Document:

Exhibit 10.12
                                       Form of Redraw Funding Facility Agreement

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Perpetual Limited
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ME Portfolio Management Limited
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REDRAW FUNDING
FACILITY AGREEMENT FOR
THE ISSUE AND
REPAYMENT OF NOTES -
SMHL GLOBAL FUND
[   ]-[ ]

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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TABLE OF CONTENTS

Clause                                                                      Page

1     DEFINITIONS AND INTERPRETATION                                           1

      1.1      Definitions                                                     1
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      1.2      Interpretation                                                  5
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      1.3      Business Day                                                    7
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      1.4      Transaction Document                                            7

2     THE NOTES                                                                7

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

3     REDRAW FACILITIES                                                        9

      3.1      Purpose                                                         9
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      3.2      Loan Redraws                                                    9

4     FUNDING PROCEDURES                                                       9

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

5     LOAN FACILITY                                                           10

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

6     PAYMENTS                                                                13

      6.1      Manner of payments                                             13
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      6.2      Payments on a Business Day                                     13
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      6.3      Appropriation of payments                                      13
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      6.4      Payments in gross                                              13
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      6.5      Taxation deduction procedures                                  13
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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      6.6      Amounts payable on demand                                      14

7     REPRESENTATIONS AND WARRANTIES                                          14

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

8     UNDERTAKINGS                                                            16

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

9     EVENTS OF DEFAULT                                                       23

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

10    INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION                        24

      10.1     Increased costs                                                24
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      10.2     Illegality                                                     25

11    TRUSTEE LIMITATION OF LIABILITY PROTECTION                              25

      11.1     Limitation of Liability - Issuer                               25
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      11.2     Limitation of Liability - Note Holder                          26
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      11.3     Wilful Default of the Issuer and the Note Holder               27

12    INDEMNITIES                                                             28

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

13    TAX, COSTS AND EXPENSES                                                 30

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

14    INTEREST ON OVERDUE AMOUNTS                                             31

      14.1     Payment of interest                                            31

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      14.2     Accrual of interest                                            31
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      14.3     Rate of interest                                               32

15    ASSIGNMENT                                                              32

      15.1     Assignment by Transaction Party                                32
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      15.2     Assignment by Note Holder and OF Manager                       32
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      15.3     Assist transfer or assignment                                  32
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      15.4     Participation permitted                                        32
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      15.5     Lending Office                                                 32
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      15.6     Disclosure                                                     32
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      15.7     No increase in costs                                           33

16    GENERAL                                                                 33

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

SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)                                      37

SCHEDULE 2 - CONDITIONS                                                       38

SCHEDULE 3 - FACILITY PROVIDER FUNDING NOTICE (CLAUSE 4.4)                    42

SCHEDULE 4 - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
SERVICING CRITERIA                                                            43

SCHEDULE 5 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
COMPLIANCE                                                                    44

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                                                                        Page iii
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      DATE [        ]

      PARTIES

      PERPETUAL LIMITED ABN 86 000 431 827 of Level 12, 123 Pitt Street, Sydney,
      New South Wales 2000 in its capacity as trustee of the Securitisation Fund
      (as hereinafter defined) (ISSUER)

      PERPETUAL LIMITED ABN 86 000 431 827 of Level 12, 123 Pitt Street, Sydney,
      New South Wales 2000 in its capacity as trustee of the Origination Fund
      (as hereinafter defined) (NOTE HOLDER)

      ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134 of Level 16, 360
      Collins Street, Melbourne, Victoria 3000 in its capacity as manager of the
      Securitisation Fund (SF MANAGER)

      ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134 of Level 16, 360
      Collins Street, Melbourne, Victoria 3000 in its capacity as manager of the
      Origination Fund (OF MANAGER)

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      RECITALS

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

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

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

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

      THE PARTIES AGREE

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

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1     DEFINITIONS AND INTERPRETATION

      1.1   DEFINITIONS

            In this agreement, unless the context otherwise requires:

            ATTORNEY means an attorney appointed under a Material Document;

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                                                                          Page 1
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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

            BASE RATE means in respect of a Funding Portion and a Payment
            Period:

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

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

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

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

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

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

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

            BUSINESS DAY has the meaning given to it by the Supplementary Bond
            Terms;

            CARD AND CHEQUE FACILITIES means any Card Facility and any Cheque
            and Direct Entry Facility;

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

            CHEQUE AND DIRECT ENTRY FACILITY means any facility in force in
            respect of the Origination Fund relating to the provision of either
            or both of direct entry facilities and cheque facilities;

            CLASS A NOTES has the meaning given to it by the Supplementary Bond
            Terms;

            CLASS B NOTES has the meaning given to it by the Supplementary Bond
            Terms;

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

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

            DESIGNATED RATING AGENCY has the meaning given to it in the Master
            Trust Deed;

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

            DRAWDOWN NOTICE means a Funding Notice or a Facility Provider
            Funding Notice;

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

            EXCHANGE ACT has the meaning given to it by the Supplementary Bond
            Terms;

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

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

            FACILITY PROVIDER means the provider of any of the Card and Cheque
            Facilities;

            FACILITY PROVIDER FUNDING NOTICE means a notice given, or to be
            given, under clauses 4.3 and 4.4;

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

            FUNDING NOTICE means a notice given, or to be given, under clauses
            4.1 and 4.2;

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

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

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

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

            INTEREST COLLECTIONS has the meaning given to it by the
            Supplementary Bond Terms;

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

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

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

            MATERIAL DOCUMENTS means:

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

            (b)   the Security Trust Deed; and

            (c)   the Supplementary Bond Terms;

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

            NOTE means a note issued under clauses 2 and 4;

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

            OFFICER means:

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

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

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

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

            (a)   are present or future;

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

            (c)   are at any time ascertained or unascertained;

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

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

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

            (g)   comprise any combination of the above;

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

            PAYMENT DATE has the meaning given to it under the Supplementary
            Bond Terms;

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

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

            PRINCIPAL COLLECTIONS has the meaning given to it by the
            Supplementary Bond Terms;

            PRINCIPAL OUTSTANDING means at any time the aggregate principal
            amount of all outstanding Funding Portions at that time;

            REDRAW AMOUNT has the same meaning as in clause 3.2(a);

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

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

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

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

            SAME DAY FUNDS means bank cheque or other immediately available
            funds;

            SECURED CREDITORS has the meaning given to it in the Security Trust
            Deed;

            SECURITISATION FUND means the Securitisation Fund constituted under
            the Master Trust Deed known as SMHL Global Fund [    ]-[ ];

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

            SUPPLEMENTARY BOND TERMS means the Supplementary Bond Terms Notice
            in respect of the Securitisation Fund and providing the terms of
            issue of Class A Notes and Class B Notes;

            TAX means:

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

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

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

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

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

            TRANSACTION PARTY means:

            (a)   the Issuer; or

            (b)   the SF Manager.

      1.2   INTERPRETATION

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

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

            (b)   words importing a gender include any gender;

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                  (1)   which ceases to exist; or

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

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

      1.3   BUSINESS DAY

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

      1.4   TRANSACTION DOCUMENT

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

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2     THE NOTES

      2.1   APPLICATION FOR AND ISSUE OF NOTES

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

                  (1)   directing a Note be issued from SMHL Global Fund
                        [   ]-[ ];

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

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

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

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

                  (1)   directing a Note be issued from SMHL Global Fund
                        [   ]-[ ];

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

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

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

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

      2.2   ACKNOWLEDGMENT OF INDEBTEDNESS

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

      2.3   OBLIGATIONS UNDER NOTES

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

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

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

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

      2.4   OWNERSHIP OF NOTES

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

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

      2.5   REGISTER

            The Issuer must:

            (a)   establish and maintain the Register;

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

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

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

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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3     REDRAW FACILITIES

      3.1   PURPOSE

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

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

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

      3.2   LOAN REDRAWS

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

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

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

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4     FUNDING PROCEDURES

      4.1   DELIVERY OF FUNDING NOTICE

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

      4.2   REQUIREMENTS FOR A FUNDING NOTICE

            A Funding Notice:

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

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

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

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      4.3   DELIVERY OF FACILITY PROVIDER FUNDING NOTICE

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

      4.4   REQUIREMENTS FOR A FACILITY PROVIDER FUNDING NOTICE

            A Facility Provider Funding Notice:

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

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

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

      4.5   COPY OF THE FUNDING NOTICE

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

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

      4.6   IRREVOCABILITY OF DRAWDOWN NOTICE

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

      4.7   NOTIFICATION OF FUNDING RATE

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

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

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5     LOAN FACILITY

      5.1   PROVISION OF FUNDING PORTIONS

            (a)   If the SF Manager gives a Funding Notice in accordance with
                  clause 4, then, subject to this agreement (including, without
                  limitation, clause 11), the Note Holder must, and the OF
                  Manager must cause the Note Holder to,

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                  provide the relevant Funding Portion under the Facility as
                  payment for the relevant Note in Same Day Funds in Dollars not
                  later than 12 noon (Melbourne time) on the specified Funding
                  Date and in accordance with that Funding Notice.

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

      5.2   REPAYMENT

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

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

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

      5.3   REPAYMENT OF OUTSTANDING MONEYS

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

                  (1)   in full on the Termination Date; and

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

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

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

      5.4   INTEREST

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

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

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

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

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

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

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

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

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

      5.5   ORDER OF REPAYMENT

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

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

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

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6     PAYMENTS

      6.1   MANNER OF PAYMENTS

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

            (a)   in Same Day Funds;

            (b)   in Dollars; and

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

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

      6.2   PAYMENTS ON A BUSINESS DAY

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

      6.3   APPROPRIATION OF PAYMENTS

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

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

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

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

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

      6.4   PAYMENTS IN GROSS

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

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

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

      6.5   TAXATION DEDUCTION PROCEDURES

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

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

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

      6.6   AMOUNTS PAYABLE ON DEMAND

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

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7     REPRESENTATIONS AND WARRANTIES

      7.1   BY THE ISSUER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      7.2   BY THE SF MANAGER

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

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

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

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

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

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

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

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

      7.3   SURVIVAL AND REPETITION OF REPRESENTATIONS AND WARRANTIES

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

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

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

      7.4   RELIANCE BY THE NOTE HOLDER AND OF MANAGER

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

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8     UNDERTAKINGS

      8.1   TERM OF UNDERTAKINGS

            Unless the OF Manager otherwise agrees in writing, until the
            Outstanding Moneys are fully and finally repaid the Issuer and the
            SF Manager must, at its own cost (but without prejudice to clause 11
            in the case of the Issuer), comply with the undertakings in this
            clause 8.

      8.2   COMPLIANCE WITH COVENANTS

            The Issuer must and the SF Manager must ensure that the Issuer does
            comply with all of its covenants and obligations under the Security
            Trust Deed and Supplementary Bond Terms.

      8.3   NOTIFY EVENTS OF DEFAULT

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

      8.4   KNOW YOUR CUSTOMER

            Subject to any confidentiality, privacy or general trust law
            obligations owed by the Issuer to Bondholders and any applicable
            confidentiality or privacy laws, except to the extent those
            obligations or laws are overridden by applicable anti-money
            laundering or counter-terrorism financing laws, each party hereto
            (INFORMATION PROVIDER) agrees to provide any information and
            documents reasonably required by another party hereto (INFORMATION
            RECEIVER) for the

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

      8.5   COMPLIANCE WITH REGULATION AB

            In relation to compliance with Regulation AB:

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

            (b)   the SF Manager shall not exercise its right to request
                  delivery of information or other performance under these
                  provisions other than as required to comply with the
                  Securities Act, the Exchange Act and the rules and regulations
                  of the Commission thereunder, including Regulation AB, with
                  respect to the Securitisation Fund. The SF Manager shall not
                  request the delivery of information or other performance under
                  this clause 8.5 unless the SF Manager is required under the
                  Exchange Act to file an annual report on Form 10-K with
                  respect to the Securitisation Fund. The SF Manager and the
                  Issuer acknowledge that interpretations of the requirements of
                  Regulation AB may change over time, whether due to
                  interpretive guidance provided by the Commission or its staff,
                  consensus among participants in the asset-backed securities
                  markets, advice of counsel, or otherwise, and agrees to comply
                  with requests made by the SF Manager in good faith for
                  delivery of information under these provisions on the basis of
                  evolving interpretations of Regulation AB; provided that, to
                  the extent the SF Manager and the Issuer do not agree with
                  respect to an interpretation of Regulation AB, the SF Manager
                  and the Issuer shall obtain a written opinion of counsel of
                  U.S. national reputation in the practice of U.S. federal
                  securities laws reasonably acceptable to the SF Manager and
                  the Issuer, addressed to the SF Manager and the Issuer,
                  stating the opinion of such counsel with respect to the
                  interpretation of the relevant provision(s) of Regulation AB;
                  provided, further, that the costs and fees of such counsel
                  incurred in the preparation of such written opinion shall be
                  divided equally between the SF Manager and the Issuer. In
                  relation to the Securitisation Fund, the Issuer shall
                  cooperate fully with the SF Manager to deliver to the SF
                  Manager (including any of its assignees or designees), any and
                  all statements, reports, certifications, records and any other
                  information within the control of the Issuer or for which the
                  Issuer is responsible necessary in the good faith
                  determination of the SF Manager to permit the SF Manager to
                  comply with the provisions of Regulation AB, together with
                  such disclosures relating to the SF Manager, the Issuer, any
                  Subcontractor of the Issuer, the Loans, the servicing of the
                  Loans or any other servicing activities within the meaning

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                  of Item 1122 of Regulation AB, reasonably believed by the SF
                  Manager to be necessary in order to effect such compliance;

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

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

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

                  (1)   deliver to the SF Manager a report (in form and
                        substance reasonably satisfactory to the SF Manager)
                        regarding the Issuer's assessment of compliance with the
                        Servicing Criteria during the immediately preceding
                        financial year ended June 30, as required under Rules
                        13a-18 and 15d-18 of the Exchange Act and Item 1122 of
                        Regulation AB. Such report shall be addressed to the SF
                        Manager and signed by an authorized officer of the
                        Issuer, and shall address each of the Servicing Criteria
                        specified on a certification substantially in the form
                        of Schedule 4 hereto and addressing, at a minimum, the
                        criteria identified in Schedule 5 hereto as "Applicable
                        Servicing Criteria", but only with respect to such of
                        the Servicing Criteria that the Issuer performs;

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

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

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

            (f)   in relation to the use of Subcontractors:

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

                        (A)   the identity of each such Subcontractor;

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

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

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

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

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

                  (2)   the omission or alleged omission to state in the Issuer
                        Information a material fact required to be stated in the
                        Issuer Information or necessary in order to make the
                        statements therein, in the light of the circumstances
                        under which they were made, not misleading; provided, by
                        way of clarification, that this clause 8.5(g)(2) shall
                        be construed solely by reference to the Issuer
                        Information and not to any other information
                        communicated in connection with a sale or purchase of
                        securities, without regard to whether the Issuer
                        Information or any portion thereof is presented together
                        with or separately from such other information;
                        provided, further, that in the case of the omission or
                        alleged omission to state in an accountant's letter a
                        material fact required to be stated in the accountant's
                        letter or necessary in order to make the statements
                        therein, in the light of the circumstances under which
                        they were made, not misleading, the Issuer will
                        indemnify and hold harmless the SF Manager only to the
                        extent of the sum that the Issuer recovers from the
                        accounting firm providing such accountant's letter
                        (which recovery the Issuer must if the Issuer in good
                        faith determines the Issuer is entitled to do so after
                        taking professional advice pursue including by taking
                        action in any relevant court of competent jurisdiction);
                        provided, further, that the Issuer will not indemnify
                        and hold harmless the SF Manager to the extent that the
                        omission or alleged omission to state in the Issuer
                        Information a material fact required to be stated in the
                        Issuer Information or necessary in order to make the
                        statements therein, in the light of the circumstances
                        under which they were made, not misleading, relates to
                        information provided to the Issuer by the SF Manager or
                        any other party to enable the Issuer to complete its
                        duties under the Transaction Documents; or

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

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

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

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

                        (B)   to replace such party with respect to such
                              activities, each at the expense of the Issuer,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Issuer; provided that to the
                              extent that any provision of the Transaction
                              Documents expressly provides for the survival of
                              certain rights or obligations following
                              termination of the Issuer, such provision shall be
                              given effect;

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

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

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

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

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

      8.6   DIRECTION OF CLAIMS BY THE SF MANAGER

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

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

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

      8.7   DIRECTION OF DEFENCE OF CLAIMS

            (a)   If any action, proceeding, claim or demand brought against the
                  SF Manager in connection with (i) any untrue statement of a
                  material fact contained or alleged to be contained in the
                  Issuer Information referred to in clause 8.5(g) or (ii) the
                  omission or alleged omission to state in the Issuer
                  Information a material fact required to be stated in the
                  Issuer Information or necessary in order to make the
                  statements therein, in the light of the circumstances under
                  which they were made, not misleading (for the

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                  purpose of this clause 8.7, a CLAIM), the Issuer will have the
                  option to assume the direction of that Claim (including the
                  employment of legal advisers selected by the Issuer but
                  approved by the SF Manager subject to the payment by the
                  Issuer of all fees and expenses).

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

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

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9     EVENTS OF DEFAULT

      9.1   EFFECT OF EVENT OF DEFAULT

            (a)   Upon or at any time after the occurrence of an Event of
                  Default the Note Holder or the OF Manager may by notice to the
                  Issuer and the SF Manager declare that the Outstanding Moneys
                  are immediately due and payable.

            (b)   The Issuer must and the SF Manager must cause the Issuer to
                  upon receipt of a notice under clause 9.1(a) immediately repay
                  in full the Outstanding Moneys to the Note Holder.

      9.2   ISSUER TO CONTINUE TO PERFORM

            (a)   If the Note Holder or OF Manager makes any declaration under
                  clause 9.1:

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

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

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

      9.3   ENFORCEMENT

            (a)   The Material Documents may be enforced without notice to or
                  consent by the Issuer or SF Manager or any other person even
                  if the Note Holder accepts any part of the Outstanding Moneys
                  after an Event of Default or there has been any other Event of
                  Default.

            (b)   Neither the Note Holder nor the OF Manager is liable to any
                  Transaction Party for any loss or damage a Transaction Party
                  may suffer, incur or be liable for arising out of or in
                  connection with the Note Holder or OF Manager exercising any
                  Power under any Material Document.

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10    INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION

      10.1  INCREASED COSTS

            If the OF Manager determines that the Note Holder is affected by any
            future, or any change in any present or future, law, regulation,
            order, treaty, official directive or request (with which, if not
            having the force of law, compliance is in accordance with the
            practice of responsible bankers and financial institutions in the
            jurisdiction concerned) including, but not limited to in respect of:

            (a)   any reserve, liquidity, capital adequacy, capital allocation,
                  special deposit or similar requirement; or

            (b)   Tax (other than Excluded Tax in respect of the Securitisation
                  Fund) on or in respect of payments made or to be made to the
                  Note Holder under a Material Document,

            or a present or future interpretation or administration of any of
            them by a Governmental Agency, and that, as a result:

            (c)   the effective cost to the Note Holder of making, funding or
                  maintaining the Facility or the Principal Outstanding or
                  performing any of its obligations under or in respect of the
                  Material Documents is in any way directly or indirectly
                  increased; or

            (d)   any amount paid or payable to, or received or receivable by,
                  the Note Holder or the effective return to the Note Holder
                  under the Material Documents is in any way directly reduced;
                  or

            (e)   the Note Holder is required to make any payment or forego any
                  interest or other return on or calculated by reference to:

                  (1)   any sum received or receivable by it under or in respect
                        of the Material Documents in an amount which the OF
                        Manager considers material; or

                  (2)   any capital or other amount which is or becomes directly
                        or indirectly allocated by the Note Holder to the
                        Principal Outstanding in an amount which the OF Manager
                        considers material; or

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            (f)   the Note Holder is restricted in its capacity to enter into,
                  or is prevented from entering into, any other transaction with
                  any consequence referred to in clause 10.1(c), 10.1(d) or
                  10.1(e) or with any other cost or loss of return to the Note
                  Holder,

            then, and in each such case:

            (g)   when it becomes aware of the relevant result and has
                  calculated or otherwise determined the relevant effects the
                  Note Holder must and the OF Manager must cause the Note Holder
                  to promptly notify each Transaction Party of such event; and

            (h)   the Issuer and the SF Manager have no obligation to pay any
                  amount to compensate the Note Holder for such increased cost,
                  reduction, payment or foregone interest or other loss of
                  return.

      10.2  ILLEGALITY

            If any event occurs (including, but not limited to, any change in,
            or the introduction, implementation, operation or taking effect of,
            any law, regulation, treaty, order or official directive, or in
            their interpretation or application by any Governmental Agency)
            which makes it unlawful, or impracticable for the Note Holder to
            make, fund or maintain the Principal Outstanding or for the Note
            Holder or OF Manager to perform its obligations under any Material
            Documents then:

            (a)   the obligations of the Note Holder and the OF Manager under
                  the Material Documents are immediately suspended for the
                  duration of such illegality or other effect; and

            (b)   the Note Holder and the OF Manager may, by notice to the
                  Issuer terminate its obligations under the Material Documents;
                  and

            (c)   if required by the applicable event, or its effect, or if
                  necessary to prevent or remedy a breach or to comply with any
                  applicable law, regulation, treaty, order or official
                  directive the Issuer must and the SF Manager must cause it to
                  immediately prepay to the Note Holder the Outstanding Moneys
                  of it in full or, if in the OF Manager's opinion delay in
                  prepayment does not compound such breach or affect such
                  compliance, at the end of at least the longer of 30 days and
                  the period ending on the next occurring relevant Payment Date
                  (or such lesser period if the applicable law, regulation,
                  treaty, order or official directive requires) upon prior
                  notice to that effect from the OF Manager.

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11    TRUSTEE LIMITATION OF LIABILITY PROTECTION

      11.1  LIMITATION OF LIABILITY - ISSUER

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

            (b)   The Issuer enters into this agreement in its capacity as
                  trustee of the Securitisation Fund and in no other capacity
                  (except where the Transaction Documents provide otherwise).
                  Subject to clause 11.1(d), a liability of the Issuer arising
                  under or in connection with this agreement or the

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                  Securitisation Fund is limited to and can be enforced against
                  the Issuer only to the extent to which it can be satisfied out
                  of the assets and property of the Securitisation Fund which
                  are available to satisfy the right of the Issuer to be
                  exonerated or indemnified for the liability. This limitation
                  of the Issuer's liability applies despite any other provision
                  of this agreement and extends to all liabilities and
                  obligations of the Issuer in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to this agreement or the Securitisation
                  Fund.

            (c)   Subject to clause 11.1(d), no person (including any Relevant
                  Party) may take action against the Issuer in any capacity
                  other than as trustee of the Securitisation Fund or seek the
                  appointment of a receiver (except under the Security Trust
                  Deed), or a liquidator, an administrator or any similar person
                  to the Issuer or prove in any liquidation, administration or
                  arrangement of or affecting the Issuer except in relation to
                  the assets of the Securitisation Fund.

            (d)   The provisions of this clause 11.1 shall not apply to any
                  obligation or liability of the Issuer to the extent that it is
                  not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the assets of
                  the Securitisation Fund, as a result of the Issuer's fraud,
                  negligence or wilful default.

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

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this agreement or any other Transaction
                  Document has authority to act on behalf of the Issuer in a way
                  which exposes the Issuer to any personal liability and no act
                  or omission of any such person will be considered fraud,
                  negligence or wilful default of the Issuer for the purposes of
                  clause 11.1(d)

            (g)   In this clause 11.1, RELEVANT PARTIES means any party to a
                  Transaction Document other than the Issuer.

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

      11.2  LIMITATION OF LIABILITY - NOTE HOLDER

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

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            (b)   The Note Holder enters into this agreement only in its
                  capacity as trustee of the Origination Fund and no other
                  capacity. A liability of the Note Holder arising under or in
                  connection with this agreement is limited to and can be
                  enforced against the Note Holder only to the extent to which
                  it can be satisfied out of property of the Origination Fund
                  out of which the Note Holder is actually indemnified for the
                  liability. This limitation of the Note Holder's liability
                  applies despite any other provision of this agreement and
                  extends to all liabilities and obligations of the Note Holder
                  in any way connected with any representation, warranty,
                  conduct, omission, agreement or transaction related to this
                  agreement.

            (c)   The parties other than the Note Holder may not take action
                  against the Note Holder in any capacity other than as trustee
                  of the Origination Fund or seek the appointment of a receiver
                  (except in relation to property of the Origination Fund), a
                  liquidator, an administrator or any similar person to the Note
                  Holder or prove in any liquidation, administration or
                  arrangement of or affecting the Note Holder (except in
                  relation to property of the Origination Fund).

            (d)   The provisions of this clause 11.2 shall not apply to any
                  obligation or liability of the Note Holder to the extent that
                  it is not satisfied because under the Master Trust Deed
                  establishing the Origination Fund or by operation of law there
                  is a reduction in the extent of the Note Holder's
                  indemnification out of the assets of the Origination Fund, as
                  a result of the Note Holder's fraud, negligence or wilful
                  default.

            (e)   It is acknowledged that the OF Manager is responsible under
                  the Master Trust Deed establishing the Origination Fund for
                  performing a variety of obligations relating to the
                  Origination Fund, including under this agreement. No act or
                  omission of the Note Holder (including any related failure to
                  satisfy its obligations or breach of representation or
                  warranty under this agreement) will be considered fraud,
                  negligence or wilful default of the Note Holder for the
                  purposes of clause 11.2(d) to the extent to which the act or
                  omission was caused or contributed to by any failure by the OF
                  Manager or any other person to fulfil its obligations relating
                  to the Origination Fund or by any other act or omission of the
                  OF Manager or any other person.

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this agreement has authority to act on
                  behalf of the Note Holder in a way which exposes the Note
                  Holder to any personal liability and no act or omission of any
                  such person will be considered fraud, negligence or wilful
                  default of the Note Holder for the purposes of clause 11.2(d).

            (g)   The Note Holder is not obliged to do or refrain from doing
                  anything under this agreement (including incur any liability)
                  unless the Note Holder's liability is limited in the same
                  manner as set out in clauses 11.2(b) to 11.2(f).

      11.3  WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

                  (1)   other than a default which:

                        (A)   arises out of a breach of a Transaction Document
                              by a person other than the Issuer or the Note
                              Holder or any person referred to in clause 11.3(b)
                              in relation to the Issuer or the Note Holder;

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

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

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

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

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

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12    INDEMNITIES

      12.1  GENERAL INDEMNITY

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

                  (1)   a Funding Portion required by a Funding Notice, not
                        being made for any reason but excluding any default by
                        the Note Holder or OF Manager, as the case may be;

                  (2)   the occurrence of any Event of Default;

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

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

      12.2  CONTINUING INDEMNITIES AND EVIDENCE OF LOSS

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

                  (1)   any settlement of account; or

                  (2)   the occurrence of any other thing,

                  and remains in full force and effect until:

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

                  (4)   the Outstanding Moneys are fully and finally repaid.

            (b)   Each indemnity of the Issuer contained in this agreement is an
                  additional, separate and independent obligation of the Issuer
                  and no one indemnity limits the generality of any other
                  indemnity.

            (c)   Each indemnity of the Issuer contained in this agreement
                  survives the termination of any Transaction Document.

            (d)   A certificate under the hand of an Officer of the OF Manager
                  detailing the amount of any damage, loss, liability, cost,
                  charge, expense, outgoing or payment covered by any indemnity
                  in this agreement is sufficient evidence unless the contrary
                  is proved.

      12.3  FUNDS AVAILABLE FOR INDEMNITY

            The obligations of the Issuer under this clause 12 shall be payable
            solely to the extent that funds are available from time to time for
            that purpose under clause 6 of the Supplementary Bond Terms.

      12.4  NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

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

      12.5  NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

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

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            the indemnity contained in this clause 12 unless the Issuer has been
            prejudiced in any material respect by such failure.

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13    TAX, COSTS AND EXPENSES

      13.1  TAX

            (a)   The Issuer must and the SF Manager must cause the Issuer to
                  pay any Tax, other than an Excluded Tax in respect of the
                  Securitisation Fund, in respect of the execution, delivery,
                  performance, release, discharge, amendment, enforcement or
                  attempted enforcement or otherwise in respect of any of the
                  following:

                  (1)   any Material Document;

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

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

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

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

      13.2  COSTS AND EXPENSES

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

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

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

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

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

            including, but not limited to, any administration costs of the Note
            Holder or the OF Manager, as the case may be, in connection with the
            matters referred to in clause 13.2(b) and 13.2(d) and any legal
            costs and expenses (charged at the usual commercial rates of the
            relevant legal services provider) and any professional consultant's
            fees for any of the above on a full indemnity basis.

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      13.3  GOODS AND SERVICES TAX

            (a)   Subject to clause 13.3(b), all amounts referred to in this
                  agreement which are relevant in determining a payment to be
                  made by one party to another are exclusive of GST unless
                  specifically indicated otherwise.

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

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

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

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

--------------------------------------------------------------------------------
14    INTEREST ON OVERDUE AMOUNTS

      14.1  PAYMENT OF INTEREST

            The Issuer must and the SF Manager must cause the Issuer to pay
            interest on:

            (a)   any of the Outstanding Moneys due and payable, but unpaid; and

            (b)   on any interest payable but unpaid in accordance with clause
                  5.

      14.2  ACCRUAL OF INTEREST

            The interest payable under this clause 14:

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

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      14.3  RATE OF INTEREST

            The rate of interest payable under this clause 14 on any part of the
            Outstanding Moneys is the higher of:

            (a)   the Overdue Rate; and

            (b)   the rate fixed or payable under a judgment or other thing
                  referred to in clause 14.2(a).

--------------------------------------------------------------------------------
15    ASSIGNMENT

      15.1  ASSIGNMENT BY TRANSACTION PARTY

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

      15.2  ASSIGNMENT BY NOTE HOLDER AND OF MANAGER

            Neither the Note Holder nor the OF Manager may assign any of its
            rights or transfer by novation any of its rights and obligations
            under this agreement without the prior written consent of the other
            parties. Any such assignment must contain an acknowledgement that
            the assignee is bound by the provisions of this agreement.

      15.3  ASSIST TRANSFER OR ASSIGNMENT

            At the request of the Note Holder or OF Manager, the Issuer and the
            SF Manager must do any thing including, but not limited to,
            executing any documents or amending any Material Document, to effect
            any transfer or assignment under this clause 15.

      15.4  PARTICIPATION PERMITTED

            The Note Holder and OF Manager may grant by way of sub-participation
            (being a right to share in the financial effects of this agreement,
            without any rights against the Issuer) all or part of the Note
            Holder's or OF Manager's, as the case may be, rights and benefits
            under this agreement to any other person without having to obtain
            the consent of or to notify the Issuer or the SF Manager.

      15.5  LENDING OFFICE

            (a)   The Note Holder may change its Lending Office at any time.

            (b)   The Note Holder must promptly notify the Issuer and the SF
                  Manager of any such change.

      15.6  DISCLOSURE

            Any party may disclose to a proposed assignee, transferee or
            sub-participant any information relating to any other party or the
            Transaction Documents whether or not confidential and whether or not
            the disclosure would be in breach of any law or of any duty owed to
            that other party.

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      15.7  NO INCREASE IN COSTS

            If the Note Holder or OF Manager assigns or transfers any of its
            rights or obligations under any Material Document or changes its
            Lending Office the Issuer is not required to pay any net increase in
            the aggregate amount of costs, Taxes, fees or charges which:

            (a)   are a direct consequence of the transfer or assignment or
                  change of Lending Office; and

            (b)   the Note Holder or OF Manager as the case may be, or its
                  transferee or assignee was aware of or ought reasonably to
                  have been aware of, at the time of the transfer or assignment
                  or change of Lending Office.

--------------------------------------------------------------------------------
16    GENERAL

      16.1  CONFIDENTIAL INFORMATION

            The Note Holder and OF Manager may, for the purpose of exercising
            any Power, disclose to any person any documents or records of, or
            information about, any Transaction Document, or the assets, business
            or affairs of any Transaction Party, whether or not confidential and
            whether or not the disclosure would be in breach of any law or of
            any duty owed to any Transaction Party.

      16.2  PERFORMANCE BY NOTE HOLDER OF OBLIGATIONS

            If a Transaction Party defaults in fully and punctually performing
            any obligation contained or implied in any Transaction Document, the
            Note Holder and OF Manager may, without prejudice to any Power do
            all things necessary or desirable, in the opinion of the Note Holder
            or OF Manager, as the case may be, to make good or attempt to make
            good that default to the satisfaction of the Note Holder or OF
            Manager, as the case may be.

      16.3  TRANSACTION PARTY TO BEAR COST

            Without prejudice to clause 11, any thing which must be done by a
            Transaction Party under any Material Document, whether or not at the
            request of the Note Holder or OF Manager, must be done at the cost
            of the Transaction Party.

      16.4  NOTICES

            (a)   Any notice or other communication including, but not limited
                  to, any request, demand, consent or approval, to or by a party
                  to any Material Document:

                  (1)   must be in legible writing and in English addressed as
                        shown below (or if sent by facsimile, to the facsimile
                        numbers below) and marked to the attention of the
                        following:

                        (A)   if to the Note Holder:

--------------------------------------------------------------------------------
                                                                         Page 33
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

                              Address:   Level 12
                                         123 Pitt Street
                                         Sydney, NSW 2000

                              Attention: Head of Debt Markets/Manager -
                                         Securitisation

                              Facsimile: (02) 9221 7870; and

                        (B)   if to the Issuer:

                              Address:   Level 12
                                         123 Pitt Street
                                         Sydney, NSW 2000

                              Attention: Head of Debt Markets/Manager -
                                         Securitisation

                              Facsimile: (02) 9221 7870; and

                        (C)   if to the SF Manager:

                              Address:   Level 16,
                                         360 Collins Street,
                                         Melbourne, Victoria 3000

                              Attention: Manager - Capital Markets

                              Facsimile: (03) 9605 6200; and

                        (D)   if to the OF Manager:

                              Address:   Level 16,
                                         360 Collins Street,
                                         Melbourne, Victoria 3000

                              Attention: Manager - Capital Markets

                              Facsimile: (03) 9605 6200;

                        or as specified to the sender by any party by notice;

                  (2)   where the sender is a company, must be signed by an
                        Officer or under the common seal of the sender;

                  (3)   is regarded as being given by the sender and received by
                        the addressee:

                        (A)   if by delivery in person, when delivered to the
                              addressee;

                        (B)   if by post, on delivery to the addressee; or

                        (C)   if by facsimile transmission, as long as it is
                              legibly received, when transmitted to the
                              addressee,

                        but if the delivery or receipt is on a day which is not
                        a Business Day or is after 4.00 pm (addressee's time) it
                        is regarded as received at 9.00 am on the following
                        Business Day;

                  (4)   can be relied upon by the addressee and the addressee is
                        not liable to any other person for any consequences of
                        that reliance if the addressee believes it to be
                        genuine, correct and authorised by the sender; and

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<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

                  (5)   if to the Note Holder must be copied to the OF Manager
                        and if to the Issuer must be copied to the SF Manager.

            (b)   A facsimile transmission is regarded as legible unless the
                  addressee telephones the sender within 2 hours after the
                  transmission is received or regarded as received under clause
                  16.4(a)(3) and informs the sender that it is not legible.

            (c)   In this clause 16.4, a reference to an addressee includes a
                  reference to an addressee's Officers, agents or employees.

      16.5  GOVERNING LAW AND JURISDICTION

            (a)   This agreement is governed by the laws of New South Wales.

            (b)   The parties irrevocably submit to the non-exclusive
                  jurisdiction of the courts of New South Wales.

      16.6  PROHIBITION AND ENFORCEABILITY

            (a)   Any provision of, or the application of any provision of, any
                  Material Document or any Power which is prohibited in any
                  jurisdiction is, in that jurisdiction, ineffective only to the
                  extent of that prohibition.

            (b)   Any provision of, or the application of any provision of, any
                  Material Document which is void, illegal or unenforceable in
                  any jurisdiction does not affect the validity, legality or
                  enforceability of that provision in any other jurisdiction or
                  of the remaining provisions in that or any other jurisdiction.

      16.7  WAIVERS

            (a)   Waiver of any right arising from a breach of this agreement or
                  of any Power arising upon default under this agreement or upon
                  the occurrence of an Event of Default must be in writing and
                  signed by the party granting the waiver.

            (b)   A failure or delay in exercise, or partial exercise, of:

                  (1)   a right arising from a breach of this agreement or the
                        occurrence of an Event of Default; or

                  (2)   a Power created or arising upon default under this
                        agreement or upon the occurrence of an Event of Default,

                  does not result in a waiver of that right or Power.

            (c)   A party is not entitled to rely on a delay in the exercise or
                  non-exercise of a right or Power arising from a breach of this
                  agreement or on a default under this agreement or on the
                  occurrence of an Event of Default as constituting a waiver of
                  that right or Power.

            (d)   A party may not rely on any conduct of another party as a
                  defence to exercise of a right or Power by that other party.

            (e)   This clause may not itself be waived except by writing.

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      16.8  VARIATION

            A variation of any term of this agreement must be in writing and
            signed by the parties.

      16.9  CUMULATIVE RIGHTS

            The Powers are cumulative and do not exclude any other right, power,
            authority, discretion or remedy of the Note Holder or OF Manager.

      16.10 ATTORNEYS

            Each of the Attorneys executing this agreement states that the
            Attorney has no notice of the revocation of the power of attorney
            appointing that Attorney.

      16.11 BINDING OBLIGATIONS

            Each party to this agreement acknowledges that the obligations
            expressed in this agreement are binding upon it.

      16.12 WINDING UP OF SECURITISATION FUND

            Prior to the Termination Date, neither the Note Holder nor the OF
            Manager may seek to terminate or wind up the Securitisation Fund as
            a consequence of any breach of this agreement or any Note by the
            Issuer or the SF Manager.

      16.13 TERMINATION CLAUSE

            This agreement can only be terminated on or after the Termination
            Date.

      16.14 COUNTERPARTS

            (a)   This agreement may be executed in any number of counterparts.

            (b)   All counterparts, taken together, constitute 1 instrument.

            (c)   A party may execute this agreement by signing any counterpart.

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

TO:  PERPETUAL LIMITED
     in its capacity as trustee of the Origination Fund
     (NOTE HOLDER)

     Attention: Head of Debt Markets/Manager - Securitisation

AND: ME PORTFOLIO MANAGEMENT LIMITED
     in its capacity as manager of the Origination Fund
     (OF MANAGER)

     Attention: Manager - Capital Markets

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

We refer to the Redraw Funding Facility Agreement dated [INSERT DATE]
(AGREEMENT). Pursuant to clause 4 of the Agreement:

(a)   We give you notice that we require the Issuer to issue to the Note Holder
      a Note from SMHL Global Fund [   ]-[ ] on [INSERT DATE] (FUNDING DATE) at
      [INSERT DETAILS];

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

(c)   The relevant Payment Period is a [Quarterly/Monthly] Payment Period
      commencing on the Funding Date;

(d)   We request that the proceeds be remitted to account number [INSERT
      DETAILS] at [INSERT ADDRESS]/ [INSERT ALTERNATIVE INSTRUCTIONS].

Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.

DATED: [INSERT DATE]

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

------------------------------------------------
Officer's signature

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

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<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

          REDRAW FUNDING FACILITY AGREEMENT - SMHL GLOBAL FUND [   ]-[ ]

                                PERPETUAL LIMITED
                              (ABN 86 000 431 827)
           IN ITS CAPACITY AS TRUSTEE OF THE SMHL GLOBAL FUND [   ]-[ ]

                 of Level 12, 123 Pitt Street, Sydney, NSW, 2000

                                   ("ISSUER")

whose office for the purposes of payment is at Level 12, 123 Pitt Street,
Sydney, New South Wales or such other address as the Issuer may notify to the
Note Holder from time to time.

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

1     NOTE

(a)   This Note certificate is issued as part of the Notes of SMHL Global Fund
      [   ]-[ ]. The terms and conditions of the issue of this Note and
      repayment are constituted by this Note and the Redraw Funding Facility
      Agreement for the Issue and Repayment of Notes - SMHL Global Fund
      [   ]-[ ] dated [INSERT DATE] between the Issuer, the Note Holder, ME
      Portfolio Management Limited (ABN 79 005 964 134) of Level 16, 360 Collins
      Street, Melbourne, Victoria in its capacity as manager of the SMHL Global
      Fund [   ]-[ ] (SF MANAGER) and ME Portfolio Management Limited (ABN 79
      005 964 134) of Level 16, 360 Collins Street, Melbourne, Victoria, in its
      capacity as manager of the Superannuation Members' Home Loans Origination
      Fund No. 3 (OF MANAGER) (AGREEMENT). Terms defined in the Agreement have
      the same meaning when used in these Conditions.

(b)   Subject to clause 3, the Issuer promises to repay the Note Holder in
      accordance with the Agreement.

(c)   This Note may only be assigned or transferred with the prior written
      consent of the Issuer and subject to and in accordance with the Agreement.

2     DERIVATION OF PAYMENT

The parties acknowledge that the payments to be made by the Issuer under this
Note are derived by it from the receipts from a "mortgage" or "pool of
mortgages", as those terms are defined in section 3 of the Duties Act 2000
(Vic).

3     EXTENT OF LIABILITY OF ISSUER

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

(b)   The Issuer issues this Note in its capacity as trustee of the
      Securitisation Fund and in no other capacity (except where the Transaction
      Documents provide otherwise). Subject to

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<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      clause 3(d), a liability of the Issuer arising under or in connection with
      this Note or the Agreement or the Securitisation Fund is limited to and
      can be enforced against the Issuer only to the extent to which it can be
      satisfied out of the assets and property of the Securitisation Fund which
      are available to satisfy the right of the Trustee to be exonerated or
      indemnified for the liability. This limitation of the Issuer's liability
      applies despite any other provision of this Note or the Agreement and
      extends to all liabilities and obligations of the Issuer in any way
      connected with any representation, warranty, conduct, omission, agreement
      or transaction related to this Note or the Agreement or the Securitisation
      Fund.

(c)   Subject to clause 3(d), no person (including any Relevant Party) may take
      action against the Issuer in any capacity other than as trustee of the
      Securitisation Fund or seek the appointment of a receiver (except under
      the Security Trust Deed), or a liquidator, an administrator or any similar
      person to the Issuer or prove in any liquidation, administration or
      arrangement of or affecting the Issuer except in relation to the assets of
      the Securitisation Fund.

(d)   The provisions of this clause 3 shall not apply to any obligation or
      liability of the Issuer to the extent that it is not satisfied because
      under a Transaction Document or by operation of law there is a reduction
      in the extent of the Issuer's indemnification or exoneration out of the
      assets of the Securitisation Fund Issuer, as a result of the Issuer's
      fraud, negligence or wilful default.

(e)   It is acknowledged that the Relevant Parties are responsible under this
      Note, the Agreement or the Transaction Documents for performing a variety
      of obligations relating to the Securitisation Fund, including under this
      Note and the Agreement. No act or omission of the Issuer (including any
      related failure to satisfy its obligations under this Note or the
      Agreement) will be considered fraud, negligence or wilful default of the
      Issuer for the purposes of clause 3(d) to the extent to which the act or
      omission was caused or contributed to by any failure by any Relevant Party
      or any other person who has been delegated or appointed by the Issuer in
      accordance with the Transaction Documents to fulfil its obligations
      relating to the Securitisation Fund or by any other act or omission of a
      Relevant Party or any other person.

(f)   No attorney, agent, receiver or receiver and manager appointed in
      accordance with this Note or the Agreement or any other Transaction
      Document has authority to act on behalf of the Issuer in a way which
      exposes the Issuer to any personal liability and no act or omission of any
      such person will be considered fraud, negligence or wilful default of the
      Issuer for the purposes of clause 3(d).

(g)   In this clause 3, RELEVANT PARTIES means any party to a Transaction
      Document other than the Issuer.

(h)   The Issuer is not obliged to do or refrain from doing anything under this
      Note or the Agreement (including incur any liability) unless the Issuer's
      liability is limited in the same manner as set out in clauses 3(b) to
      3(f).

4     EXTENT OF LIABILITY OF NOTE HOLDER

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

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

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<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

      liability applies despite any other provision of this Note or the
      Agreement and extends to all liabilities and obligations of the Note
      Holder in any way connected with any representation, warranty, conduct,
      omission, agreement or transaction related to this Note or the Agreement.

(c)   The parties other than the Note Holder may not take action against the
      Note Holder in any capacity other than as trustee of the Origination Fund
      or seek the appointment of a receiver (except in relation to property of
      the Origination Fund), a liquidator, an administrator or any similar
      person to the Note Holder or prove in any liquidation, administration or
      arrangement of or affecting the Note Holder (except in relation to
      property of the Origination Fund).

(d)   The provisions of this clause 4 shall not apply to any obligation or
      liability of the Note Holder to the extent that it is not satisfied
      because under the trust deed establishing the Origination Fund or by
      operation of law there is a reduction in the extent of the Note Holder's
      indemnification out of the assets of the Origination Fund, as a result of
      the Note Holder's fraud, negligence or wilful default.

(e)   It is acknowledged that the OF Manager is responsible under the trust deed
      establishing the Origination Fund for performing a variety of obligations
      relating to the Origination Fund, including under this Note and the
      Agreement. No act or omission of the Note Holder (including any related
      failure to satisfy its obligations or breach of representation or warranty
      under this Note or the Agreement) will be considered fraud, negligence or
      wilful default of the Note Holder for the purposes of clause 4(d) to the
      extent to which the act or omission was caused or contributed to by any
      failure by the OF Manager or any other person to fulfil its obligations
      relating to the Origination Fund or by any other act or omission of the OF
      Manager or any other person.

(f)   No attorney, agent, receiver or receiver and manager appointed in
      accordance with this Note or the Agreement has authority to act on behalf
      of the Note Holder in a way which exposes the Note Holder to any personal
      liability and no act or omission of any such person will be considered
      fraud, negligence or wilful default of the Note Holder for the purposes of
      clause 4(d).

(g)   The Note Holder is not obliged to do or refrain from doing anything under
      this Note or the Agreement (including incur any liability) unless the Note
      Holder's liability is limited in the same manner as set out in clauses
      4(b) to 4(f).

5     WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

      (1)   other than a default which:

            (A)   arises out of a breach of a Transaction Document by a person
                  other than the Issuer or the Note Holder or any person
                  referred to in clause 5(i) in relation to the Issuer or the
                  Note Holder;

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

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

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

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

TO:  PERPETUAL LIMITED
     in its capacity as trustee of the Securitisation Fund
     (ISSUER)

     Attention: Head of Debt Markets/Manager - Securitisation

AND: ME PORTFOLIO MANAGEMENT LIMITED
     in its capacity as manager of the Securitisation Fund
     (SF MANAGER)

     Attention: Manager - Capital Markets

We refer to the Redraw Funding Facility Agreement dated [INSERT DATE]
(AGREEMENT). Pursuant to clause 4 of the Terms and Conditions:

(a)   we give you notice that we require the Issuer to issue to the Note Holder
      a Note from SMHL Global Fund [ ]-[ ] on [INSERT DATE] (FUNDING DATE) at
      [INSERT DETAILS];

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

(c)   the relevant Payment Period is a [Quarterly/Monthly] Payment Period
      commencing on the Funding Date.

Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.

DATED: [INSERT DATE]

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

-----------------------
Officer's signature

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

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                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

--------------------------------------------------------------------------------
SCHEDULE 4 - 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 43
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

--------------------------------------------------------------------------------
SCHEDULE 5 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
COMPLIANCE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                               APPLICABLE
                                                                                                 SERVICING
                                                                                                 CRITERIA
-----------------------------------------------------------------------------------------------------------
REFERENCE                    CRITERIA
-----------------------------------------------------------------------------------------------------------
<S>                          <C>                                                                 <C>
                             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 44
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                               APPLICABLE
                                                                                                 SERVICING
                                                                                                 CRITERIA
-----------------------------------------------------------------------------------------------------------
REFERENCE                    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 45
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                               APPLICABLE
                                                                                                 SERVICING
                                                                                                 CRITERIA
-----------------------------------------------------------------------------------------------------------
REFERENCE                    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 46
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                               APPLICABLE
                                                                                                 SERVICING
                                                                                                 CRITERIA
-----------------------------------------------------------------------------------------------------------
REFERENCE                    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 47
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

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

ISSUER:

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

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

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

NOTE HOLDER:

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 48
<PAGE>

                 Redraw Funding Facility Agreement - SMHL Global Fund [    ]-[ ]

SF MANAGER:

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

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

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

OF MANAGER:

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 49Exhibit 10.13
                                       Form of Top-up Funding Facility Agreement

--------------------------------------------------------------------------------
Perpetual Limited
--------------------------------------------------------------------------------
ME Portfolio Management Limited

TOP-UP FUNDING
FACILITY AGREEMENT FOR
THE ISSUE AND REPAYMENT OF NOTES -
SMHL GLOBAL FUND
[   ]-[ ]

<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

TABLE OF CONTENTS

Clause                                                                      Page

1        DEFINITIONS AND INTERPRETATION                                        1

         1.1      Definitions                                                  1
         -----------------------------------------------------------------------
         1.2      Interpretation                                               5
         -----------------------------------------------------------------------
         1.3      Business Day                                                 7
         -----------------------------------------------------------------------
         1.4      Transaction Document                                         7

2        THE NOTES                                                             7

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

3        TOP-UP LOAN                                                           8

         3.1      Purpose                                                      8
         -----------------------------------------------------------------------
         3.2      Suspension of the Facility                                   8

4        FUNDING PROCEDURES                                                    8

         4.1      Delivery of Funding Notice                                   8
         -----------------------------------------------------------------------
         4.2      Requirements for a Funding Notice                            9
         -----------------------------------------------------------------------
         4.3      Copy of the Funding Notice                                   9
         -----------------------------------------------------------------------
         4.4      Irrevocability of Funding Notice                             9
         -----------------------------------------------------------------------
         4.5      Notification of Funding Rate                                 9

5        LOAN FACILITY                                                         9

         5.1      Provision of Funding Portions                                9
         -----------------------------------------------------------------------
         5.2      Repayment                                                    9
         -----------------------------------------------------------------------
         5.3      Repayment of Outstanding Moneys                             10
         -----------------------------------------------------------------------
         5.4      Interest                                                    10
         -----------------------------------------------------------------------
         5.5      Order of Repayment                                          11

6        PAYMENTS                                                             11

         6.1      Manner of payments                                          11
         -----------------------------------------------------------------------
         6.2      Payments on a Business Day                                  11
         -----------------------------------------------------------------------
         6.3      Appropriation of payments                                   11
         -----------------------------------------------------------------------
         6.4      Payments in gross                                           12
         -----------------------------------------------------------------------
         6.5      Taxation deduction procedures                               12
         -----------------------------------------------------------------------
         6.6      Amounts payable on demand                                   12

--------------------------------------------------------------------------------
                                                                          Page i
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

7        REPRESENTATIONS AND WARRANTIES                                       12

         7.1      By the Issuer                                               12
         -----------------------------------------------------------------------
         7.2      By the SF Manager                                           13
         -----------------------------------------------------------------------
         7.3      Survival and repetition of representations and warranties   14
         -----------------------------------------------------------------------
         7.4      Reliance by the Note Holder and OF Manager                  14

8        UNDERTAKINGS                                                         15
         -----------------------------------------------------------------------
         8.1      Term of undertakings                                        15
         -----------------------------------------------------------------------
         8.2      Compliance with Covenants                                   15
         -----------------------------------------------------------------------
         8.3      Notify Events of Default                                    15
         -----------------------------------------------------------------------
         8.4      Know your customer                                          15
         -----------------------------------------------------------------------
         8.5      Compliance with Regulation AB                               15
         -----------------------------------------------------------------------
         8.6      Direction of claims by the SF Manager                       21
         -----------------------------------------------------------------------
         8.7      Direction of defence of claims                              21

9        EVENTS OF DEFAULT                                                    22

         9.1      Effect of Event of Default                                  22
         -----------------------------------------------------------------------
         9.2      Issuer to continue to perform                               22
         -----------------------------------------------------------------------
         9.3      Enforcement                                                 22

10       INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION                     22

         10.1     Increased costs                                             22
         -----------------------------------------------------------------------
         10.2     Illegality                                                  23

11       TRUSTEE LIMITATION OF LIABILITY PROTECTION                           24

         11.1     Limitation of Liability - Issuer                            24
         -----------------------------------------------------------------------
         11.2     Limitation of Liability - Note Holder                       25
         -----------------------------------------------------------------------
         11.3     Wilful Default of the Issuer and the Note Holder            26

12       INDEMNITIES                                                          27

         12.1     General indemnity                                           27
         -----------------------------------------------------------------------
         12.2     Continuing indemnities and evidence of loss                 27
         -----------------------------------------------------------------------
         12.3     Funds available for indemnity                               28
         -----------------------------------------------------------------------
         12.4     Negligence, wilful default or breach of law                 28
         -----------------------------------------------------------------------
         12.5     Notification from Note Holder or OF Manager                 28

13       TAX, COSTS AND EXPENSES                                              28

         13.1     Tax                                                         28
         -----------------------------------------------------------------------
         13.2     Costs and expenses                                          29
         -----------------------------------------------------------------------
         13.3     Goods and services tax                                      29

14       INTEREST ON OVERDUE AMOUNTS                                          30

         14.1     Payment of interest                                         30
         -----------------------------------------------------------------------
         14.2     Accrual of interest                                         30
         -----------------------------------------------------------------------
         14.3     Rate of interest                                            30

--------------------------------------------------------------------------------
                                                                         Page ii
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

15       ASSIGNMENT                                                           30

         15.1     Assignment by Transaction Party                             30
         -----------------------------------------------------------------------
         15.2     Assignment by Note Holder and OF Manager                    31
         -----------------------------------------------------------------------
         15.3     Assist transfer or assignment                               31
         -----------------------------------------------------------------------
         15.4     Participation permitted                                     31
         -----------------------------------------------------------------------
         15.5     Lending Office                                              31
         -----------------------------------------------------------------------
         15.6     Disclosure                                                  31
         -----------------------------------------------------------------------
         15.7     No increase in costs                                        31

16       GENERAL                                                              32

         16.1     Confidential information                                    32
         -----------------------------------------------------------------------
         16.2     Performance by Note Holder of obligations                   32
         -----------------------------------------------------------------------
         16.3     Transaction Party to bear cost                              32
         -----------------------------------------------------------------------
         16.4     Notices                                                     32
         -----------------------------------------------------------------------
         16.5     Governing law and jurisdiction                              33
         -----------------------------------------------------------------------
         16.6     Prohibition and enforceability                              34
         -----------------------------------------------------------------------
         16.7     Waivers                                                     34
         -----------------------------------------------------------------------
         16.8     Variation                                                   34
         -----------------------------------------------------------------------
         16.9     Cumulative rights                                           34
         -----------------------------------------------------------------------
         16.10    Attorneys                                                   34
         -----------------------------------------------------------------------
         16.11    Binding Obligations                                         34
         -----------------------------------------------------------------------
         16.12    Winding up of Securitisation Fund                           35
         -----------------------------------------------------------------------
         16.13    Termination clause                                          35
         -----------------------------------------------------------------------
         16.14    Counterparts                                                35

SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)                                      36

SCHEDULE 2 - CONDITIONS                                                       37

SCHEDULE 3 - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
SERVICING CRITERIA                                                            41

SCHEDULE 4 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
COMPLIANCE                                                                    42

--------------------------------------------------------------------------------
                                                                        Page iii
<PAGE>

      DATE [        ]

      PARTIES

      PERPETUAL LIMITED ABN 86 000 431 827 of Level 12, 123 Pitt Street, Sydney,
      New South Wales 2000 in its capacity as trustee of the Securitisation Fund
      (as hereinafter defined) (ISSUER)

      PERPETUAL LIMITED ABN 86 000 431 827 of Level 12, 123 Pitt Street, Sydney,
      New South Wales 2000 in its capacity as trustee of the Origination Fund
      (as hereinafter defined) (NOTE HOLDER)

      ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134 of Level 16, 360
      Collins Street, Melbourne, Victoria 3000 in its capacity as manager of the
      Securitisation Fund (SF MANAGER)

      ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134 of Level 16, 360
      Collins Street, Melbourne, Victoria 3000 in its capacity as manager of the
      Origination Fund (OF MANAGER)

RECITALS

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

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

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

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

THE PARTIES AGREE

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

--------------------------------------------------------------------------------
1     DEFINITIONS AND INTERPRETATION

      1.1   DEFINITIONS

            In this agreement, unless the context otherwise requires:

            ATTORNEY means an attorney appointed under a Material Document;

            BASE RATE means in respect of a Funding Portion and a Payment
            Period:

            (a)   the rate percent per annum determined by the OF Manager by
                  taking the rates quoted on the page entitled "BBSW" on the
                  Reuters Monitor System

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

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

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

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

            BUSINESS DAY has the same meaning as in the Supplementary Bond
            Terms;

            CLASS A NOTE has the same meaning as in the Supplementary Bond
            Terms;

            CLASS B NOTE has the same meaning as in the Supplementary Bond
            Terms;

            COMMISSION has the same meaning as in the Supplementary Bond Terms;

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

            DESIGNATED RATING AGENCY has the meaning given to it in the Master
            Trust Deed;

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

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

            EXCHANGE ACT has the same meaning as in the Supplementary Bond
            Terms;

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

            FACILITY means the top-up funding facility made available by the
            Note Holder to the Issuer under this agreement (by purchase of
            Notes);

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

            FUNDING NOTICE means a notice given, or to be given, under clauses
            4.1 and 4.2;

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

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

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

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

            INTEREST COLLECTIONS has the meaning given to it in the
            Supplementary Bond Terms;

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

            LOAN has the meaning given to it under the Master Trust Deed;

            LOAN REDRAW FACILITY has the meaning given to it under the
            Supplementary Bond Terms;

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

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

            MATERIAL DOCUMENTS means:

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

            (b)   the Security Trust Deed; and

            (c)   the Supplementary Bond Terms;

            MORTGAGE has the meaning given to it under the Master Trust Deed;

            NOTE means a note issued under clause 2;

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

            OFFICER means:

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

--------------------------------------------------------------------------------
                                                                          Page 3
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

            (a)   are present or future;

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

            (c)   are at any time ascertained or unascertained;

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

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

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

            (g)   comprise any combination of the above;

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

            PAYMENT DATE has the meaning given to it under the Supplementary
            Bond Terms;

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

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

            PRINCIPAL COLLECTIONS has the meaning given to it in the
            Supplementary Bond Terms;

            PRINCIPAL OUTSTANDING means at any time the aggregate principal
            amount of all outstanding Funding Portions at that time;

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

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

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

            SAME DAY FUNDS means bank cheque or other immediately available
            funds;

            SECURED CREDITORS has the meaning given to it in the Security Trust
            Deed;

            SECURITISATION FUND means the Securitisation Fund constituted under
            the Master Trust Deed known as SMHL Global Fund [   ]-[ ];

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

            SUPPLEMENTARY BOND TERMS means the Supplementary Bond Terms Notice
            in respect of the Securitisation Fund and providing the terms of
            issue of Class A Notes and Class B Notes;

            TAX means:

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

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

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

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

            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.

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

            TRANSACTION PARTY means:

            (a)   the Issuer; or

            (b)   the SF Manager.

      1.2   INTERPRETATION

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

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

            (b)   words importing a gender include any gender;

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

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

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

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

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

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

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

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

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

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

                  (1)   which ceases to exist; or

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

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

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                  circumstances constituting an Event of Default and that those
                  events or circumstances constitute an Event of Default.

      1.3   BUSINESS DAY

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

      1.4   TRANSACTION DOCUMENT

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

--------------------------------------------------------------------------------
2     THE NOTES

      2.1   APPLICATION FOR AND ISSUE OF NOTES

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

                  (1)   directing a Note be issued from the Securitisation Fund;

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

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

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

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

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

      2.2   ACKNOWLEDGMENT OF INDEBTEDNESS

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

      2.3   OBLIGATIONS UNDER NOTES

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

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

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

      2.4   OWNERSHIP OF NOTES

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

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

      2.5   REGISTER

            The Issuer must:

            (a)   establish and maintain the Register;

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

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

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

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

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3     TOP-UP LOAN

      3.1   PURPOSE

            The Issuer must, and the SF Manager must cause the Issuer to, use
            the proceeds of a Funding Portion only to make Top-up Loans.

      3.2   SUSPENSION OF THE FACILITY

            (a)   The OF Manager may, as the OF Manager in its absolute
                  discretion determines, suspend the Facility at any time and
                  for any period of time after giving notice to the SF Manager
                  and the Issuer.

            (b)   Nothing in clause 3.2(a) affects the obligations of the Note
                  Holder to subscribe for Notes in respect of Top-up Loans
                  approved by the OF Manager prior to giving notice in
                  accordance with clause 3.2(a).

            (c)   The OF Manager may give notice at any time that it withdraws
                  the suspension.

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4     FUNDING PROCEDURES

      4.1   DELIVERY OF FUNDING NOTICE

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

      4.2   REQUIREMENTS FOR A FUNDING NOTICE

            A Funding Notice:

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

            (b)   must be received by the Note Holder and the OF Manager not
                  later than 12 noon on the Business Day which is the Funding
                  Date; and

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

      4.3   COPY OF THE FUNDING NOTICE

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

      4.4   IRREVOCABILITY OF FUNDING NOTICE

            The Note Holder and the OF Manager must not decline to provide the
            funding specified in a Funding Notice. Following the issue of the
            Funding Notice the Issuer is irrevocably committed to, and the SF
            Manager is irrevocably committed to cause the Issuer to, issue the
            relevant Note and to draw Funding Portions from the Note Holder in
            accordance with the Funding Notice given to the OF Manager and the
            Note Holder.

      4.5   NOTIFICATION OF FUNDING RATE

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

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

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5     LOAN FACILITY

      5.1   PROVISION OF FUNDING PORTIONS

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

      5.2   REPAYMENT

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

            (a)   repay so much of the Principal Outstanding (to the extent that
                  funds are available from the Securitisation Fund) as the
                  Issuer is required to apply

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                  from Interest Collections to repayment of any principal due
                  and payable under any Top-up Funding Facility pursuant to
                  clauses 6.1(a)(14) and 6.1(c)(14) of the Supplementary Bond
                  Terms; and

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

      5.3   REPAYMENT OF OUTSTANDING MONEYS

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

                  (1)   in full on the Termination Date; and

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

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

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

      5.4   INTEREST

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

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

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

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

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

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

                  (2)   that unpaid interest and interest accrued under clause
                        5.4(b)(1) shall become payable on the next relevant
                        Payment Date to the extent to which (after payment of
                        interest under clause 5.4(a)) the Issuer is required to
                        apply from Interest Collections to repayment of interest

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                        due under any Top-up Funding Facility pursuant to clause
                        6.1(a) and 6.1(c) of the Supplementary Bond Terms; and

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

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

      5.5   ORDER OF REPAYMENT

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

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

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

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6     PAYMENTS

      6.1   MANNER OF PAYMENTS

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

            (a)   in Same Day Funds;

            (b)   in Dollars; and

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

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

      6.2   PAYMENTS ON A BUSINESS DAY

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

      6.3   APPROPRIATION OF PAYMENTS

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

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                                                                         Page 11
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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

      6.4   PAYMENTS IN GROSS

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

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

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

      6.5   TAXATION DEDUCTION PROCEDURES

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

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

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

      6.6   AMOUNTS PAYABLE ON DEMAND

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

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7     REPRESENTATIONS AND WARRANTIES

      7.1   BY THE ISSUER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      7.2   BY THE SF MANAGER

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

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                                                                         Page 13
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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

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

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

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

      7.3   SURVIVAL AND REPETITION OF REPRESENTATIONS AND WARRANTIES

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

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

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

      7.4   RELIANCE BY THE NOTE HOLDER AND OF MANAGER

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

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8     UNDERTAKINGS

      8.1   TERM OF UNDERTAKINGS

            Unless the OF Manager otherwise agrees in writing, until the
            Outstanding Moneys are fully and finally repaid the Issuer and the
            SF Manager must, at its own cost (but without prejudice to clause 11
            in the case of the Issuer), comply with the undertakings in this
            clause 8.

      8.2   COMPLIANCE WITH COVENANTS

            The Issuer must and the SF Manager must ensure that the Issuer does
            comply with all of its covenants and obligations under the Security
            Trust Deed and Supplementary Bond Terms.

      8.3   NOTIFY EVENTS OF DEFAULT

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

      8.4   KNOW YOUR CUSTOMER

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

      8.5   COMPLIANCE WITH REGULATION AB

            In relation to compliance with Regulation AB:

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

            (b)   the SF Manager shall not exercise its right to request
                  delivery of information or other performance under these
                  provisions other than as required to comply with the
                  Securities Act, the Exchange Act and the rules

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                  and regulations of the Commission thereunder, including
                  Regulation AB, with respect to the Securitisation Fund. The SF
                  Manager shall not request the delivery of information or other
                  performance under this clause 8.5 unless the SF Manager is
                  required under the Exchange Act to file an annual report on
                  Form 10-K with respect to the Securitisation Fund. The SF
                  Manager and the Issuer acknowledge that interpretations of the
                  requirements of Regulation AB may change over time, whether
                  due to interpretive guidance provided by the Commission or its
                  staff, consensus among participants in the asset-backed
                  securities markets, advice of counsel, or otherwise, and
                  agrees to comply with requests made by the SF Manager in good
                  faith for delivery of information under these provisions on
                  the basis of evolving interpretations of Regulation AB;
                  provided that, to the extent the SF Manager and the Issuer do
                  not agree with respect to an interpretation of Regulation AB,
                  the SF Manager and the Issuer shall obtain a written opinion
                  of counsel of U.S. national reputation in the practice of U.S.
                  federal securities laws reasonably acceptable to the SF
                  Manager and the Issuer, addressed to the SF Manager and the
                  Issuer, stating the opinion of such counsel with respect to
                  the interpretation of the relevant provision(s) of Regulation
                  AB; provided, further, that the costs and fees of such counsel
                  incurred in the preparation of such written opinion shall be
                  divided equally between the SF Manager and the Issuer. In
                  relation to the Securitisation Fund, the Issuer shall
                  cooperate fully with the SF Manager to deliver to the SF
                  Manager (including any of its assignees or designees), any and
                  all statements, reports, certifications, records and any other
                  information within the control of the Issuer or for which the
                  Issuer is responsible necessary in the good faith
                  determination of the SF Manager to permit the SF Manager to
                  comply with the provisions of Regulation AB, together with
                  such disclosures relating to the SF Manager, the Issuer, any
                  Subcontractor of the Issuer, the Loans, the servicing of the
                  Loans or any other servicing activities within the meaning of
                  Item 1122 of Regulation AB, reasonably believed by the SF
                  Manager to be necessary in order to effect such compliance;

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

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

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                  reasonably acceptable to the SF Manager and the Issuer,
                  addressed to the SF Manager and the Issuer, stating whether,
                  in the opinion of such counsel, the Issuer is "participating
                  in the servicing function" with respect to such Servicing
                  Criteria within the meaning of Item 1122 in relation to the
                  Securitisation Fund; provided, further, that the costs and
                  fees of such counsel incurred in the preparation of such
                  written opinion shall be divided equally between the SF
                  Manager and the Issuer;

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

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

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

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

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

            (f)   in relation to the use of Subcontractors:

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

                        (A)   the identity of each such Subcontractor;

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

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

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

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

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

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                  (2)   the omission or alleged omission to state in the Issuer
                        Information a material fact required to be stated in the
                        Issuer Information or necessary in order to make the
                        statements therein, in the light of the circumstances
                        under which they were made, not misleading; provided, by
                        way of clarification, that this clause 8.5(g)(2) shall
                        be construed solely by reference to the Issuer
                        Information and not to any other information
                        communicated in connection with a sale or purchase of
                        securities, without regard to whether the Issuer
                        Information or any portion thereof is presented together
                        with or separately from such other information;
                        provided, further, that in the case of the omission or
                        alleged omission to state in an accountant's letter a
                        material fact required to be stated in the accountant's
                        letter or necessary in order to make the statements
                        therein, in the light of the circumstances under which
                        they were made, not misleading, the Issuer will
                        indemnify and hold harmless the SF Manager only to the
                        extent of the sum that the Issuer recovers from the
                        accounting firm providing such accountant's letter
                        (which recovery the Issuer must if the Issuer in good
                        faith determines the Issuer is entitled to do so after
                        taking professional advice pursue including by taking
                        action in any relevant court of competent jurisdiction);
                        provided, further, that the Issuer will not indemnify
                        and hold harmless the SF Manager to the extent that the
                        omission or alleged omission to state in the Issuer
                        Information a material fact required to be stated in the
                        Issuer Information or necessary in order to make the
                        statements therein, in the light of the circumstances
                        under which they were made, not misleading, relates to
                        information provided to the Issuer by the SF Manager or
                        any other party to enable the Issuer to complete its
                        duties under the Transaction Documents; or

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

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

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

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

                        (B)   to replace such party with respect to such
                              activities, each at the expense of the Issuer,
                              without payment (notwithstanding anything in the
                              Transaction Documents to the contrary) of any
                              compensation to the Issuer; provided that to the
                              extent that any provision of the Transaction
                              Documents expressly provides for the survival of
                              certain rights or obligations following
                              termination of the Issuer, such provision shall be
                              given effect;

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

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

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

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

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

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      8.6   DIRECTION OF CLAIMS BY THE SF MANAGER

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

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

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

      8.7   DIRECTION OF DEFENCE OF CLAIMS

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

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

            (c)   If any Claim brought against the Issuer is settled with
                  respect to the Issuer with the consent of the SF Manager or if
                  there is a final judgement against the Issuer in relation to
                  it, the Issuer agrees to indemnify and hold harmless the SF
                  Manager from and against any loss or liability by reason of
                  such settlement or judgement (other than any fees and expenses
                  incurred in circumstances where the Issuer is not liable for
                  them under clause 8.7(b),

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                  or any fees and expenses incurred in connection with any Claim
                  brought against the Issuer that is settled with respect to the
                  Issuer or compromised by the Issuer without the consent of the
                  SF Manager (unless the SF Manager has unreasonably withheld
                  its consent)).

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9     EVENTS OF DEFAULT

      9.1   EFFECT OF EVENT OF DEFAULT

            (a)   Upon or at any time after the occurrence of an Event of
                  Default the Note Holder or the OF Manager may by notice to the
                  Issuer and the SF Manager declare that the Outstanding Moneys
                  are immediately due and payable.

            (b)   The Issuer must and the SF Manager must cause the Issuer to
                  upon receipt of a notice under clause 9.1(a) immediately repay
                  in full the Outstanding Moneys to the Note Holder.

      9.2   ISSUER TO CONTINUE TO PERFORM

            (a)   If the Note Holder or OF Manager makes any declaration under
                  clause 9.1:

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

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

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

      9.3   ENFORCEMENT

            (a)   The Material Documents may be enforced without notice to or
                  consent by the Issuer or SF Manager or any other person even
                  if the Note Holder accepts any part of the Outstanding Moneys
                  after an Event of Default or there has been any other Event of
                  Default.

            (b)   Neither the Note Holder nor the OF Manager is liable to any
                  Transaction Party for any loss or damage a Transaction Party
                  may suffer, incur or be liable for arising out of or in
                  connection with the Note Holder or OF Manager exercising any
                  Power under any Material Document.

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10    INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION

      10.1  INCREASED COSTS

            If the OF Manager determines that the Note Holder is affected by any
            future, or any change in any present or future, law, regulation,
            order, treaty, official directive or request (with which, if not
            having the force of law, compliance is in

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            accordance with the practice of responsible bankers and financial
            institutions in the jurisdiction concerned) including, but not
            limited to in respect of:

            (a)   any reserve, liquidity, capital adequacy, capital allocation,
                  special deposit or similar requirement; or

            (b)   Tax (other than Excluded Tax in respect of the Securitisation
                  Fund) on or in respect of payments made or to be made to the
                  Note Holder under a Material Document,

            or a present or future interpretation or administration of any of
            them by a Governmental Agency, and that, as a result:

            (c)   the effective cost to the Note Holder of making, funding or
                  maintaining the Facility or the Principal Outstanding or
                  performing any of its obligations under or in respect of the
                  Material Documents is in any way directly or indirectly
                  increased; or

            (d)   any amount paid or payable to, or received or receivable by,
                  the Note Holder or the effective return to the Note Holder
                  under the Material Documents is in any way directly reduced;
                  or

            (e)   the Note Holder is required to make any payment or forego any
                  interest or other return on or calculated by reference to:

                  (1)   any sum received or receivable by it under or in respect
                        of the Material Documents in an amount which the OF
                        Manager considers material; or

                  (2)   any capital or other amount which is or becomes directly
                        or indirectly allocated by the Note Holder to the
                        Principal Outstanding in an amount which the OF Manager
                        considers material; or

            (f)   the Note Holder is restricted in its capacity to enter into,
                  or is prevented from entering into, any other transaction with
                  any consequence referred to in clause 10.1(c), (d) or (e) or
                  with any other cost or loss of return to the Note Holder,

            then, and in each such case:

            (g)   when it becomes aware of the relevant result and has
                  calculated or otherwise determined the relevant effects the
                  Note Holder must and the OF Manager must cause the Note Holder
                  to promptly notify each Transaction Party of such event; and

            (h)   the Issuer and the SF Manager have no obligation to pay any
                  amount to compensate the Note Holder for such increased cost,
                  reduction, payment or foregone interest or other loss of
                  return.

      10.2  ILLEGALITY

            If any event occurs (including, but not limited to, any change in,
            or the introduction, implementation, operation or taking effect of,
            any law, regulation, treaty, order or official directive, or in
            their interpretation or application by any Governmental Agency)
            which makes it unlawful, or impracticable for the Note Holder to
            make, fund or maintain the Principal Outstanding or for the Note
            Holder or OF Manager to perform its obligations under any Material
            Documents then:

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

            (a)   the obligations of the Note Holder and the OF Manager under
                  the Material Documents are immediately suspended for the
                  duration of such illegality or other effect; and

            (b)   the Note Holder and the OF Manager may, by notice to the
                  Issuer terminate its obligations under the Material Documents;
                  and

            (c)   if required by the applicable event, or its effect, or if
                  necessary to prevent or remedy a breach or to comply with any
                  applicable law, regulation, treaty, order or official
                  directive the Issuer must and the SF Manager must cause it to
                  immediately prepay to the Note Holder the Outstanding Moneys
                  of it in full or, if in the OF Manager's opinion delay in
                  prepayment does not compound such breach or affect such
                  compliance, at the end of at least the longer of 30 days and
                  the period ending on the next occurring relevant Payment Date
                  (or such lesser period if the applicable law, regulation,
                  treaty, order or official directive requires) upon prior
                  notice to that effect from the OF Manager.

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11    TRUSTEE LIMITATION OF LIABILITY PROTECTION

      11.1  LIMITATION OF LIABILITY - ISSUER

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

            (b)   The Issuer enters into this agreement in its capacity as
                  trustee of the Securitisation Fund and in no other capacity
                  (except where the Transaction Documents provide otherwise).
                  Subject to clause 11.1(d), a liability of the Issuer arising
                  under or in connection with this agreement or the
                  Securitisation Fund is limited to and can be enforced against
                  the Issuer only to the extent to which it can be satisfied out
                  of the assets and property of the Securitisation Fund which
                  are available to satisfy the right of the Issuer to be
                  exonerated or indemnified for the liability. This limitation
                  of the Issuer's liability applies despite any other provision
                  of this agreement and extends to all liabilities and
                  obligations of the Issuer in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to this agreement or the Securitisation
                  Fund.

            (c)   Subject to clause 11.1(d), no person (including any Relevant
                  Party) may take action against the Issuer in any capacity
                  other than as trustee of the Securitisation Fund or seek the
                  appointment of a receiver (except under the Security Trust
                  Deed), or a liquidator, an administrator or any similar person
                  to the Issuer or prove in any liquidation, administration or
                  arrangement of or affecting the Issuer (except in relation to
                  the assets of the Securitisation Fund).

            (d)   The provisions of this clause 11.1 shall not apply to any
                  obligation or liability of the Issuer to the extent that it is
                  not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the assets of
                  the Securitisation Fund, as a result of the Issuer's fraud,
                  negligence or wilful default.

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

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this agreement or any other Transaction
                  Document has authority to act on behalf of the Issuer in a way
                  which exposes the Issuer to any personal liability and no act
                  or omission of any such person will be considered fraud,
                  negligence or wilful default of the Issuer for the purposes of
                  clause 11.1(d).

            (g)   In this clause 11.1, RELEVANT PARTIES means any party to a
                  Transaction Document other than the Issuer.

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

      11.2  LIMITATION OF LIABILITY - NOTE HOLDER

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

            (b)   The Note Holder enters into this agreement only in its
                  capacity as trustee of the Origination Fund and no other
                  capacity. A liability of the Note Holder arising under or in
                  connection with this agreement is limited to and can be
                  enforced against the Note Holder only to the extent to which
                  it can be satisfied out of property of the Origination Fund
                  out of which the Note Holder is actually indemnified for the
                  liability. This limitation of the Note Holder's liability
                  applies despite any other provision of this agreement and
                  extends to all liabilities and obligations of the Note Holder
                  in any way connected with any representation, warranty,
                  conduct, omission, agreement or transaction related to this
                  agreement.

            (c)   The parties other than the Note Holder may not take action
                  against the Note Holder in any capacity other than as trustee
                  of the Origination Fund or seek the appointment of a receiver
                  (except in relation to property of the Origination Fund), a
                  liquidator, an administrator or any similar person to the Note
                  Holder or prove in any liquidation, administration or
                  arrangement of or affecting the Note Holder (except in
                  relation to property of the Origination Fund).

            (d)   The provisions of this clause 11.2 shall not apply to any
                  obligation or liability of the Note Holder to the extent that
                  it is not satisfied because under the Master Trust Deed
                  establishing the Origination Fund or by operation of law there
                  is a reduction in the extent of the Note Holder's

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                  indemnification out of the assets of the Origination Fund, as
                  a result of the Note Holder's fraud, negligence or wilful
                  default.

            (e)   It is acknowledged that the OF Manager is responsible under
                  the Master Trust Deed establishing the Origination Fund for
                  performing a variety of obligations relating to the
                  Origination Fund, including under this agreement. No act or
                  omission of the Note Holder (including any related failure to
                  satisfy its obligations or breach of representation or
                  warranty under this agreement) will be considered fraud,
                  negligence or wilful default of the Note Holder for the
                  purposes of clause 11.2(d) to the extent to which the act or
                  omission was caused or contributed to by any failure by the OF
                  Manager or any other person to fulfil its obligations relating
                  to the Origination Fund or by any other act or omission of the
                  OF Manager or any other person.

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this agreement has authority to act on
                  behalf of the Note Holder in a way which exposes the Note
                  Holder to any personal liability and no act or omission of any
                  such person will be considered fraud, negligence or wilful
                  default of the Note Holder for the purposes of clause 11.2(d).

            (g)   The Note Holder is not obliged to do or refrain from doing
                  anything under this agreement (including incur any liability)
                  unless the Note Holder's liability is limited in the same
                  manner as set out in clauses 11.2(b) to 11.2(f).

      11.3  WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

                  (1)   other than a default which:

                        (A)   arises out of a breach of a Transaction Document
                              by a person other than the Issuer or the Note
                              Holder or any person referred to in clause 11.3(b)
                              in relation to the Issuer or the Note Holder;

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

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

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

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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12    INDEMNITIES

      12.1  GENERAL INDEMNITY

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

                  (1)   a Funding Portion required by a Funding Notice, not
                        being made for any reason but excluding any default by
                        the Note Holder or OF Manager, as the case may be;

                  (2)   the occurrence of any Default or Event of Default;

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

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

      12.2  CONTINUING INDEMNITIES AND EVIDENCE OF LOSS

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

                  (1)   any settlement of account; or

                  (2)   the occurrence of any other thing,

                  and remains in full force and effect until:

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

                  (4)   the Outstanding Moneys are fully and finally repaid.

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

            (b)   Each indemnity of the Issuer contained in this agreement is an
                  additional, separate and independent obligation of the Issuer
                  and no one indemnity limits the generality of any other
                  indemnity.

            (c)   Each indemnity of the Issuer contained in this agreement
                  survives the termination of any Transaction Document.

            (d)   A certificate under the hand of an Officer of the OF Manager
                  detailing the amount of any damage, loss, liability, cost,
                  charge, expense, outgoing or payment covered by any indemnity
                  in this agreement is sufficient evidence unless the contrary
                  is proved.

      12.3  FUNDS AVAILABLE FOR INDEMNITY

            The obligations of the Issuer under this clause 12 shall be payable
            solely to the extent that funds are available from time to time for
            that purpose under clause 6 of the Supplementary Bond Terms.

      12.4  NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

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

      12.5  NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

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

--------------------------------------------------------------------------------
13    TAX, COSTS AND EXPENSES

      13.1  TAX

            (a)   The Issuer must and the SF Manager must cause the Issuer to
                  pay any Tax, other than an Excluded Tax in respect of the
                  Securitisation Fund, in respect of the execution, delivery,
                  performance, release, discharge, amendment, enforcement or
                  attempted enforcement or otherwise in respect of any of the
                  following:

                  (1)   any Material Document;

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

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

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

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

      13.2  COSTS AND EXPENSES

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

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

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

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

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

            including, but not limited to, any administration costs of the Note
            Holder or the OF Manager, as the case may be, in connection with the
            matters referred to in clause 13.2(b) and (d) and any legal costs
            and expenses (charged at the usual commercial rates of the relevant
            legal services provider) and any professional consultant's fees for
            any of the above on a full indemnity basis.

      13.3  GOODS AND SERVICES TAX

            (a)   Subject to clause 13.3(b), all amounts referred to in this
                  agreement which are relevant in determining a payment to be
                  made by one party to another are exclusive of GST unless
                  specifically indicated otherwise.

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

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

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                  the party with the liability to remit GST in the manner and at
                  the time when the consideration to which it relates is
                  payable.

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

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

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14    INTEREST ON OVERDUE AMOUNTS

      14.1  PAYMENT OF INTEREST

            The Issuer must and the SF Manager must cause the Issuer to pay
            interest on:

            (a)   any of the Outstanding Moneys due and payable, but unpaid; and

            (b)   on any interest payable but unpaid in accordance with clause
                  5.

      14.2  ACCRUAL OF INTEREST

            The interest payable under this clause 14:

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

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

      14.3  RATE OF INTEREST

            The rate of interest payable under this clause 14 on any part of the
            Outstanding Moneys is the higher of:

            (a)   the Overdue Rate; and

            (b)   the rate fixed or payable under a judgment or other thing
                  referred to in clause 14.2(a).

--------------------------------------------------------------------------------
15    ASSIGNMENT

      15.1  ASSIGNMENT BY TRANSACTION PARTY

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

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      15.2  ASSIGNMENT BY NOTE HOLDER AND OF MANAGER

            Neither the Note Holder nor the OF Manager may assign any of its
            rights or transfer by novation any of its rights and obligations
            under this agreement without the prior written consent of the other
            parties. Any such assignment must contain an acknowledgement that
            the assignee is bound by the provisions of this agreement

      15.3  ASSIST TRANSFER OR ASSIGNMENT

            At the request of the Note Holder or OF Manager, the Issuer and the
            SF Manager must do any thing including, but not limited to,
            executing any documents or amending any Material Document, to effect
            any transfer or assignment under this clause 15.

      15.4  PARTICIPATION PERMITTED

            The Note Holder and OF Manager may grant by way of sub-participation
            (being a right to share in the financial effects of this agreement,
            without any rights against the Issuer) all or part of the Note
            Holder's or OF Manager's, as the case may be, rights and benefits
            under this agreement to any other person without having to obtain
            the consent of or to notify the Issuer or the SF Manager.

      15.5  LENDING OFFICE

            (a)   The Note Holder may change its Lending Office at any time.

            (b)   The Note Holder must promptly notify the Issuer and the SF
                  Manager of any such change.

      15.6  DISCLOSURE

            Any party may disclose to a proposed assignee, transferee or
            sub-participant any information relating to any other party or the
            Transaction Documents whether or not confidential and whether or not
            the disclosure would be in breach of any law or of any duty owed to
            that other party.

      15.7  NO INCREASE IN COSTS

            If the Note Holder or OF Manager assigns or transfers any of its
            rights or obligations under any Material Document or changes its
            Lending Office the Issuer is not required to pay any net increase in
            the aggregate amount of costs, Taxes, fees or charges which:

            (a)   are a direct consequence of the transfer or assignment or
                  change of Lending Office; and

            (b)   the Note Holder or OF Manager as the case may be, or its
                  transferee or assignee was aware of or ought reasonably to
                  have been aware of, at the time of the transfer or assignment
                  or change of Lending Office.

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16    GENERAL

      16.1  CONFIDENTIAL INFORMATION

            The Note Holder and OF Manager may, for the purpose of exercising
            any Power, disclose to any person any documents or records of, or
            information about, any Transaction Document, or the assets, business
            or affairs of any Transaction Party, whether or not confidential and
            whether or not the disclosure would be in breach of any law or of
            any duty owed to any Transaction Party.

      16.2  PERFORMANCE BY NOTE HOLDER OF OBLIGATIONS

            If a Transaction Party defaults in fully and punctually performing
            any obligation contained or implied in any Transaction Document, the
            Note Holder and OF Manager may, without prejudice to any Power do
            all things necessary or desirable, in the opinion of the Note Holder
            or OF Manager, as the case may be, to make good or attempt to make
            good that default to the satisfaction of the Note Holder or OF
            Manager, as the case may be.

      16.3  TRANSACTION PARTY TO BEAR COST

            Without prejudice to clause 11, any thing which must be done by a
            Transaction Party under any Material Document, whether or not at the
            request of the Note Holder or OF Manager, must be done at the cost
            of the Transaction Party.

      16.4  NOTICES

            (a)   Any notice or other communication including, but not limited
                  to, any request, demand, consent or approval, to or by a party
                  to any Material Document:

                  (1)   must be in legible writing and in English addressed as
                        shown below (or if sent by facsimile, to the facsimile
                        numbers below) and marked to the attention of the
                        following:

                        (A)   if to the Note Holder:

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

                              Attention: Head of Debt Markets / Manager -
                                         Securitisation

                              Facsimile: (02) 9221 7870; and

                        (B)   if to the Issuer:

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

                              Attention: Head of Debt Markets / Manager -
                                         Securitisation

                              Facsimile: (02) 9221 7870

                        (C)   if to the SF Manager:

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                              Address:   Level 16,
                                         360 Collins Street,
                                         Melbourne, Victoria 3000

                              Attention: Manager - Capital Markets

                              Facsimile: (03) 9605 6200; and

                        (D)   if to the OF Manager:

                              Address:   Level 16,
                                         360 Collins Street,
                                         Melbourne, Victoria 3000

                              Attention: Manager - Capital Markets

                              Facsimile: (03) 9605 6200;

                        or as specified to the sender by any party by notice;

                  (2)   where the sender is a company, must be signed by an
                        Officer or under the common seal of the sender;

                  (3)   is regarded as being given by the sender and received by
                        the addressee:

                        (A)   if by delivery in person, when delivered to the
                              addressee;

                        (B)   if by post, on delivery to the addressee; or

                        (C)   if by facsimile transmission, as long as it is
                              legibly received, when transmitted to the
                              addressee,

                        but if the delivery or receipt is on a day which is not
                        a Business Day or is after 4.00 pm (addressee's time) it
                        is regarded as received at 9.00 am on the following
                        Business Day;

                  (4)   can be relied upon by the addressee and the addressee is
                        not liable to any other person for any consequences of
                        that reliance if the addressee believes it to be
                        genuine, correct and authorised by the sender; and

                  (5)   if to the Note Holder must be copied to the OF Manager
                        and if to the Issuer must be copied to the SF Manager.

            (b)   A facsimile transmission is regarded as legible unless the
                  addressee telephones the sender within 2 hours after the
                  transmission is received or regarded as received under clause
                  16.4(a)(3) and informs the sender that it is not legible.

            (c)   In this clause 16.4, a reference to an addressee includes a
                  reference to an addressee's Officers, agents or employees.

      16.5  GOVERNING LAW AND JURISDICTION

            (a)   This agreement is governed by the laws of New South Wales.

            (b)   The parties irrevocably submit to the non-exclusive
                  jurisdiction of the courts of New South Wales.

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      16.6  PROHIBITION AND ENFORCEABILITY

            (a)   Any provision of, or the application of any provision of, any
                  Material Document or any Power which is prohibited in any
                  jurisdiction is, in that jurisdiction, ineffective only to the
                  extent of that prohibition.

            (b)   Any provision of, or the application of any provision of, any
                  Material Document which is void, illegal or unenforceable in
                  any jurisdiction does not affect the validity, legality or
                  enforceability of that provision in any other jurisdiction or
                  of the remaining provisions in that or any other jurisdiction.

      16.7  WAIVERS

            (a)   Waiver of any right arising from a breach of this agreement
                  or of any Power arising upon default under this agreement or
                  upon the occurrence of an Event of Default must be in writing
                  and signed by the party granting the waiver.

            (b)   A failure or delay in exercise, or partial exercise, of:

                  (1)   a right arising from a breach of this agreement or the
                        occurrence of an Event of Default; or

                  (2)   a Power created or arising upon default under this
                        agreement or upon the occurrence of an Event of Default,

                  does not result in a waiver of that right or Power.

            (c)   A party is not entitled to rely on a delay in the exercise or
                  non-exercise of a right or Power arising from a breach of this
                  agreement or on a default under this agreement or on the
                  occurrence of an Event of Default as constituting a waiver of
                  that right or Power.

            (d)   A party may not rely on any conduct of another party as a
                  defence to exercise of a right or Power by that other party.

            (e)   This clause may not itself be waived except by writing.

      16.8  VARIATION

            A variation of any term of this agreement must be in writing and
            signed by the parties.

      16.9  CUMULATIVE RIGHTS

            The Powers are cumulative and do not exclude any other right, power,
            authority, discretion or remedy of the Note Holder or OF Manager.

      16.10 ATTORNEYS

            Each of the Attorneys executing this agreement states that the
            Attorney has no notice of the revocation of the power of attorney
            appointing that Attorney.

      16.11 BINDING OBLIGATIONS

            Each party to this agreement acknowledges that the obligations
            expressed in this agreement are binding upon it.

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      16.12 WINDING UP OF SECURITISATION FUND

            Prior to the Termination date, neither the Note Holder nor the OF
            Manager may seek to terminate or wind up the Securitisation Fund as
            a consequence of any breach of this agreement or any Note by the
            Issuer or the SF Manager.

      16.13 TERMINATION CLAUSE

            This agreement can only be terminated on or after the Termination
            Date.

      16.14 COUNTERPARTS

            (a)   This agreement may be executed in any number of counterparts.

            (b)   All counterparts, taken together, constitute 1 instrument.

            (c)   A party may execute this agreement by signing any counterpart.

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)

TO:  PERPETUAL LIMITED
     in its capacity as trustee of the Origination Fund
     (NOTE HOLDER)

     Attention: Head of Debt Markets/Manager - Securitisation

AND: ME PORTFOLIO MANAGEMENT LIMITED
     in its capacity as manager of the Origination Fund
     (OF MANAGER)

     Attention: Manager - Capital Markets

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

We refer to the Top-up Funding Facility Agreement dated [INSERT DATE]
(AGREEMENT). Pursuant to clause 4 of the Agreement:

(a)   We give you notice that we require the Issuer to issue to the Note Holder
      a Note from SMHL Global Fund [    ]-[ ] on [INSERT DATE] (FUNDING DATE) at
      [INSERT DATE];

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

(c)   The relevant Payment Period is a [Quarterly/Monthly] Payment Period
      commencing on the Funding Date;

(d)   We request that the proceeds be remitted to account number [INSERT
      DETAILS] at [INSERT ADDRESS]/[INSERT ALTERNATIVE INSTRUCTIONS].

Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.

DATED: [INSERT DATE]

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

------------------------------------------------
Officer's signature

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

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

          TOP-UP FUNDING FACILITY AGREEMENT - SMHL GLOBAL FUND [ ]-[]

                                PERPETUAL LIMITED
                              (ABN 86 000 431 827)
            IN ITS CAPACITY AS TRUSTEE OF THE SMHL GLOBAL FUND [ ]-[]

                 of Level l2, 123 Pitt Street, Sydney, NSW, 2000

                                    (ISSUER)

whose office for the purposes of payment is at Level 12, 123 Pitt Street,
Sydney, New South Wales or such other address as the Issuer may notify to the
Note Holder from time to time.

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

1     NOTE

(a)   This Note certificate is issued as part of the Notes of SMHL Global Fund [
      ]-[ ]. The terms and conditions of the issue of this Note and repayment
      are constituted by this Note and the Top-up Funding Facility Agreement for
      the Issue and Repayment of Notes - SMHL Global Fund [ ]-[ ] dated [INSERT
      date] between the Issuer, the Note Holder, ME Portfolio Management Limited
      (ABN 79 005 964 134) of Level 16, 360 Collins Street, Melbourne, Victoria
      in its capacity as manager of the Securitisation Fund (SF MANAGER) and ME
      Portfolio Management Limited (ABN 79 005 964 134) of Level 16, 360 Collins
      Street, Melbourne, Victoria in its capacity as manager of the Origination
      Fund (OF MANAGER) (AGREEMENT). Terms defined in the Agreement have the
      same meaning when used in these Conditions.

(b)   Subject to clause 3, the Issuer promises to repay the Note Holder in
      accordance with the Agreement.

(c)   This Note may only be assigned or transferred with the prior written
      consent of the Issuer and subject to and in accordance with the Agreement.

2     DERIVATION OF PAYMENT

      The parties acknowledge that the payments to be made by the Issuer under
      this Note are derived by it from the receipts from a "mortgage" or "pool
      of mortgages", as those terms are defined in section 3 of the Duties Act
      2000 (Vic).

3     EXTENT OF LIABILITY OF ISSUER

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

(b)   The Issuer issues this Note in its capacity as trustee of the
      Securitisation Fund and no other capacity (except where the Transaction
      Documents provide otherwise). Subject to

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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

      clause 3(d), a liability of the Issuer arising under or in connection with
      this Note or the Agreement or the Securitisation Fund is limited to and
      can be enforced against the Issuer only to the extent to which it can be
      satisfied out of the assets and property of the Securitisation Fund which
      are available to satisfy the right of the Trustee to be exonerated or
      indemnified for the liability. This limitation of the Issuer's liability
      applies despite any other provision of this Note or the Agreement and
      extends to all liabilities and obligations of the Issuer in any way
      connected with any representation, warranty, conduct, omission, agreement
      or transaction related to this Note or the Agreement or the Securitisation
      Fund.

(c)   Subject to clause 3(d), no person (including any Relevant Party) may take
      action against the Issuer in any capacity other than as trustee of the
      Securitisation Fund or seek the appointment of a receiver (except under
      the Security Trust Deed), or a liquidator, an administrator or any similar
      person to the Issuer or prove in any liquidation, administration or
      arrangement of or affecting the Issuer except in relation to the assets of
      the Securitisation Fund.

(d)   The provisions of this clause 3 shall not apply to any obligation or
      liability of the Issuer to the extent that it is not satisfied because
      under a Transaction Document or by operation of law there is a reduction
      in the extent of the Issuer's indemnification or exoneration out of the
      assets of the Securitisation Fund Issuer, as a result of the Issuer's
      fraud, negligence or wilful default.

(e)   It is acknowledged that the Relevant Parties are responsible under this
      Note, the Agreement or the other Transaction Documents for performing a
      variety of obligations relating to the Securitisation Fund. No act or
      omission of the Issuer (including any related failure to satisfy its
      obligations under this Note or the Agreement) will be considered fraud,
      negligence or wilful default of the Issuer for the purposes of clause 3(d)
      to the extent to which the act or omission was caused or contributed to by
      any failure by any Relevant Party or any other person who has been
      delegated or appointed by the Issuer in accordance with the Transaction
      Documents to fulfil its obligations relating to the Securitisation Fund or
      by any other act or omission of a Relevant Party or any other person.

(f)   No attorney, agent, receiver or receiver and manager appointed in
      accordance with this Note or the Agreement or any other Transaction
      Document has authority to act on behalf of the Issuer in a way which
      exposes the Issuer to any personal liability and no act or omission of any
      such person will be considered fraud, negligence or wilful default of the
      Issuer for the purposes of clause 3(d).

(g)   In this clause 3, RELEVANT PARTIES means any party to a Transaction
      Document other than the Issuer.

(h)   The Issuer is not obliged to do or refrain from doing anything under this
      Note or the Agreement (including incur any liability) unless the Issuer's
      liability is limited in the same manner as set out in clauses 3(b) to
      3(f).

4     EXTENT OF LIABILITY OF NOTE HOLDER

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

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

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

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

      liability applies despite any other provision of this Note or the
      Agreement and extends to all liabilities and obligations of the Note
      Holder in any way connected with any representation, warranty, conduct,
      omission, agreement or transaction related to this Note or the Agreement.

(c)   The parties other than the Note Holder may not take action against the
      Note Holder in any capacity other than as trustee of the Origination Fund
      or seek the appointment of a receiver (except in relation to property of
      the Origination Fund), a liquidator, an administrator or any similar
      person to the Note Holder or prove in any liquidation, administration or
      arrangement of or affecting the Note Holder (except in relation to
      property of the Origination Fund).

(d)   The provisions of this clause 4 shall not apply to any obligation or
      liability of the Note Holder to the extent that it is not satisfied
      because under the trust deed establishing the Origination Fund or by
      operation of law there is a reduction in the extent of the Note Holder's
      indemnification out of the assets of the Origination Fund, as a result of
      the Note Holder's fraud, negligence or wilful default.

(e)   It is acknowledged that the OF Manager is responsible under the trust deed
      establishing the Origination Fund for performing a variety of obligations
      relating to the Origination Fund, including under this Note and the
      Agreement. No act or omission of the Note Holder (including any related
      failure to satisfy its obligations or breach of representation or warranty
      under this Note or the Agreement) will be considered fraud, negligence or
      wilful default of the Note Holder for the purposes of clause 4(d) to the
      extent to which the act or omission was caused or contributed to by any
      failure by the OF Manager or any other person to fulfil its obligations
      relating to the Origination Fund or by any other act or omission of the OF
      Manager or any other person.

(f)   No attorney, agent, receiver or receiver and manager appointed in
      accordance with this Note or the Agreement has authority to act on behalf
      of the Note Holder in a way which exposes the Note Holder to any personal
      liability and no act or omission of any such person will be considered
      fraud, negligence or wilful default of the Note Holder for the purposes of
      clause 4(d).

(g)   The Note Holder is not obliged to do or refrain from doing anything under
      this Note or the Agreement (including incur any liability) unless the Note
      Holder's liability is limited in the same manner as set out in clauses
      4(b) to 4(f).

5     WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

      (1)   other than a default which:

            (A)   arises out of a breach of a Transaction Document by a person
                  other than the Issuer or the Note Holder or any person
                  referred to in clause 5(b) in relation to the Issuer or the
                  Note Holder;

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

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

--------------------------------------------------------------------------------
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                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 40
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

--------------------------------------------------------------------------------
SCHEDULE 3 - 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 41
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

SCHEDULE 4 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                      APPLICABLE
                                                                                        SERVICING
                                                                                        CRITERIA
--------------------------------------------------------------------------------------------------
REFERENCE           CRITERIA
--------------------------------------------------------------------------------------------------
                    GENERAL SERVICING CONSIDERATIONS
--------------------------------------------------------------------------------------------------
<S>                 <C>                                                                 <C>
1122(d)(1)(i)       Policies and procedures are instituted to monitor any performance
                    or other triggers and events of default in accordance with the
                    transaction agreements.
--------------------------------------------------------------------------------------------------
1122(d)(1)(ii)      If any material servicing activities are outsourced to third
                    parties, policies and procedures are instituted to monitor the
                    third party's performance and compliance with such servicing
                    activities.
--------------------------------------------------------------------------------------------------
1122(d)(1)(iii)     Any requirements in the transaction agreements to maintain a
                    back-up servicer for the mortgage loans are maintained.
--------------------------------------------------------------------------------------------------
1122(d)(1)(iv)      A fidelity bond and errors and omissions policy is in effect on
                    the party participating in the servicing function throughout the
                    reporting period in the amount of coverage required by and
                    otherwise in accordance with the terms of the transaction
                    agreements.
--------------------------------------------------------------------------------------------------
                    CASH COLLECTION AND ADMINISTRATION
--------------------------------------------------------------------------------------------------
1122(d)(2)(i)       Payments on mortgage loans are deposited into the appropriate
                    custodial bank accounts and related bank clearing accounts no
                    more than two business days following receipt, or such other
                    number of days specified in the transaction agreements.
--------------------------------------------------------------------------------------------------
1122(d)(2)(ii)      Disbursements made via wire transfer on behalf of an obligor or
                    to an investor are made only by authorized personnel.
--------------------------------------------------------------------------------------------------
1122(d)(2)(iii)     Advances of funds or guarantees regarding collections, cash flows
                    or distributions, and any interest or other fees charged for such
                    advances, are made, reviewed and approved as specified in the
                    transaction agreements.
--------------------------------------------------------------------------------------------------
1122(d)(2)(iv)      The related accounts for the transaction, such as cash reserve
                    accounts or accounts established as a form of
                    overcollateralization, are separately maintained (e.g., with
                    respect to commingling of cash) as set forth in the transaction
                    agreements.
--------------------------------------------------------------------------------------------------
1122(d)(2)(v)       Each custodial account is maintained at a federally insured
                    depository institution as set forth in the
--------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         Page 42
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                      APPLICABLE
                                                                                        SERVICING
                                                                                        CRITERIA
--------------------------------------------------------------------------------------------------
REFERENCE           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 43
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                      APPLICABLE
                                                                                        SERVICING
                                                                                        CRITERIA
--------------------------------------------------------------------------------------------------
REFERENCE           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 44
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
SERVICING CRITERIA                                                                      APPLICABLE
                                                                                        SERVICING
                                                                                        CRITERIA
--------------------------------------------------------------------------------------------------
REFERENCE           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 45
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

ISSUER:

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

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

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

NOTE HOLDER:

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 46
<PAGE>

                  Top-up Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

SF MANAGER:

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

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

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

OF MANAGER:

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 47

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