Exhibit 10.11
Redraw Funding Facility Agreement
for the Issue and Repayment of
Notes - SMHL Global Fund No. 9
Perpetual Limited
ABN 86 000 000 000
and
ME Portfolio Management Limited
ABN 79 005 964 134
[Freehills Logo 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
Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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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 9
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 13
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
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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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 16
8.5 Compliance with Regulation AB 17
8.6 Direction of claims by the SF Manager 22
8.7 Direction of defence of claims 22
9 Events of Default 23
9.1 Effect of Event of Default 23
9.2 Issuer to continue to perform 23
9.3 Enforcement 24
10 Increased costs, illegality and yield protection 24
10.1 Increased costs 24
10.2 Illegality 25
11 Trustee Limitation of Liability Protection 25
11.1 Limitation of Liability - Issuer 25
11.2 Limitation of Liability - Note Holder 27
11.3 Wilful Default of the Issuer and the Note Holder 28
12 Indemnities 28
12.1 General indemnity 28
12.2 Continuing indemnities and evidence of loss 29
12.3 Funds available for indemnity 29
12.4 Negligence, wilful default or breach of law 29
12.5 Notification from Note Holder or OF Manager 29
13 Tax, costs and expenses 30
13.1 Tax 30
13.2 Costs and expenses 30
13.3 Goods and services tax 31
14 Interest on overdue amounts 31
14.1 Payment of interest 31
14.2 Accrual of interest 31
14.3 Rate of interest 32
15 Assignment 32
15.1 Assignment by Transaction Party 32
15.2 Assignment by Note Holder and OF Manager 32
15.3 Assist transfer or assignment 32
15.4 Participation permitted 32
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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15.5 Lending Office 32
15.6 Disclosure 33
15.7 No increase in costs 33
16 General 33
16.1 Confidential information 33
16.2 Performance by Note Holder of obligations 33
16.3 Transaction Party to bear cost 33
16.4 Notices 33
16.5 Governing law and jurisdiction 35
16.6 Prohibition and enforceability 35
16.7 Waivers 35
16.8 Variation 36
16.9 Cumulative rights 36
16.10 Attorneys 36
16.11 Binding Obligations 36
16.12 Winding up of Securitisation Fund 36
16.13 Termination clause 36
16.14 Counterparts 36
Schedule 4 - Report on assessment of compliance with
Regulation AB servicing criteria 43
Schedule 5 - Servicing Criteria to be addressed in assessment of compliance 44
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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This Redraw Funding Facility Agreement
is made on 21 September 2006 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:
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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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 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$1,000,000 each; or
(c) if in respect of any Funding Date the Base Rate cannot be
determined in accordance with paragraphs (a) or (b) of this
definition, the rate percent per annum determined by the OF
Manager in good faith to be the rate most nearly
approximating the rate that would otherwise have been
calculated by the OF Manager in accordance with paragraph
(a) of this definition having regard to comparable indices
then available in the then current xxxx market;
Xxxx means a xxxx of exchange as defined in the Bills of Exchange
Act 1909 (Cth), but does not include a cheque;
Business Day means a day on which banks are open for business in
Melbourne and Sydney excluding a Saturday, Sunday or public
holiday;
Card and Cheque Facilities means any Card Facility and any Cheque
and Direct Entry Facility;
Card Facility means any facility in force in respect of the
Origination Fund relating to the provision of credit cards or
debit cards;
Cheque and Direct Entry Facility means any facility in force in
respect of the Origination Fund relating to the provision of
either or both of direct entry facilities and cheque facilities;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
Class A Notes has the meaning given to it by the Supplementary
Bond Terms;
Class B Notes has the meaning given to it by the Supplementary
Bond Terms;
Commission has the meaning given to it in the Supplementary Bond
Terms;
Conditions means the terms and conditions as set out in schedule
2;
Designated Rating Agency has the meaning given to it in the
Master Trust Deed;
Dollars, A$ 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;
Exchange Act has the meaning given to it by the Supplementary
Bond Terms;
Excluded Tax means any Tax imposed by any jurisdiction on the net
income of the Note Holder;
Facility means the redraw funding facility made available by the
Note Holder to the Issuer under this agreement (by purchase of
Notes);
Facility Provider means the provider of any of the Card and
Cheque Facilities;
Facility Provider Funding Notice means a notice given, or to be
given, under clauses 4.3 and 4.4;
Funding Date means the date on which a Note will be issued (as
stipulated in the Funding Notice) and the date on which a Funding
Portion is, or is to be, advanced or regarded as advanced to the
Issuer under this agreement;
Funding Notice means a notice given, or to be given, under
clauses 4.1 and 4.2;
Funding Portion means in relation to any Note, the principal
amount of that Note to be provided or outstanding at that time
(as the case may be);
Funding Rate means for any Payment Period the rate per cent per
annum which is the aggregate of the Base Rate for that Payment
Period and the Margin;
Governmental Agency means any government or any governmental,
semi-governmental, administrative, fiscal or judicial body,
department, commission, authority, tribunal, agency or entity;
GST has the same meaning as in the A New Tax System (Goods and
Services Tax) 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;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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. 9;
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 (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
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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.
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2 The Notes
2.1 Application for and Issue of Notes
(a) The SF Manager may direct that the Issuer issues a Note to
the Note Holder by:
(1) directing a Note be issued from SMHL Global Fund No. 9;
(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:
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(1) directing a Note be issued from SMHL Global Fund No. 9;
(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;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(2) its date of issue and date of redemption and
cancellation; and
(3) the date on which any person becomes, or ceases to
be, a Note Holder.
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3 Redraw Facilities
3.1 Purpose
The Issuer must, and the SF Manager must cause the Issuer to,
only use the net proceeds of a Funding Portion to:
(a) provide funds requested under a Redraw Facility; and
(b) reimburse the Note Holder for amounts paid or payable by the
Note Holder to a Facility Provider under or in respect of
the Card and Cheque Facilities to fund a redraw under a
Redraw Facility provided by the Issuer.
3.2 Loan Redraws
(a) The OF Manager must notify the SF Manager by such time as
they may agree on each Business Day all amounts payable by
the Note Holder on that Business Day to a Facility Provider
under or in respect of the Card and Cheque Facilities to
fund redraws under Redraw Facilities provided by the Issuer
(Redraw Amount).
(b) The Issuer must and the SF Manager must cause the Issuer to
pay to the Note Holder on each Business Day an amount equal
to the Redraw Amount for that Business Day. The amount
payable under this clause 3.2(b) must be paid by such time
as the parties may from time to time agree.
(c) Except as expressly provided under this agreement, the
Issuer has no obligation to reimburse the Note Holder for
any amounts paid or payable by the Note Holder to a Facility
Provider under or in respect of the Facilities to fund
redraws under Redraw Facilities provided by the Issuer.
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4 Funding procedures
4.1 Delivery of Funding Notice
If the SF Manager determines that the Issuer requires a Note to
be issued, the SF Manager must deliver to the Note Holder and the
OF Manager a Funding Notice in accordance with this clause 4.
4.2 Requirements for a Funding Notice
A Funding Notice:
(a) must be in writing in the form of, and specifying the
matters set out in, schedule 1;
(b) must be received by the Note Holder and the OF Manager not
later than 10.00 am on the Business Day which is the Funding
Date; and
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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.
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5 Loan Facility
5.1 Provision of Funding Portions
(a) If the SF Manager gives a Funding Notice in accordance with
clause 4, then, subject to this agreement (including,
without limitation, clause 11), the Note Holder must, and
the OF Manager must cause the Note Holder to, 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.
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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.
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-------------------------------------------------------------------------------
6 Payments
6.1 Manner of payments
All payments to the Note Holder under the Material Documents must
be made:
(a) in Same Day Funds;
(b) in Dollars; and
(c) not later than 11:00 am (Melbourne time) on the due date,
to the account of the Note Holder specified by the OF Manager to
the Issuer or in such other manner to an account of the Note
Holder as the OF Manager directs from time to time.
6.2 Payments on a Business Day
If a payment is due on a day which is not a Business Day, the due
date for that payment is the next Business Day and interest must
be adjusted accordingly.
6.3 Appropriation of payments
(a) All payments made by the Issuer to the Note Holder under
this agreement may be appropriated as between principal,
interest and other amounts, as the OF Manager in its
absolute discretion determines, or, failing any
determination, in the following order:
(1) first, towards reimbursement of all fees, costs,
expenses, charges, damages and indemnity payments
incurred or due and owing by the Transaction Parties
under the Material Documents;
(2) second, towards payment of interest due and payable
under the Material Documents; and
(3) third, towards repayment of the Principal Outstanding.
(b) Any appropriation under clause 6.3(a) overrides any
appropriation made by the Issuer.
6.4 Payments in gross
All payments which a Transaction Party is required to make under
any Material Document must be:
(a) without any set-off, counterclaim or condition; and
(b) without any deduction or withholding for any Tax or any
other reason, unless, the Transaction Party is required to
make a deduction or withholding by applicable law.
6.5 Taxation deduction procedures
If a Transaction Party is required to make a deduction or
withholding in respect of Tax from any payment to be made to the
Note Holder under any Material Document, then:
(a) that Transaction Party has no obligation to indemnify the
Note Holder against that tax; and
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(b) that Transaction Party must, and in the case of the Issuer,
the SF Manager must cause the Issuer to, use its best
endeavours to obtain official receipts or other
documentation from that Governmental Agency and within 2
Business Days after receipt the Issuer must, and the SF
Manager must cause the Issuer to, deliver them to the Note
Holder.
6.6 Amounts payable on demand
If any amount payable by a Transaction Party under any Material
Document is not expressed to be payable on a specified date that
amount is payable by the Transaction Party on demand by the Note
Holder or OF Manager.
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7 Representations and warranties
7.1 By the Issuer
The Issuer hereby represents and warrants to the OF Manager and
Note Holder that:
(a) (Due Incorporation): it is duly incorporated and has the
corporate power to own its property and to carry on its
business as is now being conducted;
(b) (Constitution): the execution delivery and performance of
this agreement and any Note does not and will not violate
its Constitution;
(c) (Corporate Power): it has the power and has taken all
corporate and other action required to enter into this
agreement and each Note and to authorise the execution and
delivery of this agreement and each Note and the performance
of its obligations thereunder;
(d) (Filings): it has filed all corporate notices and effected
all registrations with the Australian Securities and
Investments Commission or similar office in the jurisdiction
of incorporation and in any other jurisdiction as required
by law and all such filings and registrations are current,
complete and accurate except:
(1) as such enforceability may be limited by any applicable
bankruptcy, insolvency, re-organisation, moratorium or
trust or other similar laws affecting creditors' rights
generally; and
(2) that this representation and warranty does not apply to
the filing of ASIC form 309 or ASIC form 350 in
relation to the creation and stamping of the Charge (as
defined in the Security Trust Deed);
(e) (Legally Binding Obligation): this agreement and each Note
constitutes or will constitute a valid, legally binding and
enforceable obligation of it in accordance with its terms
except as such enforceability may be limited by any
applicable bankruptcy, insolvency, reorganisation,
moratorium or trust laws or other similar laws affecting
creditors' rights generally;
(f) (Execution, Delivery and Performance): the execution,
delivery and performance of this agreement and each Note by
it does not violate any existing law or regulation or any
document or agreement to which it is a party in either case
in its capacity as trustee of the Securitisation Fund or
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
which is binding upon it or any of its assets in its
capacity as trustee of the Securitisation Fund;
(g) (Authorisation): all consents, licences, approvals and
authorisations of every Governmental Agency required to be
obtained by it in connection with the execution and delivery
of, and performance of its obligations under, this agreement
and any Note have been obtained and are valid and
subsisting;
(h) (Securitisation Fund Validly Created): the Securitisation
Fund has been validly created and is in existence at the
date of this agreement;
(i) (Sole Trustee): it has been validly appointed as trustee of
the Securitisation Fund and is presently the sole trustee of
the Securitisation Fund;
(j) (Master Trust Deed): the Securitisation Fund is constituted
pursuant to the Master Trust Deed; and
(k) (No Proceedings to Remove): no notice has been given to it
and to its knowledge no resolution has been passed or
direction or notice has been given, removing it as trustee
of the Securitisation Fund.
7.2 By the SF Manager
The SF Manager hereby represents and warrants to the OF
Manager and Note Holder that:
(a) (Due incorporation): it is duly incorporated and has the
corporate power to own its property and to carry on its
business as is now being conducted;
(b) (Constitution): the execution, delivery and performance by
it of this agreement and each Note does not and will not
violate its Constitution;
(c) (Corporate power): the SF Manager has the power and has
taken all corporate and other action required to enter into
this agreement and each Note and to authorise the execution
and delivery of this agreement and each Note and the
performance of its obligations hereunder;
(d) (Filings): the SF Manager has filed all corporate notices
and effected all registrations with the Australian
Securities and Investments Commission or similar office in
its jurisdiction of incorporation and in any other
jurisdiction as required by law and all such filings and
registrations are current, complete and accurate;
(e) (Legally Binding Obligation): this agreement and each Note
constitutes or will constitute a valid, legally binding and
enforceable obligation of the SF Manager in accordance with
its terms except as such enforceability may be limited by
any applicable bankruptcy, insolvency, re-organisation,
moratorium or trust or other similar laws affecting
creditors' rights generally;
(f) (Execution, Delivery and Performance): the execution,
delivery and performance of this agreement and each Note by
the SF Manager does not violate any existing law or
regulation or any document or agreement to which the SF
Manager is a party or which is binding upon it or any of its
assets; and
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(g) (Authorisation): all consents, licences, approvals and
authorisations of every Government Agency required to be
obtained by the SF Manager in connection with the execution,
delivery and performance of this agreement and each Note
have been obtained and are valid and subsisting.
7.3 Survival and repetition of representations and warranties
The representations and warranties in, or given under, this
agreement including, but not limited to, clauses 7.1 and 7.2:
(a) survive the execution of each Transaction Document; and
(b) are regarded as repeated on each Funding Date with respect
to the facts and circumstances then subsisting.
7.4 Reliance by the Note Holder and OF Manager
The Issuer and the SF Manager each acknowledge that the Note
Holder and OF Manager have entered into each Transaction Document
to which it is a party in reliance on the representations and
warranties in, or given under, this agreement including, but not
limited to, clauses 7.1 and 7.2.
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8 Undertakings
8.1 Term of undertakings
Unless the OF Manager otherwise agrees in writing, until the
Outstanding Moneys are fully and finally repaid the Issuer and
the SF Manager must, at its own cost (but without prejudice to
clause 11 in the case of the Issuer), comply with the
undertakings in this clause 8.
8.2 Compliance with Covenants
The Issuer must and the SF Manager must ensure that the Issuer
does comply with all of its covenants and obligations under the
Security Trust Deed and Supplementary Bond Terms.
8.3 Notify Events of Default
On and from the Termination Date, each of the SF Manager and the
Issuer must immediately notify all the other parties to this
agreement in writing if it becomes actually aware of the
occurrence of any Event of Default and must provide full and
complete details in relation thereto immediately upon becoming
actually aware of such details.
8.4 Know your customer
Subject to any confidentiality, privacy or general trust law
obligations owed by the Issuer to Bondholders and any applicable
confidentiality or privacy laws, except to the extent those
obligations or laws are overridden by applicable anti-money
laundering or counter-terrorism financing laws, each party hereto
(Information Provider) agrees to provide any information and
documents reasonably required by another party hereto
(Information Receiver) for the
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
Information Receiver to comply with any applicable anti-money
laundering or counter-terrorism financing laws including, without
limitation, any laws imposing "know your customer" or other
identification checks or procedures on a party, but only to the
extent that such information is in the possession of, or
otherwise readily available to, the Information Provider. The
Information Receiver may, to the extent required by law, decline
to perform its affected obligations under the Transaction
Documents to which it is a party. Any Information Receiver
receiving information and documents pursuant to this clause 8.4
agrees to utilize such information and documents solely for the
purpose of complying with applicable anti-money laundering or
counter-terrorism financing laws.
8.5 Compliance with Regulation AB
In relation to compliance with Regulation AB:
(a) the SF Manager and the Issuer acknowledge and agree that the
purpose of this clause 8.5 is to facilitate compliance by
the Issuer in relation to the Securitisation Fund with the
provisions of Regulation AB and related rules and
regulations of the Commission to the extent applicable to
the Issuer;
(b) the SF Manager shall not exercise its right to request
delivery of information or other performance under these
provisions other than as required to comply with the
Securities Act, the Exchange Act and the rules and
regulations of the Commission thereunder, including
Regulation AB, with respect to the Securitisation Fund. The
SF Manager shall not request the delivery of information or
other performance under this clause 8.5 unless the SF
Manager is required under the Exchange Act to file an annual
report on Form 10-K with respect to the Securitisation Fund.
The SF Manager and the Issuer acknowledge that
interpretations of the requirements of Regulation AB may
change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice
of counsel, or otherwise, and agrees to comply with requests
made by the SF Manager in good faith for delivery of
information under these provisions on the basis of evolving
interpretations of Regulation AB; provided that, to the
extent the SF Manager and the Issuer do not agree with
respect to an interpretation of Regulation AB, the SF
Manager and the Issuer shall obtain a written opinion of
counsel of U.S. national reputation in the practice of U.S.
federal securities laws reasonably acceptable to the SF
Manager and the Issuer, addressed to the SF Manager and the
Issuer, stating the opinion of such counsel with respect to
the interpretation of the relevant provision(s) of
Regulation AB; provided, further, that the costs and fees of
such counsel incurred in the preparation of such written
opinion shall be divided equally between the SF Manager and
the Issuer. In relation to the Securitisation Fund, the
Issuer shall cooperate fully with the SF Manager to deliver
to the SF Manager (including any of its assignees or
designees), any and all statements, reports, certifications,
records and any other information within the control of the
Issuer or for which the Issuer is responsible necessary in
the good faith determination of the SF Manager to permit the
SF Manager to comply with the provisions of Regulation AB,
together with such disclosures relating to the SF Manager,
the Issuer, any Subcontractor of the Issuer, the Loans, the
servicing of the Loans or any other servicing activities
within the meaning
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
of Item 1122 of Regulation AB, reasonably believed by the
SF Manager to be necessary in order to effect such
compliance;
(c) the SF Manager (including any of its assignees or designees)
shall cooperate with the Issuer by providing timely notice
of requests for information under these provisions following
the SF Manager becoming aware that it is required under the
Exchange Act to file an annual report on Form 10-K in any
year and by reasonably limiting such requests to information
required, in the SF Manager's reasonable judgment, to comply
with Regulation AB;
(d) the Issuer acknowledges and agrees that, to the extent the
SF Manager reasonably determines, upon consultation with,
and to the extent agreed with, the Issuer, that the Issuer
is "participating in the servicing function" in relation to
the Securitisation Fund within the meaning of Item 1122 of
Regulation AB, the Issuer will comply with the applicable
requirements contained in clause 8.5(e) - (i); provided
that, to the extent the SF Manager and the Issuer do not
agree whether the Issuer is "participating in the servicing
function" with respect to one or more Servicing Criteria
within the meaning of Item 1122 in relation to the
Securitisation Fund, the SF Manager and the Issuer shall
obtain a written opinion of counsel of U.S. national
reputation in the practice of U.S. federal securities laws
reasonably acceptable to the SF Manager and the Issuer,
addressed to the SF Manager and the Issuer, stating whether,
in the opinion of such counsel, the Issuer is "participating
in the servicing function" with respect to such Servicing
Criteria within the meaning of Item 1122 in relation to the
Securitisation Fund; provided, further, that the costs and
fees of such counsel incurred in the preparation of such
written opinion shall be divided equally between the SF
Manager and the Issuer;
(e) on or before September 1 of each calendar year, commencing
in 2007, the Issuer shall upon the reasonable request of the
Manager:
(1) deliver to the SF Manager a report (in form and
substance reasonably satisfactory to the SF Manager)
regarding the Issuer's assessment of compliance with
the Servicing Criteria during the immediately preceding
financial year ended June 30, as required under Rules
13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. Such report shall be addressed to the SF
Manager and signed by an authorized officer of the
Issuer, and shall address each of the Servicing
Criteria specified on a certification substantially in
the form of Schedule 4 hereto and addressing, at a
minimum, the criteria identified in Schedule 5 hereto
as "Applicable Servicing Criteria", but only with
respect to such of the Servicing Criteria that the
Issuer performs;
(2) deliver to the SF Manager a report of a registered
public accounting firm reasonably acceptable to the SF
Manager that attests to, and reports on, the assessment
of compliance made by the Issuer and delivered pursuant
to the preceding paragraph. Such attestation shall be
in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the
Exchange Act;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(3) cause each Subcontractor of the Issuer (if any)
determined by the Issuer pursuant to clause 8.5 to be
"participating in the servicing function" within the
meaning of Item 1122 of Regulation AB, to deliver to
the SF Manager an assessment of compliance and
accountants' attestation as and when provided in clause
8.5(e)(1) and (2), but only with respect to such of the
Servicing Criteria that such Subcontractor of the
Issuer performs;
An assessment of compliance provided by a Subcontractor of
the Issuer pursuant to clause 8.5(e)(3) need not address any
elements of the Servicing Criteria other than those
specified by the Issuer pursuant to clause 8.5(f), and need
only address such of the Servicing Criteria that such
Subcontractor performs;
(f) in relation to the use of Subcontractors:
(1) the Issuer shall promptly upon the reasonable request
of the SF Manager provide to the SF Manager (or any
designee of the SF Manager) a written description (in
form and substance satisfactory to the SF Manager) of
the role and function of each Subcontractor utilized by
the Issuer, specifying:
(A) the identity of each such Subcontractor;
(B) which (if any) of such Subcontractors are
"participating in the servicing function" within
the meaning of Item 1122 of Regulation AB; and
(C) which elements of the Servicing Criteria will
be addressed in assessments of compliance
provided by each Subcontractor identified
pursuant to clause 8.5(f)(1)(B);
(2) as a condition to the utilization of any Subcontractor
determined to be "participating in the servicing
function" within the meaning of Item 1122 of Regulation
AB, (i) the Issuer shall cause any such Subcontractor
used by the Issuer for the benefit of the SF Manager to
comply with the provisions of clauses 8.5(e) - (i), 8.6
and 8.7 of this agreement to the same extent as if such
Subcontractor were the Issuer (provided that in the
case of a Subcontractor of the Issuer, the obligations
of such Subcontractor under clause 8.5(g) will be owed
directly to the SF Manager and the Issuer will do all
things reasonably necessary to cause the Subcontractor
to owe such obligations directly to the SF Manager) and
(ii) the Issuer shall obtain the written consent of the
SF Manager (which is not to be unreasonably withheld or
delayed) to the utilization of such Subcontractor. The
Issuer shall be responsible for obtaining from each
Subcontractor and delivering to the SF Manager any
assessment of compliance and accountants' attestation
required to be delivered by such Subcontractor under
clause 8.5(e) - (i), in each case as and when required
to be delivered;
(g) the Issuer shall indemnify the SF Manager and shall hold the
SF Manager harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and
related costs, judgments, and any other costs, fees and
expenses that it sustains directly as a result of:
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(1) any untrue statement of a material fact contained or
alleged to be contained in any information, report,
certification, accountants' letter or other material
provided in written or electronic form under this
clause 8.5 by or on behalf of the Issuer, or provided
under this clause 8.5 by or on behalf of any
Subcontractor of the Issuer (collectively, the "Issuer
Information"); provided that in the case of any untrue
statement of a material fact contained or alleged to be
contained in the accountant's letter, the Issuer will
indemnify and hold harmless the SF Manager only to the
extent of the sum that the Issuer recovers from the
accounting firm providing such accountant's letter
(which recovery the Issuer must if the Issuer in good
faith determines the Issuer is entitled to do so after
taking professional advice pursue including by taking
action in any relevant court of competent
jurisdiction); provided, further, that the Issuer will
not indemnify and hold harmless the SF Manager to the
extent that the untrue statement of a material fact
contained or alleged to be contained in the Issuer
Information relates to information provided to the
Issuer by the SF Manager or any other party to enable
the Issuer to complete its duties under the Transaction
Documents; or
(2) the omission or alleged omission to state in the Issuer
Information a material fact required to be stated in
the Issuer Information or necessary in order to make
the statements therein, in the light of the
circumstances under which they were made, not
misleading; provided, by way of clarification, that
this clause 8.5(g)(2) shall be construed solely by
reference to the Issuer Information and not to any
other information communicated in connection with a
sale or purchase of securities, without regard to
whether the Issuer Information or any portion thereof
is presented together with or separately from such
other information; provided, further, that in the case
of the omission or alleged omission to state in an
accountant's letter a material fact required to be
stated in the accountant's letter or necessary in order
to make the statements therein, in the light of the
circumstances under which they were made, not
misleading, the Issuer will indemnify and hold harmless
the SF Manager only to the extent of the sum that the
Issuer recovers from the accounting firm providing such
accountant's letter (which recovery the Issuer must if
the Issuer in good faith determines the Issuer is
entitled to do so after taking professional advice
pursue including by taking action in any relevant court
of competent jurisdiction); provided, further, that the
Issuer will not indemnify and hold harmless the SF
Manager to the extent that the omission or alleged
omission to state in the Issuer Information a material
fact required to be stated in the Issuer Information or
necessary in order to make the statements therein, in
the light of the circumstances under which they were
made, not misleading, relates to information provided
to the Issuer by the SF Manager or any other party to
enable the Issuer to complete its duties under the
Transaction Documents; or
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(3) any failure by the Issuer or any Subcontractor of the
Issuer to deliver any information, report,
certification, accountants' letter or other material
when and as required under this clause 8.5, including
any failure by the Issuer to disclose any
non-compliance with any of the Servicing Criteria in a
certification or to identify pursuant to clause 8.5(f)
any Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of Regulation
AB. In the case of any failure of performance described
in clause 8.5(g)(3), the Issuer shall promptly
reimburse the SF Manager, for all costs reasonably
incurred by the SF Manager in order to obtain the
information, report, certification, accountants' letter
or other material not delivered as required by the
Issuer or any Subcontractor of the Issuer;
(h) any failure by the Issuer or any Subcontractor of the Issuer
to:
(1) deliver any information, report, certification,
accountants' letter or other material when and as
required under this clause 8.5, shall, except as
provided in clause 8.5(h)(2), immediately and
automatically, without notice or grace period, entitle
the SF Manager, in its sole discretion:
(A) to remove the Issuer or direct the Issuer to
remove the Subcontractor of the Issuer from the
performance of any activities which the SF Manager
reasonably determines to constitute "participating
in the servicing function" in relation to the
Securitisation Fund within the meaning of Item
1122 of Regulation AB; and
(B) to replace such party with respect to such
activities, each at the expense of the Issuer,
without payment (notwithstanding anything in the
Transaction Documents to the contrary) of any
compensation to the Issuer; provided that to the
extent that any provision of the Transaction
Documents expressly provides for the survival of
certain rights or obligations following
termination of the Issuer, such provision shall be
given effect;
(2) deliver any information, report, certification or
accountants' letter when and as required under clause
8.5(e) - (i) or (except as provided below) any failure
by the Issuer to identify pursuant to clause 8.5(f) any
Subcontractor of the Issuer "participating in the
servicing function" within the meaning of Item 1122 of
Regulation AB, which continues unremedied for ten
calendar days after the date on which such information,
report, certification or accountants' letter was
required to be delivered, shall entitle the SF Manager,
in its sole discretion:
(A) to remove the Issuer or direct the Issuer to
remove the Subcontractor of the Issuer from the
performance of any activities which the SF Manager
reasonably determines to constitute "participating
in the servicing function" in relation to the
Securitisation Fund within the meaning of Item
1122 of Regulation AB; and
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(B) to replace such party with respect to such
activities, in the case of the Issuer or any
Subcontractor of the Issuer, at the expense of the
Issuer, without payment (notwithstanding anything
in the Transaction Documents to the contrary) of
any compensation to the Issuer;
provided that to the extent that any provision of
the Transaction Documents expressly provides for
the survival of certain rights or obligations
following termination of the Issuer, such provision
shall be given effect; and
(i) the Issuer shall promptly reimburse the SF Manager (or any
designee of the SF Manager), for all reasonable expenses
incurred by the SF Manager (or such designee), as such are
incurred, in connection with the termination of the Issuer
and the transfer of servicing activities within the meaning
of Item 1122 of Regulation AB to a successor. The provisions
of this clause 8.5(i) shall not limit whatever rights the SF
Manager may have under other provisions of the Transaction
Documents or otherwise, whether in equity or at law, such as
an action for damages, specific performance or injunctive
relief.
8.6 Direction of claims by the SF Manager
(a) If the Issuer is entitled to recover from the accounting
firm providing the accountant's letter referred to in clause
8.5(g) by any action, proceeding, claim or demand (for the
purpose of this clause 8.6, a Claim), the Issuer must if the
Issuer in good faith determines that it is entitled to do so
after taking professional advice pursue such Claim and must
promptly notify the SF Manager in writing of such Claim.
(b) Upon notice to the SF Manager of any such Claim under clause
8.6(a), the SF Manager will have the option to assume the
direction of that Claim (including the employment of legal
advisers selected by the Issuer but approved by the SF
Manager subject to the payment by the Issuer of all fees and
expenses).
(c) If the Issuer receives notice from the SF Manager of its
election to direct the Claim and the SF Manager approves the
legal advisers selected by the Issuer for the purposes of
that Claim, the Issuer will not be liable to the SF Manager
under this clause 8.6 for any fees or expenses subsequently
incurred by the SF Manager in connection with the Claim
unless the Issuer does not employ legal advisers approved by
or on behalf of the SF Manager to represent the SF Manager
within a reasonable time after notice of the Claim.
8.7 Direction of defence of claims
(a) If any action, proceeding, claim or demand brought against
the SF Manager in connection with (i) any untrue statement
of a material fact contained or alleged to be contained in
the Issuer Information referred to in clause 8.5(g) or (ii)
the omission or alleged omission to state in the Issuer
Information a material fact required to be stated in the
Issuer Information or necessary in order to make the
statements therein, in the light of the circumstances under
which they were made, not misleading (for the
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
purpose of this clause 8.7, a Claim), the Issuer will have
the option to assume the direction of that Claim (including
the employment of legal advisers selected by the Issuer but
approved by the SF Manager subject to the payment by the
Issuer of all fees and expenses).
(b) If the Issuer notifies the SF Manager in writing of its
election to direct the defence of a Claim brought against
the Issuer and the SF Manager approves the legal advisers
selected by the Issuer for the purposes of the defence of
that Claim, the Issuer will not be liable to the SF Manager
under this clause 8.7 for any fees or expenses subsequently
incurred by the SF Manager in connection with the Claim
against the Issuer unless the Issuer does not employ legal
advisers approved by or on behalf of the SF Manager to
represent the Issuer within a reasonable time after notice
of the Claim.
(c) If any Claim brought against the Issuer is settled with
respect to the Issuer with the consent of the SF Manager or
if there is a final judgement against the Issuer in relation
to it, the Issuer agrees to indemnify and hold harmless the
SF Manager from and against any loss or liability by reason
of such settlement or judgement (other than any fees and
expenses incurred in circumstances where the Issuer is not
liable for them under clause 8.7(b), or any fees and
expenses incurred in connection with any Claim brought
against the Issuer that is settled with respect to the
Issuer or compromised by the Issuer without the consent of
the SF Manager (unless the SF Manager has unreasonably
withheld its consent)).
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9 Events of Default
9.1 Effect of Event of Default
(a) Upon or at any time after the occurrence of an Event of
Default the Note Holder or the OF Manager may by notice to
the Issuer and the SF Manager declare that the Outstanding
Moneys are immediately due and payable.
(b) The Issuer must and the SF Manager must cause the Issuer to
upon receipt of a notice under clause 9.1(a) immediately
repay in full the Outstanding Moneys to the Note Holder.
9.2 Issuer to continue to perform
(a) If the Note Holder or OF Manager makes any declaration under
clause 9.1:
(1) the declaration does not affect or diminish the
duties and obligations of the Issuer or the SF
Manager under the Transaction Documents; and
(2) each of the Issuer and the SF Manager must continue
to perform its obligations under the Transaction
Documents as if the declaration had not been made,
subject to any directions that may be given by the
Note Holder or the OF Manager from time to time
under any Transaction Document.
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(b) Clause 9.2(a) does not affect the obligations of the Issuer
or the SF Manager under clause 9.1.
9.3 Enforcement
(a) The Material Documents may be enforced without notice to or
consent by the Issuer or SF Manager or any other person even
if the Note Holder accepts any part of the Outstanding
Moneys after an Event of Default or there has been any other
Event of Default.
(b) Neither the Note Holder nor the OF Manager is liable to any
Transaction Party for any loss or damage a Transaction Party
may suffer, incur or be liable for arising out of or in
connection with the Note Holder or OF Manager exercising any
Power under any Material Document.
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10 Increased costs, illegality and yield protection
10.1 Increased costs
If the OF Manager determines that the Note Holder is affected by
any future, or any change in any present or future, law,
regulation, order, treaty, official directive or request (with
which, if not having the force of law, compliance is in
accordance with the practice of responsible bankers and financial
institutions in the jurisdiction concerned) including, but not
limited to in respect of:
(a) any reserve, liquidity, capital adequacy, capital
allocation, special deposit or similar requirement; or
(b) Tax (other than Excluded Tax in respect of the
Securitisation Fund) on or in respect of payments made or to
be made to the Note Holder under a Material Document,
or a present or future interpretation or administration of any of
them by a Governmental Agency, and that, as a result:
(c) the effective cost to the Note Holder of making, funding or
maintaining the Facility or the Principal Outstanding or
performing any of its obligations under or in respect of the
Material Documents is in any way directly or indirectly
increased; or
(d) any amount paid or payable to, or received or receivable by,
the Note Holder or the effective return to the Note Holder
under the Material Documents is in any way directly reduced;
or
(e) the Note Holder is required to make any payment or forego
any interest or other return on or calculated by reference
to:
(1) any sum received or receivable by it under or in
respect of the Material Documents in an amount
which the OF Manager considers material; or
(2) any capital or other amount which is or becomes
directly or indirectly allocated by the Note Holder
to the Principal Outstanding in an amount which the
OF Manager considers material; or
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(f) the Note Holder is restricted in its capacity to enter into,
or is prevented from entering into, any other transaction
with any consequence referred to in clause 10.1(c), 10.1(d)
or 10.1(e) or with any other cost or loss of return to the
Note Holder,
then, and in each such case:
(g) when it becomes aware of the relevant result and has
calculated or otherwise determined the relevant effects the
Note Holder must and the OF Manager must cause the Note
Holder to promptly notify each Transaction Party of such
event; and
(h) the Issuer and the SF Manager have no obligation to pay any
amount to compensate the Note Holder for such increased
cost, reduction, payment or foregone interest or other loss
of return.
10.2 Illegality
If any event occurs (including, but not limited to, any change
in, or the introduction, implementation, operation or taking
effect of, any law, regulation, treaty, order or official
directive, or in their interpretation or application by any
Governmental Agency) which makes it unlawful, or impracticable
for the Note Holder to make, fund or maintain the Principal
Outstanding or for the Note Holder or OF Manager to perform its
obligations under any Material Documents then:
(a) the obligations of the Note Holder and the OF Manager under
the Material Documents are immediately suspended for the
duration of such illegality or other effect; and
(b) the Note Holder and the OF Manager may, by notice to the
Issuer terminate its obligations under the Material
Documents; and
(c) if required by the applicable event, or its effect, or if
necessary to prevent or remedy a breach or to comply with
any applicable law, regulation, treaty, order or official
directive the Issuer must and the SF Manager must cause it
to immediately prepay to the Note Holder the Outstanding
Moneys of it in full or, if in the OF Manager's opinion
delay in prepayment does not compound such breach or affect
such compliance, at the end of at least the longer of 30
days and the period ending on the next occurring relevant
Payment Date (or such lesser period if the applicable law,
regulation, treaty, order or official directive requires)
upon prior notice to that effect from the OF Manager.
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11 Trustee Limitation of Liability Protection
11.1 Limitation of Liability - Issuer
(a) Clause 26 of the Master Trust Deed applies to the
obligations and liabilities of the Issuer and SF Manager
under this agreement.
(b) The Issuer enters into this agreement in its capacity as
trustee of the Securitisation Fund and in no other capacity
(except where the Transaction Documents provide otherwise).
Subject to clause 11.1(d) below, a liability of the Issuer
arising under or in connection with this agreement or the
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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 (f) of this
clause 11.1.
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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 (f) of this
clause 11.2.
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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.
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12 Indemnities
12.1 General indemnity
(a) Subject to Clause 11.1 the Issuer, to the extent it is
permitted or contemplated under the terms of the Master
Trust Deed, indemnifies on a full indemnity basis (including
legal costs and expenses charged at the usual commercial
rates of the relevant legal services provider) and out of
the property of the Securitisation Fund the Note Holder and
OF Manager against any claim, action, damage, loss,
liability, cost, charge, expense, outgoing or payment which
the Note Holder or OF Manager, as the case may be, or an
Attorney of the Noteholder or OF Manager pays, suffers,
incurs or is liable for, in respect of any of the following:
(1) a Funding Portion required by a Funding Notice, not
being made for any reason but excluding any default by
the Note Holder or OF Manager, as the case may be;
(2) the occurrence of any Event of Default;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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,
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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.
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13 Tax, costs and expenses
13.1 Tax
(a) The Issuer must and the SF Manager must cause the Issuer to
pay any Tax, other than an Excluded Tax in respect of the
Securitisation Fund, in respect of the execution, delivery,
performance, release, discharge, amendment, enforcement or
attempted enforcement or otherwise in respect of any of the
following:
(1) any Material Document;
(2) any agreement or document entered into or signed under
any Material Document; and
(3) any transaction contemplated under any Material
Document or any agreement or document described in
clause 13.1(a)(2).
(b) The Issuer must and the SF Manager must cause the Issuer to
pay any fine, penalty or other cost in respect of a failure
to pay any Tax described in clause 13.1(a) except to the
extent that the fine, penalty or other cost is caused by the
Note Holder's failure to lodge money received from the
Issuer before the due date for lodgement.
(c) The Issuer indemnifies out of the property of the
Securitisation Fund the Note Holder against any amount
payable under clause 13.1(a) or 13.1(b) or both.
13.2 Costs and expenses
The Issuer must and the SF Manager must cause the Issuer to pay
all costs and expenses of the Note Holder and the OF Manager
and any employee, Officer, agent or contractor of the Note
Holder and the OF Manager in relation to:
(a) the negotiation, preparation, execution, delivery, stamping,
registration, completion, variation and discharge of any
Material Document or any agreement or document described in
clause 13.1(a);
(b) the enforcement, protection or waiver, or attempted
enforcement or protection, of any rights under any Material
Document or any agreement or document described in clause
13.1(a);
(c) the consent or approval of the Note Holder or OF Manager
given under any Material Document or any agreement or
document described in clause 13.1(a); and
(d) any enquiry by any Governmental Agency involving a
Transaction Party,
including, but not limited to, any administration costs of the
Note Holder or the OF Manager, as the case may be, in connection
with the matters referred to in
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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.
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14 Interest on overdue amounts
14.1 Payment of interest
The Issuer must and the SF Manager must cause the Issuer to pay
interest on:
(a) any of the Outstanding Moneys due and payable, but unpaid;
and
(b) on any interest payable but unpaid in accordance with
clause 5.
14.2 Accrual of interest
The interest payable under this clause 14:
(a) accrues from day to day from and including the due date for
payment up to the actual date of payment, before and, as an
additional and independent
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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).
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15 Assignment
15.1 Assignment by Transaction Party
A Transaction Party must not transfer or assign any of its rights
or obligations under any Material Document without the prior
written consent of the OF Manager, the Note Holder and each
Designated Rating Agency.
15.2 Assignment by Note Holder and OF Manager
Neither the Note Holder nor the OF Manager may assign any of its
rights or transfer by novation any of its rights and obligations
under this agreement without the prior written consent of the
other parties. Any such assignment must contain an
acknowledgement that the assignee is bound by the provisions of
this agreement.
15.3 Assist transfer or assignment
At the request of the Note Holder or OF Manager, the Issuer and
the SF Manager must do any thing including, but not limited to,
executing any documents or amending any Material Document, to
effect any transfer or assignment under this clause 15.
15.4 Participation permitted
The Note Holder and OF Manager may grant by way of
sub-participation (being a right to share in the financial
effects of this agreement, without any rights against the Issuer)
all or part of the Note Holder's or OF Manager's, as the case may
be, rights and benefits under this agreement to any other person
without having to obtain the consent of or to notify the Issuer
or the SF Manager.
15.5 Lending Office
(a) The Note Holder may change its Lending Office at any time.
(b) The Note Holder must promptly notify the Issuer and the SF
Manager of any such change.
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
15.6 Disclosure
Any party may disclose to a proposed assignee, transferee or
sub-participant any information relating to any other party or
the Transaction Documents whether or not confidential and whether
or not the disclosure would be in breach of any law or of any
duty owed to that other party.
15.7 No increase in costs
If the Note Holder or OF Manager assigns or transfers any of its
rights or obligations under any Material Document or changes its
Lending Office the Issuer is not required to pay any net increase
in the aggregate amount of costs, Taxes, fees or charges which:
(a) are a direct consequence of the transfer or assignment or
change of Lending Office; and
(b) the Note Holder or OF Manager as the case may be, or its
transferee or assignee was aware of or ought reasonably to
have been aware of, at the time of the transfer or
assignment or change of Lending Office.
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16 General
16.1 Confidential information
The Note Holder and OF Manager may, for the purpose of exercising
any Power, disclose to any person any documents or records of, or
information about, any Transaction Document, or the assets,
business or affairs of any Transaction Party, whether or not
confidential and whether or not the disclosure would be in breach
of any law or of any duty owed to any Transaction Party.
16.2 Performance by Note Holder of obligations
If a Transaction Party defaults in fully and punctually
performing any obligation contained or implied in any Transaction
Document, the Note Holder and OF Manager may, without prejudice
to any Power do all things necessary or desirable, in the opinion
of the Note Holder or OF Manager, as the case may be, to make
good or attempt to make good that default to the satisfaction of
the Note Holder or OF Manager, as the case may be.
16.3 Transaction Party to bear cost
Without prejudice to clause 11, any thing which must be done by a
Transaction Party under any Material Document, whether or not at
the request of the Note Holder or OF Manager, must be done at the
cost of the Transaction Party.
16.4 Notices
(a) Any notice or other communication including, but not limited
to, any request, demand, consent or approval, to or by a
party to any Material Document:
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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;
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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.
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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.
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
-------------------------------------------------------------------------------
Schedule 1 - Funding Notice (clause 4.2)
To: Perpetual Limited
in its capacity as trustee of the 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 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. 9 on [insert date] (Funding Date) at
[insert details];
(b) The aggregate principal amount of the Note is: $[insert amount];
(c) The relevant Payment Period is a [Quarterly/Monthly] Payment Period
commencing on the Funding Date;
(d) We request that the proceeds be remitted to account number [insert
details] at [insert address]/ [insert alternative instructions].
Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.
Dated: [insert date]
Signed for and on behalf of
ME Portfolio Management Limited
------------------------------------
Officer's signature
------------------------------------
Name (please print)
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
-------------------------------------------------------------------------------
Schedule 2 - Conditions
Redraw Funding Facility Agreement - SMHL Global Fund No. 9
PERPETUAL LIMITED
(ABN 86 000 000 000)
in its capacity as trustee of the SMHL Global Fund No. 9
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. 9. The terms and conditions of the issue of this Note
and repayment are constituted by this Note and the Redraw Funding
Facility Agreement for the Issue and Repayment of Notes - SMHL Global
Fund No. 9 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
XXXX Xxxxxx Xxxx Xx. 0 (XX Xxxxxxx) 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.
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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 (f) 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
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
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 (d) 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 (d) 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 (f) 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;
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
(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.
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
-------------------------------------------------------------------------------
Schedule 3 - Facility Provider Funding Notice (clause 4.4)
To: Perpetual Limited
in its capacity as trustee of the Securitisation Fund
(Issuer)
Attention: Head of Debt Markets/Manager - Securitisation
And: ME Portfolio Management Limited
in its capacity as manager of the Securitisation Fund
(SF Manager)
Attention: Manager - Capital Markets
We refer to the Redraw Funding Facility Agreement dated [insert date]
(Agreement). Pursuant to clause 4 of the Terms and Conditions:
(a) we give you notice that we require the Issuer to issue to the Note
Holder a Note from SMHL Global Fund No. 9 on [insert date] (Funding
Date) at [insert details];
(b) the aggregate principal amount of the Note is $[insert amount];
(c) the relevant Payment Period is a [Quarterly/Monthly] Payment Period
commencing on the Funding Date.
Expressions defined in the Agreement have the same meaning when used in this
Funding Notice.
Dated: [insert date]
Signed for and on behalf of
ME Portfolio Management Limited
----------------------------------
Officer's signature
----------------------------------
Name (please print)
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
--------------------------------------------------------------------------------
Schedule 4 - Report on assessment of compliance with Regulation
AB servicing criteria
ME Portfolio Management Limited
Xxxxx 00
000 Xxxxxxx Xxxxxx
Xxxxxxxxx XXX 0000
[________________] (the "Asserting Party") is responsible
for assessing compliance as of June 30, [ ] and for the period from [ ] (date
of issuance of SMHL Global Fund No. 9) through June 30, [ ] (the "Reporting
Period") with the servicing criteria set forth in Section 229.1122(d) of the
Code of Federal Regulations (the "CFR"), except for criteria 229.1122(d)[insert
section numbers in Regulation AB that are not applicable to Asserting Party] of
the CFR, which have not been determined pursuant to the transaction documents
for the SMHL Global Fund No. 9 to be, and the Asserting Party has concluded are
not, servicing criteria that the Asserting Party performs, or in which the
Asserting Party participates, in relation to SMHL Global Fund No. 9 (the
"Applicable Servicing Criteria"). This assessment of compliance is provided in
relation to SMHL Global Fund No. 9.
The Asserting Party has assessed its compliance with the
Applicable Servicing Criteria for the Reporting Period and has concluded that
the Asserting Party has complied, in all material respects, with the
Applicable Servicing Criteria in relation to SMHL Global Fund No. 9.
[____________], an independent registered public accounting
firm, has issued an attestation report on the assessment of compliance with
the Applicable Servicing Criteria for the Reporting Period as set forth in
this assertion.
[NAME OF ASSERTING PARTY]
Date:
---------------------------------
By:
Name:
---------------------------------
Title:
---------------------------------
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
-------------------------------------------------------------------------------
Schedule 5 - Servicing Criteria to be addressed in assessment of compliance
-------------------------------------------------------------------------------------------------------
APPLICABLE
SERVICING CRITERIA SERVICING
CRITERIA
---------------------------- ---------------------------------------------------- ---------------------
Reference Criteria
---------------------------- ---------------------------------------------------- ---------------------
General Servicing Considerations
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor
any performance or other triggers and events of
default in accordance with the transaction
agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(ii) If any material servicing activities are
outsourced to third parties, policies and
procedures are instituted to monitor the third
party's performance and compliance with such
servicing activities.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to
maintain a back-up servicer for the mortgage
loans are maintained.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is
in effect on the party participating in the
servicing function throughout the reporting period
in the amount of coverage required by and otherwise
in accordance with the terms of the transaction
agreements.
---------------------------- ---------------------------------------------------- ---------------------
Cash Collection and Administration
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the
appropriate custodial bank accounts and related
bank clearing accounts no more than two business
days following receipt, or such other number of
days specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of
an obligor or to an investor are made only by
authorized personnel.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding
collections, cash flows or distributions, and any
interest or other fees charged for such advances,
are made, reviewed and approved as specified in
the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(iv) The related accounts for the transaction, such as
cash reserve accounts or accounts established as
a form of overcollateralization, are separately
maintained (e.g., with respect to commingling of
cash) as set forth in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(v) Each custodial account is maintained at a
federally insured depository institution as set
forth in the transaction agreements. For purposes
of this criterion, "federally insured depository
institution" with respect to a foreign financial
institution means a foreign financial institution
that meets the requirements of Rule 13k-1(b)(1)
of the Securities Exchange Act.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent
unauthorized access.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis
for all asset-backed securities related bank
accounts, including custodial accounts and
related bank clearing accounts. These
reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number
of days specified in the transaction agreements;
(C) reviewed and approved by someone other than
the person who prepared the reconciliation; and
(D) contain explanations for reconciling items.
These reconciling items are resolved within 90
calendar days of their original identification,
or such other number of days specified in the
transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
Investor Remittances and Reporting
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(i) Reports to investors, including those to be filed
with the Commission, are maintained in accordance
with the transaction agreements and applicable
Commission requirements. Specifically, such
reports (A) are prepared in accordance with
timeframes and other terms set forth in the
transaction agreements; (B) provide information
calculated in accordance with the terms specified
in the transaction agreements; (C) are filed with
the Commission as required by its rules and
regulations; and (D) agree with investors' or the
trustee's records as to the total unpaid
principal balance and number of mortgage loans
serviced by the Servicer.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted
in accordance with timeframes, distribution
priority and other terms set forth in the
transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iii) Disbursements made to an investor are posted
within two business days to the Servicer's
investor records, or such other number of days
specified in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor
reports agree with cancelled checks, or other form
of payment, or custodial bank statements.
---------------------------- ---------------------------------------------------- ---------------------
Pool Asset Administration
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(i) Collateral or security on mortgage loans is
maintained as required by the transaction
agreements or related mortgage loan documents.
---------------------------- ---------------------------------------------------- ---------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(ii) Mortgage loan and related documents are
safeguarded as required by the transaction
agreements
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the
asset pool are made, reviewed and approved in
accordance with any conditions or requirements in
the transaction agreements.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(iv) Payments on mortgage loans, including any
payoffs, made in accordance with the related
mortgage loan documents are posted to the
Servicer's obligor records maintained no more
than two business days after receipt, or such
other number of days specified in the transaction
agreements, and allocated to principal, interest
or other items (e.g., escrow) in accordance with
the related mortgage loan documents.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(v) The Servicer's records regarding the mortgage loans
agree with the Servicer's records with respect to
an obligor's unpaid principal balance.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(vi) Changes with respect to the terms or status of an
obligor's mortgage loans (e.g., loan
modifications or re-agings) are made, reviewed
and approved by authorized personnel in
accordance with the transaction agreements and
related pool asset documents.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g.,
forbearance plans, modifications and deeds in
lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated,
conducted and concluded in accordance with the
timeframes or other requirements established by
the transaction agreements.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(viii) Records documenting collection efforts are
maintained during the period a mortgage loan is
delinquent in accordance with the transaction
agreements. Such records are maintained on at
least a monthly basis, or such other period
specified in the transaction agreements, and
describe the entity's activities in monitoring
delinquent mortgage loans including, for example,
phone calls, letters and payment rescheduling
plans in cases where delinquency is deemed
temporary (e.g., illness or unemployment).
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(ix) Adjustments to interest rates or rates of return
for mortgage loans with variable rates are computed
based on the related mortgage loan documents.
---------------------------- ----------------------------------------------------- ---------------------
1122(d)(4)(x) Regarding any funds held in trust for an obligor
(such as escrow accounts): (A) such funds are
analyzed, in accordance with the obligor's
mortgage loan documents, on at least an annual
basis, or such other period specified in the
transaction agreements; (B)
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
---------------------------- ---------------------------------------------------- ---------------------
interest on such funds is paid, or credited, to
obligors in accordance with applicable mortgage
loan documents and state laws; and (C) such funds
are returned to the obligor within 30 calendar days
of full repayment of the related mortgage loans, or
such other number of days specified in the
transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xi) Payments made on behalf of an obligor (such as
tax or insurance payments) are made on or before
the related penalty or expiration dates, as
indicated on the appropriate bills or notices for
such payments, provided that such support has
been received by the servicer at least 30
calendar days prior to these dates, or such other
number of days specified in the transaction
agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xii) Any late payment penalties in connection with any
payment to be made on behalf of an obligor are
paid from the servicer's funds and not charged to
the obligor, unless the late payment was due to
the obligor's error or omission.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xiii) Disbursements made on behalf of an obligor are
posted within two business days to the obligor's
records maintained by the servicer, or such other
number of days specified in the transaction
agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible
accounts are recognized and recorded in accordance
with the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
1122(d)(4)(xv) Any external enhancement or other support,
identified in Item 1114(a)(1) through (3) or Item
1115 of Regulation AB, is maintained as set forth
in the transaction agreements.
---------------------------- ---------------------------------------------------- ---------------------
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
-------------------------------------------------------------------------------
Executed as an agreement:
ISSUER:
Signed for
Perpetual Limited
by its attorney in
the presence of:
/s/ Simon Oh /s/ Xxxxxxxx Xx
----------------------------- -----------------------------
Witness Attorney
Simon Oh Xxxxxxxx Xx
----------------------------- -----------------------------
Name (please print) Name (please print)
NOTE HOLDER:
Signed for
Perpetual Limited
by its attorney
in the presence of:
/s/ Simon Oh /s/ Xxxxxxxx Xx
----------------------------- -----------------------------
Witness Attorney
Simon Oh Xxxxxxxx Xx
----------------------------- -----------------------------
Name (please print) Name (please print)
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
SF MANAGER:
Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:
/s/ Xxxx Xxxxxx /s/ X. Xxxxxxxx
------------------------------- ------------------------------
Attorney Attorney
Xxxx Xxxxxx X. Xxxxxxxx
------------------------------- ------------------------------
Name (please print) Name (please print)
Witnessed by
/s/ Cara Xxxxxxx Xxxxxx
---------------------------
Cara Xxxxxxx Xxxxxx
Xxxxx 00, 000 Xxxxxxx Xxxxxx,
Xxxxxxxxx 0000
An Australian Legal
Practitioner within the
meaning of the Legal
Profession Xxx 0000
--------------------------------------------------------------------------------
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Redraw Funding Facility Agreement - SMHL Global Fund No. 9
OF MANAGER:
Signed for
ME Portfolio Management Limited
by its attorney in
the presence of:
/s/ Xxxx Xxxxxx /s/ X. Xxxxxxxx
------------------------------- ------------------------------
Attorney Attorney
Xxxx Xxxxxx X. Xxxxxxxx
------------------------------- ------------------------------
Name (please print) Name (please print)
Witnessed by
/s/ Cara Xxxxxxx Xxxxxx
---------------------------
Cara Xxxxxxx Xxxxxx
Xxxxx 00, 000 Xxxxxxx Xxxxxx,
Xxxxxxxxx 0000
An Australian Legal
Practitioner within the
meaning of the Legal
Profession Xxx 0000
--------------------------------------------------------------------------------
page 50
