EXHIBIT 10.2
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DATED 2001
HOMESIDE MORTGAGE SECURITIES
TRUST 2001-1
LIQUIDITY FACILITY AGREEMENT
PERPETUAL TRUSTEE COMPANY LIMITED
("ISSUER TRUSTEE")
HOMESIDE GLOBAL MBS MANAGER, INC.
("GLOBAL TRUST MANAGER")
NATIONAL AUSTRALIA BANK LIMITED
("LIQUIDITY FACILITY PROVIDER")
MALLESONS ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Solicitors
Governor ▇▇▇▇▇▇▇ ▇▇▇▇▇
▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇
Telephone (▇▇ ▇) ▇▇▇▇ ▇▇▇▇
Facsimile (▇▇ ▇) ▇▇▇▇ ▇▇▇▇
DX ▇▇▇ ▇▇▇▇▇▇
Ref: SRF
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CONTENTS HOMESIDE MORTGAGE SECURITIES TRUST 2001-1
LIQUIDITY FACILITY AGREEMENT
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1 INTERPRETATION 2
2 THE LIQUIDITY FACILITY 5
3 CONDITIONS PRECEDENT 6
4 LIQUIDITY DRAWINGS 7
5 LIQUIDITY INTEREST PERIODS 8
6 INTEREST 8
7 REPAYMENT OF LIQUIDITY DRAWINGS 9
8 AVAILABILITY FEE 10
9 CANCELLATION OR REDUCTION OF THE LIQUIDITY
FACILITY 10
10 CHANGED COSTS EVENT 11
11 ILLEGALITY 12
12 PAYMENTS AND TAXES 13
13 REPRESENTATIONS AND WARRANTIES 13
14 GENERAL UNDERTAKINGS BY ISSUER TRUSTEE 16
15 LIQUIDITY EVENTS OF DEFAULT 17
16 NOTICES 18
17 SECURITY INTERESTS AND ASSIGNMENT 19
18 MISCELLANEOUS 19
19 LIABILITY OF ISSUER TRUSTEE AND LIMITED
RECOURSE 21
20 GOVERNING LAW, JURISDICTION AND SERVICE OF
PROCESS 21
21 COUNTERPARTS 21
22 COSTS, CHARGES, EXPENSES AND INDEMNITIES 21
23 LIQUIDITY FACILITY PROVIDER TERMINATION DATE 23
SCHEDULE 1 DRAWDOWN NOTICE (CLAUSE 4) 24
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HOMESIDE MORTGAGE SECURITIES TRUST 2001-1 LIQUIDITY FACILITY
AGREEMENT
DATE: 2001
PARTIES: PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) in its
capacity as trustee of the Trust and having its registered
office at ▇▇▇▇▇ ▇, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ("ISSUER
TRUSTEE")
HOMESIDE GLOBAL MBS MANAGER, INC. having an office at ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ of
America ("GLOBAL TRUST MANAGER")
NATIONAL AUSTRALIA BANK LIMITED (ABN 12 004 044 937) having
its registered office at ▇▇▇▇▇ ▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ("LIQUIDITY FACILITY PROVIDER").
1 INTERPRETATION
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1.1 The following words have these meanings in this
agreement unless the contrary intention appears.
AVAILABLE LIQUIDITY AMOUNT means on any Determination
Date an amount equal to:
(a) the Liquidity Limit on that Determination
Date; less
(b) the Liquidity Principal Outstanding on that
Determination Date.
AVAILABILITY PERIOD means the period commencing on
the Closing Date and ending on the Liquidity Facility
Termination Date.
CHANGED COSTS EVENT means:
(a) the introduction or commencement after the
date of this agreement of, or any change in,
or in the interpretation, application or
administration of the compliance by, or a
change in the method of compliance by, the
Liquidity Facility Provider with any law or
regulation;
(b) the incurrence of any new Taxes (other than
a Tax on the overall net income of the
Liquidity Facility Provider); or
(c) the imposition by any regulatory authority
in respect of the Liquidity Facility
Provider of any new, or change in the
imposition of any (as at the date of this
agreement) reserve requirement, statutory
reserve deposit, special deposit, capital
adequacy ratio, equity ratio, liquidity
ratio, liabilities ratio or other similar
requirement,
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whether such event results in an increase or a
decrease in the relevant amount or cost referred to
in clause 10.1.
DEFINITIONS SCHEDULE means the deed entitled
"HomeSide Mortgage Securities Trusts Definitions
Schedule" dated 3 January 2001 between the parties
named in Schedule 1 to that deed.
DRAWDOWN DATE means the date on which a drawing is or
is to be made under the Liquidity Facility, which
date must be a Payment Date in respect of the Trust.
DRAWDOWN NOTICE means a notice given in accordance
with clause 4.1.
LIQUIDITY DRAWING means a drawing made under clause
2.4 of this agreement.
LIQUIDITY EVENT OF DEFAULT has the meaning given to
it in clause 15.1.
LIQUIDITY FACILITY means the facility granted
pursuant to this agreement.
LIQUIDITY FACILITY PROVIDER TERMINATION DATE means
the date determined under clause 23.3.
LIQUIDITY FACILITY TERMINATION DATE means the
earliest of:
(a) the date which is one month after the date
upon which all Notes have been fully and
finally redeemed in full in accordance with
the Transaction Documents in respect of the
Trust, and the Global Trust Manager has
notified the Issuer Trustee that it does not
intend that any further Notes will be issued
in respect of the Trust;
(b) the date upon which the Liquidity Facility
Provider makes a determination under clause
11;
(c) the date upon which the Liquidity Limit is
cancelled or reduced to zero under clause 9;
and
(d) the date upon which the Liquidity Facility
Provider terminates the Liquidity Facility
under clause 15.2.
LIQUIDITY INTEREST PERIOD means each period
determined in accordance with clause 5.
LIQUIDITY INTEREST RATE means, in respect of a
Liquidity Drawing, the interest rate calculated in
accordance with clause 6.2.
LIQUIDITY LIMIT means, at any time, the lesser of:
(a) 1% of the Total Invested Amount of all Notes
as at the previous Determination Date;
(b) the Performing Mortgage Loans Amount on the
last day of the previous Collection Period;
and
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(c) the amount (if any) to which the Liquidity
Limit has been reduced at that time in
accordance with clause 9.2.
LIQUIDITY PRINCIPAL OUTSTANDING means, on a
Determination Date, an amount equal to:
(a) the aggregate of all Liquidity Drawings
previously made or to be made on the
immediately following Payment Date; less
(b) any repayments or prepayments of all such
Liquidity Drawings made by the Issuer
Trustee on or before the immediately
following Payment Date.
LIQUIDITY SHORTFALL has the meaning given to that
term in the relevant Supplemental Deed.
PERFORMING MORTGAGE LOANS AMOUNT means, at any time,
the aggregate of:
(a) the Outstanding Principal Balance of all
Housing Loans which comprise part of the
Purchased Mortgage Loans in respect of which
no payment due from the Debtor has been in
arrears for a period of more than 90
consecutive days; and
(b) the Outstanding Principal Balance of all
Housing Loans which comprise part of the
Purchased Mortgage Loans in respect of which
a payment from the Debtor has been in
arrears for a period of more than 90
consecutive days and in respect of which a
valid claim is available under a Mortgage
Insurance Policy.
REQUIRED LIQUIDITY RATING means the short term rating
(if any) of:
(a) A-1+, in the case of S&P;
(b) F1+, in the case of Fitch;
(c) P-1, in the case of ▇▇▇▇▇'▇; or
(d) an equivalent rating in the case of another
Current Rating Agency,
assigned to the Liquidity Facility Provider by each
Current Rating Agency.
SUPPLEMENTAL DEED means the deed entitled "HomeSide
Mortgage Securities Trust 2001-1 Supplemental Deed "
dated on or about the date of this agreement between,
amongst others, the Issuer Trustee and the Global
Trust Manager.
TRUST means the HomeSide Mortgage Securities Trust
2001-1.
OTHER DEFINITIONS
1.2 Unless otherwise defined in this agreement, words and
phrases defined in the Definitions Schedule or the
Supplemental Deed have the same meaning in this
agreement, with references to "this deed" being
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construed as references to "this agreement". In the
event of an inconsistency between a definition in
the Definitions Schedule or the Supplemental Deed and
this agreement, the definition in this agreement
prevails. In the event of an inconsistency between a
definition in the Definitions Schedule and the
Supplemental Deed, the definition in the Supplemental
Deed prevails.
INTERPRETATION
1.3 Clauses 1.2 to 1.5 (inclusive) of the Definitions
Schedule are deemed to be incorporated in this
agreement as if they were set out in full in it with
each reference to "this deed" being construed as a
reference to "this agreement". Any obligation imposed
on the Issuer Trustee under this agreement is several
only.
LIMITATION
1.4 The rights and obligations of the parties under this
agreement relate only to the Trust. The Liquidity
Facility Provider has no obligation under this
agreement to provide financial accommodation to the
Issuer Trustee in respect of any other trust
established under the Master Trust Deed.
2 THE LIQUIDITY FACILITY
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LIQUIDITY FACILITY
2.1 The Liquidity Facility Provider grants to the Issuer
Trustee a loan facility in Australian dollars in
respect of the Trust in an amount equal to the
Liquidity Limit. If the Issuer Trustee wants to use
the Liquidity Facility, then it may do so by one or
more requests made in accordance with clause 4.
Subject to this agreement, the Liquidity Facility
Provider agrees to provide financial accommodation
requested by the Issuer Trustee under this agreement.
PURPOSE
2.2 The Liquidity Facility is only available to be drawn
to meet any Liquidity Shortfall in relation to the
Trust.
LIQUIDITY SHORTFALL
2.3 The Liquidity Limit will be available only if and to
the extent that there is a Liquidity Shortfall on any
Determination Date.
GLOBAL TRUST MANAGER TO MAKE DRAWING
2.4 If, on any Determination Date during the Availability
Period, the Global Trust Manager determines that
there is a Liquidity Shortfall on that Determination
Date, the Global Trust Manager must arrange, by
giving a direction to the Issuer Trustee, for a
drawing to be made under the Liquidity Facility on
the Payment Date immediately following that
Determination Date in accordance with this agreement
and equal to the lesser of:
(a) the Liquidity Shortfall on that
Determination Date; and
(b) the Available Liquidity Amount on that
Determination Date.
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LIMIT
2.5 Despite anything in this agreement, the Liquidity
Facility Provider need not provide financial
accommodation under this agreement if to do so would
result in the Liquidity Principal Outstanding
exceeding the Liquidity Limit.
TERMINATION
2.6 The Liquidity Facility will terminate on the earlier
of the Liquidity Facility Termination Date and the
Liquidity Facility Provider Termination Date.
3 CONDITIONS PRECEDENT
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FIRST DRAWDOWN NOTICE
3.1 The Issuer Trustee must not deliver the first
Drawdown Notice until the Issuer Trustee has received
written notice from the Liquidity Facility Provider
that the Liquidity Facility Provider has received the
following in form and substance satisfactory to it:
(a) (POWER OF ATTORNEY) a certified copy of the
power of attorney under which a person signs
and delivers this agreement for the Issuer
Trustee and the Global Trust Manager and, if
required by the Liquidity Facility Provider,
evidence of its stamping and registration;
(b) (TRANSACTION DOCUMENTS) a certified copy of
each Transaction Document executed by each
of the parties to the respective document;
(c) (REGISTRATION OF CHARGE) evidence of
registration of, or intention to register,
the Deed of Charge with the relevant
Governmental Agencies; and
(d) (OPINIONS) a legal opinion addressed to the
Liquidity Facility Provider from the Issuer
Trustee's solicitors in a form and substance
satisfactory to the Liquidity Facility
Provider.
LIQUIDITY DRAWINGS IN RESPECT OF A TRUST
3.2 The Liquidity Facility Provider need not make any
proposed drawing available unless:
(a) (STATEMENTS TRUE) it is reasonably satisfied
that the statements contained in the
Drawdown Notice are true at the date of the
Drawdown Notice and at the Drawdown Date;
(b) (NO LIQUIDITY EVENT OF DEFAULT) no Liquidity
Event of Default continues unremedied or
would result from the provision of the
proposed drawing;
(c) (REPRESENTATIONS AND WARRANTIES) the
representations and warranties made or
deemed to be made by the Issuer Trustee and
the Global Trust Manager in this agreement
are true and correct as of the date of the
Drawdown Notice and the Drawdown Date;
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(d) (OTHER SECURITY INTERESTS) other than in
respect of priorities granted by statute,
the Liquidity Facility Provider has not
received notice from any person that it
claims to have a Security Interest ranking
in priority to or equal with the Security
Interest held for the benefit of the
Liquidity Facility Provider in accordance
with the Master Security Trust Deed, the
Deed of Charge and the Supplemental Deed
(other than the Security Interests set out
specifically in the Master Security Trust
Deed, the Deed of Charge and the
Supplemental Deed and ranking in priority to
or equal with the Security Interest held for
the benefit of the Liquidity Facility
Provider);
(e) (NOTES) the Notes are still in existence and
have not been redeemed or repaid in full;
and
(f) (AVAILABILITY PERIOD). the Availability
Period has not expired.
CERTIFICATION
3.3 Anything required to be certified under clause 3.1
must be certified by an Authorised Person of the
Issuer Trustee or the Global Trust Manager (as
applicable) as being true and complete as at a date
no earlier than the date of this agreement.
BENEFIT OF THE LIQUIDITY FACILITY PROVIDER
3.4 The conditions precedent set out in this clause 3 are
for the benefit of the Liquidity Facility Provider
and any of them may be waived by the Liquidity
Facility Provider in its absolute discretion.
4 LIQUIDITY DRAWINGS
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USE OF LIQUIDITY FACILITY
4.1 If the Issuer Trustee on the direction of the Global
Trust Manager wants to use the Liquidity Facility to
make a Liquidity Drawing, it must do so only in
accordance with clause 2.4 and it must give a notice
to the Liquidity Facility Provider meeting the
requirements of clause 4.3 ("DRAWDOWN NOTICE").
TIMING
4.2 Each Liquidity Drawing must be drawn down on a
Payment Date in respect of the Trust. Each Liquidity
Drawing must be credited to the Collections Account
and applied only in accordance with clause 14 of the
Supplemental Deed.
FORM OF NOTICE
4.3 A Drawdown Notice given under clause 4.1 must:
(a) be in or substantially in the form of
Schedule 1;
(b) be signed by an Authorised Person of the
Issuer Trustee;
(c) specify the Drawdown Date, which must be a
day which complies with clause 4.2;
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(d) specify the amount of the proposed Liquidity
Drawing and its method of calculation; and
(e) be given no later than 4.00pm on the day
which is 2 Business Days prior to the
relevant Drawdown Date (or such other period
as may be agreed between the Issuer Trustee,
the Global Trust Manager and the Liquidity
Facility Provider).
EFFECTIVE
4.4 A Drawdown Notice is effective on actual receipt in
legible form by the Liquidity Facility Provider and
is irrevocable.
AGREEMENT TO MAKE LIQUIDITY DRAWING
4.5 Subject to this agreement, the Liquidity Facility
Provider agrees to deposit in the Collections Account
the amount of any Liquidity Drawing in immediately
available funds by 11.30am Melbourne time on the
relevant Payment Date.
5 LIQUIDITY INTEREST PERIODS
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INITIAL INTEREST PERIODS
5.1 The first Liquidity Interest Period in respect of a
Liquidity Drawing commences on (and includes) its
Drawdown Date and ends on (but excludes) the next
Payment Date. Each subsequent Liquidity Interest
Period will commence on (and include) a Payment Date
and end on (but exclude) the next Payment Date.
FINAL INTEREST PERIOD
5.2 A Liquidity Interest Period in respect of a Liquidity
Drawing which would otherwise end after the Final
Termination Date of the Trust ends on (but excludes)
that Final Termination Date.
6 INTEREST
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PAYMENT OF INTEREST
6.1 The Issuer Trustee agrees to pay to the Liquidity
Facility Provider interest on the daily balance of
each Liquidity Drawing from and including its
Drawdown Date until the Liquidity Drawing is repaid
in full. On each Payment Date, the Issuer Trustee
will pay to the Liquidity Facility Provider accrued
interest on each Liquidity Drawing. If, on any
Payment Date, all amounts due in accordance with this
clause 6.1 are not paid in full, on each following
Payment Date the Issuer Trustee must pay so much of
the amounts as are available for that purpose in
accordance with the Supplemental Deed until such
amounts are paid in full.
CALCULATION OF INTEREST
6.2 Interest is to be calculated for each Liquidity
Interest Period. Interest accrues from day to day and
is to be calculated on actual days elapsed and a 365
day year. Interest is payable in arrears on each
Payment Date in the manner contemplated by clause
6.1. The rate of interest paid to the Liquidity
Facility Provider in respect of a Liquidity Interest
Period is the sum of the Bank ▇▇▇▇ Rate on the first
day of that
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Liquidity Interest Period (rounded to 3 decimal
places) and 0.35% per annum (" LIQUIDITY INTEREST
RATE").
INTEREST ON OVERDUE AMOUNTS
6.3
(a) If any payment by the Issuer Trustee on a
Payment Date under clause 6.1 is
insufficient to pay the full amount of
accrued interest on each Liquidity Drawing
and any other interest due and payable under
clause 6.3(b) up to the close of the
Liquidity Interest Period just ended, such
unpaid interest will itself capitalise and
bear interest in accordance with clauses 6.1
and 6.2 of this agreement.
(b) The Issuer Trustee agrees to pay interest on
any amount payable by it under this
agreement (including without limitation on
any unpaid interest) from when it becomes
due for payment during the period that it
remains unpaid. Interest is payable at the
rate set out in clause 6.2, as if the amount
is a Liquidity Drawing having successive
Liquidity Interest Periods calculated in
accordance with clause 5. The first
Liquidity Interest Period commences on the
day when the outstanding amount becomes due
for payment and each subsequent Liquidity
Interest Period commences on the day when
the preceding Liquidity Interest Period
expires.
OBLIGATION UNAFFECTED
6.4 The Issuer Trustee's obligation to pay the
outstanding amount on the date it becomes due for
payment is not affected by clause 6.3.
INTEREST FOLLOWING JUDGMENT OR ORDER
6.5 If a liability under this agreement becomes merged in
a judgment or order, then the Issuer Trustee agrees
to pay interest to the Liquidity Facility Provider on
the amount of that liability as an independent
obligation. This interest accrues from the date the
liability becomes due for payment both before and
after the judgment or order until it is paid, at a
rate that is the higher of the rate payable under the
judgment or order and the rate referred to in clause
6.3(b).
7 REPAYMENT OF LIQUIDITY DRAWINGS
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REPAYMENT OF LIQUIDITY DRAWINGS
7.1 Subject to clause 7.3, on each Payment Date, the
Issuer Trustee will repay so much of the Liquidity
Principal Outstanding under all Liquidity Drawings as
there are funds available for this purpose in
accordance with clause 14 of the Supplemental Deed.
If, on any Payment Date, all amounts due in
accordance with this clause 7.1 are not paid or
repaid in full, on each following Payment Date the
Issuer Trustee will pay or repay so much of the
amounts as there are funds available for that purpose
in accordance with the Supplemental Deed until such
amounts are paid or repaid in full.
RE-DRAWING
7.2 Amounts repaid pursuant to clause 7.1 may be redrawn
by the Issuer Trustee in accordance with the terms of
this agreement.
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REPAYMENT ON TERMINATION DATE
7.3 Notwithstanding clause 7.1, on or before the
Liquidity Facility Termination Date, the Issuer
Trustee must repay:
(a) the Liquidity Principal Outstanding;
(b) interest accrued thereon; and
(c) all other money due under this agreement,
in each case to the extent that amounts are available
for that purpose in accordance with the Master Trust
Deed and the Supplemental Deed.
7.4 If all amounts due in accordance with clause 7.3 are
not paid or repaid in full on the Payment Date
immediately following the Liquidity Facility
Termination Date, the Issuer Trustee will repay so
much of such amounts on succeeding Payment Dates as
is available for that purpose in accordance with the
Master Trust Deed and the Supplemental Deed until all
such amounts are paid or repaid in full.
8 AVAILABILITY FEE
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8.1 The Issuer Trustee will pay to the Liquidity Facility
Provider an availability fee of 0.20% per annum on
the then un-utilised portion of the Liquidity Limit.
The fee will be:
(a) calculated and accrue daily from the first
day of the Availability Period on the basis
of a 365 day year; and
(b) paid quarterly in arrears on each Payment
Date in accordance with the Supplemental
Deed.
8.2 The availability fee payable under clause 8.1 may be
varied from time to time by the Global Trust Manager
and the Liquidity Facility Provider (and notified to
the Issuer Trustee) provided that the Global Trust
Manager notifies each Current Rating Agency of the
variation and receives confirmation from each Current
Rating Agency that the variation will not have an
Adverse Rating Effect.
9 CANCELLATION OR REDUCTION OF THE LIQUIDITY FACILITY
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CANCELLATION
9.1 The Issuer Trustee may on the direction of the Global
Trust Manager cancel the Liquidity Facility by
written notice to the Liquidity Facility Provider if
each Current Rating Agency has confirmed that the
cancellation of the Liquidity Facility will not have
an Adverse Rating Effect.
REDUCTION OF LIQUIDITY LIMIT
9.2 The Issuer Trustee may on the direction of the Global
Trust Manager reduce the Liquidity Limit in whole or
in part by written notice to the Liquidity Facility
Provider if each Current Rating Agency has confirmed
that the reduction of the Liquidity Limit will not
have an Adverse Rating Effect.
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WHEN NOTICES EFFECTIVE
9.3 A notice given by the Issuer Trustee pursuant to
either clause 9.1 or 9.2 will be effective on the day
which is 3 Business Days after receipt by the
Liquidity Facility Provider (or such other period
agreed between the Issuer Trustee, the Global Trust
Manager and the Liquidity Facility Provider).
RATINGS DOWNGRADE
9.4 If, on a Determination Date during the Availability
Period, the Liquidity Facility Provider does not have
the Required Liquidity Rating from each Current
Rating Agency, the Liquidity Facility Provider must
within 30 Business Days or such longer period as may
be agreed by each Current Rating Agency:
(a) use its reasonable endeavours to procure
another person with the Required Liquidity
Rating to assume its obligations under this
agreement, notice of which must be given to
each Current Rating Agency; or
(b) take such other steps as are agreed with
each Current Rating Agency to ensure that
there is no Adverse Rating Effect.
10 CHANGED COSTS EVENT
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DETERMINATION
10.1 Subject to clause 19, if, as a result of a Changed
Costs Event, the Liquidity Facility Provider
determines that:
(a) there is any direct or indirect change in
the cost to the Liquidity Facility Provider
of providing, agreeing to provide,
maintaining its commitment to provide,
funding or maintaining financial
accommodation under this agreement;
(b) there is any direct or indirect change in
any amount received or receivable by the
Liquidity Facility Provider in the effective
return to the Liquidity Facility Provider in
connection with financial accommodation
provided or to be provided under this
agreement (including, without limitation,
the return on the Liquidity Facility
Provider's overall capital which could have
been achieved but for the occurrence of the
Changed Costs Event); or
(c) the Liquidity Facility Provider is required
to make a payment or to forgo interest or
other return on or calculated by reference
to an amount received or receivable under
this agreement,
then the Issuer Trustee must on the direction of the
Global Trust Manager pay (if applicable) to the
Liquidity Facility Provider on the next Payment Date
the additional amount which the Liquidity Facility
Provider certifies is necessary to compensate the
Liquidity Facility Provider for the changed cost,
reduction, payment or forgone interest or other
return.
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INDIRECT COST
10.2 If the changed cost, reduction, payment or forgone
interest or other return is indirect, the Issuer
Trustee (if applicable) agrees to pay the Liquidity
Facility Provider the proportion of it which the
Liquidity Facility Provider determines to be fairly
attributable to the financial accommodation made
available under this agreement.
CERTIFICATE
10.3 The Liquidity Facility Provider must provide a
certificate to the Global Trust Manager setting out
details of the relevant Changed Costs Event and the
calculations made by the Liquidity Facility Provider
to determine the new amount payable under clause
10.1. Any such certificate signed by the Liquidity
Facility Provider as to an amount payable by the
Issuer Trustee under this clause 10 is conclusive
evidence of the amount stated in it in the absence of
manifest error. In determining additional amounts
payable under this clause 10, the Liquidity Facility
Provider may use averaging and attribution methods
commonly used by financiers or any other reasonable
averaging or attribution method.
MINIMISATION
10.4 If the Liquidity Facility Provider is to receive any
additional payment under clause 10.1, the Liquidity
Facility Provider must use its best endeavours to
make the relevant advances or financial accommodation
available by some alternative means (including,
without limitation, changing its lending office or
making the advances or financial accommodation
available through a Related Entity of the Liquidity
Facility Provider) which would avoid the necessity
for the additional payment or reduce the amount of
it. Nothing in this clause 10.4 affects the
obligations of the Issuer Trustee under clauses 10.1
and 10.2.
11 ILLEGALITY
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11.1 If as a result of any change in a law, regulation,
code of practice or an official directive which has
the force of law or compliance with which is in
accordance with the practice of responsible bankers
in the jurisdiction concerned, or in their
interpretation or administration after the date of
this agreement, the Liquidity Facility Provider
determines that it is or has become apparent that it
will become contrary to that official directive,
impossible or illegal for the Liquidity Facility
Provider to fund, provide or maintain financial
accommodation or otherwise observe its obligations
under this agreement then the Issuer Trustee, on the
immediately following Payment Date, must, to the
extent that there are funds available under clause 14
of the Supplemental Deed to do so, prepay so much of
the Liquidity Principal Outstanding as the Liquidity
Facility Provider specifies to the Issuer Trustee in
writing together with accrued interest and other
amounts payable by the Issuer Trustee under this
agreement. The Liquidity Facility Provider's
obligations to the Issuer Trustee under this
agreement terminate on the giving of the notice.
11.2 If, on any Payment Date, all amounts due in
accordance with clause 11.1 are not paid or repaid in
full, on each following Payment Date the Issuer
Trustee will pay or repay so much of the amounts as
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there are funds available for that purpose on that
Payment Date in accordance with the Supplemental Deed
until such amounts are paid or repaid in full.
12 PAYMENTS AND TAXES
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MANNER OF PAYMENT
12.1 The Issuer Trustee agrees to make payments to the
Liquidity Facility Provider under this agreement not
later than 5.00pm local time in the place of payment
on the due date in immediately available funds to the
account of the Liquidity Facility Provider at the
bank which the Liquidity Facility Provider designates
by prior written notice to the Issuer Trustee. All
payments must be made in accordance with the Master
Trust Deed and the Supplemental Deed.
NO SET OFF, ETC
12.2 The Issuer Trustee agrees to make payments under this
agreement without set-off or counterclaim and free
and clear of any withholding or deduction for Taxes
unless prohibited by law.
13 REPRESENTATIONS AND WARRANTIES
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GENERAL REPRESENTATIONS AND WARRANTIES
13.1 The Issuer Trustee represents and warrants to the
Liquidity Facility Provider as follows:
(a) (INCORPORATION) it is validly incorporated
and existing under the laws pursuant to
which it purports to have been incorporated;
(b) (CORPORATE POWER) it has the corporate power
to own its assets and to carry on its
business as it is now being conducted and as
proposed to be conducted under this
agreement and under each of the Transaction
Documents to which it is a party;
(c) (POWER) it has full power and authority to
enter into and perform its obligations under
this agreement and each of the Transaction
Documents to which it is a party;
(d) (ALL ACTION TAKEN) it has taken all
necessary internal corporate action to
authorise the execution, delivery and
performance of this agreement and each of
the Transaction Documents to which it is a
party in accordance with their respective
terms and no additional approval or consent
of any person is required;
(e) (VALIDITY OF OBLIGATIONS) this agreement and
each of the Transaction Documents to which
it is a party constitute legal, valid and
binding obligations of it and, subject to
any necessary stamping and registration and
to doctrines of equity and laws and defences
generally affecting creditors' rights, are
enforceable in accordance with their
respective terms;
14
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(f) (NO VIOLATION) the execution, delivery and
performance by it of this agreement and each
of the Transaction Documents to which it is
a party does not and will not violate in any
respect any material provision of:
(i) any law, regulation, authorisation,
ruling, consent, judgement, order
or decree of any Governmental
Agency;
(ii) its constitution; or
(iii) any Encumbrance or document which
is binding upon it or any of its
assets,
and (except in respect of the Deed of
Charge) does not and will not result in:
(iv) the creation or imposition of any
Encumbrance or restriction of any
nature on any of its assets under
the provision of; or
(v) the acceleration of the date of
payment of any obligation existing
under,
any Encumbrance or document which is binding
upon it or its assets;
(g) (AUTHORISATIONS) it has obtained all
Authorisations necessary for it to enter
into, and perform its obligations under, the
Transaction Documents and such
Authorisations remain in full force and
effect;
(h) (CREATION OF TRUST) the Trust has been
validly created;
(i) (APPOINTMENT OF ISSUER TRUSTEE) it has been
validly appointed as the trustee of the
Trust;
(j) (SOLE TRUSTEE) it is the sole trustee of the
Trust;
(k) (TRUST POWER) it has power under the
Transaction Documents to enter into, perform
and comply with its obligations, and to
carry out the transactions contemplated by,
this agreement;
(l) (NO REMOVAL) as far as it is aware, there
are no proceedings to remove it as trustee
of the Trust;
(m) (VESTING DATE) the vesting date has not
occurred in respect of the Trust; and
(n) (NO LIQUIDITY EVENT OF DEFAULT) to its
knowledge no Liquidity Event of Default or
event which with the giving of notice, lapse
of time or other applicable condition would
become an Event of Default has occurred
which has not been waived or remedied in
accordance with this agreement.
15
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13.2 The Global Trust Manager represents and warrants to
the Liquidity Facility Provider as follows:
(a) (INCORPORATION) it is validly incorporated
and existing under the laws pursuant to
which it purports to have been incorporated;
(b) (CORPORATE POWER) it has the corporate power
to own its assets and to carry on its
business as it is now being conducted and as
proposed to be conducted under this
agreement and under each of the Transaction
Documents to which it is a party;
(c) (POWER) it has full power and authority to
enter into and perform its obligations under
this agreement and each of the Transaction
Documents to which it is a party;
(d) (ALL ACTION TAKEN) it has taken all
necessary internal corporate action to
authorise the execution, delivery and
performance of this agreement and each of
the Transaction Documents to which it is a
party in accordance with their respective
terms and no additional approval or consent
of any person is required;
(e) (VALIDITY OF OBLIGATIONS) this agreement and
each of the Transaction Documents to which
it is a party constitute legal, valid and
binding obligations of it and, subject to
any necessary stamping and registration and
to doctrines of equity and laws and defences
generally affecting creditors' rights, are
enforceable in accordance with their
respective terms;
(f) (NO VIOLATION) the execution, delivery and
performance by it of this agreement and each
of the Transaction Documents to which it is
a party does not and will not violate in any
respect any material provision of:
(i) any law, regulation, authorisation,
ruling, consent, judgement, order
or decree of any Governmental
Agency; or
(ii) its constitution;
(g) (AUTHORISATIONS) it has obtained all
Authorisations necessary for it to enter
into, and perform its obligations under, the
Transaction Documents and such
Authorisations remain in full force and
effect; and
(h) (NO LIQUIDITY EVENT OF DEFAULT) to its
knowledge no Liquidity Event of Default or
event which with the giving of notice, lapse
of time or other applicable condition would
become a Liquidity Event of Default has
occurred which has not been waived or
remedied in accordance with this agreement.
REPETITION
13.3 These representations and warranties are taken to be
also made on each date upon which a Drawdown Notice
is provided and each
16
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Payment Date with reference to the facts and
circumstances then subsisting, as if made on such
day.
14 GENERAL UNDERTAKINGS BY ISSUER TRUSTEE
--------------------------------------------------------------------------------
14.1 The Issuer Trustee undertakes to:
(a) (ACT AS TRUSTEE) act continuously as trustee
of the Trust in accordance with the Master
Trust Deed and the Supplemental Deed until
the Trust is terminated or until it has
retired or been removed in accordance with
the Master Trust Deed;
(b) (TAKE ACTIONS) do everything and take all
such actions which are necessary (including,
without limitation, obtaining all such
Authorisations and approvals as are
appropriate) to ensure that it is able to
exercise all its powers and remedies and
perform all its obligations under this
agreement and any other arrangements entered
by it pursuant to the Transaction Documents
to which it is party;
(c) (AUTHORISATIONS) ensure that each
Authorisation required for it to act as
trustee of the Trust and for the business of
the Trust to be conducted as now conducted
or as contemplated by the Transaction
Documents, is obtained and promptly renewed
and maintained in full force and effect;
(d) (NOT AMEND) not consent to amend or revoke
the provisions of the Master Trust Deed
(insofar as it affects the Trust) or the
Supplemental Deed without the prior written
consent of the Liquidity Facility Provider
(such consent not to be unreasonably
withheld or delayed); and
(e) (EVENT OF DEFAULT) notify the Liquidity
Facility Provider as soon as practicable
after becoming aware of an Event of Default
or a Liquidity Event of Default.
14.2 The Global Trust Manager undertakes to:
(a) (ACT AS MANAGER) act continuously as manager
of the Trust in accordance with the Master
Trust Deed and the Supplemental Deed until
the Trust is terminated or until it has
retired or been removed in accordance with
the Master Trust Deed;
(b) (TAKE ACTIONS) do everything and take all
such actions which are necessary (including,
without limitation, obtaining all such
Authorisations and approvals as are
appropriate) to ensure that it is able to
exercise all its powers and remedies and
perform all its obligations under this
agreement and any other arrangements entered
by it pursuant to the Transaction Documents
to which it is party;
(c) (AUTHORISATIONS) ensure that each
Authorisation required for it to act as
manager of the Trust and for the business of
the Trust to be conducted as now conducted
or as contemplated by the
17
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Transaction Documents, is obtained and
promptly renewed and maintained in full
force and effect;
(d) (NOT AMEND) not consent to amend or revoke
the provisions of the Master Trust Deed
(insofar as it affects the Trust) or the
Supplemental Deed without the prior written
consent of the Liquidity Facility Provider
(such consent not to be unreasonably
withheld or delayed); and
(e) (EVENT OF DEFAULT) notify the Liquidity
Facility Provider as soon as practicable
after becoming aware of an Event of Default
or a Liquidity Event of Default.
15 LIQUIDITY EVENTS OF DEFAULT
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LIQUIDITY EVENTS OF DEFAULT
15.1 A Liquidity Event of Default occurs if:
(a) (FAILURE TO PAY) the Issuer Trustee fails to
pay:
(i) any amount owing under this
agreement where funds are available
for that purpose under the
Supplemental Deed; or
(ii) without limiting paragraph (i)
above, any amount due in respect of
interest pursuant to clause 6.1
where funds are available for that
purpose under the Supplemental
Deed,
in the manner contemplated by this
agreement, in each case within 5 Business
Days of the due date for payment of such
amount;
(b) (BREACH OF UNDERTAKING) the Issuer Trustee
alters the priority of payments under the
Transaction Documents without the consent of
the Liquidity Facility Provider or breaches
any of its undertakings under the
Transaction Documents which affect its
ability to perform its obligations
thereunder and that breach has a Material
Adverse Effect in respect of the Liquidity
Facility Provider;
(c) (EVENT OF DEFAULT) an Event of Default
occurs in respect of the Supplemental Deed
or the Master Security Trust Deed and the
Security Trustee (acting on the instructions
of the Secured Creditors) appoints a
Receiver to the Assets of the Trust or is
directed to sell or otherwise realise the
Assets of the Trust in accordance with the
Master Security Trust Deed and the Deed of
Charge; or
(d) (INSOLVENCY EVENT) an Insolvency Event
occurs in respect of the Issuer Trustee in
its capacity as trustee of the Trust and the
Issuer Trustee is not replaced (by either
the Global Trust Manager or a replacement
trustee) in accordance with the Master Trust
Deed within 30 days of such Insolvency
Event.
18
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CONSEQUENCES
15.2 If a Liquidity Event of Default occurs, then the
Liquidity Facility Provider may:
(a) declare at any time that the Liquidity
Principal Outstanding, interest on the
Liquidity Principal Outstanding, and all
other amounts actually or contingently
payable under this agreement are immediately
due and payable; and/or
(b) terminate the Liquidity Facility Provider's
obligations in respect of the Liquidity
Facility.
The Liquidity Facility Provider may do either or both
of these things with immediate effect.
16 NOTICES
--------------------------------------------------------------------------------
NOTICE
16.1 A notice, approval, consent or other communication in
connection with this agreement:
(a) may be given by an Authorised Person of the
relevant party;
(b) must be in writing; and
(c) must be left at the address of the addressee
or sent by prepaid ordinary post to the
address of the addressee or sent by
facsimile to the facsimile number of the
addressee, or sent by e-mail to the e-mail
address of the addressee specified below (or
to such other details as are notified by a
party to each other party on or after the
date of execution of this agreement):
ISSUER TRUSTEE:
Address: ▇▇▇▇▇ ▇, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇
Facsimile: (▇▇▇) ▇▇▇▇ ▇▇▇▇
Attention: Manager, Securitisation
E-mail: as notified from time to
time
GLOBAL TRUST MANAGER:
Address: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ of
America
Facsimile: ▇▇▇ ▇▇▇ ▇▇▇▇
Attention: General Counsel
E-mail: ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
LIQUIDITY FACILITY PROVIDER:
Address: ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇
Facsimile: (▇▇▇) ▇▇▇▇ ▇▇▇▇
19
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Attention: Senior Executive
Securitisation
E-mail: ▇▇▇▇▇▇▇▇▇_▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇.▇▇
WHEN EFFECTIVE
16.2 Unless a later time is specified in it, a notice,
approval, consent or other communication takes effect
from the time it is received.
SECURED RECEIPT
16.3 A notice, request, certificate, demand, consent or
other communication under this agreement is deemed to
have been received:
(a) where delivered in person, upon receipt;
(b) where sent by post, on the third (or
seventh, if outside Australia) day after
posting;
(c) where sent by facsimile, on production by
the dispatching facsimile machine of a
transmission report which indicates that the
facsimile was sent in its entirety to the
facsimile number of the recipient; and
(d) in the case of an e-mail, on receipt by the
sender of an e-mail from the recipient
stating that the e-mail was delivered in its
entirety and the contents and attachments of
the e-mail have been received.
However, if the time of deemed receipt of any notice
is not before 4.00pm local time on a Business Day at
the address of the recipient it is deemed to have
been received at the commencement of business on the
next Business Day.
17 SECURITY INTERESTS AND ASSIGNMENT
-------------------------------------------------------------------------------
Other than as contemplated by the Transaction
Documents, the Issuer Trustee may not, without the
consent of the Liquidity Facility Provider, create or
allow to exist a Security Interest over, or an
interest in, this agreement or assign or otherwise
dispose of or deal with its rights under this
agreement. The Liquidity Facility Provider at any
time may do any of those things.
18 MISCELLANEOUS
--------------------------------------------------------------------------------
CERTIFICATE
18.1 A certificate signed by the Liquidity Facility
Provider about a matter (including, without
limitation, the Interest Rate in respect of a
Liquidity Drawing) or about a sum payable to the
Liquidity Facility Provider in connection with this
agreement is sufficient evidence of the matter or sum
stated in the certificate unless the matter or sum is
proved to be false.
EXERCISE OF RIGHTS
18.2 A party may exercise a right, power or remedy at its
discretion, and separately or concurrently with
another right, power or remedy. A single or partial
exercise of a right, power or remedy by the party
does
20
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not prevent a further exercise of that or an exercise
of any other right, power or remedy. Failure by the
party to exercise or delay in exercising a right,
power or remedy does not prevent its exercise. The
party is not liable for any loss caused by the
exercise or attempted exercise of, failure to
exercise, or delay in exercising, the right, power or
remedy.
WAIVER AND VARIATION
18.3 A provision of, or a right created under, this
agreement may not be waived or varied except in
writing signed by the party or parties to be bound.
SUPERVENING LEGISLATION
18.4 Any present or future legislation which operates to
vary the obligations of the Issuer Trustee in
connection with this agreement with the result that
the Liquidity Facility Provider's rights, powers or
remedies are adversely affected (including, without
limitation, by way of delay or postponement) is
excluded except to the extent that its exclusion is
prohibited or rendered ineffective by law.
APPROVALS AND CONSENT
18.5 The Liquidity Facility Provider may give
(conditionally or unconditionally) or withhold its
approval or consent in its absolute discretion unless
this agreement expressly provides otherwise.
REMEDIES CUMULATIVE
18.6 The rights, powers and remedies provided in this
agreement are cumulative with, and not exclusive of,
the rights, powers or remedies provided by law
independently of this agreement.
INDEMNITIES
18.7 Each indemnity in this agreement is a continuing
obligation, separate and independent from the other
obligations of the Issuer Trustee and survives
termination of this agreement.
It is not necessary for the Liquidity Facility
Provider to incur expense or make payment before
enforcing a right of indemnity conferred by this
agreement.
TIME OF THE ESSENCE
18.8 Time is of the essence of this agreement in respect
of an obligation of the Issuer Trustee to pay money.
FURTHER ASSURANCES
18.9 At the Liquidity Facility Provider's request the
Issuer Trustee must, at the expense of the Trust:
(a) execute and use its best endeavours to cause
its successors to execute documents and do
everything else necessary or appropriate to
bind the Issuer Trustee and its successors
under this agreement; and
(b) use its best endeavours to cause relevant
third parties to do likewise to bind every
person intended to be bound under this
agreement.
21
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19 LIABILITY OF ISSUER TRUSTEE AND LIMITED RECOURSE
--------------------------------------------------------------------------------
Clause 2 of the Definitions Schedule applies to this
agreement as if set out in full in it (with any
consequential changes as are necessary to give effect
to that clause in this agreement).
20 GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS
--------------------------------------------------------------------------------
GOVERNING LAW
20.1 This agreement is governed by the law in force in the
Australian Capital Territory.
SUBMISSION TO JURISDICTION
20.2 Each party irrevocably and unconditionally submits to
the non-exclusive jurisdiction of the courts of the
Australian Capital Territory and courts of appeal
from them. Each party waives any right it has to
object to an action being brought in those courts
including, without limitation, by claiming that the
action has been brought in an inconvenient forum or
that those courts do not have jurisdiction.
ADDRESS FOR SERVICE
20.3 Without preventing any other mode of service, any
document in an action (including, without limitation,
any writ of summons or other originating process or
any third or other party notice) may be served on any
party by being delivered to or left for that party at
its address for service of notices under clause 16.
21 COUNTERPARTS
--------------------------------------------------------------------------------
This agreement may consist of a number of
counterparts and the counterparts taken together
constitute one and the same instrument.
22 COSTS, CHARGES, EXPENSES AND INDEMNITIES
--------------------------------------------------------------------------------
22.1 The Issuer Trustee will indemnify the Liquidity
Facility Provider on each Payment Date following a
demand from the Liquidity Facility Provider for:
(a) the costs, charges and expenses of the
Liquidity Facility Provider in connection
with any consent, approval, exercise or
non-exercise of rights (including, without
limitation, in connection with the
contemplated or actual enforcement or
preservation of any rights under any
Transaction Document), waiver, variation,
release or discharge in relation to any
Transaction Document;
(b) Taxes (excluding any Taxes on the overall
net income of the Liquidity Facility
Provider) and fees (including, without
limitation, registration fees) and fines and
penalties in respect of these (except where
any such amount is incurred as a result of
an act or omission of the Liquidity Facility
Provider), which may be payable or
determined to be payable in connection with
any Transaction Document or a payment or
receipt or any
22
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other transaction contemplated by any
Transaction Document; and
(c) costs, charges and expenses of the Liquidity
Facility Provider in connection with any
enquiry by any authority involving the
Issuer Trustee, any Secured Creditor or any
of their Related Entities.
22.2 The Issuer Trustee will indemnify the Liquidity
Facility Provider against any liability or loss
arising from, and any costs, charges and expenses
incurred in connection with:
(a) an Event of Default in respect of the Trust
or any Liquidity Event of Default;
(b) a proposed Liquidity Drawing not being made
available in accordance with the relevant
Drawdown Notice for any reason;
(c) any payment required to be made under any
Transaction Document not being made on its
due date in accordance with that document;
(d) the Liquidity Facility Provider acting in
connection with a Transaction Document in
good faith on facsimile or telephone
instructions purporting to originate from
the offices of the Issuer Trustee including,
without limitation, liability, loss, costs,
charges or expenses on account of funds
borrowed, contracted for or used to fund any
amount payable under the Transaction
Document and including, in each case (but
without limitation), legal costs and
expenses on a full indemnity basis or
solicitor and own client basis, whichever is
the higher; or
(e) a breach by the Issuer Trustee of any
representation and warranty contained in
clause 13 of this agreement or of any of its
obligations under this agreement.
22.3 The Issuer Trustee agrees to pay to the Liquidity
Facility Provider an amount equal to any liability,
loss, cost, charge or expense of the kind referred to
in clause 22.2 suffered or incurred by any employee,
officer, agent or contractor of the Liquidity
Facility Provider.
22.4 The obligation of the Issuer Trustee under this
clause shall:
(a) be payable solely to the extent that funds
are available for that purpose under the
Supplemental Deed; and
(b) survive any termination of this agreement.
22.5 The indemnities in clauses 22.1, 22.2 and 22.3 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 Liquidity Facility Provider.
23
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22.6 If the Liquidity Facility Provider 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 Trustee would be
required to indemnify it under clauses 22.1, 22.2 or
22.3, the Liquidity Facility Provider will notify the
Issuer Trustee of that act, matter or thing giving
such details as it is practicable to give as soon as
it is reasonably practicable and in any event within
5 Business Days of it coming to its attention,
provided that failure to do so will not result in any
loss or reduction in the indemnity contained in
clauses 22.1, 22.2 or 22.3 unless the Issuer Trustee
has been prejudiced in any material respect by such
failure.
23 LIQUIDITY FACILITY PROVIDER TERMINATION DATE
--------------------------------------------------------------------------------
23.1 Subject to clause 23.2, the Global Trust Manager may
by giving not less than 5 Business Days notice to the
Liquidity Facility Provider and the Issuer Trustee,
declare a Payment Date as the date upon which:
(a) the Liquidity Facility Provider will be
replaced by a substitute Liquidity Facility
Provider; and
(b) the Liquidity Facility will terminate.
23.2 On or before the declaration of the Payment Date by
the Global Trust Manager in accordance with clause
23.1, the Global Trust Manager must obtain written
confirmation from each Current Rating Agency that the
termination of the Liquidity Facility and the
appointment of the proposed substitute Liquidity
Facility Provider on that Payment Date will not
result in an Adverse Rating Effect.
23.3 The Liquidity Facility Provider Termination Date will
be the later of:
(a) the Payment Date declared in accordance with
clause 23.1; and
(b) the date upon which the Issuer Trustee has
paid or repaid to the Liquidity Facility
Provider all Liquidity Drawings outstanding
on the Payment Date declared in accordance
with clause 23.1 together with all accrued
but unpaid interest and all other money
outstanding under this agreement.
EXECUTED as an agreement.
24
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SCHEDULE 1 DRAWDOWN NOTICE (CLAUSE 4)
--------------------------------------------------------------------------------
To: National Australia Bank Limited
[DATE]
Dear Sirs/Madams
LIQUIDITY FACILITY AGREEMENT BETWEEN PERPETUAL
TRUSTEE COMPANY LIMITED, HOMESIDE GLOBAL MBS MANAGER,
INC. AND NATIONAL AUSTRALIA BANK LIMITED DATED [#]
("LIQUIDITY FACILITY AGREEMENT")
The Issuer Trustee gives notice under clause
4.1 of the Liquidity Facility Agreement that
it wants to use the Liquidity Facility granted
in respect of the HomeSide Mortgage Securities
Trust 2001-1 ("TRUST").
The particulars of the Liquidity Drawing
required to be given under clause 4.3 of the
Liquidity Facility Agreement are as follows:
(a) the proposed Drawdown Date is [ ];
(b) the Liquidity Drawing is to be made in
respect of the Trust;
(c) the amount of the proposed Liquidity Drawing
is $[ ] and its method of calculation is
as follows:
[ ]; and
(d) the proposed Liquidity Drawing is to be paid
into the Collections Account.
A term which has a defined meaning in (or is
incorporated in) the Liquidity Facility Agreement has
the same meaning as in the Liquidity Facility
Agreement when used in this Drawdown Notice.
Yours faithfully
..................................
[name of person]
being an Authorised Person of
PERPETUAL TRUSTEE COMPANY
25
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EXECUTION PAGE
--------------------------------------------------------------------------------
SIGNED by )
as attorney for PERPETUAL TRUSTEE COMPANY LIMITED )
under power of attorney dated )
)
in the presence of: )
)
................................................ )
Signature of witness )
)
................................................ )
Name of witness (block letters) )
)
................................................ )
Address of witness ) ................................................
) By executing this agreement the attorney states
.......................................... ) that the attorney has received no notice of
Occupation of witness ) revocation of the power of attorney
)
SIGNED by )
on behalf of HOMESIDE GLOBAL MBS MANAGER, INC in )
the presence of: )
)
................................................ )
Signature of witness )
)
................................................ )
Name of witness (block letters) )
)
................................................ )
Address of witness )
)
.......................................... ) ................................................
Occupation of witness ) By executing this agreement the signatory
) states that the signatory has received no
) notice of revocation of the authority under
) which this agreement is executed
26
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SIGNED by )
as attorney for NATIONAL AUSTRALIA BANK LIMITED )
under power of attorney dated )
)
in the presence of: )
)
................................................ )
Signature of witness )
)
................................................ )
Name of witness (block letters) )
)
................................................ )
Address of witness ) ................................................
) By executing this agreement the attorney states
.......................................... ) that the attorney has received no notice of
Occupation of witness ) revocation of the power of attorney
)