Document:

<PAGE>

                PAYMENT FUNDING FACILITY
                AGREEMENT FOR ISSUE AND REPAYMENT
                OF NOTES SMHL GLOBAL FUND NO. 3
                ORIGINATION FUND NO. 3

                PERPETUAL TRUSTEES AUSTRALIA LIMITED
                ABN 86 000 431 827

                PERPETUAL TRUSTEES AUSTRALIA LIMITED
                ABN 86 000 431 827

                ME PORTFOLIO MANAGEMENT LIMITED
                ABN 79 005 964 134

                and

                ME PORTFOLIO MANAGEMENT LIMITED
                ABN 79 005 964 134

                [FREEHILLS LOGO]

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

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

                Liability limited by the Solicitors' Limitation of Liability
                Scheme, approved under the Professional Standards Act 1994 (NSW)

                Reference PS:JR:TEL:25E

<PAGE>
                                                       Payment Funding Facility

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page
<S>                                                                                                            <C>

1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1      Definitions                                                                                     1
         1.2      Interpretation                                                                                  7
         1.3      Banking Day                                                                                     8
         1.4      Transaction Document                                                                            8

2        THE NOTES                                                                                                8

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

3        PURPOSE                                                                                                  9

4        FUNDING PROCEDURES                                                                                      10

         4.1      Delivery of Funding Notice                                                                     10
         4.2      Requirements for a Funding Notice                                                              10
         4.3      Copy of the Funding Notice to be provided to the Issuer                                        11
         4.4      Irrevocability of Funding Notice                                                               11

5        LOAN FACILITY                                                                                           11

         5.1      Provision of Funding Portions                                                                  11
         5.2      Repayment of Outstanding Moneys                                                                11
         5.3      Interest                                                                                       12
         5.4      Order of Repayment                                                                             12
         5.5      Acknowledgments                                                                                13

6        PAYMENTS                                                                                                14

         6.1      Manner of payments                                                                             14
         6.2      Payments on a Banking Day                                                                      14
         6.3      Appropriation of payments                                                                      14
         6.4      Payments in gross                                                                              14
         6.5      Amounts payable on demand                                                                      15

7        REPRESENTATIONS AND WARRANTIES                                                                          15

         7.1      By the Issuer                                                                                  15
         7.2      By the SF Manager                                                                              16
         7.3      Survival and repetition of representations and warranties                                      16
         7.4      Reliance by the Note Holder and OF Manager                                                     17

8        UNDERTAKINGS                                                                                            17

         8.1      Term of undertakings                                                                           17
         8.2      Compliance with Covenants                                                                      17

------------------------------------------------------------------------------------------------------------------------------------
                                                                          PAGE 1
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>      <C>      <C>                                                                                        <C>
         8.3      Notify Events of Default                                                                       17

9        EVENTS OF DEFAULT                                                                                       17

         9.1      Operation of clause 9                                                                          17
         9.2      Effect of Event of Default                                                                     17
         9.3      Issuer to continue to perform                                                                  18
         9.4      Enforcement                                                                                    18

10       TRUSTEE LIMITATION OF LIABILITY PROTECTION                                                              18

         10.1     Limitation of Liability - Issuer                                                               18
         10.2     Limitation of Liability - Note Holder                                                          19
         10.3     Wilful Default of the Issuer and the Note Holder                                               20

11       INDEMNITIES                                                                                             21

         11.1     General indemnity                                                                              21
         11.2     Continuing indemnities and evidence of loss                                                    21
         11.3     Funds available for indemnity                                                                  22
         11.4     Negligence, wilful default or breach of law                                                    22
         11.5     Notification from Note Holder or OF Manager                                                    22

12       TAX, COSTS AND EXPENSES                                                                                 22

         12.1     Tax                                                                                            22
         12.2     Costs and expenses                                                                             23
         12.3     Goods and services tax                                                                         23

13       INTEREST ON OVERDUE AMOUNTS                                                                             24

         13.1     Payment of interest                                                                            24
         13.2     Accrual of interest                                                                            24
         13.3     Rate of interest                                                                               24

14       ASSIGNMENT                                                                                              24

         14.1     Assignment by Transaction Party                                                                24
         14.2     Assignment by Note Holder                                                                      24
         14.3     Assist transfer or assignment                                                                  25
         14.4     Participation permitted                                                                        25
         14.5     Lending Office                                                                                 25
         14.6     Disclosure                                                                                     25
         14.7     No increase in costs                                                                           25

15       GENERAL                                                                                                 25

         15.1     Confidential information                                                                       25
         15.2     Performance by Note Holder of obligations                                                      26
         15.3     Transaction Party to bear cost                                                                 26
         15.4     Notices                                                                                        26
         15.5     Governing law and jurisdiction                                                                 27
         15.6     Prohibition and enforceability                                                                 27
         15.7     Waivers                                                                                        28
         15.8     Variation                                                                                      28
         15.9     Cumulative rights                                                                              28

------------------------------------------------------------------------------------------------------------------------------------
                                                                          PAGE 2
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>      <C>      <C>                                                                                           <C>
         15.10    Attorneys                                                                                      28
         15.11    Binding Obligations                                                                            28
         15.12    Winding up of Securitisation Fund                                                              28
         15.13    Termination                                                                                    28

------------------------------------------------------------------------------------------------------------------------------------
                                                                          PAGE 3
</TABLE>

<PAGE>

-------------------------------------------------------------------------------
THIS PAYMENT FUNDING FACILITY AGREEMENT

                  is made on [insert date] 2002 between the following parties:

                  1       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Securitisation Fund
                          (as hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (ISSUER)

                  2       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Origination Fund (as
                          hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (NOTE HOLDER)

                  3       ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Securitisation Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (SF MANAGER)

                  4.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Origination Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (OF MANAGER)

RECITALS

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

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

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

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

THE PARTIES AGREE

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

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

1        DEFINITIONS AND INTERPRETATION

         1.1      DEFINITIONS

                  In this agreement, unless the context otherwise requires:

                  ATTORNEY means an attorney appointed under a Material
                  Document;

-------------------------------------------------------------------------------
                                                                          PAGE 1

<PAGE>

                                                       Payment Funding Facility

                  AUTHORISATION includes:

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

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

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

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

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

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

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

                  CHARGE means the charge created under the Security Trust Deed;

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

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

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

                  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;

                  DUTIABLE PROPORTION means the value of the property in
                  Tasmania affected by the Charge divided by the value of all
                  property affected by the Charge, excluding property within a
                  Territory (within the meaning of section 149(f) of the Duties
                  Act) or outside Australia as determined on the Bond Issue
                  Date;

                  DUTIES ACT means the Duties Act 2001 (Tas);

                  DUTY AMOUNT means an amount calculated as follows:

                  $25 +([SA x DP) - $10,000] x 0.0035)

                  where:

                  SA is the amount secured by the Charge (excluding capitalised
                  interest) in respect of:

                  (a) the Notes (including the Liquidity Notes, the Class A
                      Notes and the Class B Notes);

                  (b) the Redraw Funding Facility; and

                  (c) this Payment Funding Facility.

                  DP is the Dutiable Proportion.

                  (SA x DP) is deemed to be equal to $10,000 if it is less than
                  $10,000.

-------------------------------------------------------------------------------
                                                                          PAGE 2

<PAGE>

                                                       Payment Funding Facility

                  References in this definition to the amount secured by the
                  Charge are references to the amount of any advances actually
                  secured by the Charge and recoverable under it;

                  DUTY FUNDING PORTION means a funding portion equal to the Duty
                  Amount;

                  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;

                  ENFORCEMENT PERIOD means a period of 12 months and 1 day after
                  the date of the first execution of the Security Trust Deed;

                  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;

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

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

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

                  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 on
                  page 1 of this agreement or such other office as notified by
                  the Note Holder under this agreement;

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

-------------------------------------------------------------------------------
                                                                          PAGE 3

<PAGE>

                                                       Payment Funding Facility

                  MASTER TRUST DEED means the Master Trust Deed dated 4 July
                  1994 made between Perpetual Trustees Australia Limited and ME
                  Portfolio Management Limited, and providing for the
                  establishment of a series of trusts known collectively as the
                  Superannuation Members Home Loans Trusts, as amended 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 Parts 2 and 4;

                  NOTE HOLDER means Perpetual Trustees Australia Limited 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 a person performing the
                      functions of any of them; and

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

                  ORIGINATION FUND means 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:

                  (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 where the original
                      non-payment of those amounts was a Payment Amount
                      Shortfall;

-------------------------------------------------------------------------------
                                                                          PAGE 4

<PAGE>

                                                       Payment Funding Facility

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

                  PERMITTED ENCUMBRANCE means:

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

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

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

                  (d) an Encumbrance granted under a Transaction Document,

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

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

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

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

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

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

-------------------------------------------------------------------------------
                                                                          PAGE 5

<PAGE>

                                                       Payment Funding Facility

                  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;

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

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

                  SECURITISATION FUND means the Securitisation Fund constituted
                  under the Master Trust Deed known as SMHL Global Fund No.3;

                  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 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 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 terms of
                  issue for Class A Notes and Class B Notes;

                  TAX means:

                  (a) any tax (including goods and services tax), 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 12(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

-------------------------------------------------------------------------------
                                                                          PAGE 6

<PAGE>

                                                       Payment Funding Facility

                  (b) the SF Manager.

         1.2      INTERPRETATION

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

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

                  (b) words importing a gender include any gender;

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

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

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

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

                  (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;

-------------------------------------------------------------------------------
                                                                          PAGE 7

<PAGE>

                                                       Payment Funding Facility

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

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

                      (1)      which ceases to exist; or

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

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

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

         1.3      BANKING DAY

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

         1.4      TRANSACTION DOCUMENT

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

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

2        THE NOTES

         2.1      APPLICATION FOR AND ISSUE OF NOTES

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

                           (1)      requesting a Note be issued from "SMHL
                                    Global Fund No.3";

                           (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.

-------------------------------------------------------------------------------
                                                                          PAGE 8

<PAGE>

                                                       Payment Funding Facility

                  (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.

         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 treated by the Issuer as
                      the absolute owner of the Note.

         2.5      REGISTER

                  The Issuer must:

                  (a) establish and maintain the Register;

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

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

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

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

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

3        PURPOSE

                  (a) Subject to clause 3(b) and (c), 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;

-------------------------------------------------------------------------------
                                                                          PAGE 9

<PAGE>

                                                       Payment Funding Facility

                      (2) which mature (except in the case of call deposits with
                          a Bank) not later than the day before the 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) other than so
                      much of that amount that represents the Duty Funding
                      Portion:

                      (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.

                  (c) The Issuer must and the SF Manager must cause the Issuer
                      to apply funds invested under clause 3(a) that represents
                      the Duty Funding Portion:

                      (1) to the extent of any liability for duty towards the
                          payment of duty that may be payable in respect of the
                          Security Trust Deed in connection with the enforcement
                          of the Charge, if the Charge is enforced in the
                          Enforcement Period; and

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

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

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.

-------------------------------------------------------------------------------
                                                                         PAGE 10

<PAGE>

                                                       Payment Funding Facility

                          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 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.

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

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)     This clause 5.2(a) does not apply to the Principal
                          Outstanding being the Duty Funding Portion. 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 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)      If after the expiration of the Enforcement Period:

                          (1)      there is no liability to pay any duty on the
                                   Charge in connection with the enforcement of
                                   the Charge; or

-------------------------------------------------------------------------------
                                                                         PAGE 11

<PAGE>

                                                       Payment Funding Facility

                          (2)      if there has been an enforcement of the
                                   Charge, any portion of the Duty Funding
                                   Portion is not required to be applied to
                                   satisfy a liability for duty on the Charge in
                                   connection with its enforcement,

                          the Issuer must, at the direction of the OF Manager,
                          promptly repay the Duty Funding Portion or that amount
                          of the Duty Funding Portion which has not been so
                          applied.

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

                 (d)      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.

                 (e)      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)

                          (1)      On each Payment  Date, the Issuer must, and
                                   the SF Manager must cause the Issuer to, pay
                                   to the Note Holder interest on the Payment
                                   Period being an amount equal to the Interest
                                   Amount.

                          (2)      The Issuer is not obliged to pay interest
                                   under clause 5.3(a)(1) 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 Payment Date, the Interest Amount in respect
                          of the relevant Payment Period is not paid on the
                          whole amount of the Principal Outstanding:

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

                          (2)      the Interest Amount and interest accrued
                                   under paragraph (1) shall become payable on
                                   the next 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
                                   Payment Date it will again be subject to
                                   paragraphs (1) and (2) for each subsequent
                                   Payment Period and 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

-------------------------------------------------------------------------------
                                                                         PAGE 12

<PAGE>

                                                       Payment Funding Facility

                          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)      For the purpose of this clause 5.5(b), a reference to
                          the Funding Portion does not include a Duty Funding
                          Portion. Each of the parties acknowledges that:

                          (1)      the Issuer will not be able to issue the
                                   Class A Notes or the Class B Notes unless and
                                   until a Funding Portion has been provided and
                                   maintained under clause 5.1 such that the
                                   Principal Outstanding is not less than 0.40%
                                   of the Outstanding Principal Balance of the
                                   Loans secured by the Mortgages comprised in
                                   the Assets of Securitisation Fund on the
                                   issue date of the notes;

                           (2)     in order to maintain the assigned rating by
                                   each Designated Rating Agency (which rating
                                   confirmation by each Designated Rating Agency
                                   must be in writing) of the Class A Notes or
                                   the Class B Notes it may be necessary to
                                   increase the amount of the Principal
                                   Outstanding to an amount in excess of 0.40%
                                   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 0.40% of the Outstanding
                                   Principal Balance of the Loans secured by
                                   Mortgages comprised in the Assets of
                                   Securitisation Fund is only available in
                                   respect of Payment Amount Shortfalls being
                                   Recovery Shortfalls and any Principal
                                   Outstanding in excess of 0.40% 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 12(a) and (b) of the Supplementary
                                   Bond Terms Notice.

                 (c)      Each of the parties acknowledge that the Issuer will
                          not be able to issue the Class A Notes or the Class B
                          Notes unless and until a Funding Portion being the
                          Duty Funding Portion has been provided and maintained
                          under

-------------------------------------------------------------------------------
                                                                         PAGE 13

<PAGE>

                                                       Payment Funding Facility

                          clause 3(c) such that the Principal Outstanding in
                          respect of the Duty Funding Portion is not less than
                          the Duty Amount.

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

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;

                  (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 reimbursements of all fees,
                                   costs, expenses, charges, damages and
                                   indemnity payments incurred or due and owing
                                   by the Transaction Party 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.

         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.

-------------------------------------------------------------------------------
                                                                         PAGE 14

<PAGE>

                                                       Payment Funding Facility

         6.5      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.

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

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 that this representation and warranty
                          does not apply to the filing of an ASIC form 309 in
                          relation to the creation 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 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;

-------------------------------------------------------------------------------
                                                                         PAGE 15

<PAGE>

                                                       Payment Funding Facility

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

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

         7.2      BY THE SF MANAGER

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

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

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

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

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

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

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

                  (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.

-------------------------------------------------------------------------------
                                                                         PAGE 16

<PAGE>

                                                       Payment Funding Facility

         7.4      RELIANCE BY THE NOTE HOLDER AND OF MANAGER

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

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

8        UNDERTAKINGS

         8.1      TERM OF UNDERTAKINGS

                  Unless the OF Manager otherwise agrees in writing, until the
                  Outstanding Moneys are fully and finally repaid the Issuer and
                  the SF Manager must, at its own cost (but without prejudice to
                  clause 10 in the case of the Issuer), comply with the
                  undertakings in this clause 8.

         8.2      COMPLIANCE WITH COVENANTS

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

                  (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.

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

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.

         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.

-------------------------------------------------------------------------------
                                                                         PAGE 17

<PAGE>

                                                       Payment Funding Facility

         9.3      ISSUER TO CONTINUE TO PERFORM

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

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

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

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

         9.4      ENFORCEMENT

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

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

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

10       TRUSTEE LIMITATION OF LIABILITY PROTECTION

         10.1     LIMITATION OF LIABILITY - ISSUER

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

                   (b)    The parties other than the Issuer may not sue the
                          Issuer in any capacity other than as trustee of the
                          Securitisation Fund or seek the appointment of a
                          receiver (except in relation to property of the
                          Securitisation Fund), 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 property
                          of the Securitisation Fund).

                   (c)    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 the
                          Master Trust Deed establishing the Securitisation Fund
                          or by operation of

-------------------------------------------------------------------------------
                                                                         PAGE 18

<PAGE>

                                                       Payment Funding Facility

                          law there is a reduction in the extent of the Issuer's
                          indemnification out of the assets of the
                          Securitisation Fund, as a result of the Issuer's
                          fraud, negligence or wilful default.

                  (d)     It is acknowledged that the SF Manager is responsible
                          under the Master Trust Deed establishing the
                          Securitisation Fund for performing a variety of
                          obligations relating to the Securitisation Fund,
                          including under this agreement. No act or omission of
                          the Issuer (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 Issuer for
                          the purposes of paragraph (c) of this clause 10.1 to
                          the extent to which the act or omission was caused or
                          contributed to by any failure by the SF Manager or any
                          other person to fulfil its obligations relating to the
                          Securitisation Fund or by any other act or omission of
                          the SF Manager or any other person.

                  (e)     No attorney, agent, receiver or receiver and manager
                          appointed in accordance with this agreement has
                          authority to act on behalf of the Trustee 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 paragraph (c) of this
                          clause 10.1.

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

         10.2     LIMITATION OF LIABILITY - NOTE HOLDER

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

                  (b)     The parties other than the Note Holder may not sue 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).

                  (c)     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
                          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.

-------------------------------------------------------------------------------
                                                                         PAGE 19

<PAGE>

                                                       Payment Funding Facility

                 (d)      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 agreement.
                          No act or omission of the Note Holder (including any
                          related failure to satisfy its obligations or breach
                          of representation or warranty under this agreement)
                          will be considered fraud, negligence or wilful default
                          of the Note Holder for the purposes of paragraph (c)
                          of this clause 10.2 to the extent to which the act or
                          omission was caused or contributed to by any failure
                          by the OF Manager or any other person to fulfil its
                          obligations relating to the Origination Fund or by any
                          other act or omission of the OF Manager or any other
                          person.

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

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

         10.3     WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

                          (1)      other than a default which:

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

-------------------------------------------------------------------------------
                                                                         PAGE 20

<PAGE>

                                                       Payment Funding Facility

                          but not of the agents or delegates of the Issuer or
                          Note Holder, unless the Issuer or the Note Holder is
                          liable for the acts or omissions of such other person
                          under the terms of this agreement.

11       INDEMNITIES

         11.1     GENERAL INDEMNITY

                  (a)     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 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
                                   including, 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 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

-------------------------------------------------------------------------------
                                                                         PAGE 21

<PAGE>

                                                       Payment Funding Facility

                          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.

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.

-------------------------------------------------------------------------------
                                                                         PAGE 22

<PAGE>

                                                       Payment Funding Facility

         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
                  (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.

         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

-------------------------------------------------------------------------------
                                                                         PAGE 23

<PAGE>

                                                       Payment Funding Facility

                          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 Payment
                          Date.

         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

                  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.

-------------------------------------------------------------------------------
                                                                         PAGE 24

<PAGE>

                                                       Payment Funding Facility

         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.

         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.

-------------------------------------------------------------------------------
                                                                         PAGE 25

<PAGE>

                                                       Payment Funding Facility

         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:

                                            Address:   Level 7
                                                       9 Castlereagh Street
                                                       Sydney, NSW, 2000

                                            Attention: Manager - Securitisation

                                            Facsimile: (02) 9221 7870; and

                                   (B)      if to the Issuer:

                                            Address:   Level 7
                                                       9 Castlereagh Street
                                                       Sydney, NSW, 2000

                                            Attention: Manager - Securitisation

                                            Facsimile: (02) 9221 7870;

                                   (C)      if to the SF Manager:,

                                            Address:   Level 23,
                                                       360 Collins Street,
                                                       Melbourne, Victoria 3000

                                            Attention: Funding Manager

                                            Facsimile: (03) 9605 6200; and

-------------------------------------------------------------------------------
                                                                         PAGE 26

<PAGE>

                                                       Payment Funding Facility

                                   (D)      if to the OF Manager:

                                            Address:   Level 23,
                                                       360 Collins Street,
                                                       Melbourne, Victoria 3000

                                            Attention: Funding Manager

                                            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,
                                            whether or not 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

                          (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 Issuer and the SF Manager 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

-------------------------------------------------------------------------------
                                                                         PAGE 27

<PAGE>

                                                       Payment Funding Facility

                          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.

         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 on the SF Manager.

         15.13    TERMINATION

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

-------------------------------------------------------------------------------
                                                                         PAGE 28

<PAGE>

                                                       Payment Funding Facility

SCHEDULE 1 - FUNDING NOTICE

(Clause 4.2 - Funding Notice)

To:      Perpetual Trustees Australia Limited in its capacity as trustee of the
         Origination Fund ("Note Holder")
         ME Portfolio Management Limited ("OF Manager")

ATTENTION: MANAGER - SECURITISATION
-------------------------------------------------------------------------------

We refer to the agreement dated [##] 2002 ("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 ............... 2002.
          ("Funding Date");

(b)      the aggregate principal amount of the Note is: $........;

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

(d)      The Issuer represents and warrants that:

         (1)      [(except as disclosed in paragraph (d)(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 (d)(1) are as follows:
                  ..................., and the Issuer [has taken/proposes] the
                  following remedial action ......................];

(e)      The SF Manager 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:
                  ..................., and the SF Manager [has taken/proposes]
                  the following remedial action ......................];

-------------------------------------------------------------------------------
                                                                         PAGE 29

<PAGE>

                                                       Payment Funding Facility

Dated:

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

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

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

SIGNED for and on behalf of
PERPETUAL TRUSTEES AUSTRALIA LIMITED

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

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

-------------------------------------------------------------------------------
                                                                         PAGE 30

<PAGE>

                                                       Payment Funding Facility

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

SCHEDULE 2 - CONDITIONS

Payment Funding Facility SMHL Global Fund No.3

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                              (ABN 86 000 431 827)
             IN ITS CAPACITY AS TRUSTEE OF THE SMHL GLOBAL FUND NO.3

                 of Level 7, 39 Hunter Street, Sydney, NSW, 2000

                                   ("ISSUER")

whose office for the purposes of payment is at Level 7, 9 Castlereagh Street,
Sydney or such other address as the Issuer may notify to the Note Holder from
time to time.

1        NOTE

(a)      The terms and conditions of the issue of this Note and repayment are
         constituted by this Note and the Payment Funding Facility - Agreement
         for Issue and Repayment of Notes dated [##] 2002 between the Issuer,
         the Note Holder, ME Portfolio Management Limited (ABN 79 005 964 134)
         of Level 23, 360 Collins Street, Melbourne, Victoria in its capacity as
         manager of the SMHL Global Fund No.3 ("SF Manager") and ME Portfolio
         Management Limited (ABN 79 005 964 134) of Level 23, 360 Collins
         Street, Melbourne, Victoria in its capacity as manager of the
         Superannuation Members' Home Loans Origination Fund No 3 ("OF Manager")
         ("Agreement"). Terms defined in the Agreement have the same meaning
         when used in these Conditions.

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

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

2        DERIVATION OF PAYMENT

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

3        EXTENT OF LIABILITY OF ISSUER

(a)      The Issuer issues this Note only in its capacity as trustee of the
         Securitisation Fund and no other capacity. A liability of the Issuer
         arising under or in connection with this Note or the Agreement is
         limited to and can be enforced against the Issuer only to the extent to
         which it can be satisfied out of property of the Securitisation Fund
         out of which the Issuer is actually 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.

(b)      The parties other than the Issuer may not sue the Issuer in any
         capacity other than as trustee of the Securitisation Fund or seek the
         appointment of a receiver (except in relation to property of the
         Securitisation Fund), a liquidator, an administrator or any similar

-------------------------------------------------------------------------------
                                                                         PAGE 31

<PAGE>

                                                       Payment Funding Facility

         person to the Issuer or prove in any liquidation, administration or
         arrangement of or affecting the Issuer (except in relation to property
         of the Securitisation Fund).

(c)      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 the Master Trust Deed establishing the Securitisation Fund or by
         operation of law there is a reduction in the extent of the Issuer's
         indemnification out of the assets of the Securitisation Fund Issuer, as
         a result of the Issuer's fraud, negligence or wilful default.

(d)      It is acknowledged that the SF Manager is responsible under the Master
         Trust Deed establishing the Securitisation Fund for performing a
         variety of obligations relating to the Securitisation Fund, including
         under this Note and the Agreement. No act or omission of the Issuer
         (including any related failure to satisfy its obligations or breach of
         representation or warranty under this Note or the Agreement ) will be
         considered fraud, negligence or wilful default of the Issuer for the
         purposes of paragraph (c) of this clause 3 to the extent to which the
         act or omission was caused or contributed to by any failure by the SF
         Manager or any other person to fulfil its obligations relating to the
         Securitisation Fund or by any other act or omission of the SF Manager
         or any other person.

(e)      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 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
         paragraph (c) of this clause 3.

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

4        EXTENT OF LIABILITY OF NOTE HOLDER

(a)      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.

(b)      The parties other than the Note Holder may not sue 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).

(c)      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.

(d)      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

-------------------------------------------------------------------------------
                                                                         PAGE 32

<PAGE>

                                                       Payment Funding Facility

         Holder (including any related failure to satisfy its obligations or
         breach of representation or warranty under this Note or the Agreement)
         will be considered fraud, negligence or wilful default of the Note
         Holder for the purposes of paragraph (c) of this clause 4 to the extent
         to which the act or omission was caused or contributed to by any
         failure by the OF Manager or any other person to fulfil its obligations
         relating to the Origination Fund or by any other act or omission of the
         OF Manager or any other person.

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

(f)      The Note Holder is not obliged to refrain from doing anything under
         this Note or the Agreement (including incur any liability) unless the
         Note Holder's liability is limited in the same manner as set out in
         paragraphs (a) to (c) of this clause 4.

-------------------------------------------------------------------------------
                                                                         PAGE 33

<PAGE>

                                                       Payment Funding Facility

EXECUTED AS AN AGREEMENT:

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED in its capacity as trustee of SMHL Global
Fund No.3 by its attorney under a Power of Attorney dated and who declares that
he has not received any notice of the revocation of such Power of Attorney in
the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>

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

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

SIGNED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED in its capacity as trustee of
Superannuation Members' Home Loans Origination Fund No. 3 by its attorney under
a Power of Attorney dated and who declares that he has not received any notice
of the revocation of such Power of Attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>

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

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

-------------------------------------------------------------------------------
                                                                         PAGE 34

<PAGE>

                                                       Payment Funding Facility

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the revocation of such
Power of Attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>

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

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)
</TABLE>

SIGNED for
ME PORTFOLIO MANAGEMENT LIMITED by its attorney under a Power of Attorney dated
and who declares that he has not received any notice of the revocation of such
Power of Attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                               Name (please print)
</TABLE>

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

REDRAW FUNDING FACILITY
AGREEMENT FOR THE ISSUE AND
REPAYMENT OF NOTES
SMHL GLOBAL FUND NO. 3

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

and

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

FREEHILLS LOGO

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

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

Liability limited by the Solicitors' Limitation of Liability Scheme, approved
under the Professional Standards Act 1994 (NSW)

Reference PJSR: TEL: 25E

<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TABLE OF CONTENTS

<S>           <C>                                                                                               <C>
Clause                                                                                                         Page
1        DEFINITIONS AND INTERPRETATION                                                                           2

         1.1      Definitions                                                                                     2
         1.2      Interpretation                                                                                  5
         1.3      Business Day                                                                                    7
         1.4      Transaction Document                                                                            7

2        THE NOTES                                                                                                7

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

3        REDRAW FACILITIES                                                                                        8

         3.1      Purpose                                                                                         8
         3.2      Loan Redraws                                                                                    9

4        FUNDING PROCEDURES                                                                                       9

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

5        LOAN FACILITY                                                                                           10

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

6        PAYMENTS                                                                                                12

         6.1      Manner of payments                                                                             12
         6.2      Payments on a Business Day                                                                     12
         6.3      Appropriation of payments                                                                      13
         6.4      Payments in gross                                                                              13
         6.5      Taxation deduction procedures                                                                  13
         6.6      Amounts payable on demand                                                                      13

7        REPRESENTATIONS AND WARRANTIES                                                                          14

         7.1      By the Issuer                                                                                  14
         7.2      By the SF Manager                                                                              15
</TABLE>

--------------------------------------------------------------------------------
                                                                        PAGE 1
<PAGE>
                                   SMHL Global Fund No.3 Redraw Funding Facility

<TABLE>
<CAPTION>
<S>            <C>                                                                                              <C>
         7.3      Survival and repetition of representations and warranties                                      15
         7.4      Reliance by the Note Holder and OF Manager                                                     16

8        UNDERTAKINGS                                                                                            16

         8.1      Term of undertakings                                                                           16
         8.2      Compliance with Covenants                                                                      16

9        EVENTS OF DEFAULT                                                                                       16

         9.1      Effect of Event of Default                                                                     16
         9.2      Issuer to continue to perform                                                                  16
         9.3      Enforcement                                                                                    17

10       INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION                                                        17

         10.1     Increased costs                                                                                17
         10.2     Illegality                                                                                     18

11       TRUSTEE LIMITATION OF LIABILITY PROTECTION                                                              18

         11.1     Limitation of Liability - Issuer                                                               18
         11.2     Limitation of Liability - Note Holder                                                          19
         11.3     Wilful Default of the Issuer and the Note Holder                                               20

12       INDEMNITIES                                                                                             21

         12.1     General indemnity                                                                              21
         12.2     Continuing indemnities and evidence of loss                                                    21
         12.3     Funds available for indemnity                                                                  22
         12.4     Negligence, wilful default or breach of law                                                    22
         12.5     Notification from Note Holder or OF Manager                                                    22

13       TAX, COSTS AND EXPENSES                                                                                 22

         13.1     Tax                                                                                            22
         13.2     Costs and expenses                                                                             23

14       INTEREST ON OVERDUE AMOUNTS                                                                             23

         14.1     Payment of interest                                                                            23
         14.2     Accrual of interest                                                                            24
         14.3     Rate of interest                                                                               24

15       ASSIGNMENT                                                                                              24

         15.1     Assignment by Transaction Party                                                                24
         15.2     Assignment by Note Holder and OF Manager                                                       24
         15.3     Assist transfer or assignment                                                                  24
         15.4     Participation permitted                                                                        24
         15.5     Lending Office                                                                                 24
         15.6     Disclosure                                                                                     25
         15.7     No increase in costs                                                                           25

16       GENERAL                                                                                                 25

         16.1     Confidential information                                                                       25
</TABLE>

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

<TABLE>
<CAPTION>
<S>            <C>                                                                                              <C>
         16.2     Performance by Note Holder of obligations                                                      25
         16.3     Transaction Party to bear cost                                                                 25
         16.4     Notices                                                                                        25
         16.5     Governing law and jurisdiction                                                                 27
         16.6     Prohibition and enforceability                                                                 27
         16.7     Waivers                                                                                        27
         16.8     Variation                                                                                      28
         16.9     Cumulative rights                                                                              28
         16.10    Attorneys                                                                                      28
         16.11    Binding Obligations                                                                            28
         16.12    Winding up of Securitisation Fund                                                              28
         16.13    Termination clause                                                                             28
</TABLE>

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

--------------------------------------------------------------------------------
THIS REDRAW FUNDING FACILITY AGREEMENT

                  is made on [# #] 2002 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Securitisation Fund
                          (as hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (ISSUER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Origination Fund (as
                          hereinafter defined) of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (NOTE HOLDER)

                  3.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Securitisation Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (SF MANAGER)

                  4.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          in its capacity as manager of the Origination Fund
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (OF MANAGER)

RECITALS

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

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

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

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

THE PARTIES AGREE

                  in consideration of, among other things, the mutual promises
                  contained in this agreement:
--------------------------------------------------------------------------------
                                                                        PAGE 1
<PAGE>
                                   SMHL Global Fund No.3 Redraw Funding Facility

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

         1.1      DEFINITIONS

                  In this agreement:

                  ATTORNEY means an attorney appointed under a Material
                  Document;

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

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

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

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

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

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

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

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

                  BUSINESS DAY means a day on which banks are open for business
                  in Melbourne and Sydney excluding a Saturday, Sunday or public
                  holiday;

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

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

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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                  MASTER TRUST DEED means the Master Trust Deed dated 4 July
                  1994 made between Superannuation Members' Home Loans Limited
                  and Perpetual Trustees Australia Limited and providing for the
                  establishment of a series of separate trusts known
                  collectively as the Superannuation Members' Home Loans Trust,
                  as amended 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;

                  NOTE means a Note issued under Parts 2 and 4;

--------------------------------------------------------------------------------
                                                                        PAGE 3
<PAGE>
                                   SMHL Global Fund No.3 Redraw Funding Facility

                  NOTE HOLDER means Perpetual Trustees Australia Limited 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";
                           and

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

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

                  ORIGINATION FUND LOAN has the same meaning as in clause 3.3;

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

                  (a)      are present or future;

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

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

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

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

                  (g)      comprise any combination of the above;

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

                  PAYMENT DATE has the meaning given to it under the
                  Supplementary Bond Terms in respect of the Class A Notes;

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 4
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

                  SECURITISATION FUND means the Securitisation Fund constituted
                  under the Master Trust Deed known as the Superannuation
                  Members' Home Loans Global Fund No. 3;

                  SECURITY TRUST DEED means the Security Trust Deed in respect
                  of the Securitisation Fund between the Issuer, the SF Manager,
                  Perpetual Trustee Company Limited ABN 42 000 001 007 as
                  Security Trustee and The Bank of New York as Note Trustee;

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

                  TAX means:

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

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

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

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

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

                  TRANSACTION PARTY means:

                  (a)      the Issuer; or

                  (b)      the SF Manager.

         1.2      INTERPRETATION

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

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

                  (b)      words importing a gender include any gender;

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

--------------------------------------------------------------------------------
                                                                        PAGE 5
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

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

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

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

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

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

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

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

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

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

                          (1)      which ceases to exist; or

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 6
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

         1.3      BUSINESS DAY

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

         1.4      TRANSACTION DOCUMENT

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

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

         2.1      APPLICATION FOR AND ISSUE OF NOTES

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

                          (1)      directing a Note be issued from SMHL Global
                                   Fund No.3;

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

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

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

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

                          (1)      directing a Note be issued from SMHL Global
                                   Fund No.3;

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

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

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

                  (c)     If the SF Manager has directed that the Issuer issues
                          a Note in accordance with clause 2.1(a) or the OF
                          Manager has directed that the Issuer issues a Note in
                          accordance with clause 2.1(b),the Note Holder must
                          subscribe for the Note as requested by the SF Manager,
                          and the Issuer must, on the

--------------------------------------------------------------------------------
                                                                        PAGE 7
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                          terms of this agreement, issue the Note to the Note
                          Holder in consideration for the principal amount
                          provided that the OF Manager and Note Holder have
                          complied with clause 5.1.

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

         2.2      ACKNOWLEDGMENT OF INDEBTEDNESS

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

         2.3      OBLIGATIONS UNDER NOTES

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

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

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

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

         2.4      OWNERSHIP OF NOTES

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

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

         2.5      REGISTER

                  The Issuer must:

                  (a)     establish and maintain the Register;

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

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

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

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

--------------------------------------------------------------------------------
3        REDRAW FACILITIES

         3.1      PURPOSE

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

--------------------------------------------------------------------------------
                                                                        PAGE 8
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

         3.2      LOAN REDRAWS

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

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

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

--------------------------------------------------------------------------------
4        FUNDING PROCEDURES

         4.1      DELIVERY OF FUNDING NOTICE

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

         4.2      REQUIREMENTS FOR A FUNDING NOTICE

                  A Funding Notice:

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

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

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

         4.3      DELIVERY OF FACILITY PROVIDER FUNDING NOTICE

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

         4.4      REQUIREMENTS FOR A FACILITY PROVIDER FUNDING NOTICE

                  A Facility Provider Funding Notice:

--------------------------------------------------------------------------------
                                                                        PAGE 9
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

         4.5      COPY OF THE NOTE

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

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

         4.6      IRREVOCABILITY OF FUNDING NOTICE

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

         4.7      NOTIFICATION OF FUNDING RATE

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

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

--------------------------------------------------------------------------------
5        LOAN FACILITY

         5.1      PROVISION OF FUNDING PORTIONS

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

                  (b)     If the OF Manager gives a Facility Provider Funding
                          Notice in accordance with clause 4 then, subject to
                          this agreement (including, without limitation, clause
                          11), the Note Holder is deemed to have provided the
                          relevant Funding Portion under the Facility as payment
                          for the Note on the specified Funding Date and in
                          accordance with that Facility Provider Funding Notice.
                          This clause 5.1(b) has application only to the extent
                          that

--------------------------------------------------------------------------------
                                                                        PAGE 10
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                          the Note Holder has made or has an obligation to
                          make a payment to a Facility Provider under a Card and
                          Cheque Facility in respect of Redraw Facilities
                          provided by the Issuer on that day.

         5.2      REPAYMENT

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

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

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

         5.3      REPAYMENT OF OUTSTANDING MONEYS

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

                          (1)      in full on the Termination Date; and

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

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

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

         5.4      INTEREST

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

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

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

                          to the extent to which the Issuer is required to apply
                          from "Interest Collections" to "payment of any
                          interest due under any Redraw Funding Facility"
                          pursuant to clause 6.1(d) of the Supplementary Bond
                          Terms.

--------------------------------------------------------------------------------
                                                                        PAGE 11
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

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

         5.5      ORDER OF REPAYMENT

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

                  (b)     The Note Holder must, and the OF Manager must cause
                          the Note Holder to, apply repayments in accordance
                          with clause 5.5(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.

--------------------------------------------------------------------------------
6        PAYMENTS

         6.1      MANNER OF PAYMENTS

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

                  (a)     in Same Day Funds;

                  (b)     in Dollars; and

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

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

         6.2      PAYMENTS ON A BUSINESS DAY

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

--------------------------------------------------------------------------------
                                                                        PAGE 12
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

         6.3      APPROPRIATION OF PAYMENTS

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

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

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

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

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

         6.4      PAYMENTS IN GROSS

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

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

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

         6.5      TAXATION DEDUCTION PROCEDURES

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

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

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

         6.6      AMOUNTS PAYABLE ON DEMAND

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

--------------------------------------------------------------------------------
                                                                        PAGE 13
<PAGE>
                                   SMHL Global Fund No.3 Redraw Funding Facility

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

7        REPRESENTATIONS AND WARRANTIES

         7.1      BY THE ISSUER

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

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

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

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

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

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

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 14
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

           7.2    BY THE SF MANAGER

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

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

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

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

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

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

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

                  (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.

--------------------------------------------------------------------------------
                                                                        PAGE 15
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

         7.4      RELIANCE BY THE NOTE HOLDER AND OF MANAGER

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

--------------------------------------------------------------------------------
8        UNDERTAKINGS

         8.1      TERM OF UNDERTAKINGS

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

         8.2      COMPLIANCE WITH COVENANTS

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

--------------------------------------------------------------------------------
9        EVENTS OF DEFAULT

         9.1      EFFECT OF EVENT OF DEFAULT

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

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

         9.2      ISSUER TO CONTINUE TO PERFORM

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

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 16
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

         9.3      ENFORCEMENT

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

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

--------------------------------------------------------------------------------
10       INCREASED COSTS, ILLEGALITY AND YIELD PROTECTION

         10.1     INCREASED COSTS

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

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

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

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

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

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

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

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

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

                  (f)     the Note Holder is restricted in its capacity to enter
                          into, or is prevented from entering into, any other
                          transaction with any consequence referred to in clause
                          10.1(c), (d) or (e) or with any other cost or loss of
                          return to the Note Holder,
--------------------------------------------------------------------------------
                                                                        PAGE 17
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                  then, and in each such case:

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

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

         10.2     ILLEGALITY

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

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

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

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

--------------------------------------------------------------------------------
11       TRUSTEE LIMITATION OF LIABILITY PROTECTION

         11.1     LIMITATION OF LIABILITY - ISSUER

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

--------------------------------------------------------------------------------
                                                                        PAGE 18
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                  (b)     The parties other than the Issuer may not sue the
                          Issuer in any capacity other than as trustee of the
                          Securitisation Fund or seek the appointment of a
                          receiver (except in relation to property of the
                          Securitisation Fund), 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 property
                          of the Securitisation Fund).

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

                  (d)     It is acknowledged that the SF Manager is responsible
                          under the Master Trust Deed establishing the
                          Securitisation Fund for performing a variety of
                          obligations relating to the Securitisation Fund,
                          including under this agreement. No act or omission of
                          the Issuer (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 Issuer for
                          the purposes of paragraph (c) of this clause 11.1 to
                          the extent to which the act or omission was caused or
                          contributed to by any failure by the SF Manager or any
                          other person to fulfil its obligations relating to the
                          Securitisation Fund or by any other act or omission of
                          the SF Manager or any other person.

                  (e)     No attorney, agent, receiver or receiver and manager
                          appointed in accordance with this agreement 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 paragraph (c) of this
                          clause 11.1.

                  (f)     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 paragraph (a) to (c) of
                          this clause 11.1.

         11.2     LIMITATION OF LIABILITY - NOTE HOLDER

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

                  (b)     The parties other than the Note Holder may not sue the
                          Note Holder in any capacity other than as trustee of
                          the Origination Fund including 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

--------------------------------------------------------------------------------
                                                                        PAGE 19
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                          Holder or prove in any liquidation, administration or
                          arrangement of or affecting the Note Holder (except in
                          relation to property of the Origination Fund).

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

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

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

                   (f)    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 paragraph (a)
                          to (c) of this clause 11.2.

         11.3     WILFUL DEFAULT OF THE ISSUER AND THE NOTE HOLDER

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

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

                          (1)      other than a default which:

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 20
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                                   (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 Deed from the Fund.

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

--------------------------------------------------------------------------------
12       INDEMNITIES

         12.1     GENERAL INDEMNITY

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

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

                         (2)       the occurrence of any Default or Event of
                                   Default;

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

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

         12.2     CONTINUING INDEMNITIES AND EVIDENCE OF LOSS

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

                          (1)      any settlement of account; or

--------------------------------------------------------------------------------
                                                                        PAGE 21
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                          (2)      the occurrence of any other thing,

                          and remains in full force and effect until:

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

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

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

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

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

         12.3     FUNDS AVAILABLE FOR INDEMNITY

                  The obligations of the Issuer under this clause 12 shall be
                  payable solely to the extent that funds are available from
                  time to time for that purpose under clause 7 of the
                  Supplementary Bond Terms.

         12.4     NEGLIGENCE, WILFUL DEFAULT OR BREACH OF LAW

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

         12.5     NOTIFICATION FROM NOTE HOLDER OR OF MANAGER

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

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

13       TAX, COSTS AND EXPENSES

         13.1     TAX

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

--------------------------------------------------------------------------------
                                                                        PAGE 22
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

                          (1)      any Material Document;

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

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

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

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

         13.2     COSTS AND EXPENSES

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

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

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

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

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

                  including, but not limited to, any administration costs of the
                  Note Holder or the OF Manager, as the case may be, in
                  connection with the matters referred to in clause 13.2(b) and
                  (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.

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

14     INTEREST ON OVERDUE AMOUNTS

         14.1     PAYMENT OF INTEREST

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 23
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

         14.2     ACCRUAL OF INTEREST

                  The interest payable under this clause 14:

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

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

         14.3     RATE OF INTEREST

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

                  (a)     the Overdue Rate; and

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

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

15       ASSIGNMENT

         15.1     ASSIGNMENT BY TRANSACTION PARTY

                  A Transaction Party must not transfer or assign any of its
                  rights or obligations under any Material Document without the
                  prior written consent of the other parties.

         15.2     ASSIGNMENT BY NOTE HOLDER AND OF MANAGER

                  Neither the Note Holder nor the OF Manager may assign any of
                  its rights or transfer by novation any of its rights and
                  obligations under this agreement without the prior written
                  consent of the other parties.

         15.3     ASSIST TRANSFER OR ASSIGNMENT

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

         15.4     PARTICIPATION PERMITTED

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

         15.5     LENDING OFFICE

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 24
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

         15.6     DISCLOSURE

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

         15.7     NO INCREASE IN COSTS

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

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

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

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

         16.1     CONFIDENTIAL INFORMATION

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

         16.2     PERFORMANCE BY NOTE HOLDER OF OBLIGATIONS

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

         16.3     TRANSACTION PARTY TO BEAR COST

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

         16.4     NOTICES

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

--------------------------------------------------------------------------------
                                                                        PAGE 25
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

                                   (A)  if to the Note Holder:

                                        Address:    Level 7
                                                    9 Castlereagh Street
                                                    Sydney, NSW 2000

                                        Attention:  Manager - Securitisation

                                        Facsimile:  (02) 9221 7870; and

                                   (B)  if to the Issuer:

                                        Address:    Level 7
                                                    9 Castlereagh Street
                                                    Sydney, NSW 2000

                                        Attention:  Manager - Securitisation

                                        Facsimile:  (02) 9221 7870; and

                                   (C)  if to the SF Manager:

                                        Address:    Level 23,
                                                    360 Collins
                                                    Street, Melbourne, Victoria
                                                    3000

                                        Attention:  Funding Manager

                                        Facsimile:  (03) 9605 6200; and

                                   (D)  if to the OF Manager:

                                        Address:    Level 23,
                                                    360 Collins Street,
                                                    Melbourne, Victoria 3000

                                        Attention:  Funding Manager

                                        Facsimile:  (03) 9605 6200;

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

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

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

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

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

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

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

--------------------------------------------------------------------------------
                                                                        PAGE 26
<PAGE>

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

         16.5     GOVERNING LAW AND JURISDICTION

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

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

         16.6     PROHIBITION AND ENFORCEABILITY

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

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

         16.7     WAIVERS

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

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

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

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

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

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

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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

         16.8     VARIATION

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

         16.9     CUMULATIVE RIGHTS

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

         16.10    ATTORNEYS

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

         16.11    BINDING OBLIGATIONS

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

         16.12    WINDING UP OF SECURITISATION FUND

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

         16.13    TERMINATION CLAUSE

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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

SCHEDULE 1 - FUNDING NOTICE
(Clause 4.2)

To:      Perpetual Trustees Australia Limited in its capacity as trustee of the
         Origination Fund No. 3 ("Note Holder")
         ME Portfolio Management Limited ("OF Manager")

ATTENTION: MANAGER - SECURITISATION
--------------------------------------------------------------------------------

We refer to the agreement dated [INSERT DATE] ("Agreement"). Pursuant to clause
4 of the Agreement:

(a)      We give you notice that we require the Issuer to issue to the Note
         Holder a Note from SMHL Global Fund No.3 on ............... ("Funding
         Date") at [#];

(b)      The aggregate principal amount of the Note is: $........;

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

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

Dated: [INSERT DATE]

SIGNED for and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED

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

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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

Redraw - SMHL Global Fund No.3

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                              (ABN 86 000 431 827)
            IN ITS CAPACITY AS TRUSTEE OF THE SUPERANNUATION MEMBERS'
                        HOME LOANS ORIGINATION FUND NO 3

                 of Level 7, 39 Hunter Street, Sydney, NSW, 2000

                                   ("ISSUER")

whose office for the purposes of payment is at Level 7, 9 Castlereagh Street,
Sydney, New South Wales or such other address as the Issuer may notify to the
Note Holder from time to time.

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

1        NOTE

(a)      This Note certificate is issued as part of the Notes known as the SMHL
         Global Fund No.3. The terms and conditions of the issue of this Note
         and repayment are constituted by this Note and the Redraw Funding
         Facility - Agreement for Issue and Repayment of Notes dated [ # # ]
         2002 between the Issuer, the Note Holder, ME Portfolio Management
         Limited (ABN 79 005 964 134) of Level 23, 360 Collins Street,
         Melbourne, Victoria in its capacity as manager of the Superannuation
         Members' Home Loans Global Fund No 3 ("SF Manager") and ME Portfolio
         Management Limited (ABN 79 005 964 134) of Level 23, 360 Collins
         Street, Melbourne, Victoria in its capacity as manager of the
         Superannuation Members' Home Loans Origination Fund No. 3 ("OF
         Manager") ("Agreement"). Terms defined in the Agreement have the same
         meaning when used in these Conditions.

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

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

2        DERIVATION OF PAYMENT

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

3        EXTENT OF LIABILITY OF ISSUER

(a)      The Issuer issues this Note only in its capacity as trustee of the
         Securitisation Fund and no other capacity. A liability of the Issuer
         arising under or in connection with this Note or the Agreement is
         limited to and can be enforced against the Issuer only to the extent to

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

         which it can be satisfied out of property of the Securitisation Fund
         out of which the Issuer is actually 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.

(b)      The parties other than the Issuer may not sue the Issuer in any
         capacity other than as trustee of the Securitisation Fund including
         seek the appointment of a receiver (except in relation to property of
         the Securitisation Fund), 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 property
         of the Securitisation Fund).

(c)      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 the Master Trust Deed establishing the Securitisation Fund or by
         operation of law there is a reduction in the extent of the Issuer's
         indemnification out of the assets of the Securitisation Fund Issuer, as
         a result of the Issuer's fraud, negligence or wilful default.

(d)      It is acknowledged that the SF Manager is responsible under the Master
         Trust Deed establishing the Securitisation Fund for performing a
         variety of obligations relating to the Securitisation Fund, including
         under this Note and the Agreement. No act or omission of the Issuer
         (including any related failure to satisfy its obligations or breach of
         representation or warranty under this Note or the Agreement) will be
         considered fraud, negligence or wilful default of the Issuer for the
         purposes of paragraph (c) of this clause 3 to the extent to which the
         act or omission was caused or contributed to by any failure by the SF
         Manager or any other person to fulfil its obligations relating to the
         Securitisation Fund or by any other act or omission of the SF Manager
         or any other person.

(e)      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 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
         paragraph (c) of this clause 3.

(f)      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
         paragraph (a) to (c) of this clause 3.

4        EXTENT OF LIABILITY OF NOTE HOLDER

(a)      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.

(b)      The parties other than the Note Holder may not sue the Note Holder in
         any capacity other than as trustee of the Origination Fund including
         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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

         arrangement of or affecting the Note Holder (except in relation to
         property of the Origination Fund).

(c)      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.

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

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

(f)      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
         paragraph (a) to (c) of this clause 4.

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

SCHEDULE 3 - FACILITY PROVIDER FUNDING NOTICE
(Clause 4.4)

To:      Perpetual Trustees Australia Limited in its capacity as trustee of the
         Superannuation Members' Home Loans Global Fund No. 3 (ISSUER) ME
         Portfolio Management Limited (SF MANAGER)

         Attention: Manager - Securitisation

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

(a)      we give you notice that we require the Issuer to issue to the Note
         Holder a Note from SMHL Global Fund No.3 on .................. (FUNDING
         DATE) at [#];

(b)      the aggregate principal amount of the Note is $.......

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

Dated: [INSERT DATE]

Signed for and on behalf of

ME PORTFOLIO MANAGEMENT LIMITED

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

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

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

                                   SMHL Global Fund No.3 Redraw Funding Facility

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

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

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

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

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

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

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

SIGNED by
ME PORTFOLIO MANAGEMENT LIMITED
by:
---------------------------------            -----------------------------------
Secretary/Director                           Director

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

SIGNED by
ME PORTFOLIO MANAGEMENT LIMITED
by:
---------------------------------            -----------------------------------
Secretary/Director                           Director

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

--------------------------------------------------------------------------------
                                                                        PAGE 34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]