Document:

Exhibit 10.10
                                                Form of Payment Funding Facility

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Perpetual Limited
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ME Portfolio Management Limited
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PAYMENT FUNDING
FACILITY AGREEMENT FOR
THE ISSUE AND
REPAYMENT OF NOTES -
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                                                 6
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      1.3      Banking Day                                                    8
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      1.4      Transaction Document                                           8

2     THE NOTES                                                               8

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

3     PURPOSE                                                                 9

4     FUNDING PROCEDURES                                                     10

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

5     LOAN FACILITY                                                          11

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

6     PAYMENTS                                                               13

      6.1      Manner of payments                                            13
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      6.2      Payments on a Banking Day                                     13
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      6.3      Appropriation of payments                                     13
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      6.4      Payments in gross                                             14
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      6.5      Taxation deduction procedures                                 14
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      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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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

      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                                      17
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      8.4      Know your customer                                            17
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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                                23

9     EVENTS OF DEFAULT                                                      23

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

10    TRUSTEE LIMITATION OF LIABILITY PROTECTION                             24

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

11    INDEMNITIES                                                            27

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

12    TAX, COSTS AND EXPENSES                                                29

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

13    INTEREST ON OVERDUE AMOUNTS                                            30

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

14    ASSIGNMENT                                                             31

      14.1     Assignment by Transaction Party                               31
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      14.2     Assignment by Note Holder and OF Manager                      31
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      14.3     Assist transfer or assignment                                 31
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      14.4     Participation permitted                                       31

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

      14.5     Lending Office                                                31
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      14.6     Disclosure                                                    31
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      14.7     No increase in costs                                          32

15    GENERAL                                                                32

      15.1     Confidential information                                      32
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      15.2     Performance by Note Holder of obligations                     32
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      15.3     Transaction Party to bear cost                                32
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      15.4     Notices                                                       32
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      15.5     Governing law and jurisdiction                                34
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      15.6     Prohibition and enforceability                                34
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      15.7     Waivers                                                       34
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      15.8     Variation                                                     34
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      15.9     Cumulative rights                                             35
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      15.10    Attorneys                                                     35
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      15.11    Binding Obligations                                           35
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      15.12    Winding up of Securitisation Fund                             35
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      15.13    Termination                                                   35
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      15.14    Counterparts                                                  35

SCHEDULE 1 - FUNDING NOTICE (CLAUSE 4.2)                                     36

SCHEDULE 2 - CONDITIONS                                                      38

SCHEDULE 3 - REPORT ON ASSESSMENT OF COMPLIANCE WITH REGULATION AB
SERVICING CRITERIA                                                           42

SCHEDULE 4 - SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE  43

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

      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 trustee 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 trustee 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;

            AUTHORISATION includes:

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

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

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

            AUTHORISED INVESTMENTS has the meaning given to it in the Master
            Trust Deed;

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

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

            BOND ISSUE DATE has the meaning given to it in the Master Trust
            Deed;

            BOND ISSUE DIRECTION has the meaning given to it in the Master Trust
            Deed;

            CHARGE means the charge created under the Security Trust Deed;

            CLASS A NOTE has the meaning given to it in the Supplementary Bond
            Terms Notice;

            CLASS B NOTE has the meaning given to it in the Supplementary Bond
            Terms Notice;

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

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

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

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

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

            ENCUMBRANCE means an interest or power:

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

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

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

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

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

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

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

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

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

            FITCH RATINGS means Fitch Australia Pty Ltd;

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

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

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

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

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

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

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

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

            MATERIAL DOCUMENTS means:

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

            (b)   the Security Trust Deed; and

            (c)   the Supplementary Bond Terms Notice.

            MOODY'S has the meaning given to it in the Master Trust Deed;

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

            NOTE means a note issued under clauses 2 and 4;

            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;

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

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

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

            (a)   are present or future;

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

            (c)   are at any time ascertained or unascertained;

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

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

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

            comprise any combination of the above, after:

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

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

            OUTSTANDING PRINCIPAL BALANCE in respect of a Mortgage has the same
            meaning as in the Supplementary Bond Terms Notice;

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

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

            PAYMENT AMOUNT SHORTFALL means as the case requires:

            (a)   a Recovery Shortfall; and

            (b)   a Threshold Rate Shortfall;

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

            PAYMENT PERIOD means the period from and including the last relevant
            Payment Date to but excluding the next relevant Payment Date except
            that the first

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

            Payment Period will commence on the relevant Funding Date and the
            last Payment Period will end on the Termination Date;

            PERMITTED ENCUMBRANCE means:

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

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

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

            (d)   an Encumbrance granted under a Transaction Document,

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

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

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

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

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

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

            REDRAW FUNDING FACILITY has the meaning given to it in the Security
            Trust Deed;

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

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

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

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

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

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

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

            SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary Bond Terms
            Notice dated on or about the date of this agreement in respect of
            the Securitisation Fund and providing the terms of issue for Class A
            Notes and Class B Notes;

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

            [TARGET SETTLEMENT DAY means any day on which the Trans-European
            Automated Real-time Gross Settlement Express Transfer system is
            open;]

            TAX means:

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

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

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

            TERMINATION DATE means, the first to occur of:

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

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

            THRESHOLD RATE SHORTFALL means any shortfall arising under any
            determination under clause 11(a) of the Supplementary Bond Terms
            Notice;

            TOTAL OUTSTANDING PRINCIPAL BALANCE has the meaning given to it
            under the Supplementary Bond Terms Notice;

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

            TRANSACTION PARTY means:

            (a)   the Issuer; or

            (b)   the SF Manager.

      1.2   INTERPRETATION

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

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

            (b)   words importing a gender include any gender;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                  (1)   which ceases to exist; or

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

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

            (q)   the Issuer or the Note Holder will only be considered to have
                  knowledge or awareness of, or notice of, a thing, or grounds
                  to believe any thing, by virtue of the officers of the Issuer
                  or the Note Holder having day to day

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

                  responsibility for the administration of the Origination Fund
                  or the Securitisation Fund (as the case may be) having actual
                  knowledge, actual awareness or actual notice of that thing, or
                  grounds or reason to believe that thing (and similar
                  references will be interpreted in this way). In addition,
                  notice, knowledge or awareness of an Event of Default means
                  notice, knowledge or awareness of the occurrence of the events
                  or circumstances constituting an Event of Default and that
                  those events or circumstances constitute an Event of Default.

      1.3   BANKING DAY

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

      1.4   TRANSACTION DOCUMENT

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

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2     THE NOTES

      2.1   APPLICATION FOR AND ISSUE OF NOTES

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

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

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

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

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

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

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

      2.2   ACKNOWLEDGMENT OF INDEBTEDNESS

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

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

      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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3     PURPOSE

            (a)   Subject to clause 3(b), the Issuer must, and the SF Manager
                  must cause the Issuer to, keep the proceeds of a Funding
                  Portion invested in Authorised Investments:

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

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

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

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

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

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

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

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4     FUNDING PROCEDURES

      4.1   DELIVERY OF FUNDING NOTICE

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

      4.2   REQUIREMENTS FOR A FUNDING NOTICE

            A Funding Notice:

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

            (b)   must be received by the Note Holder and the OF Manager at
                  least 2 Banking Days before the proposed Funding Date (or such
                  shorter period as the OF Manager may agree in writing);

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

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

      4.3   COPY OF THE FUNDING NOTICE TO BE PROVIDED TO THE ISSUER

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

      4.4   IRREVOCABILITY OF FUNDING NOTICE

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

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

            the Issuer to, issue the relevant Note and to draw Funding Portions
            from the Note Holder in accordance with the Funding Notice given to
            the OF Manager and the Note Holder.

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5     LOAN FACILITY

      5.1   PROVISION OF FUNDING PORTIONS

            If the SF Manager gives a Funding Notice in accordance with clause 4
            and the OF Manager and the Note Holder agree to the issue of the
            specified Note, then, subject to this agreement (including, without
            limitation, clause 10), the Note Holder must, and the OF Manager
            must cause the Note Holder to, provide the relevant Funding Portion
            under the Facility as payment for the relevant Note in Same Day
            Funds in Dollars not later than 12 noon (Melbourne time) on the
            specified Funding Date and in accordance with that Funding Notice.

      5.2   REPAYMENT OF OUTSTANDING MONEYS

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

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

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

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

      5.3   INTEREST

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

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

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

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                                                                         page 11
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

      5.4   ORDER OF REPAYMENT

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

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

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

      5.5   ACKNOWLEDGMENTS

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

            (b)   Each of the parties acknowledges that:

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

                  (2)   in order to maintain the assigned rating by each
                        Designated Rating Agency (which rating confirmation by
                        each Designated Rating Agency must be in writing) of the
                        Class A Notes or the Class B Notes it may be necessary
                        to increase the amount of the Principal Outstanding to
                        an amount in excess of [   ]% of the Outstanding
                        Principal Balance of the Loans secured by Mortgages
                        comprised in the Assets of Securitisation Fund;

                  (3)   the amount of the Principal Outstanding up to an amount
                        equal to [   ]% of the Outstanding Principal Balance of
                        the Loans secured

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                                                                         page 12
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

                        by Mortgages comprised in the Assets of Securitisation
                        Fund is only available in respect of Payment Amount
                        Shortfalls being Recovery Shortfalls and any Principal
                        Outstanding in excess of [   ]% of the Outstanding
                        Principal Balance of the Loans secured by Mortgages
                        comprised in the Assets of Securitisation Fund is only
                        available in respect of Payment Amount Shortfalls being
                        Threshold Rate Shortfalls; and

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

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6     PAYMENTS

      6.1   MANNER OF PAYMENTS

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

            (a)   in Same Day Funds;

            (b)   in Dollars; and

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

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

      6.2   PAYMENTS ON A BANKING DAY

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

      6.3   APPROPRIATION OF PAYMENTS

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

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

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

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

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

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                                                                         page 13
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

      6.4   PAYMENTS IN GROSS

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

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

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

      6.5   TAXATION DEDUCTION PROCEDURES

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

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

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

      6.6   AMOUNTS PAYABLE ON DEMAND

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

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7     REPRESENTATIONS AND WARRANTIES

      7.1   BY THE ISSUER

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

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

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

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

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

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                                                                         page 14
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

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

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

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

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

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

      7.2   BY THE SF MANAGER

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

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

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

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

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                                                                         page 15
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

            (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 10
            in the case of the Issuer), comply with the undertakings in this
            clause 8.

      8.2   COMPLIANCE WITH COVENANTS

            The Issuer must and the SF Manager must ensure that the Issuer does:

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                                                                         page 16
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

      8.3   NOTIFY EVENTS OF DEFAULT

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

      8.4   KNOW YOUR CUSTOMER

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

      8.5   COMPLIANCE WITH REGULATION AB

            In relation to compliance with Regulation AB:

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

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

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                                                                         page 17
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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                                                                         page 18
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

            (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;

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

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

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

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                                                                         page 19
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                 Payment Funding Facility Agreement - SMHL Global Fund [   ]-[ ]

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      8.6   DIRECTION OF CLAIMS BY THE SF MANAGER

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

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

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

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

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

      8.7   DIRECTION OF DEFENCE OF CLAIMS

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

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

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

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9     EVENTS OF DEFAULT

      9.1   OPERATION OF CLAUSE 9

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

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

      9.2   EFFECT OF EVENT OF DEFAULT

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

            (b)   The Issuer must and the SF Manager must cause the Issuer to
                  upon receipt of a notice under clause 9.2(a) immediately repay
                  in full the Outstanding Moneys to the Note Holder.

      9.3   ISSUER TO CONTINUE TO PERFORM

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

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

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

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

      9.4   ENFORCEMENT

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

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

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10    TRUSTEE LIMITATION OF LIABILITY PROTECTION

      10.1  LIMITATION OF LIABILITY - ISSUER

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

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

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

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

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

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

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

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

            (g)   In this clause 10.1, RELEVANT PARTIES means any party to a
                  Transaction Document other than the Issuer.

            (h)   The Issuer is not obliged to do or refrain from doing anything
                  under this agreement (including incur any liability) unless
                  the Issuer's liability is limited in the same manner as set
                  out in clauses 10.1(b) to 10.1(f).

      10.2  LIMITATION OF LIABILITY - NOTE HOLDER

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

            (b)   The Note Holder enters into this agreement only in its
                  capacity as trustee of the Origination Fund and no other
                  capacity. A liability of the Noteholder arising under or in
                  connection with this agreement is limited to and can be
                  enforced against the Note Holder only to the extent to which
                  it

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

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

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

      10.3  WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

                  (1)   other than a default which:

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

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

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

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

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

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

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

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11    INDEMNITIES

      11.1  GENERAL INDEMNITY

            (a)   Subject to clause 10.1 the Issuer, to the extent it is
                  permitted or contemplated under the terms of the Master Trust
                  Deed, indemnifies on a full indemnity basis (including legal
                  costs and expenses charged at the usual commercial rates of
                  the relevant legal services provider) and out of the property
                  of the Securitisation Fund the Note Holder and OF Manager
                  against any claim, action, damage, loss, liability, cost,
                  charge, expense, outgoing or payment which the Note Holder or
                  OF Manager, as the case may be, or an Attorney of the Note
                  Holder or OF Manager pays, suffers, incurs or is liable for,
                  in respect of any of the following:

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

                  (2)   any repayment or prepayment of all or part of a Funding
                        Portion being made on a date other than the relevant
                        Payment Date.

            (b)   Without limitation to the indemnity contained in clause
                  11.1(a), that indemnity includes the amount determined by the
                  Note Holder or OF Manager, as the case may be, as being
                  incurred by reason of the liquidation or re-employment of
                  deposits or other funds acquired or contracted for by the Note
                  Holder or OF Manager, as the case may be to

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

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

      11.2  CONTINUING INDEMNITIES AND EVIDENCE OF LOSS

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

                  (1)   any settlement of account; or

                  (2)   the occurrence of any other thing,

                  and remains in full force and effect until:

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

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

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

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

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

      11.3  FUNDS AVAILABLE FOR INDEMNITY

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

      11.4  NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

            The indemnities in this clause 11 do not extend to any liability,
            loss, cost, charge or expense that is finally and judicially
            determined to result from any negligence, wilful default or breach
            of law by the other parties to this agreement.

      11.5  NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

            If the Note Holder or the OF Manager receives written notice of any
            act, matter or thing which may give rise to a liability, loss, cost,
            charge or expense in relation to which the Issuer would be required
            to indemnify it under this clause 11, the Note Holder or the OF
            Manager (as the case may be) will notify the Issuer of that act,
            matter or thing giving such details as it is practicable to give as
            soon as it is reasonably practicable and in any event within 5
            Banking Days of it coming to its attention, provided that failure to
            do so will not result in any loss or reduction in the indemnity
            contained in this clause 11 unless the Issuer has been prejudiced in
            any material respect by such failure.

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

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12    TAX, COSTS AND EXPENSES

      12.1  TAX

            (a)   The Issuer must and the SF Manager must cause the Issuer to
                  pay any Tax, other than an Excluded Tax in respect of the
                  Securitisation Fund or a Tax referred to in clause 12.3, in
                  respect of the execution, delivery, performance, release,
                  discharge, amendment, enforcement or attempted enforcement or
                  otherwise in respect of any of the following:

                  (1)   any Material Document;

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

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

            (b)   The Issuer must and the SF Manager must cause the Issuer to
                  pay any fine, penalty or other cost in respect of a failure to
                  pay any Tax described in clause 12.1(a) except to the extent
                  that the fine, penalty or other cost is caused by the Note
                  Holder's failure to lodge money received from the Issuer
                  before the due date for lodgement.

            (c)   The Issuer indemnifies out of the property of the
                  Securitisation Fund the Note Holder against any amount payable
                  under clause 12.1(a) or 12.1(b) or both.

      12.2  COSTS AND EXPENSES

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

            (a)   the negotiation, preparation, execution, delivery, stamping,
                  registration, completion, variation and discharge of any
                  Material Document or any agreement or document described in
                  clause 12.1(a);

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

            (c)   the consent or approval of the Note Holder or OF Manager given
                  under any Material Document or any agreement or document
                  described in clause 12.1(a); and

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

            including, but not limited to, any administration costs of the Note
            Holder or the OF Manager, as the case may be, in connection with the
            matters referred to in clause 12.2(b) and 12.2(d) and any legal
            costs and expenses (charged at the usual commercial rates of the
            relevant legal services provider) and any professional consultant's
            fees for any of the above on a full indemnity basis.

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

      12.3  GOODS AND SERVICES TAX

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

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

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

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

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

--------------------------------------------------------------------------------
13    INTEREST ON OVERDUE AMOUNTS

      13.1  PAYMENT OF INTEREST

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

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

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

      13.2  ACCRUAL OF INTEREST

            The interest payable under this clause 13:

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

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

--------------------------------------------------------------------------------
                                                                         page 30
<PAGE>

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

      13.3  RATE OF INTEREST

            The rate of interest payable under this clause 13 on any part of the
            Outstanding Moneys is the higher of:

            (a)   the Overdue Rate; and

            (b)   the rate fixed or payable under a judgment or other thing
                  referred to in clause 13.2(a).

--------------------------------------------------------------------------------
14    ASSIGNMENT

      14.1  ASSIGNMENT BY TRANSACTION PARTY

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

      14.2  ASSIGNMENT BY NOTE HOLDER AND OF MANAGER

            Neither the Note Holder nor the OF Manager may assign any of its
            rights or transfer by novation any of its rights and obligations
            under this agreement or any Note without the prior written consent
            of the other parties and a prior written notice of such assignment
            been given to each Designated Rating Agency. Any such assignment
            must contain an acknowledgment that the assignee is bound by the
            provisions of this agreement.

      14.3  ASSIST TRANSFER OR ASSIGNMENT

            At the request of the Note Holder or OF Manager, the Issuer and the
            SF Manager must do any thing including, but not limited to,
            executing any documents or amending any Material Document, to effect
            any transfer or assignment under this clause 14.

      14.4  PARTICIPATION PERMITTED

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

      14.5  LENDING OFFICE

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

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

      14.6  DISCLOSURE

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

--------------------------------------------------------------------------------
                                                                         page 31
<PAGE>

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

      14.7  NO INCREASE IN COSTS

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

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

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

--------------------------------------------------------------------------------
15    GENERAL

      15.1  CONFIDENTIAL INFORMATION

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

      15.2  PERFORMANCE BY NOTE HOLDER OF OBLIGATIONS

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

      15.3  TRANSACTION PARTY TO BEAR COST

            Without prejudice to clause 10, any thing which must be done by a
            Transaction Party under any Material Document, whether or not at the
            request of the Note Holder or OF Manager, must be done at the cost
            of the Transaction Party.

      15.4  NOTICES

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

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

                        (A)   if to the Note Holder:

--------------------------------------------------------------------------------
                                                                         page 32
<PAGE>

                 Payment 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;

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

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

--------------------------------------------------------------------------------
                                                                         page 33
<PAGE>

                 Payment 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
                  15.4(a)(3) and informs the sender that it is not legible.

            (c)   In this clause 15.4, a reference to an addressee includes a
                  reference to an addressee's Officers, agents or employees.

      15.5  GOVERNING LAW AND JURISDICTION

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

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

      15.6  PROHIBITION AND ENFORCEABILITY

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

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

      15.7  WAIVERS

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

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

                  (1)   a right arising from a breach of this agreement; or

                  (2)   a Power created or arising upon default under this
                        agreement,

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

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

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

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

      15.8  VARIATION

            A variation of any term of this agreement must be in writing and
            signed by the parties. No variation may be made if it will cause the
            current rating of any bonds issued by the Issuer to be downgraded or
            withdrawn by any Designated Rating Agency.

--------------------------------------------------------------------------------
                                                                         page 34
<PAGE>

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

      15.9  CUMULATIVE RIGHTS

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

      15.10 ATTORNEYS

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

      15.11 BINDING OBLIGATIONS

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

      15.12 WINDING UP OF SECURITISATION FUND

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

      15.13 TERMINATION

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

      15.14 COUNTERPARTS

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

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

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

--------------------------------------------------------------------------------
                                                                         page 35
<PAGE>

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

(a)   we give you notice that we wish to request the Issuer to issue to the Note
      Holder a Note pursuant to the Agreement on [INSERT DATE] (FUNDING DATE);

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

(c)   we request that the proceeds be remitted to account number [INSERT
      DETAILS] at [INSERT ADDRESS] /[INSERT ALTERNATIVE INSTRUCTIONS];

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

(e)   The Issuer represents and warrants that:

      (1)   [(except as disclosed in paragraph (e)(2))] each representation and
            warranty given by it in the Agreement is to the best of its
            knowledge, true, correct and not misleading as though it had been
            made at the date of this Funding Notice and the Funding Date
            specified above in respect of the facts and circumstances then
            subsisting;[ AND]

      (2)   details of the exceptions to paragraph (e)(1) are as follows:
            [INSERT DETAILS], and the Issuer [has taken/proposes] the following
            remedial action [INSERT details]];

(f)   The SF Manager represents and warrants that:

      (1)   [(except as disclosed in paragraph (f)(2))] each representation and
            warranty given by it in the Agreement is to the best of its
            knowledge, true, correct and not misleading as though it had been
            made at the date of this Funding Notice and the Funding Date
            specified above in respect of the facts and circumstances then
            subsisting;[ AND]

      (2)   details of the exceptions to paragraph (f)(1) are as follows:
            [INSERT DETAILS], and the SF Manager [has taken/proposes] the
            following remedial action [INSERT DETAILS]].

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

--------------------------------------------------------------------------------
                                                                         page 36
<PAGE>

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

DATED:

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

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

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

SIGNED for and on behalf of
PERPETUAL LIMITED

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

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

--------------------------------------------------------------------------------
                                                                         page 37
<PAGE>

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

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

          PAYMENT 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, NSW, 2000 or such other address as the Issuer may notify to the Note
Holder from time to time.

1     NOTE

(a)   This Note certificate is issued as part of the Notes of SMHL Global Fund
      [   ]-[ ]. The terms and conditions of the issue of this Note and
      repayment are constituted by this Note and the Payment Funding Facility
      Agreement for the Issue and Repayment of Notes dated [INSERT DATE] between
      the Issuer, the Note Holder, ME Portfolio Management Limited (ABN 79 005
      964 134) of Level 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 principal amount in
      accordance with the Agreement.

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

2     DERIVATION OF PAYMENT

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

3     EXTENT OF LIABILITY OF ISSUER

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

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

--------------------------------------------------------------------------------
                                                                         page 38
<PAGE>

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

      or indemnified for the liability. This limitation of the Issuer's
      liability applies despite any other provision of this Note or the
      Agreement and extends to all liabilities and obligations of the Issuer in
      any way connected with any representation, warranty, conduct, omission,
      agreement or transaction related to this Note or the Agreement.

(c)   Subject to 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, as a result of the Issuer's fraud,
      negligence or wilful default.

(e)   It is acknowledged that the Relevant Parties are responsible under this
      Note and the Agreement and the Transaction Documents for performing a
      variety of obligations relating to the Securitisation Fund. No act or
      omission of the Issuer (including any related failure to satisfy its
      obligations under this Note or the Agreement) will be considered fraud,
      negligence or wilful default of the Issuer for the purposes of clause 3(d)
      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(a) 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 enters into this Note only in its capacity as trustee of
      the Origination Fund and no other capacity. A liability arising under or
      in connection with this Note or the Agreement is limited to and can be
      enforced against the Note Holder only to the extent to which it can be
      satisfied out of property of the Origination Fund out of which the Note
      Holder is actually indemnified for the liability. This limitation of the
      Note Holder's liability applies despite any other provision of this Note
      or the Agreement and extends to all liabilities and obligations of the
      Note Holder in any way connected with any representation, warranty,
      conduct, omission, agreement or transaction related to this Note or the
      Agreement.

--------------------------------------------------------------------------------
                                                                         page 39
<PAGE>

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

(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(a) to 4(f).

5     WILFUL DEFAULT OF THE ISSUER AND NOTE HOLDER

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

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

      (1)   other than a default which:

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

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

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

            (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

--------------------------------------------------------------------------------
                                                                         page 40
<PAGE>

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

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

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

--------------------------------------------------------------------------------
                                                                         page 41
<PAGE>

                 Payment 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 42
<PAGE>

                 Payment 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
-----------------------------------------------------------------------------------------------------------------------------------
<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 43
<PAGE>

                 Payment 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 44
<PAGE>

                 Payment 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 45
<PAGE>

                 Payment 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 46
<PAGE>

                 Payment 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 47
<PAGE>

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

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

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 48Exhibit 10.11
                                           Form of Cross Currency Swap Agreement

                                      ISDA

              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE

                                     to the

                                Master Agreement

                          dated as of [               ]

                                     between

                  [                      ] (ABN [            ])
                                   ("PARTY A")

                                       AND

PERPETUAL LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS TRUSTEE OF
                            THE SECURITISATION FUND
                                   ("PARTY B")

                                       AND

 ME PORTFOLIO MANAGEMENT LIMITED (ABN 79 005 964 134) IN ITS CAPACITY AS
                       MANAGER OF THE SECURITISATION FUND
                                   ("MANAGER")

                                     PART 1
                             TERMINATION PROVISIONS

(a)   "SPECIFIED ENTITY" is not applicable in relation to Party A and Party B.

(b)   "SPECIFIED TRANSACTION" will not apply.

      (i)   Sections 5(a)(ii), (iii), (iv), (v), (vi), (viii), 5(b)(iii) and
            (iv) will not apply to Party A or Party B.

      (ii)  Replace Section 5(a)(i) with:

            "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when
            due any payment under this Agreement or delivery under Section
            2(a)(i) or 2(e) required to be made by it if such failure is not
            remedied at or before 10:00am on the tenth Local Business Day after
            the due date;"

--------------------------------------------------------------------------------
                                                                         page 27
<PAGE>

      (iii) Section 5(b)(ii) will not apply if Party A is the sole Affected
            Party (subject to Section 6(aa)(iii) of the Agreement, inserted by
            Part 1(i) of this Schedule).

(c)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
      Insolvency Event (as defined in the Security Trust Deed) has occurred in
      respect of Party A (which will be the Defaulting Party) or Party B (which
      will be the Defaulting Party).".

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

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

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

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

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

(d)   The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):

      (i)   will not apply to Party A; and

      (ii)  will not apply to Party B.

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

      (i)   Market Quotation will apply; and

      (ii)  the Second Method will apply.

(f)   "TERMINATION CURRENCY" means United States Dollars in respect of a
      Transaction which relates to United States Dollars and Euros in respect of
      a Transaction which relates to Euros provided that if an amount due in
      respect of an Early Termination Date will be payable by Party B to Party
      A, the Termination Currency for the purpose of calculating and paying that
      amount is Australian Dollars.

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

      (i)   With respect to Class A[ ] Notes only, Party B becomes obliged to
            make a withholding or deduction in respect of any Class A[ ] Notes
            and the Class A[ ] Notes are redeemed as a result.

            For the purposes of this Additional Termination Event both Party A
            and Party B are Affected Parties.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A[ ] Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A[ ] Notes.

--------------------------------------------------------------------------------
                                                                         page 28
<PAGE>

      (ii)  [With respect to Class A[ ] Notes only, Party B becomes obliged to
            make a withholding or deduction in respect of any Class A[ ] Notes
            and the Class A[ ] Notes are redeemed as a result.

            For the purposes of this Additional Termination Event, both Party A
            and Party B are Affected Parties.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A[ ] Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A[ ] Notes.]

      (iii) An Event of Default (as defined in the Security Trust Deed) occurs
            and the Security Trustee has declared, in accordance with the
            Security Trust Deed, the Class A Offered Notes immediately due and
            payable.

            For the purposes of this Additional Termination Event, Party B is
            the Affected Party.

      (iv)  Party A fails to comply with its obligations under Part 5(v). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

      (v)   Party A fails to comply with its obligations under Part 5(aa). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

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

(i)   RESTRICTED TERMINATION RIGHTS

      Add a new Section 6(aa) as follows:

      "(aa) Restricted Termination Rights

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

            (ii)  CONSULTATION: Each party may only designate an Early
                  Termination Date following prior consultation with the other
                  party as to the timing of the Early Termination Date. Subject
                  to its duties under the Master Trust Deed and the
                  Supplementary Bond Terms Notice, Party B may exercise its
                  rights only after consultation with and on the instructions of
                  the Note Trustee (if applicable) and only after consultation
                  between Party A and the Note Trustee (if applicable). Party B
                  may only designate an Early Termination Date at the direction
                  of the Manager.

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

                  (a)   Notwithstanding Part 1(b)(iii) of the Schedule to this
                        Agreement, Party A may designate an Early Termination
                        Date if it is an Affected Party

--------------------------------------------------------------------------------
                                                                         page 29
<PAGE>

                        following a Tax Event but only if all Class A Offered
                        Notes will be redeemed at the full amount of the
                        Invested Amount (or, if the Class A Offered Noteholders
                        by Extraordinary Resolution have so agreed, at a lesser
                        amount) together with accrued interest to (but
                        excluding) the date of the redemption.

                  (b)   If a Tax Event occurs where Party A is the Affected
                        Party and Party A is unable to transfer all its rights
                        and obligations under this Agreement and each
                        Transaction to an Affiliate pursuant to Section
                        6(b)(ii), Party A may, at its cost, transfer all its
                        rights, powers and privileges and all its unperformed
                        and future obligations under this Agreement and each
                        Transaction to any person provided that:

                        (A)   each Designated Rating Agency has confirmed in
                              writing that the transfer will not result in a
                              reduction, qualification or withdrawal of the
                              credit ratings then assigned by the them to the
                              relevant Class A Offered Notes; and

                        (B)   that person has a long term credit rating assigned
                              by each of the Designated Rating Agencies of at
                              least the long term credit rating assigned by that
                              Designated Rating Agency to Party A as at the date
                              of this Agreement.

            (iv)  TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any payment by
                  Party B to Party A under this Agreement is, or is likely to
                  be, made subject to any deduction or withholding on account of
                  Tax, Party B will use reasonable endeavours to procure the
                  substitution of Party B as principal obligor under this
                  Agreement in respect of each Affected Transaction with an
                  Affiliate of Party B incorporated in another jurisdiction
                  approved by Party A and the Note Trustee and in respect of
                  which the Designated Rating Agencies confirm that the
                  substitution will not cause a reduction or withdrawal of the
                  rating of Class A Offered Notes and in respect of which a
                  deduction or withholding on account of Tax would not be
                  necessary".

--------------------------------------------------------------------------------
                                                                         page 30
<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATIONS

      For the purpose of Section 3(e) of this Agreement, Party A and Party B
      will make the following representations:

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

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

      (ii)  the satisfaction of the agreement of the other party contained in
            Section 4(d) of this Agreement; and

      (iii) the accuracy of any representation made by the other party pursuant
            to Section 3(f) of this Agreement;

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

(b)   PAYEE TAX REPRESENTATIONS:

      For the purpose of Section 3(f) of this Agreement:

      (i) Party A represents that:

            (A)   It is a resident of the Commonwealth of Australia and it is
                  fully eligible for the benefits of the "Business Profits" or
                  "Industrial and Commercial Profits" provision, as the case may
                  be, the "Interest" provision or the "Other Income" provision
                  (if any) of the double tax treaties entered into between the
                  Commonwealth of Australia and other foreign jurisdictions,
                  with respect to any payment described in such provisions and
                  received or to be received by it in connection with this
                  Agreement. Except where the Office specified for the purposes
                  of a particular transaction is located outside the
                  Commonwealth of Australia, no such payment is attributable to
                  a trade or business carried on by it through a permanent
                  establishment located outside the Commonwealth of Australia.

            (B)   Each payment received or to be received by it in connection to
                  a Transaction will be effectively connected with its conduct
                  or a trade or business in the Office through which it entered
                  into that Transaction as determined in accordance with this
                  Agreement.

            (C)   It is a "foreign person" within the meaning of the applicable
                  U.S. Treasury Regulations concerning information reporting and
                  backup withholding tax (as in effect on January 1, 2001),
                  unless Party A provides written notice to Party B that it is
                  no longer a foreign person. In respect of each Transaction it
                  enters into through an office or discretionary agent in the
                  United States or which otherwise is

--------------------------------------------------------------------------------
                                                                         page 31
<PAGE>

                  allocated for United States federal income tax purposes to
                  such United States trade or business, each payment received or
                  to be received by it under such Transaction will be
                  effectively connected with its conduct of a trade or business
                  in the United States.

            (D)   In respect of all Transactions (other than those described in
                  (a) above), no payment received or to be received by it in
                  connection with this Agreement is attributable to a trade or
                  business carried on by it through a permanent establishment in
                  the United States.

      (ii)  Party B represents that it is an Australian resident and does not
            derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. Party B further
            represents that it is a non-US person acting out of a non-US office
            or branch.

      (iii) The Manager represents that it is an Australian resident and does
            not derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. The Manager
            further represents that it is a non-US branch of a non-US person for
            United States tax purposes.

--------------------------------------------------------------------------------
                                                                         page 32
<PAGE>

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

For the purposes of Section 4(a)(i) and (ii) of this Agreement each party
further agrees to deliver the following documents as applicable in accordance
with the following:

<TABLE>
<CAPTION>
-----------------------     --------------------------------------    ----------------------------    ---------------------
  Party required to                                                       Date by which to be          Covered by section
       deliver                            Document                             delivered              3(d) representations
-----------------------     --------------------------------------    ----------------------------    ---------------------
<S>                         <C>                                       <C>                             <C>
Party A, Party B and        A list of authorised signatories for                                      Yes
the Manager                 the party and evidence satisfactory       On execution and delivery
                            in form and substance to the other        of this Agreement or any
                            parties of the authority of the           relevant Confirmation and
                            authorised signatories of the party       at any time on the request
                            to execute this Agreement and each        of the other party.
                            confirmation on behalf of each
                            relevant party.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party A, Party B and        As reasonably required by any other       Upon reasonable request.        Yes
the Manager                 party any document or certificate in
                            connection with its obligations to
                            make a payment under this Agreement
                            which would enable that party to
                            make the payment free from any
                            deduction or withholding for or on
                            account of Tax or that would reduce
                            the rate at which the deduction or
                            withholding for or on account of Tax
                            is applied to that payment
                            (including, without limitation, any
                            United States Form W-8BEN or other
                            relevant United States tax form).
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party A                     The financial data relating to Party      If the Manager notifies         Yes
                            A required to be disclosed by the         Party A that the
                            Manager in the Manager's reasonable       significance percentage as
                            judgment pursuant to Item 1115(b)(1)      computed by the Manager in
                            of Regulation AB and relevant             accordance with Regulation
                            auditor's consents relating to such       AB is or becomes 8% or
                            financial data.                           greater, in accordance
                                                                      with Part 5(aa).
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party A                     The financial statements relating to      If the Manager notifies         Yes
                            Party A required to be disclosed by       Party A that the
                            the Manager in the Manager's              significance percentage as
                            reasonable judgment pursuant to Item      computed by the Manager in
                            1115(b)(2) of Regulation AB and           accordance with Regulation
                            relevant auditor's consents relating      AB is or becomes 18% or
                            to such financial statements.             greater, in accordance
                                                                      with Part 5(aa).
-----------------------     --------------------------------------    ----------------------------    ---------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 33
<PAGE>

<TABLE>
<CAPTION>
-----------------------     --------------------------------------    ----------------------------    ---------------------
  Party required to                                                       Date by which to be          Covered by section
       deliver                            Document                             delivered              3(d) representations
-----------------------     --------------------------------------    ----------------------------    ---------------------
<S>                         <C>                                       <C>                             <C>
Party A                     A certificate of an authorised            At the execution of this        Yes
                            person of Party A certifying that         Agreement and thereafter
                            (i) the information provided by           upon the provision of any
                            Party A to the Manager for use in a       financial data or
                            prospectus and (ii) the financial         financial statements as
                            data or financial statements as may       may be required above.
                            be required above (A) are true and
                            accurate in all material respects,
                            (B) do not contain any untrue
                            statement of a material fact and (C)
                            do not omit to state a material fact
                            required to be stated therein or
                            necessary in order to make the
                            statements therein, in the light of
                            the circumstances under which they
                            were made, not misleading.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party A                     A certificate of an authorised            Upon the provision of any       Yes
                            person of Party A certifying that         financial data or
                            (i) Party A is required to file           financial statements as
                            reports with the Commission pursuant      may be required above.
                            to section 13(a) or 15(d) of the
                            Exchange Act; (ii) Party A has filed
                            all reports and other materials
                            required to be filed by such
                            requirements during the preceding 12
                            months (or such shorter period that
                            Party A was required to file such
                            reports and materials); (iii) the
                            reports filed by Party A include (or
                            properly incorporate by reference)
                            the financial statements of Party A.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party B (where              Copies of any reports or accounts         Upon reasonable request by      Yes
applicable) and the         relating to the Securitisation Fund       Party A subject to not
Manager                     that are produced for (a)                 being obliged to deliver
                            distribution to the Class A Offered       any document if to do so
                            Noteholders, or (b) presentation to       would breach or infringe
                            the Board of Directors of the             any law or legally binding
                            Manager and such other information        obligation or restraint.
                            in the Manager's control regarding
                            the financial condition and business
                            operations of the Securitisation
                            Fund as Party A may reasonably
                            require.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party B and the             Legal opinions as to the validity         Promptly after entering         Yes
Manager                     and enforceability of the                 into this Agreement, in
                            obligations of Party B and the            the form previously agreed
                            Manager under this Agreement, the         with the other parties.
                            Master Trust Deed, the Note Trust
                            Deed, the Security Trust Deed and
                            the Class A Offered Notes in form
                            and substance and issued by legal
                            counsel reasonably acceptable to
                            Party A.
-----------------------     --------------------------------------    ----------------------------    ---------------------
</TABLE>

--------------------------------------------------------------------------------
                                                                         page 34
<PAGE>

<TABLE>
<CAPTION>
-----------------------     --------------------------------------    ----------------------------    ---------------------
  Party required to                                                       Date by which to be          Covered by section
       deliver                            Document                             delivered              3(d) representations
-----------------------     --------------------------------------    ----------------------------    ---------------------
<S>                         <C>                                       <C>                             <C>
Manager                     Copies of the Master Trust Deed, the      On execution and delivery       Yes
                            Note Trust Deed, the Supplementary        of this Agreement.
                            Bond Terms Notice and the Security
                            Trust Deed certified to be true
                            copies by two authorised signatories
                            of the Manager.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Manager                     A copy of any document amending or        Promptly upon any such          Yes
                            varying the terms of the Master           document becoming
                            Trust Deed, the Security Trust Deed,      effective in accordance
                            the Note Trust Deed or the                with its terms.
                            Supplementary Bond Terms Notice
                            certified to be a true copy by two
                            authorised signatories of the
                            Manager.
-----------------------     --------------------------------------    ----------------------------    ---------------------
Party A                     A legal opinion by Party A's              Promptly after entering         Yes
                            internal counsel as previously            into this Agreement.
                            provided to the Designated Rating
                            Agencies.
-----------------------     --------------------------------------    ----------------------------    ---------------------
</TABLE>

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                                                                         page 35
<PAGE>

                                     PART 4
                                  MISCELLANEOUS

(a)   ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this Agreement:

      (i)   ADDRESS FOR NOTICES TO PARTY A:

            All notices to PARTY A under Sections 5 or 6 of this Agreement
            (other than Section 5(a)(i)) shall be sent to:

            [                        ]

            [                        ]

            [                        ]

            Attention:        [                        ]

            Telephone No:     [                        ]

            Facsimile No:     [                        ]

            All other notices to PARTY A shall be sent directly to the Office
            through which Party A is acting for the relevant Transaction, using
            the address and contact particulars specified in the Confirmation of
            that Transaction or otherwise notified.

      (ii)  ADDRESS FOR NOTICES TO PARTY B:

            Level 12

            123 Pitt Street

            Sydney NSW 2000

            Australia

            Attention:        Manager, Securitisation

            Telephone:        (612) 9229 9000

            Facsimile:        (612) 9221 7870

      (iii) ADDRESS FOR NOTICES TO MANAGER:

            Level 16

            360 Collins Street

            Melbourne  VIC 3000

            Australia

            Attention:        Settlements Officer

            Telephone:        (613) 9605 6000

            Facsimile:        (613) 9605 6228

(b)   PROCESS AGENT. For the purposes of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent:      Nil.

      Party B appoints as its Process Agent:      Nil.

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                                                                         page 36
<PAGE>

(c)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

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

      Party A is a Multibranch Party.

      Party B is not a Multibranch Party.

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

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

      (i)   In relation to Party A: Nil

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

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

      (i)   In relation to Party A: Nil.

      (ii)  In relation to Party B: Nil

(h)   GOVERNING LAW. This Agreement and each Confirmation will be governed by
      and construed in accordance with New South Wales law and each party hereby
      submits to the non-exclusive jurisdiction of the New South Wales courts
      and courts of appeal from them.

      Section 13(b)(i) is deleted and replaced with the following:

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

(i)   NETTING OF PAYMENTS. Unless otherwise agreed between Party A and Party B
      (at the direction of the Manager), sub-paragraph (ii) of Section 2(c) of
      this Agreement will not apply in respect of all Transactions.

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

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                                                                         page 37
<PAGE>

                                     PART 5
                                OTHER PROVISIONS

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

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

(b)   In Section 2(a)(ii):

      (i)   after "freely transferable funds" add "free of any set-off,
            counterclaim, deduction or withholding (except as expressly provided
            in this Agreement)"; and

      (ii)  add the following sentence at the end:

            "Unless otherwise specified in any Confirmation, all amounts payable
            by Party A to Party B on any Payment Date must be paid in accordance
            with this Section 2(a)(ii) by 10.00am local time in the place of the
            account specified in the relevant Confirmation for such payments."

(c)   Insert new Sections 2(a)(iv) and (v) as follows:

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

      (v)   Where:

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

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

            then Party A's obligation to make the Party A Payment to Party B
            shall be subject to the condition precedent (which shall be an
            "applicable condition precedent" for the purpose of Section
            2(a)(iii)(3)) that Party A first receives the Party B Payment or
            confirmation from Party B's bank that it holds irrevocable
            instructions to effect payment of the Party B Payment and that funds
            are available to make that payment."

(d)   Add the following new sentence to the end of Section 2(b):

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

(e)   Delete the word "if" at the beginning of Section 2(d)(i)(4) and insert the
      following words instead:

            "if and only if X is Party A and".

(f)   In Section 2(d)(ii) insert the words "(if and only if Y is Party A)" after
      the word "then" at the beginning of the last paragraph. Party B will have
      no obligation to pay any amount to Party A

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                                                                         page 38
<PAGE>

      under Section 2(d)(ii), and may make any payment under or in connection
      with this Agreement net of any deduction or withholding referred to in
      Section 2(d)(i).

(g)   ADDITIONAL REPRESENTATIONS. In Section 3:

      (i)   add the following in section 3(a)(v) after the words "creditors
            rights generally":

            "(including in the case of a party being an ADI (as that term is
            defined in the Reserve Bank Act 1959 (Cth)), sections 11F and 13A(3)
            of the Banking Act 1959 (Cth) or any other analogous provision under
            any law applicable to a party)".

      (ii) add the following immediately after paragraph (f):

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

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

      (i)   SECURITISATION FUND VALIDITY CREATED. The Securitisation Fund has
            been validly created and is in existence at the date of this
            Agreement and each Transaction.

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

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

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

      (v)   GOOD TITLE. Party B is the legal owner of the assets of the
            Securitisation Fund and has the power under the Master Trust Deed to
            mortgage or charge them in the manner provided in the Security Trust
            Deed and those assets are free from all other prior encumbrances
            save for the Prior Interest.

      (vi)  INDEMNITY. Party B has not committed any fraud, negligence or Wilful
            Default which would prejudice its right of indemnity out of the
            Securitisation Fund.

(i)   In Section 4 add a new paragraph as follows:

            "(f)  CONTRACTING AS PRINCIPAL. Party A will enter into all
                  Transactions as principal and not otherwise and Party B will
                  enter into all Transactions in its capacity as trustee of the
                  Securitisation Fund and not otherwise."

(j)   In the third line of Section 3(c), insert "materially" before the word
      "affect".

(k)   In Section 6(d)(i), in the last sentence, insert "in the absence of
      manifest error" after the word "evidence".

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                                                                         page 39
<PAGE>

(l)   In Section 6(e), delete the sentence "The amount, if any, payable in
      respect of an Early Termination Date and determined pursuant to this
      Section will be subject to any Set-off.", at the end of the first
      paragraph.

(m)   Section 12 is amended as follows by replacing Section 12(a)(iii) with:

            "(iii) if sent by facsimile transmission, on the date a transmission
                  report is produced by the machine from which the facsimile was
                  sent which indicates that the facsimile was sent in its
                  entirety to the facsimile number of the recipient notified for
                  the purpose of this Section, unless the recipient notifies the
                  sender within one Local Business Day of the facsimile being
                  sent that the facsimile was not received in its entirety and
                  in legible form".

(n)   Definitions and interpretation.

      (i)   Section 14 of the Agreement is modified by inserting the following
            new definitions:

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

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

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

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

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

            "RELEVANT SWAP TRANSACTION" means in relation to the Class A Offered
            Notes, each Transaction which is a Currency Swap for Class A Offered
            Notes only.

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

            "SECURITY TRUST DEED" means the Security Trust Deed dated
            [          ] between Party B, the Manager, the Security Trustee and
            the Note Trustee.

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

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

            (a)   8% or more, the information set forth in Item 1115(b)(1) of
                  Regulation AB and auditor's consents relating to the
                  information set forth in Item 1115(b)(1) of Regulation AB; or

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                                                                         page 40
<PAGE>

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

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

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

            (a)   other than a default which:

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

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

                  (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

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

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

      (ii)  Each of the following expressions has the meanings given to them in
            the Master Trust Deed and the Security Trust Deed (as the case may
            be) provided that in the event of any inconsistency those in the
            Security Trust Deed will prevail:

            "CHARGED PROPERTY"

            "CURRENCY SWAP"

            "DESIGNATED RATING AGENCY"

            "EXPENSE"

            "EXTRAORDINARY RESOLUTION"

            "NOTE TRUSTEE"

            "NOTE TRUST DEED"

            "OUTSTANDING PRINCIPAL BALANCE"

            "PAYING AGENT"

            "PRINCIPAL PAYING AGENT"

            "PRIOR INTEREST"

            "SECURED CREDITOR"

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                                                                         page 41
<PAGE>

            "SECURED DOCUMENT"

            "SECURED MONEYS"

            "SECURITY TRUSTEE"

            "SECURITISATION FUND"

            "SUPPLEMENTARY BOND TERMS NOTICE"

            "TRANSACTION DOCUMENT"

      (iii) The expressions "CLASS A OFFERED NOTES", "CLASS A OFFERED
            NOTEHOLDER", "CLASS A[ ] NOTES", ["CLASS A[ ] NOTES",] "INVESTED
            AMOUNT", "NOTES" and "PAYMENT DATE" have the meanings given to them
            in the Supplementary Bond Terms Notice.

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

(o)   MASTER TRUST DEED AND SECURITY TRUST DEED: The parties acknowledge for the
      purposes of the Master Trust Deed and Security Trust Deed that:

      (i)   this Agreement and all Transactions under this Agreement are Secured
            Documents; and

      (ii)  Party A is a Secured Creditor; and

      (iii) all of the obligations of Party B under this Agreement and all
            Transactions under it are Secured Moneys; and

      (iv)  this Agreement is a "Currency Swap" and a "Transaction Document" and
            Party A is a "Currency Swap Provider" in respect of the
            Securitisation Fund.

(p)   ISDA DEFINITIONS: This Agreement, each Confirmation and each Transaction
      are subject to the 2000 ISDA Definitions (as published by the
      International Swaps and Derivatives Association, Inc.) (the "ISDA
      DEFINITIONS"), and will be governed in all respects by any provisions set
      forth in the ISDA Definitions, without regard to any amendments to the
      ISDA Definitions made after the date of this Agreement. The ISDA
      Definitions are incorporated by reference in, and shall be deemed to be
      part of, this Agreement and each Confirmation.

(q)   Any reference to a:

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

      (ii)  "TRANSACTION" in this Agreement or any Confirmation is deemed to be
            a reference to a "Swap Transaction" for the purposes of interpreting
            the ISDA Definitions.

(r)   New Sections 15, 16 and 17 are added as follows:

      "15.  CAPACITY OF PARTY B AND THE MANAGER

            (a)   Party B enters into this Agreement only in its capacity as
                  trustee of the Securitisation Fund under the Master Trust Deed
                  and in no other capacity. A

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                                                                         page 42
<PAGE>

                  liability incurred by Party B arising under or in connection
                  with this Agreement is limited to and can be enforced against
                  Party B only to the extent to which it can be satisfied out of
                  the assets of the Securitisation Fund which are available to
                  satisfy the right of Party B to be exonerated or indemnified
                  for the liability. This limitation of Party B's liability
                  applies despite any other provision of this Agreement other
                  than section 15(c) and extends to all liabilities and
                  obligations of Party B in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to this Agreement.

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

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

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

            (e)   Party B is not obliged to do or refrain from doing anything
                  under this Agreement (including incurring any liability)
                  unless Party B's liability is limited in the same manner as
                  set out in Sections 15(b) to 15(d) and 15(f).

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

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

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                                                                         page 43
<PAGE>

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

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

                  (ii)  a reference to the undertaking, assets, business, money
                        or any other thing of or in relation to Party B is a
                        reference to such undertaking, assets, business, money
                        or other thing of or in relation to Party B only in its
                        capacity as trustee of the Securitisation Fund, and in
                        no other capacity.

            (i)   The provision of this Section 15:

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

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

                  (iii) are not severable from this Agreement.

      16.   REPLACEMENT SWAP TRANSACTION

            (a)   If any Transaction under this Agreement is terminated, Party B
                  must, subject to paragraph (b), at the direction of the
                  Manager, enter into one or more swaps which replace those
                  Transactions (collectively a "REPLACEMENT SWAP TRANSACTION")
                  but only on the following conditions:

                  (i)   the amount payable under Section 6(e) (if any) by Party
                        B to Party A upon termination of any Transactions will
                        be paid in full when due in accordance with the
                        Supplementary Bond Terms Notice and this Agreement;

                  (ii)  the Designated Rating Agencies confirm that the
                        Replacement Swap Transaction will not cause a reduction
                        or withdrawal of the ratings of the Notes; and

                  (iii) the liability of Party B under the Replacement Swap
                        Transaction is limited to at least the same extent that
                        its liability is limited under this Agreement.

            (b)   If the conditions in Section 16(a) are satisfied, Party B
                  must, provided it is satisfied with the terms of the
                  Replacement Swap Transaction, acting reasonably and
                  considering the interests of Class A Offered Noteholders, at
                  the direction of the Manager, enter into the Replacement Swap
                  Transaction and if it does it must direct the Replacement Swap
                  Transaction provider to pay any upfront premium to enter into
                  the Replacement Swap Transaction due to Party B directly to
                  Party A in satisfaction of and to the extent of Party B's
                  obligation to pay an amount to Party A as referred to in
                  Section 16(a)(i) and to the extent that such premium is not
                  greater than or equal to the amount referred to in Section
                  16(a)(i), the balance must be satisfied by Party B as an
                  Expense of the Securitisation Fund.

            (c)   If Party B enters into a Replacement Swap Transaction pursuant
                  to Section 16(a), Party B must direct Party A to pay any
                  amount payable under Section 6(e) by Party A to Party B on
                  termination of this Agreement or any Transaction directly to
                  the Replacement Swap Transaction provider as payment of and to
                  the extent of any premium payable by Party B to enter into the
                  Replacement Swap Transaction, in satisfaction of and to the
                  extent of Party A's obligation to pay that part of the amount
                  payable under Section 6(e) to Party B.

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                                                                         page 44
<PAGE>

      17.   SEGREGATION

            The liability of Party B under this Agreement is several and is
            separate in respect of each Relevant Swap Transaction. The failure
            of Party B to perform its obligations in respect of any Relevant
            Swap Transaction does not release Party B from its obligations under
            this Agreement or under any other Relevant Swap Transaction in
            respect of any other Class A Offered Notes issued by Party B.
            Nothing in this Agreement affects the respective priority rankings
            of claims against the Charged Property under the Security Trust
            Deed. Without limiting the generality of the foregoing, the
            provisions of this Agreement have effect separately and severally in
            respect of each Relevant Swap Transaction and are enforceable by or
            against Party B as though a separate agreement applied between Party
            A, Party B and the Manager for each Relevant Swap Transaction, so
            that (among other things):

            (i)   this Agreement together with each Confirmation relating to a
                  Relevant Swap Transaction will form a single separate
                  agreement between Party A, Party B and the Manager and
                  references to the respective obligations (including references
                  to payment obligations generally and in the context of
                  provisions for the netting of payments and the calculation of
                  amounts due on early termination) of Party A, Party B and the
                  Manager shall be construed accordingly as a several reference
                  to each mutual set of obligations arising under each such
                  separate agreement between Party A, Party B and the Manager;

            (ii)  representations made and agreements entered into by the
                  parties under this Agreement are made and entered separately
                  and severally in respect of each Relevant Swap Transaction and
                  may be enforced separately and severally in respect of each
                  Relevant Swap Transaction;

            (iii) rights of termination, and obligations and entitlements
                  consequent upon termination, only accrue to Party A against
                  Party B separately and severally in respect of each Relevant
                  Swap Transaction, and only accrue to Party B against Party A
                  separately and severally in respect of each Relevant Swap
                  Transaction; and

            (iv)  the occurrence of an Event of Default or Termination Event in
                  respect of a Relevant Swap Transaction does not in itself
                  constitute an Event of Default or Termination Event in respect
                  of any other Relevant Swap Transaction.

(s)   TELEPHONE RECORDING: Each party:

      (i)   consents to the recording of the telephone conversations of trading
            and marketing personnel of that party and its Affiliates in
            connection with this Agreement or any potential transaction; and

      (ii)  agrees to obtain any necessary consent of, and give notice of such
            recording to, such personnel of it and its Affiliates; and

      (iii) will provide transcripts of such recordings (if any) upon reasonable
            request by another party; and

      (iv)  acknowledges that, to the extent permitted by applicable law, such
            recordings and transcripts can be used as evidence by another party
            in any dispute between them.

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                                                                         page 45
<PAGE>

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

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

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

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

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

      (i)   may arrange, enter into, and monitor Transactions, execute
            Confirmations and exercise all other rights and powers of Party B
            under this Agreement; and

      (ii)  without limiting the generality of the foregoing, the Manager shall
            issue and receive, on behalf of Party B all notices, Confirmations,
            certificates and other communications to or by Party A under this
            Agreement.

      Subject to Section 15, Party B agrees that it is bound by anything the
      Manager does under this Part 5(u).

      Party A is not obliged to enquire into the authority of the Manager to
      exercise or satisfy any of Party B's rights or obligations on Party B's
      behalf.

(v)   RATINGS DOWNGRADE:

      (i)   In the event that the unsecured and unsubordinated debt obligations
            of Party A (or any applicable assignee or its guarantor) shall have
            (1) a long term credit rating of less than [AA-] by S&P and a
            short-term credit rating of less than [A-1+] by S&P, or (2) a long
            term credit rating of less than [A2] by Moody's and a short term
            credit rating of less than [P-1] by Moody's, or (3) a long term
            credit rating of less than [BBB+] by Fitch Ratings and a short term
            credit rating of less than [F2] by Fitch Ratings and Party B does
            not receive written affirmation of the then current rating of the
            Notes, then Party A shall immediately notify the Designated Rating
            Agencies and Party B and within 5 Local Business Days (or 30 Local
            Business Days if the downgrade is to no less than [A-] (S&P long
            term) and [A-1] (S&P short term) and [A3] (Moody's long term) and
            [A+] (Fitch long term) and [F1] (Fitch short term)) of such
            downgrade (unless during this period, Party A and Party B receive

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                                                                         page 46
<PAGE>

            written confirmation from S&P, Fitch Ratings and Moody's that such
            downgrade would not result in the Notes either being downgraded or
            placed under review for possible downgrade) at its cost either:

            (A)   put in place an appropriate mark-to-market collateral
                  agreement (consisting of either cash or securities) which is
                  based either on S&P's New Interest Rate and Currency Swap
                  Criteria published in February 2004 (as may be amended from
                  time to time), Moody's Framework for De-Linking Hedge
                  Counterparty Risks from Global Structured Finance Cashflow
                  Transactions published May 2006 (as amended from time to
                  time), Fitch Ratings' Counterparty Risk in Structured Finance
                  Transactions: Swap Criteria published on 13 September 2004 (as
                  amended from time to time) or on any other agreement reached
                  between the parties (whichever of these has the highest
                  ratings criteria), in support of its obligations under the
                  Agreement, PROVIDED that Party A and Party B receive prior
                  written confirmation from S&P, Fitch Ratings and Moody's that
                  the rating assigned to the Notes then outstanding by S&P,
                  Fitch Ratings and Moody's is not adversely affected by the
                  downgrade following such collateral arrangements being put in
                  place and PROVIDED FURTHER that this Part 5(v)(i)(A) will not
                  apply where the long term credit rating falls to [BBB+] (or
                  less) by Fitch Ratings and the short term credit rating falls
                  to [F2] (or less) by Fitch Ratings;

            (B)   transfer all its rights and obligations with respect to this
                  Agreement to a replacement third party, which each Designated
                  Rating Agency has provided its Rating Agency Confirmation,
                  whose unsecured and unsubordinated debt obligations have (1) a
                  long term credit rating of at least [AA-] by S&P and a
                  short-term credit rating of at least [A-1+] by S&P, or (2) a
                  long term credit rating of at least [A2] by Moody's and a
                  short term credit rating of at least [P-1] by Moody's, or (3)
                  a long term credit rating of at least [A+] by Fitch Ratings
                  and a short term credit rating of at least [F1] by Fitch
                  Ratings;

            (C)   procure that its obligations with respect to this Agreement
                  are guaranteed by a third party resident outside Australia
                  whose unsecured and unsubordinated debt obligations have (1) a
                  long term credit rating of at least AA- by S&P and a
                  short-term credit rating of at least [A-1+] by S&P, or (2) a
                  long term credit rating of at least [A2] by Moody's and a
                  short term credit rating of at least [P-1] by Moody's, or (3)
                  a long term credit rating of at least [A+] by Fitch Ratings
                  and a short term credit rating of at least [F1] by Fitch
                  Ratings; or

            (D)   enter into such other arrangements which each Designated
                  Rating Agency has confirmed will result in there not being a
                  withdrawal or downgrade of any credit rating assigned by it to
                  the Notes.

      (ii)  Where Party A transfers its rights and obligations to a replacement
            counterparty in accordance with Part 5(v)(i)(B), the Trustee, at the
            direction of the Manager, and each other party to this Agreement
            shall do all things reasonably necessary at the cost of Party A to
            novate the relevant rights and obligations to the replacement
            counterparty.

      (iii) If, at any time, Party A's obligations under this Agreement are
            transferred in accordance with Part 5(v)(i)(B), Party A shall be
            immediately entitled to any collateral which it has provided under
            any collateral agreement contemplated by Part 5(v)(i)(A) (less any
            amount withdrawn in accordance with Part 5(v)(iv)).

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                                                                         page 47
<PAGE>

      (iv)  Party B may only make withdrawals from any account into which
            collateral is provided by Party A (the COLLATERAL ACCOUNT) if
            directed to do so by the Manager and then only for the purpose of:

            (A)   transferring obligations under this Agreement in accordance
                  with Part 5(v)(i)(B) (including the costs of obtaining a
                  replacement counterparty);

            (B)   refunding to Party A any excess in the amount of any
                  collateral deposited to the Collateral Account over the amount
                  Party A is required to maintain under any collateral agreement
                  contemplated by Part 5(v)(i)(A);

            (C)   withdrawing any amount which has been incorrectly deposited
                  into the Collateral Account;

            (D)   paying bank accounts debit tax or other equivalent Taxes
                  payable in respect of the Collateral Account;

            (E)   funding the amount of any payment due to be made by Party A
                  under this Agreement following the failure by Party A to make
                  that payment; or

            (F)   making interest payments to Party A as contemplated by Part
                  5(v)(v).

            The Manager must direct Party B to, and Party B must, refund or pay
            to Party A the amount of any payment which may be made to Party A
            under (B), (C) or (F) above as soon as such refund or payment is
            possible.

      (v)   All interest on the Collateral Account will accrue and be payable
            monthly to Party A providing the amount deposited to the Collateral
            Account is not less than the amount Party A is required to maintain
            under the collateral agreement contemplated by Part 5(v)(i)(A).

(w)   EXCHANGE CONTROLS

      Section 5(b)(i) (ILLEGALITY) is amended by adding the following paragraph
      at the end:

            "this sub paragraph (i) does not apply to the imposition by the
            Australian government or any agency of the Australian government of
            any exchange control restrictions or prohibitions ("EXCHANGE
            CONTROLS"). For the avoidance of doubt:

            (A)   exchange controls do not constitute an Illegality or other
                  Termination Event or an Event of Default under this Agreement,
                  and do not entitle a party to terminate a Transaction or
                  otherwise refuse to make any payments it is obliged to make
                  under a Transaction; and

            (B)   if and for so long as exchange controls are imposed, delivery
                  by either party of Australian dollar amounts required to be
                  paid by it under any relevant Confirmation to the bank account
                  in Australia notified in writing by a party (the "PAYER") to
                  the other party from time to time specified in that
                  Confirmation will constitute proper payment of those amounts
                  by that other party and the payer's obligations under this
                  Agreement will be unaffected by any such exchange controls.

                  Nothing in this Section 5(b)(i) limits the rights of Party A
                  or Party B in relation to any other Termination Event or Event
                  of Default resulting from such event including any rights of
                  Party A or Party B arising as a result of a failure by Party A
                  or Party B to make any payment in accordance with this
                  Agreement."

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                                                                         page 48
<PAGE>

(x)   TRANSFER

      A new paragraph (c) is added to Section 7 as follows:

            "a party may make such a transfer in accordance with this Agreement
            or the Security Trust Deed".

      and the full-stop at the end of paragraph (b) is replaced with "; and"

(y)   PARTY B'S PAYMENT INSTRUCTIONS

      Party B irrevocably authorises and instructs Party A to make payment of:

      (i)   the Initial Exchange Amount (as defined in a Confirmation) payable
            by Party A under a currency swap transaction by paying that amount
            direct to the account notified in writing by Party B to Party A for
            that purpose; and

      (ii)  any other amount due from Party A to Party B under this Agreement by
            paying that amount direct to the relevant Paying Agent to the
            account notified in writing by the relevant Paying Agent to Party A
            for that purpose. Party A is entitled to rely on any such notice.

(z)   NO AMENDMENT

      (i)   Each of Party B and the Manager agrees that it will not consent to
            any amendment to any provision in any Transaction Document dealing
            with the ranking, priority or entitlement of Party A in respect of
            any security or moneys without the prior written consent of Party A.

      (ii)  No amendment may be made to this agreement unless each of the
            Designated Rating Agencies has provided a Rating Agency
            Confirmation.

(aa)  REGULATION AB FINANCIAL DISCLOSURE

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

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

            (A)   8% or more; or

            (B)   18% or more,

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

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

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

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                                                                         page 49
<PAGE>

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

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

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

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

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

            (C)   any failure by Party A to provide the Manager with the
                  relevant Swap Financial Disclosure when and as required under
                  this Part 5(aa); provided, however, that, if Party A secures
                  another entity to replace Party A as party to this Agreement
                  pursuant to Part 5(aa)(iv) of this Schedule, Party A shall not
                  be liable for any losses, claims, damages or liabilities
                  (including reasonable legal fees and expenses) to which any of
                  the indemnified persons may become subject arising out of or
                  based upon a failure by Party A to provide the Manager with
                  the relevant Swap Financial Disclosure following the provision
                  of the relevant Swap Financial Disclosure by the other entity
                  to the Manager.

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

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                                                                         page 50
<PAGE>

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

PARTY A
Signed in                         on the         day
of                       for
[                                     ] by its duly
appointed Attorney under Power of Attorney
dated                   Registered
Book No. who declares that
he/she has not received notice of revocation of the
power

In the presence of

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

Name:                                       Name:

Title:                                      Title:

Date:                                       Date:

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

In the presence of

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

Name:                                       Name:

Title:                                      Title:

Date:                                       Date:

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                                                                         page 51
<PAGE>

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

In the presence of

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

Title:                                      Title:

Date:                                       Date:

--------------------------------------------------------------------------------
                                                                         page 52

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