the OF Manager, as the case may be, in connection with the
          matters referred to in clause 13.2(b) and 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.

--------------------------------------------------------------------------------
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.

--------------------------------------------------------------------------------
                                                                         PAGE 23
<PAGE>
                                                         Redraw Funding Facility

     14.2 ACCRUAL OF INTEREST

          The interest payable under this clause 14:

          (a)  accrues from day to day from and including the due date for
               payment up to the actual date of payment, before and, as an
               additional and independent obligation, after any judgment or
               other thing into which the liability to pay the Outstanding
               Moneys becomes merged; and

          (b)  may be capitalised by the Note Holder on any 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).

--------------------------------------------------------------------------------
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 other parties.

     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.

     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.

--------------------------------------------------------------------------------
                                                                         PAGE 24
<PAGE>
                                                         Redraw Funding Facility

     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 25
<PAGE>
                                                         Redraw Funding Facility

               (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 7
                                          9 Castlereagh Street
                                          Sydney, NSW 2000

                         Attention:       Head of Securitisation/Manager -
                                          Securitisation

                         Facsimile:       (02) 9221 7870; and

                    (B)  if to the Issuer:

                         Address:         Level 7
                                          9 Castlereagh Street
                                          Sydney, NSW 2000

                         Attention:       Head of Securitisation/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 26
<PAGE>
                                                         Redraw Funding Facility

               (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 27
<PAGE>
                                                         Redraw Funding Facility

          (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.

--------------------------------------------------------------------------------
                                                                         PAGE 28
<PAGE>
                                                         Redraw Funding Facility

--------------------------------------------------------------------------------
SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)

TO:  PERPETUAL TRUSTEES AUSTRALIA LIMITED
     in its capacity as trustee of the Superannuation Members' Home Loans
     Origination Fund No. 3
     (NOTE HOLDER)

AND: ME PORTFOLIO MANAGEMENT LIMITED
     (OF MANAGER)

     Attention:        Head of Securitisation/Manager - Securitisation

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

We refer to the agreement dated [INSERT DATE] November 2003 (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. 5 on [INSERT DATE] (FUNDING DATE) at [INSERT
     DETAILS];

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

(c)  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 29
<PAGE>
                                                         Redraw Funding Facility

--------------------------------------------------------------------------------
SCHEDULE 2 - CONDITIONS

            REDRAW FUNDING FACILITY AGREEMENT- SMHL GLOBAL FUND NO. 5

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                              (ABN 86 000 431 827)
            IN ITS CAPACITY AS TRUSTEE OF THE SMHL GLOBAL FUND NO. 5

                 of Level 7, 39 Hunter Street, Sydney, NSW, 2000

                                   ("ISSUER")

whose office for the purposes of payment is at Level 7, 9 Castlereagh 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. 5. The terms and conditions of the issue of this Note and
     repayment are constituted by this Note and the Redraw Funding Facility
     Agreement for Issue and Repayment of Notes dated [INSERT DATE] November
     2003 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 SMHL Global Fund No. 5 (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)  The Issuer issues this Note only in its capacity as trustee of the
     Securitisation Fund and no other capacity. A liability of the Issuer
     arising under or in connection with this Note or the Agreement is limited
     to and can be enforced against the Issuer only to the extent to which it
     can be satisfied out of property of the Securitisation Fund out of which
     the Issuer

--------------------------------------------------------------------------------
                                                                         PAGE 30
<PAGE>
                                                         Redraw Funding Facility

     is actually 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.

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

(c)  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 the Master Trust Deed establishing the Securitisation Fund or by
     operation of law there is a reduction in the extent of the Issuer's
     indemnification out of the assets of the Securitisation Fund Issuer, as a
     result of the Issuer's fraud, negligence or wilful default.

(d)  It is acknowledged that the SF Manager is responsible under the Master
     Trust Deed establishing the Securitisation Fund 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 or breach of representation or warranty
     under this Note or the Agreement) will be considered fraud, negligence or
     wilful default of the Issuer for the purposes of paragraph (c) of this
     clause 3 to the extent to which the act or omission was caused or
     contributed to by any failure by the SF Manager or any other person to
     fulfil its obligations relating to the Securitisation Fund or by any other
     act or omission of the SF Manager or any other person.

(e)  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 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
     (c) of this clause 3.

(f)  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 paragraph (a) to (c)
     of this clause 3.

4    EXTENT OF LIABILITY OF NOTE HOLDER

(a)  The Note Holder enters into this Note only in its capacity as trustee of
     the Origination Fund and no other capacity. A liability arising under or in
     connection with this Note or the Agreement is limited to and can be
     enforced against the Note Holder only to the extent to which it can be
     satisfied out of property of the Origination Fund out of which the Note
     Holder is actually indemnified for the liability. This limitation of the
     Note Holder's 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.

(b)  The parties other than the Note Holder may not sue the Note Holder in any
     capacity other than as trustee of the Origination Fund including 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).

--------------------------------------------------------------------------------
                                                                         PAGE 31
<PAGE>
                                                         Redraw Funding Facility

(c)  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.

(d)  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 (c) 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.

(e)  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 (c) of this clause 4.

(f)  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 (c) of this clause 4.

--------------------------------------------------------------------------------
                                                                         PAGE 32
<PAGE>
                                                         Redraw Funding Facility

--------------------------------------------------------------------------------
SCHEDULE 3 - FACILITY PROVIDER FUNDING NOTICE (CLAUSE 4.4)

TO:  PERPETUAL TRUSTEES AUSTRALIA LIMITED
     in its capacity as trustee of SMHL Global Fund No. 5 (ISSUER)

AND: ME PORTFOLIO MANAGEMENT LIMITED
     (SF MANAGER)

     Attention:        Head of Securitisation/Manager - Securitisation

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

We refer to the agreement dated [INSERT DATE] November 2003 (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. 5 on [INSERT DATE] (FUNDING DATE) at [INSERT
     DETAILS];

(b)  the aggregate principal amount of the Note is $[INSERT AMOUNT];

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 33
<PAGE>

                                                         Redraw Funding Facility

--------------------------------------------------------------------------------
EXECUTED AS AN AGREEMENT:

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in
the presence of:

<TABLE>
<S>                                                              <C>
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

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

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in
the presence of:

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

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE 34
<PAGE>
                                                         Redraw Funding Facility

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in
the presence of:

<TABLE>
<S>                                                              <C>
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

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

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in
the presence of:

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

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE 35exv10w1

 

Exhibit 10.1

EXECUTIVE AGREEMENT

This Agreement is made as of this
xx of xxx, 200x, by and between Tellabs,
Inc., a Delaware corporation (the “Corporation”) and
[       ] (the “Executive”).

WITNESSETH:

WHEREAS, the Corporation wishes to attract and retain well-qualified executive
and key personnel and to assure both itself and the Executive of continuity of
management in the event of any actual or threatened Change in Control (as
defined in Paragraph 2) or Change in Management (as defined in Paragraph 3) of
the Corporation; and

WHEREAS, to achieve this purpose, the Board of Directors of the Corporation
considered and approved this agreement to be entered into with the Executive as
being in the best interests of the Corporation and its shareholders;

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth
herein, the parties hereto agree as follows:

	1.	 	Operation of Agreement
	 
	 	 	The “effective date of this Agreement” shall be the date on which the
first to occur of a Change in Control or Change in Management occurs, and this Agreement
shall not have any force or effect whatsoever prior to that
date. This Agreement shall supersede, in its entirety, any previously
existing Change in Control Employment Agreement between Executive and the
Corporation.
	 
	2.	 	Change in Control

For the purposes of this Agreement, a “Change in Control” means the first of
the following events to occur:

	 	(a)	 	Any “person” (as defined in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
excluding for this purpose, the Corporation or any subsidiary of the
Corporation, or any employee benefit plan of the Corporation or any
subsidiary of the Corporation, or any person or entity organized,
appointed or established by the Corporation for or pursuant to the
terms of any such plan which acquires beneficial ownership of voting
securities of the Corporation, is or becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly of securities of the Corporation representing 20% or more
of the combined voting power of the Corporation’s then outstanding
securities; provided, however, that no Change in
Control will be deemed to have occurred as a result of a change in
ownership percentage resulting solely from an acquisition of
securities by the Corporation; and provided further that no Change in
Control will be deemed to have occurred if a person inadvertently
acquires an ownership interest of 20% or more but then promptly
reduces that ownership interest below 20%;
	 
	 	(b)	 	During any two consecutive years, individuals who at the
beginning of such two-year period constitute the Board and any new
director (except for a director designated by a person who has
entered into an agreement with the Corporation to effect a
transaction described elsewhere in this definition of Change in
Control) whose election by the Board or nomination for election by
the Corporation’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or
nomination for election was previously so approved (such individuals
and any such new director, the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board;
	 
	 	(c)	 	Consummation of a reorganization, merger or consolidation or
sale or other disposition of all or substantially all of the assets
of the Corporation (a “Business Combination”), in each case, unless,
following such Business Combination,

	 	 	 
	(i)	 	
all or substantially all of the individuals and
entities who were the beneficial owners of outstanding voting
securities of the Corporation immediately prior to such Business
Combination beneficially own, directly or indirectly, more than
50% of the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from
such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the
Corporation or all or substantially all of the Corporation’s
assets either directly or through one or more subsidiaries) (the
“Resulting Corporation”) in substantially the same proportions
as their ownership, immediately prior to such Business
Combination of the outstanding voting securities of the
Corporation;

 

 

	 	 	 
	(ii)	 	no person (as defined in Section 13(d) and 14(d) of
the Exchange Act)(other than the Corporation, the Resulting
Corporation or any employee benefit plan (or related trust) of
the Corporation or such Resulting Corporation) beneficially
owns, directly or indirectly, 20% or more of, respectively, the
then combined voting power of the then outstanding voting
securities of the Resulting Corporation, except to the extent
that such ownership resulted solely from ownership of securities
of the Corporation prior to the Business Combination; and
	 	 	 	 	 
	(iii)	 	at least a majority of the members of the board of
directors of the Resulting Corporation were members of the
Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such
Business Combination;

	 	(d)	 	Approval by the stockholders of the Corporation of a complete
liquidation or dissolution of the Corporation; or
	 
	 	(e)	 	A tender offer (for which a filing has been made with the
Securities and Exchange Commission “SEC”) which purports to comply
with the requirements of Section 14(d) of the Securities Exchange Act
of 1934 and the corresponding SEC rules) is made for the stock of the
Corporation, and then the first to occur of:

	 	 	 
	(i)	 	
Any time during the offer when the person making the
offer owns or has accepted for payment stock of the Corporation
with 25% or more of the total voting power of the Corporation’s
securities, or
	 	 	 
	(ii)	 	
Three business days before the offer is to terminate
unless the offer is withdrawn first if the person making the
offer could own, by the terms of the offer plus any shares owned
by the person, stock with 50% or more of total voting power of
the Corporation’s securities when the offer terminates.

	3.	 	Change in Management

For purposes of this Agreement, a “Change in Management” shall occur in the
event that (a) Michael J. Birck is not for any reason the Chief Executive
Officer of the Corporation, or (b) if a Business Combination which is not a
Change in Control shall occur, Michael J. Birck is not for any reason the Chief
Executive Officer of the Resulting Corporation.

	4.	 	Employment

The Corporation hereby agrees to continue the Executive in its employ and/or
the employ of one or more of its subsidiaries and the Executive hereby agrees
to remain in the employ of the Corporation and/or such subsidiaries, for the
period commencing on the effective date of this Agreement and ending on the
second anniversary of such date (the “employment period”), to exercise such
authority and perform such executive duties as are commensurate with the
authority being exercised and duties being performed by
the Executive immediately prior to the effective date of this Agreement, which
services shall be performed at a location within the metropolitan area in which
the Executive was employed immediately prior to the effective date of this
Agreement or such other location as the Corporation may reasonably request.
The Executive agrees that during the employment period he/she shall devote
his/her full business time exclusively to his/her executive duties and shall
perform such duties faithfully and efficiently.

	5.	 	Compensation, Compensation Plans, Benefits and Perquisites
	 
	 	 	During the employment period, the Executive shall be compensated as
follows:

	 	(a)	 	He/she shall receive an annual salary at a rate which is not
less than his/her rate of annual salary immediately prior to the
effective date of this Agreement, with the opportunity for increases
from time to time thereafter which are in accordance with the
Corporation’s regular practices; provided, however, that such annual
salary shall be subject to reduction to the extent there is a general
reduction in the base salaries of executives with comparable duties.
	 
	 	(b)	 	He/she shall be eligible to participate on a reasonable basis
in the Corporation’s stock option plans, the annual incentive bonus
program and any other bonus and incentive compensation plans (whether
now or hereinafter in effect) in which executives with comparable
duties are eligible to participate, which plans must provide

 

 

	 	 	 	 opportunities to receive compensation which are at least as great as
the opportunities under the plans in which the Executive was
participating immediately prior to the effective date of this
Agreement.
	 
	 	(c)	 	He/she shall be entitled to receive employee benefits and
perquisites which are the greater of the employee benefits and
perquisites provided by the Corporation to executives with comparable
duties or the employee benefits and perquisites to which he/she was
entitled immediately prior to the effective date of this Agreement.
Such benefits and perquisites shall include, but not be limited to,
the benefits and perquisites included under the Tellabs Advantage
Program, and the Tellabs, Inc. Employee Welfare Benefits Plan.

	6.	 	Termination Following Change in Control or Change in Management

	 	(a)	 	For purposes of this Agreement, the term “termination” shall
mean (i) termination by the Corporation of the employment of the
Executive with the Corporation and all of its subsidiaries for any
reason other than death, disability or “cause” (as defined below), or
(ii) resignation of the Executive for “good reason” (as defined
below).
	 
	 	(b)	 	The term “good reason” shall mean:

	 	 	 
	 	 	
(i) the material reduction or material adverse modification of
Executive’s authority or duties, such as a substantial diminution or
adverse modification in Executive’s title, status, or
responsibilities;
	 	 	 
	 	 	
(ii) any reduction in Executive’s Base Salary (other than as may be
permitted under Paragraph 5(a));
	 	 	 
	 	 	
(iii) any failure to provide to Executive the opportunities to
receive compensation as required to be provided under Paragraph 5(b);
	 	 	 
	 	 	
(iv) any failure to pay or provide the benefits and perquisites
required to be provided under Paragraph 5(c);
	 	 	 
	 	 	
(v) any requirement that Executive relocate his principal place of
employment by more than a 50-mile radius from its location
immediately prior to the effective date of this Agreement, excluding,
if a Change in Control has not occurred, a move to the Corporation’s
headquarters, or if the Executive’s position is that of a functional
head for a region or a division, the headquarters of such region or
division;
	 	 	 
	 	 	
(vi) any material breach of this Agreement by the Corporation; or
	 	 	 
	 	 	
(vii) if a Change in Control has occurred, a reasonable determination
by the Executive that, as a result of a Change in Control and a
change in circumstances thereafter significantly affecting his/her
position, he/she is unable to exercise the authorities, powers,
function or duties attached to his/her position and contemplated by
Paragraph 4 of the Agreement.
	 	 	 
	 	 	
Notwithstanding the foregoing, any of the circumstances described in
this Paragraph 6(b) may not serve as a basis for resignation for
“good reason” by Executive unless the Executive has provided written
notice to the Corporation that such circumstance exists and the
Corporation has failed to cure such circumstance within 15 days
following such notice.

	 	(c)	 	The term “cause” means (i) the willful and continued failure by
the Executive to substantially perform his/her duties with the
Corporation and/or, if applicable, one or more of its subsidiaries
(other than any such failure resulting from his/her incapacity due to
physical or mental illness) after a demand for substantial
performance is delivered to him/her by the Board of Directors of the
Corporation which specifically identifies the manner in which the
Board believes the Executive has not substantially performed his/her
duties, (ii) the willful engaging by the Executive in gross
misconduct materially and demonstrably injurious to the property or
business of the Corporation or any of its subsidiaries, or (iii)
fraud, misappropriation or commission of a felony. For purposes of
this paragraph, no act or failure to act on the Executive’s part will
be considered “willful” unless done, or omitted to be done, by
him/her in bad faith and without reasonable belief that his/her
action or omission was in the interests of the Corporation or not
opposed to the interests of the Corporation.

	7.	 	Confidentiality
	 
	 	 	The Executive agrees that during and after the employment period, he/she
shall retain in confidence any confidential information known to him/her
concerning the Corporation and its subsidiaries and their respective
businesses for as long as such information is not publicly disclosed.

 

 

	8.	 	No Obligation to Mitigate Damages
	 
	 	 	The Executive shall not be obligated to seek other employment in
mitigation of amounts payable or arrangements made under the provisions of
this Agreement and the obtaining of any such other employment shall in no
event effect any reduction of the Corporation’s obligations under this
Agreement.
	 
	9.	 	Severance Allowance

	 	(a)	 	In the event of termination of the Executive during the
employment period, the Executive shall be entitled to receive a lump
sum severance allowance within five days of such termination, in an
amount which is equal to the sum of the following:

	 	 	 
	(i)	 	
 The amount equivalent to salary payments for 24 (12,
if a Change in Control has not occurred) calendar months, at the
rate required by Paragraph 5(a) and in effect immediately prior
to termination (or, if greater, at the highest rate in effect
under Paragraph 5(a) at any time during the period commencing on
the effective date of this Agreement and ending on the
termination date), plus a pro rata share of the estimated amount
of any bonus which would have been payable for the bonus period
which includes the termination date; and
	 	 	 
	(ii)	 	
 In the event of a Change in Control the amount
equivalent to 24 calendar months of bonus at the target rate for
the year which includes his/her termination date.

	 	(b)	 	In addition to such amount under Paragraph 9(a) above, the
Executive shall also receive in cash the value of the incentive
compensation (including, but not limited to, employer contributions
to the Tellabs Advantage Program and the right to receive stock
awards and to exercise stock options and other bonus and similar
incentive compensation benefits) to which he/she would have been
entitled under all incentive compensation plans maintained by the
Corporation if he/she had remained in the employ of the Corporation
for 24 (12, if a Change in Control has not occurred) months after
such termination. The amount of such payment shall be determined as
of the date of termination and shall be paid as promptly as
practicable and in no event later than 30 days after such
termination.
	 
	 	(c)	 	The Corporation shall maintain in full force and effect for the
Executive’s continued benefit (and, to the extent applicable, the
continued benefit of his dependents) all of the employee benefits
(including, but not limited to, coverage under any medical and
insurance plans, programs or arrangements) to which he/she would have
been entitled under all employee benefit plans, programs or
arrangements maintained by the Corporation if he/she had remained in
the employ of the Corporation for 24 (12, if a Change in Control has
not occurred) calendar months after his/her termination, or if such
continuation is not possible under the terms and provisions of such
plans, programs or arrangements, the Corporation shall arrange to
provide benefits substantially similar to those which the Executive
(and, to the extent applicable, his/her dependents) would have been
entitled to receive if the Executive had remained a participant in
such plans, programs or arrangements for such 24-month (or, if
applicable, 12-month) period, as the case may be.

	10.	 	Adjustments in Case of
“Excess Parachute Payments”
	 
	 	 	If any payments or benefits received or to be received by the Executive in
connection with the Executive’s employment (whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement with the
Corporation, or any person affiliated with the Corporation) (the
“Payments”), will be subject to the tax (the “Excise Tax”) imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”)
(or any similar tax that may hereafter be imposed), the Corporation shall
pay at the time specified below, an additional amount (the “Gross-Up
Payment”) such that the net amount
retained by the Executive, after deduction of any Excise Tax on the
Payments and any federal, state and local income or other applicable tax
and Excise Tax upon the payment provided for by this paragraph, shall be
equal to the Payments. For purposes of determining the amount of the
Gross-Up Payment, the Executive shall be deemed to pay federal income
taxes at the Executive’s highest marginal rate of federal income taxation
in the calendar year in which the Gross-Up Payment is to be made and state
and local income taxes at the Executive’s highest marginal rate of
taxation in the state and locality of the Executive’s residence on the
date on which the Excise Tax is determined, net of the maximum reduction
in federal income

 

 

	 	 	taxes which could be obtained from deduction of such
state and local taxes. The computations required by this paragraph shall
be made by the independent public accountants not then regularly retained
by the Corporation, in consultation with tax counsel selected by them and
acceptable to the Executive. The Corporation shall provide the Executive
with sufficient tax and compensation data to enable the Executive or
his/her tax advisor to verify such computations and shall reimburse the
Executive for reasonable fees and expenses incurred with respect thereto.
In the event that the Excise Tax is subsequently determined to be less
than the amount taken into account hereunder, the Executive shall repay to
the Corporation at the time that the amount of such reduction in Excise
Tax is finally determined the portion of the Gross-Up Payment attributable
to such reduction (plus the portion of the Gross-Up Payment attributable
to the Excise Tax and federal and state and local income tax imposed on
the Gross-Up Payment being repaid by the Executive) plus interest on the
amount of such repayment from the date the Gross-Up Payment was initially
made to the date of repayment at the rate provided in Section
1274(b)(2)(B) of the Code (the “Applicable Rate”). In the event that the
Excise Tax is determined by the Internal Revenue Service or by such
independent public accountants to exceed the amount taken into account
hereunder (including by reason of any payment the existence or amount of
which cannot be determined at the time of the Gross-Up Payment), the
Corporation shall make an additional Gross-Up Payment in respect of such
excess (plus any interest, penalties, fines or additions to tax payable
with respect to such excess) at the time that the amount of such excess if
finally determined. Any payment to be made under this paragraph shall be
payable within five (5) days of the determination of the accountants that
such a payment is required hereunder and, if applicable, within five (5)
days of such determination that the Excise Tax is greater or less than
initially calculated but, in no event, later than thirty (30) days after
the Executive’s receipt of the Payments resulting in such Excise Tax.
	 
	11.	 	Interest; Indemnification

	 	(a)	 	In the event any payment to Executive under this Agreement is
not paid within five business days after it is due, such payment
shall thereafter bear interest at the prime rate from time to time as
published in The Wall Street Journal, Midwest Edition.
	 
	 	(b)	 	The Corporation hereby indemnifies the Executive for all legal
fees and expenses incurred by Executive in contesting any action of
the Corporation with respect to this Agreement, including the
termination of Executive’s employment hereunder, or incurred by
Executive in seeking to obtain or enforce any right or benefit
provided by this Agreement.

	12.	 	Notices

Any notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and if sent by registered or
certified mail to the Executive at the last address he/she has filed in writing
with the Corporation or, in the case of the Corporation, at its principal
executive offices.

 

 

	13.	 	Arbitration of Disputes and Reimbursements of Legal Costs
	 
	 	 	Any controversy or claim arising out of or relating to this Agreement (or the
breach thereof) shall be settled by final, binding and non-appealable
arbitration in Chicago, Illinois by three arbitrators. Subject to the
following provisions, the arbitration shall be conducted in accordance with
the rules of the American Arbitration Association (the “Association”) then in
effect. One of the arbitrators shall be appointed by the Corporation, one
shall be appointed by the Executive, and the third shall be appointed by the
first two arbitrators. If the first two arbitrators cannot agree on the
third arbitrator within 30 days of the appointment of the second arbitrator,
then the third arbitrator shall be appointed by the Association and shall be
experienced in the resolution of disputes under employment agreements for
executives of major corporations. Any award entered by the arbitrators shall
be final, binding and non-appealable and judgment may be entered thereon by
either party in accordance with applicable law in any court of competent
jurisdiction. This arbitration provision shall be specifically enforceable.
The arbitrators shall have no authority to modify any provision of this
Agreement or to award a remedy for a dispute involving this Agreement other
than a benefit specifically provided under or by virtue of the Agreement. If
the Executive prevails on any material issue which is the subject of such
arbitration or lawsuit, the Corporation shall be responsible for all of the
fees of the American Arbitration Association and the arbitrators and any
expenses relating to the conduct of the arbitration (including the
Corporation’s and the Executives’ reasonable attorneys’ fees and expenses).
Otherwise, each party shall be responsible for its own expenses relating to
the conduct of the arbitration (including reasonable attorneys’ fees and
expenses) and shall share the fees of the American Arbitration Association
equally.
	 
	14.	 	Non-Alienation
	 
	 	 	The Executive shall not have any right to pledge, hypothecate, anticipate
or in any way create a lien upon any amounts provided under this
Agreement; and no benefits payable hereunder shall be assignable in
anticipation of payment either by voluntary or involuntary acts, or by
operation of law, except by will or the laws of descent and distribution.
	 
	15.	 	Governing Law
	 
	 	 	The provisions of this Agreement shall be construed in accordance with the
laws of the State of Illinois.
	 
	16.	 	Amendment
	 
	 	 	This Agreement may be amended or canceled by mutual agreement of the
parties in writing without the consent of any other person and, so long as
the Executive lives, no person, other than the parties hereto, shall have
any rights under or interest in this Agreement or the subject matter
hereof.
	 
	17.	 	Successor to the Corporation
	 
	 	 	This Agreement shall be binding upon and inure to the benefit of the
Corporation and the Executive and their respective successors, heirs (in
the case of the Executive) and assigns (subject, in the case of the
Executive, to Paragraph 14 above) and any successor of the Corporation.
The Corporation shall require any successor to expressly assume the
liabilities, obligations and duties of the Corporation hereunder.
	 
	18.	 	Severability
	 
	In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, the remaining
provisions of this Agreement shall be unaffected thereby and shall remain in
full force and effect.

 

 

IN WITNESS WHEREOF, the Executive has hereunto set his hand and, pursuant to
the authorization from its Board of Directors, the Corporation has caused this
Agreement to be executed in its name on its behalf, and its corporate seal to
be hereunto affixed and attested by its Secretary, all as of the day and year
first above written.

	 	 	 
	 	

	 	
Executive
	 	 	 
	 	
TELLABS, INC.,

a Delaware corporation
	 	 	 
	 	By: 	 

	 	 	

	 	 	
Chief Executive Officer

ATTEST:

     

Secretary

(Seal)

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