Document:

Exhibit 10.6.1
     Form of Nomination Notice - SMHL Mortgage Original and Management Agreement

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NOMINATION NOTICE
SMHL MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT

TO:   PERPETUAL LIMITED
      ABN 86 000 431 827
      of Level 12, 123 Pitt Street, Sydney, New South Wales
      (TRUSTEE)

AND:  MEMBERS EQUITY BANK PTY LIMITED
      ABN 56 070 887 679
      of Level 16, 360 Collins Street, Melbourne, Victoria
      (MORTGAGE MANAGER)

FROM: ME PORTFOLIO MANAGEMENT LIMITED
      ABN 79 005 964 134
      of Level 16, 360 Collins Street, Melbourne, Victoria
      (MANAGER)

We refer to the Mortgage Origination and Management Agreement dated 4 July 1994
between the Trustee and National Mutual Property Services (Aust) Pty Limited as
novated and amended (MOMA).

Pursuant to clause 20.1 of the MOMA we hereby nominate the following Fund as a
Fund and a Nominated Fund for the purposes of clause 20 of the MOMA:

      SMHL Global Fund [   ]-[ ]

A word or phrase (unless otherwise defined in this Nomination Notice) defined in
the MOMA has the same meaning as in the MOMA when used in this Nomination
Notice.

DATED: [                ]

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED
by two of its Authorised Signatories:

--------------------------------                 -------------------------------
Authorised Signatory                             Authorised Signatory

--------------------------------                 -------------------------------
Name (please print)                              Name (please print)Exhibit 10.8
                             Form of Fixed-Floating Interest Rate Swap Agreement

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

                        DATED AS OF [                   ]

                                     BETWEEN

                      [                          ] ABN [        ]

                                   ("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")

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                                                                          Page 1
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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:

            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:

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      (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.

      (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

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                                                                          Page 3
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            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 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".

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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):

            Each of 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.

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                                                                          Page 5
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PART 3. DOCUMENTS TO BE DELIVERED

<TABLE>
<CAPTION>
For the purposes of Section 4(a)(i) and Section 4(a)(ii), each party agrees to deliver the following documents, as applicable:
<S>                              <C>                                                     <C>
(a)   Tax forms, documents or certificates to be delivered are:

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

      Party A, Party B and       Any document or certificate  reasonably required or     As soon as reasonably practicable following
      the Manager                reasonably  requested by a party in connection with     a request by the other party.
                                 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.
</TABLE>

(b)   Other documents to be delivered are:

<TABLE>
<CAPTION>
      PARTY REQUIRED TO          FORM/DOCUMENT/CERTIFICATE                               DATE BY WHICH DOCUMENT TO BE DELIVERED
      DELIVER DOCUMENT
<S>                              <C>                                                     <C>
      Party A, Party B and       A list of authorised  signatories for the party and     At the  execution  of this  Agreement  and
      the Manager                evidence  satisfactory in form and substance to the     thereafter  promptly  upon any  change  in
                                 other  party  of the  authority  of the  authorised     authorised persons or upon request.
                                 signatories  of the party to execute this Agreement
                                 and each Confirmation on behalf of the party.

      Party A                    A copy of the  most  recent  annual  report  of the     Upon reasonable  request by Party B or the
                                 party     containing     consolidated     financial     Manager.
                                 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.
</TABLE>

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<TABLE>
<CAPTION>
      PARTY REQUIRED TO          FORM/DOCUMENT/CERTIFICATE                               DATE BY WHICH DOCUMENT TO BE DELIVERED
      DELIVER DOCUMENT
<S>                              <C>                                                     <C>
      Party A                    The financial  data relating to Party A required to     If the Manager  notifies  Party A that the
                                 be  disclosed  by  the  Manager  in  the  Manager's     significance  percentage  as  computed  by
                                 reasonable  judgment pursuant to Item 1115(b)(1) of     the Manager in accordance  with Regulation
                                 Regulation  AB  and  relevant   auditor's  consents     AB  is  or  becomes  8%  or  greater,   in
                                 relating to such financial data.                        accordance with Part 5(x).

      Party A                    The  financial   statements  relating  to  Party  A     If the Manager  notifies  Party A that the
                                 required  to be  disclosed  by the  Manager  in the     significance  percentage  as  computed  by
                                 Manager's  reasonable  judgment  pursuant  to  Item     the Manager in accordance  with Regulation
                                 1115(b)(2) of Regulation AB and relevant  auditor's     AB  is  or  becomes  18%  or  greater,  in
                                 consents relating to such financial statements.         accordance with Part 5(x).

      Party A                    A certificate  of an  authorised  person of Party A     At the  execution  of this  Agreement  and
                                 certifying  that (i) the  information  provided  by     thereafter   upon  the  provision  of  any
                                 Party A to the Manager for use in a prospectus  and     financial data or financial  statements as
                                 (ii) the financial data or financial  statements as     may be required above.
                                 may be required  above (A) are true and accurate in
                                 all  material  respects,  (B)  do not  contain  any
                                 untrue  statement of a material fact and (C) do not
                                 omit  to  state  a  material  fact  required  to be
                                 stated  therein or  necessary  in order to make the
                                 statements   therein,   in   the   light   of   the
                                 circumstances  under  which  they  were  made,  not
                                 misleading.

      Party A                    A certificate  of an  authorised  person of Party A     Upon the provision of any  financial  data
                                 certifying  that (i)  Party A is  required  to file     or   financial   statements   as   may  be
                                 reports  with the  Commission  pursuant  to section     required above.
                                 13(a) or 15(d) of the  Exchange  Act;  (ii) Party A
                                 has filed all reports and other materials  required
                                 to  be  filed  by  such  requirements   during  the
                                 preceding  12 months (or such  shorter  period that
                                 Party A was  required  to  file  such  reports  and
                                 materials);  (iii)  the  reports  filed  by Party A
                                 include (or properly  incorporate by reference) the
                                 financial statements of Party A.
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
      PARTY REQUIRED TO          FORM/DOCUMENT/CERTIFICATE                               DATE BY WHICH DOCUMENT TO BE DELIVERED
      DELIVER DOCUMENT
<S>                              <C>                                                     <C>
      The Manager                Copies of any reports or  accounts  relating to the     Upon   reasonable   request   by  Party  A
                                 Securitisation    Fund   as   are    produced   for     subject  to not being  obliged  to deliver
                                 distribution  to Noteholders or presentation to the     any  document if to do so would  breach or
                                 Board of  Directors  of the  Manager and such other     infringe   any  law  or  legally   binding
                                 information in the Manager's  control regarding the     obligation or restraint.
                                 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 Deed  certified to be a     The date of this Agreement.
                                 true  copy  by two  authorised  signatories  of the
                                 Manager.

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

      The Manager                A  copy  of  the   Security   Trust  Deed  and  any     5 Local  Business  Days  prior to the date
                                 disclosure    document   relating   to   Notes   in     of the first  Transaction  made under this
                                 connection with the  Securitisation  Fund certified     Agreement.
                                 to be a true copy by two authorised  signatories of
                                 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).
</TABLE>

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PART 4. MISCELLANEOUS

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

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

            Address           [       ]

            Attention:        [       ]

            Facsimile No:     [       ]

            Telephone No:     [       ]

      (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 16, 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:

      (i)   In relation to PARTY A: Nil.

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

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

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                                                                          Page 9
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      (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.

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                                                                         Page 10
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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:

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                                                                         Page 11
<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.

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                                                                         Page 12
<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

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                                                                         Page 13
<PAGE>

                  recipient notifies the sender within one Local Business Day 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.

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

            "SECURITY TRUST DEED" means the security trust deed dated [        ]
            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 [    ]-[ ]- Class
            A Notes and Class B Notes dated [         ] 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) 8% or more, the information set forth in Item 1115(b)(1) of
            Regulation AB and auditor's consents relating to the information set
            forth in Item 1115(b)(1) of Regulation AB; or

            (b) 18% or more, the information set forth in Item 1115(b)(2) of
            Regulation AB and auditor's consents relating to 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.

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                                                                         Page 14
<PAGE>

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

            (a)   other than a default which:

                  (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;

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                                                                         Page 15
<PAGE>

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

      (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

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                                                                         Page 16
<PAGE>

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

(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

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                                                                         Page 17
<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) 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) 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) 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 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

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                                                                         Page 18
<PAGE>

            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) 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>                      <C>
                      [A+]                [1.05]                   [1.75]                   [3.0]
                      [A]                 [1.35]                   [2.45]                   [4.5]
                     [A-1]                [1.5]                    [3.15]                   [6.0]
</TABLE>

(u)   Trustee Provisions

      Insert the following new Section 15 after Section 14:

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                                                                         Page 19
<PAGE>

      "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.

                  (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).

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                                                                         Page 20
<PAGE>

                  (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 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:

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                                                                         Page 21
<PAGE>

                        (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)   8% or more; or

            (b)   18% or more,

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

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

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                                                                         Page 22
<PAGE>

      (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. The
            parties agree that the Manager and the Securitisation Fund are
            authorised to incorporate by reference into the prospectus relating
            to the Securitisation Fund and reports filed by the Manager or the
            Securitisation Fund with the Commission pursuant to section 13(a) or
            15(d) of the Exchange Act any required Swap Financial Disclosure
            contained in any reports filed by Party A with the Commission
            pursuant to section 13(a) or 15(d) of the Exchange Act. The parties
            also agree that the Manager and the Securitisation Fund are
            authorised to incorporate by reference into the prospectus relating
            to the Securitisation Fund any documents filed by Party A with the
            Commission pursuant to section 13(a) or 15(d) of the Exchange Act
            after the date of this Agreement and prior to the termination of the
            offering described in the prospectus relating to the Securitisation
            Fund.

      (vi)  Party A shall indemnify the Manager, the Securitisation Fund and
            each underwriter, the respective present and former directors,
            officers, employees and agents of each of the foregoing and each
            person, if any, who controls the Manager, the Securitisation Fund or
            any underwriter within the meaning of Section 15 of the Securities
            Act or Section 20 of the Exchange Act (collectively, the
            "indemnified persons") and shall hold each of them harmless from and
            against any and all losses, claims, damages or liabilities
            (including legal fees and reasonable expenses) to which any of them
            may become subject, under the Securities Act, the Exchange Act or
            otherwise, insofar as such losses, claims, damages or liabilities
            (or actions in respect thereof) arise out of or are based upon:

            (a)   any untrue statement or alleged untrue statement of any
                  material fact contained in the Swap Financial Disclosure
                  provided by Party A;

            (b)   any omission or alleged omission to state in the Swap
                  Financial Disclosure provided by Party A a material fact
                  required to be stated therein or necessary to make the
                  statements therein, in the light of the circumstances under
                  which they were made, not misleading; or

            (c)   any failure by Party A to provide the Manager with the
                  relevant Swap Financial Disclosure when and as required under
                  this Part 5(x); provided, however, that, if Party A secures
                  another entity to replace Party A as party to this Agreement
                  pursuant to Part 5(x)(iv) of this Schedule, Party A shall not
                  be liable for any losses, claims, damages or liabilities
                  (including reasonable legal fees and expenses) to

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                                                                         Page 23
<PAGE>

                  which any of the indemnified persons may become subject
                  arising out of or based upon a failure by Party A to provide
                  the Manager with the relevant Swap Financial Disclosure
                  following the provision of the relevant Swap Financial
                  Disclosure by the other entity to the Manager.

            The provisions of this Part 5(x)(vi) shall not limit whatever rights
            the Manager may have under other provisions of this Agreement, the
            other Transaction Documents or otherwise, whether in equity or at
            law, such as an action for damages, specific performance or
            injunctive relief..

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                                                                         Page 24
<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 [                               ] by
its attorney who declares that he/she has not
received notice of revocation of the power

In the presence of

Witness:                                    Attorney:
         -------------------------                    --------------------------
Name:                                                 Name:

Title:                                                Title:

Date:                                                 Date:

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:                                    Attorney:
         -------------------------                    --------------------------

Name:                                                Name:

Title:                                               Title:

Date:                                                Date:

THE MANAGER

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

In the presence of

Witness:                                    Attorney:
         -------------------------                    --------------------------

Name:                                                Name:

Title:                                               Title:

Date:                                                Date:

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                                                                         Page 25

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