Document:

Exhibit 4.2
                             Form of Notice of Creation of a Securitisation Fund

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NOTICE OF CREATION OF A SECURITISATION FUND

TO:      PERPETUAL LIMITED
         ABN 86 000 431 827
         (TRUSTEE)

FROM:    ME PORTFOLIO MANAGEMENT LIMITED
         ABN 79 005 964 134
         (MANAGER)

Pursuant to clause 4.2(a)(1) of the Master Trust Deed dated 4 July 1994 between
the Trustee and the Manager establishing the Superannuation Members' Home Loans
Trusts (as amended and restated from time to time) (TRUST DEED), the Manager
hereby gives notice of the creation of a Securitisation Fund under the Trust
Deed to be known as the "SMHL Global Fund [   ]-[ ]".

1     UNITHOLDERS AND BENEFICIARIES OF THE SECURITISATION FUND

For the purposes of clause 4.1 of the Trust Deed, the Unitholders and
Beneficiaries of the SMHL Global Fund [   ]-[ ] are:

(a)   (RESIDUAL CAPITAL UNITHOLDER)

      [Industry Funds Management (Nominees 2) Pty Limited, in its capacity as
      trustee of Super Business Loans Unit Trust No. 1] as to A$[ ] of the
      capital of the SMHL Global Fund [   ]-[ ].

(b)   (INCOME UNITHOLDER)

      [Industry Funds Management (Nominees 2) Pty Limited, in its capacity as
      trustee of Super Business Loans Unit Trust No. 1] as to the balance of the
      SMHL Global Fund [   ]-[ ].

2     CREATION OF RESIDUAL CAPITAL UNITS AND INCOME UNITS

This Notice of Creation of a Securitisation Fund is accompanied by the sum of

(a)   A$[ ] in accordance with clause 4.2(a)(2) and clause 3.6(b) of Schedule 10
      of the Trust Deed on behalf of [Industry Funds Management (Nominees 2) Pty
      Limited] and in consideration of the issue of [ ] Residual Capital Units
      to [Industry Funds Management (Nominees 2) Pty Limited, in its capacity as
      trustee of Super Business Loans Unit Trust No. 1]; and

(b)   A$[ ] in accordance with clause 4.2(a)(3) and clause 3.6(a) of Schedule 10
      of the Trust Deed on behalf of [Industry Funds Management (Nominees 2) Pty
      Limited] and in consideration of the issue of [ ] Income Units to
      [Industry Funds Management (Nominees 2) Pty Limited, in its capacity as
      trustee of Super Business Loans Unit Trust No. 1].

DATED:   [             ]

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                                     Notice of Creation of a Securitisation Fund

Signed for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED
by:

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

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

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                                                                          page 2Exhibit 4.3
       Form of Supplementary Bond Terms Notice - Class A Notes and Class B Notes

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PERPETUAL LIMITED
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ME PORTFOLIO MANAGEMENT LIMITED
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PERPETUAL TRUSTEE COMPANY LIMITED
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THE BANK OF NEW YORK
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SUPPLEMENTARY BOND
TERMS NOTICE: SMHL
GLOBAL FUND [   ]-[ ] -
CLASS A NOTES AND
CLASS B NOTES

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<PAGE>

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TABLE OF CONTENTS
lause                                                                       Page

1   FUNCTION                                                                   1

2   DEFINITIONS AND INTERPRETATION                                             1
    2.1      Definitions                                                       1
    2.2      Incorporation of Master Trust Deed Definitions                   20
    2.3      Interpretation                                                   20
    2.4      Payments                                                         20
    2.5      Acknowledgment                                                   20

3   NOTES                                                                     20
    3.1      Conditions of Notes                                              20
    3.2      Issue of Notes                                                   20
    3.3      Trustee's covenant to Noteholders and the Note Trustee           21
    3.4      Final redemption                                                 21
    3.5      Period during which interest accrues                             22
    3.6      Calculation of interest                                          22
    3.7      Aggregate receipts                                               23
    3.8      Application of Principal Repayment Pool                          23
    3.9      Repayment of Principal                                           23
    3.10     Final Maturity Date                                              23
    3.11     Reduction in Principal balance                                   24
    3.12     Cancellation on repayment                                        24
    3.13     [Payments into Euro Account]                                     24
    3.14     [Payments out of Euro Account]                                   24
    3.15     Payments into US$ Account                                        24
    3.16     Payments out of US$ Account                                      24
    3.17     Rounding of amounts                                              25
    3.18     Prescription                                                     25
    3.19     Replacement of Currency Swap                                     25
    3.20     Realised Losses on Mortgages                                     26

4   NOTES CALLABLE AT OPTION OF TRUSTEE                                       28
    4.1      Call - Class A Notes                                             28
    4.2      Tax event                                                        29
    4.3      Call - Class B Notes                                             29

5   CASH-COLLATERAL                                                           30
    5.1      Cash Collateral Account                                          30
    5.2      Initial Cash Collateral and Liquidity Notes                      30

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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    5.3      Investment of Cash Collateral                                    30
    5.4      Use of Cash Collateral                                           30
    5.5      Surplus Cash Collateral                                          31

6   DISTRIBUTION OF COLLECTIONS                                               31
    6.1      Distribution of Interest Collections                             31
    6.2      Distribution of Principal Collections                            37
    6.3      Rights of Liquidity Noteholder                                   43
    6.4      Funding Loan Redraw Facilities                                   44
    6.5      Funding Top-up Loans                                             44
    6.6      Payment of Charge Offs                                           44

7   SUBSTITUTION OF MORTGAGES                                                 44
    7.1      Purchase of Substitute Mortgages                                 44

8   NOTIFICATIONS OF CALCULATIONS                                             46

9   AMENDMENTS TO MASTER TRUST DEED                                           46

10  RATING AGENCY REQUIREMENTS                                                60
    10.1     Designated Rating Agencies                                       60
    10.2     Designated Ratings                                               60
    10.3     Minimum Rating Requirements                                      60
    10.4     Banks                                                            60
    10.5     Notifications to Designated Rating Agencies                      60
    10.6     No other Requirements                                            61
    10.7     Loan Facilities                                                  61
    10.8     Top-up Loans                                                     61

11  THRESHOLD RATE                                                            62

12  BENEFICIARIES                                                             63

13  NOTE TRUSTEE                                                              63
    13.1     Capacity                                                         63
    13.2     Exercise of rights                                               63
    13.3     Representation and warranty                                      64
    13.4     Payments                                                         64

14  SECURITY TRUST DEED                                                       64
    14.1     Compliance with Security Trust Deed                              64
    14.2     Limitation of Liability of Security Trustee                      64

15  MISCELLANEOUS                                                             64
    15.1     Banking Day                                                      64

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

    15.2     Provisions of the Master Trust Deed to apply                     64
    15.3     Limitation of Liability - Trustee                                64
    15.4     Aggregate Outstanding Principal Balance of Notes                 65
    15.5     Attorney                                                         65
    15.6     Know Your Customer                                               65
    15.7     Compliance with Regulation AB                                    65
    15.8     Direction of claims by the Manager                               70
    15.9     Direction of defence of claims                                   71
    15.10    [Details on Register conclusive]                                 71

16  PRIVACY                                                                   72

SCHEDULE 1 - SUPPLEMENTARY BOND TERMS NOTICE: SMHL GLOBAL FUND [    ]-[ ] -
LIQUIDITY NOTES                                                               75

SCHEDULE A - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
SERVICING CRITERIA                                                            88

SCHEDULE B - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
COMPLIANCE                                                                    89

SCHEDULE 2 - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
SERVICING CRITERIA                                                            93

SCHEDULE 3 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
COMPLIANCE                                                                    94

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<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

           DATE  [           ]

           TO:             PERPETUAL LIMITED
                           ABN 86 000 431 827
                           as trustee of the SMHL Global Fund [    ]-[ ]
                           (TRUSTEE)

           FROM:           ME PORTFOLIO MANAGEMENT LIMITED
                           ABN 79 005 964 134
                           as manager of the SMHL Global Fund [    ]-[ ]
                           (MANAGER)

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1     FUNCTION

            This Supplementary Bond Terms Notice:

            (a)   accompanies a Securitisation Fund Bond Issue Direction dated [
                  ], as the same may be amended from time to time, in relation
                  to a proposed issue of Notes by the Trustee;

            (b)   sets out the Supplementary Bond Terms for the classes of Notes
                  named in the Bond Issue Direction as "Class A[ ] Notes"[,]
                  ["Class A[ ] Notes",] ["Class A[ ] Notes"] and "Class B
                  Notes"; and

            (c)   shall be entered into the Register by the Trustee pursuant to
                  clause 23.1(f) of the Master Trust Deed.

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2     DEFINITIONS AND INTERPRETATION

      2.1   DEFINITIONS

            In this Supplementary Bond Terms Notice (including clause 1) and in
            respect of the Securitisation Fund and the Master Trust Deed the
            following definitions apply, unless the context indicates a contrary
            intention:

            A$ CLASS A INTEREST AMOUNT means, for any Payment Date in relation
            to a Confirmation for Class A Offered Notes, the amount in
            Australian dollars which is calculated:

            (a)   on a daily basis at the applicable rate set out in that
                  Confirmation (being AUD-BBR-BBSW, as defined in the ISDA
                  Definitions, as at the first day of the Interest Period ending
                  on (but excluding) that Payment Date with a designated
                  maturity of 90 days (or in the case of the first Interest
                  Period, the rate will be determined by linear interpolation
                  calculated by reference to the duration of that first Interest
                  Period) plus the relevant Spread);

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            (b)   on the A$ Equivalent of the aggregate of the Invested Amount
                  of those Class A Offered Notes as at the first day of the
                  Interest Period ending on (but excluding) that Payment Date;
                  and

            (c)   on the basis of the actual number of days in that Interest
                  Period and a year of 365 days.

            A$ EQUIVALENT means:

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

            (b)   [in relation to an amount denominated or to be denominated in
                  (euro), the amounts converted to (and denominated in) A$ at
                  the A$ Exchange Rate;] or

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

            A$ EXCHANGE RATE means, on any date:

            (a)   [in respect of (euro) - the rate of exchange (set as at the
                  commencement of the Euro Currency Swap) applicable under the
                  Euro Currency Swap for the exchange of Euros for Dollars;]
                  [and]

            (b)   in respect of US$ - the rate of exchange (set as at the
                  commencement of the US Currency Swap) applicable under the US
                  Currency Swap for the exchange of United States Dollars for
                  Dollars.

            AUTHORISED SIGNATORY means:

            (a)   in relation to the Note Trustee, any duly authorised officer
                  of the Note Trustee and any other duly authorised person of
                  the Note Trustee;

            (b)   in relation to the Principal Paying Agent, any duly authorised
                  officer of the Principal Paying Agent and any other duly
                  authorised person of the Principal Paying Agent; and

            (c)   in relation to the Calculation Agent, any duly authorised
                  officer of the Calculation Agent and any other duly authorised
                  person of the Calculation Agent.

            BANK means:

            (a)   for the purposes of the definition of Banking Day and the
                  definition of US$ Account [and Euro Account]:

                  (1)   a corporation authorised under the Banking Act 1959
                        (Cth) to carry on general banking business in Australia
                        or a corporation formed or incorporated under any Act of
                        the Parliament of an Australian Jurisdiction to carry on
                        the general business of banking;

                  (2)   a person authorised under the Banking Act 1987 (UK) to
                        carry on a deposit taking business; or

                  (3)   a banking institution or trust company organised or
                        doing business under the laws of the United States of
                        America or any of its states; and

            (b)   in any other case, a corporation authorised under the Banking
                  Act 1959 (Cth) to carry on general banking business in
                  Australia or a corporation

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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                  formed or incorporated under an Act of the Parliament of an
                  Australian Jurisdiction to carry on the general business of
                  banking.

            BANKING DAY means any day (other than a Saturday, Sunday or public
            holiday) on which banks are open for business in [London,] New York,
            Sydney and Melbourne [and which is a TARGET Settlement Day].

            BENCHMARK RATE in relation to an Interest Period means the rate
            expressed as a percentage per annum calculated by taking the rates
            appearing on the Reuters Screen page BBSW at approximately 10.10 am
            Sydney time on (subject to this definition) the first Banking Day of
            that Interest Period for each Bank so quoting (being no fewer than
            5) as being the mean buying and selling rate for a bill of exchange
            of the type specified for the purpose of quoting on the Reuters
            Screen page BBSW and having a tenor closest to the term of that
            Interest Period, eliminating the highest and lowest mean rates and
            taking the average of the remaining mean rates and then (if
            necessary) rounding the resultant figure upwards to 4 decimal places
            (or, in the case of the first Interest Period, the rate will be
            determined by linear interpolation calculated by reference to the
            duration of the first Interest Period). If fewer than 5 Banks quote
            on the Reuters Screen page BBSW the Benchmark Rate for that Interest
            Period shall be calculated as above by taking the rates otherwise
            quoted by 5 Banks or 5 institutions otherwise authorised to quote
            rates on the Reuters Screen page BBSW at or about 10.10 am (Sydney
            time) for a bill of exchange having a tenor closest to the term of
            that Interest Period, on application by the Manager for such a bill
            of the same tenor (or, in the case of the first Interest Period, the
            rate will be determined by linear interpolation calculated by
            reference to the duration of the first Interest Period). If a rate
            cannot be determined in accordance with the foregoing procedures,
            then the Benchmark Rate shall mean such rate as is specified in good
            faith by the Manager at or around that time on that date, having
            regard, to the extent possible, to comparable indices then available
            as to the rates otherwise bid and offered for such bills of that
            tenor around that time.

            BENEFICIARIES means, in relation to the Fund, the Residual Capital
            Unitholder and the Income Unitholder. BOND ISSUE DIRECTION means the
            Securitisation Fund Bond Issue Direction referred to in clause 1(a).

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

            BOOK-ENTRY NOTE means:

            (a)   a Class A[ ] Book-Entry Note; [or]

            (b)   [a Class A[ ] Book-Entry Note].

            CALCULATION AGENT has the same meaning as in the Note Trust Deed.

            CALCULATION PERIOD means a Monthly Calculation Period or a Quarterly
            Calculation Period.

            CARRY OVER CLASS A CHARGE OFFS means, at any Cut-Off, in relation to
            a Class A Note, the aggregate of Class A Charge Offs in relation to
            that Class A Note prior to that Cut-Off which have not been
            reinstated under clauses 6.1(a)(11), 6.1(a)(12), 6.1(c)(11) or
            6.1(c)(12).

            CARRY OVER CLASS B CHARGE OFFS means, at any Cut-Off, in relation to
            a Class B Note, the aggregate of Class B Charge Offs in relation to
            that Class B Note prior

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            to that Cut-Off which have not been reinstated under clauses
            6.1(a)(13) or 6.1(c)(13).

            CARRY OVER REDRAW CHARGE OFFS means, at any Cut-Off, in relation to
            a Redraw Funding Facility, the aggregate Redraw Charge Offs in
            relation to that Redraw Funding Facility prior to that Cut-Off which
            have not been reinstated under clauses 6.1(a)(11), 6.1(a)(12),
            6.1(c)(11) or 6.1(c)(12).

            CARRY OVER TOP-UP CHARGE OFFS means, at any Cut-Off, in relation to
            a Top-up Funding Facility, the aggregate Top-up Charge Offs in
            relation to that Top-up Funding Facility prior to that Cut-Off which
            have not been reinstated under clauses 6.1(a)(11), 6.1(a)(12),
            6.1(c)(11) or 6.1(c)(12).

            CASH COLLATERAL means, at any time, the balance of the Cash
            Collateral Account at that time.

            CASH COLLATERAL ACCOUNT means the ledger account established and
            maintained by the Manager in accordance with clause 5.

            CHARGE has the same meaning as in the Security Trust Deed.

            CHARGED PROPERTY has the same meaning as in the Security Trust Deed.

            CLASS includes each class constituted by the Class A Notes and the
            Class B Notes.

            CLASS A CHARGE OFFS means, in relation to a Class A Note, the amount
            of any reduction in the Outstanding Principal Balance of that Class
            A Note under clauses 3.20(a)(2)(A) and 3.20(b)(2)(A).

            CLASS A INTEREST means:

            (a)   [all Class A[ ] Interest;] [and]

            (b)   all interest accrued on the Class A Offered Notes in respect
                  of an Interest Period in accordance with clause 3.6.

            CLASS A NOTE means a Class A Offered Note [or] [a Class A[ ] Note].

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

            CLASS A OFFERED NOTE means a Class A[ ] Note [or] [a Class A[ ]
            Note].

            CLASS A OFFERED NOTEHOLDER means a Noteholder of a Class A Offered
            Note.

            CLASS A OUTSTANDING PRINCIPAL BALANCE means, in relation to a Class
            A Note, the Outstanding Principal Balance of the Class A Note.

            CLASS A[ ] BOOK-ENTRY NOTE means a book-entry note issued or to be
            issued by the Trustee in registered form under clause 3.1 of the
            Note Trust Deed representing Class A[ ] Notes and substantially in
            the form of part A of schedule 1 to the Note Trust Deed.

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

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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            [CLASS A[ ] BOOK ENTRY NOTE means a means a book-entry note issued
            or to be issued by the Trustee in registered form under clause 3.1
            of the Note Trust Deed representing Class A[ ] Notes and
            substantially in the form of part B of schedule 1 to the Note Trust
            Deed.]

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

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

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

            [CLASS A[ ] IRISH PAYING AGENT means AIB/BNY Fund Management
            (Ireland) Limited or any successor as Class A[ ] Irish Paying Agent
            under the Note Trust Deed.]

            [CLASS A[ ] NOTE means a Note issued as a Class A[ ] Note by the
            Trustee with the characteristics of a Class A[ ] Note under this
            Supplementary Bond Terms Notice and the Bond Issue Direction.]

            [CLASS A[ ] NOTEHOLDER means a Noteholder of a Class A[ ] Note.]

            CLASS B CHARGE OFFS means in relation to a Class B Note, the amount
            of any reduction in the Outstanding Principal Balance of that Class
            B Note under clause 3.20(a)(1) and 3.20(b)(1).

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

            CLASS B NOTE means a Note issued as a Class B Note by the Trustee
            with the characteristics of a Class B Note under this Supplementary
            Bond Terms Notice and the Bond Issue Direction.

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

            CLEARING AGENCY means:

            (a)   in relation to the Class A[ ] Notes, DTC, an organisation
                  registered as a clearing agency pursuant to Section 17A of the
                  Exchange Act and appointed by the Manager and the Trustee to
                  hold the Class A[ ] Notes (directly or through a Common
                  Depository);

            (b)   [in relation to the Class A[ ] Notes, Euroclear or
                  Clearstream, Luxembourg (directly or through a Common
                  Depository);] [and]

            (c)   [in relation to the Class A[ ] Notes, Euroclear, Clearstream,
                  Luxembourg or Austraclear.]

            CLOSING DATE means the Bond Issue Date in relation to the Notes and
            is, in relation to the Securitisation Fund, [            ] or such
            later date as may be agreed between the Trustee and the Manager.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            COLLECTIONS means, subject to clause 3.17, in relation to each
            Calculation Period, the aggregate of all moneys received by or on
            behalf of the Trustee or, in respect of amounts under clause 5.4 and
            clause 3(b)(1) of the Payment Funding Facility, which are to be
            applied towards Collections, in respect of the Securitisation Fund
            during that Calculation Period including:

            (a)   payments of interest, principal, fees and other amounts under
                  the Loans;

            (b)   proceeds from the enforcement of the Loans;

            (c)   amounts received under the Relevant Mortgage Insurance
                  Policies;

            (d)   amounts recovered from losses on Loans not previously
                  received;

            (e)   amounts received from the Mortgage Manager for breaches of
                  representations or undertakings which have not been designated
                  by the Manager as Suspended Moneys;

            (f)   any interest income received during that Calculation Period in
                  respect of Authorised Investments not being funds credited to
                  the Cash Collateral Account or received under the Payment
                  Funding Facility;

            (g)   any amounts received on termination of an Interest Hedge or
                  Currency Swap following default by the Interest Hedge Provider
                  or a Currency Swap Provider respectively;

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

            (i)   with respect to a Monthly Calculation Period and in respect of
                  which the Monthly Payment Date immediately following that
                  Monthly Calculation Period is also a Monthly Payment Date (but
                  not a Quarterly Payment Date), any amounts retained in the
                  bank account for the Securitisation Fund or invested in
                  Authorised Investments on any preceding Monthly Payment Date
                  since the last Quarterly Payment Date (but which is not a
                  Quarterly Payment Date) for application pursuant to clauses
                  6.1(a)(7) to 6.1(a)(15) inclusive on that Monthly Payment Date
                  to each relevant party in accordance with clause 6.1(a); and

            (j)   with respect to a Monthly Calculation Period and in respect of
                  which the Monthly Payment Date immediately following that
                  Monthly Calculation Period is also a Quarterly Payment Date,
                  any amounts retained in the bank account for the
                  Securitisation Fund or invested in Authorised Investments on
                  the two immediately preceding Monthly Payment Dates for
                  application pursuant to clauses 6.1(a)(6) to 6.1(a)(15)
                  inclusive on that Quarterly Payment Date to each relevant
                  party in accordance with clause 6.1(c),

            but excluding:

            (k)   receipts (whether of an income nature or, upon sale or
                  maturity, of a capital nature) in respect of Authorised
                  Investments comprised in the Cash Collateral Account;

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

            (m)   receipts under any Redraw Funding Facility or Top-Up Funding
                  Facility;

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            (n)   receipts under or arising from any drawing under any Payment
                  Funding Facility;

            (o)   to the extent that the Interest Hedge Provider has not
                  defaulted under the relevant Interest Hedge, receipts from an
                  Interest Hedge Provider which, as a consequence of a downgrade
                  or withdrawal of the rating of the Interest Hedge Provider by
                  a Designated Rating Agency, have been provided to the Trustee
                  as collateral against default by the Interest Hedge Provider
                  under the relevant Interest Hedge;

            (p)   to the extent that a Currency Swap Provider has not defaulted
                  under the relevant Currency Swap, receipts from a Currency
                  Swap Provider which, as a consequence of a downgrade or
                  withdrawal of the rating of the Currency Swap Provider by a
                  Designated Rating Agency, have been provided to the Trustee as
                  collateral against default by the Currency Swap Provider under
                  the relevant Currency Swap; and

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

            COMMISSION means the United States Securities and Exchange
            Commission.

            COMMON DEPOSITORY means:

            (a)   in respect of Class A[ ] Notes, Cede & Co, as nominee for DTC,
                  or any other common depository for any Clearing Agency in
                  respect of the Class A[ ] Notes appointed from time to time to
                  hold any Class A[ ] Book-Entry Note; and

            (b)   [in respect of Class A[ ] Notes, The Bank of New York or its
                  nominee, as nominee for Euroclear or Clearstream, Luxembourg,
                  or any other common depository for any Clearing Agency in
                  respect of the Class A[ ] Notes appointed from time to time to
                  hold any Class A[ ] Book-Entry Note.]

            CONDITIONS means:

            (a)   the Conditions for the Class A[ ] Notes in the form set out in
                  part A of schedule 4 to the Note Trust Deed (but, so long as
                  the Class A[ ] Notes are represented by Class A[ ] Book-Entry
                  Notes, with the deletion of any provisions which are
                  applicable only to the Class A[ ] Definitive Notes), as the
                  same may from time to time be modified in accordance with this
                  Supplementary Bond Terms Notice and the Note Trust Deed; [and]

            (b)   [the Conditions for the Class A[ ] Notes in the form set out
                  in part B of schedule 4 to the Note Trust Deed (but, so long
                  as the Class A[ ] Notes are represented by Class A[ ]
                  Book-Entry Notes, with the deletion of any provisions which
                  are applicable only to the Class A[ ] Definitive Notes), as
                  the same may from time to time be modified in accordance with
                  this Supplementary Bond Terms Notice and the Note Trust Deed.]

            Any reference in this Supplementary Bond Terms Notice to a
            particular numbered Condition shall be construed accordingly.

            CONFIRMATION means, in respect of a Currency Swap, any Confirmation
            (as defined in the Currency Swap).

            CORPORATIONS ACT means the Corporations Act 2001 (Cth).

            CURRENCY SWAP means the US Currency Swap [and] [the Euro Currency
            Swap].

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                                                                          page 7
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            CURRENCY SWAP PROVIDER means the US Currency Swap Provider [and]
            [the Euro Currency Swap Provider].

            CUT-OFF means each Monthly Cut-Off or Quarterly Cut-Off, as the
            context requires.

            CUT-OFF DATE means the close of business, [                ].

            DEFINITIVE NOTE means a:

            (a)   a Class A[ ] Definitive Note; [or]

            (b)   [a Class A[ ] Definitive Note].

            DESIGNATED RATING AGENCY means, [S&P or Moody's or Fitch Ratings].

            DTC means the Depository Trust Company.

            ENCUMBRANCE means an interest or power:

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

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

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

            [EURIBOR means, in relation to any Interest Period and any Class A[
            ] Note, the rate of interest determined by the Calculation Agent as
            follows:

            (a)   on the second Banking Day before the beginning of each
                  Interest Period (each an Interest Determination Date), the
                  rate "EUR-EURIBOR-Telerate" as the applicable Floating Rate
                  Option under the ISDA Definitions being the rate applicable to
                  any Interest Period for three-month (or, in the case of the
                  first Interest Period, the rate will be determined by linear
                  interpolation calculated by reference to the duration of the
                  first Interest Period) deposits in Euros which appears on the
                  Telerate Page 248 as of 11:00 a.m., Brussels time, determined
                  on the Interest Determination Date by the Calculation Agent;

            (b)   if such rate does not appear on the Telerate Page 248, the
                  rate for that Interest Period will be determined as if the
                  Trustee and the Calculation Agent had specified
                  "EUR-EURIBOR-Reference Banks" as the applicable Floating Rate
                  Option under the ISDA Definitions. "EUR-EURIBOR-Reference
                  Banks" means that the rate for an Interest Period will be
                  determined on the basis of the rates at which deposits in
                  Euros are offered by the Reference Banks (being four major
                  banks in the Euro-zone interbank market agreed to by the
                  Calculation Agent and the Euro Currency Swap Provider) at
                  approximately 11:00 a.m., Brussels time, on the Interest
                  Determination Date to prime banks in the Euro-zone interbank
                  market for a period of three months (or, in the case of the
                  first Interest Period, the rate will be determined by linear
                  interpolation calculated by reference to the duration of the
                  first Interest Period) commencing on the first day of the
                  Interest Period and in Representative Amount (as defined in
                  the ISDA Definitions). The Calculation Agent will request the
                  principal

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                                                                          page 8
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  Euro-zone office of each of the Reference Banks to provide a
                  quotation of its rate. If at least two such quotations are
                  provided, the rate for that Interest Period will be the
                  arithmetic mean of the quotations. If fewer than two
                  quotations are provided as requested, the rate for that
                  Interest Period will be the arithmetic mean of the rates
                  quoted by major banks in /the Euro-zone interbank market,
                  selected by the Calculation Agent and the Euro Currency Swap
                  Provider, at approximately 11:00 a.m., Brussels time, on that
                  Interest Determination Date for loans in Euros to leading
                  European banks for a period of three months (or, in the case
                  of the first Interest Period, the rate will be determined by
                  linear interpolation calculated by reference to the duration
                  of the first Interest Period) commencing on the first day of
                  the Interest Period and in a Representative Amount;

            (c)   if no such rates are available in the Euro-zone interbank
                  market, then the rate for such Interest Period will be the
                  most recently determined rate in accordance with this
                  paragraph.

            In this definition of EURIBOR, Banking Day means any day which is a
            TARGET Settlement Day.]

            [EURO and (EURO) means the single currency introduced at the third
            stage of the European Economic Monetary Union pursuant to the Treaty
            establishing the European Community as amended.]

            [EURO ACCOUNT means, in relation to the Fund, the Euro account of
            the Principal Paying Agent for the Fund or any other account opened
            and maintained outside Australia, of the Principal Paying Agent for
            the Fund so long as the Principal Paying Agent is a Bank which
            complies with clause 10.4(a).]

            [EURO CURRENCY SWAP means the master agreement dated on or about the
            date of this Supplementary Bond Terms Notice between the Trustee in
            its capacity as trustee of the Securitisation Fund, the Manager and
            the Euro Currency Swap Provider, on the terms of the ISDA Master
            Agreement (with amendments thereto), each Transaction (as defined in
            that agreement) entered into in accordance with that agreement under
            which the Euro Currency Swap Provider agrees to pay certain amounts
            in (euro) to the Trustee or at the Trustee's direction in exchange
            for certain amounts in A$ or any other Hedge or similar terms which,
            if entered into, will not result in the downgrading of, or
            withdrawal of the ratings for, any Notes.]

            [EURO CURRENCY SWAP PROVIDER means, initially, [                ]
            and thereafter any other person who is or becomes party to a Euro
            Currency Swap.]

            [EURO EXCHANGE RATE means, on any date, the rate of exchange (set at
            the commencement of the Euro Currency Swap) applicable under the
            Euro Currency Swap for the exchange of Euros for Dollars.]

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

            FINAL INTEREST PERIOD ADJUSTMENT means, in relation to the last
            Monthly Interest Period or the last Quarterly Interest Period, if
            the Outstanding Principal Balance of any Note on the due date for
            redemption is not zero and payment of principal due is improperly
            withheld or refused, the final Interest Period ends on the day on
            which:

            (a)   the monies in respect of that Note have been received by the
                  Note Trustee or the Principal Paying Agent and notice to that
                  effect has been given in accordance with the relevant
                  Condition; or

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                                                                          page 9
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            (b)   the Outstanding Principal Balance of that Note has been
                  reduced to zero provided that interest will thereafter begin
                  to accrue from (and including) any date on which the Invested
                  Amount of the Notes becomes greater than zero.

            FINAL MATURITY DATE means in respect of each Class the earlier of:

                  (1) for Class A Notes - [                ]; and

                  (2) for Class B Notes - [                ],

                  in each case, the date specified is subject to adjustment in
                  accordance with the Modified Following Business Day
                  Convention; and

            (b)   the date declared by the Trustee at the direction of the
                  Manager in accordance with clause 4.

            [FITCH RATINGS means Fitch Australia Pty Ltd.]

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

            INCOME UNITHOLDER means [Industry Funds Management (Nominees 2) Pty
            Limited as trustee of the Super Business Loans Unit Trust No. 1].

            INITIAL PAYMENT FUNDING FACILITY means the Payment Funding Facility
            dated on or about the date of this Supplementary Bond Terms Notice.

            INTEREST means Class A Interest or Class B Interest.

            INTEREST COLLECTIONS means, in relation to a Calculation Period, all
            Collections for that Calculation Period other than Principal
            Collections.

            INTEREST HEDGE means each master agreement made between the Trustee
            and the Manager on one hand and the Interest Hedge Provider on the
            terms of the ISDA Master Agreement (with amendments thereto), each
            Transaction (as defined in that agreement) entered into in
            accordance with that agreement in relation to the interest rate risk
            arising from a Mortgage under which all or part of the interest
            payable is fixed.

            INTEREST HEDGE PROVIDER means, in relation to an Interest Hedge, the
            person who has entered into that Interest Hedge with the Trustee
            other than the Manager.

            INTEREST PERIOD means each Monthly Interest Period and each
            Quarterly Interest Period.

            INTEREST RATE means, in relation to:

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

            (b)   [a Class A[ ] Note and an Interest Period, EURIBOR in relation
                  to that Interest Period;]

            (c)   [a Class A[ ] Note and an Interest Period, the Benchmark Rate
                  in relation to that Interest Period;]

            (d)   Class B Note and an Interest Period, the Benchmark Rate in
                  relation to that Interest Period;

            (e)   a Liquidity Note and an Interest Period, the Benchmark Rate in
                  relation to that Interest Period,

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                                                                         page 10
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            plus, in all cases, the relevant Margin for the relevant Note.

            INVESTED AMOUNT means at any time in relation to a Note, an amount
            equal to:

            (a)   the Original Principal Balance of the Note; minus

            (b)   all repayments of principal made in relation to the Note.

            [IRISH PAYING AGENT means AIB/BNY Fund Management (Ireland) Limited
            or any successor as Irish Paying Agent under the Note Trust Deed.]

            ISDA means the International Swaps and Derivatives Association, Inc.
            (formerly the International Swaps Dealers Association Inc).

            ISDA DEFINITIONS means the 2000 Definitions published by ISDA as
            amended from time to time.

            ISDA MASTER AGREEMENT means the [June 1992 Multicurrency-Cross
            border edition of the Master Agreement published by ISDA,] any
            schedule forming part of that Agreement and the relevant addenda to
            it.

            LEAD MANAGER means, in respect of the:

            (a)   Class A[ ] Notes - [                ];

            (b)   [Class A[ ] Notes - [                ];] [and]

            (c)   [Class A[ ] Notes - [                ]].

            LIBOR means, in relation to any Interest Period and any Class A[ ]
            Note, the rate of interest determined by the Calculation Agent as
            follows:

            (a)   on the second Banking Day before the beginning of each
                  Interest Period (each an Interest Determination Date), the
                  rate "USD-LIBOR-BBA" as the applicable Floating Rate Option
                  under the ISDA Definitions being the rate applicable to any
                  Interest Period for three-month (or in the case of the first
                  Interest Period, the rate will be determined by linear
                  interpolation calculated by reference to the duration of that
                  first Interest Period) deposits in United States Dollars which
                  appears on the Telerate Page 3750 as of 11.00 am, London time,
                  determined on the Interest Determination Date by the
                  Calculation Agent;

            (b)   if such rate does not appear on the Telerate Page 3750, the
                  rate for that Interest Period will be determined as if the
                  Trustee and the Calculation Agent had specified
                  "USD-LIBOR-Reference Banks" as the applicable Floating Rate
                  Option under the ISDA Definitions. "USD-LIBOR-Reference Banks"
                  means that the rate for an Interest Period will be determined
                  on the basis of the rates at which deposits in US Dollars are
                  offered by the Reference Banks (being four major banks in the
                  London interbank market agreed to by the Calculation Agent and
                  the US Currency Swap Provider) at approximately 11.00 am,
                  London time, on the Interest Determination Date to prime banks
                  in the London interbank market for a period of three months
                  (or in the case of the first Interest Period, the rate will be
                  determined by linear interpolation calculated by reference to
                  the duration of that first Interest Period) commencing on the
                  first day of the Interest Period and in a Representative
                  Amount (as defined in the ISDA Definitions). The Calculation
                  Agent will request the principal London office of each of the
                  Reference Banks to provide a quotation of its rate. If at
                  least two such quotations are provided, the rate for that
                  Interest Period

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                                                                         page 11
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  will be the arithmetic mean of the quotations. If fewer than
                  two quotations are provided as requested, the rate for that
                  Interest Period will be the arithmetic mean of the rates
                  quoted by not less than two major banks in New York City,
                  selected by the Calculation Agent and the US Currency Swap
                  Provider, at approximately 11.00 am, New York City time, on
                  that Interest Determination Date for loans in US Dollars to
                  leading European banks for a period of three months (or in the
                  case of the first Interest Period, the rate will be determined
                  by linear interpolation calculated by reference to the
                  duration of that first Interest Period) commencing on the
                  first day of the Interest Period and in a Representative
                  Amount;

            (c)   if no such rates are available in New York City, then the rate
                  for such Interest Period will be the most recently determined
                  rate in accordance with this paragraph.

            In this definition of LIBOR, Banking Day means any day on which
            commercial banks are open for business (including dealings in
            foreign exchange and foreign currency deposits) in London.

            LIQUIDITY NOTEHOLDER means initially, [P.T. Limited (as nominee on
            behalf of Perpetual Limited in its capacity as trustee of the
            [Superannuation Members' Home Loans Warehousing Trust 2004-1] [SMHL
            Origination Fund No. 3])] [Industry Funds Management (Nominees 2)
            Pty Limited, in its capacity as trustee of Super Business Loans Unit
            Trust No.1], and subsequently each person who is from time to time
            the holder of a Liquidity Note.

            LIQUIDITY NOTES means the liquidity notes issued by the Trustee to
            the Liquidity Noteholder in accordance with clauses 5.2(a) and
            5.2(b).

            LIQUIDITY NOTES AMOUNT means A$[     ].

            LIQUIDITY NOTES SUPPLEMENTARY BOND TERMS means the terms in respect
            of the Class named "SMHL Global Fund [   ]-[ ] - Liquidity Notes"
            set out in schedule 1.

            LOAN REDRAW FACILITY means, in relation to a Loan, any facility
            under which a Mortgagor may apply to redraw amounts under the Loan
            where the actual outstanding principal balance under the Loan is
            less than the scheduled principal balance of the Loan.

            LTV means, in relation to a Loan, the Outstanding Principal Balance
            of the Loan divided by the most recent market valuation held at the
            Cut-Off Date of the Land secured by the Mortgage securing that Loan.

            MANAGER means ME Portfolio Management Limited ABN 79 005 964 134.

            MARGIN means in respect of each Class:

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

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

                  (2) [Class A[ ] Notes - [ ]% per annum;]

                  (3) [Class A[ Notes - [ ]% per annum;]

                  (4) Class B Notes - [ ]% per annum; [and]

                  (5) Liquidity Notes - [ ]% per annum; and

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                                                                         page 12
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

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

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

                  (2)   [Class A[ ] Notes - [ ]% per annum;]

                  (3)   [Class A[ ] Notes - [ ]% per annum;]

                  (4)   Class B Notes - [ ]% per annum; [and]

                  (5)   Liquidity Notes - [ ]% per annum.

            MASTER TRUST DEED means the Master Trust Deed dated 4 July 1994 made
            between the Trustee and the Manager and providing for the
            establishment of a series of separate trusts known collectively as
            the Superannuation Members' Home Loans Trusts, as amended and
            restated from time to time.

            MODIFIED FOLLOWING BUSINESS DAY CONVENTION has the meaning given to
            it in the ISDA Definitions.

            MONTHLY CALCULATION PERIOD means, in relation to a Monthly Payment
            Date:

            (a)   which relates to the first Monthly Calculation Period:

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

                  (2)   with respect to all other amounts received or applied by
                        the Trustee, the period from (and including) the Closing
                        Date to (and including) the first Monthly Cut Off;

            (b)   which relates to the last Monthly Calculation Period, the
                  period from (but excluding) the preceding Monthly Cut Off to
                  (and including) the day on which all amounts due on the Notes
                  are redeemed in full; and

            (c)   which relates to any other period, the period from (but
                  excluding) the preceding Monthly Cut Off to (and including)
                  the Monthly Cut-Off relating to such Monthly Payment Date.

            MONTHLY CUT-OFF means, in relation to a Monthly Payment Date, the
            close of business on the day which is 7 Banking Days before that
            Monthly Payment Date.

            MONTHLY INTEREST PERIOD means, in relation to a Monthly Payment
            Date:

            (a)   which relates to the first Monthly Interest Period, the period
                  from (and including) the Closing Date to (but excluding) the
                  first Monthly Payment Date; and

            (b)   which relates to the last Monthly Interest Period, the period
                  from (and including) the preceding Monthly Payment Date to
                  (but excluding) the day on which all amounts due on the Notes
                  are redeemed in full subject to any necessary Final Interest
                  Period Adjustment; and

            (c)   which relates to any other period, the period from (and
                  including) the preceding Monthly Payment Date to (but
                  excluding) that Monthly Payment Date.

            MONTHLY PAYMENT DATE means the [ ]th day of each calendar month
            (Sydney time) after the Closing Date, with the first Monthly Payment
            Date being [                ]

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                                                                         page 13
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

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

            [MOODY'S means Moody's Investors Service Pty Limited.]

            MORTGAGE TRANSFER PROPOSAL means a mortgage transfer proposal as
            that term is defined in the Master Trust Deed with such amendment as
            may be necessary to give effect to clause 7 of this deed.

            NOTE means a Bond being a Class A Note or a Class B Note referred to
            in this Supplementary Bond Terms Notice, and, in relation to a Class
            A Offered Note, includes the Conditions relating to a Class A
            Offered Note.

            NOTEHOLDER means, at any time, the person who:

            (a)   in relation to [a Class A[ ] Note and] a Class B Note, is
                  registered as the holder of that Note at that time;

            (b)   in relation to a Definitive Note, is the registered holder of
                  that Note at that time; or

            (c)   in relation to a Note which is represented by a Book-Entry
                  Note, unless the context requires otherwise, is noted on the
                  Note Register as a noteholder.

            The words holder and holders shall (where appropriate) be construed
            accordingly.

            NOTE REGISTER means the register kept by the Note Registrar to
            provide for the registration and transfer of Class A Offered Notes
            under the Note Trust Deed.

            NOTE REGISTRAR means The Bank of New York or any successor note
            registrar approved in writing by the Note Trustee and appointed
            under the Note Trust Deed.

            NOTE TRUST DEED means the deed so entitled dated on or about the
            date of this Supplementary Bond Terms Notice between The Bank of New
            York as Note Trustee, the Principal Paying Agent, [the Irish Paying
            Agent,] [the Class A[ ] Irish Paying Agent,] the Calculation Agent,
            the Note Registrar, the Trustee, the Manager and the Security
            Trustee.

            NOTE TRUSTEE means The Bank of New York or any successor Note
            Trustee appointed under the Note Trust Deed.

            ORIGINAL LTV means, in relation to a Loan, the Original Principal
            Balance of the Loan and the original amount advanced under any
            Top-up Loan made prior to the Cut-Off divided by the most recent
            market valuation (for the purposes of the relevant Top-up Loan) held
            at the Cut-Off of the Land secured by the Mortgage securing that
            Loan.

            ORIGINAL PRINCIPAL BALANCE means in relation to a Note, the initial
            Face Value of that Note.

            OUTSTANDING PRINCIPAL BALANCE means:

            (a)   at any time in relation to a Note, an amount equal to:

                  (1)   the Original Principal Balance of the Note; minus

                  (2)   all repayments of principal made in relation to that
                        Note (other than amounts applied under clauses
                        6.1(a)(11), 6.1(a)(12), 6.1(a)(13), 6.1(c)(11),
                        6.1(c)(12) or 6.1(c)(13)); minus

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                                                                         page 14
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (3)   the Carry Over Class A Charge Offs or the Carry Over
                        Class B Charge Offs (if any and as the case requires)
                        for the Note; plus

                  (4)   the amount to be applied, or available to be applied,
                        under clauses 6.1(a)(11), 6.1(a)(12), 6.1(a)(13),
                        6.1(c)(11), 6.1(c)(12) or 6.1(c)(13) (if any and as the
                        case requires) in reinstating the Outstanding Principal
                        Balance of the Note; and

            (b)   at any time in relation to a Loan, the then outstanding
                  principal under the Loan secured by the Mortgage.

            PAYING AGENT means, in respect of any Class A Offered Notes, any
            person appointed as a Paying Agent under the Note Trust Deed and
            includes the Principal Paying Agent [and the Irish Paying Agent].

            PAYING OFFICE in respect of any Class A Offered Notes has the same
            meaning as in the Note Trust Deed.

            PAYMENT DATE means each Monthly Payment Date and each Quarterly
            Payment Date, as the context requires.

            PAYMENT FUNDING FACILITY means any facility provided to the Trustee
            to enable the Trustee to support or fund payments required or to be
            made by the Trustee in respect of any Enhancement or Interest Hedge
            or as otherwise provided in that facility and in a form approved by
            each Designated Rating Agency.

            POOL means all of the Loans related to the Mortgages which comprise
            the Assets of the Securitisation Fund.

            PRINCIPAL COLLECTIONS means, in relation to a Calculation Period,
            the amount equal to the excess of the aggregate Unpaid Balance of
            the Loans secured by the Mortgages comprised in the Assets of the
            Fund as of the first day of that Calculation Period over the
            aggregate Unpaid Balance of the Loans secured by the Mortgages
            comprised in the Assets of the Fund as of the last day of that
            Calculation Period, plus in the case of the first Calculation Period
            only, an amount equal to:

            (a)   the aggregate Original Principal Balance of the Class A Notes
                  and Class B Notes; minus

            (b)   the aggregate Unpaid Balance of the Loans secured by the
                  Mortgages comprised in the Assets of the Fund as at the Bond
                  Issue Date.

            PRINCIPAL ENTITLEMENT in relation to a Note for a Payment Date means
            the principal amount payable in respect of that Note on that Payment
            Date pursuant to clause 3.9.

            PRINCIPAL PAYING AGENT means The Bank of New York or any successor
            as Principal Paying Agent under the Note Trust Deed.

            PRINCIPAL REPAYMENT POOL means, on any Payment Date the amount
            required to be paid, and available for payment to, Noteholders in
            accordance with clause 6.2.

            QUARTERLY CALCULATION PERIOD means, in relation to a Quarterly
            Payment Date:

            (a)   which relates to the first Quarterly Calculation Period:

                  (1)   with respect to the principal under the Loans secured by
                        Mortgages comprised in Assets of the Securitisation
                        Fund, the period from

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                                                                         page 15
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        the Cut Off Date to (and including) the first Quarterly
                        Cut Off; and

                  (2)   with respect to all other amounts received or applied by
                        the Trustee, the period from (and including) the Closing
                        Date to (and including) the first Quarterly Cut Off;

            (b)   which relates to the last Quarterly Calculation Period, the
                  period from (but excluding) the preceding Quarterly Cut Off to
                  (and including) the day on which all amounts due on the Notes
                  are redeemed in full; and

            (c)   which relates to any other period, the period from (but
                  excluding) the preceding Quarterly Cut Off to (and including)
                  the Quarterly Cut-Off relating to such Quarterly Payment Date.

            QUARTERLY CUT-OFF means, in relation to a Quarterly Payment Date,
            the close of business on the day which is 7 Banking Days before that
            Quarterly Payment Date.

            QUARTERLY INTEREST PERIOD means, in relation to a Quarterly Payment
            Date:

            (a)   which relates to the first Quarterly Interest Period, the
                  period from (and including) the Closing Date to (but
                  excluding) the first Quarterly Payment Date; and

            (b)   which relates to the last Quarterly Interest Period, the
                  period from (and including) the preceding Quarterly Payment
                  Date to (but excluding) the day on which all amounts due on
                  the Notes are redeemed in full subject to any necessary Final
                  Interest Period Adjustment; and

            (c)   which relates to any other period, the period from (and
                  including) the preceding Quarterly Payment Date to (but
                  excluding) that Quarterly Payment Date.

            QUARTERLY PAYMENT DATE means:

            (a)   in respect of Class A[ ] Notes, the [ ]th day of each [     ],
                  [     ], [     ] and [     ] (New York time) after the Closing
                  Date;

            (b)   [in respect of Class A[ ] Notes, the [ ]th day of each [    ],
                  [     ], [     ] and [     ] (London time) after the Closing
                  Date;]

            (c)   in respect of Class B Notes, the [ ]th day of each [     ],
                  [     ], [     ], and [     ] after the Closing Date,

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

            REALISED LOSS means with respect to a Loan secured by the Mortgages
            comprised in the Assets of the Fund:

            (a)   the Outstanding Principal Balance of such Loan; minus

            (b)   the total amount recovered and recoverable under the Relevant
                  Mortgage Insurance Policy; plus

            (c)   any damages or other amounts payable under or in respect of
                  the Master Trust Deed, this Supplementary Bond Terms Notice or
                  the Mortgage Origination and Management Agreement relating to
                  such Loan.

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                                                                         page 16
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            RECEIVER has the same meaning as in the Security Trust Deed.

            REDRAW CHARGE OFF means, in relation to a Redraw Funding Facility,
            the amount of reduction of the Redraw Principal Outstanding under
            clauses 3.20(a)(2)(B) and 3.20(b)(2)(B).

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

            REDRAW PRINCIPAL OUTSTANDING means at any time in respect of a
            Redraw Funding Facility, an amount equal to:

            (a)   all principal drawings under the Redraw Funding Facility which
                  have been used to fund a payment of principal under a Loan
                  Redraw Facility; minus

            (b)   all repayments of principal in respect of such principal
                  drawing; minus

            (c)   the Carry Over Redraw Charge Offs for the Redraw Funding
                  Facility; plus

            (d)   the amount to be applied or available to be applied under
                  clauses 6.1(a)(11), 6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in
                  repaying the Redraw Principal Outstanding under the Redraw
                  Funding Facility.

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

            RELEVANT MORTGAGE INSURANCE POLICY means a Mortgage Insurance Policy
            issued to or held by the Trustee (in whole or in part) as trustee of
            the Securitisation Fund, or which covers Mortgages comprised in the
            Assets of the Securitisation Fund.

            RELEVANT MORTGAGE INSURER means a Mortgage Insurer under a Relevant
            Mortgage Insurance Policy.

            REQUIRED CASH COLLATERAL means, on a Monthly Payment Date, an amount
            equal to the higher of:

            (a)   [ ]% of the aggregate Outstanding Principal Balance of the
                  Loans secured by the Mortgages or such other amount as the
                  Manager and the Designated Rating Agencies agree from time to
                  time; and

            (b)   [ ]% of the Total Original Principal Balance of the Notes or
                  such other amount as the Manager and the Designated Rating
                  Agencies agree from time to time,

            in each case disregarding payments and allocation of Realised Losses
            in respect of the Outstanding Principal Balance to be made on that
            Monthly Payment Date in accordance with clauses 3 and 6.

            RESIDUAL CAPITAL UNITHOLDER means [Industry Funds Management
            (Nominees 2) Pty Limited as trustee of the Super Business Loans Unit
            Trust No. 1.]

            [S&P means Standard and Poor's (Australia) Pty. Ltd.]

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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            SECURITISATION FUND or FUND means the Securitisation Fund
            established under the Master Trust Deed known as SMHL Global Fund
            [   ]-[ ].

            SECURITY TRUST DEED means the deed so entitled dated [             ]
            between the Trustee,  the Manager, the Note Trustee and the Security
            Trustee.

            SERVICING CRITERIA means the "servicing criteria" set forth in Item
            1122(d) of Regulation AB, as such may be amended from time to time.

            SPREAD has the meaning given in[:

            (a)   the Euro Currency Swap in respect of payments by the Trustee
                  under the Euro Currency Swap; and]

            (b)   the US Currency Swap in respect of payments by the trustee
                  under the US Currency Swap.

            SUBCONTRACTOR means any vendor, subcontractor or other entity that
            is not responsible for the overall servicing (as "servicing" is
            commonly understood by participants in the mortgage-backed
            securities market) of Loans but performs one or more discrete
            functions identified in Item 1122(d) of Regulation AB with respect
            to Loans or the Securitisation Fund under the direction or authority
            of the Trustee.

            SUBSTITUTE MORTGAGES means any Mortgages purchased by the Trustee
            pursuant to clause 7.1(c).

            SURPLUS CASH COLLATERAL means, on any Payment Date, the amount by
            which the Cash Collateral exceeds the Required Cash Collateral.

            SUSPENDED MONEYS has the meaning given to it in clause 7.1(b).

            SUSPENSION DATE means the date which is 120 days after the issue of
            the Bond Issue Confirmation Certificate (as defined in the Mortgage
            Origination and Management Agreement).

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

            [TARGET means the Trans-European Automated Real-time Gross
            Settlement Express Transfer system.]

            [TARGET SETTLEMENT DAY means any day on which TARGET is open.]

            TOP-UP CHARGE OFF means, in relation to a Top-up Funding Facility,
            the amount of the reduction of the Top-up Principal Outstanding
            under clauses 3.20(a)(2)(C) and 3.20(b)(2)(C).

            TOP-UP FUNDING FACILITY means any facility provided to the Trustee
            to enable the Trustee to fund payments under a Top-up Loan.

            TOP-UP LOAN means, in relation to a Loan, any additional amount
            advanced under the Loan (other than under a Loan Redraw Facility)
            and secured by the Mortgage securing the Loan.

            TOP-UP PRINCIPAL OUTSTANDING means at any time in respect of a
            Top-up Funding Facility, an amount equal to:

            (a)   all principal drawings under the Top-Up Funding Facility which
                  have been used to fund a payment under a Top-Up Loan; minus

            (b)   all repayments of principal in respect of such principal
                  drawings; minus

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            (c)   the Carry Over Top-Up Charge Offs for the Top-Up Funding
                  Facility; plus

            (d)   the amount to be applied or available to be applied under
                  clauses 6.1(a)(11), 6.1(a)(14), 6.1(c)(11) and 6.1(c)(14) in
                  repaying the Top-up Principal Outstanding under the Top-Up
                  Funding Facility.

            TOTAL ORIGINAL PRINCIPAL BALANCE means, as the context requires, the
            aggregate Original Principal Balance of all Notes or a Class of
            Notes.

            TOTAL OUTSTANDING PRINCIPAL BALANCE means, at any time, the
            aggregate Outstanding Principal Balance at that time of all Notes or
            a Class of Notes.

            TRANSACTION has the meaning given to it under the relevant ISDA
            Master Agreement. TRANSACTION DOCUMENT means each Transaction
            Document (as defined in the Master Trust Deed) to the extent that it
            relates to the Securitisation Fund or the Notes.

            TRANSFER DATE has the meaning given to it in clause 10.9 of the
            Master Trust Deed.

            TRUSTEE means Perpetual Limited, in its capacity as trustee of the
            Securitisation Fund.

            UNITED STATES DOLLARS, USD and US$ means the currency of the United
            States of America.

            UNPAID BALANCE means, at any time, an amount equal to:

            (a)   the aggregate initial Outstanding Principal Balance of Loans
                  secured by Mortgages comprised in Assets of the Securitisation
                  Fund; minus

            (b)   all repayments of principal in respect of such Loans which
                  have not been redrawn.

            US$ ACCOUNT means, in relation to the Fund, the US$ account of the
            Principal Paying Agent for the Fund or any other account opened and
            maintained outside Australia, of the Principal Paying Agent for the
            Fund so long as the Principal Paying Agent is a Bank which complies
            with clause 10.4(a).

            US$ EXCHANGE RATE means, on any date, the rate of exchange (set as
            at the commencement of the Currency Swap) applicable under the
            Currency Swap for the exchange of Dollars for United States Dollars.

            US CURRENCY SWAP means, each master agreement dated on or about the
            date of this Supplementary Bond Terms Notice between the Trustee in
            its capacity as trustee of the Securitisation Fund, the Manager and
            the US Currency Swap Provider, on the terms of the ISDA Master
            Agreement (with amendments thereto), each Transaction (as defined in
            that agreement) entered into in accordance with that agreement under
            which the US Currency Swap Provider agrees to pay certain amounts in
            US$ to the Trustee or at the Trustee's direction in exchange for
            certain amounts in A$ or any other Hedge on similar terms which, if
            entered into, will not result in the downgrading of, or withdrawal
            of the ratings for, any Notes.

            US CURRENCY SWAP PROVIDER means, initially, [            ] and
            thereafter any other person who is or becomes a party to a US
            Currency Swap.

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                                                                         page 19
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

      2.2   INCORPORATION OF MASTER TRUST DEED DEFINITIONS

            Subject to clause 2.1, each expression used herein that is defined
            in the Master Trust Deed and is not defined herein shall have the
            same meaning herein as in the Master Trust Deed.

      2.3   INTERPRETATION

            The provisions of clause 1.2 of the Master Trust Deed shall be
            incorporated, mutatis mutandis, into this Supplementary Bond Terms
            Notice.

      2.4   PAYMENTS

            All payments of principal and interest:

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

            (b)   [on the Class A[ ] Notes must be in Euro;]

            (c)   [on the Class A[ ] Notes must be in Dollars;] and

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

      2.5   ACKNOWLEDGMENT

            The parties acknowledge that the matters contained in clauses 1 to
            12 (inclusive) and 15 of this Supplementary Bond Terms Notice result
            from decisions and directions of the Manager to the Trustee and not
            from directions or decisions made by the Note Trustee, the Principal
            Paying Agent, [the Irish Paying Agent,] [the Class A[ ] Irish Paying
            Agent,] the Calculation Agent or the Note Registrar.

--------------------------------------------------------------------------------
3     NOTES

      3.1   CONDITIONS OF NOTES

            (a)   The conditions of the Class A Offered Notes will be as set out
                  in the Master Trust Deed as supplemented and amended by this
                  Supplementary Bond Terms Notice, the Conditions and the Note
                  Trust Deed.

            (b)   The conditions of [the Class A[ ] Notes and] the Class B Notes
                  will be as set out in the Master Trust Deed, as supplemented
                  and amended by this Supplementary Bond Terms Notice.

      3.2   ISSUE OF NOTES

            (a)   Class A Offered Notes must be issued fully paid in amounts, or
                  on terms, such that their offer for subscription and their
                  issue will comply with the Note Trust Deed and otherwise in a
                  way that does not require disclosure to investors under Part
                  6D.2 of the Corporations Act, and will comply with:

                  (1)   the Financial Services and Markets Act 2000 (UK) and all
                        regulations made under or in relation to that Act, as
                        amended; and

                  (2)   the Securities Act, the Exchange Act, all regulations
                        made under or in relation to them, and all other laws or
                        regulations of any

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                                                                         page 20
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        jurisdiction of the United States of America regulating
                        the offer or issue of, or subscription for, Class A
                        Offered Notes.

            (b)   [Class A[ ] Notes and] Class B Notes must be issued in minimum
                  parcels or subscriptions which have an aggregate Original
                  Principal Balance of A$[ ], (disregarding any amount payable
                  to the extent to which it is to be paid out of money lent by
                  the person offering the Notes or an associate (as defined in
                  Division 2 of Part 1.2 of the Corporations Act)) or otherwise
                  in a way that does not require disclosure to investors under
                  Part 6D.2 of the Corporations Act, and will comply with the
                  Financial Services and Markets Act 2000 (UK) and all
                  regulations made under or in relation to that Act, as amended.

            (c)   No [Class A[ ] Note,] [Class A[ ] Note] [or] Class B Note has
                  been or will be registered under the Securities Act and the
                  [Class A[ ] Notes,] [Class A[ ] Notes] [and] Class B Notes may
                  not be offered or sold within the United States or to, or for
                  the account of benefit of, US persons except in accordance
                  with Regulation S under the Securities Act or pursuant to an
                  exemption from the registration requirements of the Securities
                  Act. Terms used in this paragraph have the meanings given to
                  them by Regulation S of the Securities Act.

      3.3   TRUSTEE'S COVENANT TO NOTEHOLDERS AND THE NOTE TRUSTEE

            Subject to the terms of the Master Trust Deed and this Supplementary
            Bond Terms Notice, the Trustee:

            (a)   acknowledges its indebtedness in respect of the Invested
                  Amount of each Note and interest thereon;

            (b)   covenants for the benefit of each Noteholder and the Note
                  Trustee that it will (subject to receiving any directions
                  required under and given in accordance with the Transaction
                  Documents):

                  (1)   make all payments on or in respect of the Notes held by
                        that Noteholder on the applicable Payment Date;

                  (2)   comply with the terms of this Supplementary Bond Terms
                        Notice and the Transaction Documents to which it is a
                        party; and

                  (3)   pay the Outstanding Principal Balance in relation to the
                        Notes held by that Noteholder on the Final Maturity Date
                        and accrued and unpaid interest on the Invested Amount.

      3.4   FINAL REDEMPTION

            Each Note must be finally redeemed, and the obligations of the
            Trustee with respect to the payment of the Outstanding Principal
            Balance of that Note must be finally discharged, on the first to
            occur of:

            (a)   the date upon which the Invested Amount of that Note is
                  reduced to zero;

            (b)   the date upon which the Note is redeemed under clause 4;

            (c)   the date upon which the relevant Noteholder renounces in
                  writing all of its rights to any amounts payable under or in
                  respect of that Note;

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                                                                         page 21
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            (d)   the date on which all amounts received by the Note Trustee
                  with respect to the enforcement of the Security Trust Deed are
                  paid to the Principal Paying Agent, [all amounts payable to
                  the Class A[ ] Noteholders with respect to the enforcement of
                  the Security Trust Deed are paid to the Class A[ ]
                  Noteholders] and all amounts payable to the Class B
                  Noteholders with respect to the enforcement of the Security
                  Trust Deed are paid to the Class B Noteholders;

            (e)   the Payment Date immediately following the date on which the
                  Trustee completes a sale and realisation of all Assets of the
                  Fund in accordance with the Master Trust Deed and this
                  Supplementary Bond Terms Notice; and

            (f)   the Final Maturity Date.

      3.5   PERIOD DURING WHICH INTEREST ACCRUES

            Each Note bears interest calculated and payable in arrears in
            accordance with this Supplementary Bond Terms Notice from the
            Closing Date to the date upon which that Note is finally redeemed
            under clause 3.4.

      3.6   CALCULATION OF INTEREST

            (a)   Subject to clause 3.6(b), interest payable on each Note in
                  respect of each Interest Period is calculated as the product
                  of:

                  (1)   at the applicable Interest Rate;

                  (2)   the Invested Amount of that Note as at the first day of
                        that Interest Period, after giving effect to any
                        payments of principal made with respect to such Note on
                        such day; and

                  (3)   a fraction, the numerator of which is the actual number
                        of days in that Interest Period and the denominator of
                        which is 365 days (in the case of [Class A[ ] Notes and]
                        Class B Notes) or 360 days (in the case of Class A[ ]
                        Notes [and Class A[ ] Notes]).

            (b)   No interest will accrue on any Note for the period from and
                  including:

                  (1)   the date on which the Outstanding Principal Balance of
                        that Note is reduced to zero (provided that interest
                        shall thereafter begin to accrue from (and including)
                        any date on which the Outstanding Principal Balance of
                        that Note becomes greater than zero); or

                  (2)   if the Outstanding Principal Balance of the Note on the
                        due date for redemption in full of the Note is not zero,
                        unless payment of principal due is improperly withheld
                        or refused, following which the Note will continue to
                        earn interest on the Invested Amount of the Note at the
                        rate from time to time applicable to the Note until the
                        later of:

                        (A)   the date on which the moneys in respect of that
                              Note have been received by the Note Trustee or the
                              Principal Paying Agent and notice to that effect
                              is given in accordance with the relevant
                              Conditions; or

                        (B)   the date on which the Outstanding Principal
                              Balance of that Note has been reduced to zero
                              (provided that interest shall

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                                                                         page 22
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              thereafter begin to accrue from (and including)
                              any date on which the Outstanding Principal
                              Balance of that Note becomes greater than zero).

            (c)   If Interest is not paid in respect of a Note on the date when
                  due and payable (other than because the due date is not a
                  Banking Day) that unpaid Interest will itself bear interest at
                  the Interest Rate applicable from time to time on that Note
                  until the unpaid Interest, and interest on it, is available
                  for payment and:

                  (1)   in the case of the Class A Offered Notes, notice of that
                        availability has been duly given in accordance with
                        Condition 12; or

                  (2)   [in the case of the Class A[ ] Notes and] the Class B
                        Notes, there is full satisfaction of those amounts, to
                        be determined in accordance with the Master Trust Deed
                        (as amended in accordance with this Supplementary Bond
                        Terms Notice).

      3.7   AGGREGATE RECEIPTS

            (a)   Notwithstanding anything in clause 6.2, no Noteholder will be
                  entitled to receive aggregate principal under any Note at any
                  time in excess of the Invested Amount for that Note at that
                  time.

            (b)   The Trustee, the Manager, the Note Trustee, the Security
                  Trustee[,] [and] the Paying Agents [and] [the Class A[ ] Irish
                  Paying Agent] may treat the Noteholder as the absolute owner
                  of that Note (whether or not that Note is overdue and despite
                  any notation or notice to the contrary or writing on it or any
                  notice of previous loss or theft of it or of trust or other
                  interest in it) for the purpose of making payment and for all
                  other purposes.

      3.8   APPLICATION OF PRINCIPAL REPAYMENT POOL

            At all times prior to the making by the Security Trustee of a
            declaration in accordance with the Security Trust Deed that the
            charge created by the Security Trust Deed is immediately
            enforceable, the Principal Repayment Pool in relation to a Payment
            Date must be applied in or towards the repayment of principal on the
            Notes on that Payment Date in accordance with this clause 3 and
            clause 6 or the purchase of Substitute Mortgages in accordance with
            clause 7. Upon and after the making of such a declaration, the Notes
            will rank, and payments will be made in respect of the Notes, in
            accordance with the provisions of the Security Trust Deed and, in
            the case of the Class A Offered Notes, the Note Trust Deed.

      3.9   REPAYMENT OF PRINCIPAL

            On each Payment Date, the Principal Repayment Pool must, subject to
            this clause 3 and clauses 6 and 7, be applied in or towards making
            repayments of principal on the Notes in accordance with clause 6
            until the Invested Amount for each Note is reduced to zero.

      3.10  FINAL MATURITY DATE

            The Outstanding Principal Balance of each Note must be repaid in
            full on the Final Maturity Date.

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                                                                         page 23
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

      3.11  REDUCTION IN PRINCIPAL BALANCE

            Each payment of principal in respect of a Note under this clause 3
            reduces the Invested Amount of that Note by the amount of that
            payment. The Trustee has no obligation to make any payment of
            principal under this clause 3 in respect of a Note in excess of the
            Invested Amount of that Note immediately prior to that payment being
            made.

      3.12  CANCELLATION ON REPAYMENT

            Upon the reduction of the Invested Amount of a Note to zero by
            repayment of principal in accordance with this clause 3 and payment
            of all the Interest Amounts (and other interest payments) in
            relation to that Note, that Note is cancelled.

      3.13  [PAYMENTS INTO EURO ACCOUNT]

            (a)   [The Trustee must direct the Euro Currency Swap Provider to
                  pay all amounts denominated in (euro) payable to the Trustee
                  by the Euro Currency Swap Provider under the Euro Currency
                  Swap into the Euro Account or to the Principal Paying Agent
                  under the Note Trust Deed on behalf of the Trustee.]

            (b)   [If the Trustee or the Manager receives any amount denominated
                  in (euro) from the Euro Currency Swap Provider under the Euro
                  Currency Swap they must promptly pay that amount to the credit
                  of the Euro Account or to the Principal Paying Agent.]

      3.14  [PAYMENTS OUT OF EURO ACCOUNT]

            [On each Payment Date, subject to the terms of this Supplementary
            Bond Terms Notice, the Trustee must, on the direction of the
            Manager, or must require that the Principal Paying Agent on its
            behalf, distribute from the Euro Account the relevant amounts of
            principal and interest due in respect of each Class A[ ] Note in
            accordance with the Note Trust Deed and in the order of priority in
            clauses 6.1 and 6.2.]

      3.15  PAYMENTS INTO US$ ACCOUNT

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

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

      3.16  PAYMENTS OUT OF US$ ACCOUNT

            On each Payment Date, subject to the terms of this Supplementary
            Bond Terms Notice, the Trustee must, on the direction of the
            Manager, or must require that the Principal Paying Agent on its
            behalf, distribute from the US$ Account the relevant amounts of
            principal and interest due in respect of each Class A[ ] Note

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                                                                         page 24
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            in accordance with the Note Trust Deed and in the order of priority
            in clauses 6.1 and 6.2.

      3.17  ROUNDING OF AMOUNTS

            In making the calculations required or contemplated by this clause
            3, the Manager shall round calculations to four decimal places,
            except that all monetary amounts shall be rounded down to the
            nearest cent or as otherwise required in this Supplementary Bond
            Terms Notice.

      3.18  PRESCRIPTION

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

      3.19  REPLACEMENT OF CURRENCY SWAP

            (a)   If a Currency Swap is terminated, the Trustee must at the
                  direction of the Manager enter into one or more currency swaps
                  which replace the Currency Swap (collectively a REPLACEMENT
                  CURRENCY SWAP) but only on the condition:

                  (1)   that the relevant amount determined under section 6(e)
                        of the ISDA Master Agreement for the Currency Swap
                        (CURRENCY SWAP TERMINATION AMOUNT), if any, which is
                        payable by the Trustee to the Currency Swap Provider on
                        termination of the Currency Swap will be paid in full
                        when due in accordance with this Supplementary Bond
                        Terms Notice and the Currency Swap;

                  (2)   the ratings assigned to the Notes are not adversely
                        affected, which must be confirmed in writing by each
                        Designated Rating Agency;

                  (3)   the liability of the Trustee under that Replacement
                        Currency Swap is limited to at least the same extent
                        that its liability is limited under the Currency Swap;
                        and

                  (4)   the terms of the Replacement Currency Swap are
                        acceptable to the Trustee acting reasonably and taking
                        into account the interests of the Noteholders.

            (b)   If the conditions in clause 3.19(a) are satisfied, the Trustee
                  must at the direction of the Manager enter into the
                  Replacement Currency Swap and if it does so it must direct the
                  provider of the Replacement Currency Swap to pay any upfront
                  premium to enter into the Replacement Currency Swap due to the
                  Trustee directly to the Currency Swap Provider in satisfaction
                  of and to the extent of the Trustee's obligation to pay the
                  Currency Swap Termination Amount to the Currency Swap Provider
                  as referred to in clause 3.19(a). If the Currency Swap
                  Termination Amount (if any) is payable by the Currency Swap
                  Provider to the Trustee, the Trustee shall direct the Currency
                  Swap Provider to pay such amount directly to the Replacement
                  Currency Swap Provider in satisfaction and to the extent of
                  any upfront premium to enter into the Replacement Currency
                  Swap. Where the upfront premium payable upon entry into the
                  Replacement Currency Swap is:

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                                                                         page 25
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (1)   payable by the Trustee to the Replacement Swap Provider,
                        then the:

                        (A)   excess of the Currency Swap Termination Amount
                              over the upfront premium will be included as
                              Income Collection for the relevant Calculation
                              Period; and

                        (B)   excess of the upfront premium payable over the
                              Currency Swap Termination Amount will be satisfied
                              by the Trustee as an Expense; or

                  (2)   payable by the Replacement Swap Provider to the Trustee,
                        then the:

                        (A)   excess of the Currency Swap Termination Amount
                              over the upfront premium will be satisfied by the
                              Trustee as an Expense; and

                        (B)   excess of the upfront premium over the Currency
                              Swap Termination Amount will be included as Income
                              Collection for the relevant Calculation Period.

      3.20  REALISED LOSSES ON MORTGAGES

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

                  (1)   reduce pro-rata as between themselves the Outstanding
                        Principal Balance of the Class B Notes by the amount of
                        that excess until the Outstanding Principal Balance of
                        the Class B Notes is zero, but only to the extent of the
                        portion of the applicable Quarterly Calculation Period
                        that falls within the applicable Monthly Calculation
                        Period, to be applied to reduce pro-rata as between
                        themselves, the Outstanding Principal Balance of the
                        Class B Notes, on the following Quarterly Payment Date;
                        and

                  (2)   if the Outstanding Principal Balance of the Class B
                        Notes is zero and any amount of that excess has not been
                        applied or allocated under clause 3.20(a)(1), reduce
                        pro-rata and rateably as between the Class A Notes, the
                        Redraw Funding Facilities and the Top-up Funding
                        Facilities with respect to the balance of the deficiency
                        (having taken into account any relevant amounts
                        allocated under clause 3.20(a)(2)(A),(B) and (C)
                        respectively since the preceding Monthly Payment Date):

                        (A)   rateably as between each of the Class A Notes, the
                              A$ Equivalent Outstanding Principal Balance of the
                              Class A Notes by the amount of the remaining
                              deficiency until the Outstanding Principal Balance
                              of the Class A Notes is zero:

                              (i)   [in respect of the Class A[ ] Notes, on that
                                    Monthly Payment Date;] [and]

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                                                                         page 26
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              (ii)  in respect of the Class A Offered Notes,
                                    only to the extent of the portion of the
                                    applicable Quarterly Calculation Period that
                                    falls within the applicable Monthly
                                    Calculation Period, to be applied to reduce
                                    pro-rata as between themselves, the
                                    Outstanding Principal Balance of the Class A
                                    Offered Notes, on the following Quarterly
                                    Payment Date;

                        (B)   rateably as between each Redraw Funding Facility,
                              the Redraw Principal Outstanding of the Redraw
                              Funding Facilities by the amount of the remaining
                              deficiency until the Redraw Principal Outstanding
                              under each Redraw Funding Facility is zero, but
                              only to the extent of the portion of the
                              applicable Quarterly Calculation Period that also
                              falls within the applicable Monthly Calculation
                              Period, to be applied to reduce pro-rata as
                              between each Redraw Funding Facility, the Redraw
                              Principal Outstanding of the Redraw Funding
                              Facilities, on the following Quarterly Payment
                              Date;

                        (C)   rateably as between each Top-up Funding Facility,
                              the Top-up Principal Outstanding of the Top-up
                              Funding Facilities by the amount of the remaining
                              deficiency until the Top-up Principal Outstanding
                              under each Top-up Funding Facility is zero, but
                              only to the extent of the portion of the
                              applicable Quarterly Calculation Period that also
                              falls within the applicable Monthly Calculation
                              Period, to be applied to reduce pro-rata as
                              between each Top-up Funding Facility, the Top-up
                              Principal Outstanding of the Top-up Funding
                              Facilities on the following Quarterly Payment
                              Date.

            (b)   On each Quarterly Payment Date on which the Manager determines
                  that the aggregate amount of Realised Losses for the Monthly
                  Calculation Period ending immediately before the relevant
                  Quarterly Payment Date exceeds funds available on such
                  Quarterly Payment Date to reimburse such Realised Losses under
                  clause 6.1(c) the Manager must do the following on and with
                  effect from such Quarterly Payment Date:

                  (1)   reduce pro-rata as between themselves the Outstanding
                        Principal Balance of the Class B Notes by the amount of
                        that excess until the Outstanding Principal Balance of
                        the Class B Notes is zero, including all amounts
                        allocated under clause 3.20(a)(1) for the two preceding
                        Monthly Payment Dates; and

                  (2)   if the Outstanding Principal Balance of the Class B
                        Notes is zero and any amount of that excess has not been
                        applied under clause 3.20(b)(1), reduce pro-rata and
                        rateably as between the Class A Notes, the Redraw
                        Funding Facilities and the Top-up Funding Facilities
                        with respect to the balance of the deficiency (having
                        taken into account any relevant amounts allocated under
                        clause 3.20(a)(2)(A),(B) or (C) respectively since the
                        preceding Quarterly Payment Date):

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                                                                         page 27
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        (A)   rateably as between each of the Class A Notes, the
                              A$ Equivalent Outstanding Principal Balance of the
                              Class A Notes by the amount of the remaining
                              deficiency until the Outstanding Principal Balance
                              of the Class A Notes is zero (CLASS A CHARGE
                              OFFS);

                        (B)   rateably as between each Redraw Funding Facility,
                              the Redraw Principal Outstanding of the Redraw
                              Funding Facilities by the amount of the remaining
                              deficiency until the Redraw Principal Outstanding
                              under each Redraw Funding Facility is zero (REDRAW
                              CHARGE OFFS); and

                        (C)   rateably as between each Top-up Funding Facility,
                              the Top-up Principal Outstanding of the Top-up
                              Funding Facilities by the amount of the remaining
                              deficiency until the Top-up Principal Outstanding
                              under each Top-up Funding Facility is zero (TOP UP
                              CHARGE OFFS); .

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4     NOTES CALLABLE AT OPTION OF TRUSTEE

      4.1   CALL - CLASS A NOTES

            The Trustee must, when so directed by the Manager (at the Manager's
            option), having given not more than 60 nor less than 45 days' notice
            to the Class A Noteholders, and in the case of Class A Offered
            Notes, in accordance with Condition 12, purchase or redeem all, but
            not some only, of the Class A Notes by repaying the Outstanding
            Principal Balance of those Class A Notes, together with accrued
            interest to (but excluding) the date of repurchase or redemption on
            any Quarterly Payment Date falling on or after the earlier of:

            (a)   the Quarterly Payment Date on which the Outstanding Principal
                  Balance of all Notes calculated and expressed in the A$
                  Equivalent is equal to or less than 10% of the Total Original
                  Principal Balance calculated and expressed in the A$
                  Equivalent; and

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

            provided that:

            (c)   if the aggregate Outstanding Principal Balance of all Class A
                  Notes on such date of redemption or repurchase has been
                  reduced by Class A Charge Offs which have not been reinstated
                  under clauses 6.1(c)(11) and 6.1(c)(12), the Noteholders
                  owning at least 75% of the aggregate Invested Amount of the
                  Class A Notes calculated and expressed in the A$ Equivalent
                  must consent to such repurchase or redemption; and

            (d)   the Trustee will be in a position on such Quarterly Payment
                  Date to discharge (and the Manager so certifies to the Trustee
                  and the Note Trustee upon which the Trustee and the Note
                  Trustee will rely conclusively) all its liabilities in respect
                  of the Notes (at their Outstanding Principal Balance) and any
                  amounts which would be required under the Security Trust Deed
                  to be paid in priority or pari passu with the Notes if the
                  security for the Notes were being enforced.

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                                                                         page 28
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

      4.2   TAX EVENT

            If the Manager satisfies the Trustee and the Note Trustee
            immediately prior to giving the notice referred to below that
            either:

            (a)   on the next Quarterly Payment Date the Trustee would be
                  required to deduct or withhold from any payment of principal
                  or interest in respect of the Notes, the Currency Swaps, the
                  Payment Funding Facility, the Top-up Funding Facility or the
                  Redraw Funding Facility any amount for or on account of any
                  present or future taxes, duties, assessments or governmental
                  charges of whatever nature imposed, levied, collected,
                  withheld or assessed by the Commonwealth of Australia or any
                  of its political sub-divisions or any of its authorities; or

            (b)   the total amount payable in respect of interest in relation to
                  any of the Loans secured by the Mortgages comprised in the
                  Assets of the Fund for a Quarterly Calculation Period ceases
                  to be receivable (whether or not actually received) by the
                  Trustee during such Quarterly Calculation Period (but this
                  paragraph (b) does not apply to a failure by the Trustee to
                  receive any interest in relation to any of the Loans merely by
                  reason of the failure by any borrowers to pay that interest in
                  breach of the relevant Loans),

            the Trustee must, when so directed by the Manager, at the Manager's
            option (provided that the Trustee will be in a position on such
            Quarterly Payment Date to discharge (and the Manager will so certify
            to the Trustee and the Note Trustee) all its liabilities in respect
            of the Notes (at their Invested Amount) and any amounts which would
            be required under the Security Trust Deed to be paid in priority or
            pari passu with the Notes if the security for the Notes were being
            enforced), having given not more than 60 nor less than 45 days
            notice to the Class A Offered Noteholders in accordance with
            Condition 12, redeem all, but not some only, of the Notes at their
            then Invested Amounts together with accrued interest to (but
            excluding) the date of redemption on any subsequent Payment Date,
            provided that the Noteholders may by Extraordinary Resolution elect,
            and must notify the Trustee and the Manager not less than 21 days
            before the next Quarterly Payment Date following the receipt of
            notice of such proposed redemption, that they do not require the
            Trustee to redeem the Notes.

      4.3   CALL - CLASS B NOTES

            The Trustee must, when so directed by the Manager (at the Manager's
            option), having given not more than 60 nor less than 45 days' notice
            to the Class B Noteholders, in the case of Class B Notes redeem all,
            but not some only, of the Class B Notes by repaying the Outstanding
            Principal Balance of those Class B Notes, together with accrued
            interest to (but excluding) the date of redemption, on:

            (a)   the date of redemption, repurchase or final repayment of the
                  Class A Notes; or

            (b)   (if directed by the Manager) any Quarterly Payment Date
                  falling after such date.

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                                                                         page 29
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

--------------------------------------------------------------------------------
5     CASH-COLLATERAL

      5.1   CASH COLLATERAL ACCOUNT

            On the Closing Date the Manager must establish and at all times
            until the Outstanding Principal Balance of all Notes is reduced to
            zero maintain a ledger account in the accounting records maintained
            by it pursuant to the Master Trust Deed designated "SMHL Global Fund
            [   ]-[ ] Cash Collateral Account".

      5.2   INITIAL CASH COLLATERAL AND LIQUIDITY NOTES

            On the Closing Date, the Trustee must, subject to the terms of the
            Master Trust Deed, and in accordance with the Bond Issue Direction:

            (a)   issue to the Liquidity Noteholder liquidity notes (being Bonds
                  as defined in the Master Trust Deed) having an initial Face
                  Value of an amount equal to Liquidity Notes Amount, being
                  comprised in a Class named "SMHL Global Fund [   ]-[ ] -
                  Liquidity Notes", and being on the terms set out in the
                  Liquidity Notes Supplementary Bond Terms and the Master Trust
                  Deed;

            (b)   in accordance with clauses 7.8(f) and 7.10 of the Master Trust
                  Deed, hold an amount of the issue proceeds of the Notes equal
                  to the Face Value of the Liquidity Notes as trustee of the
                  Securitisation Fund; and

            (c)   credit that amount to the Cash Collateral Account.

      5.3   INVESTMENT OF CASH COLLATERAL

            Amounts credited to the Cash Collateral Account must be invested in
            Authorised Investments:

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

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

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

            Income from Authorised Investments comprised in the Cash Collateral
            does not constitute Collections, and must be credited to the Cash
            Collateral Account.

      5.4   USE OF CASH COLLATERAL

            If on any relevant Payment Date, the Collections (other than
            Collections with respect to amounts applied from the Cash Collateral
            Account) for the relevant Calculation Period are less than the
            aggregate of the amounts referred to in clauses 6.1(a)(1) to
            6.1(a)(6) (inclusive) (in respect of a Monthly Payment Date) and
            clauses 6.1(c)(1) to 6.1(c)(6) (inclusive) (in respect of a
            Quarterly Payment Date), the Manager must direct the Trustee to
            withdraw from the Cash Collateral Account the amount equal to the
            lesser of the amount of such deficiency and the Cash Collateral,
            which amount will then be applied to and become part of the

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                                                                         page 30
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            Collections available for application on the relevant Payment Date
            in accordance with those clauses.

      5.5   SURPLUS CASH COLLATERAL

            If on any relevant Payment Date after the making of all payments
            which the Trustee is obliged to make on that relevant Payment Date
            there is Surplus Cash Collateral, the Trustee must (at the direction
            of the Manager) on that relevant Payment Date apply the Surplus Cash
            Collateral in or towards payment to each Liquidity Noteholder of
            amounts payable under or in respect of the Liquidity Notes or
            interest payable in respect of the Liquidity Notes in accordance
            with the Liquidity Notes Supplementary Bond Terms.

--------------------------------------------------------------------------------
6     DISTRIBUTION OF COLLECTIONS

      6.1   DISTRIBUTION OF INTEREST COLLECTIONS

            (a)   Subject to the terms of the Security Trust Deed and these
                  Supplementary Bond Terms (including clause 6.1(b)), on each
                  Monthly Payment Date (other than a Quarterly Payment Date and
                  to the extent it has not already done so in accordance with
                  this clause 6.1(a)), the Trustee must apply the Interest
                  Collections for the relevant Monthly Calculation Period as
                  follows:

                  (1)   first, in payment of Taxes in respect of the
                        Securitisation Fund;

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

                  (3)   thirdly, without duplication, in or toward any amounts
                        payable or to be applied under clause 6.1(a)(4) on any
                        previous Monthly Payment Date, if there had been
                        sufficient Interest Collections, which have not been
                        paid or allocated by the Trustee together with accrued
                        interest thereon which in the case of a Note must be at
                        the Interest Rate applicable to the relevant Note;

                  (4)   fourthly, pari passu and rateably:

                        (A)   toward payment of any interest due under any
                              Redraw Funding Facility or Top-up Funding Facility
                              for the portion of the applicable Quarterly
                              Interest Period that also falls within the
                              applicable Monthly Interest Period, to be retained
                              in the bank account for the Securitisation Fund or
                              invested in Authorised Investments until applied
                              to payments of interest to the Redraw Funding
                              Facility or Top-up Funding Facility on the
                              following Quarterly Payment Date; [and]

                        (B)   toward payment to the [Euro Currency Swap Provider
                              and the] US Currency Swap Provider, toward
                              allowance for the A$ Class A Interest Amount under
                              the relevant Confirmation on that Monthly Payment
                              Date for the portion of the applicable Quarterly
                              Interest Period that also falls

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                                                                         page 31
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              within the applicable Monthly Interest Period, to
                              be retained in the bank account for the
                              Securitisation Fund or invested in Authorised
                              Investments until applied to payments of the A$
                              Class A Interest Amount to the [Euro Currency Swap
                              Provider and the] US Currency Swap Provider which
                              is thereafter to be applied to payment of interest
                              on the Class A Offered Notes on the following
                              Quarterly Payment Date; [and]

                        (C)   [in payment to Class A[ ] Noteholders of the Class
                              A[ ] Interest due on the Class A[ ] Notes on that
                              Monthly Payment Date;]

                  (5)   fifthly, without duplication, toward any amounts to be
                        applied under clause 6.1(a)(6) on any previous Monthly
                        Payment Date, if there had been sufficient Interest
                        Collections, which have not previously been paid or
                        allocated by the Trustee with accrued interest thereon
                        at the Interest Rate applicable to the relevant Note;

                  (6)   sixthly, pari passu and rateably toward payment to Class
                        B Noteholders of the Class B Interest to be applied on
                        the Class B Notes for the portion of the applicable
                        Quarterly Interest Period that also falls within the
                        applicable Monthly Interest Period, to be retained in
                        the bank account for the Securitisation Fund or invested
                        in Authorised Investments until applied to payments of
                        Class B Interest due on the Class B Notes on the
                        following Quarterly Payment Date;

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

                  (8)   eighthly, to reimburse or make allowance for, in the
                        order of priorities specified in clause 6.2(a) any
                        amounts that have been paid or allocated on any previous
                        Monthly Payment Date (to the extent not previously
                        reimbursed under this clause 6.1(a)(8)) under:

                        (A)   clauses 6.2(a)(1)[,] [and] 6.2(a)(2) [and
                              6.2(a)(3)(C)]; and

                        (B)   clauses 6.2(a)(3)(A), 6.2(a)(3)(B) and 6.2(a)(4),
                              such amounts to be retained in the bank account
                              for the Securitisation Fund or invested in
                              Authorised Investments until applied to reimburse
                              those amounts on the following Quarterly Payment
                              Date;

                  (9)   ninthly, toward payment toward any break costs payable
                        on cancellation of any Interest Hedge to the extent that
                        those amounts are not recovered under the relevant Loan
                        secured by Mortgages comprised in the Assets of the Fund
                        in the form of any applicable prepayment fees or a
                        drawing has not been made under a Payment Funding
                        Facility for the portion of the applicable Quarterly
                        Calculation Period that also falls within the applicable
                        Monthly Calculation Period, to be retained in the bank
                        account for the Securitisation Fund or invested in
                        Authorised Investments until

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                                                                         page 32
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        applied to the payment of such break costs on the
                        following Quarterly Payment Date;

                  (10)  tenthly, pari passu and rateably toward payment to the
                        Liquidity Noteholder of interest payable in respect of
                        the Liquidity Notes and in or towards payment of any
                        interest in respect of any Payment Funding Facility for
                        the portion of the applicable Quarterly Interest Period
                        that also falls within the applicable Monthly Interest
                        Period, to be retained in the bank account for the
                        Securitisation Fund or invested in Authorised
                        Investments until applied to the payment of interest
                        payable in respect of the Liquidity Notes and in or
                        towards payment of any interest in respect of any
                        Payment Funding Facility on the following Quarterly
                        Payment Date;

                  (11)  eleventhly, in respect of the amount of any Class A
                        Charge Offs, any Redraw Charge Offs and any Top-up
                        Charge Offs, in and towards reinstatement in the books
                        of the Fund, pari passu and rateably allocated to[:

                        (A)   that portion of the Class A Charge Offs that
                              relates to the Class A[ ] Notes for that Monthly
                              Calculation Period; and]

                        (B)   Redraw Charge Offs, Top-up Charge Offs and that
                              portion of the Class A Charge Offs that relates to
                              the Class A Offered Notes for the portion of the
                              applicable Quarterly Calculation Period that also
                              falls within the applicable Monthly Calculation
                              Period, to be retained in the bank account for the
                              Securitisation Fund or invested in Authorised
                              Investments until applied to reinstatement in the
                              books of the Fund pari passu and rateably to that
                              portion of the Class A Charge Offs that relates to
                              the Class A Offered Notes, Redraw Charge Offs and
                              Top-up Charge Offs on the following Quarterly
                              Payment Date;

                  (12)  twelfthly, in respect of the amount of any Carry Over
                        Redraw Charge Offs, any Carry Over Top-up Charge Offs
                        and the A$ Equivalent of any Carry Over Class A Charge
                        Offs allocated to[:

                        (A)   each Class A[ ] Note on that Monthly Payment Date;
                              and]

                        (B)   each Class A Offered Note to be retained in the
                              bank account for the Securitisation Fund or
                              invested in Authorised Investments,

                        until applied in and towards reinstatement in the books
                        of the Fund, pari passu and rateably as between any
                        Carry Over Redraw Charge Offs, any Carry Over Top-up
                        Charge Offs and the A$ Equivalent of any Carry Over
                        Class A Charge Offs allocated to each Class A Note, of:

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

                        (D)   any Carry Over Redraw Charge Offs; and

                        (E)   any Carry Over Top-up Charge Offs,

                        [on that Monthly Payment Date (in respect of the Class
                        A[ ] Notes) and] on the following Quarterly Payment Date
                        (in respect of the

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                                                                         page 33
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        Class A Offered Notes, any Carry Over Redraw Charge Offs
                        and any Carry Over Top-up Charge Offs):

                  (13)  thirteenthly, in respect of the amount of any Class B
                        Charge Offs and any Carry Over Class B Charge Offs to be
                        retained in the bank account for the Securitisation Fund
                        or invested in Authorised Investments, until applied
                        towards reinstatement in the books of the Fund and in
                        the following order of:

                        (A)   any Class B Charge Offs for the portion of the
                              applicable Quarterly Calculation Period that also
                              falls within the applicable Monthly Calculation
                              Period; and

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

                        on the following Quarterly Payment Date;

                  (14)  fourteenthly (to the extent not paid or allowed for
                        under clause 6.2(a)), pari passu and rateably, toward
                        repayment of any principal to be applied under any
                        Redraw Funding Facility, toward repayment of any
                        principal to be applied under any Top-up Funding
                        Facility and toward repayment of any principal to be
                        applied under any Payment Funding Facility, in each case
                        for the portion of the applicable Quarterly Calculation
                        Period that also falls within the applicable Monthly
                        Calculation Period, to be retained in the bank account
                        for the Securitisation Fund or invested in Authorised
                        Investments until applied to the repayment of any
                        principal due and payable under any Redraw Funding
                        Facility, any principal due and payable under any Top-up
                        Funding Facility and any principal due and payable under
                        any Payment Funding Facility on the following Quarterly
                        Payment Date; and

                  (15)  fifteenthly, in payment of or provision for amounts
                        payable to the Income Unitholder of the Securitisation
                        Fund in accordance with clauses 22.1(d) and 22.3(d) of
                        the Master Trust Deed for the portion of the applicable
                        Quarterly Interest Period that also falls within the
                        applicable Monthly Interest Period, to be retained in
                        the bank account for the Securitisation Fund or invested
                        in Authorised Investments until applied to the payment
                        of or provision for amounts payable to the Income
                        Unitholder of the Securitisation Fund on the following
                        Quarterly Payment Date.

            (b)   The Trustee must only make an application of Interest
                  Collections under clause 6.1(a) to the extent that any
                  Interest Collections remain from which to make the application
                  after amounts with priority to that payment have been applied.

            (c)   Subject to the terms of the Security Trust Deed and these
                  Supplementary Bond Terms (including clause 6.1(d)), on each
                  Quarterly Payment Date (to the extent it has not already done
                  so in accordance with this clause 6.1(c)), the Trustee must
                  apply the Interest Collections in relation to the Monthly
                  Calculation Period ending immediately before the relevant
                  Quarterly Payment Date as follows:

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                                                                         page 34
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (1)   first, in payment of Taxes in respect of the
                        Securitisation Fund which have been incurred prior to
                        that Quarterly Payment Date and which have not
                        previously been paid on a prior Monthly Payment Date
                        under an application of this clause 6.1;

                  (2)   secondly, pari passu and rateably in payment of the
                        Trustee's Fee, the Manager's Fee and any Expenses (other
                        than the Expenses referred to below in this clause
                        6.1(c)) in respect of the Securitisation Fund which have
                        been incurred prior to that Quarterly Payment Date and
                        which have not previously been paid on a prior Monthly
                        Payment Date under an application of this clause 6.1;

                  (3)   thirdly, without duplication, in or toward any amounts
                        payable or to be applied under clause 6.1(c)(4) on any
                        previous Payment Date, if there had been sufficient
                        Interest Collections, which have not previously been
                        paid or allocated by the Trustee, together with accrued
                        interest thereon which in the case of a Note must be at
                        the Interest Rate applicable to the relevant Note;

                  (4)   fourthly, pari passu and rateably:

                        (A)   in payment of any interest due under any Redraw
                              Funding Facility or Top-up Funding Facility for
                              the applicable Quarterly Interest Period,
                              including (without duplication) all amounts
                              allocated under clause 6.1(a)(4)(A) on the two
                              preceding Monthly Payment Dates; [and]

                        (B)   in payment to the [Euro Currency Swap Provider
                              and] US Currency Swap Provider, in payment of the
                              A$ Class A Interest Amount payable under the
                              Confirmation at that Quarterly Payment Date which
                              is thereafter to be applied to payment of interest
                              on the Class A Offered Notes for the applicable
                              Quarterly Interest Period, including (without
                              duplication) all amounts allocated under clause
                              6.1(a)(4)(B) on the two preceding Monthly Payment
                              Dates; [and]

                        (C)   [in payment to Class A[ ] Noteholders of the Class
                              A[ ] Interest due on the Class A[ ] Notes on that
                              Quarterly Payment Date for the applicable Monthly
                              Interest Period;]

                  (5)   fifthly, without duplication, in payment of any amounts
                        payable under clause 6.1(c)(6) on any previous Payment
                        Date, if there had been sufficient Interest Collections,
                        which have not previously been paid or allocated by the
                        Trustee with accrued interest thereon at the Interest
                        Rate applicable to the relevant Note;

                  (6)   sixthly, pari passu and rateably in payment to Class B
                        Noteholders of the Class B Interest due on the Class B
                        Notes on that Quarterly Payment Date for the applicable
                        Quarterly Interest Period, including (without
                        duplication) all amounts allocated under clause
                        6.1(a)(6) on the two preceding Monthly Payment Dates;

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

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                                                                         page 35
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (8)   eighthly, to reimburse, in the order of priorities
                        specified in clause 6.2(c), any amounts that have been
                        paid or allocated on any previous Payment Date under
                        clauses 6.2(c)(1), 6.2(c)(2), 6.2(c)(3) and 6.2(c)(4)
                        (to the extent not previously reimbursed under this
                        clause 6.1(c)(8)) for the applicable Monthly Interest
                        Period (in the case of clauses 6.2(c)(1)[,] [and]
                        6.2(c)(2) [and 6.2(c)(3)(C)]) and Quarterly Interest
                        Period (in the case of clauses 6.2(c)(3)(A),
                        6.2(c)(3)(B) and 6.2(c)(4)), including (without
                        duplication) all amounts allocated under clause
                        6.1(a)(8)(B) on the two preceding Monthly Payment Dates;

                  (9)   ninthly, in payment toward any break costs payable on
                        cancellation of any Interest Hedge to the extent that
                        those amounts are not recovered under the relevant Loan
                        secured by Mortgages comprised in the Assets of the Fund
                        in the form of any applicable prepayment fees or a
                        drawing has not been made under a Payment Funding
                        Facility for the applicable Quarterly Calculation
                        Period, including (without duplication) all amounts
                        allocated under clause 6.1(a)(9) on the two preceding
                        Monthly Payment Dates;

                  (10)  tenthly, pari passu and rateably in payment to the
                        Liquidity Noteholder of interest payable in respect of
                        the Liquidity Notes and in payment of any interest in
                        respect of any Payment Funding Facility for the
                        applicable Quarterly Interest Period, including (without
                        duplication) all amounts allocated under clause
                        6.1(a)(10) on the two preceding Monthly Payment Dates;
                        and;

                  (11)  eleventhly, in respect of the amount of any Class A
                        Charge Offs, any Redraw Charge Offs and any Top-up
                        Charge Offs, in and towards reinstatement of in the
                        books of the Fund, pari passu and rateably allocated
                        to[:

                        (A)   that portion of the Class A Charge Offs that
                              relates to the Class A[ ] Notes for that Monthly
                              Calculation Period; and]

                        (B)   Redraw Charge Offs, Top-Up Charge Offs and that
                              portion of the Class A Charge Offs that relates to
                              the Class A Offered Notes for that Calculation
                              Period for the applicable Quarterly Calculation
                              Period, including (without duplication) all
                              amounts allocated under clause 6.1(a)(11)(B) on
                              the two preceding Monthly Payment Dates;

                  (12)  twelfthly, in respect of the amount of any Carry Over
                        Redraw Charge Offs, any Carry Over Top-up Charge Offs
                        and the A$ Equivalent of any Carry Over Class A Charge
                        Offs allocated to[:

                        (A)   each Class A[ ] Note; and]

                        (B)   each Class A Offered Note,

                        in reinstatement in the books of the Fund, pari passu
                        and rateably (as between any Carry Over Redraw Charge
                        Offs, any Carry Over Top-up Charge offs and the A$
                        Equivalent of any Carry Over Class A Charge Offs
                        allocated to each Class A Note) of:

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

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                                                                         page 36
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        (D)   any Carry Over Redraw Charge Offs; and

                        (E)   any Carry Over Top-up Charge Offs,

                        [on that Monthly Payment Date (in the case of the Class
                        A[ ] Notes) and] on that Quarterly Payment Date (in the
                        case of the Class A Offered Notes (including (without
                        duplication) any amounts allocated on the two preceding
                        Monthly Payment Dates), any Carry Over Redraw Charge
                        Offs and any Carry Over Top-up Charge Offs);

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

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

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

                        for the applicable Quarterly Calculation Period,
                        including (without duplication) all amounts allocated
                        under clause 6.1(a)(13) on the two preceding Monthly
                        Payment Dates;

                  (14)  fourteenthly (to the extent not paid under clause
                        6.2(c)), pari passu and rateably, in repayment of any
                        principal due and payable under any Redraw Funding
                        Facility, in repayment of any principal due and payable
                        under any Top-up Funding Facility and in repayment of
                        any principal due and payable under any Payment Funding
                        Facility for the applicable Quarterly Calculation
                        Period, including (without duplication) all amounts
                        allocated under clause 6.1(a)(14) on the two preceding
                        Monthly Payment Dates; and

                  (15)  fifteenthly, in payment of or provision for amounts
                        payable to the Income Unitholder of the Securitisation
                        Fund in accordance with clauses 22.1(d) and 22.3(d) of
                        the Master Trust Deed for the applicable Quarterly
                        Interest Period, including (without duplication) all
                        amounts allocated under clause 6.1(a)(15) on the two
                        preceding Monthly Payment Dates.

            (d)   The Trustee must only make an application of Interest
                  Collections under clause 6.1(c) to the extent that any
                  Interest Collections remain from which to make the
                  application, after payment of amounts with priority to that
                  payment have been made.

      6.2   DISTRIBUTION OF PRINCIPAL COLLECTIONS

            (a)   Subject to the terms of the Security Trust Deed and these
                  Supplementary Bond Terms (including clause 6.2(b)), on each
                  Monthly Payment Date (other than a Quarterly Payment Date and
                  to the extent it has not already done so in accordance with
                  this clause 6.2(a)), the Trustee must apply the Principal
                  Collections for the relevant Monthly Calculation Period
                  together with any amounts to be applied under this clause
                  6.2(a) pursuant to clauses 6.1(a)(8) and 6.5, for the relevant
                  Monthly Calculation Period towards the following payments in
                  the following order of priority:

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                                                                         page 37
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

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

                  (2)   secondly, pari passu and rateably in payment of the
                        Trustee's Fee, the Manager's Fee and any Expenses (other
                        than the Expenses referred to below in this clause
                        6.2(a)) in respect of the Securitisation Fund and which
                        have not previously been paid under clauses 5.4 and
                        6.1(a));

                  (3)   thirdly, in or toward payment of the amounts payable or
                        to be applied, and in the priority under clause
                        6.1(a)(4), which have not previously been paid or
                        allowed for on a prior Monthly Payment Date under
                        clauses 5.4 and 6.1(a)) of:

                        (A)   any interest due under any Redraw Funding Facility
                              or Top-up Funding Facility for the portion of the
                              applicable Quarterly Interest Period that also
                              falls within the applicable Monthly Interest
                              Period, to be retained in the bank account for the
                              Securitisation Fund or invested in Authorised
                              Investments until applied to payments of interest
                              to the Redraw Funding Facility or Top-up Funding
                              Facility on the following Quarterly Payment Date;

                        (B)   the applicable A$ Class A Interest Amount in
                              respect of the Class A Offered Notes for the
                              portion of the applicable Quarterly Interest
                              Period that also falls within the applicable
                              Monthly Interest Period, to be retained in the
                              bank account for the Securitisation Fund or
                              invested in Authorised Investments until applied
                              to payments to the [Euro Currency Swap Provider
                              and the] US Currency Swap Provider which is
                              thereafter to be applied to payment on the Class A
                              Offered Notes on the following Quarterly Payment
                              Date; [and]

                        (C)   [any Class A[ ] Interest payable to the Class A[ ]
                              Noteholders on that Monthly Payment Date;]

                  (4)   fourthly, toward payment of the amounts payable under
                        and in the priority as specified, in clause 6.1(a)(6) on
                        the Class B Notes on that Monthly Payment Date and which
                        have not previously been paid or allowed for on a prior
                        Monthly Payment Date under clauses 5.4 and 6.1(a)),
                        provided that such amounts must be retained in the bank
                        account for the Securitisation Fund or invested in
                        Authorised Investments until applied to payments on the
                        Class B Notes on the following Quarterly Payment Date;

                  (5)   fifthly, pari passu and rateably toward repayment of any
                        Redraw Principal Outstanding under a Redraw Funding
                        Facility and any Top-up Principal Outstanding under any
                        Top-up Funding Facility for the portion of the
                        applicable Quarterly Calculation Period that also falls
                        within the applicable Monthly Calculation Period, to be
                        retained in the bank account for the Securitisation Fund
                        or invested in Authorised Investments until applied to
                        payments of principal to the Redraw Funding Facility or
                        Top-up Funding Facility on the following Quarterly
                        Payment Date;

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                                                                         page 38
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (6)   sixthly, pari passu and rateably toward payments
                        approved by the Manager under any Loan Redraw Facility
                        and any Top-up Loan for the portion of the applicable
                        Quarterly Calculation Period that also falls within the
                        applicable Monthly Calculation Period, to be retained in
                        the bank account for the Securitisation Fund or invested
                        in Authorised Investments until applied to payments
                        approved by the Manager under any Loan Redraw Facility
                        and any Top-up Loan on the following Quarterly Payment
                        Date;

                  (7)   seventhly, pari passu and rateably (having taken into
                        account any amounts allocated under this clause
                        6.2(a)(7) since the preceding Quarterly Payment Date)[:

                        (A)   in payment of principal to the Class A[ ]
                              Noteholders for the applicable Monthly Calculation
                              Period until the Outstanding Principal Balance of
                              the Class A[ ] Notes is reduced to zero; and]

                        (B)   toward payment to the Currency Swap Providers
                              under a Confirmation relating to the Class A
                              Offered Notes for the portion of the applicable
                              Quarterly Calculation Period that also falls
                              within the applicable Monthly Calculation Period,
                              to be retained in the bank account for the
                              Securitisation Fund or invested in Authorised
                              Investments until applied to payments to the
                              Currency Swap Providers on the following Quarterly
                              Payment Date, until the Outstanding Principal
                              Balance of the Class A Offered Notes is reduced to
                              zero,

                        of an amount equal to the lesser of:

                        (C)   the amount available for distribution under this
                              clause 6.2(a)(7) after all payments which have
                              priority under this clause 6.2(a); and

                        (D)   the A$ Equivalent of the Outstanding Principal
                              Balance of all Class A Notes,

                  (8)   eighthly, toward payment of principal to the Class B
                        Noteholders pari passu and rateably, until the
                        Outstanding Principal Balance of the Class B Notes is
                        reduced to zero, of an amount equal to the lesser of:

                        (A)   the amount available for distribution under this
                              clause 6.2(a)(8) after all payments which have
                              priority under this clause 6.2(a); and

                        (B)   the Outstanding Principal Balance for all Class B
                              Notes,

                        for the portion of the applicable Quarterly Calculation
                        Period that also falls within the applicable Monthly
                        Calculation Period, to be retained in the bank account
                        for the Securitisation Fund or invested in Authorised
                        Investments until applied to payments to the Class B
                        Noteholders on the following Quarterly Payment Date;

                  (9)   ninthly, pari passu and rateably as between any Carry
                        Over Redraw Charge Offs, any Carry Over Top-up Charge
                        Offs and the A$ Equivalent of any Carry Over Class A
                        Charge Offs allocated to

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                                                                         page 39
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        each Class A Note (having taken into account any amounts
                        allocated under this clause 6.2(a)(9) since the
                        preceding Quarterly Payment Date):

                        (A)   toward payment to the Currency Swap Providers
                              under a Confirmation of the A$ Equivalent of any
                              Carry Over Class A Charge Offs relating to the
                              Class A Offered Notes;

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

                        (C)   toward repaying the Top-up Principal Outstanding
                              of each Top-up Funding Facility to the extent of
                              any Carry Over Top-up Charge Offs,

                        to be retained in the bank account for the
                        Securitisation Fund or invested in Authorised
                        Investments until applied to payments to the Currency
                        Swap Providers, repaying the Redraw Principal
                        Outstanding of each Redraw Funding Facility, and Top-up
                        Principal Outstanding of each Top-up Funding Facility on
                        the following Quarterly Payment Date[; and

                        (D)   in payment to the Class A[ ] Noteholders of any
                              Carry Over Class A Charge Offs relating to the
                              Class A[ ] Notes on that Monthly Payment Date;]

                  (10)  tenthly, toward repaying the Invested Amount of the
                        Class B Notes to the extent of any Carry Over Class B
                        Charge Offs, to be retained in the bank account for the
                        Securitisation Fund or invested in Authorised
                        Investments until applied to repayment of the Invested
                        Amount of the Class B Notes on the following Quarterly
                        Payment Date;

                  (11)  eleventhly, toward payment towards any break costs
                        payable on cancellation of any Interest Hedge to the
                        extent that those amounts are not recovered under the
                        relevant Loan secured by Mortgages comprised in Assets
                        of the Fund in the form of any applicable prepayment
                        fees or a drawing has not been made under a Payment
                        Funding Facility (to the extent not paid under clause
                        6.1) for the portion of the applicable Quarterly
                        Calculation Period that also falls within the applicable
                        Monthly Calculation Period, to be retained in the bank
                        account for the Securitisation Fund or invested in
                        Authorised Investments until applied to payment of such
                        break costs on the following Quarterly Payment Date; and

                  (12)  twelfthly, subject to clause 6.3, pari passu and
                        rateably toward payment to the Liquidity Noteholder of
                        the principal amount outstanding in respect of the
                        Liquidity Notes and in or towards repayment of any
                        principal in respect of any Payment Funding Facility for
                        the portion of the applicable Quarterly Calculation
                        Period that also falls within the applicable Monthly
                        Calculation Period, to be retained in the bank account
                        for the Securitisation Fund or invested in Authorised
                        Investments until applied to payment of the principal
                        amount outstanding in respect of the

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                                                                         page 40
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        Liquidity Notes and repayment of any principal in
                        respect of any Payment Funding Facility on the following
                        Quarterly Payment Date.

            (b)   The Trustee must only make an application of Principal
                  Collections under clause 6.2(a) only to the extent that any
                  Principal Collections remain from which to make the
                  application after amounts with priority to that payment have
                  been applied.

            (c)   Subject to the terms of the Security Trust Deed and these
                  Supplementary Bond Terms (including clause 6.2(d)), on each
                  Quarterly Payment Date (to the extent it has not already done
                  so in accordance with this clause 6.2(c)), the Trustee must
                  apply the Principal Collections together with any amounts to
                  be applied under this clause 6.2(c) pursuant to clauses
                  6.1(c)(8) and 6.5 in relation to the Monthly Calculation
                  Period ending immediately before the relevant Quarterly
                  Payment Date towards the following payments in the following
                  order of priority:

                  (1)   first, in payment of Taxes in respect of the
                        Securitisation Fund (to the extent not paid for under
                        clause 6.1) which have been incurred prior to that
                        Quarterly Payment Date and which have not been
                        previously paid on a prior Monthly Payment Date under an
                        application of this clause 6.2;

                  (2)   secondly, pari passu and rateably in payment of the
                        Trustee's Fee, the Manager's Fee and any Expenses (other
                        than the Expenses referred to below in this clause 6.2)
                        in respect of the Securitisation Fund which have been
                        incurred prior to that Quarterly Payment Date and which
                        have not been previously paid on a prior Monthly Payment
                        Date (to the extent not paid or allowed for under
                        clauses 5.4 and 6.1);

                  (3)   thirdly, in payment of the amounts payable and in the
                        priority under clause 6.1(c)(4) and which have not
                        previously been paid or allowed for on a previous
                        Payment Date under clauses 5.4 and 6.1 of:

                        (A)   any interest due under any Redraw Funding Facility
                              or Top-up Funding Facility for the applicable
                              Quarterly Interest Period, including (without
                              duplication) all amounts allocated under clause
                              6.2(a)(4)(A) on the two preceding Monthly Payment
                              Dates; [and]

                        (B)   the applicable A$ Class A Interest Amount in
                              respect of the Class A Offered Notes, for the
                              applicable Quarterly Interest Period, including
                              (without duplication) all amounts allocated under
                              clause 6.2(a)(3)(B) on the two preceding Monthly
                              Payment Dates; [and]

                        (C)   [any Class A[ ] Interest payable to the Class A[ ]
                              Noteholders, for the applicable Monthly Interest
                              Period;]

                  (4)   fourthly, in payment of the amounts payable under, and
                        in the priority as specified in, clause 6.1(c)(6) on the
                        Class B Notes and which have not previously been paid or
                        allowed for a previous Payment Date for the applicable
                        Quarterly Interest Period,

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                                                                         page 41
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        including (without duplication) all amounts allocated
                        under clause 6.2(a)(4) on the two preceding Monthly
                        Payment Dates (to the extent not paid under clauses 5.4
                        and 6.1);

                  (5)   fifthly, pari passu and rateably in repayment of any
                        Redraw Principal Outstanding under a Redraw Funding
                        Facility and any Top-up Principal Outstanding under any
                        Top-up Funding Facility for the applicable Quarterly
                        Calculation Period, including (without duplication) all
                        amounts allocated under clause 6.2(a)(5) on the two
                        preceding Monthly Payment Dates;

                  (6)   sixthly, pari passu and rateably in payment of amounts
                        approved by the Manager under any Loan Redraw Facility
                        and any Top-up Loan for the applicable Quarterly
                        Calculation Period, including (without duplication) all
                        amounts allocated under clause 6.2(a)(6) on the two
                        preceding Monthly Payment Dates;

                  (7)   seventhly, pari passu and rateably[:

                        (A)   in payment of principal to the Class A[ ]
                              Noteholders for the applicable Monthly Calculation
                              Period until the Outstanding Principal Balance of
                              the Class A[ ] Notes is reduced to zero; and]

                        (B)   in payment to the Currency Swap Providers under a
                              Confirmation relating to the Class A Offered Notes
                              for the applicable Quarterly Calculation Period,
                              including (without duplication) all amounts
                              allocated under clause 6.2(a)(7)(B) on the two
                              preceding Monthly Payment Dates, until the
                              Outstanding Principal Balance of the Class A
                              Offered Notes is reduced to zero,

                        of an amount equal to the lesser of:

                        (C)   the amount available for distribution under this
                              clause 6.2(c)(7) after all payments which have
                              priority under this clause 6.2; and

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

                  (8)   eighthly, in payment of principal to the Class B
                        Noteholders pari passu and rateably, until the
                        Outstanding Principal Balance of the Class B Notes is
                        reduced to zero, of an amount equal to the lesser of:

                        (A)   the amount available for distribution under this
                              clause 6.2(c)(8) after all payments which have
                              priority under this clause 6.2; and

                        (B)   the Outstanding Principal Balance for all Class B
                              Notes,

                        for the applicable Quarterly Calculation Period,
                        including (without duplication) all amounts allocated
                        under clause 6.2(a)(8) on the two preceding Monthly
                        Payment Dates;

                  (9)   ninthly, pari passu and rateably as between any Carry
                        Over Redraw Charge Offs, any Carry Over Top-up Charge
                        Offs and the A$

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                                                                         page 42
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        Equivalent of any Carry Over Class A Charge Offs
                        allocated to each Class A Note:

                        (A)   in payment to the Currency Swap Providers under a
                              Confirmation of the A$ Equivalent of any Carry
                              Over Class A Charge Offs relating to the Class A
                              Offered Notes;

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

                        (C)   in repaying the Top-up Principal Outstanding of
                              each Top-up Funding Facility to the extent of any
                              Carry Over Top-up Charge Offs,

                        including (without duplication) all amounts allocated
                        under clause 6.2(a)(9) on the two preceding Monthly
                        Payment Dates[; and

                        (D)   in payment to the Class A[ ] Noteholders of any
                              Carry Over Class A Charge Offs;]

                  (10)  tenthly, in repayment of the Invested Amount of the
                        Class B Notes to the extent of any Carry Over Class B
                        Charge Offs including (without duplication) all amounts
                        allocated under clause 6.2(a)(10) on the two preceding
                        Monthly Payment Dates;

                  (11)  eleventhly, in payment towards any break costs payable
                        on cancellation of any Interest Hedge to the extent that
                        those amounts are not recovered under the relevant Loan
                        secured by Mortgages comprised in Assets of the Fund in
                        the form of any applicable prepayment fees or a drawing
                        has not been made under a Payment Funding Facility for
                        the applicable Quarterly Calculation Period, including
                        all amounts allocated under clause 6.2(a)(11) on the two
                        preceding Monthly Payment Dates (to the extent not paid
                        under clause 6.1(c)(9)); and

                  (12)  twelfthly, subject to clause 6.3, pari passu and
                        rateably in payment to the Liquidity Noteholder of the
                        principal amount outstanding in respect of the Liquidity
                        Notes and in repayment of any principal in respect of
                        any Payment Funding Facility for the applicable
                        Quarterly Calculation Period, including (without
                        duplication) all amounts allocated under clause
                        6.2(a)(12) on the two preceding Monthly Payment Dates.

            (d)   The Trustee must only make an application of Principal
                  Collections under clause 6.2(c) to the extent that any
                  Principal Collections remain from which to make the
                  application, after payment of amounts with priority to that
                  payment have been made.

      6.3   RIGHTS OF LIQUIDITY NOTEHOLDER

            On any Quarterly Payment Date, the Trustee must not make any
            payments out of Principal Collections to the Liquidity Noteholder
            under clause 6.2 unless the Invested Amount of all the Class A Notes
            and Class B Notes is zero, or will be zero following any payments
            made on the relevant Quarterly Payment Date.

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                                                                         page 43
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

      6.4   FUNDING LOAN REDRAW FACILITIES

            (a)   The Trustee may only fund advances under Loan Redraw
                  Facilities from Collections which represent prepayments of
                  principal under Loans (REDRAW PREPAYMENTS) and by drawings
                  under Redraw Funding Facilities.

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

                  (1)   all amounts specified in clauses 6.2(a)(1) to 6.2(a)(4)
                        inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive
                        which are due and payable have been paid or allocated;
                        and

                  (2)   the Trustee holds Collections equal to the sum of the
                        advance under the Loan Redraw Facility and all amounts
                        specified in clauses 6.2(a)(1) to 6.2(a)(4) inclusive
                        and clauses 6.2(c)(1) to 6.2(c)(4) inclusive which are
                        accrued but not due and payable.

      6.5   FUNDING TOP-UP LOANS

            (a)   Subject to clause 6.5(c), the Trustee may only fund advances
                  for Top-up Loans from Collections which represent repayments
                  or prepayments of principal under Loans (TOP-UP PREPAYMENTS)
                  and by drawings under Top-up Funding Facilities.

            (b)   The Trustee must not apply any Top-up Prepayments to making
                  advances for a Top-up Loan unless:

                  (1)   all amounts specified in clauses 6.2(a)(1) to 6.2(a)(4)
                        inclusive and clauses 6.2(c)(1) to 6.2(c)(4) inclusive
                        which are due and payable have been paid or allocated;
                        and

                  (2)   the Trustee holds Collections equal to the sum of the
                        advance under the Top-up Loan and all amounts specified
                        in clauses 6.2(a)(1) to 6.2(a)(4) inclusive and clauses
                        6.2(c)(1) to 6.2(c)(4) inclusive which are accrued but
                        not due and payable.

            (c)   The Trustee must not fund any advances for Top-up Loans until
                  a Top-up Funding Facility has been duly executed in the form
                  agreed by each Designated Rating Agency.

      6.6   PAYMENT OF CHARGE OFFS

            The amount of any reinstatement under clauses 6.1(a)(11),
            6.1(a)(12), 6.1(a)(13), 6.1(c)(11), 6.1(c)(12) and 6.1(c)(13) must
            be applied on the relevant Payment Date of the reinstatement in
            accordance with clause 6.2 as if the amount reinstated formed part
            of Principal Collections.

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7     SUBSTITUTION OF MORTGAGES

      7.1   PURCHASE OF SUBSTITUTE MORTGAGES

            (a)   The Manager may, within 120 days after the issue of the Bond
                  Issue Confirmation Certificate (as defined in the Mortgage
                  Origination and

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                                                                         page 44
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  Management Agreement), determine to suspend, to the extent
                  necessary, the obligations of the Trustee to treat as
                  Principal Collections so much of the payments in respect of
                  principal received on the repurchase of Loans pursuant to
                  either clause 10.4 of the Mortgage Origination and Management
                  Agreement or clause 11.6 of the Master Trust Deed, to purchase
                  substitute mortgages.

            (b)   Any payments of principal suspended in accordance with clause
                  7.1(a) (SUSPENDED MONEYS) may only be used in the manner
                  provided in clause 7.1(c).

            (c)   The Manager may only make a determination pursuant to clause
                  7.1(a):

                  (1)   for the purpose of directing the Trustee to apply the
                        Suspended Moneys in and toward the purchase of Mortgages
                        (SUBSTITUTE MORTGAGES) from any other Fund which has
                        been created pursuant to the Master Trust Deed
                        (including Origination Fund No. 3);

                  (2)   if the final payment date of each Substitute Mortgage is
                        at least one year before the Final Maturity Date of the
                        Notes;

                  (3)   if the Manager has given the Designated Rating Agencies
                        not less than 5 Banking Days notice or such shorter
                        period as the Designated Rating Agencies may agree of
                        its intention to make the determination;

                  (4)   if the Manager receives confirmation from the Designated
                        Rating Agencies that the purchase by the Trustee of the
                        Substitute Mortgages will not adversely affect the
                        Designated Rating of the Notes; and

                  (5)   if

                        (A)   the Trustee receives from the Manager a completed
                              Mortgage Transfer Proposal in relation to the
                              Substitute Mortgage no later than 2 Banking Days
                              prior to the date referred to in the Mortgage
                              Transfer Proposal for the purchase of the
                              Substitute Mortgage;

                        (B)   the Manager certifies to the Trustee that the
                              proposed Substitute Mortgage is a Mortgage for the
                              purposes of this agreement, and satisfies the
                              requirements in this clause 7, as at the Transfer
                              Date;

                        (C)   prior to or on the Transfer Date the Trustee
                              obtains, or enters into arrangements to obtain
                              with effect from the Transfer Date, as Trustee of
                              the Fund the benefit of the Enhancements and
                              Interest Hedge (if any) referred to in the
                              Mortgage Transfer Proposal.

                        If the provisions of this clause 7 are satisfied then
                        the Substitute Mortgage shall be acquired from any other
                        relevant Fund which has been created pursuant to the
                        Master Trust Deed (including Origination Fund No. 3).

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                                                                         page 45
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

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

8     NOTIFICATIONS OF CALCULATIONS

            (a)   The Manager must calculate the Collections for an immediately
                  preceding:

                  (1)   Monthly Calculation Period no later than 6 Banking Days
                        before each Monthly Payment Date; and

                  (2)   Quarterly Calculation Period no later than 6 Banking
                        Days before each Quarterly Payment Date; and.

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

                  (1)   all amounts payable or to be allowed for under clause 6;

                  (2)   reasonable details of the calculation of all such
                        amounts; and

                  (3)   the Outstanding Principal Balance and Invested Amount of
                        each Note following the making of all payments to be
                        made on that relevant Payment Date in accordance with
                        clauses 3 and 6.

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

            (d)   In the absence of manifest error, each of the Trustee and the
                  Currency Swap Providers is entitled to rely (and will rely on)
                  conclusively on the Manager's calculations and notifications
                  and is not required to investigate the accuracy of them.

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9     AMENDMENTS TO MASTER TRUST DEED

            The Master Trust Deed is amended for the purpose of the Fund as
            follows and for the avoidance of doubt terms used in this clause 9,
            unless otherwise defined in the Master Trust Deed, have the same
            meanings given to them in this Supplementary Bond Terms Notice:

            (a)   Clause 1.1 - Authorised Investment

                  For the purposes of the definition of Authorised Investment in
                  clause 1.1 of the Master Trust Deed:

                  (1)   the words ", stock" are deleted from paragraph (c) of
                        that definition;

                  (2)   the words "or stock" are deleted from paragraph (d) of
                        that definition; and

                  (3)   each investment must be of a type which does not
                        adversely affect the 50% risk weighting attributed to
                        the Notes by the Bank of England (as to which the
                        Trustee may rely conclusively on advice from the Manager
                        to that effect).

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                                                                         page 46
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            (b)   Clause 1.1 - Expenses

                  For the purpose of the definition of Expenses in clause 1.1 of
                  the Master Trust Deed,

                  (1)   words "subject to clauses 14 and 18," are added at the
                        beginning of paragraph (m);

                  (2)   new paragraphs (o) and (p) are inserted as follows and
                        the existing paragraphs (o), (p) and (q) become (q), (r)
                        and (s) respectively:

                        "(o)  any fees and expenses under or in connection with
                              any Transaction Document payable to DTC, the Note
                              Trustee, the Paying Agents, [the Class A[ ] Irish
                              Paying Agent,] the Note Registrar, the Calculation
                              Agents (for which the Trustee is not personally
                              liable under the Transaction Documents), any
                              Securities System and any Stock Exchange;

                        (p)   any costs and expenses incurred by the Trustee or
                              the Manager in complying with their obligations
                              under this Deed or any Transaction Document in
                              connection with compliance with Regulation AB;";
                              and

                  (3)   in the existing paragraph (p) (which following the
                        amendment in clause 9(b)(2) is renumbered paragraph
                        (r)), the words ", other than as contemplated in
                        paragraph (p) above" are inserted at the end before the
                        semi-colon.

            (c)   Clause 1.1 - Financial Default

                  For the purpose of the definition of Financial Default delete
                  "3 Banking Days" and insert "10 Banking Days".

            (d)   Clause 1.1 - Fitch

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

                  "FITCH RATINGS means Fitch Australia Pty Ltd and its
                  successors and assigns".

            (e)   Clause 1.1 - Manager's Default

                  For the purposes of the definition of Manager's Default add
                  "or any representation given by the Manager in any Transaction
                  Document in relation to the Fund is or becomes not true" after
                  the words "in relation to the Fund" in paragraph (a) of the
                  definition.

            (f)   Clause 1.1 - Net Income

                  For the purposes of the Fund, the definition of Net Income in
                  clause 1.1 of the Master Trust Deed is deleted.

            (g)   Clause 1.1 - Net Income Account

                  For the purposes of the Fund, the definition of Net Income
                  Account in clause 1.1 of the Master Trust Deed is deleted.

            (h)   Clause 1.1 - Noteholders Report

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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                  For the purposes of the Fund, the following new definition is
                  inserted alphabetically in clause 1.1 of the Master Trust
                  Deed:

                        "NOTEHOLDERS REPORT means the report to be delivered by
                        the Manager, on behalf of the Trustee, and containing
                        the information set out in Schedule 2 of the Note Trust
                        Deed with respect to the Fund;"

            (i)   Clause 1.1 - Operating Income

                  For the purposes of the Fund, the following new definition is
                  inserted alphabetically in clause 1.1 of the Master Trust
                  Deed:

                        "OPERATING INCOME means the gross income realised by the
                        Fund from its operations including rent, interest,
                        dividends, distributions and otherwise less expenses
                        arising in deriving that income including, but not
                        limited to:

                        (1)   outgoings in respect of the assets of the Fund;

                        (2)   repairs and maintenance;

                        (3)   interest and other borrowing costs;

                        (4)   fees paid to the Trustee and Manager; and

                        (5)   any other amount that the Manager considers
                              prudent or appropriate to allow for contingencies
                              or future expenses that will or may arise in
                              respect of the Fund;".

            (j)   Clause 1.1 - Operating Income Account

                  For the purposes of the Fund, the following new definition is
                  inserted alphabetically in clause 1.1 of the Master Trust
                  Deed:

                        "OPERATING INCOME ACCOUNT in relation to an Origination
                        Fund means the bank account established by the Trustee
                        as trustee of that Origination Fund pursuant to clause
                        19.1(c);".

            (k)   Clause 1.1 - Rating Agency

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

            (l)   Clause 1.1 - Securities System

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

            (m)   Clause 1.1 - Termination Date

                  For the purpose of the definition of "Termination Date" in
                  clause 1.1 of the Master Trust Deed;

                  (1)   the words "and the Trustee and Manager agree that no
                        further Bonds are proposed to be issued by the Trustee
                        in relation to that Fund" are inserted at the end of
                        paragraph (c)(1) of that definition;

                  (2)   paragraph "(a)" of that definition is deleted;

                  (3)   paragraph "(b)" of that definition is re-lettered as
                        paragraph "(a)";

                  (4)   paragraph "(c)" of that definition is re-lettered as
                        paragraph "(b)";

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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                  (5)   paragraph "(d)" of that definition is re-lettered as
                        paragraph "(c)"; and

                  (6)   the words "under paragraphs (c) and (d)" in the final
                        paragraph of that definition are deleted and replaced
                        with the words "under paragraphs (b) and (c)".

            (n)   Clause 1.2(k)

                  For the purposes of the Fund, clause 1.2(k) of the Master
                  Trust Deed is deleted and the following new clause 1.2(k) is
                  inserted as follows:

                        "(k) Not used;".

            (o)   Clause 2.4 - No Further Interests

                  For the purposes of the Fund, a new clause 2.4 is inserted in
                  the Master Trust Deed as follows:

                        "2.4  NO FURTHER INTERESTS

                              The Trustee must not create any further interests
                              in the Funds after the date that is the eightieth
                              anniversary of the date of this Deed.".

            (p)   Clause 3.1 - Beneficial Interest in the Origination Funds

                  For the purpose of clause 3.1(a) of the Master Trust Deed:

                  (1)   the words "Net Income" as it appears twice in the first
                        line of the paragraph are deleted, and the words "Net
                        Income" in the first line of the paragraph are deleted
                        and replaced with the words "Operating Income"; and

                  (2)   the words "Net Income Account" in the third line of the
                        paragraph are deleted and replaced with the words
                        "Operating Income Account".

            (q)   Clause 5 - Notes

                  For the purpose of the Fund, clause 5 in the Master Trust Deed
                  is deleted and the following clause 5 is inserted as follows:

                        "5.   NOTES

                        5.1   ACKNOWLEDGMENT OF INDEBTEDNESS

                              Subject to the terms of this Deed and the
                              Supplementary Bond Terms Notice:

                              (a)   each entry in the Register for a Fund in
                                    respect of [a Class A[ ] Note] [and] a Class
                                    B Note relating to the Fund; and

                              (b)   in relation to each Class A Offered Note
                                    relating to a Fund, that Class A Offered
                                    Note,

                                    constitutes an independent and separate
                                    acknowledgment to the relevant Noteholder by
                                    the Trustee of its indebtedness as trustee
                                    of the Fund for the Outstanding Principal
                                    Balance of that Note together with the other
                                    rights given to Noteholders under this Deed,
                                    the Supplementary Bond Terms Notice and

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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                                    the Security Trust Deed, and (in relation to
                                    a Class A Offered Note) the Note Trust Deed
                                    and the Conditions.

                        5.2   LEGAL NATURE OF NOTES

                              (a)   [Class A[ ] Notes] [and] Class B Notes will
                                    be in the form of inscribed stock, and the
                                    Trustee's obligations in relation to the
                                    Notes and under this Deed and this
                                    Supplementary Bond Terms Notice (including
                                    any obligation to pay interest or principal)
                                    will become effective on inscription in the
                                    Register for the Fund under this Deed and
                                    this Supplementary Bond Terms Notice of the
                                    details for those [Class A[ ] Notes] [and]
                                    Class B Notes.

                              (b)   Class A Offered Notes will be in registered
                                    form in respect of Book-Entry Notes and will
                                    be in registered form in respect of
                                    Definitive Notes.

                        5.3   TERMS OF NOTES

                              (a)   All Notes issued by the Trustee as trustee
                                    of a Fund shall be issued with the benefit
                                    of, and subject to, this Deed, the relevant
                                    Supplementary Bond Terms Notice and the
                                    relevant Security Trust Deed and, in
                                    relation to Class A Offered Notes, the Note
                                    Trust Deed and the Conditions.

                              (b)   The documents referred to in paragraph (a)
                                    are binding on the Manager, the Trustee, the
                                    Note Trustee, the Security Trustee and the
                                    Noteholders.

                        5.4   INTEREST AND PRINCIPAL ENTITLEMENT OF NOTEHOLDERS

                              Subject to this Deed, the relevant Supplementary
                              Bond Terms Notice and the Security Trust Deed and,
                              in relation to Class A Offered Notes, the Note
                              Trust Deed and the Conditions, the Trustee as
                              trustee of a Fund must, in respect of the Notes
                              issued by it in that capacity, pay or cause to be
                              paid to the Noteholders (as relevant) of those
                              Notes:

                              (a)   (INTEREST) Interest on each relevant Payment
                                    Date; and

                              (b)   (PRINCIPAL) their Principal Entitlement on
                                    each relevant Payment Date.

                        5.5   NOTES NOT INVALID IF ISSUED IN BREACH

                              No Note shall be invalid or unenforceable on the
                              ground that it was issued in breach of this Deed,
                              the relevant Supplementary Bond Terms Notice or
                              any other Transaction Document.

                        5.6   LOCATION OF CLASS A[ ] NOTES AND CLASS B NOTES

                              The property in [Class A[ ] Notes] [and] Class B
                              Notes shall for all purposes be regarded as
                              situated at the place where the Register on which
                              those [Class A[ ] Notes] [and] Class

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              B Notes are recorded is located.

                        5.7   NO DISCRIMINATION BETWEEN NOTEHOLDERS

                              There shall not be any discrimination or
                              preference between Notes within the same Class, or
                              the corresponding Noteholders, in relation to a
                              Fund by reason of the time of issue of Notes or
                              for any other reason, subject only to the
                              Supplementary Bond Terms relating to the Notes the
                              terms of the Security Trust Deed relating to the
                              Fund and the Note Trust Deed and the Conditions in
                              relation to the Class A Offered Notes.

                        5.8   NOTE REGISTER

                              In the event that any Definitive Notes are issued
                              in registered form, the Trustee (or if the Trustee
                              fails to do so, the Manager on behalf of the
                              Trustee) must, on the direction of the Manager,
                              appoint a person to operate and maintain a
                              register of those notes in accordance with
                              standard United States practice and law."

            (r)   Clause 6.2 - Limit on Interest of Income Unitholder in Assets
                  of an Origination Fund

                  For the purpose of clause 6.2 of the Master Trust Deed:

                  (1)   the words "Net Income" in the second line of the
                        paragraph are deleted and replaced with the words
                        "Operating Income"; and

                  (2)   the words "Net Income Account" in the fourth line of the
                        paragraph are deleted and replaced with the words
                        "Operating Income Account".

            (s)   Clause 6.5 - Ranking of interest of Beneficiary

                  For the purposes of clause 6.5 of the Master Trust Deed, the
                  Trustee may seek and rely upon a direction from the Note
                  Trustee as to the interests of the Class A Offered
                  Noteholders.

            (t)   Clauses 7.1 and 7.7(a) - Bond Issue Direction

                  (1)   For the purposes of clause 7.1 of the Master Trust Deed,
                        the Securitisation Fund Bond Issue Direction for the
                        Notes may be issued by the Manager on or at any time
                        prior to the Bond Issue Date for the Notes.

                  (2)   For the purposes of clause 7.7(a) of the Master Trust
                        Deed, the certification by the Manager may occur on or
                        at any time prior to the Bond Issue Date for the Notes.

            (u)   Clause 7.8 - Issue of Bonds and Transfer of Benefit of
                  Mortgages

                  (1)   Clause 7.8(b) of the Master Trust Deed is amended by
                        inserting "in respect of Class B Notes only" after
                        "Applications for Bonds".

                  (2)   Clause 7.8(c) of the Master Trust Deed is amended by
                        replacing paragraph (1) with the following:

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

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

            (v)   Clause 8 - Transfer of Notes

                  (1)   For the purposes of this Fund, clause 8 of the Master
                        Trust Deed applies in respect of [the Class A[ ] Notes]
                        [and] the Class B Notes but, except for clause 8.1(a),
                        (b) and (c) does not apply to the Class A Offered Notes.

                  (2)   For the purposes of this Fund, clause 8.1(a) of the
                        Master Trust Deed is amended by inserting the words "and
                        (in respect of the Class A Offered Notes) the relevant
                        Note Trust Deed and Conditions" after the words "subject
                        to this Deed and the corresponding Supplementary Bond
                        Terms".

            (w)   Clause 9 - Note Registration Confirmation

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

            (x)   Clause 10.12 - Moneys Payable to Trustee

                  For the purposes of the Fund, the words "and any moneys
                  payable to the Principal Paying Agent under any Transaction
                  Document" are inserted after the words "subject to this Deed."

            (y)   Clause 11 - Origination and Management of Mortgages

                  A new clause 11.6 is inserted as follows:

                  "11.6 REPURCHASE OF MORTGAGES

                        (a)   If the Manager determines that any representation
                              or warranty by the Mortgage Manager under the
                              Mortgage Management Agreement with respect to a
                              Mortgage forming part of the Securitisation Fund
                              is false or misleading, the Trustee, as trustee of
                              any other Fund created pursuant to the Master
                              Trust Deed, will be obliged at the request of the
                              Manager made in accordance with clause 10.4 to
                              either (at the election of the Manager):

                              (1)   repurchase the Mortgage; or

                              (2)   repurchase and substitute or substitute a
                                    Mortgage in which event the Trustee shall be
                                    obliged to comply with the provisions of
                                    clause 7 of the Supplementary Bond Terms
                                    Notice with respect to the substitution of
                                    Mortgages,

                              within 120 days after the date of the relevant
                              Bond Issue Confirmation Certificate (as defined in
                              the Mortgage Management Agreement).

                        (b)   For the avoidance of doubt, it is recorded that
                              neither the Trustee nor the Mortgage Manager shall
                              be obliged to pay damages to the Note Trustee or
                              any Class A Noteholder or any other person as a
                              consequence of any breach of

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              warranty on the part of the Mortgage Manager
                              contained in the Mortgage Management Agreement.

                        (c)   The provisions of clauses 7.14 and 7.15 shall be
                              incorporated into this clause mutatis mutandis in
                              relation to any Mortgage repurchased and any
                              substitute Mortgage.

            (z)   Clause 12.17 - Additional Covenants by Manager

                  For the purposes of clause 12.17 of the Master Trust Deed, the
                  Manager must also:

                  (1)   (STOCK EXCHANGE): comply with the rules and regulations
                        of each relevant Stock Exchange;

                  (2)   (FILING): make or cause the making of all filings which
                        the Manager is actually aware are required in connection
                        with the Fund or the Assets of the Fund with any
                        Governmental Agency in any jurisdiction;

                  (3)   (COMPLY WITH OBLIGATIONS AND LAWS): promptly comply with
                        all other duties and obligations imposed on the Manager
                        by the Transaction Documents in relation to the Fund and
                        comply with all relevant material laws in the relevant
                        jurisdiction in carrying out such duties and
                        obligations;

                  (4)   (NOT MERGE): not merge or consolidate into another
                        entity unless the surviving entity assumes the
                        obligations of the Manager under the Transaction
                        Documents;

                  (5)   (ENHANCEMENTS): perform all obligations within its power
                        to ensure that all Enhancements and Hedges are
                        maintained and available for the Fund;

                  (6)   (AGREED PROCEDURES): not agree to any amendment to the
                        Agreed Procedures (as defined in the Mortgage
                        Origination and Management Agreement) applicable to this
                        Fund, unless each Designated Rating Agency has confirmed
                        that it will not withdraw or downgrade the rating of the
                        Notes as a result of such amendment; and

                  (7)   (NOTEHOLDERS REPORT): deliver to the Trustee by not
                        later than two Banking Days prior to each Monthly
                        Payment Date the Noteholders Report for the related
                        Monthly Calculation Period, with written instructions
                        for the Trustee to forward the Noteholders Report to
                        [each Class A[ ] Noteholder] [and] each Class B
                        Noteholder.

            (aa)  Clause 14.1 - Retirement for Cause

                  For the purposes of the Fund, the following words are added at
                  the end of clause 14.1:

                        "The costs of removal of the Manager under this clause
                        14.1 must be borne by the Manager. The Manager agrees to
                        indemnify the Trustee and the Fund for these costs."

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

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                                                                         page 53
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  Clause 16.3 of the Master Trust Deed is amended by:

                  (1)   replacing "." at the end of paragraph (g) with ";"; and

                  (2)   inserting new sub-clauses (i) and (j) as follows:

                        "(i)  (REMOVAL OF THE TRUSTEE'S AGENTS OR DELEGATES):
                              remove any agent or delegate of the Trustee that
                              breaches any obligation or duty imposed on the
                              Trustee under this Deed or any other Transaction
                              Document in relation to the Fund where the Manager
                              reasonably believes it will adversely affect the
                              rating of either or both of the Class A Notes and
                              the Class B Notes by the Designated Rating
                              Agencies within 45 days' notice from the Manager
                              to the Trustee to remove that agent or delegate;
                              and

                        (j)   (AGREED PROCEDURES): not agree to any amendment to
                              the Agreed Procedures (as defined in the Mortgage
                              Origination and Management Agreement) applicable
                              to this Fund, unless each Designated Rating Agency
                              has confirmed that it will not withdraw or
                              downgrade the rating of the Notes as a result of
                              such amendment."

            (cc)  A new clause 16.10 inserted into the Master Trust Deed as
                  follows:

                        "16.10 Compliance with laws

                        The Trustee must comply with all relevant material laws
                        in the relevant jurisdiction in performance of its
                        duties and in exercising its discretions under the
                        Transaction Documents."

            (dd)  Clause 18.1 - Retirement for Cause

                  For the purposes of the Fund, the following words are added at
                  the end of clause 18.1:

                        "The costs of removal of the Trustee under this clause
                        18.1 must be borne by the Trustee. The Trustee agrees to
                        indemnify the Manager and the Fund for these costs."

            (ee)  Clause 19.1 - Opening of bank accounts

                  For the purposes of the Fund, the following amendments are
                  made to clause 19.1 of the Master Trust Deed:

                  (1)   in first and fourth lines of clause 19.1(c), the words
                        "Net Income Account" are deleted and replaced with the
                        words "Operating Income Account"; and

                  (2)   the following new clause 19.1(d) is inserted immediately
                        after clause 19.1(c):

                        "(d)  (Change Bank Accounts): If a bank account for a
                              Fund is held with a Bank which ceases to have the
                              ratings specified in a Supplementary Bond Terms
                              Notice in respect of the Fund, the Manager must
                              direct the Trustee to, and the Trustee shall, as
                              soon as practicable, and in any event, within 10
                              days of receipt of actual notice of that
                              cessation:

                              (1)   close that account; and

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              (2)   transfer all funds standing to the credit of
                                    that account to another existing bank
                                    account for the Fund with a Bank which has
                                    the specified rating, or if none, open such
                                    an account, as nominated by the Manager."

            (ff)  Clause 19.2 - Location of Bank Accounts

                  For the purpose of clause 19.2(a) of the Master Trust Deed,
                  the words "Net Income Account" in the third line of the
                  paragraph are deleted and replaced with the words "Operating
                  Income Account".

            (gg)  Clause 19.10 - All Transactions through Central Accounts

                  For the purposes of clause 19.10(c) of the Master Trust Deed:

                  (1)   the words "Net Income" as it appears twice in the first
                        line of the paragraph are deleted, and the words "Net
                        Income" in the first line of the paragraph are deleted
                        and replaced with the words "Operating Income";

                  (2)   the words "Net Income Account" in the second line of the
                        paragraph are deleted and replaced with the words
                        "Operating Income Account".

            (hh)  Clause 21.3 - Accounts to be kept in accordance with Approved
                  Accounting Standards

                  For the purposes of the Fund, clause 21.3 of the Master Trust
                  Deed is deleted and replaced with the following new clause
                  21.3:

                        "21.3 NOT USED".

            (ii)  Clause 22 - Payments

                  For the purposes of the Fund, the following amendments are
                  made to the Master Trust Deed:

                  (1)   clause 22.1(d) is deleted and replaced with the
                        following:

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

                  (2)   in clause 22.1(d), the words "Net Income" are deleted
                        and replaced with the words "Operating Income";

                  (3)   clause 22.2(d) is deleted and replaced with the
                        following:

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

                  (4)   in clause 22.3(a), the words "Net Income" in the first
                        line of the paragraph are deleted and replaced with the
                        words "Operating Income", and the words "Net Income" in
                        the third line of the paragraph are deleted and replaced
                        with the words "Operating Income";

                  (5)   in clause 22.3(b), the words "Net Income" as it appears
                        twice in the first line of the paragraph are deleted,
                        and the words "Net Income" in the first line of the
                        paragraph are deleted and replaced with the words
                        "Operating Income";

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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                  (6)   in clause 22.3(b), the words "Net Income" in the fourth
                        line of the paragraph are deleted and replaced with the
                        words "Operating Income";

                  (7)   in clause 22.3(c), the words "Net Income" in the first
                        line of the paragraph are deleted and replaced with the
                        words "Operating Income", the words "Net Income" in the
                        second line of the paragraph are deleted and replaced
                        with the words "Operating Income", and the words "Net
                        Income Account" in subparagraph (2) are deleted and
                        replaced with the words "Operating Income Account"; and

                  (8)   clause 22.3(d) is deleted and replaced with the
                        following:

                        "(d) Upon termination of the Fund, the surplus capital
                        of the Fund remaining after satisfaction by the Trustee
                        of all of its obligations in respect of the Fund shall
                        be paid in relation to the first $100 only to the
                        Residual Capital Unitholder and in relation to the
                        balance to the Income Unitholder".

            (jj)  Clause 22.7 - Net Income, Income and Capital

                  For the purpose of clause 22.7 of the Master Trust Deed,
                  clause 22.7 is deleted and replaced with the following new
                  clause 22.7:

                  "22.7 OPERATING INCOME, INCOME AND CAPITAL

                        (a)   For each Income Distribution Period the Manager
                              must determine the Operating Income for the Income
                              Distribution Period.

                        (b)   If no determination is made or to the extent to
                              which no determination is made under clause
                              22.7(a), then the Distributable Income for that
                              Income Distribution Period is equal to the
                              Operating Income for that Income Distribution
                              Period.

                        (c)   In determining the Operating Income the Manager
                              does not have to take into account accounting
                              standards or generally accepted accounting
                              principles and practices which apply to trusts.

                        (d)   Any references in this Deed to "CAPITAL" or
                              "INCOME" will, for an Income Distribution Period
                              of a Fund have a corresponding meaning consistent
                              with the application of the foregoing for that
                              Income Distribution Period of the Fund.".

            (kk)  Clause 23 - The Register

                  For the purpose of this Fund paragraphs (g) to (m) inclusive
                  of clause 23.1 and clauses 23.5, 23.6 and 23.7 of the Master
                  Trust Deed do not apply to the Class A Offered Notes.

            (ll)  Clause 25 - Payments generally

                  For the purpose of the Fund clause 25 is amended as follows:

                  (1)   By deleting "in Australia" from clause 25.1(b).

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                                                                         page 56
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (2)   By inserting as clause 25.5 the following:

                        "25.5 CLASS A OFFERED NOTES

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

                        (b)   Any payment made by or on behalf of the Trustee in
                              respect of any Class A Offered Note must be made
                              in accordance with the relevant Supplementary Bond
                              Terms Notice and the relevant Note Trust Deed.

                        (c)   There is a full satisfaction of the moneys payable
                              under a Class A Offered Note, and a good discharge
                              to the Trustee and the Manager (as the case may
                              be) in relation to that Class A Offered Note, when
                              so provided under the Note Trust Deed."

                  (3)   A new clause 25.6 inserted into the Master Trust Deed as
                        follows:

                        "25.6 TAXATION

                        (a)   (NET PAYMENTS): Subject to this clause, payments
                              in respect of the Notes shall be made free and
                              clear of, and without deduction for, or by
                              reference to, any present or future Taxes of any
                              Australian Jurisdiction unless required by law.

                        (b)   (INTEREST WITHHOLDING TAX - CLASS B NOTES): All
                              payments in respect of the Class B Notes will be
                              made without withholding or deduction for, or on
                              account of, any present or future taxes, duties or
                              charges of whatsoever nature unless the Trustee or
                              any person making payments on behalf of the
                              Trustee is required by applicable law to make any
                              such payment in respect of the Class B Notes
                              subject to any withholding or deduction for, or on
                              account of, any present or future taxes, duties or
                              charges of whatever nature. In that event the
                              Trustee or any person making payments on behalf of
                              the Trustee (as the case may be) will make such
                              payment after such withholding or deduction has
                              been made and will account to the relevant
                              authorities for the amount so required to be
                              withheld or deducted. Neither the Trustee, any
                              person making payments on behalf of the Trustee or
                              any note trustee will be obliged to make any
                              additional payments to Class B Noteholders in
                              respect of that withholding or deduction.

                        (c)   (INTEREST WITHHOLDING TAX - CLASS A NOTES):
                              Payments on Class A Notes by or on behalf of the
                              Trustee will be made subject to deduction for any
                              Interest Withholding Tax (being tax imposed under
                              Division 11A of Part IIIA of the Income Tax
                              Assessment Act 1936 on amounts of, or deemed to
                              be, interest or in the nature of interest) and all

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              other withholdings and deductions referred to in
                              Condition 7 of the Class A Notes.

                        (d)   (TAX FILE NUMBERS): The Trustee or any person
                              making payments on behalf of the Trustee will be
                              required to deduct tax-at-source on interest
                              payments on any Class A Note or Class B Note to
                              each Class A Noteholder or Class B Noteholder who
                              has or is required to have a Tax File Number at
                              the highest personal marginal tax rate unless the
                              Trustee or any person making payments on behalf of
                              the Trustee receives from such Class A Noteholder
                              or Class B Noteholder the Tax File Number (as
                              defined in the Income Tax Assessment Act 1936) of
                              that Class A Noteholder or Class B Noteholder, or
                              evidence of any exemption the Class A Noteholder
                              or Class B Noteholder may have from the need to
                              advise the Trustee or any person making payments
                              on behalf of the Trustee of a Tax File Number. The
                              Tax File Number or appropriate evidence (as the
                              case may be) must be received by the Trustee or
                              any person making payments on behalf of the
                              Trustee not less than ten Banking Days prior to
                              the relevant payment date. The Trustee, or any
                              person making any payments on behalf of the
                              Trustee, is entitled to deduct any such
                              tax-at-source required to be paid by it in
                              relation to the Class A Notes or the Class B Notes
                              at that highest personal marginal tax rate if no
                              Tax File Number or exemption (as the case may be)
                              is provided."

            (mm)  Clause 26.16 - Trustee's Right of Indemnity

                  For the purposes of this Fund, delete clause 26.16 and
                  substitute the following:

                  "26.16 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

                  (a)   Subject to this Deed, a liability of the Trustee as
                        trustee of the Fund arising under or in connection with
                        this Deed is limited to and can be enforced against the
                        Trustee only to the extent to which it can be satisfied
                        out of the assets of the Fund which are available to
                        satisfy the right of the Trustee to be exonerated or
                        indemnified for the liability. This limitation of the
                        Trustee's liability applies despite any other provision
                        of this Deed and extends to all liabilities and
                        obligations of the Trustee in any way connected with any
                        representation, warranty, conduct, omission, agreement
                        or transaction related to this Deed or the Fund.

                  (b)   Subject to clause 26.16(c), no person (including any
                        Relevant Party) may take action against the Trustee in
                        any capacity other than as trustee of the Fund or seek
                        the appointment of a receiver (except under the Security
                        Trust Deed in respect of the Fund), or a liquidator, an
                        administrator or any similar person to the Trustee or
                        prove in any liquidation, administration or arrangement
                        of or affecting the Trustee (except in relation to the
                        assets of the Fund).

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                  (c)   The provisions of this clause 26.16 shall not apply to
                        any obligation or liability of the Trustee to the extent
                        that it is not satisfied because under a Transaction
                        Document for the Fund or by operation of law there is a
                        reduction in the extent of the Trustee's indemnification
                        or exoneration out of the assets of the Fund, as a
                        result of the Trustee's fraud, negligence or wilful
                        default.

                  (d)   It is acknowledged that the Relevant Party is
                        responsible under this Deed or the other Transaction
                        Documents for the Fund for performing a variety of
                        obligations relating to the Fund. No act or omission of
                        the Trustee (including any related failure to satisfy
                        its obligations under this Deed) will be considered
                        fraud, negligence or wilful default of the Trustee for
                        the purposes of clause 26.16(c) to the extent to which
                        the act or omission was caused or contributed to by any
                        failure by the Relevant Party or any other person who
                        has been delegated or appointed by the Trustee in
                        accordance with the Transaction Documents for the Fund
                        to fulfil its obligations relating to the Fund or by any
                        other act or omission of the Relevant Party or any other
                        person.

                  (e)   No attorney, agent, receiver or receiver and manager
                        appointed in accordance with this Deed or any other
                        Transaction Document for the Fund has authority to act
                        on behalf of the Trustee in a way which exposes the
                        Trustee to any personal liability and no act or omission
                        of any such person will be considered fraud, negligence
                        or wilful default of the Trustee for the purposes of
                        clause 26.16(c).

                  (f)   In this clause 26.16 Relevant Parties means any party to
                        a Transaction Document other than the Trustee.

                  (g)   The Issuer is not obliged to do or refrain from doing
                        anything under this agreement (including incur any
                        liability) unless the Trustee's liability is limited in
                        the same manner as set out in paragraphs (a) to (e) of
                        this clause 26.16."

            (nn)  Clause 28 - Amendment

                  For the purposes of this Fund, the reference to prior consent
                  of the Bondholders in clause 28.2 is a reference to the
                  Extraordinary Resolution of Voting Secured Creditors passed in
                  accordance with Schedule 1 of the Security Trust Deed.

            (oo)  Schedule 9 - Amendment

                  For the purposes of this Fund, delete the word "15th
                  September, December, March and June" in the definition of "Fee
                  Payment Date"" in clause 1 and insert the words "[ ]th day of
                  [       ], [       ], [      ] and [     ]" and delete the
                  word "15th" in the definition of "Valuation Date" in clause 1
                  and insert the word "last".

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--------------------------------------------------------------------------------
10    RATING AGENCY REQUIREMENTS

      10.1  DESIGNATED RATING AGENCIES

            The Designated Rating Agencies for the Notes as at the Closing Date
            are [Moody's], [S&P] and [Fitch Ratings].

      10.2  DESIGNATED RATINGS

            The Designated Ratings for the Notes are as follows:

            (a)   For the Class A Notes:

                  (1)   in the case of [Moody's] - ["Aaa"];

                  (2)   in the case of [S&P] - ["AAA"];

                  (3)   in the case of [Fitch Ratings] - ["AAA"]; and

            (b)   For the Class B Notes:

                  (1)   In the case of [Moody's] - ["Aa2"];

                  (2)   In the case of [S&P] - ["AA"]; and

                  (3)   In the case of [Fitch Ratings] - ["AA"].

      10.3  MINIMUM RATING REQUIREMENTS

            Subject to clauses 5.3 and 10.4, all Authorised Investments of the
            Fund other than cash and Mortgages must be rated "AAA" or "A-1+" by
            [S&P] and "Aaa" or "Prime-1" by [Moody's] and "AAA" or "F1+" by
            [Fitch Ratings].

      10.4  BANKS

            (a)   Subject to clause 10.4(b), any bank account for the purposes
                  of clause 19.1 and 19.11 of the Master Trust Deed must be with
                  a Bank which has a short-term rating of at least "P-1"
                  [(Moody's)], "A-1+" [(S&P)] and "F1" [(Fitch Ratings)].

            (b)   Subject to clause 5.3, the Assets of the Fund may be invested
                  in deposits which mature or are callable within 30 days of
                  being made with a Bank rated at least "A-1" by [S&P], provided
                  that the aggregate amount of such deposits does not at any
                  time exceed 20% of the Total Outstanding Principal Balance.

      10.5  NOTIFICATIONS TO DESIGNATED RATING AGENCIES

            The Manager must give written notice to each Designated Rating
            Agency:

            (a)   of the occurrence of an Event of Default under the Security
                  Trust Deed, promptly upon becoming aware of the same;

            (b)   prior to any amendment being made to any Transaction Document
                  (including any change to any of the parties to any Transaction
                  Document); and

            (c)   of a breach of a provision of a Transaction Document relating
                  to the Securitisation Fund, promptly upon becoming aware of
                  the same, which

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B Notes

                  breach is in the reasonable opinion of the Manager likely to
                  have a material adverse effect on the ability of the Trustee
                  to meet its obligations in respect of the Notes.

      10.6  NO OTHER REQUIREMENTS

            For the purposes of the Master Trust Deed, there are no minimum
            rating requirements in relation to the Fund, other than those
            expressly set out in this Supplementary Bond Terms Notice.

      10.7  LOAN FACILITIES

            The Manager must:

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

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

      10.8  TOP-UP LOANS

            In relation to a Top-up Loan, the Manager must ensure that in any
            Calculation Period:

            (a)   a Top-up Loan may only be made if the current weighted average
                  LTV of the Pool, after giving effect to the Top-up Loan, has
                  increased by no more than [2]% of the weighted average LTV of
                  the Pool as at the Cut-Off Date;

            (b)   after giving effect to the Top-up Loan, the weighted average
                  LTV of the Pool must not exceed the weighted average Original
                  LTV of the Pool as of the Cut-Off;

            (c)   after giving effect to the Top-up Loan, the percentage of
                  Loans in the Pool with an Original LTV over [80]% must not
                  exceed the percentage of Loans in the Pool with an Original
                  LTV over [80]% as of the Cut-Off Date by more than [2]%;

            (d)   a Top-up Loan will only be made if the term of the relevant
                  Loan will not be increased as a result of the Top-up Loan
                  being made;

            (e)   a Top-up Loan will only be made for a period of [12] [18] [24]
                  months after the Closing Date;

            (f)   the aggregate of the Top-up Loans to be funded after the
                  Suspension Date will not exceed [5]% of the Pool as at the
                  Suspension Date; and

            (g)   a Top-up Loan may only be made if there are as of the Cut-Off
                  no unreimbursed Carry Over Class A Charge Offs, Carry Over
                  Class B Charge Offs, Carry Over Redraw Charge Offs and Carry
                  Over Top-up Charge Offs;

            or on such other conditions (whether in substitution or in addition
            to the above) as may be agreed by the Designated Rating Agencies and
            the Manager from time to time and notified to the Trustee.

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11    THRESHOLD RATE

            (a)   In exercising its powers and performing its obligations under
                  the Master Trust Deed, the Manager must at all times ensure
                  that, to the extent that the Trustee is entitled to do so
                  under the terms of the Mortgages, the rate of interest payable
                  on or in respect of Loans secured by Mortgages comprised in
                  the Assets of the Fund is changed from time to time so that:

                  (1)   on the assumption that all parties to all of the
                        Transaction Documents and all issuers of Authorised
                        Investments from time to time comprised in the Assets of
                        the Fund have complied and will at all times comply in
                        full with their respective obligations under those
                        Transaction Documents and Authorised Investments; and

                  (2)   having regard to:

                        (A)   the terms of the Transaction Documents;

                        (B)   the terms of the Mortgages comprised in the Assets
                              of the Fund;

                        (C)   the anticipated Expenses of the Fund;

                        (D)   the amount of the Cash Collateral in the Cash
                              Collateral Account;

                        (E)   all other information available to the Manager;

                        (F)   the Benchmark Rate from time to time; and

                        (G)   any mismatch between the time at which the
                              Benchmark Rate is determined and the time at which
                              the rate of interest payable on or in respect of
                              Loans secured by the Mortgages comprised in the
                              Assets of the Fund may be reset,

                        the Trustee will have available to it at all times
                        sufficient funds to enable it to comply with all of its
                        obligations under the Transaction Documents relating to
                        the Fund as they fall due (other than any payments of
                        interest on the Liquidity Notes).

            (b)   Without limiting the operation of clause 11(a), the interest
                  rate applicable to each fixed interest period of the Loan
                  secured by a Mortgage comprised in the Assets of the Fund must
                  be equal to or greater than:

                  (1)   for so long as the Outstanding Principal Balance of all
                        such Loans is equal to or less than [25]% of the
                        Outstanding Principal Balance of all Loans secured by
                        Mortgages comprised in the Assets of the Fund, the rate,
                        expressed as a percentage, determined by the Manager to
                        be the fixed-floating swap rate for the period most
                        closely approximating the term of the fixed interest
                        period of the Loans secured by the Mortgages plus
                        [0.80]%; and

                  (2)   for so long as the Outstanding Principal Balance of all
                        such Loans is greater than [25]% of the Outstanding
                        Principal Balance of all Loans secured by Mortgages
                        comprised in the Assets of the Fund, such rate as agreed
                        from time to time between the Manager and each
                        Designated Rating Agency.

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            (c)   For the purposes of clause 11(a) it is acknowledged that if
                  there is any shortfall under any determination under clause
                  11(a), the Manager may direct the Trustee to make a drawing
                  under the Payment Funding Facility in respect of that
                  shortfall (to the extent it has not already done so in respect
                  of the shortfall) provided that:

                  (1)   such a drawing must be made in accordance with clause
                        5.5(b)(2) of the Initial Payment Funding Facility; and

                  (2)   if such a drawing is not made the Manager must comply
                        with clauses 11(a) and 11(b).

--------------------------------------------------------------------------------
12    BENEFICIARIES

            (a)   The Beneficiaries hold the beneficial interest in the Fund in
                  accordance with the Master Trust Deed and this Supplementary
                  Bond Terms Notice.

            (b)   The beneficial interest held by each Beneficiary is limited to
                  the Fund and each Asset of the Fund subject to and in
                  accordance with the Master Trust Deed and this Supplementary
                  Bond Terms Notice.

            (c)   Subject to clause 12(d), no Beneficiary has any right to
                  receive distributions in respect of the Fund other than the
                  right to receive on the termination of the Fund the entire
                  beneficial interest of the Fund.

            (d)   The Income Unitholder has the right to receive distributions
                  in respect of the Fund under the Master Trust Deed and this
                  Supplementary Bond Terms Notice to the extent that Net Income
                  is available for distribution under the Master Fund Deed and
                  this Supplementary Bond Terms Notice.

            (e)   The Beneficiaries may not assign, or create or allow to exist
                  any Encumbrance over, its rights or interests in respect of
                  the Fund if to do so might have an adverse tax consequence in
                  respect of the Fund.

--------------------------------------------------------------------------------
13    NOTE TRUSTEE

      13.1  CAPACITY

            The Note Trustee is a party to this Supplementary Bond Terms Notice
            in its capacity as trustee for the Class A Offered Noteholders from
            time to time under the Note Trust Deed and, for the purposes of
            clause 16 in its capacity as the Principal Paying Agent, the
            Calculation Agent and the Note Registrar.

      13.2  EXERCISE OF RIGHTS

            (a)   The rights, remedies and discretions of the Class A Offered
                  Noteholders under the Transaction Documents including all
                  rights to vote or give instructions to the Security Trustee
                  and to enforce undertakings or warranties under the
                  Transaction Documents, except as otherwise provided in the
                  Note Trust Deed or the Security Trust Deed, may only be
                  exercised by the Note Trustee on behalf of the Class A Offered
                  Noteholders in accordance with the Note Trust Deed.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            (b)   The Class A Offered Noteholders, except as otherwise provided
                  in the Note Trust Deed or the Security Trust Deed, may only
                  exercise enforcement rights in respect of the Charged Property
                  through the Note Trustee and only in accordance with the
                  Transaction Documents.

      13.3  REPRESENTATION AND WARRANTY

            The Note Trustee represents and warrants to each other party to this
            Supplementary Bond Terms Notice that it has the corporate power to
            enter into the Transaction Documents to which it is a party and to
            exercise the rights, remedies and discretions of, and to vote on
            behalf of the Class A Offered Noteholders, in accordance with the
            Note Trust Deed and the Security Trust Deed.

      13.4  PAYMENTS

            Any payment to be made to the Class A Offered Noteholders under the
            Transaction Documents may be made to the Principal Paying Agent or
            the Note Trustee (as the case may be) in accordance with the Note
            Trust Deed.

--------------------------------------------------------------------------------
14    SECURITY TRUST DEED

      14.1  COMPLIANCE WITH SECURITY TRUST DEED

            The parties to this Supplementary Bond Terms Notice agree to comply
            with clause 12.14 of the Security Trust Deed.

      14.2  LIMITATION OF LIABILITY OF SECURITY TRUSTEE

            Clause 26.2 of the Security Trust Deed is incorporated as if set out
            in full in this Supplementary Bond Terms Notice except that any
            reference to "this Deed" is taken to be a reference to "this
            Supplementary Bond Terms Notice".

--------------------------------------------------------------------------------
15    MISCELLANEOUS

      15.1  BANKING DAY

            Except where this Supplementary Bond Terms Notice expressly provides
            to the contrary, where any determination, date, payment, matter or
            thing falls under this Supplementary Bond Terms Notice on a day
            which is not a Banking Day, then such determination, date, payment,
            matter or thing shall be done or extended to the first Banking Day
            thereafter.

      15.2  PROVISIONS OF THE MASTER TRUST DEED TO APPLY

            Other than as expressly set out herein, or inconsistent with this
            Supplementary Bond Terms Notice, but subject to clause 15.4, the
            provisions of the Master Trust Deed shall apply to all Notes and to
            all Noteholders.

      15.3  LIMITATION OF LIABILITY - TRUSTEE

            Without derogating from the generality of clause 15.2 nothing in
            this

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            Supplementary Bond Terms Notice shall, nor shall it be construed as,
            limiting or in any way affecting the full operation of clause 26 of
            the Master Trust Deed.

      15.4  AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF NOTES

            Notwithstanding clause 7.9 of the Master Trust Deed, the aggregate
            Outstanding Principal Balance of Notes created on the Bond Issue
            Date may exceed the then aggregate Outstanding Principal Balance of
            the Portfolio of Mortgages attached to the Bond Issue Direction.

      15.5  ATTORNEY

            Each of the Attorneys executing this notice states that the Attorney
            has no notice of alteration to, or revocation or suspension of, the
            power of attorney appointing that Attorney.

      15.6  KNOW YOUR CUSTOMER

            Subject to any confidentiality, privacy or general trust law
            obligations owed by the Trustee 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 15.6 agrees to utilize such
            information and documents solely for the purpose of complying with
            applicable anti-money laundering or counter-terrorism financing
            laws.

      15.7  COMPLIANCE WITH REGULATION AB

            In relation to compliance with Regulation AB:

            (a)   the Manager and the Trustee acknowledge and agree that the
                  purpose of this clause 15.7 is to facilitate compliance by the
                  Trustee 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 Trustee;

            (b)   the 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 Manager shall not request the
                  delivery of information or other performance under this clause
                  15.7 unless the Manager is required under the Exchange Act to
                  file an annual report on Form 10-K with respect to the
                  Securitisation Fund. The Manager and the Trustee acknowledge
                  that interpretations of the requirements of Regulation AB may
                  change over time, whether due to interpretive guidance
                  provided

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  by the Commission or its staff, consensus among participants
                  in the asset-backed securities markets, advice of counsel, or
                  otherwise, and agrees to comply with requests made by the
                  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 Manager and
                  the Trustee do not agree with respect to an interpretation of
                  Regulation AB, the Manager and the Trustee 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 Manager and the Trustee, addressed to the Manager and
                  the Trustee, 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 Manager and the
                  Trustee. In relation to the Securitisation Fund, the Trustee
                  shall cooperate fully with the Manager to deliver to the
                  Manager (including any of its assignees or designees), any and
                  all statements, reports, certifications, records and any other
                  information within the control of the Trustee or for which the
                  Trustee is responsible necessary in the good faith
                  determination of the Manager to permit the Manager to comply
                  with the provisions of Regulation AB, together with such
                  disclosures relating to the Manager, the Trustee, any
                  Subcontractor of the Trustee, 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 Manager
                  to be necessary in order to effect such compliance;

            (c)   the Manager (including any of its assignees or designees)
                  shall cooperate with the Trustee by providing timely notice of
                  requests for information under these provisions following the
                  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 Manager's reasonable judgment, to comply with Regulation
                  AB;

            (d)   the Trustee acknowledges and agrees that, to the extent the
                  Manager reasonably determines, upon consultation with, and to
                  the extent agreed with, the Trustee, that the Trustee is
                  "participating in the servicing function" in relation to the
                  Securitisation Fund within the meaning of Item 1122 of
                  Regulation AB, the Trustee will comply with the applicable
                  requirements contained in clause 15.7(e) - (i); provided that,
                  to the extent the Manager and the Trustee do not agree whether
                  the Trustee 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
                  Manager and the Trustee 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 Manager
                  and the Trustee, addressed to the Manager and the Trustee,
                  stating whether, in the opinion of such counsel, the Trustee
                  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
                  Manager and the Trustee;

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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  (1)   deliver to the Manager a report (in form and substance
                        reasonably satisfactory to the Manager) regarding the
                        Trustee'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 Manager and signed by
                        an authorized officer of the Trustee, and shall address
                        each of the Servicing Criteria specified on a
                        certification substantially in the form of Schedule 2
                        hereto and addressing, at a minimum, the criteria
                        identified in Schedule 3 hereto as "Applicable Servicing
                        Criteria", but only with respect to such of the
                        Servicing Criteria that the Trustee performs;

                  (2)   deliver to the Manager a report of a registered public
                        accounting firm reasonably acceptable to the Manager
                        that attests to, and reports on, the assessment of
                        compliance made by the Trustee 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 Trustee (if any)
                        determined by the Trustee pursuant to clause 15.7(f) to
                        be "participating in the servicing function" within the
                        meaning of Item 1122 of Regulation AB, to deliver to the
                        Manager an assessment of compliance and accountants'
                        attestation as and when provided in clause 15.7(e)(1)
                        and (2), but only with respect to such of the Servicing
                        Criteria that such Subcontractor of the Trustee
                        performs;

                  An assessment of compliance provided by a Subcontractor of the
                  Trustee pursuant to clause 15.7(e)(3) need not address any
                  elements of the Servicing Criteria other than those specified
                  by the Trustee pursuant to clause 15.7(f), and need only
                  address such of the Servicing Criteria that such Subcontractor
                  performs;;

            (f)   in relation to the use of Subcontractors:

                  (1)   the Trustee shall promptly upon the reasonable request
                        of the Manager provide to the Manager (or any designee
                        of the Manager) a written description (in form and
                        substance satisfactory to the Manager) of the role and
                        function of each Subcontractor utilized by the Trustee,
                        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
                              15.7(f)(1)(B);

                  (2)   as a condition to the utilization of any Subcontractor
                        determined to be "participating in the servicing
                        function" within the meaning of Item 1122 of Regulation
                        AB, (i) the Trustee shall cause any such Subcontractor
                        used by the Trustee for the benefit of the Manager to

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        comply with the provisions of clauses 15.7(e) - (i),
                        15.8 and 15.9 of this Supplementary Bond Terms Notice to
                        the same extent as if such Subcontractor were the
                        Trustee (provided that in the case of a Subcontractor of
                        the Trustee, the obligations of such Subcontractor under
                        clause 15.7(g) will be owed directly to the Manager and
                        the Trustee will do all things reasonably necessary to
                        cause the Subcontractor to owe such obligations directly
                        to the Manager) and (ii) the Trustee shall obtain the
                        written consent of the Manager (which is not to be
                        unreasonably withheld or delayed) to the utilization of
                        such Subcontractor. The Trustee shall be responsible for
                        obtaining from each Subcontractor and delivering to the
                        Manager any assessment of compliance and accountants'
                        attestation required to be delivered by such
                        Subcontractor under clause 15.7(e) - (i), in each case
                        as and when required to be delivered;

            (g)   the Trustee shall indemnify the Manager, and shall hold the
                  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
                        15.7 by or on behalf of the Trustee, or provided under
                        this clause 15.7 by or on behalf of any Subcontractor of
                        the Trustee (collectively, the "TRUSTEE 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 Trustee will indemnify and
                        hold harmless the Manager only to the extent of the sum
                        that the Trustee recovers from the accounting firm
                        providing such accountant's letter (which recovery the
                        Trustee must if the Trustee in good faith determines the
                        Trustee 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 Trustee will not indemnify and hold harmless
                        the Manager to the extent that the untrue statement of a
                        material fact contained or alleged to be contained in
                        the Trustee Information relates to information provided
                        to the Trustee by the Manager or any other party to
                        enable the Trustee to complete its duties under the
                        Transaction Documents; or

                  (2)   the omission or alleged omission to state in the Trustee
                        Information a material fact required to be stated in the
                        Trustee 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 15.7(g)(2) shall
                        be construed solely by reference to the Trustee
                        Information and not to any other information
                        communicated in connection with a sale or purchase of
                        securities, without regard to whether the Trustee
                        Information or any portion thereof is presented together
                        with or separately from such other information;
                        provided, further, that in the case of the omission or
                        alleged omission to state in an

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        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 Trustee will indemnify and hold harmless
                        the Manager only to the extent of the sum that the
                        Trustee recovers from the accounting firm providing such
                        accountant's letter (which recovery the Trustee must if
                        the Trustee in good faith determines the Trustee 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
                        Trustee will not indemnify and hold harmless the Manager
                        to the extent that the omission or alleged omission to
                        state in the Trustee Information a material fact
                        required to be stated in the Trustee 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 Trustee by the Manager or any other party to enable
                        the Trustee to complete its duties under the Transaction
                        Documents; or

                  (3)   any failure by the Trustee or any Subcontractor of the
                        Trustee to deliver any information, report,
                        certification, accountants' letter or other material
                        when and as required under this clause 15.7, including
                        any failure by the Trustee to disclose any
                        non-compliance with any of the Servicing Criteria in a
                        certification or to identify pursuant to clause 15.7(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 15.7(g)(3), the Trustee shall promptly
                        reimburse the Manager, for all costs reasonably incurred
                        by the Manager in order to obtain the information,
                        report, certification, accountants' letter or other
                        material not delivered as required by the Trustee or any
                        Subcontractor of the Trustee;

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

                  (1)   deliver any information, report, certification,
                        accountants' letter or other material when and as
                        required under this clause 15.7, shall, except as
                        provided in clause 15.7(h)(2), immediately and
                        automatically, without notice or grace period, entitle
                        the Manager, in its sole discretion:

                        (A)   to remove the Trustee or direct the Trustee to
                              remove the Subcontractor of the Trustee from the
                              performance of any activities which the 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 Trustee,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Trustee; provided that to the
                              extent that any provision of the Transaction
                              Documents expressly provides for the survival of
                              certain

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B Notes

                              rights or obligations following termination of the
                              Trustee, such provision shall be given effect;

                  (2)   deliver any information, report, certification or
                        accountants' letter when and as required under clause
                        15.7(e) - (i) or (except as provided below) any failure
                        by the Trustee to identify pursuant to clause 15.7(f)
                        any Subcontractor of the Trustee "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 Manager, in
                        its sole discretion:

                        (A)   to remove the Trustee or direct the Trustee to
                              remove the Subcontractor of the Trustee from the
                              performance of any activities which the 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 Trustee or any
                              Subcontractor of the Trustee, at the expense of
                              the Trustee, without payment (notwithstanding
                              anything in the Transaction Documents to the
                              contrary) of any compensation to the Trustee;

                        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 Trustee, such provision shall be
                        given effect; and

            (i)   the Trustee shall promptly reimburse the Manager (or any
                  designee of the Manager), for all reasonable expenses incurred
                  by the Manager (or such designee), as such are incurred, in
                  connection with the termination of the Trustee and the
                  transfer of servicing activities within the meaning of Item
                  1122 of Regulation AB to a successor. The provisions of this
                  clause 15.7(i) shall not limit whatever rights the 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.

      15.8  DIRECTION OF CLAIMS BY THE MANAGER

            (a)   If the Trustee is entitled to recover from the accounting firm
                  providing the accountant's letter referred to in clause
                  15.7(g) by any action, proceeding, claim or demand ((for the
                  purpose of this clause 15.8, a CLAIM), the Trustee must if the
                  Trustee in good faith determines that it is entitled to do so
                  after taking professional advice pursue such Claim and must
                  promptly notify the Manager in writing of such Claim.

            (b)   Upon notice to the Manager of any such Claim under clause
                  15.8(a), the Manager will have the option to assume the
                  direction of that Claim (including the employment of legal
                  advisers selected by the Trustee but approved by the Manager
                  subject to the payment by the Trustee of all fees and
                  expenses).

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            (c)   If the Trustee receives notice from the Manager of its
                  election to direct the Claim and the Manager approves the
                  legal advisers selected by the Trustee for the purposes of
                  that Claim, the Trustee will not be liable to the Manager
                  under this clause 15.8 for any fees or expenses subsequently
                  incurred by the Manager in connection with the Claim unless
                  the Trustee does not employ legal advisers approved by or on
                  behalf of the Manager to represent the Manager within a
                  reasonable time after notice of the Claim.

      15.9  DIRECTION OF DEFENCE OF CLAIMS

            (a)   If any action, proceeding, claim or demand brought against the
                  Manager in connection with (i) any untrue statement of a
                  material fact contained or alleged to be contained in the
                  Trustee Information referred to in clause 15.7(g) or (ii) the
                  omission or alleged omission to state in the Trustee
                  Information a material fact required to be stated in the
                  Trustee 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 15.9, a CLAIM), the Trustee will have the option to
                  assume the direction of that Claim (including the employment
                  of legal advisers selected by the Trustee but approved by the
                  Manager subject to the payment by the Trustee of all fees and
                  expenses).

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

            (c)   If any Claim brought against the Trustee is settled with
                  respect to the Trustee with the consent of the Manager or if
                  there is a final judgement against the Trustee in relation to
                  it, the Trustee agrees to indemnify and hold harmless the
                  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 Trustee is not liable for
                  them under clause 15.9(b), or any fees and expenses incurred
                  in connection with any Claim brought against the Trustee that
                  is settled with respect to the Trustee or compromised by the
                  Trustee without the consent of the Manager (unless the Manager
                  has unreasonably withheld its consent)).

      15.10 [DETAILS ON REGISTER CONCLUSIVE]

            [In respect of all Class A[ ] Notes, the Class A[ ] Irish Paying
            Agent shall be entitled to rely on the Register as being a correct,
            complete and conclusive record of the matters set out in it at any
            time in respect of the Class A[ ] Notes and whether or not the
            information shown in the Register is inconsistent with any other
            document, matter or thing. The Class A[ ] Irish Paying Agent is not
            liable to any person in any circumstances whatsoever for any
            inaccuracy in, or omission from, the Register.]

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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16    PRIVACY

            (a)   Each party to this Supplementary Bond Terms Notice
                  acknowledges that Personal Information may be exchanged
                  between the parties pursuant to the terms of this
                  Supplementary Bond Terms Notice.

            (b)   If Personal Information is exchanged between the parties, the
                  party which provides the Personal Information must ensure that
                  it obtains such consents, if any, as are required by the
                  Privacy Act 1988 (as amended by the Privacy Amendment (Private
                  Sector) Act 2000) to be obtained by that party in relation to
                  the collection, use or disclosure of the Personal Information.

            (c)   Each party to this Supplementary Bond Terms Notice undertakes
                  to use its best endeavours to ensure that at all times during
                  the term of this Supplementary Bond Terms Notice:

                  (1)   Personal Information provided to it (the receiving
                        party) by another party (the providing party):

                        (A)   unless otherwise required by law, will be used
                              only for the purpose of fulfilling the receiving
                              party's obligations under the Transaction
                              Documents; and

                        (B)   except as expressly provided pursuant to the
                              Transaction Documents, will not be disclosed to
                              any third party unless express consent in writing
                              is obtained from the providing party; and

                  (2)   in addition to the obligation under clause 16(b) above,
                        it will comply with the Privacy Act 1988 (as amended by
                        the Privacy Amendment (Private Sector) Act 2000) and all
                        applicable regulations, principles, standards, codes of
                        conduct or guidelines concerning the handling of
                        Personal Information under that Act or with any request
                        or direction arising directly from or in connection with
                        the proper exercise of the functions of the Privacy
                        Commissioner.

            (d)   In this clause 16, "Personal Information" has the same meaning
                  as in the Privacy Act 1988.

            (e)   Notwithstanding anything else contained in this clause 16,
                  paragraphs (a) to (c) above do not apply to the Note Trustee,
                  the Principal Paying Agent, the Calculation Agent or the Note
                  Registrar. Each of the Note Trustee, the Principal Paying
                  Agent, the Calculation Agent and the Note Registrar agrees to
                  comply with all privacy legislation applicable to it.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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DATED:   [                  ]

TRUSTEE

SIGNED BY
PERPETUAL LIMITED
by its attorney under Power of Attorney
dated
in the presence of:

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

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

MANAGER

SIGNED BY
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney under Power of Attorney
dated in
the presence of:

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

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

SECURITY TRUSTEE

ACKNOWLEDGED AND AGREED BY
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney
under Power of Attorney
dated
in the presence of:

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

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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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NOTE TRUSTEE

ACKNOWLEDGED AND AGREED BY
THE BANK OF NEW YORK
by its Authorised Signatory in the
presence of:

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

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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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SCHEDULE 1 - SUPPLEMENTARY BOND TERMS NOTICE: SMHL GLOBAL FUND [   ]-[ ] -
LIQUIDITY NOTES

TO:   PERPETUAL LIMITED
      ABN 86 000 431 827
      as trustee of the SMHL Global Fund [   ]-[ ]
      (TRUSTEE)

FROM: ME PORTFOLIO MANAGEMENT LIMITED
      ABN 79 005 964 134
      as manager of the SMHL Global Fund [   ]-[ ]
      (MANAGER)

--------------------------------------------------------------------------------
1     FUNCTION

      This Supplementary Bond Terms Notice:

            (a)   accompanies a Securitisation Fund Bond Issue Direction dated
                  [           ] as the same may be amended from time to time, in
                  relation to a proposed issue of Notes by the Trustee;

            (b)   sets out the Supplementary Bond Terms for the Notes comprised
                  in the Class named in the Bond Issue Direction as the "SMHL
                  Global Fund [   ]-[ ] - Liquidity Notes"; and

            (c)   shall be entered into the Register by the Trustee pursuant to
                  clause 23.1(f) of the Master Trust Deed.

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2     DEFINITIONS AND INTERPRETATION

      2.1   DEFINITIONS

            In this Supplementary Bond Terms Notice (including clause 1), unless
            the context indicates a contrary intention:

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

            CLASS A NOTE has the meaning given to it in the SMHL Global Fund
            [   ]-[ ] Bond Terms.

            CLASS B NOTE has the meaning given to it in the SMHL Global Fund
            [   ]-[ ] Bond Terms.

            COMMISSION has the meaning given to it in the SMHL Global Fund
            [   ]-[ ] Bond Terms.

            EXCHANGE ACT has the meaning given to it in the SMHL Global Fund
            [   ]-[ ] Bond Terms.

            FINAL MATURITY DATE means the earlier of:

            (a) [                            ]; and

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            the date declared to be the Final Maturity Date in accordance with
            clause 5.

            [FITCH RATINGS means Fitch Australia Pty Ltd.]

            INTEREST AMOUNT means, in relation to a Liquidity Note and an
            Interest Period, interest on that Liquidity Note for that Interest
            Period calculated in accordance with clause 3.2.

            INTEREST PERIOD has the same meaning as in the SMHL Global Fund
            [   ]-[ ] Bond Terms for Class B Notes.

            INTEREST RATE has, in relation to an Interest Period, the same
            meaning as in the SMHL Global Fund [   ]-[ ] Bond Terms for
            Liquidity Notes.

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

            LIQUIDITY NOTES means the Bonds (as defined in the Master Trust
            Deed) comprised in the Class named in the Bond Issue Direction as
            "SMHL Global Fund [   ]-[ ] - Liquidity Notes", issued by the
            Trustee pursuant to the Bond Issue Direction and in accordance with
            the Master Trust Deed.

            LIQUIDITY NOTEHOLDER means initially [P.T. Limited (as nominee for
            Perpetual Limited, in its capacity as trustee of [Superannuation
            Members' Home Loans Warehousing Trust 2004-1] [Superannuation
            Members' Home Loans Origination Fund No. 3])] [Industry Funds
            Management (Nominees 2) Pty Limited, in its capacity as trustee of
            Super Business Loans Unit Trust No. 1], and thereafter each person
            who is from time to time entered in the Register as the holder of a
            Liquidity Note.

            MANAGER means ME Portfolio Management Limited.

            MASTER TRUST DEED means the Master Trust Deed dated 4 July 1994 made
            between the Trustee and the Manager and providing for the
            establishment of a series of separate trusts known collectively as
            the Superannuation Members' Home Loans Trusts, as amended and
            restated from time to time.

            [MOODY'S means Moody's Investors Service Pty Limited.]

            ORIGINAL PRINCIPAL BALANCE means, in relation to a Liquidity Note,
            the initial Face Value of the Liquidity Note.

            OUTSTANDING PRINCIPAL BALANCE means, at any time in relation to a
            Liquidity Note, the Original Principal Balance of the Liquidity Note
            minus all repayments of principal made in relation to the Liquidity
            Note.

            PAYMENT DATE has the same meaning as in the SMHL Global Fund
            [   ]-[ ] Bond Terms for Class B Notes.

            PRINCIPAL COLLECTIONS has the same meaning as in the SMHL Global
            Fund [   ]-[ ] Bond Terms.

            REGULATION AB has the meaning given to it in the SMHL Global Fund
            [   ]-[ ] Bond Terms.

            [S&P means Standard and Poor's (Australia) Pty. Ltd.]

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

            SECURITISATION FUND means the Securitisation Fund established under
            the Master Trust Deed known as the SMHL Global Fund [   ]-[ ].

            SECURITY TRUST DEED means the Security Trust Deed for the
            Securitisation Fund.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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            SERVICING CRITERIA means the "servicing criteria" set forth in Item
            1122(d) of Regulation AB, as such may be amended from time to time.

            SMHL GLOBAL FUND [   ]-[ ] BOND TERMS means the Supplementary Bond
            Terms Notice dated on or about the date of this Supplementary Bond
            Terms Notice in respect of the Securitisation Fund and providing
            terms of issue for the Class A Notes and Class B Notes.

            SUBCONTRACTOR means any vendor, subcontractor or other entity that
            is not responsible for the overall servicing (as "servicing" is
            commonly understood by participants in the mortgage-backed
            securities market) of Loans but performs one or more discrete
            functions identified in Item 1122(d) of Regulation AB with respect
            to Loans or the Securitisation Fund under the direction or authority
            of the Trustee.

            TRUSTEE means Perpetual Limited, in its capacity as trustee of the
            Securitisation Fund.

      2.2   INCORPORATION OF MASTER TRUST DEED DEFINITIONS

            Subject to clause 2.1, each term or expression used herein that is
            defined in the Master Trust Deed (as amended by the SMHL Global Fund
            [   ]-[ ] Bond Terms) and is not defined herein shall have the same
            meaning herein unless the context otherwise requires or unless
            otherwise defined herein.

      2.3   INTERPRETATION

            The provisions of clause 1.2 of the Master Trust Deed shall be
            incorporated, mutatis mutandis, into this Supplementary Bond Terms
            Notice, except that references to the SMHL Global Fund [   ]-[ ]
            Bond Terms are to the SMHL Global Fund [   ]-[ ] Bond Terms as at
            the Issue Date.

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3     INTEREST ON THE LIQUIDITY NOTE

      3.1   INTEREST

            Each Liquidity Note bears interest calculated, and payable in
            arrears, in accordance with this clause 3 and clause 7 until the
            Final Maturity Date or the date on which the Outstanding Principal
            Balance of the Liquidity Note is reduced to zero (whichever is the
            earlier).

      3.2   CALCULATION OF INTEREST

            Interest on each Liquidity Note is calculated for each Interest
            Period:

            (a)   on the daily Outstanding Principal Balance of the Liquidity
                  Note during that Interest Period;

            (b)   at the Interest Rate for the Liquidity Note for that Interest
                  Period; and

            (c)   on the actual number of days in that Interest Period and
                  assuming a year of 365 days.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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      3.3   PAYMENT OF INTEREST

            On each relevant Payment Date, the Manager must direct the Trustee
            to pay, and the Trustee must, subject to clause 7, pay the Interest
            Amount for each Liquidity Note for the Interest Period to which that
            relevant Payment Date relates.

--------------------------------------------------------------------------------
4     PAYMENT OF PRINCIPAL ON THE NOTES

      4.1   FINAL MATURITY DATE

            The Outstanding Principal Balance of each Liquidity Note must,
            subject to clause 7, be repaid in full on the Final Maturity Date.

      4.2   REDUCTION IN PRINCIPAL BALANCE

            On each relevant Payment Date, the Trustee must (at the direction of
            the Manager) comply with clause 5.5 of the SMHL Global Fund
            [    ]-[ ] Bond Terms and each repayment of principal of the
            Liquidity Notes must be applied as between each Liquidity Note as
            the Manager may from time to time determine until the Outstanding
            Principal Balance for each Liquidity Note is reduced to zero. Each
            payment of principal in respect of a Liquidity Note under this
            Supplementary Bond Terms Notice reduces the Outstanding Principal
            Balance of the Liquidity Note by the amount of that payment. The
            Trustee has no obligation to make any payment under this clause 4 in
            respect of the Liquidity Notes in excess of the Outstanding
            Principal Balance of the Liquidity Notes immediately prior to that
            payment being made.

      4.3   CANCELLATION ON REPAYMENT

            Upon the reduction of the Outstanding Principal Balance of the
            Liquidity Notes to zero by repayment of principal in accordance with
            this Supplementary Bond Terms Notice and payment of all the Interest
            Amounts in relation to that Liquidity Bond, the Liquidity Note is
            cancelled.

--------------------------------------------------------------------------------
5     NOTES CALLABLE AT OPTION OF TRUSTEE

      If the Trustee declares a date to be the Final Maturity Date of the Notes
      issued pursuant to the SMHL Global Fund [   ]-[ ] Bond Terms in accordance
      with the SMHL Global Fund [   ]-[ ] Bond Terms, the Trustee must declare,
      and the Manager must direct the Trustee to declare, by giving not less
      than 5 Banking Days notice to the Liquidity Noteholder, that same date to
      be the Final Maturity Date for the Liquidity Notes.

--------------------------------------------------------------------------------
6     CASH COLLATERAL

      The Trustee and Manager must:

            (a)   comply with the terms of clause 5 of the SMHL Global Fund
                  [   ]-[ ] Bond Terms; and

            (b)   not make any variation or amendment to the SMHL Global Fund
                  [   ]-[ ] Bond Terms without the consent of the Liquidity
                  Noteholder.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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7     DISTRIBUTION OF COLLECTIONS

      7.1   DISTRIBUTION OF COLLECTIONS

            Subject to the terms of the Security Trust Deed, on each relevant
            Payment Date, the Trustee must apply the Interest Collections and
            the Principal Collections for the relevant Calculation Period in
            accordance with the SMHL Global Fund [   ]-[ ] Bond Terms.

      7.2   RIGHTS FOR REPAYMENT OF PRINCIPAL

            The rights of the Liquidity Noteholder to receive payment of or
            towards the Outstanding Principal Balance are subject to clause 6.3
            of the SMHL Global Fund [   ]-[ ] Bond Terms.

--------------------------------------------------------------------------------
8     NOTIFICATIONS OF CALCULATIONS ETC

      The Manager must, not later than two Banking Days before each relevant
      Payment Date advise the Trustee in writing of the Outstanding Principal
      Balance of all Liquidity Notes following the making of all payments to be
      made on that relevant Payment Date in accordance with the SMHL Global Fund
      [   ]-[ ] Bond Terms and this Supplementary Bond Terms Notice.

--------------------------------------------------------------------------------
9     NOTICE TO NOTEHOLDERS

            (a)   (NOTICES): The Manager shall from time to time advise the
                  Liquidity Noteholder of the Interest Amount, Principal
                  Entitlement and Outstanding Principal Balance on the Liquidity
                  Notes.

            (b)   (METHOD OF NOTICES): A notice to the Liquidity Noteholder
                  pursuant to clause 9(a) must be given in writing sent to the
                  address or facsimile number of the Liquidity Noteholder then
                  appearing in the Register.

            (c)   (NON-RECEIPT): The Manager shall not be liable for the
                  accidental omission to give to, or the non-receipt or late
                  receipt by, the Liquidity Noteholder of a notice pursuant to
                  this clause 9.

--------------------------------------------------------------------------------
10    RESTRICTION ON TRANSFER

      For the purposes of clause 8.1 of the Master Trust Deed the Liquidity
      Noteholder may not transfer any Liquidity Note without the prior written
      consent of the trustee for the time being of the Fund on whose behalf it
      holds Liquidity Notes, the Security Trustee and provided the Manager has
      received from each Designated Rating Agency a confirmation that there will
      be no adverse change to the rating of the Notes.

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
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11    RATING AGENCY REQUIREMENTS

      11.1  DESIGNATED RATING AGENCIES

            The Designated Rating Agencies for the Liquidity Notes are Moody's,
            S&P and Fitch Ratings.

      11.2  DESIGNATED RATINGS

            The Liquidity Notes are not rated and have no Designated Rating.

      11.3  INVESTMENT OF FUND

            The Trustee and the Manager must comply with the SMHL Global Fund
            [   ]-[ ] Bond Terms insofar as they relate to:

            (a)   the investment of the Assets of the Fund in Authorised
                  Investments; and

            (b)   the exercise of their respective powers under the Master Trust
                  Deed with respect to the setting of the rate of interest
                  payable on or in respect of Loans secured by Mortgages
                  comprised in the Assets of the Fund.

--------------------------------------------------------------------------------
12    MISCELLANEOUS

      12.1  BANKING DAY

            Where any determination, date, payment, matter or thing falls under
            this Supplementary Bond Terms Notice on a day which is not a Banking
            Day, then such determination, date, payment, matter or thing shall
            be done or extended to the first Banking Day thereafter.

      12.2  PROVISIONS OF THE MASTER TRUST DEED TO APPLY OTHER THAN AS SET OUT
            HEREIN

            Other than as expressly set out herein, or inconsistent with this
            Supplementary Bond Terms Notice, but subject to clause 12.3, the
            provisions of the Master Trust Deed shall apply to all Notes and to
            all Noteholders.

      12.3  LIMITATION OF LIABILITY

            Without derogating from the generality of clause 12.2 nothing in
            this Supplementary Bond Terms Notice shall, nor shall it be
            construed as, limiting or in any way affecting the full operation of
            clause 26 of the Master Trust Deed.

      12.4  KNOW YOUR CUSTOMER

            Subject to any confidentiality, privacy or general trust law
            obligations owed by the Trustee 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

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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            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
            12.4 agrees to utilize such information and documents solely for the
            purpose of complying with applicable anti-money laundering or
            counter-terrorism financing laws.

      12.5  COMPLIANCE WITH REGULATION AB

            In relation to compliance with Regulation AB:

            (a)   the Manager and the Trustee acknowledge and agree that the
                  purpose of this clause 12.5 is to facilitate compliance by the
                  Trustee 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 Trustee;

            (b)   the 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 Manager shall not request the
                  delivery of information or other performance under this clause
                  12.5 unless the Manager is required under the Exchange Act to
                  file an annual report on Form 10-K with respect to the
                  Securitisation Fund. The Manager and the Trustee acknowledge
                  that interpretations of the requirements of Regulation AB may
                  change over time, whether due to interpretive guidance
                  provided by the Commission or its staff, consensus among
                  participants in the asset-backed securities markets, advice of
                  counsel, or otherwise, and agrees to comply with requests made
                  by the 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 Manager and
                  the Trustee do not agree with respect to an interpretation of
                  Regulation AB, the Manager and the Trustee 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 Manager and the Trustee, addressed to the Manager and
                  the Trustee, 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 Manager and the
                  Trustee. In relation to the Securitisation Fund, the Trustee
                  shall cooperate fully with the Manager to deliver to the
                  Manager (including any of its assignees or designees), any and
                  all statements, reports, certifications, records and any other
                  information within the control of the Trustee or for which the
                  Trustee is responsible necessary in the good faith
                  determination of the Manager to permit the Manager to comply
                  with the provisions of Regulation AB, together with such
                  disclosures relating to the Manager, the Trustee, any
                  Subcontractor of the Trustee, 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 Manager
                  to be necessary in order to effect such compliance;

--------------------------------------------------------------------------------
                                                                         page 81
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

            (c)   the Manager (including any of its assignees or designees)
                  shall cooperate with the Trustee by providing timely notice of
                  requests for information under these provisions following the
                  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 Manager's reasonable judgment, to comply with Regulation
                  AB;

            (d)   the Trustee acknowledges and agrees that, to the extent the
                  Manager reasonably determines, upon consultation with, and to
                  the extent agreed with, the Trustee, that the Trustee is
                  "participating in the servicing function" in relation to the
                  Securitisation Fund within the meaning of Item 1122 of
                  Regulation AB, the Trustee will comply with the applicable
                  requirements contained in clause 12.5(e) - (i); provided that,
                  to the extent the Manager and the Trustee do not agree whether
                  the Trustee 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
                  Manager and the Trustee 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 Manager
                  and the Trustee, addressed to the Manager and the Trustee,
                  stating whether, in the opinion of such counsel, the Trustee
                  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
                  Manager and the Trustee;

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

                  (1)   deliver to the Manager a report (in form and substance
                        reasonably satisfactory to the Manager) regarding the
                        Trustee'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 Manager and signed by
                        an authorized officer of the Trustee, and shall address
                        each of the Servicing Criteria specified on a
                        certification substantially in the form of Schedule A
                        hereto and addressing, at a minimum, the criteria
                        identified in Schedule B hereto as "Applicable Servicing
                        Criteria", but only with respect to such of the
                        Servicing Criteria that the Trustee performs;

                  (2)   deliver to the Manager a report of a registered public
                        accounting firm reasonably acceptable to the Manager
                        that attests to, and reports on, the assessment of
                        compliance made by the Trustee 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 Trustee (if any)
                        determined by the Trustee pursuant to clause 12.5(f) to
                        be "participating in the servicing function" within the
                        meaning of Item 1122 of Regulation AB, to deliver to the
                        Manager an assessment of compliance and accountants'
                        attestation as and when provided in clause 12.5(e)(1)

--------------------------------------------------------------------------------
                                                                         page 82
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Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        and (2), but only with respect to such of the Servicing
                        Criteria that such Subcontractor of the Trustee
                        performs;

                  An assessment of compliance provided by a Subcontractor of the
                  Trustee pursuant to clause 12.5(e)(3) need not address any
                  elements of the Servicing Criteria other than those specified
                  by the Trustee pursuant to clause 12.5(f), and need only
                  address such of the Servicing Criteria that such Subcontractor
                  performs;;

            (f)   in relation to the use of Subcontractors:

                  (1)   the Trustee shall promptly upon the reasonable request
                        of the Manager provide to the Manager (or any designee
                        of the Manager) a written description (in form and
                        substance satisfactory to the Manager) of the role and
                        function of each Subcontractor utilized by the Trustee,
                        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
                              12.5(f)(1)(B);

                  (2)   as a condition to the utilization of any Subcontractor
                        determined to be "participating in the servicing
                        function" within the meaning of Item 1122 of Regulation
                        AB, (i) the Trustee shall cause any such Subcontractor
                        used by the Trustee for the benefit of the Manager to
                        comply with the provisions of clauses 12.5(e) - (i),
                        12.6 and 12.7 of this Supplementary Bond Terms Notice to
                        the same extent as if such Subcontractor were the
                        Trustee (provided that in the case of a Subcontractor of
                        the Trustee, the obligations of such Subcontractor under
                        clause 12.5(g) will be owed directly to the Manager and
                        the Trustee will do all things reasonably necessary to
                        cause the Subcontractor to owe such obligations directly
                        to the Manager) and (ii) the Trustee shall obtain the
                        written consent of the Manager (which is not to be
                        unreasonably withheld or delayed) to the utilization of
                        such Subcontractor. The Trustee shall be responsible for
                        obtaining from each Subcontractor and delivering to the
                        Manager any assessment of compliance and accountants'
                        attestation required to be delivered by such
                        Subcontractor under clause 12.5(e) - (i), in each case
                        as and when required to be delivered;

            (g)   the Trustee shall indemnify the Manager, and shall hold the
                  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
                        12.5 by or on behalf of the Trustee, or provided under

--------------------------------------------------------------------------------
                                                                         page 83
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        this clause 12.5 by or on behalf of any Subcontractor of
                        the Trustee (collectively, the "Trustee 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 Trustee will indemnify and
                        hold harmless the Manager only to the extent of the sum
                        that the Trustee recovers from the accounting firm
                        providing such accountant's letter (which recovery the
                        Trustee must if the Trustee in good faith determines the
                        Trustee 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 Trustee will not indemnify and hold harmless
                        the Manager to the extent that the untrue statement of a
                        material fact contained or alleged to be contained in
                        the Trustee Information relates to information provided
                        to the Trustee by the Manager or any other party to
                        enable the Trustee to complete its duties under the
                        Transaction Documents; or

                  (2)   the omission or alleged omission to state in the Trustee
                        Information a material fact required to be stated in the
                        Trustee 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 12.5(g)(2) shall
                        be construed solely by reference to the Trustee
                        Information and not to any other information
                        communicated in connection with a sale or purchase of
                        securities, without regard to whether the Trustee
                        Information or any portion thereof is presented together
                        with or separately from such other information;
                        provided, further, that in the case of the omission or
                        alleged omission to state in an accountant's letter a
                        material fact required to be stated in the accountant's
                        letter or necessary in order to make the statements
                        therein, in the light of the circumstances under which
                        they were made, not misleading, the Trustee will
                        indemnify and hold harmless the Manager only to the
                        extent of the sum that the Trustee recovers from the
                        accounting firm providing such accountant's letter
                        (which recovery the Trustee must if the Trustee in good
                        faith determines the Trustee 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 Trustee will not indemnify
                        and hold harmless the Manager to the extent that the
                        omission or alleged omission to state in the Trustee
                        Information a material fact required to be stated in the
                        Trustee 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 Trustee by the Manager or
                        any other party to enable the Trustee to complete its
                        duties under the Transaction Documents; or

                  (3)   any failure by the Trustee or any Subcontractor of the
                        Trustee to deliver any information, report,
                        certification, accountants' letter or other material
                        when and as required under this clause 12.5, including
                        any failure by the Trustee to disclose any
                        non-compliance with any of the Servicing Criteria in a
                        certification or

--------------------------------------------------------------------------------
                                                                         page 84
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                        to identify pursuant to clause 12.5(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
                        12.5(g)(3), the Trustee shall promptly reimburse the
                        Manager, for all costs reasonably incurred by the
                        Manager in order to obtain the information, report,
                        certification, accountants' letter or other material not
                        delivered as required by the Trustee or any
                        Subcontractor of the Trustee;

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

                  (1)   deliver any information, report, certification,
                        accountants' letter or other material when and as
                        required under this clause 12.5, shall, except as
                        provided in clause 12.5(h)(2), immediately and
                        automatically, without notice or grace period, entitle
                        the Manager, in its sole discretion:

                        (A)   to remove the Trustee or direct the Trustee to
                              remove the Subcontractor of the Trustee from the
                              performance of any activities which the 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 Trustee,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Trustee; 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 Trustee, such provision shall
                              be given effect;

                  (2)   deliver any information, report, certification or
                        accountants' letter when and as required under clause
                        12.5(e) - (i) or (except as provided below) any failure
                        by the Trustee to identify pursuant to clause 12.5(f)
                        any Subcontractor of the Trustee "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 Manager, in
                        its sole discretion:

                        (A)   to remove the Trustee or direct the Trustee to
                              remove the Subcontractor of the Trustee from the
                              performance of any activities which the 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 Trustee or any
                              Subcontractor of the Trustee, at the expense of
                              the Trustee, without payment (notwithstanding
                              anything in the Transaction Documents to the
                              contrary) of any compensation to the Trustee;

--------------------------------------------------------------------------------
                                                                         page 85
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                              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 Trustee, such
                              provision shall be given effect; and

            (i)   the Trustee shall promptly reimburse the Manager (or any
                  designee of the Manager), for all reasonable expenses incurred
                  by the Manager (or such designee), as such are incurred, in
                  connection with the termination of the Trustee and the
                  transfer of servicing activities within the meaning of Item
                  1122 of Regulation AB to a successor. The provisions of this
                  clause 12.5(i) shall not limit whatever rights the 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.

      12.6  DIRECTION OF CLAIMS BY THE MANAGER

            (a)   If the Trustee is entitled to recover from the accounting firm
                  providing the accountant's letter referred to in clause
                  12.5(g) by any action, proceeding, claim or demand ((for the
                  purpose of this clause 12.6, a Claim), the Trustee must if the
                  Trustee in good faith determines that it is entitled to do so
                  after taking professional advice pursue such Claim and must
                  promptly notify the Manager in writing of such Claim.

            (b)   Upon notice to the Manager of any such Claim under clause
                  12.6(a), the Manager will have the option to assume the
                  direction of that Claim (including the employment of legal
                  advisers selected by the Trustee but approved by the Manager
                  subject to the payment by the Trustee of all fees and
                  expenses).

            (c)   If the Trustee receives notice from the Manager of its
                  election to direct the Claim and the Manager approves the
                  legal advisers selected by the Trustee for the purposes of
                  that Claim, the Trustee will not be liable to the Manager
                  under this clause 12.6 for any fees or expenses subsequently
                  incurred by the Manager in connection with the Claim unless
                  the Trustee does not employ legal advisers approved by or on
                  behalf of the Manager to represent the Manager within a
                  reasonable time after notice of the Claim.

      12.7  DIRECTION OF DEFENCE OF CLAIMS

            (a)   If any action, proceeding, claim or demand brought against the
                  Manager in connection with (i) any untrue statement of a
                  material fact contained or alleged to be contained in the
                  Trustee Information referred to in clause 12.5(g) or (ii) the
                  omission or alleged omission to state in the Trustee
                  Information a material fact required to be stated in the
                  Trustee 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 12.7, a Claim), the Trustee will have the option to
                  assume the direction of that Claim (including the employment
                  of legal advisers selected by the Trustee but approved by the
                  Manager subject to the payment by the Trustee of all fees and
                  expenses).

            (b)   If the Trustee notifies the Manager in writing of its election
                  to direct the defence of a Claim brought against the Trustee
                  and the Manager approves

--------------------------------------------------------------------------------
                                                                         page 86
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

                  the legal advisers selected by the Trustee for the purposes of
                  the defence of that Claim, the Trustee will not be liable to
                  the Manager under this clause 12.7 for any fees or expenses
                  subsequently incurred by the Manager in connection with the
                  Claim against the Trustee unless the Trustee does not employ
                  legal advisers approved by or on behalf of the Manager to
                  represent the Trustee within a reasonable time after notice of
                  the Claim.

            (c)   If any Claim brought against the Trustee is settled with
                  respect to the Trustee with the consent of the Manager or if
                  there is a final judgement against the Trustee in relation to
                  it, the Trustee agrees to indemnify and hold harmless the
                  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 Trustee is not liable for
                  them under clause 12.7(b), or any fees and expenses incurred
                  in connection with any Claim brought against the Trustee that
                  is settled with respect to the Trustee or compromised by the
                  Trustee without the consent of the Manager (unless the Manager
                  has unreasonably withheld its consent)).

--------------------------------------------------------------------------------
13    FINANCIAL DEFAULT

      For the purposes of the Securitisation Fund and all Transaction Documents
      relating to the Securitisation Fund, any failure by the Trustee to pay all
      or part of any Interest Amount on any relevant Payment Date other than the
      Final Maturity Date does not constitute a Financial Default or an Event of
      Default for the purposes of the Security Trust Deed.

--------------------------------------------------------------------------------
14    ATTORNEY

      The attorney executing this notice states that he or she has no notice of,
      alteration to, or revocation or suspension of, the power of attorney
      appointing that attorney.

DATED:   [             ]

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

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

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

--------------------------------------------------------------------------------
                                                                         page 87
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

--------------------------------------------------------------------------------
SCHEDULE A - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB SERVICING
CRITERIA

ME Portfolio Management Limited
Level 16
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 [   ]-[ ]) 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 [   ]-[ ] 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 [   ]-[ ] (the "APPLICABLE SERVICING CRITERIA"). This
assessment of compliance is provided in relation to SMHL Global Fund [   ]-[ ].

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 [   ]-[ ].

[____________], 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]

nDate:    __________________

By:

Name:    __________________

Title:   __________________

--------------------------------------------------------------------------------
                                                                         page 88
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

--------------------------------------------------------------------------------
SCHEDULE B - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
Reference                       Criteria
-----------------------------------------------------------------------------------------------------------------------------------
                                General Servicing Considerations
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 89
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                the transaction agreements. For purposes of this criterion, "federally
                                insured depository institution" with respect to a foreign financial
                                institution means a foreign financial institution that meets the
                                requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi)                  Unissued checks are safeguarded so as to prevent unauthorized access.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii)                 Reconciliations are prepared on a monthly basis for all asset-backed
                                securities related bank accounts, including custodial accounts and
                                related bank clearing accounts. These reconciliations are (A)
                                mathematically accurate; (B) prepared within 30 calendar days after the
                                bank statement cutoff date, or such other number of days specified in the
                                transaction agreements; (C) reviewed and approved by someone other than
                                the person who prepared the reconciliation; and (D) contain explanations
                                for reconciling items. These reconciling items are resolved within 90
                                calendar days of their original identification, or such other number of
                                days specified in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
                                Investor Remittances and Reporting
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i)                   Reports to investors, including those to be filed with the Commission,
                                are maintained in accordance with the transaction agreements and
                                applicable Commission requirements. Specifically, such reports (A) are
                                prepared in accordance with timeframes and other terms set forth in the
                                transaction agreements; (B) provide information calculated in accordance
                                with the terms specified in the transaction agreements; (C) are filed
                                with the Commission as required by its rules and regulations; and (D)
                                agree with investors' or the trustee's records as to the total unpaid
                                principal balance and number of mortgage loans serviced by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii)                  Amounts due to investors are allocated and remitted in accordance with
                                timeframes, distribution priority and other terms set forth in the
                                transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iii)                 Disbursements made to an investor are posted within two business days to
                                the Servicer's investor records, or such other number of days specified
                                in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iv)                  Amounts remitted to investors per the investor reports agree with
                                cancelled checks, or other form of payment,
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 90
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                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.
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 91
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                (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) 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 92
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

--------------------------------------------------------------------------------
SCHEDULE 2 - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB SERVICING
CRITERIA

ME Portfolio Management Limited
Level 16
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 [   ]-[ ]) 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 [   ]-[ ] 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 [   ]-[ ] (the "APPLICABLE SERVICING CRITERIA"). This
assessment of compliance is provided in relation to SMHL Global Fund [   ]-[ ].

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 [   ]-[ ].

[____________], 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 93
<PAGE>
Supplementary Bond Terms Notice: SMHL Global Fund [   ]-[ ] - Class A and Class
B Notes

--------------------------------------------------------------------------------
SCHEDULE 3 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
Reference                       Criteria
-----------------------------------------------------------------------------------------------------------------------------------
                                General Servicing Considerations
-----------------------------------------------------------------------------------------------------------------------------------
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>

--------------------------------------------------------------------------------
                                                                         page 94
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                transaction agreements. For purposes of this criterion, "federally insured
                                depository institution" with respect to a foreign financial institution
                                means a foreign financial institution that meets the requirements of
                                Rule 13k-1(b)(1) of the Securities Exchange Act.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi)                  Unissued checks are safeguarded so as to prevent unauthorized access.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii)                 Reconciliations are prepared on a monthly basis for all asset-backed
                                securities related bank accounts, including custodial accounts and
                                related bank clearing accounts. These reconciliations are (A)
                                mathematically accurate; (B) prepared within 30 calendar days after the
                                bank statement cutoff date, or such other number of days specified in the
                                transaction agreements; (C) reviewed and approved by someone other than
                                the person who prepared the reconciliation; and (D) contain explanations
                                for reconciling items. These reconciling items are resolved within 90
                                calendar days of their original identification, or such other number of
                                days specified in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
                                Investor Remittances and Reporting
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i)                   Reports to investors, including those to be filed with the Commission,
                                are maintained in accordance with the transaction agreements and
                                applicable Commission requirements. Specifically, such reports (A) are
                                prepared in accordance with timeframes and other terms set forth in the
                                transaction agreements; (B) provide information calculated in accordance
                                with the terms specified in the transaction agreements; (C) are filed
                                with the Commission as required by its rules and regulations; and (D)
                                agree with investors' or the trustee's records as to the total unpaid
                                principal balance and number of mortgage loans serviced by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii)                  Amounts due to investors are allocated and remitted in accordance with
                                timeframes, distribution priority and other terms set forth in the
                                transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iii)                 Disbursements made to an investor are posted within two business days to
                                the Servicer's investor records, or such other number of days specified
                                in the transaction agreements.
-----------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iv)                  Amounts remitted to investors per the investor reports agree with
                                cancelled checks, or other form of payment,
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 95
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                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.
-----------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 96
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                                          APPLICABLE
                                                                                                            SERVICING
                                                                                                            CRITERIA
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                                         <C>
                                (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) 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 97

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