Redraw Funding Facility Agreement
for the Issue and Repayment of
Notes - SMHL Global Fund No. [ ]
Perpetual Limited
ABN 86 000 000 000
and
ME Portfolio Management Limited
ABN 79 005 964 134
[Freehills GRAPHIC OMITTED]
MLC Centre Xxxxxx Xxxxx Xxxxxx
Xxx Xxxxx Xxxxx 0000 Xxxxxxxxx
Telephone x00 0 0000 0000 Facsimile x00 0 0000 0000
xxx.xxxxxxxxx.xxx DX 000 Xxxxxx
XXXXXX XXXXXXXXX XXXXX XXXXXXXX SINGAPORE
Correspondent Offices HANOI HO CHI MINH CITY
JAKARTA KUALA LUMPUR
Reference LGR:OMT:36G
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Table of contents
Clause Page
1 Definitions and interpretation 2
1.1 Definitions 2
1.2 Interpretation 6
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 9
3.1 Purpose 9
3.2 Loan Redraws 9
4 Funding procedures 9
4.1 Delivery of Funding Notice 9
4.2 Requirements for a Funding Notice 10
4.3 Delivery of Facility Provider Funding Notice 10
4.4 Requirements for a Facility Provider Funding Notice 10
4.5 Copy of the Funding Notice 10
4.6 Irrevocability of Drawdown Notice 10
4.7 Notification of Funding Rate 10
5 Loan Facility 11
5.1 Provision of Funding Portions 11
5.2 Repayment 11
5.3 Repayment of Outstanding Moneys 11
5.4 Interest 12
5.5 Order of Repayment 12
6 Payments 13
6.1 Manner of payments 13
6.2 Payments on a Business Day 13
6.3 Appropriation of payments 13
6.4 Payments in gross 13
6.5 Taxation deduction procedures 14
6.6 Amounts payable on demand 14
7 Representations and warranties 14
7.1 By the Issuer 14
7.2 By the SF Manager 15
7.3 Survival and repetition of representations and warranties 16
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
8.3 Notify Events of Default 16
8.4 Know your customer 17
8.5 Compliance with Regulation AB 17
9 Events of Default 17
9.1 Effect of Event of Default 17
9.2 Issuer to continue to perform 17
9.3 Enforcement 18
10 Increased costs, illegality and yield protection 18
10.1 Increased costs 18
10.2 Illegality 19
11 Trustee Limitation of Liability Protection 19
11.1 Limitation of Liability - Issuer 19
11.2 Limitation of Liability - Note Holder 21
11.3 Wilful Default of the Issuer and the Note Holder 22
12 Indemnities 22
12.1 General indemnity 22
12.2 Continuing indemnities and evidence of loss 23
12.3 Funds available for indemnity 23
12.4 Negligence, wilful default or breach of law 23
12.5 Notification from Note Holder or OF Manager 23
13 Tax, costs and expenses 24
13.1 Tax 24
13.2 Costs and expenses 24
13.3 Goods and services tax 25
14 Interest on overdue amounts 25
14.1 Payment of interest 25
14.2 Accrual of interest 25
14.3 Rate of interest 26
15 Assignment 26
15.1 Assignment by Transaction Party 26
15.2 Assignment by Note Holder and OF Manager 26
15.3 Assist transfer or assignment 26
15.4 Participation permitted 26
15.5 Lending Office 26
15.6 Disclosure 27
15.7 No increase in costs 27
16 General 27
16.1 Confidential information 27
16.2 Performance by Note Holder of obligations 27
16.3 Transaction Party to bear cost 27
16.4 Notices 27
16.5 Governing law and jurisdiction 29
16.6 Prohibition and enforceability 29
16.7 Waivers 29
16.8 Variation 30
16.9 Cumulative rights 30
16.10 Attorneys 30
16.11 Binding Obligations 30
16.12 Winding up of Securitisation Fund 30
16.13 Termination clause 30
16.14 Counterparts 30
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This Redraw Funding Facility Agreement
is made on [#] between the following parties:
1. Perpetual Limited ABN 86 000 000 000 in its capacity as trustee
of the Securitisation Fund (as hereinafter defined) of Xxxxx 00,
000 Xxxx Xxxxxx, Xxxxxx, Xxx Xxxxx Xxxxx (Issuer)
2. Perpetual Limited ABN 86 000 000 000
in its capacity as trustee of the Origination Fund (as
hereinafter defined) of Xxxxx 00, 000 Xxxx Xxxxxx,
Xxxxxx, Xxx Xxxxx Xxxxx
(Note Holder)
3. ME Portfolio Management Limited ABN 79 005 964 134
in its capacity as manager of the Securitisation Fund
of Xxxxx 00, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx
(XX Manager)
4. ME Portfolio Management Limited ABN 79 005 964 134
in its capacity as manager of the Origination Fund
of Xxxxx 00, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx
(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
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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 Xxxx
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$1,000,000 each; or
c) if in respect of any Funding Date the Base Rate cannot be determined
in accordance with paragraphs (a) or (b) of this definition, the rate
percent per annum determined by the OF Manager in good faith to be the
rate most nearly approximating the rate that would otherwise have been
calculated by the OF Manager in accordance with paragraph (a) of this
definition having regard to comparable indices then available in the
then current xxxx market;
Xxxx means a xxxx of exchange as defined in the Bills of Exchange Act 1909
(Cth), but does not include a cheque;
Business Day means a day on which banks are open for business in Melbourne
and Sydney excluding a Saturday, Sunday or public holiday;
Card and Cheque Facilities means any Card Facility and any Cheque and
Direct Entry Facility;
Card Facility means any facility in force in respect of the Origination
Fund relating to the provision of credit cards or debit cards;
Cheque and Direct Entry Facility means any facility in force in respect of
the Origination Fund relating to the provision of either or both of direct
entry facilities and cheque facilities;
Class A Notes has the meaning given to it by the Supplementary Bond Terms;
Class B Notes has the meaning given to it by the Supplementary Bond Terms;
Commission has the meaning given to it in the Supplementary Bond Terms;
Conditions means the terms and conditions as set out in schedule 2;
Designated Rating Agency has the meaning given to it in the Master Trust
Deed;
Dollars, A$ 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;
GST has the same meaning as in the A New Tax System (Goods and Services
Tax) Xxx 0000;
Interest Collections has the meaning given to it by the Supplementary Bond
Terms;
Lending Office means the office of the Note Holder set out on page 1 of
this agreement or such other office as notified by the Note Holder under
this agreement;
Margin means that percentage notified by the OF Manager to the SF Manager
on or about the issue of a Note as the margin applicable to that Note;
Master Trust Deed means the Master Trust Deed dated 4 July 1994 made
between ME Portfolio Management Limited and Perpetual Limited and providing
for the establishment of a series of separate trusts known collectively as
the Superannuation Members' Home Loans Trusts, as amended and restated from
time to time;
Material Documents means:
(a) this agreement (including each Note); and
(b) the Security Trust Deed; and
(c) the Supplementary Bond Terms;
Note means a note issued under clauses 2 and 4;
Note Holder means Perpetual Limited (in its capacity as trustee of the
Origination Fund) or any person entitled to be registered as a Note Holder
in accordance with this agreement;
Officer means:
(a) in relation to the Issuer and Note Holder, a director, secretary or
other person whose title contains the word or words "manager" or
"counsel" or "head" or a person performing the functions of any of
them; and
(b) in relation to the SF Manager and OF Manager, a director or a
secretary, or a person notified to be an authorised officer of the
relevant party;
Origination Fund means Superannuation Members' Home Loans Origination Fund
No. 3;
Outstanding Moneys means all debts and monetary liabilities of the Issuer
to the Note Holder under or in relation to any Material Document,
irrespective of whether the debts or liabilities:
(a) are present or future;
(b) are actual, prospective, contingent or otherwise;
(c) are at any time ascertained or unascertained;
(d) are owed or incurred by or on account of the Issuer alone, or
severally or jointly with any other person;
(e) are owed to or incurred for the account of the Note Holder alone, or
severally or jointly with any other person;
(f) are owed or incurred as principal, interest, fees, charges, taxes,
duties or other imposts, damages (whether for breach of contract or
tort or incurred on any other ground), losses, costs or expenses, or
on any other account; or
(g) comprise any combination of the above;
Overdue Rate means on any date the rate percent per annum which is the
aggregate of 2% per annum and the Funding Rate;
Payment Date has the meaning given to it under the Supplementary Bond
Terms;
Payment Period means the period from and including the last relevant
Payment Date to but excluding the next relevant Payment Date except that
the first Payment Period will commence on the relevant Funding Date and the
last Payment Period will end on the Termination Date;
Power means any right, power, authority, discretion or remedy conferred on
the Note Holder or OF Manager, or a Receiver or an Attorney by any
Transaction Document or any applicable law;
Principal Collections has the meaning given to it by the Supplementary Bond
Terms;
Principal Outstanding means at any time the aggregate principal amount of
all outstanding Funding Portions at that time;
Redraw Amount has the same meaning as in clause 3.2(a);
Redraw Facility means a facility contained in a loan or other form of
financial accommodation the repayment of which is secured by a mortgage
granted or transferred to the Issuer, which allows the mortgagor under that
mortgage to redraw amounts prepaid under that loan;
Reference Bank means any one of Commonwealth Bank of Australia, Westpac
Banking Corporation, National Australia Bank Limited and Australia and New
Zealand Banking Group Limited;
Register means the register of Note Holders maintained by the Issuer;
Regulation AB has the meaning given to it in the Supplementary Bond Terms;
Same Day Funds means bank cheque or other immediately available funds;
Secured Creditors has the meaning given to it in the Security Trust Deed;
Securitisation Fund means the Securitisation Fund constituted under the
Master Trust Deed known as SMHL Global Fund No. [ ];
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);
Side Letter to the Mortgage Origination and Management Agreement has the
meaning given to it in the Supplementary Bond Terms;
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 (including GST), levy, charge, impost, duty, fee, deduction,
compulsory loan or withholding; or
(b) any income, stamp or transaction duty, tax or charge,
which is assessed, levied, imposed or collected by any Governmental Agency
and includes, but is not limited to, any interest, fine, penalty, charge,
fee or other amount imposed on or in respect of any of the above;
Termination Date means the day which is 1 Business Day prior to the Final
Maturity Date as defined in the Supplementary Bond Terms;
Transaction Document has the meaning given to it in the Master Trust Deed
and includes this agreement and any document or agreement entered into or
given under it (including Notes);
Transaction Party means:
(a) the Issuer; or
(b) the SF Manager.
1.2 Interpretation
In this agreement, headings and boldings are for convenience only and do
not affect the interpretation of this agreement and, unless the context
otherwise requires:
(a) words importing the singular include the plural and vice versa;
(b) words importing a gender include any gender;
(c) other parts of speech and grammatical forms of a word or phrase
defined in this agreement have a corresponding meaning;
(d) an expression importing a natural person includes any company,
partnership, joint venture, association, corporation or other body
corporate and any Governmental Agency;
(e) a reference to any thing (including, but not limited to, any right)
includes a part of that thing;
(f) a reference to a part, clause, party, annexure, exhibit or schedule is
a reference to a part and clause of, and a party, annexure, exhibit
and schedule to, this agreement and a reference to this agreement
includes any annexure, exhibit and schedule;
(g) a reference to a statute, regulation, proclamation, ordinance or
by-law includes all statutes, regulations, proclamations, ordinances
or by-laws amending, consolidating or replacing it, and a reference to
a statute includes all regulations, proclamations, ordinances and
by-laws issued under that statute;
(h) a reference to a document includes all amendments or supplements to,
or replacements or novations of, that document;
(i) a reference to liquidation includes appointment of an administrator,
compromise, arrangement, merger, amalgamation, reconstruction, winding
up, dissolution, assignment for the benefit of creditors, scheme,
composition or arrangement with creditors, insolvency, bankruptcy, or
a similar procedure or, where applicable, changes in the constitution
of any partnership or person or death;
(j) a reference to a party to any document includes that party's
successors and permitted assigns;
(k) a reference to an agreement other than this agreement includes an
undertaking, deed, agreement or legally enforceable arrangement or
understanding whether or not in writing;
(l) a reference to an asset includes all property of any nature,
including, but not limited to, a business, and all rights, revenues
and benefits;
(m) a reference to a document includes any agreement in writing, or any
certificate, notice, instrument or other document of any kind;
(n) no provision of this agreement will be construed adversely to a party
solely on the ground that the party was responsible for the
preparation of this agreement or that provision;
(o) a reference to the drawing, accepting, endorsing or other dealing with
or of a Xxxx refers to a drawing, accepting, endorsing or dealing
within the meaning of the Bills of Exchange Xxx 0000;
(p) a reference to a body, other than a party to this agreement
(including, without limitation, an institute, association or
authority), whether statutory or not:
(1) which ceases to exist; or
(2) whose powers or functions are transferred to another body,
is a reference to the body which replaces it or which substantially
succeeds to its powers or functions; and
(q) the Issuer or the Note Holder will only be considered to have
knowledge or awareness of, or notice of, a thing, or grounds to
believe any thing, by virtue of the officers of the Issuer or the Note
Holder having day to day responsibility for the administration of the
Origination Fund or the Securitisation Fund (as the case may be)
having actual knowledge, actual awareness or actual notice of that
thing, or grounds or reason to believe that thing (and similar
references will be interpreted in this way). In addition, notice,
knowledge or awareness of an Event of Default means notice, knowledge
or awareness of the occurrence of the events or 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
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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. [ ];
(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. [ ];
(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 directed by the SF
Manager, and the Issuer must, on the terms of this agreement,
issue the Note to the Note Holder in consideration for the
principal amount provided that the OF Manager and Note Holder
have complied with clause 5.1.
(d) The parties agree that the terms and conditions contained in this
agreement, the Supplementary Bond Terms and the Security Trust
Deed govern the issue and repayment of the Notes.
2.2 Acknowledgment of Indebtedness
The Issuer acknowledges its indebtedness to the Note Holder in respect
of each Note issued under this agreement.
2.3 Obligations under Notes
(a) The obligations of the Issuer under the Notes are constituted by,
and specified in, this agreement and in the Conditions.
(b) Each Note is a separate debt of the Issuer.
(c) The entitlement of any person to a Note is determined by
registration as a Note Holder of that Note.
(d) The making of, or giving effect to, a manifest error in an
inscription in the Register will not avoid the creation or
transfer of a Note.
2.4 Ownership of Notes
(a) A Note may be transferred by the Note Holder to any person in
accordance with this agreement.
(b) The person whose name is registered as the Note Holder of a Note
in the Register will be, and will be treated by the Issuer as,
the absolute owner of the Note.
2.5 Register
The Issuer must:
(a) establish and maintain the Register;
(b) enter in the Register in respect of each Note:
(1) the principal amount and principal outstanding in respect of
each Note;
(2) its date of issue and date of redemption and cancellation;
and
(3) the date on which any person becomes, or ceases to be, a
Note Holder.
3 Redraw Facilities
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3.1 Purpose
The Issuer must, and the SF Manager must cause the Issuer to, only use
the net proceeds of a Funding Portion to:
(a) provide funds requested under a Redraw Facility; and
(b) reimburse the Note Holder for amounts paid or payable by the Note
Holder to a Facility Provider under or in respect of the Card and
Cheque Facilities to fund a redraw under a Redraw Facility
provided by the Issuer.
3.2 Loan Redraws
(a) The OF Manager must notify the SF Manager by such time as they
may agree on each Business Day all amounts payable by the Note
Holder on that Business Day to a Facility Provider under or in
respect of the Card and Cheque Facilities to fund redraws under
Redraw Facilities provided by the Issuer (Redraw Amount).
(b) The Issuer must and the SF Manager must cause the Issuer to pay
to the Note Holder on each Business Day an amount equal to the
Redraw Amount for that Business Day. The amount payable under
this clause 3.2(b) must be paid by such time as the parties may
from time to time agree.
(c) Except as expressly provided under this agreement, the Issuer has
no obligation to reimburse the Note Holder for any amounts paid
or payable by the Note Holder to a Facility Provider under or in
respect of the Facilities to fund redraws under Redraw Facilities
provided by the Issuer.
4 Funding procedures
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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:
(a) must be in writing in the form of, and specifying the matters set
out in schedule 3;
(b) must be received by the Issuer and the SF Manager not later than
12.00 noon on the Business Day which is the Funding Date; and
(c) must be signed by an Officer of the OF Manager.
4.5 Copy of the Funding Notice
(a) A copy of each Funding Notice must be provided to the Issuer at
the same time it is given to the Note Holder and the OF Manager.
(b) A copy of each Facility Provider Funding Notice must be provided
to the Note Holder at the same time it is given to the Issuer and
the SF Manager.
4.6 Irrevocability of Drawdown Notice
The Note Holder and the OF Manager must not decline to provide the
funding specified in a Drawdown Notice. Following the issue of the
Drawdown Notice the Issuer is irrevocably committed to, and the SF
Manager is irrevocably committed to cause the Issuer to, issue the
relevant Note and to draw Funding Portions from the Note Holder in
accordance with the Funding Notice given to the OF Manager and the
Note Holder or the Facility Provider Funding Notice given by the OF
Manager (as the case may be).
4.7 Notification of Funding Rate
(a) After the OF Manager has determined the Base Rate for a Payment
Period it must promptly notify the Issuer and SF Manager in
writing of the Funding Rate for that Payment Period, specifying
both the Base Rate and the Margin.
(b) In the absence of manifest error, each determination of the Base
Rate by the OF Manager is conclusive evidence of that rate
against the Issuer and the SF Manager.
5 Loan Facility
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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 the
Note Holder has made or has an obligation to make a payment to a
Facility Provider under a Card and Cheque Facility in respect of
Redraw Facilities provided by the Issuer on that day.
5.2 Repayment
On each relevant Payment Date and to the extent that during the
Payment Period it has not done so, the Issuer must, and the SF Manager
must cause the Issuer to:
(a) repay so much of the Principal Outstanding (to the extent that
funds are available from the Securitisation Fund) as the Issuer
is required to apply from Interest Collections to repayment of
any principal due and payable under any Redraw Funding Facility
pursuant to clauses 6.1(a)(14) and 6.1(c)(14) of the
Supplementary Bond Terms; and
(b) repay so much of the Principal Outstanding (to the extent that
funds are available from the Securitisation Fund) (after the
repayment in clause 5.2(a)) as the Issuer is required to apply
from Principal Collections to repayment of any Redraw Principal
Outstanding under a Redraw Funding Facility pursuant to clauses
6.2(a)(5) and 6.2(c)(5) of the Supplementary Bond Terms.
5.3 Repayment of Outstanding Moneys
(a) The Principal Outstanding under the Facility must be repaid by
the Issuer to the Note Holder:
(1) in full on the Termination Date; and
(2) otherwise as specified in, or required under, the
Transaction Documents,
and the SF Manager must cause the Issuer to do so.
(b) The Issuer must, and the SF Manager must cause the Issuer to, pay
or repay the balance of the Outstanding Moneys in full to the
Note Holder on the Termination Date or on such other date on
which the Principal Outstanding is, or is required to be, repaid
in full.
5.4 Interest
(a) On each relevant Payment Date, the Issuer must, and the SF
Manager must cause the Issuer to, pay to the Note Holder interest
(to the extent that funds are available from the Securitisation
Fund) on the Principal Outstanding at the Funding Rate:
(1) in relation to any Funding Portion drawn during the current
Payment Period, for the period from and including the
relevant Funding Date to but excluding the relevant Payment
Date; and
(2) in relation to the remainder of the Principal Outstanding,
for the Payment Period,
to the extent to which the Issuer is required to apply from
Interest Collections to payment of any interest due under any
Redraw Funding Facility pursuant to clauses 6.1(a)(4) and
6.1(c)(4) of the Supplementary Bond Terms.
(b) If on any relevant Payment Date, interest in respect of the
relevant Payment Period is not paid on the whole amount of the
Principal Outstanding:
(1) that unpaid interest shall accrue interest at the Overdue
Rate for the next Payment Period;
(2) that unpaid interest and interest accrued under clause
5.4(b)(1) shall become payable on the next relevant Payment
Date to the extent to which (after payment of interest under
clause 5.4(a)) the Issuer is required to apply from Interest
Collections to payment of interest due under any Redraw
Funding Facility pursuant to clauses 6.1(a)(4) and 6.1(c)(4)
of the Supplementary Bond Terms; and
(3) to the extent to which any unpaid interest (including any
interest accrued under clause 5.4(b)(1)) remains unpaid
after that next relevant Payment Date it will again be
subject to clauses 5.4(b)(1) and 5.4(b)(2) for each
subsequent Payment Period and relevant Payment Date until it
has been paid.
(c) Interest must be calculated in arrears on daily balances on the
basis of a 365 day year and for the actual number of days elapsed
during the relevant period.
5.5 Order of Repayment
(a) In making repayments under clauses 5.2 and 5.3, the Issuer must,
and the SF Manager must cause the Issuer to, apply the amount of
the repayment to repay the Principal Outstanding under the Notes
in order of the date of issue of the Notes so that the Notes
issued earlier in time are repaid first.
(b) The Note Holder must, and the OF Manager must cause the Note
Holder to, apply repayments in accordance with clause 6.3(a).
(c) The OF Manager must advise the Issuer and the SF Manager in
writing of the Notes which have been wholly or partly repaid, the
amount of the repayment and the Principal Outstanding under that
Note.
6 Payments
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6.1 Manner of payments
All payments to the Note Holder under the Material Documents must be
made:
(a) in Same Day Funds;
(b) in Dollars; and
(c) not later than 11:00 am (Melbourne time) on the due date,
to the account of the Note Holder specified by the OF Manager to the
Issuer or in such other manner to an account of the Note Holder as the
OF Manager directs from time to time.
6.2 Payments on a Business Day
If a payment is due on a day which is not a Business Day, the due date
for that payment is the next Business Day and interest must be
adjusted accordingly.
6.3 Appropriation of payments
(a) All payments made by the Issuer to the Note Holder under this
agreement may be appropriated as between principal, interest and
other amounts, as the OF Manager in its absolute discretion
determines, or, failing any determination, in the following
order:
(1) first, towards reimbursement of all fees, costs, expenses,
charges, damages and indemnity payments incurred or due and
owing by the Transaction Parties under the Material
Documents;
(2) second, towards payment of interest due and payable under
the Material Documents; and
(3) third, towards repayment of the Principal Outstanding.
(b) Any appropriation under clause 6.3(a) overrides any appropriation
made by the Issuer.
6.4 Payments in gross
All payments which a Transaction Party is required to make under any
Material Document must be:
(a) without any set-off, counterclaim or condition; and
(b) without any deduction or withholding for any Tax or any other
reason, unless, the Transaction Party is required to make a
deduction or withholding by applicable law.
6.5 Taxation deduction procedures
If a Transaction Party is required to make a deduction or withholding
in respect of Tax from any payment to be made to the Note Holder under
any Material Document, then:
(a) that Transaction Party has no obligation to indemnify the Note
Holder against that tax; and
(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.
7 Representations and warranties
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7.1 By the Issuer
The Issuer hereby represents and warrants to the OF Manager and Note
Holder that:
(a) (Due Incorporation): it is duly incorporated and has the
corporate power to own its property and to carry on its business
as is now being conducted;
(b) (Constitution): the execution delivery and performance of this
agreement and any Note does not and will not violate its
Constitution;
(c) (Corporate Power): it has the power and has taken all corporate
and other action required to enter into this agreement and each
Note and to authorise the execution and delivery of this
agreement and each Note and the performance of its obligations
thereunder;
(d) (Filings): it has filed all corporate notices and effected all
registrations with the Australian Securities and Investments
Commission or similar office in the jurisdiction of incorporation
and in any other jurisdiction as required by law and all such
filings and registrations are current, complete and accurate
except:
(1) as such enforceability may be limited by any applicable
bankruptcy, insolvency, re-organisation, moratorium or trust
or other similar laws affecting creditors' rights generally;
and
(2) that this representation and warranty does not apply to the
filing of ASIC form 309 or ASIC form 350 in relation to the
creation and stamping of the Charge (as defined in the
Security Trust Deed);
(e) (Legally Binding Obligation): this agreement and each Note
constitutes or will constitute a valid, legally binding and
enforceable obligation of it in accordance with its terms except
as such enforceability may be limited by any applicable
bankruptcy, insolvency, reorganisation, moratorium or trust laws
or other similar laws affecting creditors' rights generally;
(f) (Execution, Delivery and Performance): the execution, delivery
and performance of this agreement and each Note by it does not
violate any existing law or regulation or any document or
agreement to which it is a party in either case in its capacity
as trustee of the Securitisation Fund or which is binding upon it
or any of its assets in its capacity as trustee of the
Securitisation Fund;
(g) (Authorisation): all consents, licences, approvals and
authorisations of every Governmental Agency required to be
obtained by it in connection with the execution and delivery of,
and performance of its obligations under, this agreement and any
Note have been obtained and are valid and subsisting;
(h) (Securitisation Fund Validly Created): the Securitisation Fund
has been validly created and is in existence at the date of this
agreement;
(i) (Sole Trustee): it has been validly appointed as trustee of the
Securitisation Fund and is presently the sole trustee of the
Securitisation Fund;
(j) (Master Trust Deed): the Securitisation Fund is constituted
pursuant to the Master Trust Deed; and
(k) (No Proceedings to Remove): no notice has been given to it and to
its knowledge no resolution has been passed or direction or
notice has been given, removing it as trustee of the
Securitisation Fund.
7.2 By the SF Manager
The SF Manager hereby represents and warrants to the OF Manager and
Note Holder that:
(a) (Due incorporation): it is duly incorporated and has the
corporate power to own its property and to carry on its business
as is now being conducted;
(b) (Constitution): the execution, delivery and performance by it of
this agreement and each Note does not and will not violate its
Constitution;
(c) (Corporate power): the SF Manager has the power and has taken all
corporate and other action required to enter into this agreement
and each Note and to authorise the execution and delivery of this
agreement and each Note and the performance of its obligations
hereunder;
(d) (Filings): the SF Manager has filed all corporate notices and
effected all registrations with the Australian Securities and
Investments Commission or similar office in its jurisdiction of
incorporation and in any other jurisdiction as required by law
and all such filings and registrations are current, complete and
accurate;
(e) (Legally Binding Obligation): this agreement and each Note
constitutes or will constitute a valid, legally binding and
enforceable obligation of the SF Manager in accordance with its
terms except as such enforceability may be limited by any
applicable bankruptcy, insolvency, re-organisation, moratorium or
trust or other similar laws affecting creditors' rights
generally;
(f) (Execution, Delivery and Performance): the execution, delivery
and performance of this agreement and each Note by the SF Manager
does not violate any existing law or regulation or any document
or agreement to which the SF Manager is a party or which is
binding upon it or any of its assets; and
(g) (Authorisation): all consents, licences, approvals and
authorisations of every Government Agency required to be obtained
by the SF Manager in connection with the execution, delivery and
performance of this agreement and each Note have been obtained
and are valid and subsisting.
7.3 Survival and repetition of representations and warranties
The representations and warranties in, or given under, this agreement
including, but not limited to, clauses 7.1 and 7.2:
(a) survive the execution of each Transaction Document; and
(b) are regarded as repeated on each Funding Date with respect to the
facts and circumstances then subsisting.
7.4 Reliance by the Note Holder and OF Manager
The Issuer and the SF Manager each acknowledge that the Note Holder
and OF Manager have entered into each Transaction Document to which it
is a party in reliance on the representations and warranties in, or
given under, this agreement including, but not limited to, clauses 7.1
and 7.2.
8 Undertakings
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8.1 Term of undertakings
Unless the OF Manager otherwise agrees in writing, until the
Outstanding Moneys are fully and finally repaid the Issuer and the SF
Manager must, at its own cost (but without prejudice to clause 11 in
the case of the Issuer), comply with the undertakings in this clause
8.
8.2 Compliance with Covenants
The Issuer must and the SF Manager must ensure that the Issuer does
comply with all of its covenants and obligations under the Security
Trust Deed and Supplementary Bond Terms.
8.3 Notify Events of Default
On and from the Termination Date, each of the SF Manager and the
Issuer must immediately notify all the other parties to this agreement
in writing if it becomes actually aware of the occurrence of any Event
of Default and must provide full and complete details in relation
thereto immediately upon becoming actually aware of such details.
8.4 Know your customer
Subject to any confidentiality, privacy or general trust law
obligations owed by the Issuer to Bondholders and any applicable
confidentiality or privacy laws, each party hereto (Information
Provider) agrees to provide any information and documents reasonably
required by another party hereto (Information Receiver) for the
Information Receiver to comply with any applicable anti-money
laundering or counter-terrorism financing laws including, without
limitation, any laws imposing "know your customer" or other
identification checks or procedures on a party, but only to the extent
that such information is in the possession of, or otherwise readily
available to, the Information Provider. Any Information Receiver
receiving information and documents pursuant to this clause 8.4 agrees
to utilize such information and documents solely for the purpose of
complying with applicable anti-money laundering or counter-terrorism
financing laws.
8.5 Compliance with Regulation AB
Each party to this agreement acknowledges and agrees that to the
extent it agrees with the SF Manager (or, in the case of the SF
Manager, determines) that such party is "participating in the
servicing function" in relation to the Securitisation Fund within the
meaning of Item 1122 of Regulation AB, clauses 2.05 and 2.06(b) of the
Side Letter to the Mortgage Origination and Management Agreement will
apply to this agreement as if references to "the Mortgage Manager" in
those clauses were references to that party in the relevant capacity
and the definition of "Subcontractor" in clause 1.01 of the Side
Letter to the Mortgage Origination and Management Agreement will be
construed accordingly.
9 Events of Default
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9.1 Effect of Event of Default
(a) Upon or at any time after the occurrence of an Event of Default
the Note Holder or the OF Manager may by notice to the Issuer and
the SF Manager declare that the Outstanding Moneys are
immediately due and payable.
(b) The Issuer must and the SF Manager must cause the Issuer to upon
receipt of a notice under clause 9.1(a) immediately repay in full
the Outstanding Moneys to the Note Holder.
9.2 Issuer to continue to perform
(a) If the Note Holder or OF Manager makes any declaration under
clause 9.1:
(1) the declaration does not affect or diminish the duties and
obligations of the Issuer or the SF Manager under the
Transaction Documents; and
(2) each of the Issuer and the SF Manager must continue to
perform its obligations under the Transaction Documents as
if the declaration had not been made, subject to any
directions that may be given by the Note Holder or the OF
Manager from time to time under any Transaction Document.
(b) Clause 9.2(a) does not affect the obligations of the Issuer or
the SF Manager under clause 9.1.
9.3 Enforcement
(a) The Material Documents may be enforced without notice to or
consent by the Issuer or SF Manager or any other person even if
the Note Holder accepts any part of the Outstanding Moneys after
an Event of Default or there has been any other Event of Default.
(b) Neither the Note Holder nor the OF Manager is liable to any
Transaction Party for any loss or damage a Transaction Party may
suffer, incur or be liable for arising out of or in connection
with the Note Holder or OF Manager exercising any Power under any
Material Document.
10 Increased costs, illegality and yield protection
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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), 10.1(d) or 10.1(e) or
with any other cost or loss of return to the Note Holder,
then, and in each such case:
(g) when it becomes aware of the relevant result and has calculated
or otherwise determined the relevant effects the Note Holder must
and the OF Manager must cause the Note Holder to promptly notify
each Transaction Party of such event; and
(h) the Issuer and the SF Manager have no obligation to pay any
amount to compensate the Note Holder for such increased cost,
reduction, payment or foregone interest or other loss of return.
10.2 Illegality
If any event occurs (including, but not limited to, any change in, or
the introduction, implementation, operation or taking effect of, any
law, regulation, treaty, order or official directive, or in their
interpretation or application by any Governmental Agency) which makes
it unlawful, or impracticable for the Note Holder to make, fund or
maintain the Principal Outstanding or for the Note Holder or OF
Manager to perform its obligations under any Material Documents then:
(a) the obligations of the Note Holder and the OF Manager under the
Material Documents are immediately suspended for the duration of
such illegality or other effect; and
(b) the Note Holder and the OF Manager may, by notice to the Issuer
terminate its obligations under the Material Documents; and
(c) if required by the applicable event, or its effect, or if
necessary to prevent or remedy a breach or to comply with any
applicable law, regulation, treaty, order or official directive
the Issuer must and the SF Manager must cause it to immediately
prepay to the Note Holder the Outstanding Moneys of it in full
or, if in the OF Manager's opinion delay in prepayment does not
compound such breach or affect such compliance, at the end of at
least the longer of 30 days and the period ending on the next
occurring relevant Payment Date (or such lesser period if the
applicable law, regulation, treaty, order or official directive
requires) upon prior notice to that effect from the OF Manager.
11 Trustee Limitation of Liability Protection
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11.1 Limitation of Liability - Issuer
(a) Clause 26 of the Master Trust Deed applies to the obligations and
liabilities of the Issuer and SF Manager under this agreement.
(b) The Issuer enters into this agreement in its capacity as trustee
of the Securitisation Fund and in no other capacity (except where
the Transaction Documents provide otherwise). Subject to clause
11.1(d) below, a liability of the Issuer arising under or in
connection with this agreement or the Securitisation Fund is
limited to and can be enforced against the Issuer only to the
extent to which it can be satisfied out of the assets and
property of the Securitisation Fund which are available to
satisfy the right of the Issuer to be exonerated or indemnified
for the liability. This limitation of the Issuer's liability
applies despite any other provision of this agreement and extends
to all liabilities and obligations of the Issuer in any way
connected with any representation, warranty, conduct, omission,
agreement or transaction related to this agreement or the
Securitisation Fund.
(c) Subject to clause 11.1(d) below, no person (including any
Relevant Party) may take action against the Issuer in any
capacity other than as trustee of the Securitisation Fund or seek
the appointment of a receiver (except under the Security Trust
Deed), or a liquidator, an administrator or any similar person to
the Issuer or prove in any liquidation, administration or
arrangement of or affecting the Issuer except in relation to the
assets of the Securitisation Fund.
(d) The provisions of this clause 11.1 shall not apply to any
obligation or liability of the Issuer to the extent that it is
not satisfied because under a Transaction Document or by
operation of law there is a reduction in the extent of the
Issuer's indemnification or exoneration out of the assets of the
Securitisation Fund, as a result of the Issuer's fraud,
negligence or wilful default.
(e) It is acknowledged that the Relevant Parties are responsible
under this agreement or the other Transaction Documents for
performing a variety of obligations relating to the
Securitisation Fund. No act or omission of the Issuer (including
any related failure to satisfy its obligations under this
agreement) will be considered fraud, negligence or wilful default
of the Issuer for the purposes of clause 11.1(d) above to the
extent to which the act or omission was caused or contributed to
by any failure by any Relevant Party or any other person who has
been delegated or appointed by the Issuer in accordance with the
Transaction Documents to fulfil its obligations relating to the
Securitisation Fund or by any other act or omission of a Relevant
Party or any other person.
(f) No attorney, agent, receiver or receiver and manager appointed in
accordance with this agreement or any other Transaction Document
has authority to act on behalf of the Issuer in a way which
exposes the Issuer to any personal liability and no act or
omission of any such person will be considered fraud, negligence
or wilful default of the Issuer for the purposes of 11.1(d)
above.
(g) In this clause 11.1 Relevant Parties means any party to a
Transaction Document other than the Issuer.
(h) The Issuer is not obliged to do or refrain from doing anything
under this agreement (including incur any liability) unless the
Issuer's liability is limited in the same manner as set out in
paragraphs (b) to (d) of this clause 11.1.
11.2 Limitation of Liability - Note Holder
(a) Clause 26 of the Master Trust Deed applies to the obligations and
liabilities of the Note Holder and OF Manager under this
agreement.
(b) The Note Holder enters into this agreement only in its capacity
as trustee of the Origination Fund and no other capacity. A
liability of the Note Holder arising under or in connection with
this agreement is limited to and can be enforced against the Note
Holder only to the extent to which it can be satisfied out of
property of the Origination Fund out of which the Note Holder is
actually indemnified for the liability. This limitation of the
Note Holder's liability applies despite any other provision of
this agreement and extends to all liabilities and obligations of
the Note Holder in any way connected with any representation,
warranty, conduct, omission, agreement or transaction related to
this agreement.
(c) The parties other than the Note Holder may not take action
against the Note Holder in any capacity other than as trustee of
the Origination Fund or seek the appointment of a receiver
(except in relation to property of the Origination Fund), a
liquidator, an administrator or any similar person to the Note
Holder or prove in any liquidation, administration or arrangement
of or affecting the Note Holder (except in relation to property
of the Origination Fund).
(d) The provisions of this clause 11.2 shall not apply to any
obligation or liability of the Note Holder to the extent that it
is not satisfied because under the Master Trust Deed establishing
the Origination Fund or by operation of law there is a reduction
in the extent of the Note Holder's indemnification out of the
assets of the Origination Fund, as a result of the Note Holder's
fraud, negligence or wilful default.
(e) It is acknowledged that the OF Manager is responsible under the
Master Trust Deed establishing the Origination Fund for
performing a variety of obligations relating to the Origination
Fund, including under this agreement. No act or omission of the
Note Holder (including any related failure to satisfy its
obligations or breach of representation or warranty under this
agreement) will be considered fraud, negligence or wilful default
of the Note Holder for the purposes of paragraph (d) 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.
(f) No attorney, agent, receiver or receiver and manager appointed in
accordance with this agreement has authority to act on behalf of
the Note Holder in a way which exposes the Note Holder to any
personal liability and no act or omission of any such person will
be considered fraud, negligence or wilful default of the Note
Holder for the purposes of paragraph (d) of this clause 11.2.
(g) The Note Holder is not obliged to do or refrain from doing
anything under this agreement (including incur any liability)
unless the Note Holder's liability is limited in the same manner
as set out in paragraph (b) to (d) 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
(D) is in accordance with an instruction or direction given
to it by any person in circumstances where that person
is authorised to do so by any Transaction Document; and
(2) in circumstances where had it not committed that default it
would have been entitled to recoupment, reimbursement or a
right of indemnity for its costs and expenses (if any) in
complying with this agreement from the Fund.
(b) A reference to the "fraud", "negligence" or "wilful default" of
the Issuer or the Note Holder means the fraud, negligence or
wilful default of the Issuer or the Note Holder, as the case may
be, and of the officers or employees but not the agents or
delegates of the Issuer or the Note Holder, unless the Issuer or
the Note Holder is liable for the acts or omissions of such other
person under the terms of this agreement.
12 Indemnities
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12.1 General indemnity
(a) Subject to Clause 11.1 the Issuer, to the extent it is permitted
or contemplated under the terms of the Master Trust Deed,
indemnifies on a full indemnity basis (including legal costs and
expenses charged at the usual commercial rates of the relevant
legal services provider) and out of the property of the
Securitisation Fund the Note Holder and OF Manager against any
claim, action, damage, loss, liability, cost, charge, expense,
outgoing or payment which the Note Holder or OF Manager, as the
case may be, or an Attorney of the Noteholder or OF Manager pays,
suffers, incurs or is liable for, in respect of any of the
following:
(1) a Funding Portion required by a Funding Notice, not being
made for any reason but excluding any default by the Note
Holder or OF Manager, as the case may be;
(2) the occurrence of any Event of Default;
(3) the Note Holder or OF Manager, as the case may be,
exercising its Powers consequent upon or arising out of the
occurrence of any Event of Default.
(b) Without limitation to the indemnity contained in clause 12.1(a),
that indemnity includes the amount determined by the Note Holder
or OF Manager, as the case may be, as being incurred by reason of
the liquidation or re-employment of deposits or other funds
acquired or contracted for by the Note Holder or OF Manager, as
the case may be to fund or maintain the Principal Outstanding or
the relevant Funding Portion and includes, but is not limited to,
loss of margin.
12.2 Continuing indemnities and evidence of loss
(a) Each indemnity of the Issuer contained in this agreement is a
continuing obligation of the Issuer, despite:
(1) any settlement of account; or
(2) the occurrence of any other thing,
and remains in full force and effect until:
(3) all moneys owing, contingently or otherwise, under any of
the Material Documents have been paid in full;
(4) the Outstanding Moneys are fully and finally repaid.
(b) Each indemnity of the Issuer contained in this agreement is an
additional, separate and independent obligation of the Issuer and
no one indemnity limits the generality of any other indemnity.
(c) Each indemnity of the Issuer contained in this agreement survives
the termination of any Transaction Document.
(d) A certificate under the hand of an Officer of the OF Manager
detailing the amount of any damage, loss, liability, cost,
charge, expense, outgoing or payment covered by any indemnity in
this agreement is sufficient evidence unless the contrary is
proved.
12.3 Funds available for indemnity
The obligations of the Issuer under this clause 12 shall be payable
solely to the extent that funds are available from time to time for
that purpose under clause 6 of the Supplementary Bond Terms.
12.4 Negligence, wilful default or breach of law
The indemnities in this clause 12 do not extend to any liability,
loss, cost, charge or expense that is finally and judicially
determined to result from any negligence, wilful default or breach of
law by the other parties to this agreement.
12.5 Notification from Note Holder or OF Manager
If the Note Holder or the OF Manager receives written notice of any
act, matter or thing which may give rise to a liability, loss, cost,
charge or expense in relation to which the Issuer would be required to
indemnify it under this clause 12, the Note Holder or the OF Manager
(as the case may be) will notify the Issuer of that act, matter or
thing giving such details as it is practicable to give as soon as it
is reasonably practicable and in any event within 5 Business Days of
it coming to its attention, provided that failure to do so will not
result in any loss or reduction in 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
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13.1 Tax
(a) The Issuer must and the SF Manager must cause the Issuer to pay
any Tax, other than an Excluded Tax in respect of the
Securitisation Fund, in respect of the execution, delivery,
performance, release, discharge, amendment, enforcement or
attempted enforcement or otherwise in respect of any of the
following:
(1) any Material Document;
(2) any agreement or document entered into or signed under any
Material Document; and
(3) any transaction contemplated under any Material Document or
any agreement or document described in clause 13.1(a)(2).
(b) The Issuer must and the SF Manager must cause the Issuer to pay
any fine, penalty or other cost in respect of a failure to pay
any Tax described in clause 13.1(a) except to the extent that the
fine, penalty or other cost is caused by the Note Holder's
failure to lodge money received from the Issuer before the due
date for lodgement.
(c) The Issuer indemnifies out of the property of the Securitisation
Fund the Note Holder against any amount payable under clause
13.1(a) or 13.1(b) or both.
13.2 Costs and expenses
The Issuer must and the SF Manager must cause the Issuer to pay all
costs and expenses of the Note Holder and the OF Manager and any
employee, Officer, agent or contractor of the Note Holder and the OF
Manager in relation to:
(a) the negotiation, preparation, execution, delivery, stamping,
registration, completion, variation and discharge of any Material
Document or any agreement or document described in clause
13.1(a);
(b) the enforcement, protection or waiver, or attempted enforcement
or protection, of any rights under any Material Document or any
agreement or document described in clause 13.1(a);
(c) the consent or approval of the Note Holder or OF Manager given
under any Material Document or any agreement or document
described in clause 13.1(a); and
(d) any enquiry by any Governmental Agency involving a Transaction
Party,
including, but not limited to, any administration costs of the Note
Holder or the OF Manager, as the case may be, in connection with the
matters referred to in clause 13.2(b) and 13.2(d) and any legal costs
and expenses (charged at the usual commercial rates of the relevant
legal services provider) and any professional consultant's fees for
any of the above on a full indemnity basis.
13.3 Goods and services tax
(a) Subject to clause 13.3(b), all amounts referred to in this
agreement which are relevant in determining a payment to be made
by one party to another are exclusive of GST unless specifically
indicated otherwise.
(b) If a party to this agreement is entitled to be indemnified or
reimbursed for any cost or expense incurred by that party, then
the indemnity or reimbursement will be calculated by reference to
the GST-exclusive amount of that cost or expense, increased by an
amount equal to that part of the cost or expense for which the
party or its representative member is not entitled to an input
tax credit but would be entitled if that entity was entitled to a
full input tax credit. For the avoidance of doubt, the amount
calculated under this clause 13.3(b) is a GST-exclusive amount.
(c) If GST is levied or imposed on or in respect of any supply made
under or in connection with this agreement for which the
consideration is a monetary payment, then the consideration
provided for that supply is increased by an amount equal to the
consideration multiplied by the rate at which that GST is levied
or imposed. This additional amount is payable to the party with
the liability to remit GST in the manner and at the time when the
consideration to which it relates is payable.
(d) The recipient of any consideration for a taxable supply (whether
in money or otherwise) must provide to the other party a GST tax
invoice (or any other thing required under any legislation
concerned with GST) in the form required by the A New Tax System
(Goods and Services Tax) Xxx 0000 or that other legislation.
(e) Where an "adjustment event", as defined in the A New Tax System
(Goods and Services Tax) Xxx 0000 occurs under this Agreement,
the parties shall do all things necessary to ensure that the
adjustment event may be appropriately recognised, including the
issue of an "adjustment note", as that term is defined in that
Act.
14 Interest on overdue amounts
--------------------------------------------------------------------------------
14.1 Payment of interest
The Issuer must and the SF Manager must cause the Issuer to pay
interest on:
(a) any of the Outstanding Moneys due and payable, but unpaid; and
(b) on any interest payable but unpaid in accordance with clause 5.
14.2 Accrual of interest
The interest payable under this clause 14:
(a) accrues from day to day from and including the due date for
payment up to the actual date of payment, before and, as an
additional and independent obligation, after any judgment or
other thing into which the liability to pay the Outstanding
Moneys becomes merged; and
(b) may be capitalised by the Note Holder on any relevant Payment
Date.
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
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15.1 Assignment by Transaction Party
A Transaction Party must not transfer or assign any of its rights or
obligations under any Material Document without the prior written
consent of the OF Manager, the Note Holder and each Designated Rating
Agency.
15.2 Assignment by Note Holder and OF Manager
Neither the Note Holder nor the OF Manager may assign any of its
rights or transfer by novation any of its rights and obligations under
this agreement without the prior written consent of the other parties.
Any such assignment must contain an acknowledgement that the assignee
is bound by the provisions of this agreement.
15.3 Assist transfer or assignment
At the request of the Note Holder or OF Manager, the Issuer and the SF
Manager must do any thing including, but not limited to, executing any
documents or amending any Material Document, to effect any transfer or
assignment under this clause 15.
15.4 Participation permitted
The Note Holder and OF Manager may grant by way of sub-participation
(being a right to share in the financial effects of this agreement,
without any rights against the Issuer) all or part of the Note
Holder's or OF Manager's, as the case may be, rights and benefits
under this agreement to any other person without having to obtain the
consent of or to notify the Issuer or the SF Manager.
15.5 Lending Office
(a) The Note Holder may change its Lending Office at any time.
(b) The Note Holder must promptly notify the Issuer and the SF
Manager of any such change.
15.6 Disclosure
Any party may disclose to a proposed assignee, transferee or
sub-participant any information relating to any other party or the
Transaction Documents whether or not confidential and whether or not
the disclosure would be in breach of any law or of any duty owed to
that other party.
15.7 No increase in costs
If the Note Holder or OF Manager assigns or transfers any of its
rights or obligations under any Material Document or changes its
Lending Office the Issuer is not required to pay any net increase in
the aggregate amount of costs, Taxes, fees or charges which:
(a) are a direct consequence of the transfer or assignment or change
of Lending Office; and
(b) the Note Holder or OF Manager as the case may be, or its
transferee or assignee was aware of or ought reasonably to have
been aware of, at the time of the transfer or assignment or
change of Lending Office.
16 General
--------------------------------------------------------------------------------
16.1 Confidential information
The Note Holder and OF Manager may, for the purpose of exercising any
Power, disclose to any person any documents or records of, or
information about, any Transaction Document, or the assets, business
or affairs of any Transaction Party, whether or not confidential and
whether or not the disclosure would be in breach of any law or of any
duty owed to any Transaction Party.
16.2 Performance by Note Holder of obligations
If a Transaction Party defaults in fully and punctually performing any
obligation contained or implied in any Transaction Document, the Note
Holder and OF Manager may, without prejudice to any Power do all
things necessary or desirable, in the opinion of the Note Holder or OF
Manager, as the case may be, to make good or attempt to make good that
default to the satisfaction of the Note Holder or OF Manager, as the
case may be.
16.3 Transaction Party to bear cost
Without prejudice to clause 11, any thing which must be done by a
Transaction Party under any Material Document, whether or not at the
request of the Note Holder or OF Manager, must be done at the cost of
the Transaction Party.
16.4 Notices
(a) Any notice or other communication including, but not limited to,
any request, demand, consent or approval, to or by a party to any
Material Document:
(1) must be in legible writing and in English addressed as shown
below (or if sent by facsimile, to the facsimile numbers
below) and marked to the attention of the following:
(A) if to the Note Holder:
Address: Xxxxx 00
000 Xxxx Xxxxxx
Xxxxxx, XXX 0000
Attention: Head of Debt Markets/Manager -
Securitisation
Facsimile: (00) 0000 0000; and
(B) if to the Issuer:
Address: Xxxxx 00
000 Xxxx Xxxxxx
Xxxxxx, XXX 0000
Attention: Head of Debt Markets/Manager -
Securitisation
Facsimile: (00) 0000 0000; and
(C) if to the SF Manager:
Address: Xxxxx 00,
000 Xxxxxxx Xxxxxx,
Xxxxxxxxx, Xxxxxxxx 0000
Attention: Manager - Capital Markets
Facsimile: (00) 0000 0000; and
(D) if to the OF Manager:
Address: Xxxxx 00,
000 Xxxxxxx Xxxxxx,
Xxxxxxxxx, Xxxxxxxx 0000
Attention: Manager - Capital Markets
Facsimile: (00) 0000 0000;
or as specified to the sender by any party by notice;
(2) where the sender is a company, must be signed by an Officer
or under the common seal of the sender;
(3) is regarded as being given by the sender and received by the
addressee:
(A) if by delivery in person, when delivered to the
addressee;
(B) if by post, on delivery to the addressee; or
(C) if by facsimile transmission, as long as it is legibly
received, when transmitted to the addressee,
but if the delivery or receipt is on a day which is not a
Business Day or is after 4.00 pm (addressee's time) it is
regarded as received at 9.00 am on the following Business
Day;
(4) can be relied upon by the addressee and the addressee is not
liable to any other person for any consequences of that
reliance if the addressee believes it to be genuine, correct
and authorised by the sender; and
(5) if to the Note Holder must be copied to the OF Manager and
if to the Issuer must be copied to the SF Manager.
(b) A facsimile transmission is regarded as legible unless the
addressee telephones the sender within 2 hours after the
transmission is received or regarded as received under clause
16.4(a)(3) and informs the sender that it is not legible.
(c) In this clause 16.4, a reference to an addressee includes a
reference to an addressee's Officers, agents or employees.
16.5 Governing law and jurisdiction
(a) This agreement is governed by the laws of New South Wales.
(b) The parties irrevocably submit to the non-exclusive jurisdiction
of the courts of New South Wales.
16.6 Prohibition and enforceability
(a) Any provision of, or the application of any provision of, any Material
Document or any Power which is prohibited in any jurisdiction is, in
that jurisdiction, ineffective only to the extent of that prohibition.
(b) Any provision of, or the application of any provision of, any Material
Document which is void, illegal or unenforceable in any jurisdiction
does not affect the validity, legality or enforceability of that
provision in any other jurisdiction or of the remaining provisions in
that or any other jurisdiction.
16.7 Waivers
(a) Waiver of any right arising from a breach of this agreement or of
any Power arising upon default under this agreement or upon the
occurrence of an Event of Default must be in writing and signed
by the party granting the waiver.
(b) A failure or delay in exercise, or partial exercise, of:
(1) a right arising from a breach of this agreement or the
occurrence of an Event of Default; or
(2) a Power created or arising upon default under this agreement
or upon the occurrence of an Event of Default,
does not result in a waiver of that right or Power.
(c) A party is not entitled to rely on a delay in the exercise or
non-exercise of a right or Power arising from a breach of this
agreement or on a default under this agreement or on the
occurrence of an Event of Default as constituting a waiver of
that right or Power.
(d) A party may not rely on any conduct of another party as a defence
to exercise of a right or Power by that other party.
(e) This clause may not itself be waived except by writing.
16.8 Variation
A variation of any term of this agreement must be in writing and
signed by the parties.
16.9 Cumulative rights
The Powers are cumulative and do not exclude any other right, power,
authority, discretion or remedy of the Note Holder or OF Manager.
16.10 Attorneys
Each of the Attorneys executing this agreement states that the
Attorney has no notice of the revocation of the power of attorney
appointing that Attorney.
16.11 Binding Obligations
Each party to this agreement acknowledges that the obligations
expressed in this agreement are binding upon it.
16.12 Winding up of Securitisation Fund
Prior to the Termination Date, neither the Note Holder nor the OF
Manager may seek to terminate or wind up the Securitisation Fund as a
consequence of any breach of this agreement or any Note by the Issuer
or the SF Manager.
16.13 Termination clause
This agreement can only be terminated on or after the Termination
Date.
16.14 Counterparts
(a) This agreement may be executed in any number of counterparts.
(b) All counterparts, taken together, constitute 1 instrument.
(c) A party may execute this agreement by signing any counterpart.
--------------------------------------------------------------------------------
Schedule 1 - Funding Notice (clause 4.2)
To: Perpetual Limited in its capacity as trustee of the Superannuation
Members' Home Loans Origination Fund No. 3 (Note Holder)
Attention: Head of Debt Markets/Manager - Securitisation
And: ME Portfolio Management Limited in its capacity as manager of the
Superannuation Members' Home Loans Origination Fund No. 3
(OF Manager)
Attention: Manager - Capital Markets
--------------------------------------------------------------------------------
We refer to the Redraw Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Agreement:
(a) We give you notice that we require the Issuer to issue to the Note Holder a
Note from SMHL Global Fund No. [ ] on [insert date] (Funding Date) at
[insert details];
(b) The aggregate principal amount of the Note is: $[insert amount];
(c) The relevant Payment Period is a [Quarterly/Monthly] Payment Period
commencing on the Funding Date;
(d) We request that the proceeds be remitted to account number [insert details]
at [insert address]/ [insert alternative instructions].
Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.
Dated: [insert date]
Signed for and on behalf of
ME Portfolio Management Limited
-----------------------------------
Officer's signature
-----------------------------------
Name (please print)
--------------------------------------------------------------------------------
Schedule 2 - Conditions
Redraw Funding Facility Agreement- SMHL Global Fund No. [ ]
PERPETUAL LIMITED
(ABN 86 000 000 000)
in its capacity as trustee of the SMHL Global Fund No. [ ]
of Xxxxx 00, 000 Xxxx Xxxxxx, Xxxxxx, XXX, 0000
("Issuer")
whose office for the purposes of payment is at Xxxxx 00, 000 Xxxx Xxxxxx,
Xxxxxx, Xxx Xxxxx Xxxxx 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. [ ]. 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 - SMHL Global Fund No. [ ] dated
[insert date] between the Issuer, the Note Holder, ME Portfolio Management
Limited (ABN 79 005 964 134) of Xxxxx 00, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx,
Xxxxxxxx in its capacity as manager of the SMHL Global Fund No. [ ] (SF
Manager) and ME Portfolio Management Limited (ABN 79 005 964 134) of Xxxxx
00, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx, 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 Xxx 0000
(Vic).
3 Extent of liability of Issuer
(a) Clause 26 of the Master Trust Deed applies to the obligations and
liabilities of the Issuer and SF Manager under this Note.
(b) The Issuer issues this Note in its capacity as trustee of the
Securitisation Fund and in no other capacity (except where the Transaction
Documents provide otherwise). Subject to paragraph (d) below, a liability
of the Issuer arising under or in connection with this Note or the
Agreement or the Securitisation Fund is limited to and can be enforced
against the Issuer only to the extent to which it can be satisfied out of
the assets and property of the Securitisation Fund which are available to
satisfy the right of the Trustee to be exonerated or indemnified for the
liability. This limitation of the Issuer's liability applies despite any
other provision of this Note or the Agreement and extends to all
liabilities and obligations of the Issuer in any way connected with any
representation, warranty, conduct, omission, agreement or transaction
related to this Note or the Agreement or the Securitisation Fund.
(c) Subject to paragraph (d) below, no person (including any Relevant Party)
may take action against the Issuer in any capacity other than as trustee of
the Securitisation Fund or seek the appointment of a receiver (except under
the Security Trust Deed), or a liquidator, an administrator or any similar
person to the Issuer or prove in any liquidation, administration or
arrangement of or affecting the Issuer except in relation to the assets of
the Securitisation Fund.
(d) The provisions of this clause 3 shall not apply to any obligation or
liability of the Issuer to the extent that it is not satisfied because
under a Transaction Document or by operation of law there is a reduction in
the extent of the Issuer's indemnification or exoneration out of the assets
of the Securitisation Fund Issuer, as a result of the Issuer's fraud,
negligence or wilful default.
(e) It is acknowledged that the Relevant Parties are responsible under this
Note, the Agreement or the Transaction Documents for performing a variety
of obligations relating to the Securitisation Fund, including under this
Note and the Agreement. No act or omission of the Issuer (including any
related failure to satisfy its obligations under this Note or the
Agreement) will be considered fraud, negligence or wilful default of the
Issuer for the purposes of paragraph (d) above to the extent to which the
act or omission was caused or contributed to by any failure by any Relevant
Party or any other person who has been delegated or appointed by the Issuer
in accordance with the Transaction Documents to fulfil its obligations
relating to the Securitisation Fund or by any other act or omission of a
Relevant Party or any other person.
(f) No attorney, agent, receiver or receiver and manager appointed in
accordance with this Note or the Agreement or any Transaction Party 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 (d) above.
(g) In this clause 3 Relevant Parties means any party to a Transaction Document
other than the Issuer.
(h) The Issuer is not obliged to do or refrain from doing anything under this
Note or the Agreement (including incur any liability) unless the Issuer's
liability is limited in the same manner as set out in paragraphs (b) to (d)
of this clause 3.
4 Extent of liability of Note Holder
(a) Clause 26 of the Master Trust Deed applies to the obligations and
liabilities of the Note Holder and OF Manager under this Note.
(b) The Note Holder issues this Note only in its capacity as trustee of the
Origination Fund and no other capacity. A liability arising under or in
connection with this Note or the Agreement is limited to and can be
enforced against the Note Holder only to the extent to which it can be
satisfied out of property of the Origination Fund out of which the Note
Holder is actually indemnified for the liability. This limitation of the
Note Holder's liability applies despite any other provision of this Note or
the Agreement and extends to all liabilities and obligations of the Note
Holder in any way connected with any representation, warranty, conduct,
omission, agreement or transaction related to this Note or the Agreement.
(c) The parties other than the Note Holder may not take action against the Note
Holder in any capacity other than as trustee of the Origination Fund or
seek the appointment of a receiver (except in relation to property of the
Origination Fund), a liquidator, an administrator or any similar person to
the Note Holder or prove in any liquidation, administration or arrangement
of or affecting the Note Holder (except in relation to property of the
Origination Fund).
(d) The provisions of this clause 4 shall not apply to any obligation or
liability of the Note Holder to the extent that it is not satisfied because
under the trust deed establishing the Origination Fund or by operation of
law there is a reduction in the extent of the Note Holder's indemnification
out of the assets of the Origination Fund, as a result of the Note Holder's
fraud, negligence or wilful default.
(e) It is acknowledged that the OF Manager is responsible under the trust deed
establishing the Origination Fund for performing a variety of obligations
relating to the Origination Fund, including under this Note and the
Agreement. No act or omission of the Note Holder (including any related
failure to satisfy its obligations or breach of representation or warranty
under this Note or the Agreement) will be considered fraud, negligence or
wilful default of the Note Holder for the purposes of 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.
(f) No attorney, agent, receiver or receiver and manager appointed in
accordance with this Note or the Agreement has authority to act on behalf
of the Note Holder in a way which exposes the Note Holder to any personal
liability and no act or omission of any such person will be considered
fraud, negligence or wilful default of the Note Holder for the purposes of
paragraph (c) of this clause 4.
(g) The Note Holder is not obliged to do or refrain from doing anything under
this Note or the Agreement (including incur any liability) unless the Note
Holder's liability is limited in the same manner as set out in paragraph
(a) to (c) of this clause 4.
5 Wilful Default of the Issuer and the Note Holder
For the purposes of this Note the expression "wilful default":
(a) in relation to the Issuer and the Note Holder, means a wilful default of
this Note and the Agreement by the Issuer or the Note Holder, as the case
may be,
(1) other than a default which:
(A) arises out of a breach of a Transaction Document by a person
other than the Issuer or the Note Holder or any person referred
to in paragraph (b) of this clause 5 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 Note and the
Agreement from the Fund.
(b) A reference to the "fraud", "negligence" or "wilful default" of the Issuer
or the Note Holder means the fraud, negligence or wilful default of the
Issuer or the Note Holder, as the case may be, and of the officers or
employees but not the agents or delegates of the Issuer or the Note Holder,
unless the Issuer or the Note Holder is liable for the acts or omissions of
such other person under the terms of this Note and the Agreement.
--------------------------------------------------------------------------------
Schedule 3 - Facility Provider Funding Notice (clause 4.4)
To: Perpetual Limited
in its capacity as trustee of SMHL Global Fund No. [ ]
(Issuer)
Attention: Head of Debt Markets/Manager - Securitisation
And: ME Portfolio Management Limited
in its capacity as manager of SMHL Global Fund No. [ ]
(SF Manager)
Attention: Manager - Capital Markets
We refer to the Redraw Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Terms and Conditions:
(a) we give you notice that we require the Issuer to issue to the Note Holder a
Note from SMHL Global Fund No. [ ] on [insert date] (Funding Date) at
[insert details];
(b) the aggregate principal amount of the Note is $[insert amount];
(c) the relevant Payment Period is a [Quarterly/Monthly] Payment Period
commencing on the Funding Date.
Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.
Dated: [insert date]
Signed for and on behalf of
ME Portfolio Management Limited
-----------------------
Officer's signature
-----------------------
Name (please print)
--------------------------------------------------------------------------------
Executed as an agreement:
ISSUER:
Signed for
Perpetual Limited
by its attorney in
the presence of:
----------------------------------- ------------------------------------
Witness Attorney
----------------------------------- ------------------------------------
Name (please print) Name (please print)
NOTE HOLDER:
Signed for
Perpetual Limited
by its attorney in
the presence of:
----------------------------------- ------------------------------------
Witness Attorney
----------------------------------- ------------------------------------
Name (please print) Name (please print)
SF MANAGER:
Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:
----------------------------------- ------------------------------------
Witness Attorney
----------------------------------- ------------------------------------
Name (please print) Name (please print)
OF MANAGER:
Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:
----------------------------------- ------------------------------------
Witness Attorney
----------------------------------- ------------------------------------
Name (please print) Name (please print)
