The PUMA Program is an umbrella term for a number of separate trust funds that are subject to the Trust Deed that are used for the securitisation of Australian residential housing loans. There are two classes of trust funds which may be created under the Trust Deed – warehouse funds and sub-funds. A warehouse fund may be used to originate housing loans in preparation for the securitisation of those housing loans in the future and currently there is one such warehouse fund, which is funded by Macquarie Bank. The purpose of a sub-fund is to issue debt instruments in the form of RMBS and to use the proceeds from the issuance of the notes to acquire housing loans. Each warehouse fund and sub-fund is a separate and independent trust within the PUMA Program and the assets and liabilities of each fund are segregated from those of any other PUMA warehouse fund or sub-fund. Multiple classes of notes may be issued by each sub-fund that differ amongst themselves as to, among other things, currency of denomination and payment, priority of repayment and credit risk.