Document:

Exhibit 10.7

(MULTICURRENCY-CROSS BORDER)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of 22 September 2006

<TABLE>
<S>                                    <C>                                      <C>
          AUSTRALIA AND NEW                      PERPETUAL LIMITED                  ME PORTFOLIO
           ZEALAND BANKING             ABN: 86 000 431 827 IN ITS CAPACITY AS        MANAGEMENT
  GROUP LIMITED, ABN: 11 005 357 522     TRUSTEE OF THE SECURITISATION FUND           LIMITED
             ("PARTY A")                            ("PARTY B")                 ABN: 79 005 964 134
                                                                                      ("MANAGER")

</TABLE>

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

Accordingly, the parties agree as follows:-

1 INTERPRETATION

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

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

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

2 OBLIGATIONS

      (a) GENERAL CONDITIONS.

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

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

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

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

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

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

            (i) in the same currency; and

            (ii) in respect of the same Transaction,

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

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

      (d) DEDUCTION OR WITHHOLDING FOR TAX.

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

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

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

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

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

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

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

            (ii) LIABILITY. If:-

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

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

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

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

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

3 REPRESENTATIONS

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

      (a) BASIC REPRESENTATIONS.

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

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

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

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

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

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

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

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

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

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

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

4 AGREEMENTS

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

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

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

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

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

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            with any such form or document to be accurate and completed in a
            manner reasonably satisfactory to such other party and to be
            executed and to be delivered with any reasonably required
            certification,

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

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

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

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

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

5 EVENTS OF DEFAULT AND TERMINATION EVENTS

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

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

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

            (iii) CREDIT SUPPORT DEFAULT.

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

                  (2) the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and

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

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

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

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

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

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

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or

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                  (B) is not dismissed, discharged, stayed or restrained in each
                  case within 30 days of the institution or presentation
                  thereof; (5) has a resolution passed for its winding-up,
                  official management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its assets or has a distress, execution,
                  attachment, sequestration or other legal process levied,
                  enforced or sued on or against all or substantially all its
                  assets and such secured party maintains possession, or any
                  such process is not dismissed, discharged, stayed or
                  restrained, in each case within 30 days thereafter; (8) causes
                  or is subject to any event with respect to it which, under the
                  applicable laws of any jurisdiction, has an analogous effect
                  to any of the events specified in clauses (1) to (7)
                  (inclusive); or (9) takes any action in furtherance of, or
                  indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts; or

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

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

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

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

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

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

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

            (ii) TAX EVENT. Due to (x) any action taken by a taxing authority,
            or brought in a court of competent jurisdiction, on or after the
            date on which a Transaction is entered

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            into (regardless of whether such action is taken or brought with
            respect to a party to this Agreement) or (y) a Change in Tax Law,
            the party (which will be the Affected Party) will, or there is a
            substantial likelihood that it will, on the next succeeding
            Scheduled Payment Date (1) be required to pay to the other party an
            additional amount in respect of an Indemnifiable Tax under Section
            2(d)(i)(4) (except in respect of interest under Section 2(e),
            6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
            required to be deducted or withheld for or on account of a Tax
            (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e))
            and no additional amount is required to be paid in respect of such
            Tax under Section 2(d)(i)(4) (other than by reason of Section
            2(d)(i)(4)(A) or (B));

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

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

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

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

6 EARLY TERMINATION

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

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      (b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

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

            (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality
            under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
            Affected Party, or if a Tax Event Upon Merger occurs and the
            Burdened Party is the Affected Party, the Affected Party will, as a
            condition to its right to designate an Early Termination Date under
            Section 6(b)(iv), use all reasonable efforts (which will not require
            such party to incur a loss, excluding immaterial, incidental
            expenses) to transfer within 20 days after it gives notice under
            Section 6(b)(i) all its rights and obligations under this Agreement
            in respect of the Affected Transactions to another of its Offices or
            Affiliates so that such Termination Event ceases to exist.

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

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

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

            (iv) RIGHT TO TERMINATE. If:-

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

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

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

      (c) EFFECT OF DESIGNATION.

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

            (ii) Upon the occurrence or effective designation of an Early
            Termination Date, no further payments or deliveries under Section
            2(a)(i) or 2(e) in respect of the Terminated Transactions will be
            required to be made, but without prejudice to the

                                       9
<PAGE>

            other provisions of this Agreement. The amount, if any, payable in
            respect of an Early Termination Date shall be determined pursuant to
            Section 6(e).

      (d) CALCULATIONS.

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

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

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

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

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

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

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

                                       10
<PAGE>

                  defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

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

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

                  (1) One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

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

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

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

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

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

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

7 TRANSFER

                                       11
<PAGE>

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

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

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

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

8 CONTRACTUAL CURRENCY

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

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

      (c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
      indemnities constitute separate and independent obligations from the other
      obligations in this Agreement, will be enforceable as separate and
      independent causes of action, will apply notwithstanding any indulgence
      granted by the party to which any payment is owed and will

                                       12
<PAGE>

      not be affected by judgment being obtained or claim or proof being made
      for any other sums payable in respect of this Agreement.

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

9 MISCELLANEOUS

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

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

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

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

      (e) COUNTERPARTS AND CONFIRMATIONS.

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

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

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

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

10 OFFICES; MULTIBRANCH PARTIES

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

                                       13
<PAGE>

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

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

11 EXPENSES

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

12 NOTICES

      (a) EFFECTIVENESS. Any notice or other communication in respect of this
      Agreement may be given in any manner set forth below (except that a notice
      or other communication under Section 5 or 6 may not be given by facsimile
      transmission or electronic messaging system) to the address or number or
      in accordance with the electronic messaging system details provided (see
      the Schedule) and will be deemed effective as indicated:-

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

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

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

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

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

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

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

13 GOVERNING LAW AND JURISDICTION

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

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

            (i) submits to the jurisdiction of the English courts, if this
            Agreement is expressed to be governed by English law, or to the
            non-exclusive jurisdiction of the courts of the

                                       14
<PAGE>

            State of New York and the United States District Court located in
            the Borough of Manhattan in New York City, if this Agreement is
            expressed to be governed by the laws of the State of New York; and

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

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

      (c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
      (if any) specified opposite its name in the Schedule to receive, for it
      and on its behalf, service of process in any Proceedings. If for any
      reason any party's Process Agent is unable to act as such, such party will
      promptly notify the other party and within 30 days appoint a substitute
      process agent acceptable to the other party. The parties irrevocably
      consent to service of process given in the manner provided for notices in
      Section 12. Nothing in this Agreement will affect the right of either
      party to serve process in any other manner permitted by law.

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

14 DEFINITIONS

As used in this Agreement:-

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

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

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

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

"APPLICABLE RATE" means:-

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

                                       15
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       16
<PAGE>

where the relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction.

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

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

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

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

                                       17
<PAGE>

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

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

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

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

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

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

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

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

      (b) such party's Loss (whether positive or negative and without reference
      to any Unpaid Amounts) for each Terminated Transaction or group of
      Terminated Transactions for which a Market Quotation cannot be determined
      or would not (in the reasonable belief of the party making the
      determination) produce a commercially reasonable result.

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

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

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

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

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

                                       18
<PAGE>

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

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

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

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

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

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

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

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

                                       19
<PAGE>

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

SIGNED FOR AND ON BEHALF OF AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED BY:

  /s/ Stephen Toohey
------------------------------------------------
(Signature)

  Stephen Toohey
------------------------------------------------
  (Name (please print))

  Head of Legal
  Markets and Corporate
  & Structured Finance
------------------------------------------------
  (Title)

  Date: 18 September 2006
------------------------------------------------

EXECUTED BY PERPETUAL LIMITED BY:

  /s/ Jennifer Wu
------------------------------------------------
(Signature)

  Jennifer Wu
------------------------------------------------
  (Name (please print))

  Date: 22 September 2006
------------------------------------------------

EXECUTED BY ME PORTFOLIO MANAGEMENT LIMITED BY:

                                       20
<PAGE>

  /s/ N. Vamvakas                           /s/ Paul Garvey
-----------------------------------       --------------------------------------
(Signature)                               (Signature)

  N. Vamvakas                                Paul Garvey
-----------------------------------       --------------------------------------
  (Name (please print))                     (Name (please print))

  Date: 20 September 2006
-----------------------------------

                                       21
<PAGE>

                                    SCHEDULE
                                     TO THE
            MASTER AGREEMENT (1992 ISDA MULTI-CURRENCY CROSS BORDER)

                          DATED AS OF 22 September 2006

                                     BETWEEN

       AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ABN 11 005 357 522

                                   ("PARTY A")

                                       AND

                      PERPETUAL LIMITED ABN 86 000 431 827

              in its capacity as trustee of the Securitisation Fund

                                   ("PARTY B")

                                       AND

               ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134

              in its capacity as manager of the Securitisation Fund

                                   ("MANAGER")

PART 1.  TERMINATION PROVISIONS

(a)   "Specified Entity" means:

      (i)   in relation to Party A for the purposes of:

            Section 5(a)(v):          Nil

            Section 5(a)(vi):         Nil

            Section 5(a)(vii):        Nil

            Section 5(b)(iv):         Nil

      and

      (ii)  in relation to Party B for the purposes of:

                                       22
<PAGE>

                  Section 5(a)(v):          Nil

                  Section 5(a)(vi):         Nil

                  Section 5(a)(vii):        Nil

                  Section 5(b)(iv):         Nil

(b)   "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

(c)   The following provisions of Section 5 will not apply to Party A or Party
      B:

      (i)   Section 5(a)(ii)

            Section 5(a)(iii)

            Section 5(a)(iv)

            Section 5(a)(v)

            Section 5(a)(vi)

            Section 5(a)(viii)

            Section 5(b)(iii)

            Section 5(b)(iv)

      (ii)  Section 5(b)(ii) will not apply to Party A as the Affected Party
            (subject to Part 1(n)(iii) of this Schedule).

(d)   EVENT OF DEFAULT. Delete Section 5(a)(i) and insert instead:

      "(i)  FAILURE TO PAY OR DELIVER: Failure by the party to make, when due,
            any payment under this Agreement or delivery under Section 2(a)(i)
            or Section 2(e) required to be made by it if such failure is not
            remedied at or before 10.00am on the tenth Local Business Day after
            notice of such failure is given to the party;".

(e)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by:

      "An Insolvency Event (as defined in the Security Trust Deed) has occurred
      in respect of Party A (which will be the Defaulting Party) or Party B
      (which will be the Defaulting Party)".

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

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

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

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

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

(f)   "AUTOMATIC EARLY TERMINATION". The provisions of Section 6(a) will not
      apply to Party A nor to Party B.

(g)   PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e):

      (i)   Market Quotation will apply.

                                       23
<PAGE>

      (ii)  The Second Method will apply.

(h)   "TERMINATION CURRENCY" means Australian Dollars.

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

      (i)   Party B becomes obliged to make a withholding or deduction in
            respect of any Notes and the Notes are redeemed as a result (in
            which case Party B shall be the Affected Party).

      (ii)  An Event of Default (as defined in the Security Trust Deed) occurs
            and the Security Trustee has declared, in accordance with the
            Security Trust Deed, the Notes immediately due and payable (in which
            case, Party B is the Affected Party).

      (iii) Party A fails to comply with the requirements of Part 5(t) of this
            Schedule (in which case Party A shall be the Affected Party).

      (iv)  Party A fails to comply with the requirements of Part 5(x) of this
            Schedule (in which case Party A shall be the Affected Party).

(j)   NOTICE TO TERMINATE. Section 6 is amended by replacing "20 days" in line 3
      with "5 Local Business Days".

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

(l)   EARLY TERMINATION. In Section 6:

      (i)   add the following sentence at the end of the first paragraph of
            Section 6(b)(ii):

            "However, if Party B is the Affected Party, then Party B will only
            be obliged to make such efforts to effect a transfer in accordance
            with this Section 6(b)(ii) as it is able to make by application of
            funds available for such application in accordance with the
            provisions of the Master Trust Deed" and the Supplementary Bond
            Terms Notice.

      (ii)  add the following sentence at the end of the second paragraph of
            Section 6(b)(ii):

            "so long as the transfer in respect of that Transaction would not
            lead to a rating downgrade, or rating withdrawal, of any rated debt
            of Party B that is secured under the Security Trust Deed. However,
            if Party A is that other party it must, if so requested by Party B,
            use reasonable efforts to make such a transfer to an Affiliate (as
            that expression is defined in Section 14) at the expense of Party B
            in its capacity as trustee of the Securitisation Fund and such
            expense will be an expense of the Securitisation Fund.";

      (iii) add the following sentence at the end of the last paragraph of
            Section 6(b)(ii):

            "However, consent may be withheld if the other party considers that
            its credit exposure to the transferor would be adversely affected by
            the transfer."

(m)   NO SET OFF. Delete the last sentence of the first paragraph in Section
      6(e).

(n)   RESTRICTED TERMINATION RIGHTS. Add a new Section 6(aa) as follows:

      "(aa) RESTRICTED TERMINATION RIGHTS

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

      (ii)  CONSULTATION. Each Party may only designate an Early Termination
            Date following prior consultation with the other Party as to the
            timing of the Early Termination Date. Subject

                                       24
<PAGE>

            to its duties under the Master Trust Deed and the Supplementary Bond
            Terms Notice, Party B may exercise its rights only on the
            instructions of the Note Trustee (if applicable) and only after
            consultation between Party A and the Note Trustee (if applicable).
            Party B may only designate an Early Termination Date at the
            direction of the Manager.

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

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

            (b)   If a Tax Event occurs where Party A is the Affected Party and
                  Party A is unable to transfer all its rights and obligations
                  under this Agreement and each Transaction to an Affiliate
                  pursuant to Section 6(b)(ii), Party A may, at its cost,
                  transfer all its rights, powers and privileges and all its
                  unperformed and future obligations under this Agreement and
                  each Transaction to any person provided that each Designated
                  Rating Agency has confirmed in writing that the transfer will
                  not result in a reduction, qualification or withdrawal of the
                  credit ratings then assigned by them to the Notes.

      (iv)  TRANSFER WHERE PARTY B DOES NOT GROSS-UP. If any payment by Party B
            to Party A under this Agreement is, or is likely to be, made subject
            to any deduction or withholding on account of Tax, Party B will use
            reasonable endeavours to procure the transfer of its obligations
            under this Agreement in respect of each Affected Transaction to a
            third party, which is incorporated in another jurisdiction, approved
            by Party A and the Note Trustee (if applicable) and in respect of
            which the Designated Rating Agencies confirm that such transfer to
            such party will not cause a reduction or withdrawal of the rating of
            the Notes".

                                       25
<PAGE>

PART 2. TAX REPRESENTATIONS

(a)   PAYER REPRESENTATIONS.

      For the purpose of Section 3(e), Party A and Party B each make the
      representation specified below:

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

      (i)   the accuracy of any representations made by the other party pursuant
            to Section 3(f),

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

      (iii) the satisfaction of the agreement of the other party contained in
            Section 4(d),

      provided that it shall not be a breach of this representation where
      reliance is placed on Part 2(a)(ii) above and the other party does not
      deliver a form or document under Section 4(a)(iii) by reason of material
      prejudice to its legal or commercial position.

(b)   PAYEE TAX REPRESENTATIONS.

      For the purpose of Section 3(f):

      Party A and Party B represents that it is an Australian resident and does
      not derive the payments under this Agreement in part or whole in carrying
      on business in a country outside Australia at or through a permanent
      establishment of itself in that country.

                                       26
<PAGE>

PART 3. DOCUMENTS TO BE DELIVERED

For the purposes of Section 4(a)(i) and Section 4(a)(ii), each party agrees to
deliver the following documents, as applicable:

(a)   Tax forms, documents or certificates to be delivered are:

PARTY REQUIRED TO   FORM/DOCUMENT/CERTIFICATE        DATE BY WHICH DOCUMENT
DELIVER DOCUMENT                                     TO BE DELIVERED

Party A, Party B    Any  document  or  certificate   As   soon   as   reasonably
and the Manager     reasonably     required     or   practicable   following   a
                    reasonably   requested   by  a   request by the other party.
                    party in  connection  with its
                    obligations  to make a payment
                    under  this  Agreement   which
                    would  enable  that  party  to
                    make the payment free from any
                    deduction or  withholding  for
                    or on  account  of  Tax  or as
                    would reduce the rate at which
                    deduction or  withholding  for
                    or  on   account   of  Tax  is
                    applied to that payment.

(b)   Other documents to be delivered are:

PARTY REQUIRED TO   FORM/DOCUMENT/CERTIFICATE        DATE BY WHICH DOCUMENT
DELIVER DOCUMENT                                     TO BE DELIVERED

Party A, Party B    A    list    of     authorised   At the  execution  of  this
and the Manager     signatories  for the party and   Agreement  and   thereafter
                    evidence  satisfactory in form   promptly upon any change in
                    and  substance  to  the  other   authorised  persons or upon
                    party of the  authority of the   request.
                    authorised  signatories of the
                    party    to    execute    this
                    Agreement       and       each
                    Confirmation  on behalf of the
                    party.

Party A             A  copy  of  the  most  recent   Upon reasonable  request by
                    annual  report  of  the  party   Party B or the Manager.
                    containing        consolidated
                    financial          statements,
                    certified    by    independent
                    public     accountants     and
                    prepared  in  accordance  with
                    accounting principles that are
                    generally   accepted   in  the
                    country   which   Party  A  is
                    organised,   and  such   other
                    public information  respecting
                    its  condition or  operations,
                    financial or otherwise, as the
                    other  party  may   reasonably
                    request from time to time.

                                       27
<PAGE>

PARTY REQUIRED TO   FORM/DOCUMENT/CERTIFICATE        DATE BY WHICH  DOCUMENT  TO
DELIVER DOCUMENT                                     BE DELIVERED

Party A             The financial data relating to   If  the  Manager   notifies
                    Party   A   required   to   be   Party     A    that     the
                    disclosed  by the  Manager  in   significance  percentage as
                    the    Manager's    reasonable   computed  by the Manager in
                    judgment   pursuant   to  Item   accordance  with Regulation
                    1115(b)(1) of Regulation AB.     AB is  or  becomes  10%  or
                                                     greater, in accordance with
                                                     Part 5(x).

Party A             The    financial    statements   If  the  Manager   notifies
                    relating  to Party A  required   Party     A    that     the
                    to be disclosed by the Manager   significance  percentage as
                    in  the  Manager's  reasonable   computed  by the Manager in
                    judgment   pursuant   to  Item   accordance  with Regulation
                    1115(b)(2) of Regulation AB.     AB is  or  becomes  20%  or
                                                     greater, in accordance with
                                                     Part 5(x).

Party A             A certificate of an authorised   At the  execution  of  this
                    person  of Party A  certifying   Agreement  and   thereafter
                    that the information  provided   upon the  provision  of any
                    by Party A to the  Manager for   financial data or financial
                    use in a  prospectus  is  true   statements    as   may   be
                    and  accurate in all  material   required above.
                    respects.

The Manager         Copies  of  any   reports   or   Upon reasonable  request by
                    accounts   relating   to   the   Party  A  subject   to  not
                    Securitisation   Fund  as  are   being  obliged  to  deliver
                    produced for  distribution  to   any  document  if  to do so
                    Noteholders or presentation to   would  breach  or  infringe
                    the Board of  Directors of the   any law or legally  binding
                    Manager    and   such    other   obligation or restraint
                    information  in the  Manager's
                    control      regarding     the
                    financial     condition    and
                    business   operations  of  the
                    Securitisation Fund as Party A
                    may  reasonably  require  from
                    time to time .

The Manager         A  copy  of the  Master  Trust   The date of this Agreement.
                    Deed  certified  to be a  true
                    copy    by   two    authorised
                    signatories of the Manager.

The Manager         A   copy   of   any   document   Promptly   upon   any  such
                    amending  or varying the terms   document becoming effective
                    of  the   Master   Trust  Deed   in   accordance   with  its
                    certified to be a true copy by   terms.
                    two authorised  signatories of
                    the Manager.

                                       28
<PAGE>

PARTY REQUIRED TO    FORM/DOCUMENT/CERTIFICATE       DATE BY WHICH  DOCUMENT  TO
DELIVER DOCUMENT                                     BE DELIVERED

The Manager         A copy of the Security Trust     5 Local Business Days

                    Deed   and   any    disclosure   prior  to the  date  of the
                    document  relating to Notes in   first    Transaction   made
                    connection       with      the   under this Agreement.
                    Securitisation  Fund certified
                    to  be  a  true  copy  by  two
                    authorised  signatories of the
                    Manager.

The Manager and     Legal  opinion for  Australian   The  date of  issue  of the
Party B             counsel  to  the  Manager  and   Notes
                    Party B and a taxation opinion
                    from    Australian    taxation
                    counsel to the Manager

Each of the documents in Part 3(a) and Part 3(b) of this Schedule are covered by
the representation contained in Section 3(d).

                                       29
<PAGE>

PART 4. MISCELLANEOUS

(a)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

      (i)   Address for notices or communications to PARTY A:

            MELBOURNE (HEAD) OFFICE

            Address        ANZ Investment Bank Market Operations

                           Level 12, 530 Collins Street, Melbourne Victoria
                           3000 Australia

            Attention:     Manager, Derivative Operations

            Telex No:      AA151018

            Answerback:    ANZAT

            Facsimile No:  (613) 9273 1983

            Telephone No:  (613) 9273 1629

            (For all Transactions through that Office or through the Sydney
            Office and for all notices or other communications pursuant to
            Sections 5, 6 and 9(b))

      (ii)  Address for notices or communications to PARTY B:

            Address:       Level 12, 123 Pitt Street
                           Sydney NSW 2000

            Attention:     Manager, Securitisation

            Telephone:     (612) 9229 9000

            Facsimile:     (612) 9221 7870

      (iii) Address for notices or communications to the MANAGER:

            Address:       Level 23, 360 Collins Street
                           Melbourne VIC 3000

            Attention:     Settlements Officer

            Telephone:     +61 3 9605 6200

            Facsimile No.  +61 3 9605 6228

(b)   PROCESS AGENT. For the purpose of Section 13(c):

      Party A:            Not Applicable

      Party B:            Not applicable

      The Manager:        Not applicable

(c)   OFFICES. The provisions of Section 10(a) will not apply to this Agreement.

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

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

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

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

                                       30
<PAGE>

      (i)   In relation to PARTY A: Nil.

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

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

      (i)   In relation to PARTY A: Nil.

      (ii)  In relation to PARTY B: Nil.

(h)   GOVERNING LAW. This Agreement will be governed by, and construed in
      accordance with the laws in force in the State of New South Wales and each
      party submits to the non-exclusive jurisdiction of the courts of that
      State without reference to choice of law doctrine. Section 13(b)(i) is
      deleted and replaced with the following:

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

(i)   NETTING OF PAYMENTS.

      Section 2(c)(ii) will not apply to all Transactions.

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

                                       31
<PAGE>

PART 5. OTHER PROVISIONS

(a)   APPLICATION AND ISDA DEFINITIONS.

      (i)   APPLICATION. Every transaction between the parties which is, or is
            described in its confirmation as being, of the type specified in the
            table below is a Transaction governed by the terms of this Agreement
            (and not any other master agreement) and forms part of this
            Agreement unless the parties expressly agree in writing that this
            clause is not to apply. This applies whether or not the parties
            refer to this Agreement or state that the transaction is governed by
            the terms of any other master agreement when entering into the
            transaction.

      (ii)  ISDA DEFINITIONS. The definitions and provisions contained in the
            respective ISDA Definitions specified below are incorporated into
            each Confirmation of a Transaction between the parties which is, or
            is described in its Confirmation as being, of a type specified
            below. If there is an inconsistency between those definitions and
            provisions and any such Confirmation or this Agreement, the
            Confirmation or this Agreement prevails.

            --------------------------------------------------------------------
            TYPE OF TRANSACTION    ISDA DEFINITIONS
            --------------------------------------------------------------------
            All Transactions       2000 ISDA Definitions, to the extent they are
                                   relevant and not inconsistent with the above
                                   (the "2000 DEFINITIONS")
            --------------------------------------------------------------------

(b)   PAYMENTS. In:

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

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

      (ii)  Section 2(a)(ii) insert immediately after the words "freely
            transferable funds" the following words:

            ", free of any set-off, counterclaim, deduction or withholding
            (except as expressly provided in this Agreement)".

      (iii) Section 2(a) immediately after Section 2(a)(iii) insert new
            paragraphs (iv) and (v) as follows:

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

            (v)   Where:

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

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

                  then Party A's obligation to make the Party A Payment to Party
                  B shall be subject to the condition precedent (which shall be
                  an "applicable condition precedent" for the purpose of Section
                  2(a)(iii)(3)) that Party A first receives either:

                                       32
<PAGE>

                  (3)   the Party B Payment; or

                  (4)   confirmation from Party B's bank that it holds
                        irrevocable instructions to effect payment of the Party
                        B payment and that funds are available to make that
                        payment".

      (iv)  Add the following new sentence to Section 2(b):

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

(c)   Section 3(a)(v) is modified by adding in the fourth line thereof the words
      "including without limitation in the case of Party A being an authorised
      deposit taking institution authorised to carry on banking business in the
      Commonwealth of Australia, Section 13A(3) of the Banking Act 1959 (Cth)
      and Section 86 of the Reserve Bank Act 1959 (Cth) or any amending or
      replacement legislation as may be in effect" after the word "generally".

(d)   ADDITIONAL REPRESENTATIONS. In addition to the representations in Section
      3, the parties make the following representations:

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

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

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

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

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

      (iii) CONTRACTING AS PRINCIPAL. Subject to Section 15, each Transaction
            has been entered into by that party:

            (a)   in the case of Party A, as principal and not otherwise; and

            (b)   in the case of Party B, in its capacity as trustee of the
                  Securitisation Fund and not otherwise.

                                       33
<PAGE>

(e)   ADDITIONAL COVENANT. In Section 4 add a new paragraph as follows:

      "(f)  CONTRACTING AS PRINCIPAL. Subject to Section 15, Party A will enter
            into all Transactions as principal and not otherwise and Party B
            will enter into each Transaction in its capacity as trustee of the
            Securitisation Fund constituted under the Master Trust Deed and not
            otherwise."

(f)   TRANSFER. Section 7 is deleted and replaced with the following:

      "TRANSFER

      (a)   Neither the interests nor obligations of either party in or under
            this Agreement (including any Transaction) are capable of being
            assigned or transferred (whether at law, in equity or otherwise and
            whether by way of security or otherwise), charged or the subject of
            any trust or other fiduciary obligation (other than, in respect of
            Party B, the trusts and fiduciary obligations created pursuant to
            the Master Trust Deed and any charge created by the Security Trust
            Deed). Any action by a party which purports to do any of these
            things is void.

      (b)   Nothing in this Section 7:

            (i)   restricts the parties agreeing to a novation of the interests
                  and obligations of a party in or under this Agreement
                  (including any Transaction) including, but not limited to, for
                  the purposes of giving effect to a transfer under Section
                  6(b)(ii);

            (ii)  restricts a transfer by a party or any part of its interest in
                  any amount payable to it from a Defaulting Party under Section
                  6(e);

            (iii) restricts a transfer by a party after the other party has
                  agreed to the variation of this Agreement to the extent
                  necessary to permit such transfer; or

            (iv)  restricts a transfer by a Security Trustee pursuant to the
                  exercise of its powers under a Security Trust Deed.

      (c)   Unless otherwise agreed by the parties, S&P, Moody's and Fitch
            Ratings, any transfer or assignment pursuant to this Section 7 must
            be made to an entity of which each of these rating agencies have
            confirmed will not result in a reduction or withdrawal of the then
            rating for any outstanding Notes by each of those Designated Rating
            Agencies.

      (d)   Each party acknowledges that the other party enters into this
            Agreement and each Transaction on the basis that this Section 7 must
            be strictly observed and is fundamental to the terms of this
            Agreement (including each Transaction)."

(g)   AMENDMENT. In Section 9, add at the end of Section 9(b):

      "Any amendment made under this Section 9(b) may only be made after S&P,
      and Moody's and Fitch Ratings have confirmed in writing that such proposed
      amendment will not result in a reduction or withdrawal of the then rating
      of any outstanding Notes by each of those Designated Rating Agencies."

(h)   NOTICES: In Section 12:

      (i)   delete the following words where they appear on lines 2 and 3 of
            Section 12(a):

            "(except that a notice or other communication under Section 5 or
            Section 6 may not be given by facsimile transmission or electronic
            messaging system)"; and

      (ii)  delete Section 12(a)(iii) and insert instead:

            "(iii) if sent by facsimile, on production of a transmission report
                  by the machine from which the facsimile was sent which
                  indicates that the facsimile was sent in its entirety to the
                  facsimile number of the recipient notified for the purpose of
                  this Section unless the recipient notifies the sender within
                  one Local Business Day

                                       34
<PAGE>

                  of the facsimile being sent that the facsimile was not
                  received in its entirety in legible form;".

(i)   DEFINITIONS: In Section 14:

      (i)   Section 14 is renumbered as Section 14(a);

      (ii)  delete the definition "Affected Transactions" and insert the
            following:

            ""AFFECTED TRANSACTIONS" means all Transactions.";

      (iii) insert the following new definitions:

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

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

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

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

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

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

            "SECURITY TRUSTEE" means Perpetual Trustee Company Limited ABN 42
            000 001 007, as amended.

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

            "SUPPLEMENTARY BOND TERMS NOTICE" means the document entitled
            Supplementary Bond: Terms Notice: SMHL Global Fund No. 9- Class A
            Notes and Class B Notes dated [O] between the Manager, the Security
            Trustee, the Note Trustee and Party B.

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

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

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

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

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

            (a)   other than a default which:

                                       35
<PAGE>

                  (i)   arises out of a breach of a Transaction Document by a
                        person other than Party B or any person referred to in
                        Section 14(c) in relation to Party B;

                  (ii)  arises because some other act or omission is a
                        precondition to the relevant act or omission of Party B,
                        and that other act or omission does not occur;

                  (iii) is in accordance with a lawful court order or direction
                        or is required by law; or

                  (iv)  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

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

      (iv)  Insert the following new Sections 14(b) and (c) after Section 14(a);

            "(b)  Unless otherwise defined herein, terms defined in the Master
                  Trust Deed and the Security Trust Deed have the same meaning
                  where used in this Agreement.

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

      (v)   Each of the following expressions has the meaning given to them in
            the Supplementary Bond Terms Notice:

                  "DESIGNATED RATING AGENCY"

                  "EXTRAORDINARY RESOLUTION"

                  "INVESTED AMOUNT"

                  "NOTES"

                  "NOTEHOLDER"

                  "NOTE TRUSTEE"

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

(j)   MASTER TRUST DEED AND SECURITY TRUST DEED:

      Party B and the Manager acknowledge and agree that:

      (i)   this Agreement and all Transactions under it constitute Secured
            Documents under the Security Trust Deed;

      (ii)  Party A is a Secured Creditor under the Security Trust Deed;

      (iii) Party B's obligations under this Agreement and each Transaction
            under it constitute Secured Moneys under the Security Trust Deed;
            and

                                       36
<PAGE>

      (iv)  this Agreement is an "Interest Hedge" and a "Transaction Document"
            and Party A is an "Interest Hedge Provider" in respect of the
            Securitisation Fund under the Master Trust Deed.

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

      (i)   TRUST VALIDLY CREATED. The Securitisation Fund has been validly
            created and is in existence at the time a Transaction is entered
            into in relation to the Securitisation Fund.

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

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

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

(l)   SCOPE OF AGREEMENT. Notwithstanding anything contained in this Agreement
      to the contrary, if the parties enter into, or have entered into, any
      Specified Transaction, such Specified Transaction shall be subject to,
      governed by and construed in accordance with the terms of this Agreement
      unless the Confirmation relating thereto shall specifically state to the
      contrary. Each such specified Transaction shall be a Transaction for the
      purposes of this Agreement.

(m)   PROCEDURES FOR ENTERING INTO TRANSACTIONS.

      CONFIRMATION OF TRANSACTIONS. Transactions shall be created at the moment
      that the parties agree sufficient particulars for completion of a
      Confirmation. With respect to each Transaction entered into pursuant to
      this Agreement between Party A and Party B, Party A shall, on or promptly
      after the relevant Trade Date, send to Party B care of the Manager a
      Confirmation confirming that Transaction and the Manager shall on behalf
      of Party B promptly then confirm the accuracy of or request the correction
      of such Confirmation. The Manager shall send to Party B a copy of such
      Confirmation.

(n)   INCONSISTENCY. In the event of any inconsistency between any of the
      following documents, the relevant document first listed below shall
      govern:

      (i)   a Confirmation;

      (ii)  the Schedule to this Agreement;

      (iii) the other provisions of this Agreement; and

      (iv)  the ISDA Definitions.

(o)   FURTHER ASSURANCES. Each party shall, upon request by the other party (the
      "REQUESTING PARTY") at the expense of the requesting party, perform all
      such acts and execute all such agreements, assurances and other documents
      and instruments as the requesting party reasonably requires to assure and
      confirm the rights and powers afforded, created or intended to be afforded
      or created, under or in relation to this Agreement and each Transaction or
      other dealing which occurs under or is contemplated by it.

(p)   Any reference to a:

      (i)   "Swap Transaction" in the 2000 Definitions is deemed to be a
            reference to a "Transaction" for the purpose of interpreting this
            Agreement or any Confirmation; and

      (ii)  "Transaction" in this Agreement or any Confirmation is deemed to be
            a reference to a "Swap Transaction" 2000 Definitions.

                                       37
<PAGE>

(q)   CONSENT TO RECORDING.

      Each Party (i) consents to the recording of the telephone conversations of
      trading and marketing personnel of the parties and their Affiliates in
      connection with this Agreement or any potential Transaction and (ii)
      agrees to obtain any necessary consent of, and give notice of such
      recording to, such personnel of it and its Affiliates.

(r)   CONSENT TO INFORMATION DISCLOSURE.

      Each party hereby consents to the communication and disclosure of all
      information in respect of this Agreement, the Transactions and all matters
      incidental hereto and thereto by the other party to (i) any other branches
      of the other party; and (ii) all government and regulatory authorities as
      and when required by such government and regulatory authorities.

(s)   CONSOLIDATION OF TRANSACTIONS.

      (i)   From time to time the Manager (on behalf of Party B) may, in respect
            of the Securitisation Fund, request more than one Transaction to be
            consolidated into one Transaction by notifying Party A of the
            Transactions to be consolidated and Party A will issue a replacement
            Confirmation for that one consolidated Transaction in substitution
            for the original Confirmation for the Transaction.

      (ii)  Each such consolidation will be on such terms and conditions as
            agreed by Party A, Party B and the Manager.

      (iii) Party B and the Manager agree to provide Party A with such financial
            and other information in relation to the consolidation as Party A
            reasonably requires.

(t)   RATINGS DOWNGRADE.

      (i)   If, as a result of the withdrawal or downgrade of its credit rating
            by a Designated Rating Agency, Party A does not have any of the
            following:

            (a)   a long term credit rating of at least A+ by S&P;

            (b)   a short term credit rating of at least A-1 by S&P;

            (c)   a short term credit rating of at least P-1 by Moody's

            (d)   a long term credit rating of at least A2 by Moody's;

            (e)   a short term credit rating of at least F1 by Fitch Ratings; or

            (f)   a long term rating of at least A by Fitch Ratings Ratings; and

            in the case of a downgrade by Fitch Ratings, Moody's or S&P, such a
            downgrade would, except for this clause adversely affect the rating
            of the relevant securities, Party A shall:

                  (1)   within 30 Local Business Days (or within such greater
                        period as is agreed to in writing by the relevant
                        Designated Rating Agency) of a downgrade of its long
                        term credit rating by S&P to not lower than BBB together
                        with a downgrade of its short term credit rating by S&P
                        to not lower than A-2, or the downgrade of its long term
                        credit rating by Moody's to not lower than A3 with a
                        downgrade of its short term Moody's rating to not lower
                        than P-1 or the downgrade of its long term credit rating
                        by Fitch Ratings to not lower than A together with a
                        downgrade of its short-term credit rating by Fitch
                        Ratings to not lower than F1, comply with Part 5(t)(ii)
                        or Part 5(t)(iii) of this Schedule; or

                                       38
<PAGE>

                  (2)   within 10 Local Business Days (or within such greater
                        period as is agreed to in writing by the relevant
                        Designated Rating Agency) of any other such withdrawal
                        or downgrade of Party A's short term or long term credit
                        rating by the relevant Designated Rating Agency not
                        already covered in Part 5(t)(i)(f)(1) of this Schedule,
                        comply with Part 5(t)(ii) or Part 5(t)(iii) of this
                        Schedule provided that Part 5(t)(ii)(a) of this Schedule
                        will not apply where the long term credit rating falls
                        to BBB+ (or less) by Fitch Ratings and the short term
                        credit rating falls to F2 (or less) by Fitch Ratings,

      (ii)

            (a)   In respect of each Transaction, lodge cash collateral (the
                  "CASH COLLATERAL") with an Approved Bank to the account of
                  Party B (to be used by Party B solely for the purpose of
                  discharging Party A's obligations under the relevant
                  Transaction) in an amount equivalent to the Cash Collateral
                  Amount as defined in Part 5(t)(iv)(a) of this Schedule. If on
                  the last Local Business Day in any subsequent week during the
                  life of the relevant Transaction the aggregate value of the
                  Cash Collateral lodged pursuant to this Part 5(t)(ii)(a) of
                  this Schedule falls below the required Cash Collateral Amount
                  (such shortfall value hereinafter referred to as the
                  "SHORTFALL"), Party A shall (on demand) provide such further
                  Cash Collateral to Party B equal to the Shortfall. Any
                  interest earned on the Cash Collateral shall accrue to Party A
                  and will constitute additional Cash Collateral lodged by Party
                  A (and must be returned to Party A in accordance with Part
                  5(t)(ii)(b) and (c) of this Schedule). Party A will pay any
                  costs associated with lodgment of the Cash Collateral.

            (b)   If on the last Local Business Day in any week during the life
                  of the relevant Transaction the aggregate value of the Cash
                  Collateral lodged by Party A pursuant to Part 5(t)(ii)(a) of
                  this Schedule (including any interest earned on the Cash
                  Collateral) exceeds the required Cash Collateral Amount (as
                  determined pursuant to sub-clause Part 5(t)(iv)(a) of this
                  Schedule) (such excess value hereinafter referred to as the
                  "EXCESS COLLATERAL"), Party A may give notice thereof to Party
                  B requiring the return of the Excess Collateral. Party B must
                  repay such Excess Collateral to Party A within three Local
                  Business Days of receipt of such notice.

            (c)   Upon the occurrence of any of the following:

                  (1)   the subsequent upgrade of Party A's long term credit
                        rating by S&P to at least A+ and its short term credit
                        rating by S&P to at least A-1 , the upgrade of its long
                        term credit rating by Moody's to at least A2 and short
                        term credit rating to at least P-1 by Moody's and an
                        upgrade of its long term credit rating by Fitch Ratings
                        to at least A and short-term credit rating to at least
                        F1; or

                  (2)   the termination, cessation or conclusion of the relevant
                        Transaction to which it relates,

                  Party A may give notice thereof to Party B requiring the
                  return of any Cash Collateral lodged by Party A pursuant to
                  Part 5(t)(ii)(a) of this Schedule (including any interest
                  earned on the Cash Collateral) and not previously returned to
                  Party A pursuant to Part 5(t)(ii)(b) of this Schedule. Party B
                  must, with the approval of the Rating Agencies (such approval
                  not to be unreasonably

                                       39
<PAGE>

                  withheld), repay all such Cash Collateral to Party A within
                  three Local Business Days of receipt of such notice from Party
                  A.

      (iii) At the cost of Party A, enter into an agreement novating this
            Agreement and each relevant Transaction to a replacement
            counterparty proposed by any of Party A, Party B or the Manager (if
            any) and which each Designated Rating Agency has confirmed will
            result in there not being a withdrawal or downgrade of any credit
            rating, assigned by it, to the Notes or enter into such other
            arrangements which each Designated Rating Agency has confirmed will
            result in there not being a withdrawal or downgrade of any credit
            rating assigned by it to the Notes. Party B shall return to Party A
            all Cash Collateral lodged by Party A pursuant to sub-clause Part
            5(t)(ii)(a) of this Schedule and not previously returned to Party A
            pursuant to Part 5(t)(ii)(b) of this Schedule within one Local
            Business Day of such novation or other arrangement.

      (iv)  For the purpose of this Part 5(t) of this Schedule:

            (a)   CASH COLLATERAL AMOUNT means an amount equal to the greater of
                  the following:

                  (1)   zero;

                  (2)   CR in the case of single currency interest rate
                        Transactions and CCR in the case of cross currency
                        interest rate Transactions; and

                  (3)   an amount acceptable to Moody's and Fitch Ratings and
                        sufficient to maintain the credit rating assigned to the
                        Notes by Moody's and Fitch Ratings immediately prior to
                        the review of Party A's credit rating; and

            (b)   APPROVED BANK means, in the case of single currency interest
                  rate transactions a Bank which has a short-term rating of at
                  least A-1 (S&P), P-1 (Moody's) and F1 (Fitch Ratings) and in
                  the case of cross currency interest rate Transactions, a Bank
                  which is located outside Australia which has a short-term
                  rating of at least A-1 (S&P), P-1 (Moody's) and F1 (Fitch
                  Ratings). The Approved Bank must be an entity that each
                  Designated Rating Agency confirms will not affect the rating
                  of the Notes.

            (c)   For the purpose of Part 5(t)(iv)(a) of this Schedule,

                  CCR means CR x 1.030;

                  CR means MTM + VB;

                  MTM means the mark-to-market value of the swap. Party A will
                  have to mark the swap to market and post collateral on a
                  weekly basis, with a grace period of 3 Local Business Days.
                  The mark-to-market value should reflect the higher of 2 bids
                  from counterparties that will be eligible and willing to
                  provide the swap in the absence of Party A; and

                  VB means the volatility buffer, being the relevant percentage
                  of the Notional Amount of the relevant Transaction calculated
                  from the following table:

                                    VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>
       COUNTERPARTY            TRANSACTIONS WITH         TRANSACTIONS WITH       TRANSACTIONS WITH
                             MATURITIES OF UP TO 5      MATURITIES OF MORE      MATURITIES OF MORE
          RATING                     YEARS            THAN 5 YEARS AND UP TO       THAN 10 YEARS
                                                             10 YEARS
           <S>                        <C>                      <C>                      <C>
            A+                        1.05                     1.75                     3.0
            A                         1.35                     2.45                     4.5
           A-1                        1.5                      3.15                     6.0
</TABLE>

                                       40
<PAGE>

(u)   TRUSTEE PROVISIONS

      Insert the following new Section 15 after Section 14:

      "15.  TRUSTEE PROVISIONS

            (a)   TRUSTEE UNDERTAKINGS. Party B undertakes that it will, subject
                  to its duties and obligations under the Master Trust Deed:

                  (i)   exercise its rights of indemnity out of the assets of
                        the Securitisation Fund;

                  (ii)  observe its obligations under the Master Trust Deed and
                        otherwise as trustee of the Securitisation Fund; and

                  (iii) not knowingly do anything which could impair its right
                        of indemnity out of the assets of the Securitisation
                        Fund.

            (b)   TRUSTEE REPRESENTATIONS. In addition to the representations in
                  Section 3, Party B represents to Party A (which
                  representations will be deemed to be repeated at all times
                  until termination of this Agreement) that:

                  (i)   its execution and delivery of this Agreement and of any
                        document required or contemplated by this Agreement, and
                        the performance by it of its obligations under this
                        Agreement are authorised under the Master Trust Deed;

                  (ii)  it is the present and only trustee of the Securitisation
                        Fund;

                  (iii) subject to the Master Trust Deed and the law there is no
                        restriction on its right of recourse or indemnity to or
                        out of the assets for the time being of the
                        Securitisation Fund and to the best of its knowledge and
                        belief nothing has happened which could impair its right
                        of indemnity out of the assets of the Securitisation
                        Fund;

                  (iv)  its entry into this Agreement and each Transaction in
                        relation to the Securitisation Fund is for the benefit
                        of and in the interests of the beneficiaries of the
                        Securitisation Fund; and

                  (v)   it is not in material breach of any provision of the
                        Master Trust Deed nor has it committed any material
                        breach of duty or trust in respect of the Securitisation
                        Fund which has not been waived by Party A.

            (c)   Capacity of Party B.

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

                                       41
<PAGE>

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

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

                  (iv)  It is acknowledged that the Manager is responsible under
                        the Master Trust Deed for performing a variety of
                        obligations relating to the Securitisation Fund,
                        including under this Agreement. No act or omission of
                        Party B (including any related failure to satisfy its
                        obligations or breach of a representation or warranty
                        under this Agreement) will be considered fraud,
                        negligence or Wilful Default of Party B for the purpose
                        of Section 15(c)(iii) to the extent to which the act or
                        omission was caused or contributed to by any failure by
                        the Manager or any other person to fulfil its
                        obligations relating to the Securitisation Fund or by
                        any other act or omission of the Manager or any other
                        person.

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

                  (vi)  Party B is not obliged to do or refrain from doing
                        anything under this Agreement (including incur any
                        liability) unless Party B's liability is limited in the
                        same manner as set out in this Section 15(c).

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

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

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

                        (2)   a reference to the undertaking, assets, business,
                              money or any other thing of or in relation to
                              Party B is a reference to such

                                       42
<PAGE>

                              undertaking, assets, business, money or other
                              thing of or in relation to Party B only in its
                              capacity as trustee of the Securitisation Fund,
                              and in no other capacity.

(ix)  The provision of this Section 15:

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

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

      (3)   are not severable from this Agreement.

(v)   ROLE OF THE MANAGER

      The Manager:

      (i)   may on behalf of Party B arrange, enter into and monitor
            Transactions and novations of Transactions, execute Confirmations,
            and exercise all other rights and powers of Party B hereunder;

      (ii)  shall, without limiting the generality of the foregoing, issue and
            receive Confirmations, Certificates and other communications to or
            by Party A hereunder;

      (iii) must provide copies of all Confirmations and notices given by Party
            A to Party B promptly upon receipt of such notices from Party A; and

      (iv)  must provide at least 2 Local Business Days prior notice to Party B
            of the details of any proposed Transaction or novation of
            Transactions.

      A failure by the Manager to give notice to Party B under the above
      provisions will not of itself affect the validity of any Transaction or
      novation of Transaction. For the avoidance of doubt, a Transaction or
      novation of Transaction entered into by the Manager on behalf of Party B
      as contemplated under this Agreement is binding on each of Party A, Party
      B and the Manager."

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

(x)   REGULATION AB FINANCIAL DISCLOSURE

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

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

            (a)   10% or more; or

            (b)   20% or more,

                                       43
<PAGE>

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

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

      (iv)  If Party A is not able to provide the relevant Swap Financial
            Disclosure in accordance with Part 5(x)(iii) of this Schedule, then
            Party A at its own expense shall:

            (a)   secure another entity to replace Party A as party to this
                  Agreement on terms substantially similar to this Agreement
                  which entity is able to and will provide the Swap Financial
                  Disclosure for such entity within the time period specified in
                  Part 5(x)(iii) of this Schedule (subject to Rating Agency
                  Confirmation having been obtained and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed)); or

            (b)   obtain a guarantee of Party A's obligations under this
                  Agreement from an affiliate of Party A that is able to provide
                  the Swap Financial Disclosure for such affiliate, such that
                  disclosure provided in respect of the affiliate will satisfy
                  any disclosure requirements applicable to Party A, and cause
                  such affiliate to provide Swap Financial Disclosure within the
                  time period specified in Party 5(x)(iii) of this Schedule
                  (subject to Rating Agency Confirmation and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed)).

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

                                       44
<PAGE>

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

PARTY A

Signed by Australia and New Zealand
Banking Group Limited by its attorney who
declares that he/she has not received
notice of revocation of the power

In the presence of

  Witness:  /s/ Sara Summers          Attorney:      /s/ Stephen Toohey
           ----------------------                  -------------------------

  Name:     Sara Summers              Name:          Stephen Toohey

                                                     Head of Legal
                                                     Markets and Corporate
  Title     Legal Assistant           Title:         & Structured Finance

  Date:     18 September 2006         Date:          18 September 2006

PARTY B

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

In the presence of

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

  Name:     Nora McDonnell             Name:          Jennifer Wu

  Title     Assistant Manager          Title:         Attorney

  Date:     22 September 2006          Date:          22 September 2006

THE MANAGER

Signed by ME Portfolio Management
Limited

                                       45
<PAGE>

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

In the presence of

  Witness:  /s/ Michael Donohue        Attorney:      /s/ N. Vamvakas
           ------------------------                 --------------------------

  Name:     Michael Donohue            Name:          N. Vamvakas

  Title     Treasury Manager           Title:         GM Financial Markets

  Date:     20 September 2006
                                                      /s/ Paul Garvey
                                                    --------------------------

                                       Name:          Paul Garvey

                                       Title:         Manager Capital Markets

                                       Date:          20 September 2006

                                       46
<PAGE>

Date: 11/10/2006                                    Our Ref: IRS297773

Perpetual Limited as trustee for SMHL Global Fund No. 9
c/o ME Portfolio Management Limited
Level 23
360 Collins Street
Melbourne VIC 3000
AUSTRALIA

Attention: Back Office, ME Portfolio                        Fax: +61 3 9605 6228
Management Limited

AMENDED CONFIRMATION - AVOID DUPLICATION

Dear Sir/Madam,

RE:   SWAP TRANSACTION

The purpose of this letter is to confirm the terms and conditions of the Swap
Transaction entered into between us on the Trade Date specified below (the "Swap
Transaction"). This letter constitutes a "Confirmation" as referred to in the
ISDA Master Agreement specified below.

Terms otherwise not defined in this Confirmation will have the meaning given to
them in the Supplementary Bond Terms Notice SMHL Global Fund No. 9 - Class A
Notes and B Notes dated 3 October 2006.

The definitions and provisions contained in the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

1.    This Confirmation supplements, forms part of, and is subject to, the
      Master Agreement dated as of 22 September 2006, as amended and
      supplemented from time to time ("the Agreement") between Perpetual Limited
      in its capacity as trustee for SMHL Global Fund No. 9, you and us. All
      provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.

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

      Notional Amount:                 For  each  Monthly   Payment  Date,   the
                                       Outstanding   Principal  Balance  of  the
                                       fixed rate loans in the SMHL  Global Fund
                                       No.  9  as   calculated  on  the  Monthly
                                       Cut-Off    immediately    preceding   the
                                       relevant  Monthly  Payment  Date  and  in
                                       respect of the first Monthly Payment Date
                                       the Outstanding  Principal Balance of the
                                       fixed rate loans in the SMHL  Global Fund
                                       No. 9 as at the Bond Issue Date.

                                       47
<PAGE>

      Trade Date:                      10 October 2006

      Effective Date:                  11 October 2006

      Termination Date:                The  earlier of the 09th  August 2017 and
                                       the date of redemption of all the Class A
                                       Notes  and  Class B Notes  in  accordance
                                       with clause 3.4 of the Supplementary Bond
                                       Terms Notice.

      Fixed Amounts
      -------------

      Fixed Rate Payer:                Perpetual  Limited  as  trustee  for SMHL
                                       Global Fund No. 9

      Fixed Rate Payer
      Payment Dates:                   Commencing  on the 9th November  2006 and
                                       monthly thereafter on the 9th day of each
                                       calendar  month up to and  including  the
                                       Termination  Date,  subject to adjustment
                                       in accordance with the Modified Following
                                       Business Day Convention.

      Fixed Rate:                      In relation to each  Monthly  Calculation
                                       Period,  the weighted  average fixed rate
                                       of the  fixed  rate  loans  in  the  SMHL
                                       Global Fund No. 9

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

      Floating Amount
      ----------------

      Floating Rate Payer:             Australia  and New Zealand  Banking Group
                                       Limited

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

      Floating Rate Option:            AUD - BBR - BBSW

      Designated Maturity:             1 month

      Spread:                          1.10 per cent per annum

      Linear Interpolation for
      initial Calculation Period:      Applicable

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

      Reset Dates:                     For each Monthly  Calculation Period, the
                                       first  day of  that  Monthly  Calculation
                                       Period.

                                       48
<PAGE>

      Business Days:                   Sydney and Melbourne
      --------------

      Calculation Agent:               Australia  and New Zealand  Banking Group
      ------------------
                                       Limited

      Netting of Payments:             Applicable
      --------------------

      Compounding:                     Inapplicable
      ------------

3.    Account Details
      ---------------

      Payments to Fixed          :     In AUD
      Rate Payer                 :     Perpetual  Limited  as  trustee  for SMHL
                                       Global Fund No. 9

      ACCOUNT                    :     To be advised
                                 :     To be advised
      IN FAVOUR OF               :     Perpetual  Limited  as  trustee  for SMHL
                                       Global Fund No. 9, MELBOURNE

      Payments to Floating       :     In AUD
      Rate Payer                 :     Australia  and New Zealand  Banking Group
                                       Limited

      ACCOUNT                    :     RTGS/AUSTRACLEAR ANZB 34
                                       BSB: 013033

      IN FAVOUR OF               :     Australia  and New Zealand  Banking Group
                                       Limited, MELBOURNE
      NARRATIVE                  :     Attention Derivative Operations

4.    Offices
      -------

      (a)   The Office of the Fixed Rate Payer for the Transaction is Sydney.

      (b)   The Office of the manager of the Fixed Rate Payer for the
            Transaction is Melbourne.

      (c)   The Office of the Floating Rate Payer for Swap Transaction is
            Melbourne.

5.    Additional Definitions
      ----------------------

      Bank Charges and
      Other Costs:                     Please note that all proceeds  payable by
                                       either  party  during  the  term  of this
                                       transaction  shall be free  and  clear of
                                       all Bank  Charges  and other costs in the
                                       hand of the recipient.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

Yours sincerely,
For and on behalf of
Australia and New Zealand Banking Group Limited by:

/s/ Danny Avramides

Danny Avramides
Team Manager
Market Operations

                                       49
<PAGE>

Confirmed as of the date first written:

For and on behalf of:

ME Portfolio Management Limited as manager of and on behalf of Perpetual Limited
as trustee for SMHL Global Fund No. 9

/s/ Paul Fitzsimons                    /s/ Andrew Gibson
-------------------------              ---------------------------
Authorised Signatory                   Authorised Signatory

Paul Fitzsimons                        Andrew Gibson
Authorised Signatory                   Authorised Signatory
-------------------------              ---------------------------
Name and Title                         Name and Title

12 October 2006                        12 October 2006
-------------------------              ---------------------------
Date                                   Date

"ANZ holds Austalian  Financial Services  licence no. 234527 in Australia and is
authorised  and  regulated by the  Finanacial  Services  Authority in the United
Kingdom"

                                       50Exhibit 10.9

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

                                           Perpetual Limited
                                           ABN 86 000 431 827

                                           and

                                           ME Portfolio Management Limited
                                           ABN 79 005 964 134

               Freehills
               ---------

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

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

               Reference LGR:OMT:36G

<PAGE>

--------------------------------------------------------------------------------
Table of contents

Clause                                                                      Page

1        Definitions and interpretation                                        2

         1.1      Definitions                                                  2
         1.2      Interpretation                                               6
         1.3      Banking Day                                                  8
         1.4      Transaction Document                                         8

2        The Notes                                                             8

         2.1      Application for and Issue of Notes                           8
         2.2      Acknowledgment of Indebtedness                               9
         2.3      Obligations under Notes                                      9
         2.4      Ownership of Notes                                           9
         2.5      Register                                                     9

3        Purpose                                                               9

4        Funding procedures                                                   10

         4.1      Delivery of Funding Notice                                  10
         4.2      Requirements for a Funding Notice                           10
         4.3      Copy of the Funding Notice to be provided to the Issuer     10
         4.4      Irrevocability of Funding Notice                            10

5        Loan Facility                                                        11

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

6        Payments                                                             13

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

7        Representations and warranties                                       14

         7.1      By the Issuer                                               14
         7.2      By the SF Manager                                           15
         7.3      Survival and repetition of representations and warranties   16
         7.4      Reliance by the Note Holder and OF Manager                  16

8        Undertakings                                                         16

         8.1      Term of undertakings                                        16

--------------------------------------------------------------------------------
                                                                          page 1

<PAGE>

         8.2      Compliance with Covenants                                   16
         8.3      Notify Events of Default                                    17
         8.4      Know your customer                                          17
         8.5      Compliance with Regulation AB                               17
         8.6      Direction of claims by the SF Manager                       22
         8.7      Direction of defence of claims                              23

9        Events of Default                                                    23

         9.1      Operation of clause 9                                       23
         9.2      Effect of Event of Default                                  24
         9.3      Issuer to continue to perform                               24
         9.4      Enforcement                                                 24

10       Trustee Limitation of Liability Protection                           24

         10.1     Limitation of Liability - Issuer                            24
         10.2     Limitation of Liability - Note Holder                       25
         10.3     Wilful Default of the Issuer and the Note Holder            26

11       Indemnities                                                          27

         11.1     General indemnity                                           27
         11.2     Continuing indemnities and evidence of loss                 28
         11.3     Funds available for indemnity                               28
         11.4     Negligence, wilful default or breach of law                 28
         11.5     Notification from Note Holder or OF Manager                 28

12       Tax, costs and expenses                                              29

         12.1     Tax                                                         29
         12.2     Costs and expenses                                          29
         12.3     Goods and services tax                                      30

13       Interest on overdue amounts                                          30

         13.1     Payment of interest                                         30
         13.2     Accrual of interest                                         30
         13.3     Rate of interest                                            31

14       Assignment                                                           31

         14.1     Assignment by Transaction Party                             31
         14.2     Assignment by Note Holder and OF Manager                    31
         14.3     Assist transfer or assignment                               31
         14.4     Participation permitted                                     31
         14.5     Lending Office                                              31
         14.6     Disclosure                                                  31
         14.7     No increase in costs                                        32

15       General                                                              32

         15.1     Confidential information                                    32
         15.2     Performance by Note Holder of obligations                   32
         15.3     Transaction Party to bear cost                              32
         15.4     Notices                                                     32

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

<PAGE>

         15.5     Governing law and jurisdiction                              34
         15.6     Prohibition and enforceability                              34
         15.7     Waivers                                                     34
         15.8     Variation                                                   34
         15.9     Cumulative rights                                           35
         15.10    Attorneys                                                   35
         15.11    Binding Obligations                                         35
         15.12    Winding up of Securitisation Fund                           35
         15.13    Termination                                                 35
         15.14    Counterparts                                                35

Schedule 3 - Report on assessment of compliance with
             Regulation AB servicing criteria                                 42

Schedule 4 - Servicing Criteria to be addressed in assessment
             of compliance                                                    43

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

<PAGE>

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

This Payment Funding Facility Agreement
                  is made on 21 September 2006 between the following parties:

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

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

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

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

Recitals

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

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

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

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

The parties agree

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

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

         1.1      Definitions

                  In this agreement, unless the context otherwise requires:

                  Attorney means an attorney appointed under a Material
                  Document;

                  Authorisation includes:

                  (a) any consent, registration, filing, agreement,
                      notarisation, certificate, licence, approval, permit,
                      authority or exemption from, by or with a Governmental
                      Agency; and

                  (b) any consent or authorisation regarded as given by a
                      Governmental Agency due to the expiration of the period
                      specified by a statute within which the Governmental
                      Agency should have acted if it wished to proscribe or
                      limit anything already lodged, registered or notified
                      under that statute;

                  Authorised Investments has the meaning given to it in the
                  Master Trust Deed;

                  Bank has the meaning given to it in the Master Trust Deed;

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

                  Bond Issue Date has the meaning given to it in the Master
                  Trust Deed;

                  Bond Issue Direction has the meaning given to it in the
                  Master Trust Deed;

                  Charge means the charge created under the Security Trust Deed;

                  Class A Note has the meaning given to it in the
                  Supplementary Bond Terms Notice;

                  Class B Note has the meaning given to it in the
                  Supplementary Bond Terms Notice;

                  Collections has the meaning given to it in the Supplementary
                  Bond Terms Notice;

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

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

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

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

                  Encumbrance means an interest or power:

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

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

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

                  Entity has the same meaning as in Chapter 2E of the
                  Corporations Act;

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

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

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

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

                  Fitch Ratings means Fitch Australia Pty Ltd;

                  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);

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

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

                  Interest Amount means for any Payment Period all of the net
                  income derived from the investment of the net proceeds of
                  the Principal Outstanding for that Payment Period;

                  Lending Office means the office of the Note Holder set out
                  in clause 15.4(a)(1)(A) or such other office as notified by
                  the Note Holder under this agreement;

                  Liquidity Notes has the meaning given to it in the
                  Supplementary Bond Terms Notice;

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

                  Material Documents means:

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

                 (b) the Security Trust Deed; and

                 (c) the Supplementary Bond Terms Notice.

                  Moody's has the meaning given to it in the Master Trust Deed;

                  Mortgage has the meaning given to it in the Master Trust Deed;

                  Note means a note issued under clauses 2 and 4;
--------------------------------------------------------------------------------
                                                                         page  3
<PAGE>

                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

                  Officer means:

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

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

                  Origination Fund means Superannuation Members' Home Loans
                  Origination Fund No. 3 established pursuant to the Master
                  Trust Deed;

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

                  (a) are present or future;

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

                  (c) are at any time ascertained or unascertained;

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

                  (e) are owed to or incurred for the account of the Note
                      Holder alone, or severally or jointly with any other
                      person;

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

                  comprise any combination of the above, after:

                  (g) deducting the aggregate amount of any payments made
                      under clause 3(b); and

                  (h) adding the aggregate of any amounts recovered by or
                      otherwise paid to the Issuer where the original
                      non-payment of those amounts was a Payment Amount
                      Shortfall;

                  Outstanding Principal Balance in respect of a Mortgage has
                  the same meaning as in the Supplementary Bond Terms Notice;

                  Overdue Rate means on any date the rate percent per annum
                  calculated by the OF Manager which is the rate, expressed as
                  a percentage, derived from dividing the Interest Amount by
                  the average of the Principal Outstanding on each Banking Day
                  during the Payment Period immediately preceding the date the
                  Overdue Rate is calculated;

                  Payment Amount means an amount payable by the Issuer to the
                  counterparty to any Enhancement or Interest Hedge (as those
                  terms are defined in the Security Trust Deed) in respect of
                  any loss suffered by the counterparty as a consequence of
                  the termination before its due date of any arrangement to
                  hedge or otherwise manage the Issuer's interest rate
                  exposure for any Mortgage being an Asset of the
                  Securitisation Fund where all or part of the interest
                  payable is subject to a fixed rate;

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                  Payment Amount Shortfall means as the case requires:

                  (a) a Recovery Shortfall; and

                  (b) a Threshold Rate Shortfall;

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

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

                  Permitted Encumbrance means:

                  (a) every lien created by operation of law securing an
                      obligation that is not yet due;

                  (b) every lien for the unpaid balance of purchase moneys
                      under an instalment contract entered into in the
                      ordinary course of business;

                  (c) every lien for the unpaid balance of moneys owing for
                      repairs; and

                  (d) an Encumbrance granted under a Transaction Document,

                  which affects or relates to any of the assets of the
                  Securitisation Fund;

                  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 after:

                  (a) deducting the aggregate amount of any payments made
                      under clause 3(b); and

                  (b) adding the aggregate of any amounts recovered by or
                      otherwise paid to the Issuer in respect of a Payment
                      Amount Shortfall;

                  Recovery Shortfall means an amount equal to the difference
                  between the Payment Amount and the amount recovered or
                  recoverable under or pursuant to the Mortgage in respect of
                  the Payment Amount;

                  Redraw Funding Facility has the meaning given to it in the
                  Security Trust Deed;

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

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

                  S&P has the meaning given to it in the Master Trust Deed;

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

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

                  Security Trust Deed means the security trust deed (as
                  amended from time to time) 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);

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                  Set Date means in relation to the initial Payment Period,
                  the Funding Date, and in relation to each subsequent Payment
                  Period, the relevant Payment Date at the commencement of
                  that Payment Period;

                  Supplementary Bond Terms Notice 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 for Class A Notes and Class B Notes;

                  Tax means:

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

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

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

                  Termination Date means, the first to occur of:

                  (a) the date on which the Total Outstanding Principal
                      Balance is zero or will be zero following any payments
                      made on the relevant Payment Date (as defined under the
                      Supplementary Bond Terms Notice); and

                  (b) the date by which the SF Manager has received written
                      notification from each Designated Rating Agency (as
                      defined in the Master Trust Deed) that the provision of
                      the Facility and the subscription and issue of Notes
                      under the Facility (including any outstanding Notes) is
                      no longer necessary in order to maintain the "AAA",
                      "Aaa" and "AAA" rating of notes in the Securitisation
                      Fund known as the "Class A Notes" by S&P, Moody's and
                      Fitch Ratings respectively;

                  Threshold Rate Shortfall means any shortfall arising under
                  any determination under clause 11(a) of the Supplementary
                  Bond Terms Notice;

                  Total Outstanding Principal Balance has the meaning given to
                  it under the Supplementary Bond Terms Notice;

                  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;

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                                                                          page 6
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

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

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

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

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

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

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

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

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

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

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

                  (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

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                                                                          page 7
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

         1.3      Banking Day

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

         1.4      Transaction Document

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

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

         2.1      Application for and Issue of Notes

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

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

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

                      (3)  specifying the proposed date 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) If the SF Manager has requested that the Issuer issues a
                      Note in accordance with clause 2.1(a) and the OF Manager
                      and Note Holder agree to subscribe for the Note as
                      requested by the SF Manager, 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.

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

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

         2.2      Acknowledgment of Indebtedness

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

         2.3      Obligations under Notes

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

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

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

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

         2.4      Ownership of Notes

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

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

         2.5      Register

                  The Issuer must:

                  (a) establish and maintain the Register;

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

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

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

                      (3)  the date on which any person becomes, or ceases to
                           be, a Note Holder.
--------------------------------------------------------------------------------
3        Purpose
                  (a) Subject to clause 3(b), the Issuer must, and the SF
                      Manager must cause the Issuer to, keep the proceeds of a
                      Funding Portion invested in Authorised Investments:

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

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

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

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                                                                          page 9
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                  (b) The Issuer must and the SF Manager must cause the Issuer
                      to, apply funds invested under clause 3(a):

                      (1)  to the extent of any Payment Amount Shortfall and
                           subject to clause 5.5(b)(3), towards Collections in
                           accordance with the Supplementary Bond Terms
                           Notice; and

                      (2)  otherwise as required under clause 5 or clause 11.

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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
                      at least 2 Banking Days before the proposed Funding Date
                      (or such shorter period as the OF Manager may agree in
                      writing);

                  (c) must be signed by an Officer of the SF Manager and an
                      Officer of the Issuer;

                  (d) whether or not stated in the notice, constitutes a
                      representation and warranty by each of the Issuer and
                      the SF Manager that so far as it is aware (without the
                      need to make enquiry) each representation and warranty
                      set out in clause 7 and given by it is true, correct and
                      not misleading as if made at the date of the Funding
                      Notice and the Funding Date in respect of the facts and
                      circumstances then subsisting, but if the representation
                      and warranty constituted by this clause 4.2(d) is not
                      correct the Funding Notice must contain a statement to
                      that effect and must set out full details of any
                      exceptions and the reasons and any remedial action taken
                      or proposed. Any such statement is without prejudice to
                      the rights of the Note Holder and OF Manager.

         4.3      Copy of the Funding Notice to be provided to the Issuer

                  A copy of each Funding Notice must be provided to the Issuer
                  at least 1 Banking Day before the proposed Funding Date
                  together with the Bond Issue Direction for the issue of the
                  Notes.

         4.4      Irrevocability of Funding Notice

                  The Note Holder or the OF Manager may, in its absolute
                  discretion, decide to decline to provide the requested
                  funding specified in the Funding Notice, in which case the
                  OF Manager must notify each of the Issuer and the SF Manager
                  in writing. Following agreement by the Note Holder and the
                  OF Manager to the

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

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

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5        Loan Facility

         5.1      Provision of Funding Portions

                  If the SF Manager gives a Funding Notice in accordance with
                  clause 4 and the OF Manager and the Note Holder agree to the
                  issue of the specified Note, then, subject to this agreement
                  (including, without limitation, clause 10), 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.

         5.2      Repayment of Outstanding Moneys

                  (a) If after having regard to clause 5.5, the SF Manager
                      determines that on any Banking Day the Principal
                      Outstanding is greater than the amount agreed from time
                      to time by the SF Manager and each Designated Rating
                      Agency the Issuer must, and the SF Manager must cause
                      the Issuer to, repay to the Note Holder so much of the
                      Principal Outstanding so that the Principal Outstanding
                      immediately after that repayment will not cause the
                      current rating of the Class A Notes and the Class B
                      Notes issued by the Issuer to be downgraded or withdrawn
                      by any Designated Rating Agencies.

                  (b) The Issuer must, and the SF Manager must cause the
                      Issuer to, repay the Principal Outstanding, if any, in
                      full on the Termination Date.

                  (c) 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.

                  (d) The Issuer is not obliged to make a repayment under this
                      clause 5.2 other than out of the funds invested or
                      available for investment under clause 3.

         5.3      Interest

                  (a) On each relevant Payment Date, the Issuer must, and the
                      SF Manager must cause the Issuer to, pay to the Note
                      Holder interest in relation to the relevant Payment
                      Period being an amount equal to the Interest Amount. The
                      Issuer is not obliged to pay interest under this clause
                      5.3(a) other than out of the Interest Amount.

                  (b) The Issuer and the SF Manager acknowledge that the
                      Interest Amount is not available to meet any payment
                      obligation of the Issuer other than its obligation to
                      pay interest under clauses 5.3(a) and 5.3(c).

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                                                                         page 11
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

                      (1)  the Interest Amount shall accrue interest at the
                           Overdue Rate for the next Payment Period;

                      (2)  the Interest Amount and interest accrued under
                           paragraph (1) shall become payable on the next
                           relevant Payment Date; and

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

                  (d) 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.

         5.4      Order of Repayment

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

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

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

         5.5      Acknowledgments

                  (a) The Issuer acknowledges that if an amount is paid out of
                      the Securitisation Fund as a consequence of a Payment
                      Amount Shortfall, and an amount referable to that
                      Payment Amount Shortfall is subsequently recovered by or
                      otherwise paid to the Issuer, such amounts are to be
                      available for repayment under clause 5.

                  (b) Each of the parties acknowledges that:

                      (1)  the Issuer will not be able to issue the Class A
                           Notes or the Class B Notes unless and until a
                           Funding Portion has been provided and maintained
                           under clause 5.1 such that the Principal
                           Outstanding is not less than 0.00% of the
                           Outstanding Principal Balance of the Loans secured
                           by the Mortgages comprised in the Assets of
                           Securitisation Fund on the issue date of the notes;

                      (2)  in order to maintain the assigned rating by each
                           Designated Rating Agency (which rating confirmation
                           by each Designated Rating Agency must be in
                           writing) of the Class A Notes or the Class B Notes
                           it may be necessary to increase the amount of the
                           Principal Outstanding to an amount in excess of
                           0.00% of the Outstanding

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                                                                         page 12
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                           Principal Balance of the Loans secured by Mortgages
                           comprised in the Assets of Securitisation Fund;

                      (3)  the amount of the Principal Outstanding up to an
                           amount equal to 0.00% of the Outstanding Principal
                           Balance of the Loans secured by Mortgages comprised
                           in the Assets of Securitisation Fund is only
                           available in respect of Payment Amount Shortfalls
                           being Recovery Shortfalls and any Principal
                           Outstanding in excess of 0.00% of the Outstanding
                           Principal Balance of the Loans secured by Mortgages
                           comprised in the Assets of Securitisation Fund is
                           only available in respect of Payment Amount
                           Shortfalls being Threshold Rate Shortfalls; and

                      (4)  if a Threshold Rate Shortfall exists and the amount
                           of the Funding Portion is not increased as
                           contemplated by clause 5.5(b)(2), the SF Manager
                           must comply with clauses 11(c)(1) and (2) of the
                           Supplementary Bond Terms Notice.

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

         6.1      Manner of payments

                  All payments to the Note Holder under the Transaction
                  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 Banking Day

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

         6.3      Appropriation of payments

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

                      (1)  firstly, 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)  secondly, towards payment of interest due and
                           payable under the Material Documents; and

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

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

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                                                                         page 13
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         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 the relevant Governmental Agency and
                      within 2 Banking Days after receipt the Issuer must, and
                      the SF Manager must cause the Issuer to, deliver them to
                      the Note Holder.

         6.6      Amounts payable on demand

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

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7        Representations and warranties

         7.1      By the Issuer

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

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

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

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

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

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                                                                         page 14
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

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

                  (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 Government Agency required to be
                      obtained by it in connection with the execution and
                      delivery of, and performance of its obligations under,
                      this agreement and any Note have been obtained and are
                      valid and subsisting;

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

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

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

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

         7.2      By the SF Manager

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

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

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

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

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                  (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.

         7.4      Reliance by the Note Holder and OF Manager

                  The Issuer and the SF Manager each acknowledge that the Note
                  Holder and OF Manager have entered into each Transaction
                  Document to which it is a party in reliance on the
                  representations and warranties in, or given under, this
                  agreement including, but not limited to, clauses 7.1 and
                  7.2.

--------------------------------------------------------------------------------
8        Undertakings

         8.1      Term of undertakings

                  Unless the OF Manager otherwise agrees in writing, until the
                  Outstanding Moneys are fully and finally repaid the Issuer
                  and the SF Manager must, at its own cost (but without
                  prejudice to clause 10 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:

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                                                                         page 16
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                  (a) comply with all of its covenants and obligations under
                      the Security Trust Deed and Supplementary Bond Terms
                      Notice; and

                  (b) wherever it is required to obtain consent of the
                      Security Trustee (as defined in the Security Trust Deed)
                      under the Security Trust Deed also obtain the prior
                      written consent of the Note Holder and OF Manager.

         8.3      Notify Events of Default

                  On and from the Termination Date, each of the SF Manager and
                  the Issuer must immediately notify all the other parties to
                  this agreement in writing if it becomes actually aware of
                  the occurrence of any Event of Default and must provide full
                  and complete details in relation thereto immediately upon
                  becoming actually aware of such details.

         8.4      Know your customer

                  Subject to any confidentiality, privacy or general trust law
                  obligations owed by the Issuer to Bondholders and any
                  applicable confidentiality or privacy laws, except to the
                  extent those obligations or laws are overridden by
                  applicable anti-money laundering or counter-terrorism
                  financing laws, each party hereto (Information Provider)
                  agrees to provide any information and documents reasonably
                  required by another party hereto (Information Receiver) for
                  the Information Receiver to comply with any applicable
                  anti-money laundering or counter-terrorism financing laws
                  including, without limitation, any laws imposing "know your
                  customer" or other identification checks or procedures on a
                  party, but only to the extent that such information is in
                  the possession of, or otherwise readily available to, the
                  Information Provider. The Information Receiver may, to the
                  extent required by law, decline to perform its affected
                  obligations under the Transaction Documents to which it is a
                  party. Any Information Receiver receiving information and
                  documents pursuant to this clause 8.4 agrees to utilize such
                  information and documents solely for the purpose of
                  complying with applicable anti-money laundering or
                  counter-terrorism financing laws.

         8.5      Compliance with Regulation AB

                  In relation to compliance with Regulation AB:

                  (a) the SF Manager and the Issuer acknowledge and agree that
                      the purpose of this clause 8.5 is to facilitate
                      compliance by the Issuer in relation to the
                      Securitisation Fund with the provisions of Regulation AB
                      and related rules and regulations of the Commission to
                      the extent applicable to the Issuer;

                  (b) the SF Manager shall not exercise its right to request
                      delivery of information or other performance under these
                      provisions other than as required to comply with the
                      Securities Act, the Exchange Act and the rules and
                      regulations of the Commission thereunder, including
                      Regulation AB, with respect to the Securitisation Fund.
                      The SF Manager shall not request the delivery of
                      information or other performance under this clause 8.5
                      unless the SF Manager is required under the Exchange Act
                      to file an annual report on Form 10-K with respect to
                      the Securitisation Fund. The SF Manager and the Issuer
                      acknowledge that interpretations of the requirements of
                      Regulation AB may change over time, whether due to
                      interpretive guidance provided by the Commission or its
                      staff, consensus

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                                                                         page 17
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      among participants in the asset-backed securities
                      markets, advice of counsel, or otherwise, and agrees to
                      comply with requests made by the SF Manager in good
                      faith for delivery of information under these provisions
                      on the basis of evolving interpretations of Regulation
                      AB; provided that, to the extent the SF Manager and the
                      Issuer do not agree with respect to an interpretation of
                      Regulation AB, the SF Manager and the Issuer shall
                      obtain a written opinion of counsel of U.S. national
                      reputation in the practice of U.S. federal securities
                      laws reasonably acceptable to the SF Manager and the
                      Issuer, addressed to the SF Manager and the Issuer,
                      stating the opinion of such counsel with respect to the
                      interpretation of the relevant provision(s) of
                      Regulation AB; provided, further, that the costs and
                      fees of such counsel incurred in the preparation of such
                      written opinion shall be divided equally between the SF
                      Manager and the Issuer. In relation to the
                      Securitisation Fund, the Issuer shall cooperate fully
                      with the SF Manager to deliver to the SF Manager
                      (including any of its assignees or designees), any and
                      all statements, reports, certifications, records and any
                      other information within the control of the Issuer or
                      for which the Issuer is responsible necessary in the
                      good faith determination of the SF Manager to permit the
                      SF Manager to comply with the provisions of Regulation
                      AB, together with such disclosures relating to the SF
                      Manager, the Issuer, any Subcontractor of the Issuer,
                      the Loans, the servicing of the Loans or any other
                      servicing activities within the meaning of Item 1122 of
                      Regulation AB, reasonably believed by the SF Manager to
                      be necessary in order to effect such compliance;

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

                  (d) the Issuer acknowledges and agrees that, to the extent
                      the SF Manager reasonably determines, upon consultation
                      with, and to the extent agreed with, the Issuer, that
                      the Issuer is "participating in the servicing function"
                      in relation to the Securitisation Fund within the
                      meaning of Item 1122 of Regulation AB, the Issuer will
                      comply with the applicable requirements contained in
                      clause 8.5(e) - (i); provided that, to the extent the SF
                      Manager and the Issuer do not agree whether the Issuer
                      is "participating in the servicing function" with
                      respect to one or more Servicing Criteria within the
                      meaning of Item 1122 in relation to the Securitisation
                      Fund, the SF Manager and the Issuer shall obtain a
                      written opinion of counsel of U.S. national reputation
                      in the practice of U.S. federal securities laws
                      reasonably acceptable to the SF Manager and the Issuer,
                      addressed to the SF Manager and the Issuer, stating
                      whether, in the opinion of such counsel, the Issuer is
                      "participating in the servicing function" with respect
                      to such Servicing Criteria within the meaning of Item
                      1122 in relation to the Securitisation Fund; provided,
                      further, that the costs and fees of such counsel
                      incurred in the preparation of such written opinion
                      shall be divided equally between the SF Manager and the
                      Issuer;

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                                                                         page 18
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

                      (1)  deliver to the SF Manager a report (in form and
                           substance reasonably satisfactory to the SF
                           Manager) regarding the Issuer's assessment of
                           compliance with the Servicing Criteria during the
                           immediately preceding financial year ended June 30,
                           as required under Rules 13a-18 and 15d-18 of the
                           Exchange Act and Item 1122 of Regulation AB. Such
                           report shall be addressed to the SF Manager and
                           signed by an authorized officer of the Issuer, and
                           shall address each of the Servicing Criteria
                           specified on a certification substantially in the
                           form of Schedule 3 hereto and addressing, at a
                           minimum, the criteria identified in Schedule 4
                           hereto as "Applicable Servicing Criteria", but only
                           with respect to such of the Servicing Criteria that
                           the Issuer performs;

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

                      (3)  cause each Subcontractor of the Issuer (if any)
                           determined by the Issuer pursuant to clause 8.5 to
                           be "participating in the servicing function" within
                           the meaning of Item 1122 of Regulation AB, to
                           deliver to the SF Manager an assessment of
                           compliance and accountants' attestation as and when
                           provided in clause 8.5(e)(1) and 8.5(e)(2), but
                           only with respect to such of the Servicing Criteria
                           that such Subcontractor of the Issuer performs;

                      An assessment of compliance provided by a Subcontractor of
                      the Issuer pursuant to clause 8.5(e)(3) need not address
                      any elements of the Servicing Criteria other than those
                      specified by the Issuer pursuant to clause 8.5(f), and
                      need only address such of the Servicing Criteria that such
                      Subcontractor performs;

                  (f) in relation to the use of Subcontractors:

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

                           (A)  the identity of each such Subcontractor;

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

                           (C)  which elements of the Servicing Criteria will
                                be addressed in assessments of compliance
                                provided by each Subcontractor identified
                                pursuant to clause 8.5(f)(1)(B);

                      (2)  as a condition to the utilization of any
                           Subcontractor determined to be "participating in
                           the servicing function" within the meaning of

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                                                                         page 19
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                           Item 1122 of Regulation AB, (i) the Issuer shall
                           cause any such Subcontractor used by the Issuer for
                           the benefit of the SF Manager to comply with the
                           provisions of clauses 8.5(e) - (i), 8.6 and 8.7 of
                           this agreement to the same extent as if such
                           Subcontractor were the Issuer (provided that in the
                           case of a Subcontractor of the Issuer, the
                           obligations of such Subcontractor under clause
                           8.5(g) will be owed directly to the SF Manager and
                           the Issuer will do all things reasonably necessary
                           to cause the Subcontractor to owe such obligations
                           directly to the SF Manager) and (ii) the Issuer
                           shall obtain the written consent of the SF Manager
                           (which is not to be unreasonably withheld or
                           delayed) to the utilization of such Subcontractor.
                           The Issuer shall be responsible for obtaining from
                           each Subcontractor and delivering to the SF Manager
                           any assessment of compliance and accountants'
                           attestation required to be delivered by such
                           Subcontractor under clause 8.5(e) - (i), in each
                           case as and when required to be delivered;

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

                      (1)  any untrue statement of a material fact contained
                           or alleged to be contained in any information,
                           report, certification, accountants' letter or other
                           material provided in written or electronic form
                           under this clause 8.5 by or on behalf of the
                           Issuer, or provided under this clause 8.5 by or on
                           behalf of any Subcontractor of the Issuer
                           (collectively, the "Issuer Information"); provided
                           that in the case of any untrue statement of a
                           material fact contained or alleged to be contained
                           in the accountant's letter, the Issuer will
                           indemnify and hold harmless the SF Manager only to
                           the extent of the sum that the Issuer recovers from
                           the accounting firm providing such accountant's
                           letter (which recovery the Issuer must if the
                           Issuer in good faith determines the Issuer is
                           entitled to do so after taking professional advice
                           pursue including by taking action in any relevant
                           court of competent jurisdiction); provided,
                           further, that the Issuer will not indemnify and
                           hold harmless the SF Manager to the extent that the
                           untrue statement of a material fact contained or
                           alleged to be contained in the Issuer Information
                           relates to information provided to the Issuer by
                           the SF Manager or any other party to enable the
                           Issuer to complete its duties under the Transaction
                           Documents; or

                      (2)  the omission or alleged omission to state in the
                           Issuer Information a material fact required to be
                           stated in the Issuer Information or necessary in
                           order to make the statements therein, in the light
                           of the circumstances under which they were made,
                           not misleading; provided, by way of clarification,
                           that this clause 8.5(g)(2) shall be construed
                           solely by reference to the Issuer Information and
                           not to any other information communicated in
                           connection with a sale or purchase of securities,
                           without regard to whether the Issuer Information or
                           any portion thereof is presented together with or
                           separately from such other information; provided,
                           further, that in

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                                                                         page 20
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                           the case of the omission or alleged omission to
                           state in an accountant's letter a material fact
                           required to be stated in the accountant's letter or
                           necessary in order to make the statements therein,
                           in the light of the circumstances under which they
                           were made, not misleading, the Issuer will
                           indemnify and hold harmless the SF Manager only to
                           the extent of the sum that the Issuer recovers from
                           the accounting firm providing such accountant's
                           letter (which recovery the Issuer must if the
                           Issuer in good faith determines the Issuer is
                           entitled to do so after taking professional advice
                           pursue including by taking action in any relevant
                           court of competent jurisdiction); provided,
                           further, that the Issuer will not indemnify and
                           hold harmless the SF Manager to the extent that the
                           omission or alleged omission to state in the Issuer
                           Information a material fact required to be stated
                           in the Issuer Information or necessary in order to
                           make the statements therein, in the light of the
                           circumstances under which they were made, not
                           misleading, relates to information provided to the
                           Issuer by the SF Manager or any other party to
                           enable the Issuer to complete its duties under the
                           Transaction Documents; or

                      (3)  any failure by the Issuer or any Subcontractor of
                           the Issuer to deliver any information, report,
                           certification, accountants' letter or other
                           material when and as required under this clause
                           8.5, including any failure by the Issuer to
                           disclose any non-compliance with any of the
                           Servicing Criteria in a certification or to
                           identify pursuant to clause 8.5(f) any
                           Subcontractor "participating in the servicing
                           function" within the meaning of Item 1122 of
                           Regulation AB. In the case of any failure of
                           performance described in clause 8.5(g)(3), the
                           Issuer shall promptly reimburse the SF Manager, for
                           all costs reasonably incurred by the SF Manager in
                           order to obtain the information, report,
                           certification, accountants' letter or other
                           material not delivered as required by the Issuer or
                           any Subcontractor of the Issuer;

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

                      (1) deliver any information, report, certification,
                          accountants' letter or other material when and as
                          required under this clause 8.5, shall, except as
                          provided in clause 8.5(h)(2), immediately and
                          automatically, without notice or grace period, entitle
                          the SF Manager, in its sole discretion:

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

                          (B) to replace such party with respect to such
                              activities, each at the expense of the Issuer,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Issuer; provided that to the
                              extent that any provision of the Transaction
                              Documents expressly

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                                                                         page 21
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                              provides for the survival of certain rights or
                              obligations following termination of the Issuer,
                              such provision shall be given effect;

                      (2) deliver any information, report, certification or
                          accountants' letter when and as required under
                          clause 8.5(e) - (i) or (except as provided below)
                          any failure by the Issuer to identify pursuant to
                          clause 8.5(f) any Subcontractor of the Issuer
                          "participating in the servicing function" within
                          the meaning of Item 1122 of Regulation AB, which
                          continues unremedied for ten calendar days after
                          the date on which such information, report,
                          certification or accountants' letter was required
                          to be delivered, shall entitle the SF Manager, in
                          its sole discretion:

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

                          (B) to replace such party with respect to such
                              activities, in the case of the Issuer or any
                              Subcontractor of the Issuer, at the expense of the
                              Issuer, without payment (notwithstanding anything
                              in the Transaction Documents to the contrary) of
                              any compensation to the Issuer;

                          provided that to the extent that any provision of
                          the Transaction Documents expressly provides for
                          the survival of certain rights or obligations
                          following termination of the Issuer, such provision
                          shall be given effect; and

                  (i) the Issuer shall promptly reimburse the SF Manager (or
                      any designee of the SF Manager), for all reasonable
                      expenses incurred by the SF Manager (or such designee),
                      as such are incurred, in connection with the termination
                      of the Issuer and the transfer of servicing activities
                      within the meaning of Item 1122 of Regulation AB to a
                      successor. The provisions of this clause 8.5(i) shall
                      not limit whatever rights the SF Manager may have under
                      other provisions of the Transaction Documents or
                      otherwise, whether in equity or at law, such as an
                      action for damages, specific performance or injunctive
                      relief.

         8.6      Direction of claims by the SF Manager

                  (a) If the Issuer is entitled to recover from the accounting
                      firm providing the accountant's letter referred to in
                      clause 8.5(g) by any action, proceeding, claim or demand
                      (for the purpose of this clause 8.6, a Claim), the
                      Issuer must if the Issuer in good faith determines that
                      it is entitled to do so after taking professional advice
                      pursue such Claim and must promptly notify the SF
                      Manager in writing of such Claim.

                  (b) Upon notice to the SF Manager of any such Claim under
                      clause 8.6(a), the SF Manager will have the option to
                      assume the direction of that Claim (including the
                      employment of legal advisers selected by the Issuer but

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      approved by the SF Manager subject to the payment by the
                      Issuer of all fees and expenses).

                  (c) If the Issuer receives notice from the SF Manager of its
                      election to direct the Claim and the SF Manager approves
                      the legal advisers selected by the Issuer for the
                      purposes of that Claim, the Issuer will not be liable to
                      the SF Manager under this clause 8.6 for any fees or
                      expenses subsequently incurred by the SF Manager in
                      connection with the Claim unless the Issuer does not
                      employ legal advisers approved by or on behalf of the SF
                      Manager to represent the SF Manager within a reasonable
                      time after notice of the Claim.

         8.7      Direction of defence of claims

                  (a) If any action, proceeding, claim or demand brought
                      against the SF Manager in connection with (i) any untrue
                      statement of a material fact contained or alleged to be
                      contained in the Issuer Information referred to in
                      clause 8.5(g) or (ii) the omission or alleged omission
                      to state in the Issuer Information a material fact
                      required to be stated in the Issuer Information or
                      necessary in order to make the statements therein, in
                      the light of the circumstances under which they were
                      made, not misleading (for the purpose of this clause
                      8.7, a Claim), the Issuer will have the option to assume
                      the direction of that Claim (including the employment of
                      legal advisers selected by the Issuer but approved by
                      the SF Manager subject to the payment by the Issuer of
                      all fees and expenses).

                  (b) If the Issuer notifies the SF Manager in writing of its
                      election to direct the defence of a Claim brought
                      against the Issuer and the SF Manager approves the legal
                      advisers selected by the Issuer for the purposes of the
                      defence of that Claim, the Issuer will not be liable to
                      the SF Manager under this clause 8.7 for any fees or
                      expenses subsequently incurred by the SF Manager in
                      connection with the Claim against the Issuer unless the
                      Issuer does not employ legal advisers approved by or on
                      behalf of the SF Manager to represent the Issuer within
                      a reasonable time after notice of the Claim.

                  (c) If any Claim brought against the Issuer is settled with
                      respect to the Issuer with the consent of the SF Manager
                      or if there is a final judgement against the Issuer in
                      relation to it, the Issuer agrees to indemnify and hold
                      harmless the SF Manager from and against any loss or
                      liability by reason of such settlement or judgement
                      (other than any fees and expenses incurred in
                      circumstances where the Issuer is not liable for them
                      under clause 8.7(b), or any fees and expenses incurred
                      in connection with any Claim brought against the Issuer
                      that is settled with respect to the Issuer or
                      compromised by the Issuer without the consent of the SF
                      Manager (unless the SF Manager has unreasonably withheld
                      its consent)).

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9        Events of Default

         9.1      Operation of clause 9

                  Clauses 9.2 to 9.4 only have effect on and from the
                  Termination Date.

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         9.2      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 9.2(a)
                      immediately repay in full the Outstanding Moneys to the
                      Note Holder.

         9.3      Issuer to continue to perform

                  (a) If the Note Holder or OF Manager makes any declaration
                      under clause 9.2:

                      (1)  the declaration does not affect or diminish the
                           duties and obligations of the Issuer or the SF
                           Manager under the Transaction Documents; and

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

                  (b) Clause 9.3(a) does not affect the obligations of the
                      Issuer or the SF Manager under clause 9.2.

         9.4      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.

--------------------------------------------------------------------------------
10       Trustee Limitation of Liability Protection

         10.1     Limitation of Liability - Issuer

                  (a) Clause 26 of the Master Trust Deed applies to the
                      obligations and liabilities of the Issuer and SF Manager
                      under this agreement.

                  (b) The Issuer enters into this agreement in its capacity as
                      trustee of the Securitisation Fund and in no other
                      capacity (except where the Transaction Documents provide
                      otherwise). Subject to clause 10.1(d) below, a liability
                      of the Issuer arising under or in connection with this
                      agreement or the Securitisation Fund is limited to and
                      can be enforced against the Issuer only to the extent to
                      which it can be satisfied out of the assets and property
                      of the Securitisation Fund which are available to
                      satisfy the right of the Issuer to be exonerated or
                      indemnified for the liability. This limitation of the
                      Issuer's liability applies despite any other provision
                      of this agreement

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                                                                         page 24
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      and extends to all liabilities and obligations of the
                      Issuer in any way connected with any representation,
                      warranty, conduct, omission, agreement or transaction
                      related to this agreement or the Securitisation Fund.

                  (c) Subject to clause 10.1(d) below, no person (including
                      any Relevant Party) may take action against the Issuer
                      in any capacity other than as trustee of the
                      Securitisation Fund or seek the appointment of a
                      receiver (except under the Security Trust Deed), or a
                      liquidator, an administrator or any similar person to
                      the Issuer or prove in any liquidation, administration
                      or arrangement of or affecting the Issuer (except in
                      relation to the assets of the Securitisation Fund).

                  (d) The provisions of this clause 10.1 shall not apply to
                      any obligation or liability of the Issuer to the extent
                      that it is not satisfied because under a Transaction
                      Document or by operation of law there is a reduction in
                      the extent of the Issuer's indemnification or
                      exoneration out of the assets of the Securitisation
                      Fund, as a result of the Issuer's fraud, negligence or
                      wilful default.

                  (e) It is acknowledged that the Relevant Parties are
                      responsible under this agreement or the other
                      Transaction Documents for performing a variety of
                      obligations relating to the Securitisation Fund. No act
                      or omission of the Issuer (including any related failure
                      to satisfy its obligations under this agreement) will be
                      considered fraud, negligence or wilful default of the
                      Issuer for the purposes of clause 10.1(d) above to the
                      extent to which the act or omission was caused or
                      contributed to by any failure by any Relevant Party or
                      any other person who has been delegated or appointed by
                      the Issuer in accordance with the Transaction Documents
                      to fulfil its obligations relating to the Securitisation
                      Fund or by any other act or omission of a Relevant Party
                      or any other person.

                  (f) No attorney, agent, receiver or receiver and manager
                      appointed in accordance with this agreement or any other
                      Transaction Document has authority to act on behalf of
                      the Issuer in a way which exposes the Issuer to any
                      personal liability and no act or omission of any such
                      person will be considered fraud, negligence or wilful
                      default of the Issuer for the purposes of clause 10.1(d)
                      above.

                  (g) In this clause 10.1 Relevant Parties means any party to
                      a Transaction Document other than the Issuer.

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

         10.2     Limitation of Liability - Note Holder

                  (a) Clause 26 of the Master Trust Deed applies to the
                      obligations and liabilities of the Note Holder and OF
                      Manager under this agreement.

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

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                                                                         page 25
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      can be satisfied out of property of the Origination Fund
                      out of which the Note Holder is actually indemnified for
                      the liability. This limitation of the Note Holder's
                      liability applies despite any other provision of this
                      agreement and extends to all liabilities and obligations
                      of the Note Holder in any way connected with any
                      representation, warranty, conduct, omission, agreement
                      or transaction related to this agreement.

                  (c) The parties other than the Note Holder may take action
                      against the Note Holder in any capacity other than as
                      trustee of the Origination Fund or seek the appointment
                      of a receiver (except in relation to property of the
                      Origination Fund), a liquidator, an administrator or any
                      similar person to the Note Holder or prove in any
                      liquidation, administration or arrangement of or
                      affecting the Note Holder (except in relation to
                      property of the Origination Fund).

                  (d) The provisions of this clause 10.2 shall not apply to
                      any obligation or liability of the Note Holder to the
                      extent that it is not satisfied because under the Master
                      Trust Deed establishing the Origination Fund or by
                      operation of law there is a reduction in the extent of
                      the Note Holder's indemnification out of the assets of
                      the Origination Fund, as a result of the Note Holder's
                      fraud, negligence or wilful default.

                  (e) It is acknowledged that the OF Manager is responsible
                      under the Master Trust Deed establishing the Origination
                      Fund for performing a variety of obligations relating to
                      the Origination Fund, including under this agreement. No
                      act or omission of the Note Holder (including any
                      related failure to satisfy its obligations or breach of
                      representation or warranty under this agreement) will be
                      considered fraud, negligence or wilful default of the
                      Note Holder for the purposes of paragraph (d) of this
                      clause 10.2 to the extent to which the act or omission
                      was caused or contributed to by any failure by the OF
                      Manager or any other person to fulfil its obligations
                      relating to the Origination Fund or by any other act or
                      omission of the OF Manager or any other person.

                  (f) No attorney, agent, receiver or receiver and manager
                      appointed in accordance with this agreement has
                      authority to act on behalf of the Note Holder in a way
                      which exposes the Note Holder to any personal liability
                      and no act or omission of any such person will be
                      considered fraud, negligence or wilful default of the
                      Note Holder for the purposes of paragraph (d) of this
                      clause 10.2.

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

         10.3     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:

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                                                                         page 26
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                           (A)  arises out of a breach of a Transaction
                                Document by a person other than the Issuer,
                                Note Holder or any person referred to in
                                paragraph 10.3(b) in relation to the Issuer or
                                the Note Holder;

                           (B)  arises because some other act or omission is a
                                precondition to the relevant act or omission
                                of the Issuer or the Note Holder, and that
                                other act or omission does not occur;

                           (C)  is in accordance with a lawful court order or
                                direction or is required by law; or

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

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

                  (b) A reference to the "fraud", "negligence" or "wilful
                      default" of the Issuer or the Note Holder means the
                      fraud, negligence or wilful default of the Issuer or the
                      Note Holder, as the case may be, and of the officers or
                      employees, but not of the agents or delegates of the
                      Issuer or 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.

--------------------------------------------------------------------------------
11       Indemnities

         11.1     General indemnity

                  (a) Subject to clause 10.1 the Issuer, to the extent it is
                      permitted or contemplated under the terms of the Master
                      Trust Deed, indemnifies on a full indemnity basis
                      (including legal costs and expenses charged at the usual
                      commercial rates of the relevant legal services
                      provider) and out of the property of the Securitisation
                      Fund the Note Holder and OF Manager against any claim,
                      action, damage, loss, liability, cost, charge, expense,
                      outgoing or payment which the Note Holder or OF Manager,
                      as the case may be, or an Attorney of the Note Holder 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)  any repayment or prepayment of all or part of a
                           Funding Portion being made on a date other than the
                           relevant Payment Date.

                  (b) Without limitation to the indemnity contained in clause
                      11.1(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

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                                                                         page 27
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      fund or maintain the Principal Outstanding or the
                      relevant Funding Portion and includes, but is not
                      limited to, loss of margin.

         11.2     Continuing indemnities and evidence of loss

                  (a) Each indemnity of the Issuer contained in this agreement
                      is a continuing obligation of the Issuer, despite:

                      (1)  any settlement of account; or

                      (2)  the occurrence of any other thing,

                      and remains in full force and effect until:

                      (3)  all moneys owing, contingently or otherwise, under
                           any of the Material Documents have been paid in full;
                           and

                      (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.

         11.3     Funds available for indemnity

                  The obligations of the Issuer under this clause 11 shall be
                  payable solely to the extent of funds invested or available
                  for investment under clause 3.

         11.4     Negligence, wilful default or breach of law

                  The indemnities in this clause 11 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.

         11.5     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 11, 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 Banking 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 11 unless the Issuer
                  has been prejudiced in any material respect by such failure.

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

--------------------------------------------------------------------------------
12       Tax, costs and expenses

         12.1     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 or a Tax referred to in clause
                      12.3, in respect of the execution, delivery,
                      performance, release, discharge, amendment, enforcement
                      or attempted enforcement or otherwise in respect of any
                      of the following:

                      (1)  any Material Document;

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

                      (3)  any transaction contemplated under any Material
                           Document or any agreement or document described in
                           clause 12.1(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 12.1(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 12.1(a) or 12.1(b) or both.

         12.2     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 12.1(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 12.1(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 12.1(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 12.2(b)
                  and 12.2(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.

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         12.3     Goods and services tax

                  (a) Subject to clause 12.3(b), all amounts referred to in
                      this agreement which are relevant in determining a
                      payment to be made by one party to another are exclusive
                      of GST unless specifically indicated otherwise.

                  (b) If a party to this agreement is entitled to be
                      indemnified or reimbursed for any cost or expense
                      incurred by that party, then the indemnity or
                      reimbursement will be calculated by reference to the
                      GST-exclusive amount of that cost or expense, increased
                      by an amount equal to that part of the cost or expense
                      for which the party or its representative member is not
                      entitled to an input tax credit but would be entitled if
                      that entity was entitled to a full input tax credit. For
                      the avoidance of doubt, the amount calculated under this
                      clause 12.3(b) is a GST-exclusive amount.

                  (c) If GST is levied or imposed on or in respect of any
                      supply made under or in connection with this agreement
                      for which the consideration is a monetary payment, then
                      the consideration provided for that supply is increased
                      by an amount equal to the consideration multiplied by
                      the rate at which that GST is levied or imposed. This
                      additional amount is payable to the party with the
                      liability to remit GST in the manner and at the time
                      when the consideration to which it relates is payable.

                  (d) The recipient of any consideration for a taxable supply
                      (whether in money or otherwise) must provide to the
                      other party a GST tax invoice (or any other thing
                      required under any legislation concerned with GST) in
                      the form required by the A New Tax System (Goods and
                      Services Tax) Act 1999 or that other legislation.

                  (e) Where an "adjustment event", as defined in the A New Tax
                      System (Goods and Services Tax) Act 1999 occurs under
                      this agreement, the parties shall do all things
                      necessary to ensure that the adjustment event may be
                      appropriately recognised, including the issue of an
                      "adjustment note", as that term is defined in that Act.

--------------------------------------------------------------------------------
13       Interest on overdue amounts

         13.1     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.

         13.2     Accrual of interest

                  The interest payable under this clause 13:

                  (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 relevant
                      Payment Date.

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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         13.3     Rate of interest

                  The rate of interest payable under this clause 13 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 13.2(a).

--------------------------------------------------------------------------------
14       Assignment

         14.1     Assignment by Transaction Party

                  A Transaction Party must not transfer or assign any of its
                  rights or obligations under any Material Document without
                  the prior written consent of the OF Manager, the Note Holder
                  and each Designated Rating Agency.

         14.2     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 or any Note without the
                  prior written consent of the other parties and a prior
                  written notice of such assignment been given to each
                  Designated Rating Agency. Any such assignment must contain
                  an acknowledgment that the assignee is bound by the
                  provisions of this agreement.

         14.3     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 14.

         14.4     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.

         14.5     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.

         14.6     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.

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                                                                         page 31
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         14.7     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.

--------------------------------------------------------------------------------
15       General

         15.1     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.

         15.2     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.

         15.3     Transaction Party to bear cost

                  Without prejudice to clause 10, 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.

         15.4     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:

                      (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:

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                                                                        page 32
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                               Address:    Level 12
                                           123 Pitt Street
                                           Sydney, NSW, 2000

                               Attention:  Head of Debt Markets/Manager -
                                           Securitisation

                               Facsimile:  (02) 9221 7870; and

                           (B) if to the Issuer:

                               Address:    Level 12
                               123 Pitt Street
                               Sydney, NSW, 2000

                               Attention:  Head of Debt Markets/Manager -
                                           Securitisation

                               Facsimile:  (02) 9221 7870;

                           (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 Banking Day or is after 4.00 pm (addressee's
                          time) it is regarded as received at 9.00 am on the
                          following Banking Day;

                      (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

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                                                                         page 33
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

                      (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 15.4(a)(3) and informs the sender that it
                      is not legible.

                  (c) In this clause 15.4, a reference to an addressee
                      includes a reference to an addressee's Officers, agents
                      or employees.

         15.5     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.

         15.6     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.

         15.7     Waivers

                  (a) Waiver of any right arising from a breach of this
                      agreement or of any Power arising upon default under
                      this agreement 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

                      (2)  a Power created or arising upon default under this
                           agreement,

                      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 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.

                  (e) This clause may not itself be waived except by writing.

         15.8     Variation

                  A variation of any term of this agreement must be in writing
                  and signed by the parties. No variation may be made if it
                  will cause the current rating of any bonds issued by the
                  Issuer to be downgraded or withdrawn by any Designated
                  Rating Agency.

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                                                                         page 34
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

         15.9     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.

         15.10    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.

         15.11    Binding Obligations

                  Each party to this agreement acknowledges that the
                  obligations expressed in this agreement are binding upon it.

         15.12    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.

         15.13    Termination

                  This agreement can only be terminated on or after the
                  Termination Date.

         15.14    Counterparts

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

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

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

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                                                                         page 35
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                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

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

Schedule 1 - Funding Notice (clause 4.2)

To:      Perpetual Limited
         in its capacity as trustee of the Origination Fund
         (Note Holder)

         Attention: Head of Debt Markets/Manager - Securitisation

And:     ME Portfolio Management Limited
         in its capacity as manager of the Origination Fund
         (OF Manager)

         Attention: Manager - Capital Markets

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

We refer to the Payment Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Agreement:

(a)  we give you notice that we wish to request the Issuer to issue to the
     Note Holder a Note pursuant to the Agreement on [insert date] (Funding
     Date);

(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];

(d)  The relevant Payment Period is a [Quarterly/Monthly] Payment Period
     commencing on the Funding Date;

(e)  The Issuer represents and warrants that:

     (1)  [(except as disclosed in paragraph (e)(2))] each representation and
          warranty given by it in the Agreement is to the best of its
          knowledge, true, correct and not misleading as though it had been
          made at the date of this Funding Notice and the Funding Date
          specified above in respect of the facts and circumstances then
          subsisting;[ and]

     (2)  details of the exceptions to paragraph (e)(1) are as follows:
          [insert details], and the Issuer [has taken/proposes] the following
          remedial action [insert details]];

(f)  The SF Manager represents and warrants that:

     (1)  [(except as disclosed in paragraph (f)(2))] each representation and
          warranty given by it in the Agreement is to the best of its
          knowledge, true, correct and not misleading as though it had been
          made at the date of this Funding Notice and the Funding Date
          specified above in respect of the facts and circumstances then
          subsisting;[ and]

     (2)  details of the exceptions to paragraph (f)(1) are as follows:
          [insert details], and the SF Manager [has taken/proposes] the
          following remedial action [insert details]].

Expressions defined in the Agreement have the same meaning when used
in this Funding Notice.

--------------------------------------------------------------------------------
                                                                         page 36
<PAGE>

                     Payment Funding Facility Agreement - SMHL Global Fund No. 9

Dated:

Signed for and on behalf of
ME Portfolio Management Limited

----------------------------------------
Officer's signature

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

Signed for and on behalf of
Perpetual Limited

----------------------------------------
Officer's signature

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

--------------------------------------------------------------------------------
                                                                         page 37
<PAGE>

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

Schedule 2 - Conditions

          Payment Funding Facility Agreement - SMHL Global Fund No. 9

                               PERPETUAL LIMITED
                              ABN 86 000 431 827
           in its capacity as trustee of the SMHL Global Fund No. 9

                of Level 12, 123 Pitt Street, Sydney, NSW, 2000

                                  ("Issuer")

whose office for the purposes of payment is at Level 12, 123 Pitt Street,
Sydney, NSW, 2000 or such other address as the Issuer may notify to the Note
Holder from time to time.

1        Note

(a)      This Note certificate is issued as part of the Notes known as the
         SMHL Global Fund No.9. The terms and conditions of the issue of this
         Note and repayment are constituted by this Note and the Payment
         Funding Facility Agreement for the Issue and Repayment of Notes dated
         [insert date] between the Issuer, the Note Holder, ME Portfolio
         Management Limited (ABN 79 005 964 134) of Level 23, 360 Collins
         Street, Melbourne, Victoria, in its capacity as manager of the SMHL
         Global Fund No. 9 (SF Manager) and ME Portfolio Management Limited
         (ABN 79 005 964 134) of Level 23, 360 Collins Street, Melbourne,
         Victoria, in its capacity as manager of the Superannuation Members'
         Home Loans Origination Fund No. 3 (OF Manager) (Agreement). Terms
         defined in the Agreement have the same meaning when used in these
         Conditions.

(b)      Subject to clause 3, the Issuer promises to repay the principal
         amount in accordance with the Agreement.

(c)      This Note may only be assigned or transferred with the prior written
         consent of the Issuer and subject to and in accordance with the
         Agreement.

2        Derivation of payment

 The parties acknowledge that the payments to be made by the Issuer under this
 Note are derived by it from the receipts from a "mortgage" or "pool of
 mortgages", as those terms are defined in section 3 of the Duties Act 2000
 (Vic).

3        Extent of liability of Issuer

(a)      Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Issuer and SF Manager under this Note.

(b)      The Issuer issues this Note in its capacity as trustee of the
         Securitisation Fund and in no other capacity (except where the
         Transaction Documents provide otherwise). Subject to paragraph 3(d)
         below, a liability of the Issuer arising under or in connection with
         this Note or the Agreement or the Securitisation Fund is limited to
         and can be enforced against the Issuer only to the extent to which it
         can be satisfied out of the assets and property of the Securitisation
         Fund which are available to satisfy the right of the Trustee

--------------------------------------------------------------------------------
                                                                         page 38
<PAGE>

         to be exonerated or indemnified for the liability. This limitation of
         the Issuer's liability applies despite any other provision of this
         Note or the Agreement and extends to all liabilities and obligations
         of the Issuer in any way connected with any representation, warranty,
         conduct, omission, agreement or transaction related to this Note or
         the Agreement.

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

(d)      The provisions of this clause 3 shall not apply to any obligation or
         liability of the Issuer to the extent that it is not satisfied
         because under a Transaction Document or by operation of law there is
         a reduction in the extent of the Issuer's indemnification or
         exoneration out of the assets of the Securitisation Fund, as a result
         of the Issuer's fraud, negligence or wilful default.

(e)      It is acknowledged that the Relevant Parties are responsible under
         this Note and the Agreement and the Transaction Documents for
         performing a variety of obligations relating to the Securitisation
         Fund. No act or omission of the Issuer (including any related failure
         to satisfy its obligations under this Note or the Agreement) will be
         considered fraud, negligence or wilful default of the Issuer for the
         purposes of clause 3(d) above to the extent to which the act or
         omission was caused or contributed to by any failure by any Relevant
         Party or any other person who has been delegated or appointed by the
         Issuer in accordance with the Transaction Documents to fulfil its
         obligations relating to the Securitisation Fund or by any other act
         or omission of a Relevant Party or any other person.

(f)      No attorney, agent, receiver or receiver and manager appointed in
         accordance with this Note or the Agreement or any other Transaction
         Document has authority to act on behalf of the Issuer in a way which
         exposes the Issuer to any personal liability and no act or omission
         of any such person will be considered fraud, negligence or wilful
         default of the Issuer for the purposes of clause 3(d) above.

(g)      In this clause 3 Relevant Parties means any party to a Transaction
         Document other than the Issuer.

(h)      The Issuer is not obliged to do or refrain from doing anything under
         this Note or the Agreement (including incur any liability) unless the
         Issuer's liability is limited in the same manner as set out in
         paragraphs (a) to (f) of this clause 3.

4        Extent of liability of Note Holder

(a)      Clause 26 of the Master Trust Deed applies to the  obligations  and
         liabilities  of the Note Holder and OF Manager under this Note.

(b)      The Note Holder 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
--------------------------------------------------------------------------------
                                                                         page 39
<PAGE>

         any representation, warranty, conduct, omission, agreement or
         transaction related to this Note or the Agreement.

(c)      The parties other than the Note Holder may not take action against
         the Note Holder in any capacity other than as trustee of the
         Origination Fund or seek the appointment of a receiver (except in
         relation to property of the Origination Fund), a liquidator, an
         administrator or any similar person to the Note Holder or prove in
         any liquidation, administration or arrangement of or affecting the
         Note Holder (except in relation to property of the Origination Fund).

(d)      The provisions of this clause 4 shall not apply to any obligation or
         liability of the Note Holder to the extent that it is not satisfied
         because under the trust deed establishing the Origination Fund or by
         operation of law there is a reduction in the extent of the Note
         Holder's indemnification out of the assets of the Origination Fund,
         as a result of the Note Holder's fraud, negligence or wilful default.

(e)      It is acknowledged that the OF Manager is responsible under the trust
         deed establishing the Origination Fund for performing a variety of
         obligations relating to the Origination Fund, including under this
         Note and the Agreement. No act or omission of the Note Holder
         (including any related failure to satisfy its obligations or breach
         of representation or warranty under this Note or the Agreement) will
         be considered fraud, negligence or wilful default of the Note Holder
         for the purposes of paragraph (d)of this clause 4 to the extent to
         which the act or omission was caused or contributed to by any failure
         by the OF Manager or any other person to fulfil its obligations
         relating to the Origination Fund or by any other act or omission of
         the OF Manager or any other person.

(f)      No attorney, agent, receiver or receiver and manager appointed in
         accordance with this Note or the Agreement has authority to act on
         behalf of the Note Holder in a way which exposes the Note Holder to
         any personal liability and no act or omission of any such person will
         be considered fraud, negligence or wilful default of the Note Holder
         for the purposes of paragraph (d) of this clause 4.

(g)      The Note Holder is not obliged to do or refrain from doing anything
         under this Note or the Agreement (including incur any liability)
         unless the Note Holder's liability is limited in the same manner as
         set out in paragraphs (a) to (f) of this clause 4.

5        Extent of liability of Issuer and Note Holder

For the purposes of this Note, the expression "wilful default":

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

         (1)  other than a default which:

               (A)  arises out of a breach of a Transaction Document by a
                    person other than the Issuer, Note Holder or any person
                    referred to in clause 5(b) 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

--------------------------------------------------------------------------------
                                                                         page 40
<PAGE>

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

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

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

--------------------------------------------------------------------------------
                                                                         page 41
<PAGE>

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

Schedule 3 - Report on assessment of compliance with Regulation AB servicing
criteria

ME Portfolio Management Limited
Level 23
360 Collins Street
Melbourne  VIC  3000

                  [________________] (the "Asserting Party") is responsible
for assessing compliance as of June 30, [ ] and for the period from [ ] (date
of issuance of SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting
Period") with the servicing criteria set forth in Section 229.1122(d) of the
Code of Federal Regulations (the "CFR"), except for criteria
229.1122(d)[insert section numbers in Regulation AB that are not applicable to
Asserting Party] of the CFR, which have not been determined pursuant to the
transaction documents for the SMHL Global Fund No. 9 to be, and the Asserting
Party has concluded are not, servicing criteria that the Asserting Party
performs, or in which the Asserting Party participates, in relation to SMHL
Global Fund No. 9 (the "Applicable Servicing Criteria"). This assessment of
compliance is provided in relation to SMHL Global Fund No. 9.

                  The Asserting Party has assessed its compliance with the
Applicable Servicing Criteria for the Reporting Period and has concluded that
the Asserting Party has complied, in all material respects, with the
Applicable Servicing Criteria in relation to SMHL Global Fund No. 9.

                  [____________], an independent registered public accounting
firm, has issued an attestation report on the assessment of compliance with
the Applicable Servicing Criteria for the Reporting Period as set forth in
this assertion.

[NAME OF ASSERTING PARTY]

Date:    ________________________

By:

Name:    ________________________

Title:   ________________________

--------------------------------------------------------------------------------
                                                                         page 42
<PAGE>

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

Schedule 4 - Servicing Criteria to be addressed in assessment of compliance

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------- ---------------------
                                                                                  APPLICABLE
SERVICING CRITERIA                                                                SERVICING CRITERIA
---------------------------- ---------------------------------------------------- ---------------------
Reference                    Criteria
---------------------------- ---------------------------------------------------- ---------------------
                             General Servicing Considerations
---------------------------- ---------------------------------------------------- ---------------------
<S>                          <C>                                                  <C>
1122(d)(1)(i)                Policies and procedures are instituted to monitor
                             any performance or other triggers and events of
                             default in accordance with the transaction
                             agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(ii)               If any material servicing activities are
                             outsourced to third parties, policies and
                             procedures are instituted to monitor the third
                             party's performance and compliance with such
                             servicing activities.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(iii)              Any requirements in the transaction agreements to
                             maintain a back-up servicer for the mortgage
                             loans are maintained.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(iv)               A fidelity bond and errors and omissions policy is
                             in effect on the party participating in the
                             servicing function throughout the reporting period
                             in the amount of coverage required by and otherwise
                             in accordance with the terms of the transaction
                             agreements.
---------------------------- ---------------------------------------------------- ---------------------
                             Cash Collection and Administration
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(i)                Payments on mortgage loans are deposited into the
                             appropriate custodial bank accounts and related
                             bank clearing accounts no more than two business
                             days following receipt, or such other number of
                             days specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(ii)               Disbursements made via wire transfer on behalf of
                             an obligor or to an investor are made only by
                             authorized personnel.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(iii)              Advances of funds or guarantees regarding
                             collections, cash flows or distributions, and any
                             interest or other fees charged for such advances,
                             are made, reviewed and approved as specified in
                             the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(iv)               The related accounts for the transaction, such as
                             cash reserve accounts or accounts established as
                             a form of overcollateralization, are separately
                             maintained (e.g., with respect to commingling of
                             cash) as set forth in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(v)                Each custodial account is maintained at a
                             federally insured depository institution as set
                             forth in the
---------------------------- ---------------------------------------------------- ---------------------
</TABLE>

                                      43
<PAGE>
<TABLE>
<CAPTION>

                             transaction agreements. For purposes
                             of this criterion, "federally insured depository
                             institution" with respect to a foreign financial
                             institution means a foreign financial institution
                             that meets the requirements of Rule 13k-1(b)(1)
                             of the Securities Exchange Act.
---------------------------- ---------------------------------------------------- ---------------------
<S>                          <C>                                                                 <C>
1122(d)(2)(vi)               Unissued checks are safeguarded so as to prevent
                             unauthorized access.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(vii)              Reconciliations are prepared on a monthly basis
                             for all asset-backed securities related bank
                             accounts, including custodial accounts and
                             related bank clearing accounts. These
                             reconciliations are (A) mathematically accurate;
                             (B) prepared within 30 calendar days after the
                             bank statement cutoff date, or such other number
                             of days specified in the transaction agreements;
                             (C) reviewed and approved by someone other than
                             the person who prepared the reconciliation; and
                             (D) contain explanations for reconciling items.
                             These reconciling items are resolved within 90
                             calendar days of their original identification,
                             or such other number of days specified in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
                             Investor Remittances and Reporting
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(i)                Reports to investors, including those to be filed
                             with the Commission, are maintained in accordance
                             with the transaction agreements and applicable
                             Commission requirements. Specifically, such
                             reports (A) are prepared in accordance with
                             timeframes and other terms set forth in the
                             transaction agreements; (B) provide information
                             calculated in accordance with the terms specified
                             in the transaction agreements; (C) are filed with
                             the Commission as required by its rules and
                             regulations; and (D) agree with investors' or the
                             trustee's records as to the total unpaid
                             principal balance and number of mortgage loans
                             serviced by the Servicer.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(ii)               Amounts due to investors are allocated and remitted
                             in accordance with timeframes, distribution
                             priority and other terms set forth in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iii)              Disbursements made to an investor are posted
                             within two business days to the Servicer's
                             investor records, or such other number of days
                             specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iv)               Amounts remitted to investors per the investor
                             reports agree with cancelled checks, or other form
                             of payment, or custodial bank statements.
---------------------------- ---------------------------------------------------- ---------------------
                             Pool Asset Administration
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(i)                Collateral or security on mortgage loans is
                             maintained as required by the transaction
                             agreements or related mortgage loan documents.
---------------------------- ---------------------------------------------------- ---------------------
</TABLE>

                                      44
<PAGE>
<TABLE>
<CAPTION>

<S>                          <C>                                                                 <C>
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(ii)               Mortgage loan and related documents are
                             safeguarded as required by the transaction
                             agreements
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(iii)              Any additions, removals or substitutions to the
                             asset pool are made, reviewed and approved in
                             accordance with any conditions or requirements in
                             the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(iv)               Payments on mortgage loans, including any
                             payoffs, made in accordance with the related
                             mortgage loan documents are posted to the
                             Servicer's obligor records maintained no more
                             than two business days after receipt, or such
                             other number of days specified in the transaction
                             agreements, and allocated to principal, interest
                             or other items (e.g., escrow) in accordance with
                             the related mortgage loan documents.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(v)                The Servicer's records regarding the mortgage loans
                             agree with the Servicer's records with respect to
                             an obligor's unpaid principal balance.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(vi)               Changes with respect to the terms or status of an
                             obligor's mortgage loans (e.g., loan
                             modifications or re-agings) are made, reviewed
                             and approved by authorized personnel in
                             accordance with the transaction agreements and
                             related pool asset documents.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(vii)              Loss mitigation or recovery actions (e.g.,
                             forbearance plans, modifications and deeds in
                             lieu of foreclosure, foreclosures and
                             repossessions, as applicable) are initiated,
                             conducted and concluded in accordance with the
                             timeframes or other requirements established by
                             the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(viii)             Records documenting collection efforts are
                             maintained during the period a mortgage loan is
                             delinquent in accordance with the transaction
                             agreements. Such records are maintained on at
                             least a monthly basis, or such other period
                             specified in the transaction agreements, and
                             describe the entity's activities in monitoring
                             delinquent mortgage loans including, for example,
                             phone calls, letters and payment rescheduling
                             plans in cases where delinquency is deemed
                             temporary (e.g., illness or unemployment).
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(ix)               Adjustments to interest rates or rates of return
                             for mortgage loans with variable rates are computed
                             based on the related mortgage loan documents.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(x)                Regarding any funds held in trust for an obligor
                             (such as escrow accounts): (A) such funds are
                             analyzed, in accordance with the obligor's
                             mortgage loan documents, on at least an annual
                             basis, or such other period specified in the
                             transaction agreements; (B)
---------------------------- ---------------------------------------------------- ---------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 45
<PAGE>
<TABLE>
<CAPTION>
<S>                          <C>                                                                 <C>
---------------------------- ---------------------------------------------------- ---------------------
                             interest on such funds is paid, or credited, to
                             obligors in accordance with applicable mortgage loan
                             documents and state laws; and (C) such funds are
                             returned to the obligor within 30 calendar days
                             of full repayment of the related mortgage loans,
                             or such other number of days specified in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xi)               Payments made on behalf of an obligor (such as
                             tax or insurance payments) are made on or before
                             the related penalty or expiration dates, as
                             indicated on the appropriate bills or notices for
                             such payments, provided that such support has
                             been received by the servicer at least 30
                             calendar days prior to these dates, or such other
                             number of days specified in the transaction
                             agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xii)              Any late payment penalties in connection with any
                             payment to be made on behalf of an obligor are
                             paid from the servicer's funds and not charged to
                             the obligor, unless the late payment was due to
                             the obligor's error or omission.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xiii)             Disbursements made on behalf of an obligor are posted
                             within two business days to the obligor's records
                             maintained by the servicer, or such other number
                             of days specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xiv)              Delinquencies, charge-offs and uncollectible
                             accounts are recognized and recorded in accordance
                              with the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xv)               Any external enhancement or other support, identified
                             in Item 1114(a)(1) through (3) or Item 1115 of
                             Regulation AB, is maintained as set forth in the
                             transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 46
<PAGE>

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

Executed as an agreement:

<
ISSUER:

Signed for Perpetual Limited by its attorney in the presence of:

/s/ Simon Oh                                       /s/ Jennifer Wu
--------------------------                        -----------------------------
Witness                                           Attorney

Simon Oh                                          Jennifer Wu
--------------------------                        -----------------------------
Name (please print)                               Name (please print)

NOTE HOLDER:

Signed for Perpetual Limited by its attorney in the presence of:

/s/ Simon Oh                                       /s/ Jennifer Wu
--------------------------                        -----------------------------
Witness                                           Attorney

Simon Oh                                          Jennifer Wu
--------------------------                        -----------------------------
Name (please print)                               Name (please print)

--------------------------------------------------------------------------------
                                                                         page 47
<PAGE>

SF MANAGER:

Signed for
ME Portfolio Management Limited by its attorney in the presence of:

/s/ Paul Garvey                                    /s/ N. Vamvakas
-----------------------                            ---------------------------
Attorney                                           Attorney

Paul Garvey                                        N. Vamvakas
-----------------------                            ---------------------------
Name (please print)                                Name (please print)

                                                   Witnessed by

                                                   /s/ Cara Frances Elsley
                                                   ---------------------------
                                                   Cara Frances Elsley
                                                   Level 23, 360 Collins Street,
                                                   Melbourne 3000
                                                   An Australian Legal
                                                   Practitioner within the
                                                   meaning of the Legal
                                                   Profession Act 2004

OF MANAGER:

Signed for
ME Portfolio Management Limited by its attorney in the presence of:

/s/ Paul Garvey                                    /s/ N. Vamvakas
-----------------------                            ---------------------------
Attorney                                           Attorney

Paul Garvey                                        N. Vamvakas
-----------------------                            ---------------------------
Name (please print)                                Name (please print)

                                                   Witnessed by

                                                   /s/ Cara Frances Elsley
                                                   ---------------------------
                                                   Cara Frances Elsley
                                                   Level 23, 360 Collins Street,
                                                   Melbourne 3000
                                                   An Australian Legal
                                                   Practitioner within the
                                                   meaning of the Legal
                                                   Profession Act 2004

--------------------------------------------------------------------------------
                                                                         page 48

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