Document:

Exhibit
4.4

     

    Series
[*] WST Trust Security

    Trust
Deed

     

    [Westpac
Securities Administration Limited]

    (Chargor)

     

    [BNY
Trust (Australia) Registry Limited]

    (Security
Trustee)

     

    Westpac
Securitisation Management Pty Limited

    (Trust
Manager)

     

    [tba]

    (Note
Trustee)

    

    Allens
Arthur Robinson

    Level
28

    Deutsche
Bank Place

    Corner
Hunter and Phillip Streets

    Sydney  NSW  2000  Australia

    Tel  +61
2 9230 4000

    Fax  +61
2 9230 5333

    www.aar.com.au

     

    ©
Copyright Allens Arthur Robinson, Australia 2010

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

      

    

    
    

    Table
of Contents

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  1.

                                	Definitions
      and interpretation	
                                  2

                                
	 
      	
                                  1.1

                                	
                                  Definitions

                                	
                                  2

                                
	 
      	
                                  1.2

                                	
                                  Master
      Trust Deed definitions and Transaction Document amendments

                                	
                                  5

                                
	 
      	
                                  1.3

                                	
                                  Interpretation

                                	
                                  5

                                
	 
      	
                                  1.4

                                	
                                  Determination,
      statement and certificate sufficient evidence

                                	
                                  6

                                
	 
      	
                                  1.5

                                	
                                  Document
      or agreement

                                	
                                  6

                                
	 
      	
                                  1.6

                                	
                                  Rights
      and obligations of Mortgagees

                                	
                                  6

                                
	 
      	
                                  1.7

                                	
                                  Transaction
      Document

                                	
                                  6

                                
	 
      	
                                  1.8

                                	
                                  Chargor
      as trustee

                                	
                                  6

                                
	 
      	
                                  1.9

                                	
                                  Knowledge
      of Chargor

                                	
                                  7

                                
	 
      	
                                  1.10

                                	
                                  Knowledge
      of Security Trustee

                                	
                                  7

                                
	 
      	 
      	 
      	 
      
	
                                  2.

                                	Appointment
      of Security Trustee	
                                  7

                                
	 
      	
                                  2.1

                                	
                                  The
      Security Trustee

                                	
                                  7

                                
	 
      	
                                  2.2

                                	
                                  Resolution
      of Conflicts

                                	
                                  7

                                
	 
      	
                                  2.3

                                	
                                  Duration
      of Trust

                                	
                                  8

                                
	 
      	
                                  2.4

                                	
                                  Covenant

                                	
                                  8

                                
	 
      	 
      	 
      	 
      
	
                                  3.

                                	Charge	
                                  8

                                
	 
      	
                                  3.1

                                	
                                  Charge

                                	
                                  8

                                
	 
      	
                                  3.2

                                	
                                  Security

                                	
                                  8

                                
	 
      	
                                  3.3

                                	
                                  Prospective
      liability

                                	
                                  8

                                
	 
      	 
      	 
      	 
      
	
                                  4.

                                	Nature
      of charge	
                                  8

                                
	 
      	
                                  4.1

                                	
                                  Priority

                                	
                                  8

                                
	 
      	
                                  4.2

                                	
                                  Nature
      of Charge

                                	
                                  8

                                
	 
      	
                                  4.3

                                	
                                  Dealing
      with Mortgaged Property

                                	
                                  8

                                
	 
      	
                                  4.4

                                	
                                  Crystallisation

                                	
                                  9

                                
	 
      	
                                  4.5

                                	
                                  De-crystallisation

                                	
                                  10

                                
	 
      	 
      	 
      	 
      
	
                                  5.

                                	Covenants
      and warranties	
                                  10

                                
	 
      	
                                  5.1

                                	
                                  Covenants

                                	
                                  10

                                
	 
      	
                                  5.2

                                	
                                  Negative
      covenants

                                	
                                  11

                                
	 
      	
                                  5.3

                                	
                                  Representations
      and Warranties

                                	
                                  12

                                
	 
      	
                                  5.4

                                	
                                  Trust
      Manager's undertakings

                                	
                                  12

                                
	 
      	 
      	 
      	 
      
	
                                  6.

                                	Further
      assurances	
                                  13

                                
	 
      	
                                  6.1

                                	
                                  Further
      assurances

                                	
                                  13

                                
	 
      	 
      	 
      	 
      
	
                                  7.

                                	Note
      Trustee	
                                  13

                                
	 
      	
                                  7.1

                                	
                                  Capacity

                                	
                                  13

                                
	 
      	
                                  7.2

                                	
                                  Exercise
      of rights

                                	
                                  13

                                
	 
      	
                                  7.3

                                	
                                  Instructions
      or directions

                                	
                                  13

                                
	 
      	
                                  7.4

                                	
                                  Payments

                                	
                                  14

                                
	 
      	
                                  7.5

                                	
                                  Notices

                                	
                                  14

                                
	 
      	 
      	 
      	 
      
	
                                  8.

                                	Events
      of Default	
                                  14

                                
	 
      	
                                  8.1

                                	
                                  Events
      of Default

                                	
                                  14

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        Page
(i)

        
          

        

      

      
         

      

    

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        8.2

                                      	
                                        Rights
      of the Security Trustee upon Event of Default

                                      	
                                        15

                                      
	 
      	
                                        8.3

                                      	
                                        Notify
      Events of Default

                                      	
                                        16

                                      
	 
      	 
      	 
      	 
      
	
                                        9.

                                      	Enforcement	
                                        16

                                      
	 
      	
                                        9.1

                                      	
                                        Power
      to enforce

                                      	
                                        16

                                      
	 
      	
                                        9.2

                                      	
                                        No
      obligation to enforce

                                      	
                                        16

                                      
	 
      	
                                        9.3

                                      	
                                        Obligation
      to convene meeting

                                      	
                                        16

                                      
	 
      	
                                        9.4

                                      	
                                        Security
      Trustee to act in accordance with directions

                                      	
                                        16

                                      
	 
      	
                                        9.5

                                      	
                                        Security
      Trustee must receive indemnity

                                      	
                                        17

                                      
	 
      	
                                        9.6

                                      	
                                        Limitation
      on rights of Mortgagees

                                      	
                                        18

                                      
	 
      	
                                        9.7

                                      	
                                        Immaterial
      waivers

                                      	
                                        18

                                      
	 
      	
                                        9.8

                                      	
                                        Acts
      pursuant to resolutions

                                      	
                                        18

                                      
	 
      	
                                        9.9

                                      	
                                        Overriding
      provision

                                      	
                                        19

                                      
	 
      	 
      	 
      	 
      
	
                                        10.

                                      	Appointment
      of Receiver	
                                        19

                                      
	 
      	
                                        10.1

                                      	
                                        Appointment

                                      	
                                        19

                                      
	 
      	
                                        10.2

                                      	
                                        Agent
      of Chargor

                                      	
                                        19

                                      
	 
      	
                                        10.3

                                      	
                                        Receiver's
      powers

                                      	
                                        19

                                      
	 
      	
                                        10.4

                                      	
                                        Receiver
      appointed after commencement of winding up

                                      	
                                        22

                                      
	 
      	
                                        10.5

                                      	
                                        Powers
      exercisable by the Security Trustee

                                      	
                                        22

                                      
	 
      	
                                        10.6

                                      	
                                        Withdrawal

                                      	
                                        22

                                      
	 
      	 
      	 
      	 
      
	
                                        11.

                                      	Remuneration
      of Security Trustee	
                                        22

                                      
	 
      	
                                        11.1

                                      	
                                        Costs

                                      	
                                        22

                                      
	 
      	
                                        11.2

                                      	
                                        Fee

                                      	
                                        22

                                      
	 
      	
                                        11.3

                                      	
                                        Cessation
      of Fee

                                      	
                                        23

                                      
	 
      	 
      	 
      	 
      
	
                                        12.

                                      	Power
      of Attorney	
                                        23

                                      
	 
      	 
      	 
      	 
      
	
                                        13.

                                      	Completion
      of blank securities	
                                        23

                                      
	 
      	 
      	 
      	 
      
	
                                        14.

                                      	Performance
      of Chargor's obligations	
                                        23

                                      
	 
      	 
      	 
      	 
      
	
                                        15.

                                      	Statutory
      powers	
                                        24

                                      
	 
      	
                                        15.1

                                      	
                                        Powers
      in augmentation

                                      	
                                        24

                                      
	 
      	
                                        15.2

                                      	
                                        Notice
      not required

                                      	
                                        24

                                      
	 
      	 
      	 
      	 
      
	
                                        16.

                                      	Application
      of moneys received	
                                        24

                                      
	 
      	
                                        16.1

                                      	
                                        Priorities

                                      	
                                        24

                                      
	 
      	
                                        16.2

                                      	
                                        Moneys
      actually received

                                      	
                                        26

                                      
	 
      	
                                        16.3

                                      	
                                        Amounts
      contingently due

                                      	
                                        26

                                      
	 
      	
                                        16.4

                                      	
                                        Notice
      of subsequent Security Interests

                                      	
                                        26

                                      
	 
      	
                                        16.5

                                      	
                                        Satisfaction
      of debts

                                      	
                                        27

                                      
	 
      	
                                        16.6

                                      	
                                        Payments
      into US$ Account

                                      	
                                        27

                                      
	 
      	
                                        16.7

                                      	
                                        Payments
      out of US$ Account

                                      	
                                        27

                                      
	 
      	
                                        16.8

                                      	
                                        Excluded
      amounts

                                      	
                                        27

                                      
	 
      	 
      	 
      	 
      
	
                                        17.

                                      	Other
      Security Interests over Mortgaged Property	
                                        28

                                      
	 
      	 
      	 
      	 
      
	
                                        18.

                                      	Protection
      of Mortgagees, Receiver and Attorney	
                                        28

                                      
	 
      	 
      	 
      	 
      
	
                                        19.

                                      	Protection
      of third parties	
                                        28

                                      
	 
      	
                                        19.1

                                      	
                                        No
      enquiry

                                      	
                                        28

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        Page
(ii)

        
          

        

      

      
         

      

    

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

           

        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	 
      	
                                                        19.2

                                                      	
                                                        Receipt

                                                      	
                                                        29

                                                      
	 
      	 
      	 
      	 
      
	
                                                        20.

                                                      	Expenses,
      indemnity	
                                                        29

                                                      
	 
      	
                                                        20.1

                                                      	
                                                        Expenses

                                                      	
                                                        29

                                                      
	 
      	
                                                        20.2

                                                      	
                                                        Indemnity

                                                      	
                                                        30

                                                      
	 
      	 
      	 
      	 
      
	
                                                        21.

                                                      	Currency
      indemnity	
                                                        30

                                                      
	 
      	 
      	 
      	 
      
	
                                                        22.

                                                      	Stamp
      duties	
                                                        30

                                                      
	 
      	 
      	 
      	 
      
	
                                                        23.

                                                      	Interest
      on overdue amounts	
                                                        31

                                                      
	 
      	
                                                        23.1

                                                      	
                                                        Accrual

                                                      	
                                                        31

                                                      
	 
      	
                                                        23.2

                                                      	
                                                        Payment

                                                      	
                                                        31

                                                      
	 
      	
                                                        23.3

                                                      	
                                                        Rate

                                                      	
                                                        31

                                                      
	 
      	 
      	 
      	 
      
	
                                                        24.

                                                      	Certificate
      as to amount of Secured Moneys, etc.	
                                                        31

                                                      
	 
      	 
      	 
      	 
      
	
                                                        25.

                                                      	Survival
      of representations	
                                                        31

                                                      
	 
      	 
      	 
      	 
      
	
                                                        26.

                                                      	Indemnity
      and reimbursement obligations	
                                                        32

                                                      
	 
      	 
      	 
      	 
      
	
                                                        27.

                                                      	Continuing
      security	
                                                        32

                                                      
	 
      	 
      	 
      	 
      
	
                                                        28.

                                                      	Other
      securities	
                                                        32

                                                      
	 
      	 
      	 
      	 
      
	
                                                        29.

                                                      	Discharge
      of the Charge	
                                                        32

                                                      
	 
      	
                                                        29.1

                                                      	
                                                        Release

                                                      	
                                                        32

                                                      
	 
      	
                                                        29.2

                                                      	
                                                        Contingent
      liabilities

                                                      	
                                                        32

                                                      
	 
      	
                                                        29.3

                                                      	
                                                        Charge
      reinstated

                                                      	
                                                        33

                                                      
	 
      	 
      	 
      	 
      
	
                                                        30.

                                                      	Amendment	
                                                        33

                                                      
	 
      	
                                                        30.1

                                                      	
                                                        Approval
      of Trust Manager

                                                      	
                                                        33

                                                      
	 
      	
                                                        30.2

                                                      	
                                                        Extraordinary
      Resolution of Voting Mortgagees

                                                      	
                                                        34

                                                      
	 
      	
                                                        30.3

                                                      	
                                                        Distribution
      of amendments

                                                      	
                                                        34

                                                      
	 
      	 
      	 
      	 
      
	
                                                        31.

                                                      	Limited
      recourse	
                                                        34

                                                      
	 
      	
                                                        31.1

                                                      	
                                                        General

                                                      	
                                                        34

                                                      
	 
      	
                                                        31.2

                                                      	
                                                        Liability
      of Chargor limited to its right to indemnity

                                                      	
                                                        34

                                                      
	 
      	
                                                        31.3

                                                      	
                                                        Rights
      against Mortgaged Property preserved

                                                      	
                                                        35

                                                      
	 
      	
                                                        31.4

                                                      	
                                                        Unrestricted
      remedies

                                                      	
                                                        35

                                                      
	 
      	
                                                        31.5

                                                      	
                                                        Restricted
      remedies

                                                      	
                                                        35

                                                      
	 
      	 
      	 
      	 
      
	
                                                        32.

                                                      	Waivers,
      remedies cumulative	
                                                        36

                                                      
	 
      	 
      	 
      	 
      
	
                                                        33.

                                                      	Consents
      and opinion	
                                                        36

                                                      
	 
      	 
      	 
      	 
      
	
                                                        34.

                                                      	Severability
      of provisions	
                                                        36

                                                      
	 
      	 
      	 
      	 
      
	
                                                        35.

                                                      	Moratorium
      legislation	
                                                        37

                                                      
	 
      	 
      	 
      	 
      
	
                                                        36.

                                                      	Assignments	
                                                        37

                                                      
	 
      	 
      	 
      	 
      
	
                                                        37.

                                                      	Notices	
                                                        37

                                                      
	 
      	 
      	 
      	 
      
	
                                                        38.

                                                      	Relationship
      of Mortgagees to Security Trustee	
                                                        38

                                                      
	 
      	
                                                        38.1

                                                      	
                                                        Instructions;
      extent of discretion

                                                      	
                                                        38

                                                      
	 
      	
                                                        38.2

                                                      	
                                                        No
      obligation to investigate authority

                                                      	
                                                        38

                                                      
	 
      	
                                                        38.3

                                                      	
                                                        Delegation

                                                      	
                                                        38

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        Page
(iii)

        
          

        

      

      
         

      

    

    
       

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

      
      

    

    
      
        
          
            
              
                
                  
                    
                      
                         

                        
                          	 
      	
                                  38.4

                                	
                                  Reliance
      on documents and experts

                                	
                                  38

                                
	 
      	
                                  38.5

                                	
                                  Notice
      of transfer

                                	
                                  39

                                
	 
      	
                                  38.6

                                	
                                  Notice
      of default

                                	
                                  39

                                
	 
      	
                                  38.7

                                	
                                  Security
      Trustee as Mortgagee

                                	
                                  39

                                
	 
      	
                                  38.8

                                	
                                  Indemnity
      to Security Trustee

                                	
                                  39

                                
	 
      	
                                  38.9

                                	
                                  Independent
      investigation

                                	
                                  40

                                
	 
      	
                                  38.10

                                	
                                  No
      monitoring

                                	
                                  41

                                
	 
      	
                                  38.11

                                	
                                  Information

                                	
                                  41

                                
	 
      	
                                  38.12

                                	
                                  Conflicts

                                	
                                  41

                                
	 
      	
                                  38.13

                                	
                                  No
      Liability

                                	
                                  42

                                
	 
      	
                                  38.14

                                	
                                  Security
      Trustee liability

                                	
                                  42

                                
	 
      	 
      	 
      	 
      
	
                                  39.

                                	Retirement
      and removal of Security Trustee	
                                  44

                                
	 
      	
                                  39.1

                                	
                                  Retirement

                                	
                                  44

                                
	 
      	
                                  39.2

                                	
                                  Removal

                                	
                                  44

                                
	 
      	
                                  39.3

                                	
                                  Replacement

                                	
                                  45

                                
	 
      	 
      	 
      	 
      
	
                                  40.

                                	Meetings
      of Mortgagees	
                                  45

                                
	 
      	
                                  40.1

                                	
                                  Limitation
      on Security Trustee's powers

                                	
                                  45

                                
	 
      	
                                  40.2

                                	
                                  Convening
      of meetings

                                	
                                  45

                                
	 
      	
                                  40.3

                                	
                                  Notice
      of meetings

                                	
                                  46

                                
	 
      	
                                  40.4

                                	
                                  Chairman

                                	
                                  46

                                
	 
      	
                                  40.5

                                	
                                  Quorum

                                	
                                  47

                                
	 
      	
                                  40.6

                                	
                                  Adjournment

                                	
                                  47

                                
	 
      	
                                  40.7

                                	
                                  Voting
      procedure

                                	
                                  47

                                
	 
      	
                                  40.8

                                	
                                  Right
      to attend and speak

                                	
                                  48

                                
	 
      	
                                  40.9

                                	
                                  Appointment
      of Proxies

                                	
                                  48

                                
	 
      	
                                  40.10

                                	
                                  Corporate
      Representatives

                                	
                                  49

                                
	 
      	
                                  40.11

                                	
                                  Rights
      of Representatives

                                	
                                  49

                                
	 
      	
                                  40.12

                                	
                                  Extraordinary
      Resolutions

                                	
                                  49

                                
	 
      	
                                  40.13

                                	
                                  Extraordinary
      Resolution binding on Mortgagees

                                	
                                  50

                                
	 
      	
                                  40.14

                                	
                                  Minutes
      and records

                                	
                                  51

                                
	 
      	
                                  40.15

                                	
                                  Written
      resolutions

                                	
                                  51

                                
	 
      	
                                  40.16

                                	
                                  Further
      procedures for meetings

                                	
                                  51

                                
	 
      	
                                  40.17

                                	
                                  Noteholder
      Mortgagees’ rights

                                	
                                  51

                                
	 
      	 
      	 
      	 
      
	
                                  41.

                                	Authorised
      Signatories	
                                  53

                                
	 
      	 
      	 
      	 
      
	
                                  42.

                                	Governing
      law and jurisdiction	
                                  53

                                
	 
      	 
      	 
      	 
      
	
                                  43.

                                	Counterparts	
                                  53

                                
	 
      	 
      	 
      	 
      
	
                                  44.

                                	Set-off	
                                  53

                                
	 
      	 
      	 
      	 
      
	
                                  45.

                                	Acknowledgement
      by Chargor	
                                  53

                                
	 
      	 
      	 
      	 
      
	
                                  46.

                                	Information
      memorandum	
                                  53

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        Page
(iv)

        
          

        

      

      
         

      

    

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        	
                                                                                Date

                                                                              	
                                                                                 
      

                                                                              
	 
      	 
      
	
                                                                                Parties
      

                                                                              	 
      
	 	 
	
                                                                                1.    
      

                                                                              	
                                                                                
                                                                                  [Westpac Securities
      Administration Limited] (ABN [77 000 049 472]) of
      [Level 20, 275 Kent Street, Sydney, 2000, New South Wales], in its
      capacity as trustee of the Series [*] WST Trust (the Chargor);

                                                                                

                                                                              
	 	 
	
                                                                                2.    
      

                                                                              	
                                                                                
                                                                                  [BNY Trust (Australia) Registry
      Limited] (ABN [88 000 334 636]) of [Level 4, 35
      Clarence Street, Sydney, New South Wales] (the Security
      Trustee, which expression includes its successor for the time being
      as security trustee under this deed);

                                                                                

                                                                              
	 	 
	
                                                                                3.    
      

                                                                              	
                                                                                
                                                                                  Westpac Securitisation
      Management Pty Limited (ABN 73 081 709 211) of Level
      20, 275 Kent Street, Sydney, 2000, New South Wales (the Trust
      Manager); and

                                                                                

                                                                              
	 	 
	
                                                                                4.    
      

                                                                              	
                                                                                [tba]
      (the Note
      Trustee, which expression shall, wherever the context requires,
      include any other person or company for the time being a note trustee
      under the Note Trust Deed).

                                                                              
	 	 
	
                                                                                Recitals

                                                                              	 
      
	 	 
	
                                                                                A    
      

                                                                              	
                                                                                

                                                                                  The
      Chargor is the trustee, and the Trust Manager is the manager, of the
      Trust.

                                                                                

                                                                              
	 	 
	
                                                                                B    
      

                                                                              	
                                                                                Under
      the terms of the Master Trust Deed, the Chargor is authorised to enter
      into this deed to charge the Trust Assets to secure the due and punctual
      performance of the obligations of the Chargor under
      the Transaction Documents and the payment in full of the Secured Moneys to
      the Mortgagees.

                                                                              
	 	 
	
                                                                                C    
      

                                                                              	
                                                                                The
      Security Trustee enters into this deed as Mortgagee and as trustee for
      each other Mortgagee.

                                                                              
	 	 
	
                                                                                D    
      

                                                                              	
                                                                                The
      Note Trustee enters into this deed for itself and as trustee for and on
      behalf of each US$
Noteholder.

                                                                              

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    IT
IS AGREED as follows.

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          	
                  1.

                	
                  Definitions
      and interpretation

                

        

      

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    The
following definitions apply unless the context requires otherwise.

     

    Attorney
means any attorney appointed under this deed or any Collateral
Security.

     

    Charge
means the charge created by this deed.

     

    Charge Release
Date means, subject to clause 29.3, the date the Security Trustee
discharges the Charge and this deed under clause 29.1.

     

    Chargor's
Indemnity means:

     

    
      	
               
      

            	
              (a)

            	
              the
      Chargor's right of indemnity from the Trust Assets in respect of
      liabilities incurred by the Chargor acting in its capacity as Trustee of
      the Trust; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      equitable liens and other Security Interests which the Chargor has over
      the Trust Assets.

            

    

     

    Collateral
Security means any Security Interest, Guarantee or other document or
agreement at any time created or entered into in favour of the Security Trustee
as security for any Secured Moneys.

     

    Dealer
Agreement means the agreement so entitled dated on or about the date of
this deed in relation to the Trust between, among others, the Chargor, the Trust
Manager and Westpac .

     

    Event of
Default means any of the events specified in clause 8.

     

    Extraordinary
Resolution in relation to the Voting Mortgagees (or, where relevant, a
class of Mortgagees) means:

     

    
      	
               
      

            	
              (a)

            	
              a
      resolution passed at a meeting of the Voting Mortgagees or that class of
      Mortgagees (as the case may be) duly convened and held in accordance with
      the provisions contained in this deed by a majority consisting of not less
      than three quarters of the votes capable of being cast at that meeting by
      Voting Mortgagees or that class of Mortgagees (as the case may be) present
      in person or by proxy; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      resolution in writing pursuant to clause 40.15 signed by all the Voting
      Mortgagees or that class of Mortgagees (as the case may be) (and, in the
      case of a class of Mortgagees, as if a reference to "Voting Mortgagees"
      was a reference to Mortgagees of that
class).

            

    

     

    Guarantee
means any guarantee, indemnity, letter of credit, legally binding letter of
comfort or suretyship, or any other obligation or irrevocable offer (whatever
called and of whatever nature):

     

    
      	
               
      

            	
              (a)

            	
              to
      pay or to purchase;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      provide funds (whether by the advance of money, the purchase of or
      subscription for shares or other securities, the purchase of assets,
      rights or services, or otherwise) for the payment or discharge
      of;

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      indemnify against the consequences of default in the payment of;
      or

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      be responsible otherwise for,

            

    

     

    an
obligation or indebtedness of another person, a dividend, distribution, capital
or premium on shares, stock or other interests, or the insolvency or financial
condition of another person.

    
      
         

      

      
        Page
2

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    Liquidation
includes receivership, compromise, arrangement, amalgamation, administration,
reconstruction, winding up, dissolution, assignment for the benefit of
creditors, bankruptcy or death.

     

    Master Trust
Deed means the Master Trust Deed for the WST Trusts dated 14 February
1997 initially between The Mortgage Company Pty Limited and Westpac Securities
Administration Limited as adopted by the Chargor.

     

    Mortgaged
Property means the property mortgaged or charged by this deed or any
Collateral Security.

     

    Mortgagee
means:

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Trustee in relation to its rights (held in its own right or for
      the benefit of other Mortgagees) under this
  deed;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      US$ Noteholder, in relation to its rights under the Notes held by
      it;

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      Registered Noteholder, in relation to its rights under the Notes held by
      it;

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      Approved Seller in relation to any relevant Accrued Interest
      Adjustment;

            

    

     

    
      	
               
      

            	
              (e)

            	
              Westpac
      in relation to any unreimbursed
Redraws;

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      Trust Manager in relation to its rights as Trust Manager under the
      Transaction Documents;

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Servicer in relation to its rights as Servicer under the Transaction
      Documents;

            

    

     

    
      	
               
      

            	
              (h)

            	
              any
      Support Facility Provider in relation to its rights under each Support
      Facility for the Trust (other than a Mortgage Insurance Policy) to which
      it is a party;

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Note Trustee in relation to its rights (held on its own right or for the
      benefit of any US$ Noteholders) under the Transaction Documents;
      or

            

    

     

    
      	
               
      

            	
              (j)

            	
              each
      Note Party in relation to its rights under the Transaction
      Documents.

            

    

     

    Note has
the meaning given in the Series Notice.

     

    Note
Trustee means Deutsche Bank Trust Company Americas, in its own capacity
and as trustee for and on behalf of the US$ Noteholders from time to
time.

     

    Noteholder
Mortgagees means, together:

     

    
      	
               
      

            	
              (a)

            	
              the
      Note Trustee for and on behalf of the US$ Noteholders;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      Registered Noteholder.

            

    

     

    Notice of
Creation of Trust means the Notice of Creation
of Trust dated on or about [*] issued under the
Master Trust Deed in relation to the Trust.

     

    Power
means a power, right, authority, discretion or remedy which is conferred on the
Security Trustee, a Mortgagee or a Receiver or Attorney:

     

    
      	
               
      

            	
              (a)

            	
              by
      this deed or any Collateral Security;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              by
      law in relation to this deed or any Collateral
  Security.

            

    

     

    Receiver
means a receiver or receiver and manager appointed under this deed or any
Collateral Security.

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    Registration
Statement means the registration statement for the registration of the
US$ Notes on Form S-3 (No. 333-32944) prepared by the Trust Manager in
conformity with the requirements of the Securities Act of 1933 (as amended) (the
Securities
Act) and the rules and regulations of the United States Securities and
Exchange Commission (the Commission),
filed with the Commission under the Securities Act and effective under the
Securities Act.

     

    Relevant
Trust means a trust other than the Trust, constituted in accordance with
the Master Trust Deed, of which the Chargor is a trustee.

     

    Representative
means:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of a US$ Noteholder, the Note Trustee (as its
      representative);

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of any other Mortgagee, a person who is appointed as a proxy for
      that Mortgagee pursuant to clause
      40.9; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              without
      limiting the generality of paragraph (a), in the case of a Voting
      Mortgagee which is a body corporate, a person who is appointed pursuant to
      clause 40.10 by that Mortgagee.

            

    

     

    Secured Moneys
means all money which the Chargor (whether alone or with another person)
is or at any time may become actually or contingently liable to pay to or for
the account of any Mortgagee (whether alone or with another person) for any
reason whatever under or in connection with a Transaction Document.

     

    It
includes money by way of principal, interest, fees, costs, indemnities,
Guarantee, charges, duties or expenses, or payment of liquidated or unliquidated
damages under or in connection with a Transaction Document, or as a result of
any breach of or default under or in connection with, a Transaction
Document.

     

    Where the
Chargor would have been liable but for its Liquidation, it will be taken still
to be liable.

     

    Security Trust
means the trust constituted under clause 2.1.

     

    Series
Notice means the Series [*] WST Trust Series Notice made or to be made
between, among others, the Chargor, the Trust Manager, the Note Trustee and the
Security Trustee.

     

    Servicing
Agreement means the agreement so entitled dated 12 March 2002 (as
amended) between, among others, the Chargor and Westpac.

     

    Settlor
means [*].

     

    Trust
means the trust known as the Series [*] WST Trust established under the Notice
of Creation of Trust, the Master Trust Deed and the Series Notice.

     

    Trust
Assets means the Assets of the Trust, including the rights of the Chargor
under the Transaction Documents in respect of the Trust and under the Collection
Account and the US$ Account.

     

    Trust Fund
means each amount held by the Security Trustee under clause 2.1 of this
deed together with any other property and benefits which the Security Trustee
receives, has vested in it or otherwise acquires to hold on the trust
established under this deed including, without limitation, all the right, title
and interest of the Security Trustee in connection with the Charge and any
property which represents the proceeds of sale of any such property or proceeds
of enforcement of the Charge.

    
      
         

      

      
        Page
4

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    Vesting
Date means the day preceding the earliest of:

     

    
      	
               
      

            	
              (a)

            	
              the
      80th anniversary of the date of this deed;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      day after the Charge Release Date.

            

    

     

    Voting
Mortgagee means:

     

    
      	
               
      

            	
              (a)

            	
              for
      so long as the Secured Moneys of the Class A Noteholders and the Class B
      Noteholders are 75% or more of total Secured Moneys, the Noteholder
      Mortgagees alone; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              at
      any other time (subject to clause
40.17):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Note Trustee, acting on behalf of the US$ Noteholders under the Note Trust
      Deed and clause 7; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      other Mortgagee (other than a US$
Noteholder).

            

    

     

    
      	
              1.2

            	
              Master
      Trust Deed definitions and Transaction Document
  amendments

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), words and expressions which are defined in the Master
      Trust Deed (as amended by the Series Notice) and the Series Notice
      (including in each case by reference to another agreement) have the same
      meanings when used in this deed unless the context otherwise requires or
      unless otherwise defined in this
deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Words
      and expressions which are defined in both the Master Trust Deed and the
      Series Notice have the meanings given to them in the Series
      Notice.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Subject
      to clause 30, no change to the meaning of a defined term in the Master
      Trust Deed, the Series Notice or any other Transaction Document (including
      a change which affects the order or amount any payment to be made under
      the Series Notice) after the date of this deed will be effective to change
      the meaning of terms used in this deed unless
  made:

            

    

     

    
      	
               
      

            	
              (i)

            	
              under
      clause 36.1(a), (b) or (c) of the Master Trust Deed;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      the prior written consent of the Security
  Trustee.

            

    

     

    
      	
              1.3

            	
              Interpretation

            

    

     

    Clause
1.2 of the Master Trust Deed applies to this deed as if set out in full
and:

     

    
      	
               
      

            	
              (a)

            	
              a
      reference to an asset
      includes any real or personal, present or future, tangible or intangible
      property or asset and any right, interest, revenue or benefit in, under or
      derived from the property or asset;

            

    

     

    
      	
               
      

            	
              (b)

            	
              an
      Event of Default subsists
      until it has been waived in writing by the Security
    Trustee;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      reference to an amount for which a person is contingently
      liable includes an amount which that person may become actually or
      contingently liable to pay if a contingency occurs, whether or not that
      liability will actually arise; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              [wilful
      default means, in respect of the Security Trustee, any wilful
      failure to comply with or wilful breach of any of its obligations under
      this deed, other than a wilful failure or wilful breach
    which:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is
      in accordance with a lawful court order or direction or otherwise required
      by law; or

            

    

    
      
         

      

      
        Page
5

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (ii)

            	
              is
      in accordance with an instruction or direction from the Note Trustee or
      the Voting Mortgagees.]

            

    

     

    
      	
              1.4

            	
              Determination,
      statement and certificate sufficient
evidence

            

    

     

    Except
where otherwise provided in this deed any determination, statement or
certificate by the Security Trustee or an Authorised Signatory of the Security
Trustee provided for in this deed is sufficient evidence of each thing
determined, stated or certified until proven wrong.

     

    
      	
              1.5

            	
              Document
      or agreement

            

    

     

    A
reference to:

     

    
      	
               
      

            	
              (a)

            	
              an
      agreement
      includes a Security Interest, Guarantee, undertaking, deed,
      agreement or legally enforceable arrangement whether or not in
      writing;  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      document
      includes an agreement (as so defined) in writing or a certificate,
      notice, instrument or document.

            

    

     

    A
reference to a specific agreement or document includes it as amended, novated,
supplemented or replaced from time to time, except to the extent prohibited by
this deed.

     

    
      	
              1.6

            	
              Rights
      and obligations of Mortgagees

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Mortgagee is entitled to the benefit of the obligations (including
      warranties) of each of the Security Trustee, the Chargor and any other
      person under this deed and any Collateral
  Security.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to clause 9.4(d) and clause 9.5, no Mortgagee is entitled to enforce this
      deed or any Collateral Security other than through the Security
      Trustee.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Each
      Mortgagee is bound by this deed and each Collateral
    Security.

            

    

     

    
      	
               
      

            	
              (d)

            	
              No
      Mortgagee is responsible for the obligations of the Security Trustee or
      any other Mortgagee.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      provisions of this deed are binding on the Security Trustee, the Chargor
      and the Mortgagees and all persons claiming through them,
      respectively.

            

    

     

    
      	
              1.7

            	
              Transaction
      Document

            

    

     

    This deed
is a Transaction
Document for the purposes of the Master Trust Deed.

     

    
      	
              1.8

            	
              Chargor
      as trustee

            

    

     

    In this
deed, except where provided to the contrary:

     

    
      	
               
      

            	
              (a)

            	
              a
      reference to the Chargor is a reference to the Chargor in its capacity as
      trustee of the Trust only, and in no other capacity;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      reference to the assets, business, property or undertaking of the Chargor
      is a reference to the assets, business, property or undertaking of the
      Chargor only in the capacity described in paragraph (a)
    above.

            

    

    
      
         

      

      
        Page
6

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              1.9

            	
              Knowledge
      of Chargor

            

    

     

    In
relation to the Trust, the Chargor will be considered to have knowledge or
notice of or be aware of any matter or thing if the Chargor has knowledge,
notice or awareness of that matter or thing by virtue of the actual notice or
awareness of the officers or employees of the Chargor who have day to day
responsibility for the administration of the Trust.

     

    
      	
              1.10

            	
              Knowledge
      of Security Trustee

            

    

     

    In
relation to the Security Trust, the Security Trustee will be considered to have
knowledge or notice of or be aware of any matter or thing if the Security
Trustee has knowledge, notice or awareness of that matter or thing by virtue of
the actual notice or awareness of the officers or employees of the Security
Trustee who have day to day responsibility for the administration of the
Security Trust.

    
       

      
        
          	
                  2.

                	
                  Appointment
      of Security Trustee

                

        

      

    

     

    
      	
              2.1

            	
              The
      Security Trustee

            

    

     

    The
Security Trustee:

     

    
      	
               
      

            	
              (a)

            	
              is
      appointed to act as trustee on behalf of the Mortgagees on the terms and
      conditions of this deed; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              acknowledges
      and declares that it:

            

    

     

    
      	
               
      

            	
              (i)

            	
              holds
      the sum of $10.00 received on the date of this deed from the Settlor;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              will
      hold the benefit of the Charge, the Mortgaged Property and the benefit of
      each of the Transaction Documents to which the Security Trustee is a
      party,

            

    

     

    in each
case, on trust for each Mortgagee, in accordance with the terms and conditions
of this deed.

     

    
      	
              2.2

            	
              Resolution
      of Conflicts

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to the provisions of this deed, if there is at any time a conflict between
      a duty owed by the Security Trustee to any Mortgagees or class of
      Mortgagees, and a duty owed by it to another Mortgagee or class of
      Mortgagee, the Security Trustee must give priority to the interests of the
      Noteholders (which in the case of the US$ Noteholders shall be determined
      by the Note Trustee acting on their behalf (as provided in clause
      40.17)).

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to the provisions of this deed (other than paragraph (a)), the Security
      Trustee must give priority to the interests only
  of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Class A Noteholders if, in the Security Trustee's opinion, there is a
      conflict between the interests of the Class A Noteholders and the
      interests of the Class B Noteholders or the other persons entitled to the
      benefit of the Charge; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Class B Noteholders if, in the Security Trustee's opinion, there is a
      conflict between the interests of the Class B Noteholders and the
      interests of the other persons entitled to the benefit of the Charge
      (other than Class A Noteholders).

            

    

     

    
      	
               
      

            	
              (c)

            	
              Provided
      that the Security Trustee acts in good faith, it shall not incur any
      liability to any Mortgagee for giving effect to paragraph (a) or
      (b).

            

    

    
      
         

      

      
        Page
7

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              2.3

            	
              Duration
      of Trust

            

    

     

    The Trust
established under this deed commences on the date of this deed and ends on the
Vesting Date unless determined earlier in accordance with this
deed.

     

    
      	
              2.4

            	
              Covenant

            

    

     

    The
Security Trustee covenants for the benefit of Westpac that it will comply with
clause 8.4(l)(i) of the Master Trust Deed in relation to any Receivable Security
which the Chargor or Westpac has notified to the Security Trustee is affected by
a Trust Back.  The Security Trustee shall not incur any liability to
any Mortgagee for complying with that clause.

    
       

      
        
          	
                  3.

                	
                  Charge

                

        

      

    

     

    
      	
              3.1

            	
              Charge

            

    

     

    The
Chargor charges to the Security Trustee, for the Security Trustee and as trustee
for the Mortgagees, all of the present and future Trust Assets and undertaking
of the Trust.

     

    
      	
              3.2

            	
              Security

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      security created by this deed secures the due and punctual payment of the
      Secured Moneys.

            

    

     

    
      	
               
      

            	
              (b)

            	
              This
      deed is given in consideration of the Security Trustee and the Mortgagees
      entering into the Transaction Documents and for other valuable
      consideration received.

            

    

     

    
      	
              3.3

            	
              Prospective
      liability

            

    

     

    For the
purpose of the Corporations
Act 2001 (Cth) (the Corporations
Act) the maximum prospective liability (as defined in the Corporations
Act) secured by this deed at any time is A$[5,000,000,000,000] or its equivalent
and the total amount recoverable under this deed is limited to
A$[5,000,000,000,000].

    
       

      
        
          	
                  4.

                	
                  Nature
      of charge

                

        

      

    

     

    
      	
              4.1

            	
              Priority

            

    

     

    The
Charge is a first ranking charge and takes priority over all Security Interests
that have been granted over the Mortgaged Property.

     

    
      	
              4.2

            	
              Nature
      of Charge

            

    

     

    The
Charge operates, subject to clause 4.4, as a floating charge only, over all the
Mortgaged Property.

     

    
      	
              4.3

            	
              Dealing
      with Mortgaged Property

            

    

     

    
      	
               
      

            	
              (a)

            	
              Except
      with the prior written consent of the Security Trustee and (subject to
      clause 40.17(d)) the Noteholder Mortgagees, or as expressly permitted in
      any Transaction Document, the Chargor shall not, and the Trust Manager
      shall not direct the Chargor
to:

            

    

    
      
         

      

      
        Page
8

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (i)

            	
              create
      or allow to exist any Security Interest (other than the charge created
      under this deed) over any Mortgaged Property;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      any other way:

            

    

     

    
      	
               
      

            	
              (A)

            	
              dispose
      of;

            

    

     

    
      	
               
      

            	
              (B)

            	
              create
      or allow any interest in; or

            

    

     

    
      	
               
      

            	
              (C)

            	
              part
      with possession of,

            

    

     

    any
Mortgaged Property, except, subject to the Transaction Documents, any disposal
of or dealing with any asset for the time being subject to the floating charge
created under this deed in the ordinary course of its ordinary
business.

     

    
      	
               
      

            	
              (b)

            	
              Where
      by law a Mortgagee may not restrict the creation of any Security Interest
      over an asset ranking after the Charge, paragraph (a) will not restrict
      that creation.  However, the Chargor shall ensure that before
      that Security Interest is created the holder of that Security Interest
      enters into a deed of priority in form and substance specified by the
      Security Trustee.

            

    

     

    
      	
              4.4

            	
              Crystallisation

            

    

     

    The
floating charge referred to in clause 4.2 will automatically and immediately
crystallise and operate as a fixed charge:

     

    
      	
               
      

            	
              (a)

            	
              in
      respect of any asset:

            

    

     

    
      	
               
      

            	
              (i)

            	
              upon
      notice to the Chargor from the Security Trustee (which it may only give
      following an Event of Default);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      without the prior written consent of the Security Trustee (and, subject to
      clause 40.17(d), the Noteholder Mortgagees), the
  Chargor:

            

    

     

    
      	
               
      

            	
              (A)

            	
              creates
      or allows any Security Interest (other than the charge created under this
      deed) over;

            

    

     

    
      	
               
      

            	
              (B)

            	
              sells,
      leases or otherwise disposes of;

            

    

     

    
      	
               
      

            	
              (C)

            	
              creates
      or allows any interest in; or

            

    

     

    
      	
               
      

            	
              (D)

            	
              parts
      with possession of,

            

    

     

    that
asset in breach of a Transaction Document, or agrees or attempts to do so or
takes any step towards doing so;

     

    
      	
               
      

            	
              (iii)

            	
              on
      the Commissioner of Taxation or his delegate or successor signing a notice
      under:

            

    

     

    
      	
               
      

            	
              (A)

            	
              s255
      of the Income Tax Assessment Act 1936
(Cth);

            

    

     

    
      	
               
      

            	
              (B)

            	
              [s74
      of the Sales Tax Assessment Act 1992
(Cth)];

            

    

     

    
      	
               
      

            	
              (C)

            	
              s260-5
      of Schedule 1 to the Taxation Administration Act 1953 (Cth);
      or

            

    

     

    
      	
               
      

            	
              (D)

            	
              any
      similar legislation,

            

    

     

    which
will affect that asset; or

    
      
         

      

      
        Page
9

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (iv)

            	
              on
      a Government Agency taking any step which may result in an amount of Tax
      or an amount owing to a Government Agency ranking ahead of the floating
      charge with respect to that asset;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      respect of all the Mortgaged
Property:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      an Insolvency Event occurs with respect to the Chargor;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              on
      the security constituted by this deed being enforced in any
      way.

            

    

     

    Except
where expressly stated, no notice or action by any Mortgagee is necessary for
the charge to crystallise.

     

    
      	
              4.5

            	
              De-crystallisation

            

    

     

    The
Security Trustee may at any time release any asset which has become subject to a
fixed charge under clause 4.4 from the fixed charge by notice to the
Chargor.  That asset will then again be subject to the floating charge
and to the further operation of that clause.  The Security Trustee
must notify the Trust Manager, which will notify each Designated Rating Agency
for each Class of Notes in writing of any such release.

    
       

      
        
          	
                  5.

                	
                  Covenants
      and warranties

                

        

      

    

     

    
      	
              5.1

            	
              Covenants

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor acknowledges its indebtedness to each Mortgagee in respect of the
      relevant Secured Moneys.  The Chargor shall duly and punctually
      pay the Secured Moneys.  After an Event of Default (whether or
      not it subsists) it will pay the Secured Moneys when demand is made under
      clause 8.2.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Chargor agrees to ensure that no Event of Default
      occurs.  Subject to clause 31 (Limited Recourse), the
      Chargor is not liable in damages for breach of this clause 5.1(b)
      (including where the breach is also a breach of another
      clause).  However, if the Chargor breaches this clause 5.1(b),
      the Security Trustee may exercise its rights in relation to the Mortgaged
      Property under the Transaction Documents and at law.  This does
      not limit the Chargor's other liabilities to the Security Trustee or any
      of the Security Trustee’s other rights against the Chargor or in relation
      to the Mortgaged Property (including in respect of any breach of any
      Transaction Documents that give rise to the relevant Event of
      Default).

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Chargor will ensure that it complies with its material obligations under
      the Transaction Documents.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Chargor will give to the Security Trustee or the Note Trustee a copy of
      the Register and any information relating to the Trust (of which it is
      aware or which is in its possession) that the Security Trustee or the Note
      Trustee (as the case may be) reasonably requests in connection with the
      exercise and performance of its powers and obligations under this deed,
      including without limitation:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      identity, and notice details of, each Mortgagee and Beneficiary;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Secured Moneys owing to each
Mortgagee.

            

    

    
      
         

      

      
        Page
10

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (e)

            	
              The
      Trust Manager shall cause this deed to be lodged for registration with the
      Australian Securities and Investments Commission before it issues a
      Note.

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      Trust Manager undertakes to the Chargor and the Security Trustee that it
      will take all action reasonably required in the event
  that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      Transaction Document is varied, replaced or restated;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      new Transaction Document is entered
into,

            

    

     

    after the
date of this deed, which in each case has the effect of increasing the amount of
the Secured Moneys, to make all filings required to ensure that the efficacy of
the Charge documented under this deed as security for those Secured Moneys is
maintained.

     

    
      	
               
      

            	
              (g)

            	
              The
      Chargor and the Security Trustee undertake for the benefit of the Trust
      Manager to sign all forms and do all other things that can (as a matter of
      law) only be done by a chargor or chargee (as the case may be) if
      requested in writing by the Trust Manager and to provide all other
      assistance reasonably required in writing by the Trust Manager, to ensure
      the Trust Manager can comply with its undertaking under paragraph
      (f).

            

    

     

    
      	
               
      

            	
              (h)

            	
              Any
      failure by the Trust Manager to comply with paragraph (f) will not
      constitute fraud, negligence or wilful default by the Chargor or the
      Security Trustee under any Transaction Document provided that the Chargor
      or the Security Trustee (as the case may be) has complied with its
      respective undertaking in paragraph
(g).

            

    

     

    
      	
              5.2

            	
              Negative
      covenants

            

    

     

    The
Chargor shall not do, nor shall the Trust Manager direct the Chargor to do, any
of the following without the prior written consent of the Security Trustee (and,
subject to clause 40.17(e), the Noteholder Mortgagees), unless the Trust Manager
has given a Rating Notification and except as permitted by this deed, the Master
Trust Deed or the Series Notice for the Trust:

     

    
      	
               
      

            	
              (a)

            	
              (no Financial
      Indebtedness): create, incur, assume, permit or suffer to exist any
      Financial Indebtedness except for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Notes;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Financial
      Indebtedness arising under the Transaction Documents in relation to the
      Trust (including under a Support Facility);
or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Financial
      Indebtedness which is fully subordinated to the Secured Moneys or is
      non-recourse other than with respect to proceeds in excess of those needed
      to pay the Secured Moneys, and which does not constitute a claim against
      the Chargor in the event that those excess proceeds are insufficient to
      pay that subordinated Financial Indebtedness;
or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Financial
      Indebtedness when the Trust Manager has given a Rating Notification for
      each Class of Notes;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (no release under Transaction
      Documents): give any release or discharge (whether full, partial or
      conditional) to any person in respect of their obligations under any of
      the Transaction Documents relating to the Trust, except as permitted by
      the Transaction Documents;

            

    

    
      
         

      

      
        Page
11

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (c)

            	
              (other activities) engage
      in any business or activity other than as contemplated in the Transaction
      Documents;

            

    

     

    
      	
               
      

            	
              (d)

            	
              (bank accounts) open any
      bank account not specified in the Transaction Documents;
    and

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Security Interest)
      create any other Security Interest over the Mortgaged
      Property.

            

    

     

    
      	
              5.3

            	
              Representations
      and Warranties

            

    

     

    The
Chargor makes the following representations and warranties.

     

    
      	
               
      

            	
              (a)

            	
              (Transaction Documents
      representations and warranties) All representations and warranties
      of the Chargor in the Transaction Documents are true or, if not yet made,
      will be true when made.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Good
      title)  The Chargor is the sole equitable owner of the
      Mortgaged Property and has the power under the Master Trust Deed to enter
      into this deed and to charge in the manner provided in this deed the
      Mortgaged Property. Subject only to the Master Trust Deed and this deed,
      the Mortgaged Property is free of all other Security
      Interests.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Trust validly created)
      The Trust has been validly created and is in existence at the date of this
      deed.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Sole Trustee) The
      Chargor has been validly appointed as trustee of the Trust and is
      presently the sole trustee of the
Trust.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Master Trust
      Deed)  The Trust is constituted pursuant to the Master
      Trust Deed, the Notice of Creation of Trust and the Series
      Notice.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Right of
      indemnity)  Except as expressly provided in the Master
      Trust Deed or the Series Notice or statute the Chargor has not limited in
      any way, and the Chargor has no liability which may be set off against,
      the Chargor's Indemnity.

            

    

     

    
      	
               
      

            	
              (g)

            	
              (No proceedings to
      remove) No notice has been given to the Chargor and, to the
      Chargor's knowledge, no resolution has been passed or direction has been
      given, removing the Chargor as trustee of the
  Trust.

            

    

     

    
      	
              5.4

            	
              Trust
      Manager's undertakings

            

    

     

    The Trust
Manager undertakes to the Security Trustee to promptly give to the Security
Trustee and the Note Trustee:

     

    
      	
               
      

            	
              (a)

            	
              a
      copy of each custody audit relating to the Trust given under the Servicing
      Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      copy of each Trust Manager's Report given in relation to the
      Trust;

            

    

     

    
      	
               
      

            	
              (c)

            	
              each
      audit report issued by the Auditor in relation to the Trust;
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              upon
      request from the Security Trustee or the Note Trustee (as the case may
      be), a copy of each Transaction Document and details and information
      relating to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      identity, and notice details of, each Support Facility Provider;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Secured Moneys owing to each Support Facility
  Provider.

            

    

    
      
         

      

      
        Page
12

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          	
                  6.

                	
                  Further
      assurances

                

        

      

    

     

    
      	
              6.1

            	
              Further
      assurances

            

    

     

    Whenever
the Security Trustee reasonably requests the Chargor to do
anything:

     

    
      	
               
      

            	
              (a)

            	
              to
      more satisfactorily mortgage, assure or secure the Mortgaged Property to
      the Mortgagees or the Security Trustee's nominee in a manner not
      inconsistent with this deed or any Transaction Document;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      aid in the execution or exercise of any
Power,

            

    

     

    the
Chargor shall do it immediately, subject to any liability it incurs being
covered by the Chargor's Indemnity.  It may include registering this
deed, executing or registering any other document or agreement, delivering
Transaction Documents or evidence of title and executing and delivering blank
transfers.

    
       

      
        
          	
                  7.

                	
                  Note
      Trustee

                

        

      

    

     

    
      	
              7.1

            	
              Capacity

            

    

     

    The Note
Trustee is a party to this deed in its capacity as trustee for and on behalf of
the US$ Noteholders from time to time under the Note Trust Deed.  The
Note Trustee shall have the same rights, protections, immunities, indemnities
and liabilities afforded to or imposed on it under the Note Trust Deed as if
specifically set out in this deed.

     

    
      	
              7.2

            	
              Exercise
      of rights

            

    

     

    Except as
otherwise provided in this deed and in the Note Trust Deed:

     

    
      	
               
      

            	
              (a)

            	
              the
      rights, remedies and discretions of any US$ Noteholders under this deed
      including all rights to vote or give instructions or consent to the
      Security Trustee and to enforce any undertakings or warranties under this
      deed, may only be exercised by the Note Trustee on behalf of those US$
      Noteholders in accordance with the Note Trust Deed;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      US$ Noteholders may only exercise enforcement rights in respect of the
      Mortgaged Property through the Note Trustee and only in accordance with
      this deed and the Note Trust Deed.

            

    

     

    
      	
              7.3

            	
              Instructions
      or directions

            

    

     

    The
Security Trustee may rely on any instructions or directions given to it in
writing by the Note Trustee as being given on behalf of all US$ Noteholders, or
all US$ Noteholders of a Class, from time to time and need not inquire whether
the Note Trustee or those US$ Noteholders have complied with any requirements
under the Note Trust Deed or as to the reasonableness or otherwise of the Note
Trustee.  In accordance with clause 7.1 of the Note Trust Deed, the
Note Trustee shall be entitled to receive the direction of the holders of at
least 75% of the aggregate Invested Amount of the US$ Notes of a Class before
taking any action (including, without limitation, giving consents, approvals or
directions) under this deed in respect of that Class of US$
Notes.

    
      
         

      

      
        Page
13

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              7.4

            	
              Payments

            

    

     

    Any
payment to be made to a US$ Noteholder under this deed may be made to the Note
Trustee or a Paying Agent on behalf of that US$ Noteholder.

     

    
      	
              7.5

            	
              Notices

            

    

     

    Any
notice to be given to a US$ Noteholder under this deed may be given to the Note
Trustee or the Principal Paying Agent on behalf of that US$
Noteholder.

    
       

      
        
          	
                  8.

                	
                  Events
      of Default

                

        

      

    

     

    
      	
              8.1

            	
              Events
      of Default

            

    

     

    Each of
the following is an Event of Default (whether or not it is within the control of
the Chargor).

     

    
      	
               
      

            	
              (a)

            	
              (Failure to
      pay)  The Chargor fails to
pay:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      Coupon within 10 Business Days of the Class A1 Payment Date or other
      Payment Date (as the case may be) on which the
      Coupon was due to be paid, together with all interest accrued and payable
      on that Coupon; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      other Secured Moneys, within 10 Business Days of the due date for payment
      (or within any applicable grace period agreed in writing with the
      Mortgagees or, where the Mortgagee is a US$ Noteholder, the Note Trustee
      on behalf of the US$ Noteholder, to whom the Secured Moneys
      relate).

            

    

     

    Sub-clauses
(i) and (ii) above will not constitute Events of Default if the Secured Moneys
which the Chargor failed to pay are subordinated to payments of amounts due
to:

     

    
      	
               
      

            	
              (A)

            	
              Class
      A Noteholders while any Secured Moneys remain
  owing:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      Class A Noteholders; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      any other person, which rank in priority to amounts due to Class A
      Noteholders; or

            

    

     

    
      	
               
      

            	
              (B)

            	
              Class
      B Noteholders while any Secured Moneys remain
  owing:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      Class B Noteholders; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      any other person, which rank in priority to amounts due to Class B
      Noteholders.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Breach of
      obligation)  The Chargor fails to perform or observe any
      other provisions (other than an obligation referred to in paragraph (a))
      of this deed or a Transaction Document where such failure will have an
      Adverse Effect and that default (if in the opinion of the Security Trustee
      capable of remedy (that opinion, subject to clause 40.17(d), having been
      approved in writing by the Noteholder Mortgagees)) is not remedied within
      30 days after written notice (or such longer period as may be specified in
      the notice, that longer period, subject to clause 40.17(d), having been
      approved by the Noteholder Mortgagees) from the Security Trustee requiring
      the failure to be remedied.

            

    

    
      
         

      

      
        Page
14

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (c)

            	
              (Insolvency)  An
      Insolvency Event occurs in relation to the Chargor (as trustee of the
      Trust or in its personal capacity) and the Chargor is not replaced in
      accordance with the Transaction Documents within 60 days or such
      longer period as the Security Trustee (on the direction of an
      Extraordinary Resolution of the Voting Mortgagees) may
    agree.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Priority of
      Charge)  The Charge is not or ceases to be a first
      ranking charge over the Trust Assets, or any other obligation of the
      Chargor (other than as mandatorily preferred by law) ranks ahead of or
      pari passu with any of the Secured
Moneys.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Enforcement of
      security)  Any Security Interest over the Trust Assets is
      enforced.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Vitiation of Transaction
      Documents)

            

    

     

    
      	
               
      

            	
              (i)

            	
              All
      or a material part of any Transaction Document (other than a Support
      Facility) is terminated or is or becomes void, illegal, invalid,
      unenforceable or of limited force and effect;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      party becomes entitled to terminate, rescind or avoid all or part of any
      Transaction Document (other than  Support
    Facility),

            

    

     

    where
that event has or will have an Adverse Effect.

     

    
      	
               
      

            	
              (g)

            	
              (Termination of Support Facility
      without replacement) all or a material part of a Support Facility
      (other than the Redraw Facility or the Basis Swap) is terminated or is or
      becomes void, illegal, invalid, unenforceable or of limited force and
      effect and is not replaced, substituted or supplemented as contemplated by
      clause 4.6(c) or (d) of the Master Trust Deed, where that event has
      or will have an Adverse Effect;

            

    

     

    
      	
               
      

            	
              (h)

            	
              (Trust)  Without
      the prior consent of the Security Trustee (that consent, subject to clause
      40.17(e), having been approved by the Noteholder
    Mortgagees):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Trust is wound up, or the Chargor is required to wind up the Trust under
      the Master Trust Deed or applicable law, or the winding up of the Trust
      commences;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Trust is held or is conceded by the Chargor not to have been constituted
      or to have been imperfectly constituted;
or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              unless
      another trustee is appointed to the Trust under the Transaction Documents,
      the Chargor ceases to be authorised under the Trust to hold the property
      of the Trust in its name and to perform its obligations under the
      Transaction Documents.

            

    

     

    
      	
              8.2

            	
              Rights
      of the Security Trustee upon Event of
Default

            

    

     

    At any
time after an Event of Default occurs, the Security Trustee may (subject to
clause 40.17(d), with the prior written consent of the Noteholder Mortgagees),
and shall (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by an
Extraordinary Resolution of the Voting Mortgagees:

     

    
      	
               
      

            	
              (a)

            	
              declare
      the Charge immediately enforceable;

            

    

     

    
      	
               
      

            	
              (b)

            	
              declare
      the Secured Moneys immediately due and
payable;

            

    

     

    
      	
               
      

            	
              (c)

            	
              give
      a notice crystallising the charge in relation to any or all of the
      Mortgaged Property under clause 4.4;
and/or

            

    

    
      
         

      

      
        Page
15

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (d)

            	
              appoint
      a Receiver over the Trust Assets, or exercise the powers that a Receiver
      would otherwise have if appointed under this
  deed.

            

    

     

    The
Security Trustee may exercise its rights under this clause notwithstanding any
delay or previous waiver.

     

    
      	
              8.3

            	
              Notify
      Events of Default

            

    

     

    The
Chargor must promptly notify the Trust Manager and the Security Trustee, and the
Trust Manager must promptly notify the Noteholders and each of the Designated
Rating Agencies in writing if, to the knowledge of its officers who are
responsible for the administration of the Trust, it becomes actually aware of
the occurrence of an Event of Default, Trustee's Default, Servicer Transfer
Event, Title Perfection Event or Trust Manager's Default including full details
of that Event of Default, Trustee's Default, Servicer Transfer Event, Title
Perfection Event or Trust Manager's Default (as the case may
be).

    
       

      
        
          	
                  9.

                	
                  Enforcement

                

        

      

    

     

    
      	
              9.1

            	
              Power
      to enforce

            

    

     

    At any
time after the Charge becomes enforceable, the Security Trustee may, at its
discretion and without further notice (subject to the terms of this deed) take
such proceedings as it may think fit to enforce any of the provisions of this
deed but it may not (subject to clause 8.2) take any action referred to in
clauses 8.2(a) to (d) (inclusive) unless directed to do so by an Extraordinary
Resolution of Voting Mortgagees or a written resolution signed by all Voting
Mortgagees.

     

    
      	
              9.2

            	
              No
      obligation to enforce

            

    

     

    Subject
to clause 9.3, pending the receipt of directions from the Voting Mortgagees as
contemplated by clauses 9.3 and 9.4, the Security Trustee shall not be bound to
take any action or give any consent or waiver or make any determination under
this deed (including, without limiting the generality of the above, to appoint
any Receiver, to declare the Charge enforceable or the Secured Moneys
immediately due and payable pursuant to clause 8.2 or to take any other
proceedings referred to in clause 9.1).  Nothing in this clause shall
affect the operation of clause 4.4 or the Charge becoming enforceable prior to
the Security Trustee receiving directions from the Voting
Mortgagees.

     

    
      	
              9.3

            	
              Obligation
      to convene meeting

            

    

     

    Following
the Security Trustee becoming actually aware of the occurrence of an Event of
Default in accordance with Clause 38.6, it shall, subject to clause 9.7,
promptly convene a meeting of the Voting Mortgagees in accordance with this
deed, at which it shall seek directions from the Voting Mortgagees by way of an
Extraordinary Resolution of the Voting Mortgagees (or a written resolution
signed by all Voting Mortgagees) regarding the action it should take as a result
of that Event of Default including whether to do any of the things referred to
in clauses 8.2(a) to (d) inclusive.

     

    
      	
              9.4

            	
              Security
      Trustee to act in accordance with
directions

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to sub-clause (b), the Security Trustee shall take all action necessary to
      give effect to any Extraordinary Resolution of the Voting Mortgagees and
      shall comply with all directions contained in or given pursuant to any
      Extraordinary Resolution of the Voting
  Mortgagees.

            

    

    
      
         

      

      
        Page
16

        
          

        

      

      
         

      

    

    
      
      

      
        
           

          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (b)

            	
              The
      obligation of the Security Trustee pursuant to sub-clause (a) is subject
      to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              this
      deed; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Security Trustee being adequately indemnified from the Trust Assets or the
      Security Trustee receiving from the Voting Mortgagees (or the Noteholders
      on whose behalf a Voting Mortgagee is acting) an indemnity in a form
      reasonably satisfactory to the Security Trustee (which may be by way of an
      Extraordinary Resolution of the Voting Mortgagees) against all actions,
      proceedings, claims and demands to which it may render itself liable, and
      all costs, charges, damages and expenses which it may incur, in giving
      effect to an Extraordinary Resolution of the Voting
      Mortgagees.

            

    

     

    The
Security Trustee shall first claim on its indemnity from the Trust Assets before
it claims on any indemnity from the Mortgagees, including any indemnity provided
under clause 9.5.

     

    
      	
               
      

            	
              (c)

            	
              If
      an Event of Default is a payment default in respect of the Class B Notes,
      as long as there are Class A Notes outstanding that rank prior to those
      Class B Notes, the Security Trustee shall not take any action without the
      consent of the Class A Noteholders (which, shall include the Note Trustee
      on behalf of the US$ Noteholders, or the relevant US$ Noteholders,
      pursuant to the Note Trust Deed).

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      the Security Trustee becomes bound to take steps and/or proceed under this
      deed and it fails to do so within a reasonable time and such failure is
      continuing, the Voting Mortgagees may exercise such powers as they
      determine by Extraordinary Resolution and then only if and to the extent
      the Voting Mortgagees are able to do so under Australian law and the
      Transaction Documents.

            

    

     

    
      	
              9.5

            	
              Security
      Trustee must receive indemnity

            

    

     

    If:

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Trustee convenes a meeting of the Voting Mortgagees, or is
      required by an Extraordinary Resolution to take any action under this
      deed, and advises the Voting Mortgagees that the Security Trustee will not
      act in relation to the enforcement of this deed unless it is personally
      indemnified by the Voting Mortgagees (or the Noteholders on whose behalf a
      Voting Mortgagee is acting) to its reasonable satisfaction against all
      actions, proceedings, claims and demands to which it may render itself
      liable, and all costs, charges, damages and expenses which it may incur,
      in relation to the enforcement of this deed and put in funds to the extent
      to which it may become liable (including costs and expenses);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Voting Mortgagees refuse to grant the requested indemnity, and put it in
      funds,

            

    

     

    then the
Security Trustee will not be obliged to act in relation to that
enforcement.  In those circumstances, the Voting Mortgagees may
exercise such Powers as they determine by Extraordinary Resolution.

     

    In no
event shall the Note Trustee be obligated to provide an indemnity to the
Security Trustee under this clause 9.5.

    
      
         

      

      
        Page
17

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              9.6

            	
              Limitation
      on rights of Mortgagees

            

    

     

    Subject
to this deed, the powers, rights and remedies conferred on the Security Trustee
by this deed are exercisable by the Security Trustee only, and no Mortgagee is
entitled without the written consent of the Security Trustee to exercise the
same or any of them.  Without limiting the generality of the
foregoing, and subject to clauses 9.4(d) and 9.5, no Mortgagee is entitled to
enforce the Charge or the provisions of this deed or to appoint or cause to be
appointed a Receiver to any of the Mortgaged Property or otherwise to exercise
any power conferred by the terms of any applicable law on charges except as
provided in this deed.

     

    
      	
              9.7

            	
              Immaterial
      waivers

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee may (subject to clause 40.17(d), with the prior written
      consent of the Noteholder Mortgagees) agree, on any terms and conditions
      as it may deem expedient, having first given notice to the Trust Manager,
      which will give notice to any Designated Rating Agency for each Class of
      Notes, but without the consent of the other Mortgagees and without
      prejudice to its rights in respect of any subsequent breach, to any waiver
      or authorisation of any breach or proposed breach of any of the terms and
      conditions of the Transaction Documents or any of the provisions of this
      deed which is not, in the opinion of the Trust Manager, materially
      prejudicial to the interests of the Mortgagees and may determine (subject
      to clause 40.17(d), with the prior written consent of the Noteholder
      Mortgagees) that any event that would otherwise be an Event of Default
      shall not be treated as an Event of Default for the purpose of this
      deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              No
      waiver, authorisation or determination shall be made in contravention of
      any directions contained in an Extraordinary Resolution of Voting
      Mortgagees.

            

    

     

    
      	
               
      

            	
              (c)

            	
              No
      waiver, authorisation or determination may, once given, be overridden or
      withdrawn by an Extraordinary Resolution of Voting Mortgagees but the
      Security Trustee may (subject to clause 40.17(d), with the prior written
      consent of the Noteholder Mortgagees) give a waiver, authorisation or
      determination on terms that allow it to be overridden or
      withdrawn.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Any
      waiver, authorisation or determination shall, if the Security Trustee so
      requires, be notified to the Voting Mortgagees by the Trust Manager as
      soon as practicable thereafter in accordance with this
    deed.

            

    

     

    
      	
              9.8

            	
              Acts
      pursuant to resolutions

            

    

     

    The
Security Trustee shall not be responsible for having acted in good faith upon
any resolution purporting to have been passed at any relevant meeting of the
Mortgagees (including the Voting Mortgagees) in respect of which minutes have
been made and signed, even though it may subsequently be found that there was
some defect in the constitution of that meeting or the passing of that
resolution or that for any reason that resolution was not valid or binding upon
those Mortgagees.

    
      
         

      

      
        Page
18

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              9.9

            	
              Overriding
      provision

            

    

     

    Notwithstanding
any other provision of this deed:

    

    
      	
               
      

            	
              (a)

            	
              the
      Security Trustee is not obliged to do or omit to do anything including
      entering into any transaction or incurring any liability unless the
      Security Trustee's liability is limited in a manner satisfactory to the
      Security Trustee in its absolute discretion;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Trustee will not be under any obligation to advance or use its
      own funds for the payment of any costs, expenses or liabilities, except
      where the Security Trustee is liable in accordance with this deed in
      respect of its own fraud, negligence or wilful
  misconduct.

            

    

    
       

      
        
          	
                  10.

                	
                  Appointment
      of Receiver

                

        

      

    

     

    
      	
              10.1

            	
              Appointment

            

    

     

    To the
extent permitted by law and subject to clause 9, at any time after the Charge
becomes enforceable under this deed the Security Trustee or any Authorised
Signatory of the Security Trustee may:

     

    
      	
               
      

            	
              (a)

            	
              appoint
      any person or any 2 or more persons jointly or severally or both to be a
      Receiver of all or any of the Mortgaged
  Property;

            

    

     

    
      	
               
      

            	
              (b)

            	
              remove
      any Receiver;

            

    

     

    
      	
               
      

            	
              (c)

            	
              appoint
      another Receiver in addition to or in place of a Receiver;
      and/or

            

    

     

    
      	
               
      

            	
              (d)

            	
              fix
      or vary the remuneration of a
Receiver.

            

    

     

    
      	
              10.2

            	
              Agent
      of Chargor

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to clauses 10.2(b) and 10.4, every Receiver is the agent of the
      Chargor.  The Chargor alone is responsible for the Receiver’s
      acts and defaults.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      Receiver will be the agent of the Chargor in its capacity as trustee of
      the Trust only and notwithstanding anything else in this deed or at law,
      the Chargor in its personal capacity is not responsible for any negligent
      act or negligent omission of the
Receiver.

            

    

     

    
      	
              10.3

            	
              Receiver's
      powers

            

    

     

    In
addition to any powers granted by law, and except to the extent specifically
excluded by the terms of his appointment, every Receiver has power to do
anything in respect of the Mortgaged Property that the Chargor could do
(including, without limitation, having regard to its powers under the Master
Trust Deed).  His powers include the following.

     

    
      	
               
      

            	
              (a)

            	
              (Take possession and
      manage)  He may take possession of, get in and manage the
      Mortgaged Property.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Lease)  He may
      lease any of the Mortgaged Property for any term (whether or not the
      Receiver has taken possession).

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Carry on
      business)  He may carry on or concur in carrying on any
      business.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Acquire any
      asset)  He may acquire in any manner any asset (including
      to take it on lease).  After that acquisition it will be
      included in the Mortgaged
Property.

            

    

    
      
         

      

      
        Page
19

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      	
               
      

            	
              (e)

            	
              (Maintain and improve the
      Mortgaged Property)  He may do anything to maintain,
      protect or improve any of the Mortgaged Property or to obtain income or
      returns from any of the Mortgaged Property (including by development,
      sub-division, construction, alteration, or repair, of any property or by
      pulling down, dismantling or scrapping, any
  property).

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Raise
      money)  He may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              borrow
      or raise any money from any Mortgagee or any other person approved by the
      Security Trustee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              give
      Guarantees; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              grant
      any Security Interest over any of the Mortgaged Property to secure that
      money or Guarantee.  That Security Interest may rank in priority
      to or equally with or after, the security created by this
      deed.  It may be given in the name of the Chargor or
      otherwise.

            

    

     

    
      	
               
      

            	
              (g)

            	
              (Lend)  He may
      lend money or provide financial
accommodation.

            

    

     

    
      	
               
      

            	
              (h)

            	
              (Sell)

            

    

     

    
      	
               
      

            	
              (i)

            	
              He
      may sell any of the Mortgaged Property (whether or not the Receiver has
      taken possession).

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Without
      limitation, any sale may be made:

            

    

     

    
      	
               
      

            	
              (A)

            	
              by
      public auction, private treaty or
tender;

            

    

     

    
      	
               
      

            	
              (B)

            	
              for
      cash or on credit;

            

    

     

    
      	
               
      

            	
              (C)

            	
              in
      one lot or in parcels;

            

    

     

    
      	
               
      

            	
              (D)

            	
              either
      with or without special conditions or stipulations as to title or time or
      mode of payment of purchase money or
otherwise;

            

    

     

    
      	
               
      

            	
              (E)

            	
              with
      power to allow the whole or any part of the purchase money to be deferred
      (whether with or without any security);
and

            

    

     

    
      	
               
      

            	
              (F)

            	
              whether
      or not in conjunction with the sale of any property by any
      person.

            

    

     

    
      	
               
      

            	
              (i)

            	
              (Options)  He
      may grant or take put or call
options.

            

    

     

    
      	
               
      

            	
              (j)

            	
              (Sever
      fixtures)  He may sever
  fixtures.

            

    

     

    
      	
               
      

            	
              (k)

            	
              (Employ)  He
      may employ or discharge any person as employee, contractor, agent,
      professional adviser, consultant or auctioneer for any
      purpose.

            

    

     

    
      	
               
      

            	
              (l)

            	
              (Compromise)  He
      may make or accept any arrangement or
  compromise.

            

    

     

    
      	
               
      

            	
              (m)

            	
              (Give
      receipts)  He may give receipts for money and other
      assets.

            

    

     

    
      	
               
      

            	
              (n)

            	
              (Perform and enforce
      agreements)  He
may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              perform
      or enforce;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              exercise
      or refrain from exercising the Chargor's rights and powers under;
      or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              obtain
      the benefit in other ways of,

            

    

     

    any
documents or agreements or rights which form part of the Mortgaged Property and
any documents or agreements entered into in exercise of any
Power.

    
      
         

      

      
        Page
20

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
               
      

            	
              (o)

            	
              (Vary and terminate
      agreements)  He may vary, rescind or terminate any
      document or agreement (including surrender or accept the surrender of
      leases).

            

    

     

    
      	
               
      

            	
              (p)

            	
              (Authorisations)  He
      may apply for, take up, transfer or surrender any Authorisation or any
      variation of any Authorisation.

            

    

     

    
      	
               
      

            	
              (q)

            	
              (Take insolvency
      proceedings)  He may make debtors bankrupt, wind up
      companies and do any thing in relation to any actual or contemplated
      Liquidation (including attend and vote at meetings of creditors and
      appoint proxies).

            

    

     

    
      	
               
      

            	
              (r)

            	
              (Take
      proceedings)  He may commence, defend, conduct, settle,
      discontinue or compromise proceedings in the name of the Chargor or
      otherwise.

            

    

     

    
      	
               
      

            	
              (s)

            	
              (Execute
      Documents)  He may enter into and execute documents or
      agreements on behalf of himself or the
Chargor.

            

    

     

    
      	
               
      

            	
              (t)

            	
              (Operate bank
      accounts)  He may operate any bank account comprising
      part of the Mortgaged Property and open and operate any further bank
      account.

            

    

     

    
      	
               
      

            	
              (u)

            	
              (Surrender Mortgaged
      Property)  He may surrender, release or transfer any of
      the Mortgaged Property.

            

    

     

    
      	
               
      

            	
              (v)

            	
              (Exchange Mortgaged
      Property)  He may exchange with any person any of the
      Mortgaged Property for other
property.

            

    

     

    
      	
               
      

            	
              (w)

            	
              (Promote
      companies)  He may promote the formation of companies
      with a view to purchasing any of the Mortgaged Property or assuming the
      obligations of the Chargor or
otherwise.

            

    

     

    
      	
               
      

            	
              (x)

            	
              (Delegate)  He
      may delegate to any person approved by the Security Trustee any of his
      Powers (including delegation).

            

    

     

    
      	
               
      

            	
              (y)

            	
              (Have
      access)  He may have access to and make use of the
      premises, plant, equipment, and records and accounting and other services
      of the Chargor and the services of its
staff.

            

    

     

    
      	
               
      

            	
              (z)

            	
              (Vote)  He may
      exercise any voting or other rights or powers in respect of any of the
      Mortgaged Property and do anything in relation to shares or marketable
      securities.

            

    

     

    
      	
               
      

            	
              (aa)

            	
              (Other
      outgoings)  He may pay any outgoing or indebtedness of
      the Chargor or any other person.

            

    

     

    
      	
               
      

            	
              (bb)

            	
              (Security
      Interests)  He may redeem any Security Interest or
      acquire it and any debt secured by
it.

            

    

     

    
      	
               
      

            	
              (cc)

            	
              (Insure)  He
      may take out insurance.

            

    

     

    
      	
               
      

            	
              (dd)

            	
              (Insurance
      claims)  He may make, enforce, compromise and settle all
      claims in respect of insurance.

            

    

     

    
      	
               
      

            	
              (ee)

            	
              (Incidental
      power)  He may do anything incidental to the exercise of
      any other Power.

            

    

     

    All of
the above paragraphs are to be construed independently.  None limits
the generality of any other.

    
      
         

      

      
        Page
21

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              10.4

            	
              Receiver
      appointed after commencement of winding
up

            

    

     

    The power
to appoint a Receiver may be exercised even though:

     

    
      	
               
      

            	
              (a)

            	
              an
      order may have been made or a resolution may have been passed to wind up
      the Chargor; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      receiver appointed in those circumstances may not, or may not in some
      respects specified by the Receiver, act as the agent of the
      Chargor.

            

    

     

    
      	
              10.5

            	
              Powers
      exercisable by the Security Trustee

            

    

     

    Whether
or not a Receiver has been appointed, the Security Trustee may exercise any
Power of a Receiver at any time after the Charge becomes enforceable under this
deed in addition to any Power of the Mortgagees and without giving
notice.  It may exercise those Powers and its Powers without taking
possession or being liable as mortgagee in possession.  Without
limitation, it may exercise those Powers and its Powers directly or through one
or more agents.  In the latter event, anything done or incurred by
such an agent will be taken to be done or incurred by the Security Trustee
provided that the Security Trustee will have no liability in respect of the
negligence or default of any agent appointed by the Security Trustee with
reasonable care for the purpose of performing functions of a type which are not
reasonably capable of supervision by the Security Trustee.

     

    
      	
              10.6

            	
              Withdrawal

            

    

     

    The
Security Trustee may at any time give up possession of any Mortgaged Property
and may at any time withdraw any receivership.

    
       

      
        
          	
                  11.

                	
                  Remuneration
      of Security Trustee

                

        

      

    

     

    
      	
              11.1

            	
              Costs

            

    

     

    In
accordance with the Series Notice, the Chargor as trustee of the Trust shall
reimburse the Security Trustee for all costs and expenses of the Security
Trustee properly incurred in acting as Security Trustee.

     

    
      	
              11.2

            	
              Fee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee shall be entitled to a monthly fee from the proceeds of
      the Mortgaged Property at the rate agreed from time to time by the
      Chargor, the Security Trustee and the Trust Manager (provided that the
      Trust Manager has given a Rating Notification in respect of any change to
      the fee).  This fee shall accrue from day to
  day.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee's fee under sub-clause (a) shall be payable monthly in
      arrears for the relevant period on the same dates as the Chargor's fee
      under the Master Trust Deed for the Trust or as agreed from time to time
      by the Chargor, the Security Trustee and the Trust
  Manager.

            

    

    
      
         

      

      
        Page
22

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              11.3

            	
              Cessation
      of Fee

            

    

     

    The
Security Trustee shall not be entitled to remuneration under clauses 11.1 or
11.2 in respect of any period after the Charge Release Date or after it has
resigned or been removed as Security Trustee.

    
       

      
        
          	
                  12.

                	
                  Power
      of Attorney

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              For
      valuable consideration and by way of security the Chargor irrevocably
      appoints each Authorised Signatory of the Security Trustee severally as
      its attorney to do anything, following the occurrence of an Event of
      Default, which:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Chargor is obliged to do under or in relation to any Transaction Document;
      or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      Mortgagee or any Receiver is authorised or empowered to do under any
      Transaction Document or any law but only at the times  that
      Mortgagee or a Receiver (if a Receiver had been appointed) would have been
      able to do it.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Without
      limitation, the Attorney may, following the occurrence of an Event of
      Default, at any time:

            

    

     

    
      	
               
      

            	
              (i)

            	
              do
      anything which in the opinion of the Security Trustee or Attorney is
      necessary or expedient to secure, preserve, perfect, or give effect to the
      security contained in this deed (including anything under clauses 13 or
      14).  For this purpose, without limitation, he may execute any
      legal mortgage, transfer, assignment and other assurance of any of the
      Mortgaged Property in favour of any Mortgagee, any purchaser or any
      nominee; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              delegate
      his powers (including delegation).

            

    

     

    
      	
               
      

            	
              (c)

            	
              No
      Attorney appointed under this deed may act inconsistently with this deed
      or any other Transaction Document.

            

    

    
       

      
        
          	
                  13.

                	
                  Completion
      of blank securities

                

        

      

    

     

    The
Security Trustee, any Authorised Signatory of the Security Trustee, any Receiver
or any Attorney may complete any document which at any time is executed by or on
behalf of the Chargor and deposited with the Security Trustee.  It may
complete it in favour of any Mortgagee, any purchaser or any
nominee.  It may not do so inconsistently with this deed or any other
Transaction Document.

    
       

      
        
          	
                  14.

                	
                  Performance
      of Chargor's
obligations

                

        

      

    

     

    If at any
time the Chargor fails duly to perform any obligation in any Transaction
Document the Security Trustee or any person it authorises may (subject to clause
40.17(d), and provided there is sufficient time to do so, with the prior written
consent of the Noteholder Mortgagees) do anything which in its opinion is
necessary or expedient to make good or to attempt to make good that failure to
its satisfaction.

    
      
         

      

      
        Page
23

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          	
                  15.

                	
                  Statutory
      powers

                

        

      

    

     

    
      	
              15.1

            	
              Powers
      in augmentation

            

    

     

    The
powers conferred on a mortgagee by law:

     

    
      	
               
      

            	
              (a)

            	
              are
      in addition to the Powers conferred by this
  deed;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (to
      the extent permitted by law) may be exercised by the Security Trustee
      immediately after the Charge becomes enforceable under this deed and at
      any time subsequently; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              are
      excluded or varied only so far as they are inconsistent with the express
      terms of this deed or any Collateral
Security.

            

    

     

    
      	
              15.2

            	
              Notice
      not required

            

    

     

    To the
extent permitted by law:

     

    
      	
               
      

            	
              (a)

            	
              the
      Chargor dispenses with any notice or lapse of time required by any law
      before enforcing this deed or any Collateral Security or exercising any
      Power; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              subject
      to this deed, no Mortgagee is required to give notice to any person before
      enforcement or exercise; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      law requiring the giving of notice or the compliance with a procedure or
      the lapse of time before enforcement or exercise is
    excluded.

            

    

    
       

      
        
          	
                  16.

                	
                  Application
      of moneys received

                

        

      

    

     

    
      	
              16.1

            	
              Priorities

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      proceeds from the enforcement of the Charge are to be applied
      (notwithstanding any order of payment in the Series Notice) in the
      following order of priority, subject to any other priority which may be
      required by statute or law:

            

    

     

    
      	
               
      

            	
              (i)

            	
              first,
      to pay all costs, charges, expenses and disbursements properly incurred in
      the exercise of any Power by the Security Trustee, the Note Trustee, a
      Receiver or an Attorney or other amounts (other than those referred to in
      paragraph (iv)) payable to the Security Trustee or the Note Trustee under
      this deed;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              second,
      to pay (pari passu and rateably):

            

    

     

    
      	
               
      

            	
              (A)

            	
              any
      fees and other expenses due to the Security Trustee, the Note Trustee, the
      Paying Agents, the Calculation Agent or the Note
  Registrar;

            

    

     

    
      	
               
      

            	
              (B)

            	
              any
      fees, and unpaid Expenses, due to the Chargor;
  and

            

    

     

    
      	
               
      

            	
              (C)

            	
              the
      Receiver's remuneration;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              third,
      to pay (pari passu and rateably), any unpaid Accrued Interest Adjustment
      due to an Approved Seller;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              fourth,
      to pay (pari passu and
rateably):

            

    

    
      
         

      

      
        Page
24

        
          

        

      

      
         

      

    

     

    
      
      

      
        
          
            	
                    Series
      [*] WST Trust Security Trust Deed

                  	
                    

                  
	 
      

          

        

      

         

    

    
      	
               
      

            	
              (A)

            	
              all
      Secured Moneys owing to the Support Facility Providers (including in
      connection with the Liquidity Facility Agreement, the Redraw Facility
      Agreement, the Basis Swap and the Interest Rate Swap) but excluding moneys
      referred to in sub-paragraph
(iv)(E);

            

    

     

    
      	
               
      

            	
              (B)

            	
              all
      Secured Moneys owing to the Class A Noteholders (as at the date of
      payment);

            

    

     

    
      	
               
      

            	
              (C)

            	
              all
      Secured Moneys owed by the Chargor as trustee of the Trust to a Relevant
      Trust;

            

    

     

    
      	
               
      

            	
              (D)

            	
              all
      Secured Moneys owing in relation to any Redraws made by Westpac for which
      it has not been reimbursed under the Transaction Documents;
      and

            

    

     

    
      	
               
      

            	
              (E)

            	
              all
      Secured Moneys owing to the Currency Swap Provider under or in connection
      with a Confirmation relating to any US$ Notes (but without double counting
      with payments under sub-paragraph
(iv)(B);

            

    

     

    
      	
               
      

            	
              (v)

            	
              fifth,
      to pay all Secured Moneys owing to the Class B Noteholders (as at the date
      of payment);

            

    

     

    
      	
               
      

            	
              (vi)

            	
              sixth,
      to pay (pari passu and rateably) any amounts not covered above owing to
      any Mortgagee under any Transaction
Document;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              seventh,
      to pay (pari passu and rateably) any amounts payable under clause
      5.10(a)(viii) of the Series Notice;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              eighth,
      to pay the holder of any subsequent Security Interest over Trust Assets of
      which the Security Trustee has notice of the amount properly secured by
      the Security Interest;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              ninth,
      to pay any surplus to the Chargor to be distributed in accordance with the
      Master Trust Deed and the Series
Notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      surplus will not carry interest.  If the Security Trustee pays
      the surplus to the credit of an account in the name of the Chargor with
      any bank carrying on business in Australia, the Security Trustee,
      Receiver, Mortgagee or Attorney (as the case may be) will be under no
      further liability in respect of it.

            

    

     

    
      	
               
      

            	
              (c)

            	
              For
      the purposes of determining the pro rata entitlements of Class A
      Noteholders to amounts available for distribution under paragraph (a) (but
      without limiting the amounts actually available to be converted to the
      relevant currency at any time, or to be applied towards paying Class A
      Noteholders under paragraph (a)), the A$ Equivalent of the US$ denominated
      principal amount owed to the any US$ Noteholders will be determined by the
      Trust Manager and notified to the Trustee as being the A$ amount equal
      to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      the Currency Swap for the relevant US$ Notes is then in full force and
      effect, the A$ Exchange Rate multiplied by the aggregate Secured Moneys
      (in US$) of the relevant Class of US$ Notes;
or

            

    

    
      
         

      

      
        Page
25

        
          

        

      

      
         

      

    

      

    
      
        
        

        
          
            
              	
                      Series
      [*] WST Trust Security Trust Deed

                    	
                      

                    
	 
      

            

          

        

           

      

    

    
      	
               
      

            	
              (ii)

            	
              if
      the Currency Swap for the relevant US$ Notes is not then in full force and
      effect, the spot rate of exchange advised to the Security Trustee by the
      Trust Manager which is used for calculation of amounts payable on the
      occurrence of an Early
      Termination Date under that Currency Swap (as defined in that
      Currency Swap) multiplied by the aggregate Secured Moneys (in US$) of the
      relevant Class of US$ Notes.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Any
      amount to be paid to a Class of Noteholders must be made in A$ or US$, as
      applicable (based on the entitlements calculated under paragraph (c) in
      the case of US$ Noteholders).  All amounts held in A$ must, to
      the extent required to be converted to US$ in respect of any Class of US$
      Notes after the relevant Currency Swap has terminated, be converted to US$
      at the available spot rate of exchange for acquiring US$ in the spot
      foreign exchange market as at the time of conversion, provided that if,
      following that conversion and based on their respective entitlements, any
      Class of Noteholders would be entitled to an amount greater than their
      Secured Moneys as at the relevant date of payment, the excess is to be
      applied (in the applicable currency) towards payment of the Secured Moneys
      of Mortgagees who rank equally within that Class of
      Noteholders.

            

    

     

    
      	
              16.2

            	
              Moneys
      actually received

            

    

     

    In
applying any moneys towards satisfaction of the Secured Moneys, the Chargor will
be credited only with the money available for that purpose which is actually
received by the relevant Mortgagee or, where the Mortgagee is a US$ Noteholder,
the Note Trustee. The credit will date from the time of receipt.

     

    
      	
              16.3

            	
              Amounts
      contingently due

            

    

     

    If any of
the Secured Moneys is contingently owing to any Mortgagee at the time of a
distribution of an amount under clause 16.1, the Security Trustee may retain any
of that amount.  If it does, it shall place the amount retained on
short term interest bearing deposit until the relevant Secured Moneys become
actually due or cease to be contingently owing, or it becomes reasonably
apparent that the relevant contingency will not occur and the Security Trustee
shall then:

     

    
      	
               
      

            	
              (a)

            	
              pay
      to that Mortgagee, or (where the Mortgagee is a US$ Noteholder) to the
      Note Trustee, the amount which becomes actually due to it;
    and

            

    

     

    
      	
               
      

            	
              (b)

            	
              apply
      the balance of the amount retained (together with interest earned on the
      deposit) in accordance with clause
16.1.

            

    

     

    
      	
              16.4

            	
              Notice
      of subsequent Security Interests

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      any Mortgagee receives actual or constructive notice of a subsequent
      Security Interest affecting any of the Mortgaged Property it may open a
      separate account in the name of the Chargor in the books of that
      Mortgagee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      that Mortgagee does not open a new account it will be treated as if it had
      done so at the time it received actual or constructive notice of the
      Security Interest.

            

    

     

    
      	
               
      

            	
              (c)

            	
              From
      the time the new account is opened or is taken to be
    opened:

            

    

     

    
      	
               
      

            	
              (i)

            	
              all
      advances and accommodation made available by that Mortgagee to the
      Chargor;

            

    

     

    
      	  	
              (ii)

            	
              all
      payments and repayments made by the Chargor to that Mortgagee;
      and

            

    

    
      
         

      

      
        Page
26

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      
        	
              	
                (iii)

              	
                moneys to be applied
      towards the Secured Moneys under clause 16.1, will
      be or will be taken to be debited or credited, as appropriate, to the new
      account.  Payments, repayments and other moneys will only be
      applied in reduction of other Secured Moneys owing to that Mortgagee to
      the extent that there is no debit balance in that
      account.

              

      

    

     

    
      	
              16.5

            	
              Satisfaction
      of debts

            

    

     

    Without
limiting clause 31, each Mortgagee shall accept the distribution of moneys under
this clause in full and final satisfaction of all Secured Moneys owing to it,
and any debt represented by any shortfall that exists after any final
distribution under this clause is extinguished.

     

    
      	
              16.6

            	
              Payments
      into US$ Account

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor shall direct the Currency Swap Provider to pay all amounts
      denominated in US$ payable to the Chargor by the Currency Swap Provider
      under the Currency Swap into the US$
Account.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Chargor receives any amount denominated in US$ from the Currency Swap
      Provider under a Currency Swap it will promptly pay that amount to the
      credit of the US$ Account.

            

    

     

    
      	
              16.7

            	
              Payments
      out of US$ Account

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor shall, or shall require that the Paying Agents on its behalf, pay
      all amounts credited to the US$ Account as follows and in accordance with
      the Note Trust Deed and the Agency
Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              All
      amounts credited to the US$ Account by the Currency Swap Provider in
      relation to a payment by the Trustee under clause 16.1(d)(ii), will be
      applied pari passu to pay all Secured Moneys owing to the relevant US$
      Noteholders.

            

    

     

    
      	
              16.8

            	
              Excluded
      amounts

            

    

     

    For the
avoidance of doubt, the following amounts shall not be treated as assets of the
Trust available for distribution under clause 16.1.

     

    
      	
               
      

            	
              (a)

            	
              Any
      amounts required by law to be paid to the holder of any prior ranking
      Security Interest over Trust Assets of which the Security Trustee has
      notice which amounts are the amount properly secured by the Security
      Interest.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      proceeds of, or amounts credited to, the Collateral Account as defined in
      the Liquidity Facility Agreement, which are payable to the Liquidity
      Facility Provider;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      collateral or the proceeds of any collateral lodged by a Swap Provider
      under a Hedge Agreement, which is or are held on trust for, or which is or
      are otherwise payable to, a Swap
Provider;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      proceeds of any other cash collateral lodged by a Support Facility
      Provider under a Support Facility, which are payable to the Support
      Facility Provider.

            

    

     

    This
paragraph (b) shall not apply to the extent that the relevant moneys are applied
in accordance with the relevant document to satisfy any obligation owed to the
Chargor by the Liquidity Facility Provider, Redraw Facility Provider, Swap
Provider or Support Facility Provider (as the case may be).

    
      
         

      

      
        Page
27

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  17.

                	
                  Other
      Security Interests over Mortgaged
Property

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      Mortgagee and any Receiver or Attorney may rely on the certificate of a
      holder of another Security Interest affecting or purporting to affect the
      Mortgaged Property as to the amount and property secured by the Security
      Interest.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee or any Receiver may at any time pay or agree to pay the
      amount certified by the holder of a Security Interest or purported
      Security Interest to be necessary to discharge it or some indebtedness
      secured by it, or to acquire it.  From the date of payment that
      amount will be part of the Secured Moneys and the Chargor shall indemnify
      the Security Trustee (and if other Mortgagees indemnify the Security
      Trustee, those other Mortgagees) and the Receiver against that
      amount.  This applies whether or not that Security Interest or
      purported Security Interest was valid or prior, equal or subsequent
      ranking, or the property or moneys stated in the certificate were secured
      by it.

            

    

    
       

      
        
          	
                  18.

                	
                  Protection
      of Mortgagees, Receiver and
Attorney

                

        

      

    

     

    To the
extent permitted by law, neither any Mortgagee nor any Receiver or Attorney will
be liable:

     

    
      	
               
      

            	
              (a)

            	
              in
      respect of any conduct, delay, negligence or breach of duty in the
      exercise or non-exercise of any Power;
nor

            

    

     

    
      	
               
      

            	
              (b)

            	
              for
      any loss (including consequential loss) which
  results,

            

    

     

    except
where it arises from fraud or wilful default on the part of any Mortgagee,
Receiver or Attorney (or, in the case of the Security Trustee, from the fraud,
negligence or wilful misconduct of the Security Trustee).

    
       

      
        
          	
                  19.

                	
                  Protection
      of third parties

                

        

      

    

     

    
      	
              19.1

            	
              No
      enquiry

            

    

     

    No party
to any Dealing (as defined below) and no person asked to register a
Dealing:

     

    
      	
               
      

            	
              (a)

            	
              is
      bound to enquire:

            

    

     

    
      	
               
      

            	
              (i)

            	
              whether
      an Event of Default has occurred or whether this deed has become
      enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              whether
      a person who is, or purports or is purported to be, a Receiver or Attorney
      is duly appointed;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              as
      to the amount of Secured Moneys or whether Secured Moneys are due and
      payable; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              in
      any other way as to the propriety or regularity of the Dealing;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      affected by express notice that the Dealing is unnecessary or
      improper.

            

    

    
      
         

      

      
        Page
28

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    For the
protection of any party to a Dealing or a person registering a Dealing, the
Dealing will be taken to be authorised by this deed and will be valid
accordingly, even if there is any irregularity or impropriety in the
Dealing.

     

    In this
clause a Dealing
is:

     

    
      	
               
      

            	
              (a)

            	
              any
      payment or any delivery or handing over of an asset to;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      acquisition, incurring of Financial Indebtedness, receipt, sale, lease,
      disposal or other dealing, by,

            

    

     

    any
Mortgagee or any Receiver or Attorney, or any person who purports or is
purported to be a Receiver or Attorney.

     

    
      	
              19.2

            	
              Receipt

            

    

     

    The
receipt of any Authorised Signatory of any Mortgagee or any Receiver or Attorney
(or person who purports, or is purported, to be a Receiver or Attorney) for any
moneys or assets payable to, or receivable or received by, it exonerates the
person paying those moneys or handing over that asset from being concerned as to
their application, or from being liable or accountable for their loss or
misapplication.

    
       

      
        
          	
                  20.

                	
                  Expenses,
      indemnity

                

        

      

    

     

    
      	
              20.1

            	
              Expenses

            

    

     

    In
accordance with the Series Notice and this deed, the Chargor, as trustee of the
Trust, shall reimburse each Mortgagee or (where the Mortgagee is a US$
Noteholder) the Note Trustee, Receiver and Attorney for its expenses in relation
to:

     

    
      	
               
      

            	
              (a)

            	
              any
      consent, agreement, approval, waiver or amendment under or in relation to
      the Transaction Documents; and

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      actual or contemplated enforcement of the Transaction Documents or the
      actual or contemplated exercise, preservation or consideration of any
      Powers under the Transaction Documents or in relation to the Mortgaged
      Property; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      enquiry by a Government Agency concerning the Chargor or the Mortgaged
      Property or a transaction or activity the subject of the Transaction
      Documents, or in connection with which, financial accommodation or funds
      raised under a Transaction Document are used or
  provided.

            

    

     

    This
includes legal costs and expenses and any applicable value added or similar tax
thereon (including in-house lawyers charged at their usual rates) on a full
indemnity basis, expenses incurred in any review or environmental audit, in
reimbursing or indemnifying any Receiver or Attorney or in retaining consultants
to evaluate matters of material concern to that Mortgagee and administrative
costs including time of its executives (whose time and costs are to be charged
at reasonable rates).  This does not limit the generality of clause
20.2.

    
      
         

      

      
        Page
29

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              20.2

            	
              Indemnity

            

    

     

    Subject
to clause 16.1, on demand the Chargor shall indemnify each Mortgagee and each
Receiver and Attorney against any loss, cost, charge, liability or expense
(including, without limitation, any legal costs and expenses and any applicable
value added or similar tax thereon) that each Mortgagee (or any officer or
employee of that Mortgagee) or any Receiver or Attorney may sustain or incur as
a direct or indirect consequence of:

     

    
      	
               
      

            	
              (a)

            	
              the
      occurrence of any Event of Default;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      exercise or attempted exercise of any Power or any failure to exercise any
      Power.

            

    

     

    The
indemnities in this clause are obligations of the Chargor separate and
independent from its obligations under the Notes and apply irrespective of any
time or indulgence granted by the Mortgagees from time to time and shall
continue in full force and effect despite the judgment or filing of any proof or
proofs in any bankruptcy, insolvency or liquidation of the Chargor for a
liquidated sum or sums in respect of amounts due under this deed (other than
this clause) or the Notes.  Any deficiency will constitute a loss
suffered by the Mortgagees and no proof or evidence of any actual loss shall be
required by the Chargor or its liquidator.

    
       

      
        
          	
                  21.

                	
                  Currency
      indemnity

                

        

      

    

     

    The
Chargor shall indemnify each Mortgagee against any deficiency which arises
whenever, for any reason (including as a result of a judgment, order or
Liquidation):

     

    
      	
               
      

            	
              (a)

            	
              that
      Mortgagee receives or recovers an amount in one currency (the Payment
      Currency) in respect of an amount denominated under a Transaction
      Document in another currency (the Due
      Currency); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      amount actually received or recovered by that Mortgagee in accordance with
      its normal practice when it converts the Payment Currency into the Due
      Currency is less than the relevant amount of the Due
    Currency.

            

    

    
       

      
        
          	
                  22.

                	
                  Stamp
      duties

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor shall pay (and reimburse each Mortgagee for) all stamp,
      transaction, registration and similar Taxes (including fines and
      penalties) in relation to the execution, delivery, performance or
      enforcement of any Transaction Document or any payment or receipt or any
      other transaction contemplated by any Transaction
  Document.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Those
      Taxes include financial institutions duty, debits tax or other Taxes
      payable by return and Taxes passed on to any Mortgagee (other than the
      Note Trustee and the US$ Noteholders) by any bank or financial
      institution.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Chargor shall indemnify each Mortgagee against any liability resulting
      from delay or omission to pay those Taxes except to the extent the
      liability results from failure by the Mortgagee to pay any Tax after
      having been put in funds to do so by the
  Chargor.

            

    

    
      
         

      

      
        Page
30

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  23.

                	
                  Interest
      on overdue amounts

                

        

      

    

     

    
      	
              23.1

            	
              Accrual

            

    

     

    Interest
accrues on each unpaid amount which is due and payable by the Chargor under or
in respect of  this deed or any Transaction Document (including
interest payable under this clause):

     

    
      	
               
      

            	
              (a)

            	
              on
      a daily basis up to (but excluding) the date of actual payment from (and
      including) the due date or, in the case of an amount payable by way of
      reimbursement or indemnity, the date of disbursement or loss, if
      earlier;

            

    

     

    
      	
               
      

            	
              (b)

            	
              both
      before and after judgment (as a separate and independent obligation);
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              at
      the rate provided in clause 23.3,

            

    

     

    except
where the Transaction Document provides otherwise.

     

    
      	
              23.2

            	
              Payment

            

    

     

    The
Chargor shall pay interest accrued under this clause on demand by the Security
Trustee and on each Payment Date (or, where the payment relates to Class A1
Notes, each Class A1 Payment Date).  That interest is payable in the
currency of the unpaid amount on which it accrues.

     

    
      	
              23.3

            	
              Rate

            

    

     

    The rate
applicable under this clause is the sum of 2% per annum plus the higher of the
following, each as determined by the Security Trustee:

     

    
      	
               
      

            	
              (a)

            	
              the
      rate (if any) applicable to the amount immediately before the due date;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      sum of 2% and the Bank Bill Rate.

            

    

    
      

       

      
        
          	
                  24.

                	
                  Certificate
      as to amount of Secured Moneys,
etc.

                

        

      

    

     

    A
certificate signed by an Authorised Signatory of the Security Trustee will be
sufficient evidence against the Chargor, in the absence of proof to the
contrary:

     

    
      	
               
      

            	
              (a)

            	
              as
      to the amount of Secured Moneys stated in the
  certificate;

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      a person specified in that certificate is a
  Mortgagee;

            

    

     

    
      	
               
      

            	
              (c)

            	
              that
      a document specified in that certificate is a Transaction Document;
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              that
      the Security Trustee is of the opinion stated in the
      certificate.

            

    

    
      

       

      
        
          	
                  25.

                	
                  Survival
      of representations

                

        

      

    

     

    All
representations and warranties in a Transaction Document survive the execution
and delivery of the Transaction Documents and the provision of advances and
accommodation.

    
      
         

      

      
        Page
31

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  26.

                	
                  Indemnity
      and reimbursement
obligations

                

        

      

    

     

    Each
indemnity reimbursement, and similar obligation in a Transaction
Document:

     

    
      	
               
      

            	
              (a)

            	
              is
      a continuing obligation;

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      a separate and independent
obligation;

            

    

     

    
      	
               
      

            	
              (c)

            	
              is
      payable on demand;

            

    

     

    
      	
               
      

            	
              (d)

            	
              survives
      termination or discharge of the Transaction Document;
  and

            

    

     

    
      	
               
      

            	
              (e)

            	
              is
      subject to the order of payment contained in the Series Notice and clause
      16 of this deed and the restriction on remedies contained in clause
      31.

            

    

    
       

      
        
          	
                  27.

                	
                  Continuing
      security

                

        

      

    

     

    Each
security interest created pursuant to this Deed and each Collateral Security is
a continuing security despite any settlement of account, intervening payment or
anything else until a final discharge of this deed and each Collateral Security
has been given to the Chargor.

    
       

      
        
          	
                  28.

                	
                  Other
      securities

                

        

      

    

     

    No Power
and nothing in this deed or any Collateral Security merges in, or in any other
way prejudicially affects or is prejudicially affected by:

     

    
      	
               
      

            	
              (a)

            	
              any
      other Security Interest; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      judgment, right or remedy against any
person,

            

    

     

    which any
Mortgagee or any person claiming through any Mortgagee may have at any
time.

    
       

      
        
          	
                  29.

                	
                  Discharge
      of the Charge

                

        

      

    

     

    
      	
              29.1

            	
              Release

            

    

     

    Upon the
Trust Manager providing a certificate to the Security Trustee (upon which
certificate the Security Trustee may rely conclusively) (with a copy of that
certificate to the Note Trustee)  stating that:

     

    
      	
               
      

            	
              (a)

            	
              all
      Secured Moneys (actually or contingently owing) have been paid in full;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      the obligations of the Chargor under the Transaction Documents have been
      performed, observed and fulfilled,

            

    

     

    then the
Security Trustee shall at the request of the Trust Manager or the Chargor, and
at the cost of the Chargor, release the Mortgaged Property from the Charge and
this deed.

     

    
      	
              29.2

            	
              Contingent
      liabilities

            

    

     

    The
Security Trustee shall be under no obligation to grant a release of the Charge
or this deed in respect of the Trust unless at the time such release is
sought:

     

    
      	
               
      

            	
              (a)

            	
              none
      of the Secured Moneys in respect of the Trust are contingently or
      prospectively owing except where in its opinion there is no reasonable
      likelihood of the contingent or prospective event occurring;
      and

            

    

    
      
         

      

      
        Page
32

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              the
      Security Trustee has no contingent or prospective liabilities in respect
      of the Trust or otherwise in connection with this deed whether or not
      there is any reasonable likelihood of such liabilities, becoming actual
      liabilities, including without limitation, in respect of any bills, notes
      drafts, cheques, guarantees, letters of credit or other notes or documents
      issued, drawn, endorsed or accepted by the Security Trustee for the
      account or at the request of the Chargor for the
  Trust.

            

    

     

    
      	
              29.3

            	
              Charge
      reinstated

            

    

     

    If any
claim is made by any person that any moneys applied in payment or satisfaction
of the Secured Moneys must be repaid or refunded under any law (including,
without limit, any law relating to preferences, bankruptcy, insolvency or the
winding up of bodies corporate) and the Charge has already been discharged, the
Chargor shall, at the Chargor's expense, promptly do, execute and deliver, and
cause any relevant person to do, execute and deliver, all such acts and notes as
the Security Trustee may require to reinstate this Charge unless the Security
Trustee (subject to clause 40.17(d), with the prior written consent of the
Noteholder Mortgagees) agrees otherwise in writing.

    
       

      
        
          	
                  30.

                	
                  Amendment

                

        

      

    

     

    
      	
              30.1

            	
              Approval
      of Trust Manager

            

    

     

    The
Security Trustee and the Chargor may, following the Chargor's giving of notice
to each Designated Rating Agency, and with the written approval of the Trust
Manager and (subject to clause 40.17(d)) the Noteholder Mortgagees, by way of
supplemental deed alter, add to or modify this deed (including this clause 30)
so long as such alteration, addition or modification is:

     

    
      	
               
      

            	
              (a)

            	
              to
      correct a manifest error or ambiguity or is of a formal, technical or
      administrative nature only;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the opinion of the Security Trustee necessary to comply with the
      provisions of any law or regulation or with the requirements of any
      Government Agency;

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      the opinion of the Security Trustee appropriate or expedient as a
      consequence of an amendment to any law or regulation or altered
      requirements of any Government Agency (including, without limitation, an
      alteration, addition or modification which is in the opinion of the
      Security Trustee appropriate or expedient as a consequence of the
      enactment of a law or regulation or an amendment to any law or regulation
      or ruling by the Commissioner or Deputy Commissioner of Taxation or any
      governmental announcement or statement, in any case which has or may have
      the effect of altering the manner or basis of taxation of trusts generally
      or of trusts similar to the Trust);
or

            

    

     

    
      	
               
      

            	
              (d)

            	
              in
      the opinion of the Security Trustee and in accordance with this deed,
      neither prejudicial nor likely to be prejudicial to the interest of the
      Mortgagees as a whole or any class of
Mortgagee.

            

    

    
      
         

      

      
        Page
33

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              30.2

            	
              Extraordinary
      Resolution of Voting Mortgagees

            

    

     

    Where in
the opinion of the Security Trustee and in accordance with this deed, a proposed
alteration, addition or modification to this deed, other than an alteration,
addition or modification referred to in clause 30.1, is prejudicial or likely to
be prejudicial to the interest of Mortgagees as a whole or any class of
Mortgagees, the Security Trustee and the Chargor may make such alteration,
addition or modification if sanctioned by an Extraordinary Resolution of the
Voting Mortgagees or that class of Voting Mortgagees.

     

    
      	
              30.3

            	
              Distribution
      of amendments

            

    

     

    The Trust
Manager shall distribute to all Voting Mortgagees and each Designated Rating
Agency, a copy of any amendments made pursuant to clause 30.1 or 30.2 as soon as
reasonably practicable after the amendment has been made.

    
       

      
        
          	
                  31.

                	
                  Limited
      recourse

                

        

      

    

     

    
      	
              31.1

            	
              General

            

    

     

    Clause 33
of the Master Trust Deed applies to the obligations and liabilities of the
Chargor and the Trust Manager under this deed.

     

    
      	
              31.2

            	
              Liability
      of Chargor limited to its right to
indemnity

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor enters into this deed only in its capacity as trustee of the Trust
      and in no other capacity.  Subject to this clause 31.2, the
      Trust Manager and the Security Trustee may enforce their rights against
      the Chargor, in any way arising in respect of this deed or the Trust,
      however a liability arising under or in connection with this deed or the
      Trust can be enforced against the Chargor only to the extent to which it
      can be satisfied out of the Mortgaged Property out of which the Chargor is
      actually indemnified for the liability.  This limitation of the
      Chargor's liability applies despite any other provision of this deed and
      extends to all liabilities and obligations of the Chargor in any way
      connected with any representation, warranty, conduct, omission, agreement
      or transaction related to this deed or the
  Trust.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      parties other than the Chargor may not sue the Chargor in any capacity
      other than as trustee of the Trust or seek the appointment of a receiver
      (except under this deed), or a liquidator, an administrator or any similar
      person to the Chargor or prove in any liquidation, administration or
      arrangements of or affecting the
Chargor.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      provisions of this clause 31.2 shall not apply to any obligation or
      liability of the Chargor 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 Chargor's indemnification out of the Trust Assets as
      a result of the Chargor's fraud, negligence or breach of
      trust.

            

    

    
      
         

      

      
        Page
34

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (d)

            	
              Without
      affecting any limit or exclusion of liability in relation to the duties,
      powers or obligations under the Transaction Documents of any of the Trust
      Manager, the Servicer, the Note Trustee, the Currency Swap Provider, the
      Principal Paying Agent, the other Paying Agents, the Note Registrar or the
      Agent Bank (each a Relevant
      Party), it is acknowledged that each Relevant Party is responsible
      under this deed and the other Transaction Documents for performing a
      variety of respective obligations relating to the Trust.  No act
      or omission of the Chargor (including any related failure to satisfy its
      obligations under this deed) will be considered fraud, negligence or
      breach of trust of the Chargor for the purpose of sub-paragraph (c) 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 provides services in
      respect of the Trust (other than a person who has been delegated or
      appointed by the Chargor and for whom the Chargor is responsible under
      this deed or the relevant Transaction Documents, but excluding any
      Relevant Party) to fulfil its obligations relating to the Trust or by any
      other act or omission of a Relevant Party or any other person who provides
      services in respect of the Trust (other than a person who has been
      delegated or appointed by the Chargor and for whom the Chargor is
      responsible under this deed or the relevant Transaction Documents, but
      excluding any Relevant Party).

            

    

     

    
      	
               
      

            	
              (e)

            	
              No
      attorney, agent, receiver or receiver and manager appointed in accordance
      with this deed or any other Transaction Documents (including a Relevant
      Party) has authority to act on behalf of the Chargor in a way which
      exposes the Chargor to any personal liability and no act or omission of
      any such person will be considered fraud, negligence or breach of trust of
      the Chargor for the purpose of sub-paragraph (c), if the Chargor has
      exercised reasonable care in the selection and supervision of such a
      person.

            

    

     

    
      	
              31.3

            	
              Rights
      against Mortgaged Property
preserved

            

    

     

    The
Mortgaged Property shall secure to the Security Trustee, and the Security
Trustee shall have recourse to the Mortgaged Property for, all of the
liabilities of the Chargor to the Mortgagees under the Transaction Documents
notwithstanding that at general law, under statute or under the Master Trust
Deed the Chargor has not properly incurred such liability as Chargor or does not
have a right of indemnity in relation to that liability from the Mortgaged
Property or has failed to execute that degree of care, diligence and prudence
required of a trustee (including, without limiting the generality of the
foregoing any fraud, negligence or breach of trust).

     

    
      	
              31.4

            	
              Unrestricted
      remedies

            

    

     

    Nothing
in clause 31.2 limits a Voting Mortgagee in:

     

    
      	
               
      

            	
              (a)

            	
              obtaining
      an injunction or other order to restrain any breach of this deed by any
      party; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              obtaining
      declaratory relief.

            

    

     

    
      	
              31.5

            	
              Restricted
      remedies

            

    

     

    Except in
the event of fraud, negligence or breach of trust by the Chargor (but subject to
clause 31.2), a Mortgagee shall not:

     

    
      	
               
      

            	
              (a)

            	
              (statutory
      demand)  issue any demand under s459E(1) of the
      Corporations Act (or any analogous provision under any other law) against
      the Chargor;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (winding
      up)  apply for the winding up or dissolution of the
      Chargor;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (execution)  levy
      or enforce any distress or other execution to, on, or against any assets
      of the Chargor (other than the Trust
Assets);

            

    

     

    
      	
               
      

            	
              (d)

            	
              (court appointed
      receiver)  apply for the
      appointment by a court of a receiver to any of the assets of the Chargor
      (other than the Trust Assets);

            

    

    
      
         

      

      
        Page
35

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (e)

            	
              (set-off or
      counterclaim)  exercise or seek to exercise any set-off
      or counterclaim against the Chargor (other than in respect of the Trust
      Assets); or

            

    

     

    
      	
               
      

            	
              (f)

            	
              (administrator) appoint,
      or agree to the appointment, of any administrator to the
      Chargor,

            

    

     

    or take
proceedings for any of the above and each Mortgagee waives its rights to make
those applications and take those proceedings.

    
       

      
        
          	
                  32.

                	
                  Waivers,
      remedies cumulative

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              No
      failure to exercise and no delay in exercising any Power operates as a
      waiver.  No single or partial exercise of any Power precludes
      any other or further exercise of that Power or any other
      Power.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Powers in this deed and each Collateral Security are in addition to, and
      do not exclude or limit, any right, power or remedy provided by
      law.

            

    

    
       

      
        
          	
                  33.

                	
                  Consents
      and opinion

                

        

      

    

     

    Except
where expressly stated any Mortgagee may give or withhold, or give
conditionally, approvals and consents, may be satisfied or unsatisfied, may form
opinions, and may exercise its Powers, at its absolute
discretion.

    
       

      
        
          	
                  34.

                	
                  Severability
      of provisions

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      provision of this deed or any Collateral Security which is prohibited or
      unenforceable in any jurisdiction is ineffective as to that jurisdiction
      to the extent of the prohibition or unenforceability.  That does
      not invalidate the remaining provisions of this deed or any Collateral
      Security nor affect the validity or enforceability of that provision in
      any other jurisdiction.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Without
      limiting the generality of paragraph
(a):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      definition of Secured Moneys does not include any liability so long as and
      to the extent that the inclusion of that liability would avoid, invalidate
      or render ineffective clause 3 or 4 or the security constituted by this
      deed; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      definition of the Mortgaged Property does not include any asset so long as
      and to the extent that the inclusion of that asset would invalidate, avoid
      or render ineffective clause 3 or 4 or the security constituted by this
      deed.

            

    

     

    The
Chargor shall use its reasonable endeavours to satisfy any condition or obtain
any Authorisation which may be necessary to include that liability or asset
validly under the Charge or this deed.

    
      
         

      

      
        Page
36

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  35.

                	
                  Moratorium
      legislation

                

        

      

    

     

    To the
full extent permitted by law all legislation which at any time directly or
indirectly:

     

    
      	
               
      

            	
              (a)

            	
              lessens,
      varies or affects in favour of the Chargor any obligation under this deed
      or any Collateral Security; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              delays,
      prevents or prejudicially affects the exercise by any Mortgagee, any
      Receiver or Attorney, of any Power,

            

    

     

    is
excluded from this deed and any Collateral Security.

    
       

      
        
          	
                  36.

                	
                  Assignments

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to the other Transaction Documents, a Mortgagee may assign its rights
      under this deed and each Collateral Security.  If this deed or
      any Mortgagee's interest in it is assigned, the Secured Moneys will
      include all actual and contingent liability of the Chargor to the
      assignee, whether or not it was incurred before the assignment or in
      contemplation of it.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Chargor may only assign or transfer any of its rights or obligations under
      this deed or any Collateral Security with the prior written consent of the
      Security Trustee (and, subject to clause 40.17(d), the Noteholder
      Mortgagees) and if prior notice has been given by the Chargor to each
      Designated Rating Agency and the Trust Manager has given a Rating
      Notification in relation to that assignment or
  transfer.

            

    

    
       

      
        
          	
                  37.

                	
                  Notices

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              All
      notices, requests, demands, consents, approvals, agreements or other
      communications to or by a party to this
deed:

            

    

     

    
      	
               
      

            	
              (i)

            	
              must
      be in writing;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              must
      be signed by an Authorised Signatory of the sender;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              will
      be taken to be duly given or made:

            

    

     

    
      	
               
      

            	
              (A)

            	
              (in
      the case of delivery in person or by facsimile transmission) when
      delivered, received or left at the address of the recipient shown in this
      deed, to any other address it may have notified the sender, or as provided
      in clause 37(b) but if delivery or receipt is on a day on which business
      is not generally carried on in the place to which the communication is
      sent or is later than 4 pm (local time), it will be taken to have
      been duly given or made at the commencement of business on the next day on
      which business is generally carried on in that place;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              (in
      the case of delivery by post)  3 days after it is posted to such
      an address.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee may give notice to a Mortgagee at the addresses notified
      to the Security Trustee by the Chargor or the Trust Manager as that
      Mortgagee's address for notice or, where the Mortgagee is a Noteholder, at
      the address of the Note
Trustee.

            

    

    
      
         

      

      
        Page
37

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  38.

                	
                  Relationship
      of Mortgagees to Security
Trustee

                

        

      

    

     

    
      	
              38.1

            	
              Instructions;
      extent of discretion

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee will have no duties or responsibilities except those
      expressly set out in this deed or any Collateral
  Security.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to this deed, in the exercise of all its Powers the Security Trustee shall
      act in accordance with any Extraordinary Resolution of the Voting
      Mortgagees.

            

    

     

    
      	
               
      

            	
              (c)

            	
              In
      the absence of an Extraordinary Resolution of the Voting Mortgagees, the
      Security Trustee need not act but, if it does act, it must act (with prior
      written notice to the Noteholder Mortgagees) in the best interests of the
      Mortgagees in accordance with this
deed.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Any
      action taken by the Security Trustee under this deed or any Collateral
      Security binds all the Mortgagees.

            

    

     

    
      	
              38.2

            	
              No
      obligation to investigate authority

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor need not enquire whether any Extraordinary Resolution has been
      passed or as to the terms of any Extraordinary
  Resolution.

            

    

     

    
      	
               
      

            	
              (b)

            	
              As
      between the Chargor on the one hand and the Security Trustee and the
      Mortgagees on the other, all action taken by the Security Trustee under
      this deed or any Collateral Security will be taken to be
      authorised.

            

    

     

    
      	
              38.3

            	
              Delegation

            

    

     

    The
Security Trustee may employ agents and attorneys, and shall exercise reasonable
care in selecting them.  The Security Trustee may at the expense of
the Chargor obtain such advice and information from lawyers, accountants,
bankers and other consultants and experts as it considers desirable to allow it
to be properly advised and informed in relation to its powers and
obligations.  Before obtaining such advice or information (unless the
advice or information relates to the Trust Manager) before the occurrence of an
Event of Default, the Security Trustee shall first inform the Trust Manager of
the need for the advice or information and obtain the approval of the Trust
Manager, which approval shall not be unreasonably withheld or
delayed.

     

    
      	
              38.4

            	
              Reliance
      on documents and experts

            

    

     

    The
Security Trustee may rely on:

     

    
      	
               
      

            	
              (a)

            	
              any
      document (including any facsimile transmission, telegram or telex) it
      believes to be genuine and correct including any document given by the
      Chargor under clause 5.1(d) or by the Trust Manager under clause 5.4;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              advice
      and statements of lawyers, accountants, bankers and other consultants and
      experts, whether or not retained by it, but only where permitted by the
      terms of that advice or those
statements.

            

    

    
      
         

      

      
        Page
38

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              38.5

            	
              Notice
      of transfer

            

    

     

    The
Security Trustee may treat each Mortgagee as the holder of the Mortgagee's
rights under the Transaction Documents until the Security Trustee has received a
substitution certificate or an instrument of transfer in a form approved by the
Security Trustee.

     

    
      	
              38.6

            	
              Notice
      of default

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee will be taken not to have knowledge of the occurrence of
      an Event of Default unless the Security Trustee has received notice from a
      Voting Mortgagee or the Chargor stating that an Event of Default has
      occurred and describing it.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Security Trustee receives notice of, or becomes aware of, the
      occurrence of events or circumstances constituting an Event of Default and
      that those events or circumstances do constitute an Event of Default, the
      Security Trustee shall notify the Voting Mortgagees, subject to clause
      38.11(b).  For the purposes of this clause and the other
      provisions of this deed, the Security Trustee will only be considered to
      have notice of or to be aware of any thing if the Security Trustee has
      notice or awareness of that thing by virtue of the actual notice or
      awareness of the officers of the Security Trustee who have day to day
      responsibility for the administration of the security trust established by
      this deed.

            

    

     

    
      	
              38.7

            	
              Security
      Trustee as Mortgagee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee in its capacity as a Mortgagee has the same rights and
      powers under the Transaction Documents as any other
      Mortgagee.  It may exercise them as if it were not acting as the
      Security Trustee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee and its Associates may engage in any kind of business
      with the Chargor, Trust Manager and any Mortgagee or other person as if it
      were not the Security Trustee.  It may receive consideration for
      services in connection with any Transaction Document and otherwise without
      having to account to the
Mortgagees.

            

    

     

    
      	
              38.8

            	
              Indemnity
      to Security Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Indemnity)  Subject
      to the order of payment contained in the Series Notice and clause 16 of
      this deed, clause 31 of this deed and clause 38.8(b), the Chargor agrees
      to indemnify and keep indemnified the Security Trustee and each of its
      officers, employees and advisers (each an Indemnified
      Party and collectively the Indemnified
      Parties) from and against all claims, actions, proceedings,
      demands, liabilities, losses, damages, costs and expenses arising out of
      or in connection with:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Transaction Documents; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Security Trustee's engagement as Security Trustee which any Indemnified
      Party may suffer or incur in any jurisdiction arising out of or in
      connection with:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      Chargor failing to perform or observe any of its obligations under this
      deed or any other obligations binding on it;
or

            

    

     

    
      	
               
      

            	
              (B)

            	
              any
      claim that an Indemnified Party has any liability under the US Securities
      Act of 1933 or the US Securities Exchange Act of 1934 in relation to the
      issue of securities in connection with the
  Trust,

            

    

    
      
         

      

      
        Page
39

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    and all
costs and expenses incurred by any Indemnified Party shall be reimbursed by the
Chargor promptly on demand, including those incurred in connection with the
investigation of, preparation for or defence of any pending or threatened
litigation or claim within the terms of this indemnity or incidental
thereto.  This clause 38.8(a) does not limit the Chargor's liability
under any other provision of this deed.

     

    
      	
               
      

            	
              (b)

            	
              (Extent of
      Indemnity)  The Chargor will not be responsible for any
      liabilities, losses, damages, costs or expenses which are determined by a
      final judgment of a court of competent jurisdiction to have resulted from
      fraud, wilful misconduct or negligence on the part of an Indemnified Party
      and any sums already paid by the Chargor under the indemnity in clause
      38.8(a) shall be reimbursed in
full.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Benefits of
      indemnity)  Each Indemnified Party, whether or not a
      party to this deed, shall be entitled to the benefit of this clause 38.8
      and this clause 38.8 may be enforced on that Indemnified Party's behalf by
      the Security Trustee.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Preservation of
      rights)  Subject to clause 38.8(b) the rights of an
      Indemnified Party under this deed shall not in any way be prejudiced or
      affected by:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      approval given by an Indemnified Party in relation to a Registration
      Statement or any announcement or advertisement publicity made or
      distributed in relation to a Registration
  Statement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      consent to be named in a Registration
Statement;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      knowledge (actual or constructive) of any failure by the Chargor to
      perform or observe any of its obligations under this
  deed;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      inaccuracy in any representation or warranty made or deemed to have been
      made by the Chargor under the Transaction Documents;
  or

            

    

     

    
      	
               
      

            	
              (v)

            	
              any
      other fact, matter or thing which might otherwise constitute a waiver of
      or in any way prejudice or affect any right of an Indemnified
      Party.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (The Security Trustee's
      obligation to notify)  If the Security Trustee becomes
      aware of any matter in respect of which an Indemnified Party wishes to
      claim for indemnification under this clause 38.8, the Security Trustee
      shall promptly notify the Chargor in writing of the substance of that
      matter.

            

    

     

    
      	
              38.9

            	
              Independent
      investigation

            

    

     

    
      	
               
      

            	
              (a)

            	
              Without
      limiting paragraph (b), each Mortgagee (other than the Note Trustee)
      confirms that it has made and will continue to make, independently and
      without reliance on the Security Trustee or any other Mortgagee (including
      the Trust Manager) and based on the Transaction Documents, agreements and
      information which it regards
appropriate:

            

    

     

    
      	
               
      

            	
              (i)

            	
              its
      own investigations (if any) into the affairs of the Chargor;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              its
      own analyses and decisions whether to take or not take action under any
      Transaction Document, except (in the case of the Security Trustee) any
      directions or information from the Trust Manager on which the Security
      Trustee is required or entitled to act or
rely.

            

    

    
      
         

      

      
        Page
40

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              The
      Note Trustee confirms that it has
not:

            

    

     

    
      	
               
      

            	
              (i)

            	
              made
      any investigations, analyses and decisions described in paragraph (a);
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              relied
      on the Security Trustee or any other Mortgagee in relation to any of the
      investigations, analyses and decisions set out in paragraph
      (a).

            

    

     

    
      	
              38.10

            	
              No
      monitoring

            

    

     

    The
Security Trustee is not required to keep itself informed as to the compliance by
the Chargor or the Trust Manager with any Transaction Document or any other
document or agreement or to inspect any property or book of the Chargor or the
Trust Manager.

     

    
      	
              38.11

            	
              Information

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Chargor authorises:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Security Trustee to provide any Voting Mortgagee;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note Trustee and any Paying Agent to provide any US$
      Noteholder,

            

    

     

    with any
information concerning the affairs, financial condition or business of the
Chargor which may come into the possession of the Security Trustee or the Note
Trustee (as the case may be).  The Security Trustee and the Note
Trustee need not do so.

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee is not obliged to disclose any information relating to
      the Chargor if in the opinion of the Security Trustee (on the basis of the
      advice of its legal advisers) disclosure would or might breach a law or a
      duty of secrecy or confidence.

            

    

     

    
      	
              38.12

            	
              Conflicts

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to clause 2.2, in the event of any dispute, ambiguity or doubt as to the
      construction or enforceability of this deed or of any other document or
      the Security Trustee's powers or obligations under or in connection with
      this deed or the determination or calculation or any amount or thing for
      the purpose of this deed or the construction or validity of any direction
      from the Mortgagees, the Security Trustee
may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              obtain
      and rely on advice from any person referred to in clause 38.3;
      and/or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              apply
      to a court or similar body for any direction or order the Security Trustee
      considers appropriate,

            

    

     

    and
provided the Security Trustee is using reasonable endeavours to resolve such
ambiguity, dispute or doubt, the Security Trustee, in its absolute discretion,
may refuse to act or refrain from acting in relation to matters affected by such
dispute, ambiguity or doubt.

     

    
      	
               
      

            	
              (b)

            	
              The
      Security Trustee has no responsibility for the form or contents of this
      deed or any other Transaction Document and will have no liability arising
      as a result of or in connection with any inadequacy, invalidity or
      unenforceability of any provision of this deed or the other Transaction
      Documents.

            

    

    
      
         

      

      
        Page
41

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              38.13

            	
              No
      Liability

            

    

     

    Without
limitation the Security Trustee shall not be liable for:

     

    
      	
               
      

            	
              (a)

            	
              any
      decline in the value or loss realised upon any sale or other disposition
      made under this deed of any Mortgaged Property or any other property
      charged to the Security Trustee by any other person in respect of or
      relating to the obligations of the Chargor or any person in respect of the
      Chargor or the Secured Moneys or relating in any way to the Mortgaged
      Property;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      decline in value directly or indirectly arising from the Security Trustee
      acting or failing to act as a consequence of an opinion reached by it;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      loss, expense or liability which may be suffered as a result of any assets
      secured by this deed, Mortgaged Property or any deeds or documents of
      title thereto being uninsured or inadequately insured or being held by or
      to the order of the Servicer or any of its affiliates or by clearing
      organisations or their operator or by any person on behalf of the Note
      Trustee.

            

    

     

    
      	
              38.14

            	
              Security
      Trustee liability

            

    

     

    The
limitation of the Security Trustee's liability under this clause 38.14 applies
despite any other provisions of this deed and extends to all Obligations of the
Security Trustee in any way connected with any representation, warranty,
conduct, omission, agreement or transaction related to this deed and to the
extent of any inconsistency between the operation of this clause and any other
provision of this deed or any other Transaction Document in relation to the
Trust, the terms of this clause 38.14 will prevail.

     

    
      	
               
      

            	
              (a)

            	
              The
      Security Trustee enters into this deed and the Transaction Documents for
      the Trust as trustee of the Security Trust and in no other
      capacity.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Mortgagees (other than the Security Trustee) acknowledge that the Security
      Trustee incurs the Obligations solely in its capacity as trustee of the
      Security Trust and that the Security Trustee will cease to have any
      Obligation under this deed and the other Transaction Documents in respect
      of the Trust if the Security Trustee ceases for any reason to be trustee
      of the Security Trust (other than in respect of any liability which arose
      before the Security Trustee ceased to be the trustee of the Security
      Trust).

            

    

     

    
      	
               
      

            	
              (c)

            	
              Except
      in the case of and to the extent of fraud, negligence or wilful misconduct
      on the part of the Security Trustee, the Security Trustee will not be
      liable to pay or satisfy any Obligations except out of the assets of the
      Security Trust against which it is actually indemnified in respect of any
      liability incurred by it as trustee of the Security
  Trust.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Except
      in the case of and to the extent of fraud, negligence or wilful misconduct
      on the part of the Security Trustee, the Mortgagees (other than the
      Security Trustee) may enforce their rights against the Security Trustee
      arising from non-performance of the Obligations only to the extent of the
      Security Trustee’s right of indemnity out of the assets of the Security
      Trust.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Except
      in the case of and to the extent of fraud, negligence or wilful misconduct
      on the part of the Security Trustee, if any Mortgagee (other than the
      Security Trustee) does not recover all money owing to it arising from
      non-performance of the Obligations it may not seek to recover the
      shortfall by:

            

    

     

    
      	
            	
              (i)

            	
              bringing
      proceedings against the Security Trustee in its personal capacity;
      or

            

    

    
      
         

      

      
        Page
42

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (ii)

            	
              applying
      to have the Security Trustee in its personal capacity put into
      administration or wound up or applying to have a receiver or similar
      person appointed to the Security Trustee in its personal capacity or
      proving in the administration or winding up of the Security Trustee in its
      personal capacity.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Except
      in the case of and to the extent of fraud, negligence or wilful misconduct
      on the part of the Security Trustee, the Mortgagees (other than the
      Security Trustee) waive their rights and release the Security Trustee from
      any personal liability whatsoever, in respect of any loss or
      damage:

            

    

     

    
      	
               
      

            	
              (i)

            	
              which
      they may suffer as a result of any:

            

    

     

    
      	
               
      

            	
              (A)

            	
              breach
      by the Security Trustee of any of its Obligations;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              non-performance
      by the Security Trustee of the Obligations;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              which
      cannot be paid or satisfied out of the assets of the Security Trust of
      which the Security Trustee is entitled to be indemnified in respect of any
      liability incurred by the Security Trustee as trustee of the Security
      Trust.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      Mortgagees (other than the Security Trustee) acknowledge that the whole of
      this deed is subject to this clause 38.14 and the Security Trustee shall
      in no circumstances be required to satisfy any liability of the Security
      Trustee arising under, or for non-performance or breach of any Obligations
      under or in respect of, this deed or under or in respect of any other
      Transaction Document to which it is expressed to be a party out of any
      funds, property or assets other than the assets of the Security Trust
      under the Security Trustee’s control as and when they are available to the
      Security Trustee to be applied in exoneration for such liability PROVIDED THAT
      if the liability of the Security Trustee is not fully satisfied out of the
      assets of the Security Trust as referred to in this clause 38.14, the
      Security Trustee will be liable to pay out of its own funds, property and
      assets the unsatisfied amount of that liability but only to the extent of
      the total amount, if any, by which the assets of the Security Trust have
      been reduced by reasons of fraud, negligence or wilful misconduct by the
      Security Trustee in the performance of the Security Trustee’s duties as
      trustee of the Security Trust.

            

    

     

    
      	
               
      

            	
              (h)

            	
              The
      Mortgagees agree that no act or omission of the Security Trustee
      (including any related failure to satisfy any Obligations) will constitute
      fraud, negligence or wilful misconduct of the Security Trustee for the
      purposes of this clause 38.14 to the extent to which the act or omission
      was caused or contributed to by any failure of any person to fulfil its
      obligations relating to the Security Trust or by any other act or omission
      of the Trust Manager or any other person (except to the extent that the
      relevant failure, act or omission by that person was caused by the fraud,
      negligence or wilful misconduct of the Security
  Trustee).

            

    

     

    
      	
               
      

            	
              (i)

            	
              No
      attorney, agent or other person appointed in accordance with this deed has
      authority to act on behalf of the Security Trustee in a way which exposes
      the Security Trustee to any personal liability (except in accordance with
      the express provisions of this deed), and no act or omission of such a
      person will be considered fraud, negligence or wilful misconduct of the
      Security Trustee for the purposes of this clause
  38.14.

            

    

    
      
         

      

      
        Page
43

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (j)

            	
              In
      this clause Obligations
      means all obligations and liabilities of whatever kind undertaken or
      incurred by, or devolving upon, the Security Trustee under or in respect
      of this deed or any other Transaction
Document

            

    

    
       

      
        
          	
                  39.

                	
                  Retirement
      and removal of Security
Trustee

                

        

      

    

     

    
      	
              39.1

            	
              Retirement

            

    

     

    Subject
to any Transaction Document to which the Security Trustee is a party, and
subject also to the appointment of a successor Security Trustee as provided in
this clause and the Trust Manager having given a Rating Notification in relation
to that the resignation and appointment of a successor, the Security Trustee may
retire at any time upon giving not less than three months' notice (or such
shorter period as the parties may agree) in writing to the Chargor, the Trust
Manager and the Note Trustee, and the Trust Manager shall give such notice to
each Designated Rating Agency in all cases without assigning any reason and
without being responsible for any costs occasioned by such
retirement.

     

    
      	
              39.2

            	
              Removal

            

    

     

    Subject
to any Transaction Document to which the Security Trustee is a party, the
appointment of a successor Security Trustee as provided in this clause, and
prior notice being given to each Designated Rating Agency by the Trust Manager,
the Security Trustee may be removed:

     

    
      	
               
      

            	
              (a)

            	
              by
      the Trust Manager if any of the following occurs in relation to the
      Security Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      Insolvency Event occurring in relation to the Security Trustee in its
      personal capacity;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      cessation by the Security Trustee of its
  business;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              failure
      of the Security Trustee to remedy within fourteen days after written
      notice by the Trust Manager any material breach of duty on the part of the
      Security Trustee; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              if
      without the prior written consent of the Trust Manager there
      occurs:

            

    

     

    
      	
               
      

            	
              (A)

            	
              a
      change in fifty one per cent (or such other percentage the Trust Manager
      may in its absolute discretion determine shall constitute a change in the
      effective control of the Security Trustee) of the shareholding of the
      Security Trustee existing at the date of this deed (whether occurring at
      one time or through a series of succession of transfers or issues of
      shares);

            

    

     

    
      	
               
      

            	
              (B)

            	
              a
      change in the effective management of the Security Trustee as existing at
      the date of this deed such that the Security Trustee is no longer able to
      fulfil its duties and obligations in relation to the Mortgaged Property;
      or

            

    

     

    
      	
               
      

            	
              (C)

            	
              the
      establishment by any means of any trust under which any third party
      becomes a beneficial owner of any of the Security Trustee's rights under
      this deed; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              at
      any time by an Extraordinary Resolution of the Voting
      Mortgagees.

            

    

    
      
         

      

      
        Page
44

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              39.3

            	
              Replacement

            

    

     

    
      	
               
      

            	
              (a)

            	
              Upon
      notice of resignation or removal the Trust Manager shall have the right to
      appoint a successor Security Trustee who has been previously approved by
      an Extraordinary Resolution of the Voting Mortgagees and who accepts the
      appointment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      no successor Security Trustee is appointed within 30 days after notice,
      the retiring Security Trustee may on behalf of the Mortgagees appoint a
      successor Security Trustee (other than Westpac or a Related Corporation of
      Westpac) who accepts the
appointment.

            

    

     

    
      	
               
      

            	
              (c)

            	
              On
      its appointment the successor Security Trustee will have all the rights,
      powers and obligations of the retiring Security Trustee.  The
      retiring Security Trustee will be discharged from its rights, powers and
      obligations from the date of that
appointment.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      retiring Security Trustee shall execute and deliver all Documents or
      agreements which are necessary or desirable in its opinion to transfer to
      the successor Security Trustee this deed and each Collateral Security or
      to effect the appointment of the successor Security
    Trustee.

            

    

     

    
      	
               
      

            	
              (e)

            	
              After
      any retiring Security Trustee's resignation or removal, this deed will
      continue in effect in respect of anything done or omitted to be done by it
      while it was acting as Security
Trustee.

            

    

    
       

      
        
          	
                  40.

                	
                  Meetings
      of Mortgagees

                

        

      

    

     

    
      	
              40.1

            	
              Limitation
      on Security Trustee's powers

            

    

     

    Except as
provided for in this deed, the Security Trustee shall not assent or give effect
to any matter which a meeting of Voting Mortgagees is empowered by Extraordinary
Resolution to do, unless the Security Trustee has previously been authorised to
do so by an Extraordinary Resolution of Voting Mortgagees.

     

    
      	
              40.2

            	
              Convening
      of meetings

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Generally)

            

    

     

    
      	
               
      

            	
              (i)

            	
              Subject
      to clause 40.17, the Security Trustee or the Trust Manager at any time may
      convene a meeting of the Voting
Mortgagees.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Subject
      to clause 40.17, and subject to the Security Trustee being indemnified to
      its reasonable satisfaction against all costs and expenses occasioned as a
      result, the Security Trustee shall convene a meeting of the Voting
      Mortgagees if requested to do so:

            

    

     

    
      	
               
      

            	
              (A)

            	
              by
      the Chargor; or

            

    

     

    
      	
               
      

            	
              (B)

            	
              by
      Voting Mortgagees being holders of not less than 20% of the then Secured
      Moneys.

            

    

    
      
         

      

      
        Page
45

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              (Time and
      place)

            

    

     

    
      	
               
      

            	
              (i)

            	
              Every
      meeting of Voting Mortgagees shall be held at such time and place as the
      Security Trustee approves, provided (subject to sub-paragraph (ii) and
      clause 40.3(b)) that any such meeting shall not be held until the US$
      Noteholders have, in accordance with the Note Trust Deed, determined how
      to direct the Note Trustee to vote in the meeting of Voting
      Mortgagees.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Upon
      receiving notice of a meeting of the Voting Mortgagees, the Note Trustee
      shall as soon as practicable notify the US$ Noteholders in accordance with
      the terms of the Note Trust Deed.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      proviso in sub-paragraph (i) shall not apply if the US$ Noteholders'
      determination under sub-paragraph (i) is not made in accordance with, and
      within the time specified in, the Note Trust
  Deed.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Class of
      Mortgagees)  The provisions of this clause 40 regarding a
      meeting of the Voting Mortgagees shall apply, mutatis mutandis, to a
      meeting of any class of Voting
Mortgagees.

            

    

     

    
      	
              40.3

            	
              Notice
      of meetings

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Period of
      Notice)  Subject to clause 40.3(b), at least 21 days'
      notice (inclusive of the day on which the notice is given and of the day
      on which the meeting is held) shall be given to the Voting Mortgagees, the
      Beneficiary and all the Designated Rating Agencies by the Trust
      Manager.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Short
      notice)  Notwithstanding that a meeting is convened upon
      shorter notice than as specified in clause 40.3(a), or a meeting or
      details of that meeting are not notified, advised or approved in
      accordance with this clause 40, it shall be deemed to be duly convened if
      it is so agreed by the Voting Mortgagees representing a quorum (which
      quorum must include the Note
Trustee).

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Copies)  A
      copy of the notice shall in all cases be given by the party to this deed
      convening the meeting to the other parties to this
  deed.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Method of giving
      notice)  Notice of a meeting shall be given in the manner
      provided in this deed.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Contents of a
      notice)  Notice of a meeting of Voting Mortgagees shall
      specify, unless in any particular case the Security Trustee otherwise
      agrees:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      day, time and place of the proposed meeting;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      nature of the resolutions to be
proposed.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Failure to give
      notice)  The accidental omission to give notice to or the
      non-receipt of notice by any person entitled to receive it shall not
      invalidate the proceedings at any
meeting.

            

    

     

    
      	
              40.4

            	
              Chairman

            

    

     

    A person
(who need not be a Voting Mortgagee and who may be a Representative of the
Security Trustee) nominated in writing by the Security Trustee shall be entitled
to take the chair at every such meeting but if no such nomination is made or if
at any meeting the person nominated is not present within 15 minutes after the
time appointed for the holding of that meeting the Voting Mortgagees present
shall choose one of their number to be chairman.

     

    
      
         

      

      
        Page
46

        
          

        

      

      
         

      

    

     

    
      	
              Series
      [*] WST Trust Security Trust Deed

            	
              

            
	 
      

    

     

    
      	
              40.5

            	
              Quorum

            

    

     

    At any
such meeting, any two or more persons present in person holding, or being
Representatives holding or representing, in the aggregate not less than 50% of
the then Secured Moneys shall form a quorum for the transaction of business and
no business (other than the choosing of a chairman) shall be transacted at any
meeting unless the requisite quorum is present at the commencement of
business.

     

    
      	
              40.6

            	
              Adjournment

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Quorum not
      present)  If within 15 minutes from the time appointed
      for any such meeting a quorum is not present the meeting shall, if
      convened on the requisition of the Voting Mortgagees, be
      dissolved.  In any other case it shall stand adjourned (unless
      the Security Trustee agrees that it be dissolved) for such period, not
      being less than 7 days nor more than 42 days, as may be appointed by the
      chairman.  At the adjourned meeting two or more persons present
      in person holding, or being Representatives holding or representing 25% of
      the then Secured Moneys shall (except for the purpose of passing an
      Extraordinary Resolution) form a quorum and shall have the power to pass
      any resolution and to decide upon all matters which could properly have
      been dealt with at the meeting from which the adjournment took place had a
      quorum been present at that meeting.  The quorum at any such
      adjourned meeting for passing a Extraordinary Resolution shall be 50% of
      the then Secured Moneys.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Adjournment of
      meeting)  The chairman may with the consent of (and shall
      if directed by) any meeting adjourn the same from time to time and from
      place to place but no business shall be transacted at any adjourned
      meeting except business which might lawfully have been transacted at the
      meeting from which the adjournment took
place.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Notice of adjourned
      meeting)  At least 5 days' notice of any meeting
      adjourned through want of a quorum shall be given in the same manner as of
      an original meeting and such notice shall state the quorum required at
      such adjourned meeting.  It shall not, however, otherwise be
      necessary to give any notice of an adjourned
  meeting.

            

    

     

    
      	
              40.7

            	
              Voting
      procedure

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Show of
      hands)  Every question submitted to a meeting shall be
      decided in the first instance by a show of hands and in case of equality
      of votes the chairman shall both on a show of hands and on a poll have a
      casting vote in addition to the vote or votes (if any) to which he may be
      entitled as a Voting Mortgagee or as a
  Representative.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Declaration)  At
      any meeting, unless a poll is (before or on the declaration of the result
      of the show of hands) demanded by the chairman, the Chargor, the Trust
      Manager, the Note Trustee or the Security Trustee or by one or more
      persons holding, or being a Representative or Representatives holding or
      representing, in aggregate not less than 2% of the then Secured Moneys, a
      declaration by the chairman that a resolution has been carried by a
      particular majority or lost or not carried by any particular majority
      shall be conclusive evidence of the fact without proof of the number or
      proportion of the votes recorded in favour of or against that
      resolution.

            

    

    
      
         

      

      
        Page
47

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (c)

            	
              (Poll)  If at
      any meeting a poll is so demanded, it shall be taken in such manner and
      (subject as provided below) either at once or after such an adjournment as
      the chairman directs and the result of such poll shall be deemed to be the
      resolution of the meeting at which the poll was demanded as at the date of
      the taking of the poll.  The demand for a poll shall not prevent
      the continuance of the meeting for the transaction of any business other
      than the question on which the poll has been
  demanded.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (No
      adjournment)  Any poll demanded at any meeting on the
      election of a chairman or on any question of adjournment shall be taken at
      the meeting without adjournment.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Votes)  Subject
      to clause 40.7(a), at any meeting:

            

    

     

    
      	
               
      

            	
              (i)

            	
              on
      a show of hands, every person holding, or being a Representative holding
      or representing other persons who hold, Secured Moneys shall have one vote
      except that the Note Trustee shall represent each US$ Noteholder who has
      directed the Note Trustee to vote on its behalf under the Note Trust Deed;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              on
      a poll, every person who is present shall have one vote for each US$10,000
      or its equivalent (but not part thereof) of the Secured Moneys that he
      holds or in
      respect of which he is a Representative.  Any person entitled to
      more than one vote need not use or cast all of the votes to which he is
      entitled in the same way.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Evidence)  In
      order for the Note Trustee to vote on behalf of a US$ Noteholder under
      paragraph (e), it must provide evidence satisfactory to the Security
      Trustee that it is authorised so to
vote.

            

    

     

    
      	
              40.8

            	
              Right
      to attend and speak

            

    

     

    The
Chargor, the Trust Manager, the Security Trustee and the Beneficiary (through
their respective Representatives) and their respective financial and legal
advisers shall be entitled to attend and speak at any meeting of Voting
Mortgagees (and, to the extent that they are also a Voting Mortgagee, to vote at
that meeting).  No person shall otherwise be entitled to attend or
vote at any meeting of the Voting Mortgagees or to join with others in
requesting the convening of such a meeting unless he is a Voting Mortgagee or a
Representative.

     

    
      	
              40.9

            	
              Appointment
      of Proxies

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Requirements)  Each
      appointment of a proxy shall be in writing and shall be deposited at the
      registered office of the Security Trustee or in such other place as the
      Security Trustee shall designate or approve, together with proof
      satisfactory to the Security Trustee of its due execution (if so required
      by the Security Trustee), not less than 24 hours before the time appointed
      for holding the meeting or adjourned meeting at which the named proxy
      proposes to vote, and in default, the appointment of proxy shall not be
      treated as valid unless the chairman of the meeting decides otherwise
      before that meeting or adjourned meeting proceeds to
      business.  A notarially certified copy proof of due execution as
      specified above (if applicable) shall, if required by the Security
      Trustee, be produced by the proxy at the meeting or adjourned meeting, but
      the Security Trustee shall not thereby be obliged to investigate or be
      concerned with the validity or the authority of the proxy named in any
      such appointment.  The proxy named in any appointment of proxy
      need not be a Voting Mortgagee.

            

    

    
      
         

      

      
        Page
48

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              (Proxy remains
      valid)  Any vote given in accordance with the terms of an
      appointment of proxy set out in clause 40.9(a) shall be valid
      notwithstanding the previous revocation or amendment of the appointment of
      proxy or of any of the Voting Mortgagee's instructions pursuant to which
      it was executed, provided that no intimation in writing of such revocation
      or amendment has been received by the Security Trustee at its registered
      office, or by the chairman of the meeting, in each case within the 24
      hours before the commencement of the meeting or adjourned meeting at which
      the appointment of proxy is used.

            

    

     

    
      	
              40.10

            	
              Corporate
      Representatives

            

    

     

    A person
authorised pursuant to section 250D of the Corporations Act by a Voting
Mortgagee being a body corporate to act for that Voting Mortgagee at any meeting
shall, in accordance with his authority until his authority is revoked by the
body corporate concerned, be entitled to exercise the same powers on behalf of
that body corporate as that body corporate could exercise if it were an
individual Voting Mortgagee and shall be entitled to produce evidence of his
authority (together with, if required by the Security Trustee, evidence
satisfactory to the Security Trustee of the due execution of the authority) to
act at any time before the time appointed for the holding of or at the meeting
or adjourned meeting or for the taking of a poll at which he proposes to
vote.

     

    
      	
              40.11

            	
              Rights
      of Representatives

            

    

     

    A
Representative shall have the right to demand or join in demanding a poll and
shall (except and to the extent to which the Representative is specifically
directed to vote for or against any proposal) have power generally to act at a
meeting for the Voting Mortgagee concerned.  The Security Trustee and
any officer of the Security Trustee may be appointed a
Representative.

     

    
      	
              40.12

            	
              Extraordinary
      Resolutions

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Powers)  A
      meeting of Voting Mortgagees shall, without prejudice to any rights or
      powers conferred on other persons by this deed, have power exercisable by
      Extraordinary Resolution:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      direct the Security Trustee in the action that should be taken by it
      following the occurrence of an Event of Default or the Charge or this deed
      becoming enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      sanction any action that the Security Trustee or a Receiver proposes to
      take to enforce the provisions of this
deed;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              to
      sanction any proposal by the Trust Manager, the Chargor or the Security
      Trustee for any modification, abrogation, variation or compromise of, or
      arrangement in respect of, the rights of the Mortgagees against the
      Chargor or the Trust Manager whether such rights shall arise under this
      deed, the Transaction Documents or
otherwise;

            

    

    
      
         

      

      
        Page
49

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (iv)

            	
              to
      sanction the exchange or substitution of the Secured Moneys for, or the
      conversion of the Secured Moneys into, bonds or other obligations or
      securities of the Chargor or any body corporate formed or to be
      formed;

            

    

     

    
      	
               
      

            	
              (v)

            	
              to
      assent to any modification of the provisions contained in this deed which
      may be proposed by the Chargor, the Note Trustee, the Trust Manager or the
      Security Trustee;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              to
      give any authority, direction, guidance or sanction sought by the Security
      Trustee from the Voting Mortgagees;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              to
      appoint any persons (whether Voting Mortgagees or not) as a committee or
      committees to represent the interests of the Voting Mortgagees and to
      confer on such committee or committees any powers or discretions which the
      Voting Mortgagees could themselves exercise by Extraordinary
      Resolution;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              to
      approve a person proposed to be appointed as a new Security Trustee for
      the time being;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              to
      discharge or exonerate the Security Trustee from any liability in respect
      of any act or omission for which it may become responsible under this
      deed;

            

    

     

    
      	
               
      

            	
              (x)

            	
              to
      do any other thing which under this deed is required to be given by an
      Extraordinary Resolution of the
Mortgagees;

            

    

     

    
      	
               
      

            	
              (xi)

            	
              to
      authorise the Security Trustee or any other person to concur in and
      execute and do all such documents, acts and things as may be necessary to
      carry out and give effect to any Extraordinary Resolution;
    or

            

    

     

    
      	
               
      

            	
              (xii)

            	
              to
      determine whether the Security Trustee should or should not perform an Act
      (as defined in clause 40.17), and any such Extraordinary Resolution will
      (where relevant and in accordance with clause 40.17) override any
      determination by the Noteholder
Mortgagees.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (No power)  A
      meeting of Voting Mortgagees shall not have power in relation to any
      Mortgagee to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              release
      any obligation to pay any of the Secured Moneys to that
      Mortgagee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              alter
      any date upon which any of the Secured Moneys is payable;
    or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              alter
      the amount of any payment of any part of the Secured
    Moneys;

            

    

     

    without
the consent of that Mortgagee.

     

    
      	
              40.13

            	
              Extraordinary
      Resolution binding on Mortgagees

            

    

     

    Subject
to clause 40.12(b), an Extraordinary Resolution passed at a meeting of the
Voting Mortgagees duly convened and held in accordance with this clause 40 shall
be binding upon all Mortgagees whether or not present at such meeting and each
of the Mortgagees and the Chargor, the Trust Manager and the Security Trustee
shall be bound to give effect to it accordingly.

    
      
         

      

      
        Page
50

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
              40.14

            	
              Minutes
      and records

            

    

     

    Minutes
of all resolutions and proceedings at every meeting of the Voting Mortgagees
under this clause 40 shall be made and duly entered in the books to be from time
to time provided for that purpose by the Security Trustee and any such minutes
purporting to be signed by the chairman of the meeting at which those
resolutions were passed or proceedings transacted or by the chairman of the next
succeeding meeting of the Voting Mortgagees shall be conclusive evidence of the
matters contained in those minutes and until the contrary is proved, provided
every meeting in respect of the proceedings of which minutes have been made and
signed as provided in this clause 40.14 shall be deemed to have been duly
convened and held and all resolutions passed or proceedings transacted in that
meeting to have been duly passed and transacted.

     

    
      	
              40.15

            	
              Written
      resolutions

            

    

     

    Notwithstanding
the preceding provisions of this clause 40, a resolution of all the Voting
Mortgagees (including an Extraordinary Resolution) may be passed, without any
meeting or previous notice being required, by an instrument or notes in writing
which have:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of a resolution (including an Extraordinary Resolution) of all
      the Voting Mortgagees, been signed by all the Voting Mortgagees;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      such instrument shall be effective upon presentation to the Security
      Trustee for entry in the records referred to in clause
    40.14.

            

    

     

    
      	
              40.16

            	
              Further
      procedures for meetings

            

    

     

    Subject
to all other provisions contained in this deed, the Security Trustee may without
the consent of the Mortgagees prescribe such further regulations regarding the
holding of meetings of the Voting Mortgagees and attendance and voting at those
meetings as the Security Trustee may in its sole discretion determine including
particularly (but without prejudice to the generality of the above) such
regulations and requirements as the Security Trustee thinks
reasonable:

     

    
      	
               
      

            	
              (a)

            	
              (persons are Voting
      Mortgagees)  so as to satisfy itself that persons are in
      fact Voting Mortgagees who purport to requisition a meeting or who purport
      to make any requisition to the Security Trustee in accordance with this
      deed;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (entitlement to
      vote)  so as to satisfy itself that persons who purport
      to attend or vote at any meeting of Voting Mortgagees are entitled to do
      so in accordance with this clause 40 and this deed;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              (forms of
      Representative)  as to the form of appointment of a
      Representative.

            

    

     

    
      	
              40.17

            	
              Noteholder
      Mortgagees’ rights

            

    

     

    
      	
               
      

            	
              (a)

            	
              Despite
      any other provision of this deed, for so long as the Noteholder Mortgagees
      are the only Voting Mortgagees they may direct the Security Trustee to do
      any act or thing which the Security Trustee is required to do, or may only
      do, at the direction of an Extraordinary Resolution of Voting
      Mortgagees.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Neither
      the Security Trustee nor the Trust Manager may call a meeting of Voting
      Mortgagees while the Noteholder Mortgagees are the only Voting Mortgagees,
      unless the Noteholder Mortgagees otherwise
  consent.

            

    

    
      
         

      

      
        Page
51

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (c)

            	
              Despite
      any other provision of this deed, at any time while an Event of Default
      subsists:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      the Noteholder Mortgagees are not the only Voting Mortgagee;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the Noteholder Mortgagees direct the Security Trustee to enforce the
      Charge (in the case of the Note Trustee as a Noteholder Mortgagee, whether
      directed to do so by US$ Noteholders or, as it determines on behalf of the
      US$ Noteholders),

            

    

     

    the
Security Trustee shall enforce the Charge under clause 8.2 as if directed to do
so by an Extraordinary Resolution of Voting Mortgagees and paragraph (a) shall
apply as if the Noteholder Mortgagees were the only Voting
Mortgagee.

     

    
      	
               
      

            	
              (d)

            	
              Except
      if the Noteholder Mortgagees are the only Voting Mortgagees, where the
      consent of the Noteholder Mortgagees is required under clause 1.2(b), 4.3,
      4.4(a)(ii), 5.2, 8.1(b), 8.1(g), 8.2, 9.7(a), 9.7(c), 14, 29.3, 36 or
      38.1(c) in relation to a discretion or act of the Security Trustee (an
      Act):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Noteholder Mortgagees must:

            

    

     

    
      	
               
      

            	
              (A)

            	
              not
      unreasonably withhold that consent, the Note Trustee as a Noteholder
      Mortgagee giving due consideration to the interests of US$ Noteholders;
      and

            

    

     

    
      	
               
      

            	
              (B)

            	
              respond
      promptly (and in any event within 15 Business Days) to the Security
      Trustee indicating whether the consent is granted or not (and if it does
      not reply within 15 Business Days its consent shall be taken to have been
      given); and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              subject
      to paragraph (c), if an Extraordinary Resolution of Voting Mortgagees
      determines that the Act should or should not occur, the Extraordinary
      Resolution will override any determination by the Noteholder Mortgagees in
      relation to any such clause.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Security Trustee shall not be liable to any Mortgagee for acting, or not
      acting, on the directions of the Noteholder Mortgagees, even if the
      Security Trustee is actually aware that the Noteholder Mortgagees have
      unreasonably withheld their consent in breach of sub-paragraph
      (d)(i)(A).

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      Note Trustee shall not be liable for giving consent or not responding to
      the Security Trustee in the event it does not receive a response from the
      Noteholder Mortgagees under paragraph (d)(i)(B) within 14 Business
      Days.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Any
      reference to the Noteholder Mortgagees
where:

            

    

     

    
      	
               
      

            	
              (i)

            	
              they
      are the only Voting Mortgagees; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              where
      the consent of the Noteholder Mortgagees is required under clause 1.2(b),
      4.3, 4.4(a)(ii), 5.2, 8.1(b), 8.1(g), 8.2, 9.7(a), 9.7(c), 14, 29.3, 36 or
      38.1(c) in relation to a discretion or act of the Security
      Trustee,

            

    

     

    means so
many of the Noteholder Mortgagees who represent more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes.

    
      
         

      

      
        Page
52

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Series
      [*] WST Trust Security Trust Deed

                	
                  

                
	 
      

        

         

      

      
        
          	
                  41.

                	
                  Authorised
      Signatories

                

        

      

    

     

    The
Chargor irrevocably authorises each Mortgagee to rely on a certificate by a
person purporting to be its director or secretary as to the identity and
signatures of its Authorised Signatories.  The Chargor warrants that
those persons have been authorised to give notices and communications under or
in connection with the Transaction Documents.

    
       

      
        
          	
                  42.

                	
                  Governing
      law and jurisdiction

                

        

      

    

     

    This deed
is governed by the laws of New South Wales.  The Chargor submits to
the non-exclusive jurisdiction of courts exercising jurisdiction
there.

    
       

      
        
          	
                  43.

                	
                  Counterparts

                

        

      

    

     

    This deed
may be executed in any number of counterparts.  All counterparts
together will be taken to constitute one instrument.

    
       

      
        
          	
                  44.

                	
                  Set-off

                

        

      

    

     

    No
Mortgagee may apply any credit balance in any currency (whether or not matured)
in any account comprised in the Mortgaged Property towards satisfaction of any
sum then due and payable to that Mortgagee under or in relation to any
Transaction Document.

    
       

      
        
          	
                  45.

                	
                  Acknowledgement
      by Chargor

                

        

      

    

     

    The
Chargor confirms that:

     

    
      	
               
      

            	
              (a)

            	
              it
      has not entered into any Transaction Document in reliance on, or as a
      result of, any conduct of any kind of or on behalf of any Mortgagee (other
      than the Trust Manager and the Servicer) or any Related Corporation of any
      Mortgagee (including any advice, warranty, representation or undertaking);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              no
      Mortgagee nor any Related Corporation of any Mortgagee is obliged to do
      anything (including disclose anything or give
  advice),

            

    

     

    except as
expressly set out in the Transaction Documents or in writing duly signed by or
on behalf of the Mortgagee or Related Corporation.

    
       

      
        
          	
                  46.

                	
                  Information
      memorandum

                

        

      

    

     

    The
Security Trustee has no responsibility for any statement or information in or
omission (except with respect to its own description) from any information
memorandum, prospectus, advertisement, circular or other document issued by or
on behalf of the Chargor or Trust Manager, including in connection with the
issue of Notes.  Neither the Chargor nor the Trust Manager may publish
or permit to be published any such document in connection with the offer of
Notes or an invitation for subscriptions for Notes containing any statement
which makes reference to the Security Trustee without the prior written consent
of the Security Trustee, which consent must not be unreasonably
withheld.  In considering whether to give its consent, the Security
Trustee is not required to take into account the interests of the other
Mortgagees.

    
      
         

      

      
        Page
53

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    EXECUTED as a
deed.

     

    Each
attorney executing this deed states that he has no notice of revocation or
suspension of his power of attorney.

     

    CHARGOR

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      [WESTPAC
      SECURITIES

                      ADMINISTRATION
      LIMITED]

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Date
      signed:

                    	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Time
      signed:

                    	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Place
      signed:

                    	 
      	 
      

            

          

        

      

    

     

    SECURITY
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      BNY
      TRUST (AUSTRALIA) REGISTRY

                      LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Date
      signed:

                    	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Time
      signed:

                    	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Place
      signed:

                    	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
        Page
54

        
          

        

      

      
         

      

    

    
       

      
        	
                Series
      [*] WST Trust Security Trust Deed

              	
                

              
	 
      

      

       

    

    TRUST
MANAGER

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITISATION

                      MANAGEMENT
      PTY LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Date
      signed:

                    	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Time
      signed:

                    	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Place
      signed:

                    	 
      	 
      

            

          

        

      

    

     

    NOTE
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and DELIVERED
      by

                      [tba]:

                    	
                      )

                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	
                      Date
      signed:

                    	 
      	
                      Date
      signed:

                    
	 
      	 
      	 
      
	
                      Time
      signed:

                    	 
      	
                      Time
      signed:

                    
	 
      	 
      	 
      
	
                      Place
      signed:

                    	 
      	
                      Place
      signed:

                    

            

          

        

      

    

     

    
      
         

      

      
        Page
55Exhibit
4.5

     

     Agency
Agreement

    
    

    Westpac
Securities Administration Limited

     

    (Trustee)

     

    Westpac
Securitisation Management Pty Limited

     

    (Trust
Manager)

     

    [tba]

     

    (Note
Trustee)

     

    [tba]

     

    (Principal
Paying Agent)

     

    [tba]

     

    (Calculation
Agent)

     

    [tba]

     

    (Note
Registrar)

     

    Allens
Arthur Robinson

    Deutsche
Bank Place

    Corner
Hunter and Phillip Streets

    Sydney  NSW  2000

    Tel  61
2 9230 4000

    Fax  61
2 9230 5333

    www.aar.com.au

    

    ©
Copyright Allens Arthur Robinson 2007

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                Agency Agreement

              	
                

              
	  
      	 
      

      

       

    

    Table
of Contents

     

    
      
        
          
            
              
                	
                        1.

                      	Definitions
      and Interpretation	
                        2

                      
	 
      	 
      	 
      	 
      
	 
      	
                        1.1

                      	
                        Definitions

                      	
                        2

                      
	 
      	
                        1.2

                      	
                        Definitions
      in Note Trust Deed

                      	
                        3

                      
	 
      	
                        1.3

                      	
                        Interpretation

                      	
                        3

                      
	 
      	
                        1.4

                      	
                        Document
      or agreement

                      	
                        3

                      
	 
      	
                        1.5

                      	
                        Transaction
      Document

                      	
                        3

                      
	 
      	
                        1.6

                      	
                        Trustee
      as trustee

                      	
                        3

                      
	 
      	 
      	 
      	 
      
	
                        2.

                      	Appointment
      of Paying Agents	
                        4

                      
	 
      	 
      	 
      	 
      
	
                        3.

                      	Payment	
                        4

                      
	 
      	 
      	 
      	 
      
	 
      	
                        3.1

                      	
                        Payment
      by Trustee

                      	
                        4

                      
	 
      	
                        3.2

                      	
                        Confirmation

                      	
                        4

                      
	 
      	
                        3.3

                      	
                        Payments
      by Paying Agents

                      	
                        5

                      
	 
      	
                        3.4

                      	
                        Method
      of Payment – Book Entry Notes

                      	
                        5

                      
	 
      	
                        3.5

                      	
                        Method
      of payment – Definitive Notes

                      	
                        5

                      
	 
      	
                        3.6

                      	
                        Late
      payment

                      	
                        5

                      
	 
      	
                        3.7

                      	
                        Notice
      of non-receipt

                      	
                        6

                      
	 
      	
                        3.8

                      	
                        Agency

                      	
                        6

                      
	 
      	
                        3.9

                      	
                        Reimbursement

                      	
                        6

                      
	 
      	
                        3.10

                      	
                        Method
      of payment

                      	
                        6

                      
	 
      	
                        3.11

                      	
                        No
      fee

                      	
                        7

                      
	 
      	 
      	 
      	 
      
	
                        4.

                      	
                        Repayment

                      	
                        7

                      
	 
      	 
      	 
      
	
                        5.

                      	
                        Appointment
      of the Calculation Agent as calculation agent

                      	
                        7

                      
	 
      	 
      	 
      
	
                        6.

                      	
                        Duties
      of the Calculation Agent

                      	
                        8

                      
	 
      	 
      	 
      
	
                        7.

                      	
                        Note
      Trustee

                      	
                        9

                      
	 
      	 
      	 
      
	
                        8.

                      	
                        Early
      Redemption of US$ Notes

                      	
                        10

                      
	 
      	 
      	 
      
	
                        9.

                      	
                        Pro
      Rata Redemption and Cancellation Of Notes

                      	
                        10

                      
	 
      	 
      	 
      
	
                        10.

                      	
                        Notices
      to US$ Noteholders

                      	
                        11

                      
	 
      	 
      	 
      
	
                        11.

                      	
                        Documents
      and Forms

                      	
                        11

                      
	 
      	 
      	 
      
	
                        12.

                      	
                        Authentication

                      	
                        11

                      
	 
      	 
      	 
      
	
                        13.

                      	
                        Indemnity

                      	
                        12

                      
	 
      	 
      	 
      
	
                        14.

                      	
                        The
      Note Register

                      	
                        13

                      
	 
      	 
      	 
      
	 
      	
                        14.1

                      	
                        Appointment
      of Note Registrar

                      	
                        13

                      
	 
      	
                        14.2

                      	
                        Details
      to be kept on the Note Register

                      	
                        13

                      
	 
      	
                        14.3

                      	
                        Payments
      of Principal and Interest

                      	
                        14

                      
	 
      	
                        14.4

                      	
                        Place
      of keeping Register, copies and access

                      	
                        14

                      
	 
      	
                        14.5

                      	
                        Details
      on Note Register conclusive

                      	
                        15

                      
	 
      	
                        14.6

                      	
                        Alteration
      of details on Note Register

                      	
                        15

                      
	 
      	
                        14.7

                      	
                        Rectification
      of Note Register

                      	
                        15

                      

              

            

          

        

      

    

    
      
         

      

      
        Page
(i)

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	 
      	
                  14.8

                	
                  Correctness
      of Note Register

                	
                  15

                
	 
      	 
      	 
      	 
      
	
                  15.

                	
                  Changes
      of Note Registrar

                	
                  16

                
	 
      	 
      	 
      	 
      
	 
      	
                  15.1

                	
                  Removal

                	
                  16

                
	 
      	
                  15.2

                	
                  Resignation

                	
                  16

                
	 
      	
                  15.3

                	
                  Limitation

                	
                  16

                
	 
      	 
      	 
      	 
      
	
                  16.

                	
                  General

                	
                  16

                
	 
      	 
      	 
      	 
      
	 
      	
                  16.1

                	
                  Communications
      to US$ Noteholders

                	
                  16

                
	 
      	
                  16.2

                	
                  Agency

                	
                  17

                
	 
      	
                  16.3

                	
                  Identity

                	
                  17

                
	 
      	
                  16.4

                	
                  No
      set-off

                	
                  17

                
	 
      	
                  16.5

                	
                  Reliance

                	
                  17

                
	 
      	
                  16.6

                	
                  Entitled
      to deal

                	
                  17

                
	 
      	
                  16.7

                	
                  Consultation

                	
                  18

                
	 
      	
                  16.8

                	
                  Duties

                	
                  18

                
	 
      	
                  16.9

                	
                  Income
      Tax Returns

                	
                  18

                
	 
      	
                  16.10

                	
                  Obligations
      of each Note Party

                	
                  18

                
	 
      	
                  16.11

                	
                  European
      Union Tax Directive

                	
                  18

                
	 
      	
                  16.12

                	
                  Know
      your customer

                	
                  19

                
	 
      	 
      	 
      	 
      
	
                  17.

                	
                  Changes
      in Paying Agents and Calculation Agent

                	
                  19

                
	 
      	 
      	 
      	 
      
	 
      	
                  17.1

                	
                  Removal

                	
                  19

                
	 
      	
                  17.2

                	
                  Resignation

                	
                  19

                
	 
      	
                  17.3

                	
                  Limitation

                	
                  19

                
	 
      	
                  17.4

                	
                  Delivery
      of amounts

                	
                  20

                
	 
      	
                  17.5

                	
                  Successor
      to Principal Paying Agent

                	
                  21

                
	 
      	
                  17.6

                	
                  Successor
      to Calculation Agent

                	
                  21

                
	 
      	
                  17.7

                	
                  Successor
      to Note Registrar

                	
                  22

                
	 
      	
                  17.8

                	
                  Notice
      to US$ Noteholders

                	
                  22

                
	 
      	
                  17.9

                	
                  Change
      in Paying Office or Specified Office

                	
                  23

                
	 
      	 
      	 
      	 
      
	
                  18.

                	
                  [Fees and
      Expenses]

                	
                  23

                
	 
      	 
      	 
      
	
                  19.

                	
                  Waivers,
      Remedies Cumulative

                	
                  24

                
	 
      	 
      	 
      
	
                  20.

                	
                  Severability
      of Provisions

                	
                  24

                
	 
      	 
      	 
      
	
                  21.

                	
                  Assignment

                	
                  24

                
	 
      	 
      	 
      
	
                  22.

                	
                  Notices

                	
                  25

                
	 
      	 
      	 
      
	 
      	
                  22.1

                	
                  General

                	
                  25

                
	 
      	
                  22.2

                	
                  Details

                	
                  25

                
	 
      	
                  22.3

                	
                  Communication
      through Principal Paying Agent

                	
                  26

                
	 
      	 
      	 
      	 
      
	
                  23.

                	
                  Limited
      Recourse

                	
                  26

                
	 
      	 
      	 
      	 
      
	 
      	
                  23.1

                	
                  General

                	
                  26

                
	 
      	
                  23.2

                	
                  Liability
      of Trustee limited to its right to indemnity

                	
                  26

                
	 
      	
                  23.3

                	
                  Unrestricted
      remedies

                	
                  27

                
	 
      	
                  23.4

                	
                  Restricted
      remedies

                	
                  28

                
	 
      	 
      	 
      	 
      
	
                  24.

                	
                  Counterparts

                	
                  28

                

        

      

    

    
      
         

      

      
        Page
(ii)

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          
            
              
                
                  	
                          25.

                        	
                          Governing
      Law

                        	
                          28

                        
	 
      	 
      	 
      
	
                          26.

                        	
                          Successor
      Trustee

                        	
                          28

                        
	 
      	 
      	 
      
	
                          27.

                        	
                          Compliance
      with Regulation AB: Other "Servicing Function
Participants"

                        	
                          29

                        
	 
      	 
      	 
      	 
      
	 
      	
                          27.1

                        	
                          Intent
      of the Parties, Reasonableness

                        	
                          29

                        
	 
      	
                          27.2

                        	
                          Additional
      Representations and Warranties of Each Servicing Function
      Participant

                        	
                          29

                        
	 
      	
                          27.3

                        	
                          Information
      to be provided by Each Servicing Function Participant

                        	
                          30

                        
	 
      	
                          27.4

                        	
                          Report
      on Assessment of Compliance and Attestation

                        	
                          32

                        
	 
      	
                          27.5

                        	
                          Use
      of Subservicers and Subcontractors

                        	
                          33

                        
	 
      	
                          27.6

                        	
                          Indemnification;
      Remedies

                        	
                          34

                        
	 
      	 
      	 
      	 
      
	
                          Schedule
      1

                        	
                          40

                        
	 
      	 
      	 
      	 
      
	  	
                          Servicing
      Criteria To Be Addressed In Assessment Of Compliance

                        	
                          40

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
(iii)

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Date

                                      	
                                                                                                       

                                      
	 
      	 
      
	
                                        Parties

                                      	 
      
	 	 
	
                                        1.

                                      	
                                        Westpac Securities
      Administration Limited (ABN 77 000 049 472) of
      Level 20, 275 Kent Street, Sydney, NSW, 2000 in its capacity as trustee of
      the Series [*] WST Trust (the Trustee);

                                      
	 	 
	
                                        2.

                                      	
                                        Westpac Securitisation
      Management Pty Limited (ABN 73 081 709 211) of
      Level 20, 275 Kent Street, Sydney, NSW, 2000 as trust manager in relation
      to the Series [*] WST Trust (the Trust
      Manager);

                                      
	 	 
	
                                        3.

                                      	
                                        [tba]
      as principal paying agent for the US$ Notes described below (the Principal
      Paying Agent, which expression shall, wherever the context
      requires, include any successor principal paying agent from time to time
      under this agreement and, except where the context otherwise requires, the
      Principal Paying Agent and any additional paying agent or paying agents
      are Paying
      Agents);

                                      
	 	 
	
                                        4.

                                      	
                                        [tba]
      as trustee for the US$ Noteholders (the Note
      Trustee, which expression shall, wherever the context requires,
      include any other trustee or trustees from time to time under the Note
      Trust Deed);

                                      
	 	 
	
                                        5.

                                      	
                                        [tba]
      as calculation agent in relation to the US$ Notes described below (the
      Calculation
      Agent, which expression shall, whenever the context requires,
      include any successor calculation agent from time to time under this
      agreement); and

                                      
	 	 
	
                                        6.

                                      	
                                        [tba]
      as note registrar for the US$ Notes (the Note
      Registrar which expression shall, wherever the context requires,
      include any successor note registrar from time to time under this
      agreement).

                                      
	 
      	 
      
	
                                        Recitals

                                      	 
      
	 	 
	
                                        A

                                      	
                                        The
      Trustee proposes to issue [US$[*] of Class A1 mortgage backed floating
      rate notes (Class A1
      Notes),] US$[*] Class A2 mortgage backed floating rate notes (Class A2
      Notes and[, together with the Class A1 Notes,] the US$
      Notes), A$[*] Class A3 mortgage backed floating rate notes and
      A$[*] Class B mortgage backed floating rate notes (Class B
      Notes) each with a Maturity Date falling in [*].

                                      
	 	 
	
                                        B

                                      	
                                        The
      US$ Notes will be represented initially by one or more [Class A1
      Book-Entry Notes and one or more] Class A2 Book-Entry Notes (the Book-Entry
      Notes).

                                      
	 	 
	
                                        C

                                      	
                                        The
      US$ Notes, upon original issue, will be issued in the form of typewritten
      Book-Entry Notes representing the Book-Entry Notes.  The Trustee
      shall, on the date of this deed, deliver or arrange the delivery on its
      behalf of the Book-Entry Notes to the Principal Paying
      Agent.  The Book-Entry Notes shall initially be registered on
      the Note Register in the name of Cede & Co., as nominee of DTC as
      Clearing Agency, and no US$ Note Owner will receive a Definitive Note
      representing such US$ Note Owner’s interest in any US$ Note, except as
      provided in the Note Trust
Deed.

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          
            	
                    D

                  	
                    The
      US$ Notes will be constituted by the Note Trust Deed, the Series Notice
      and the Master Trust Deed.

                  
	 	 
	
                    E

                  	
                    The
      US$ Notes will be secured on the terms of the Security Trust
      Deed.

                  
	 	 
	
                    F

                  	
                    The
      Trustee wishes to appoint the Principal Paying Agent as principal paying
      agent in respect of the US$ Notes and has entered into this agreement to
      provide for the terms and conditions of that
  appointment.

                  
	 	 
	
                    G

                  	
                    The
      Trustee wishes to appoint the Calculation Agent as its calculation agent
      in respect of the US$ Notes and has entered into this agreement to provide
      for the terms and conditions of that
  appointment.

                  

          

        

      

    

     

    IT IS
AGREED as
follows.

    
       

      
        
          	
                  1.

                	
                  Definitions
      and Interpretation

                
	 	 

        

      

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    The
following definitions apply unless the context requires otherwise.

     

    EU Tax
Directive means the European Union Council Directive 2003/48/EC on the
taxation of savings income which was adopted on 3 June 2003, or any law or
regulation implementing or complying with, or introduced to conform with such
directive.

     

    Master Trust
Deed means the Master Trust Deed for the WST Trusts dated 14 February
1997 between the Trustee as trustee and The Mortgage Company Pty
Limited.

     

    Note Party
has the meaning given to that term in clause 16.2.

     

    Notice
of Creation of Trust means the
Notice of Creation of Trust dated on or about [*]
issued under the Master Trust Deed in relation to the
Trust.

     

    Paying
Office means, in relation to a Paying Agent, the office of the Paying
Agent specified in the relevant US$ Notes or otherwise under this agreement or
the Note Trust Deed as the office at which payments in respect of the relevant
US$ Notes will be made as changed from time to time in accordance with this
agreement.

     

    Series
Notice means the Series Notice dated on or about the date of this
agreement relating to the Trust.

     

    Specified
Office means, in relation to the Calculation Agent, the office of the
Calculation Agent specified under this Agreement as the office at which the
Calculation Agent will carry out its duties under this
agreement.

    
      
         

      

      
        Page
2

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    Trust
means the trust known as the Series [*] WST Trust established under the Notice
of Creation of Trust, the Master Trust Deed and the Series Notice.

     

    US$ Note
Owner means [a Class A1 Note Owner or] a Class A2 Note
Owner.

     

    
      	
              1.2

            	
              Definitions
      in Note Trust Deed

            

    

     

    Words and
expressions which are defined in the Note Trust Deed (including by reference to
another agreement) have the same meanings when used in this agreement unless the
context otherwise requires or unless otherwise defined in this
agreement.

     

    
      	
              1.3

            	
              Interpretation

            

    

     

    Clause
1.2 of the Master Trust Deed applies to this agreement as if set out in full
and:

     

    
      	
               
      

            	
              (a)

            	
              a
      reference to an asset
      includes any real or personal, present or future, tangible or intangible
      property or asset and any right, interest, revenue or benefit in, under or
      derived from the property or asset;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      reference to an amount for which a person is contingently
      liable includes an amount which that person may become actually or
      contingently liable to pay if a contingency occurs, whether or not that
      liability will actually arise.

            

    

     

    
      	
              1.4

            	
              Document
      or agreement

            

    

     

    A
reference to:

     

    
      	
               
      

            	
              (a)

            	
              an
      agreement
      includes a Security Interest, Guarantee, undertaking, deed,
      agreement or legally enforceable arrangement whether or not in writing;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      document
      includes an agreement (as so defined) in writing or a certificate,
      notice, instrument or document.

            

    

     

    A
reference to a specific agreement or document includes it as amended, novated,
supplemented or replaced from time to time, except to the extent prohibited by
this agreement.

     

    
      	
              1.5

            	
              Transaction
      Document

            

    

     

    This
agreement is a Transaction
Document for the purposes of the Master Trust Deed.

     

    
      	
              1.6

            	
              Trustee
      as trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              In
      this agreement, except where provided to the
  contrary:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      reference to the Trustee is a reference to the Trustee in its capacity as
      trustee of the Trust only, and in no other capacity;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      reference to the assets, business, property or undertaking of the Trustee
      is a reference to the assets, business, property or undertaking of the
      Trustee only in the capacity described in sub-paragraph (i)
      above.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      rights and obligations of the parties under this agreement relate only to
      the Series [*] WST Trust, and do not relate to any other Trust (as defined
      in the Master Trust Deed).

            

    

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  2.

                	
                  Appointment
      of Paying Agents

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to the terms of this agreement, the Trustee (and, for the purposes of
      clause 7 only, the Note Trustee) appoints the Principal Paying Agent
      as its principal paying agent, and each other Paying Agent as its paying
      agent, for making payments in respect of the US$ Notes in accordance with
      the Transaction Documents and the relevant Conditions at their respective
      Paying Offices.  The Principal Paying Agent, and each other
      Paying Agent appointed under this agreement, accepts that
      appointment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Except
      in clause 17 and as the context otherwise requires, references to the
      Principal Paying Agent are to it acting solely through its Paying
      Office.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      at any time there is more than one Paying Agent, the obligations of the
      Paying Agents under this agreement shall be several and not
      joint.

            

    

     

    It is
acknowledged and agreed that:

     

    
      	
               
      

            	
              (i)

            	
              subject
      to clause 7, each of the Principal Paying Agent and the other Paying
      Agents is the agent of the Trustee (and, for the purposes of clause 7
      only, the Note Trustee) in its capacity as trustee of the Trust (or Note
      Trustee, as the case may be) only;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              despite
      anything else in this agreement, any other Transaction Document or at law,
      the Trustee in its personal capacity is not responsible for any negligent
      act or negligent omission, fraudulent act or fraudulent omission or any
      other act or omission which, had it been done or not done by the Trustee
      personally, would have amounted to a breach of trust by the Trustee under
      any Transaction Document or at law, of the Principal Paying Agent or any
      other Paying Agent.

            

    

    
       

      
        
          	
                  3.

                	
                  Payment

                
	 	 

        

      

    

     

    
      	
              3.1

            	
              Payment
      by Trustee

            

    

     

    The
Trustee shall, not later than 10.00 am (New York time) on each [Class A1 Payment
Date and each] Payment Date in accordance with clause 3.9, and subject to the
Transaction Documents and the relevant Conditions, pay to or to the order of, or
procure payment to or to the order of, the Principal Paying Agent the amount in
immediately available US$ funds as may be required (after taking account of any
cash then held by the Principal Paying Agent and available for the purpose) to
be made on that [Class A1 Payment Date or] Payment Date [(as the case may be)]
under the Series Notice in respect of the US$ Notes and the relevant
Conditions.

     

    
      	
              3.2

            	
              Confirmation

            

    

     

    Not later
than 4.00 pm (Sydney time) on each [Class A1 Determination Date and each]
Determination Date, the Trust Manager on behalf of the Trustee shall notify, or
procure notification to, the Principal Paying Agent and the Note Trustee in
writing of the amount of interest and principal payable in respect of [Class A1
Notes on the Class A1 Payment Date following that Class A1 Determination Date or
the amount of interest and principal payable in respect of] Class A2 Notes on
the Payment Date following that Determination Date [(as the case may
be)].  The Trustee or the Trust Manager on its behalf shall also
forward to the Principal Paying Agent at that time confirmation that the
payments provided for in clause 3.1 will be made
unconditionally.

    
      
         

      

      
        Page
4

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
              3.3

            	
              Payments
      by Paying Agents

            

    

     

    Subject
to payment being duly made as provided in clause 3.1 (or to the Principal Paying
Agent otherwise being satisfied that the payment will be duly made on the due
date), and subject to clause 7, the Paying Agents shall pay or cause to be paid
out of the funds they are holding on behalf of the Trustee on each [Class A1
Payment Date the relevant amounts of principal and interest due in respect of
the Class A1 Notes and on] each Payment Date the relevant amounts of principal
and interest are due in respect of Class A2 Notes in accordance with the Series
Notice and the relevant Conditions.

     

    
      	
              3.4

            	
              Method
      of Payment – Book Entry Notes

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Principal Paying Agent shall cause all payments of principal or interest
      (as the case may be) due in respect of US$ Notes represented by a
      Book-Entry Note to be made to DTC for credit to the account of the persons
      appearing from time to time in the records of DTC as account holder with
      respect to that Book-Entry Note.

            

    

     

    
      	
               
      

            	
              (b)

            	
              An
      annotation of the Principal Paying Agent, noting that a payment or
      payments has or have been made under this clause 3.4, shall be sufficient
      evidence of that payment or those payments having been made unless the
      contrary is proved of the relevant payments having not been
      made.

            

    

     

    
      	
              3.5

            	
              Method
      of payment – Definitive Notes

            

    

     

    Payments
of principal or interest on the Definitive Notes, if any, shall be made in
accordance with the relevant Conditions and the Series Notice.

     

    
      	
              3.6

            	
              Late
      payment

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      any payment under clause 3.1 is made late but otherwise in accordance with
      the provisions of this agreement, each Paying Agent shall make payments
      required to be made by it in respect of the US$ Notes as provided in this
      clause 3. However, unless and until the full amount of any payment in
      respect of the US$ Notes required to be made under the Transaction
      Documents has been made under clause 3.1 to or to the order of the
      Principal Paying Agent, no Paying Agents shall be bound to make a payment
      under clause 3 except to the extent that non-payment is caused by
      fraud, wilful misconduct, negligence or bad faith on the part of that
      Paying Agent or of any of its directors, officers, employees or
      servants.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Principal Paying Agent has not received on [a Class A1 Payment Date
      or] a Payment Date the full amount of principal and interest then payable
      on any US$ Note in accordance with the Series Notice and the relevant
      Conditions, but receives the full amount later, it
  shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              forthwith
      upon full receipt notify in writing the other Paying Agents (if any), the
      Trustee, the Note Trustee, the Security Trustee and the Trust Manager;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      soon as practicable after such full receipt give due notice, in accordance
      with the relevant Condition 12, to US$ Noteholders that it has received
      the full amount.

            

    

    
      
         

      

      
        Page
5

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
              3.7

            	
              Notice
      of non-receipt

            

    

     

    The
Principal Paying Agent shall immediately notify in writing by facsimile the
other Paying Agents (if any), the Note Trustee, the Trustee, the Security
Trustee, the Currency Swap Provider and the Trust Manager if the full amount of
any payment of principal or interest required to be made by the Series Notice
and the relevant Conditions in respect of any US$ Notes is not unconditionally
received by it or to its order in accordance with this agreement.

     

    
      	
              3.8

            	
              Agency

            

    

     

    The
Principal Paying Agent shall hold as agent for the Note Trustee and the US$
Noteholders all sums held by it for the payment of principal and interest with
respect to the US$ Notes until all relevant sums are paid to the Note Trustee or
those US$ Noteholders or otherwise disposed of in accordance with the Note Trust
Deed.

     

    
      	
              3.9

            	
              Reimbursement

            

    

     

    The
Principal Paying Agent shall (provided that it has received cleared funds from
the Trustee) on demand promptly reimburse the other Paying Agents (if any) for
payments of principal and interest properly made by that Paying Agent in
accordance with the relevant Conditions and this agreement.  The
Trustee shall not be concerned with the apportionment of any moneys between the
Principal Paying Agent and the other Paying Agents (if any) and payment to the
Principal Paying Agent of any moneys due to the Paying Agents shall operate as a
good discharge to the Trustee in respect of such moneys.

     

    
      	
              3.10

            	
              Method
      of payment

            

    

     

    
      	
               
      

            	
              (a)

            	
              All
      sums payable by the Trustee to the Principal Paying Agent under this
      agreement shall, unless otherwise provided and subject to the relevant
      Currency Swap, be paid by the Currency Swap Provider on behalf of the
      Trustee in US$ to the account with the bank as the Principal Paying Agent
      may from time to time notify in writing to the Trustee and the Note
      Trustee.  Those sums shall be held by the Principal Paying Agent
      as agent for the US$ Noteholders for payment to the US$ Noteholders and,
      failing that payment within the designated periods of prescription
      specified in the relevant Condition 8, or upon the bankruptcy, insolvency,
      winding up or liquidation of the Principal Paying Agent or default being
      made by the Principal Paying Agent in the payment of any amounts in
      respect of principal or interest in accordance with this agreement, for
      repayment to the Trustee (subject to clause 4).  On repayment in
      full in accordance with clause 4 to the Trustee all liabilities of the
      Principal Paying Agent with respect to those moneys shall
      cease.  The Trustee may, promptly after each [Class A1 Payment
      Date and] Payment Date, request confirmation from the Principal Paying
      Agent that the Principal Paying Agent has paid the relevant amount to
      DTC.  The Principal Paying Agent will countersign and promptly
      return any such confirmation requested by the
  Trustee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to the terms of this agreement, the Principal Paying Agent shall be
      entitled to deal with moneys paid to it under this agreement in the same
      manner as other moneys paid to it as a banker by its
      customers.  The Principal Paying Agent shall be entitled to
      retain for its own account any interest earned on the sums from time to
      time credited to the separate account referred to in paragraph (a) and it
      need not segregate such sums from other amounts held by
  it.

            

    

    
      
         

      

      
        Page
6

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (c)

            	
              The
      payment by the Trustee of its A$ payment obligations on each [Class A1
      Payment Date or] Payment Date [(as the case may be)] under the Series
      Notice and the relevant Conditions to the Currency Swap Provider shall be
      a good discharge to the Trustee.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Trustee shall not be liable for any act or omission or default of the
      Currency Swap Provider or any Paying Agents under this
      Agreement.

            

    

     

    
      	
              3.11

            	
              No
      fee

            

    

     

    Subject
to clause 18, no Paying Agent will charge any commission or fee in relation to
any payment under this agreement.

    
       

      
        
          	
                  4.

                	
                  Repayment

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Immediately
      on any entitlement to receive principal or interest under any US$ Note
      becoming void under the relevant Conditions, the Principal Paying Agent
      shall repay to the Trustee the amount paid to the Principal Paying Agent
      by or on behalf of the Trustee which would have been due in respect of
      that principal or interest if it had been paid before the entitlement
      became void, together with any fees applicable to that payment or
      entitlement (pro rated as to the amount and time) to the extent already
      paid under clause 18.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Despite
      paragraph (a), the Principal Paying Agent shall not be obliged to make any
      repayment to the Trustee so long as any fees and expenses which should
      have been paid to or to the order of the Principal Paying Agent or, if
      applicable, the Note Trustee by the Trustee remain
  unpaid.

            

    

    
       

      
        
          	
                  5.

                	
                  Appointment
      of the Calculation Agent as calculation agent

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee (and, for the purposes of clause 7 only, the Note Trustee)
      appoints the Calculation Agent as its calculation agent in respect of the
      US$ Notes upon the terms and conditions set forth in this agreement and
      the Calculation Agent accepts that
appointment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              It
      is acknowledged and agreed that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Calculation Agent is the agent of the Trustee (and, for the purposes of
      clause 7 only, the Note Trustee) in its capacity as trustee of the
      Trust (or Note Trustee, as the case may be) only,
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              despite
      anything else in this agreement, any other Transaction Document or at law,
      the Trustee in its personal capacity is not responsible for any negligent
      act or negligent omission, fraudulent act or fraudulent omission or any
      other act or omission of the Calculation Agent which, had it been done or
      not done by the Trustee personally, would have amounted to a breach of
      trust by the Trustee under any Transaction Document or under general
      principles of law.

            

    

    
      
         

      

      
        Page
7

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  6.

                	
                  Duties
      of the Calculation Agent

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Calculation Agent shall in relation to the each Class of US$ Notes until
      their final maturity or such earlier date on which those US$ Notes are due
      and payable in full and in either case until the Trustee has paid all
      amounts in relation to those US$ Notes to the Principal Paying Agent or,
      if applicable, the Note Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              perform
      such duties at its Specified Office in [*] as are set
      forth in this agreement and in the relevant Conditions and any other
      duties which are reasonably incidental at the request of the Trustee, the
      Trust Manager, the Note Trustee or the Principal Paying
    Agent;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              determine
      [One Month LIBOR for each Class A1 Coupon Period for the Class A1 Notes
      and Three Month] LIBOR for each Coupon Period for the Class A2 Notes, and
      calculate the relevant Coupon and the Coupon Rate on the relevant US$
      Notes, in the manner set out in the relevant Condition 4 and confirm with
      the Currency Swap Provider (using the contact details notified by the
      Currency Swap Provider to the Calculation Agent) that the [One Month LIBOR
      or Three Month] LIBOR [(as the case may be]) determined under this
      agreement is the same as the [One Month LIBOR or the Three Month] LIBOR
      [(as the case may be)] determined by the Currency Swap Provider under the
      relevant Currency Swap;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              notify
      the Trustee, the Trust Manager, the Note Trustee and the Paying Agents by
      telex or facsimile transmission on or as soon as possible after the first
      day of that [Class A1 Coupon Period or] Coupon Period [(as the case may
      be)], of each Coupon Rate and each Coupon so determined by it in relation
      to that [Class A1 Coupon Period or] Coupon Period [(as the case may be)],
      specifying to the Trustee the rates upon which they are based and (where
      relevant) the names of the banks quoting those rates;
  and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              cause
      the Coupon Rates applicable to each Class of US$ Notes and each Coupon for
      each [Class A1 Coupon Period or] Coupon Period [(as the case may be)]
      together with the relevant [Class A1 Payment Date or] Payment Date [(as
      the case may be)], to be published (at the expense of the Trustee) in
      accordance with the provisions of the relevant Conditions 4 and 12, on or
      as soon as possible after the commencement of the relevant [Class A1
      Coupon Period or] Coupon Period [(as the case may be)] unless the Note
      Trustee otherwise agrees, provided that the Trustee and the Note Trustee
      shall use their reasonable endeavours to co-operate with the Calculation
      Agent in order to effect that
publication.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Coupon and relevant [Class A1 Payment Date or] Payment Date published
      under sub-paragraph (iv) may subsequently be amended (or appropriate
      alternative arrangements made by way of adjustment) without notice to the
      relevant US$ Noteholders in the event of a shortening of the [Class A1
      Coupon Period or] Coupon Period [(as the case may
  be)].

            

    

    
      
         

      

      
        Page
8

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  7.

                	
                  Note
      Trustee

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              At
      any time after an Event of Default in respect of any US$ Notes has
      occurred, or at any time after Definitive Notes have not been issued when
      so required in accordance with the relevant Conditions, the Note Trustee
      may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              by
      notice in writing to the Trustee, the Trust Manager, the Principal Paying
      Agent, the other Paying Agents, the Note Registrar, and the Calculation
      Agent require the Principal Paying Agent, the other Paying Agents, the
      Note Registrar and the Calculation Agent
either:

            

    

     

    
      
        
          	  	
                  (A)

                	
                  (1)         to
      act as Principal Paying Agent and Paying Agents, the Note Registrar and
      Calculation Agent respectively of the Note Trustee on the terms of this
      agreement in relation to payments to be made by or on behalf of the Note
      Trustee under the terms of the Note Trust Deed; and  
       
         
      

                

        

         

        
          	  	
                  (2)

                	
                  hold
      all Definitive Notes, and all amounts, documents and records held by them
      in respect of the US$ Notes, on behalf of the Note Trustee;
      or

                

        

      

    

     

    
      
      

    

    
      	
               
      

            	
              (B)

            	
              to
      deliver up all Definitive Notes and all amounts, documents and records
      held by them in respect of the US$ Notes, to the Note Trustee or as the
      Note Trustee shall direct in that notice, other than any documents or
      records which the relevant Paying Agent, the Note Registrar or Calculation
      Agent is obliged not to release by any law or regulation;
    and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              by
      notice in writing to the Trustee require it to make (or arrange to be
      made) all subsequent payments in respect of the US$ Notes to the order of
      the Note Trustee and not to the Principal Paying Agent and, with effect
      from the issue of that notice to the Trustee and until that notice is
      withdrawn clause 2.3 of the Note Trust Deed shall not
    apply.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      payment by the Trustee of its payment obligations on each [Class A1
      Payment Date or] Payment Date [(as the case may be)] under the Series
      Notice and the relevant Conditions to the Note Trustee in accordance with
      paragraph (a) shall be a good discharge to the Trustee and the Trustee
      shall not be liable for any act or omission or default of the Note Trustee
      during the period it is required to make payment to the Note Trustee under
      paragraph (a).

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee shall forthwith give written notice to the Trust Manager, the
      Trustee, the Security Trustee, the Calculation Agent, the Note Registrar
      and the Principal Paying Agent of any change in the Authorised Signatories
      of the Note Trustee.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      the Calculation Agent at any time for any reason does not determine the
      Coupon Rate or calculate the Coupon for a US$ Note, the Note Trustee shall
      do so and each such determination or calculation shall be deemed to have
      been made by the Calculation Agent.  In doing so, the Note
      Trustee shall apply the provisions of clause 6, with any necessary
      consequential amendments, to the extent that, in its opinion, it can do
      so, and, in all other respects it shall do so in such a manner as it shall
      deem fair and reasonable in all the
  circumstances.

            

    

    
      
         

      

      
        Page
9

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  8.

                	
                  Early
      Redemption of US$ Notes

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the Trustee intends to redeem the US$ Notes of a Class prior to their
      Maturity Date pursuant to the relevant Condition 5.13 (which it may only
      do at the direction of the Trust Manager), the Trust Manager shall give
      not less than 5 days’ prior written notice to the Principal Paying Agent,
      the Note Trustee and the relevant US$ Noteholders in accordance with the
      relevant Condition 5.13 and stating the date on which such US$ Notes are
      to be redeemed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Principal Paying Agent shall, on receipt of a notice under paragraph
      (a):

            

    

     

    
      	
               
      

            	
              (i)

            	
              notify
      DTC of the proposed redemption,
specifying:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      aggregate Invested Amount of the US$ Notes of the Class to be
      redeemed;

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      amount of principal to be repaid in relation to those US$ Notes;
      and

            

    

     

    
      	
               
      

            	
              (C)

            	
              the
      date on which the US$ Notes are to be redeemed;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              promptly
      and in accordance with the relevant Conditions, on behalf of and at the
      expense of the Trustee publish the notices required in connection with
      that redemption.

            

    

    
       

      
        
          	
                  9.

                	
                  Pro
      Rata Redemption and Cancellation Of Notes

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the Trustee is required to redeem some (but not all) of a Class of US$
      Notes prior to their Maturity Date pursuant to the relevant Condition 5.1
      the Trust Manager shall on each Determination Date give prior written
      notice to the Calculation Agent, the Principal Paying Agent, the Note
      Registrar and the Note Trustee, as provided in the relevant Condition
      5.

            

    

     

    
      	
               
      

            	
              (b)

            	
              On
      receipt of a notice under paragraph (a), the Principal Paying Agent shall
      notify DTC of the proposed redemption, specifying in each case the
      aggregate Invested Amount of the US$ Notes to be redeemed and the date on
      which such US$ Notes are to be
redeemed.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trust Manager shall, on (or as soon as practicable after) each
      Determination Date in respect of the US$ Notes,
  calculate:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      amount of principal to be repaid in respect of each US$ Note due on the
      Payment Date next following that Determination
  Date;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Invested Amount of each US$ Note on the first day of the next following
      [Class A1 Coupon Period or] Coupon Period [(as the case may be)] after
      deducting any principal due to be made on the next Payment Date;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Bond Factor for each Class of US$ Notes as of the Notice
    Date,

            

    

     

    and shall
forthwith notify or cause to be notified in writing to the Trustee, the
Calculation Agent, the Note Trustee and the Principal Paying Agent of each of
those determinations in accordance with the Series Notice.  On receipt
of that notice, the Principal Paying Agent shall give a copy of that notice to
DTC in accordance with the requirements of the Note Depository
Agreement.

    
      
         

      

      
        Page
10

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Trust Manager will immediately cause details of each determination under
      paragraph (c) to be published in accordance with Condition 12 by the
      Notice Date immediately preceding the relevant Payment
    Date.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      no principal is due to be repaid on any US$ Notes on any Payment Date (as
      the case may be), the Trust Manager shall give notice or shall cause a
      notice to this effect to be given to the relevant US$ Noteholders in
      accordance with the relevant Condition
12.

            

    

     

    
      	
               
      

            	
              (f)

            	
              If
      any US$ Notes are redeemed in whole or in part in accordance with the
      relevant Conditions and the Transaction Documents, the Principal Paying
      Agent will, if any Book-Entry Notes are still outstanding in relation to
      those US$ Notes, cause the Note Registrar to record all relevant details
      in the Note Register. The Principal Paying Agent shall, if requested in
      writing, as soon as possible furnish to each of the Trustee and the Note
      Trustee a statement in writing setting out the aggregate Invested Amount
      and Stated Amount of US$ Notes which have been redeemed or the aggregate
      Invested Amount and Stated Amount of US$ Notes which have been purchased.
      If the Invested Amount of a Book-Entry Note is reduced to nil, the
      Principal Paying Agent shall destroy the relevant Book-Entry Note and, if
      requested in writing, issue a destruction certificate forthwith to the
      Note Trustee and shall send a copy of that certificate to the Trustee, the
      Trust Manager and the Note Trustee.

            

    

    
       

      
        
          	
                  10.

                	
                  Notices
      to US$ Noteholders

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              At
      the request and expense of the Trustee, the Principal Paying Agent shall
      arrange for the delivery of all notices and the posting on the Note
      Trustee's website of the Noteholders Report (following receipt from the
      Trust Manager or the Trustee) to US$ Noteholders in accordance with the
      relevant Conditions.  The Principal Paying Agent shall also
      deliver the Noteholders Report to a US$ Noteholder upon that US$
      Noteholder's written request.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Principal Paying Agent shall promptly send to the Note Trustee one copy of
      the form of every notice given to US$ Noteholders in accordance with the
      relevant Conditions.

            

    

    
       

      
        
          	
                  11.

                	
                  Documents
      and Forms

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trust Manager shall provide to the Principal Paying Agent for distribution
      to each Paying Agent sufficient copies of all documents required by the
      relevant Conditions or the Note Trust Deed to be available to US$
      Noteholders for issue or inspection (including the Note Trust Deed, the
      Master Trust Deed and the Series
Notice).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trust Manager and the Trustee shall provide to the Calculation Agent such
      documents as the Calculation Agent may reasonably require from the Trustee
      in order for the Calculation Agent properly to fulfil its duties in
      respect of the US$ Notes.

            

    

    
       

      
        
          	
                  12.

                	
                  Authentication

                
	 	 

        

      

    

     

    The
Principal Paying Agent shall authenticate or cause to be authenticated the
Book-Entry Notes and (if required) the Definitive Notes (whether on initial
issue or on replacement).

    
      
         

      

      
        Page
11

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  13.

                	
                  Indemnity

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b) and clause 23, the Trustee shall indemnify each Paying
      Agent, the Note Registrar and the Calculation Agent against any loss,
      damages, proceeding, liability, cost, claim, action, demand or expense
      (including, without limitation, legal costs and expenses and any
      applicable value added or similar tax thereon) (each, an Expense)
      which the Paying Agent may incur or which may be made against the Paying
      Agent, the Note Registrar or Calculation Agent as a result of or in
      connection with the Paying Agent’s, the Note Registrar’s or Calculation
      Agent’s (as the case may be) appointment or the proper exercise of the
      Paying Agent’s, Note Registrar’s or Calculation Agent’s powers and proper
      performance of the Paying Agent’s, Note Registrar’s or Calculation Agent’s
      (as the case may be) duties under this agreement and the Transaction
      Documents or any document executed in connection with this agreement or
      any other Transaction Document, notwithstanding the resignation or removal
      of that Paying Agent, the Note Registrar or the Calculation Agent in
      accordance with clause 17 (including any liability in respect of payment
      of a cheque drawn by that Paying Agent or Calculation Agent (as the case
      may be) where the cheque is collected or sued upon or an attempt at
      collection is made after the amount in respect of which it is paid has
      been returned to the Trustee under clause
4).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      indemnity in paragraph (a) applies to any Expense of a Paying Agent, the
      Note Registrar or the Calculation Agent (as the case may be)
      only:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      the extent the Expense does not result from the breach by the Paying
      Agent, the Note Registrar or the Calculation Agent (as the case may be) of
      the terms of this agreement or from the Paying Agent’s, the Note
      Registrar’s or the Calculation Agent’s own fraud, wilful misconduct,
      negligence or bad faith or that of its directors, officers or employees or
      servants;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the Paying Agent, the Note Registrar or the Calculation Agent (as the case
      may be) gives notice of the Expense to the Trustee and the Trust Manager
      as soon as the Paying Agent, the Note Registrar or the Calculation Agent
      (as the case may be) becomes aware of the Expense provided, however, that
      any failure or delay to give such notice shall not deprive a party's
      rights to be indemnified unless the Trustee is materially prejudiced by
      such failure or delay; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      and whenever the Trustee or the Trust Manager so requires, the Paying
      Agent, the Note Registrar or the Calculation Agent (as the case may be)
      takes any actions or proceedings under the control and at the expense of
      the Trustee, as the Trustee may reasonably require to avoid, resist or
      compromise that Expense.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Each
      indemnity, reimbursement or similar obligation in this
    clause:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is
      a continuing obligation;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              is
      a separate and independent
obligation;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              is
      payable under clause 5.10 of the Series Notice on the Payment Date
      following demand; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              survives
      termination or discharge of this
agreement.

            

    

    
      
         

      

      
        Page
12

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (d)

            	
              None
      of the provisions of this agreement shall require the Calculation Agent,
      Note Registrar or the Paying Agent to expend or risk its own funds or
      otherwise to incur any liability, financial or otherwise, in the
      performance of any of its duties under this agreement, or in the exercise
      of any of its rights or powers if it shall have reasonable grounds for
      believing that repayment of such funds or indemnity satisfactory to it
      against such risk or liability is not assured to
  it.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Each
      of the Calculation Agent, Note Registrar and Paying Agent may conclusively
      rely and shall be fully protected in acting or refraining from acting upon
      any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval or other paper or document
      believed by it to be genuine and to have been signed or presented by the
      proper party or parties (unless a Responsible Officer of the Calculation
      Agent, Note Registrar or Paying Agent (as the case may be) has actual
      notice to the contrary).

            

    

     

    
      	
               
      

            	
              (f)

            	
              Each
      of the Calculation Agent, Note Registrar and Paying Agent may consult with
      counsel and rely on the advice or opinion of such counsel and shall be
      protected in respect of any action taken or omitted to be taken by it in
      good faith and in reliance on such advice or opinion of
      counsel.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Neither
      the Calculation Agent, Note Registrar nor Paying Agent shall be bound to
      make any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      consent, entitlement order, approval or other paper or document believed
      by it to be genuine and to have been signed or presented by the proper
      party or parties.

            

    

     

    
      	
               
      

            	
              (h)

            	
              Each
      of the Calculation Agent, Note Registrar and Paying Agent may execute any
      of the powers or perform any duties under this agreement either directly
      or by or through agents, attorneys, custodians or nominees appointed with
      reasonable care, and shall not be responsible for any wilful misconduct or
      negligence on the part of any agent, attorney, custodian or nominee so
      appointed.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Neither
      the Calculation Agent, Note Registrar nor Paying Agent nor any of their
      respective officers, directors, employees or agents shall be liable for
      any action taken or omitted to be taken under this agreement or in
      connection therewith except to the extent caused by the Calculation
      Agent’s, Note Registrar’s or Paying Agent’s fraud, negligence or wilful
      misconduct or bad faith.

            

    

    
       

      
        
          	
                  14.

                	
                  The
      Note Register

                
	 	 

        

      

    

     

    
      	
              14.1

            	
              Appointment
      of Note Registrar

            

    

     

    The
Trustee appoints Deutsche Bank Trust Company Americas to be the initial Note
Registrar.  Deutsche Bank Trust Company Americas accepts that
appointment.

     

    
      	
              14.2

            	
              Details
      to be kept on the Note Register

            

    

     

    The Note
Registrar shall keep the Note Register with respect to the Trust in accordance
with the terms of this agreement and the Note Trust Deed, on which shall be
entered the following information relating to the Trust:

    
      
         

      

      
        Page
13

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              (name)  the
      name of the Trust;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (creation) the date of
      the creation of the Trust;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Issue Dates) the Issue
      Dates for US$ Notes issued in relation to the
  Trust;

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Initial Invested
      Amount)  the total Initial Invested Amount of each Class
      of US$ Notes issued on each such Issue
Date;

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Invested
      Amount)  the Invested Amount of each US$ Note from time
      to time;

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Stated
      Amount)  the Stated Amount of each US$ Note from time to
      time;

            

    

     

    
      	
               
      

            	
              (g)

            	
              (details of Noteholders)
      the name and address of each US$
  Noteholder;

            

    

     

    
      	
               
      

            	
              (h)

            	
              (number of Notes) the
      number of Notes held by each US$
Noteholder;

            

    

     

    
      	
               
      

            	
              (i)

            	
              (date of entry) the date
      on which a person was entered as the holder of US$
  Notes;

            

    

     

    
      	
               
      

            	
              (j)

            	
              (date of cessation) the
      date on which a person ceased to be a US$
  Noteholder;

            

    

     

    
      	
               
      

            	
              (k)

            	
              (account) the account to
      which any payments due to a US$ Noteholder are to be made (if
      applicable);

            

    

     

    
      	
               
      

            	
              (l)

            	
              (payments) a record of
      each payment in respect of the US$ Notes;
and

            

    

     

    
      	
               
      

            	
              (m)

            	
              (additional information)
      such other information as:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is
      required by the Series Notice;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note Registrar considers necessary or desirable;
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Trust Manager or the Trustee reasonably
  requires.

            

    

     

    
      	
              14.3

            	
              Payments
      of Principal and Interest

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      payment of principal or interest on any US$ Note shall be endorsed by the
      Note Registrar on the Note Register.  In the case of payments of
      principal, the Invested Amount of the relevant US$ Notes shall be reduced
      for all purposes by the amount so paid and endorsed on the Note
      Register.  Any such record shall be prima facie evidence that
      the payment in question has been
made.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the amount of principal or interest (as the case may be) due for payment
      on any US$ Note is not paid in full (including Carryover Charge Offs and
      by reason of a deduction or withholding) the Paying Agent shall enter such
      a shortfall in its records.

            

    

     

    
      	
              14.4

            	
              Place
      of keeping Register, copies and
access

            

    

     

    The Note
Register shall be:

     

    
      	
               
      

            	
              (a)

            	
              (place
      kept)  kept at the principal office of the Note Registrar
      or at such place as the Trustee, the Trust Manager and the Note Registrar
      may in writing agree;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (access to Trust Manager and
      Auditor) open to the Trustee, the Trust Manager, the Note Trustee
      and the Auditor of the Trust to inspect during normal business hours of
      the Note Registrar;

            

    

    
      
         

      

      
        Page
14

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (c)

            	
              (inspection by US$ Noteholders) open for
      inspection by the Note Trustee or a US$ Noteholder during normal business
      hours of the Note Registrar but, in the case of a US$ Noteholder, only in
      respect of information relating to that US$ Noteholder;
  and

            

    

     

    
      	
               
      

            	
              (d)

            	
              (not for copying) not
      available to be copied by any person (other than the Trustee, the Trust
      Manager or the Note Trustee) except in compliance with such terms and
      conditions (if any) as the Trust Manager, the Trustee and the Note
      Registrar in their absolute discretion nominate from time to
      time.

            

    

     

    
      	
              14.5

            	
              Details
      on Note Register conclusive

            

    

     

    
      	
               
      

            	
              (a)

            	
              (Reliance on Register)
      The Trustee shall be entitled to rely on the Note Register as being
      a correct, complete and conclusive record of the matters set out in it at
      any time and whether or not the information shown in the Note Register is
      inconsistent with any other document, matter or thing.  The
      Trustee is not liable to any person in any circumstances whatsoever for
      any inaccuracy in, or omission from, the Note
  Register.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (No trusts etc) The Note
      Registrar shall not be obliged to enter on the Note Register notice of any
      trust, Security Interest or other interest whatsoever in respect of any
      US$ Notes and the Trustee shall be entitled to treat a US$ Noteholder as
      the absolute owner of US$ Notes and the Trustee shall not be bound or
      affected by any trust affecting the ownership of any US$ Notes unless
      ordered by a court or required by
statute.

            

    

     

    
      	
              14.6

            	
              Alteration
      of details on Note Register

            

    

     

    On the
Note Registrar being notified of any change of name or address or payment or
other details of a US$ Noteholder by the US$ Noteholder, the Note Registrar
shall promptly alter the Note Register accordingly.

     

    
      	
              14.7

            	
              Rectification
      of Note Register

            

    

     

    If:

     

    
      	
               
      

            	
              (a)

            	
              an
      entry is omitted from the Note
Register;

            

    

     

    
      	
               
      

            	
              (b)

            	
              an
      entry is made in the Note Register otherwise than in accordance with this
      agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              an
      entry wrongly exists in the Note
Register;

            

    

     

    
      	
               
      

            	
              (d)

            	
              there
      is an error or defect in any entry in the Note Register;
  or

            

    

     

    
      	
               
      

            	
              (e)

            	
              default
      is made or unnecessary delay takes place in entering in the Note Register
      that any person has ceased to be the holder of US$
  Notes,

            

    

     

    the Note
Registrar may, without notice to any party, rectify the same.

     

    
      	
              14.8

            	
              Correctness
      of Note Register

            

    

     

    The Note
Registrar shall not be liable for any mistake on the Note Register or in any
purported copy except to the extent that the mistake is attributable to its
fraud, negligence or wilful default.

    
      
         

      

      
        Page
15

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        
          	
                  15.

                	
                  Changes
      of Note Registrar

                
	 	 

        

      

    

     

    
      	
              15.1

            	
              Removal

            

    

     

    The
Trustee (or the Trust Manager on its behalf after advising the Trustee) may
terminate the appointment of the Note Registrar with the prior written approval
of the Note Trustee (which approval must not be unreasonably withheld or
delayed), with effect not less than 60 days from that notice.

     

    
      	
              15.2

            	
              Resignation

            

    

     

    Subject
to this clause 15 the Note Registrar may resign its appointment at any time by
giving to the Trustee, the Trust Manager and the Note Registrar not less than 60
days written notice to that effect.

     

    
      	
              15.3

            	
              Limitation

            

    

     

    Despite
clauses 15.1 and 15.2:

     

    
      	
               
      

            	
              (a)

            	
              no
      resignation by or termination of the appointment of the Note Registrar
      shall take effect until a new Note Registrar approved in writing by the
      Note Trustee has been appointed on terms previously approved in writing by
      the Note Trustee (in each case, that approval not to be unreasonably
      withheld or delayed); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      appointment of a new Note Registrar shall be on the terms and subject to
      the conditions of this agreement and the outgoing Note Registrar shall
      co-operate fully to do all further acts and things and execute any further
      documents as may be necessary or desirable to give effect to the
      appointment of the new Note
Registrar.

            

    

    
       

      
        
          	
                  16.

                	
                  General

                
	 	 

        

      

    

     

    
      	
              16.1

            	
              Communications
      to US$ Noteholders

            

    

     

    The
Principal Paying Agent shall, upon receipt from the Trustee, Trust Manager,
Security Trustee or Note Trustee of any communication to be delivered to any US$
Noteholders or US$ Note Owners, including any communications pursuant to clauses
3.3, 7.1 18(a), 22.1, 23.2 or 32.2(b) of the Note Trust Deed or any other
solicitation of notice from or consent of any US$ Noteholders or US$ Note Owners
pursuant to or relating to the Note Trust Deed or this agreement, forward such
communications to those US$ Noteholders, along with instructions that the
responses relating to such communications be returned to the Principal Paying
Agent.  Such communication shall include the date upon which the
response to such solicitation shall be delivered (the Response
Date).  The Principal Paying Agent shall treat any US$
Noteholder or US$ Note Owner who has not delivered its response as of the
Response Date as having withheld its consent to the proposed
action.  The Principal Paying Agent shall notify the Trustee, Trust
Manager and Note Trustee in writing of the results of any such solicitations of
consent.

    
      
         

      

      
        Page
16

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      
        	
                16.2

              	
                Agency

              

      

    

     

    Subject
to any other provision of this agreement, each of the Paying Agents, the
Calculation Agent and the Note Registrar (including clause 7, each a Note
Party) shall act solely for and as agent of the Trustee (or, pursuant to
clause 7 only, the Note Trustee) and shall not have any obligations towards
or relationship of agency or trust with any person entitled to receive payments
of principal and/or interest on the any US$ Notes and shall be responsible only
for performance of the duties and obligations expressly imposed upon it in this
agreement.

     

    
      	
              16.3

            	
              Identity

            

    

     

    Each
Paying Agent shall (except as ordered by a court of competent jurisdiction or as
required by law) be entitled to treat the person:

     

    
      	
               
      

            	
              (a)

            	
              who
      is, while a Book-Entry Note remains outstanding, the registered owner of
      that Book-Entry Note as the person entitled to receive payments of
      principal or interest (as applicable) and each person shown in the records
      of DTC as the holder of any US$ Note represented by a Book-Entry Note
      shall be entitled to receive from the registered owner of that Book-Entry
      Note any payment so made in accordance with the respective rules and
      procedures of DTC and on the terms and subject to the conditions of that
      Book-Entry Note;

            

    

     

    
      	
               
      

            	
              (b)

            	
              who
      is the registered owner of any relevant Definitive Note as the absolute
      owner or owners of that Definitive Note (whether or not that Definitive
      Note is overdue and despite any notice of ownership or writing on it or
      any notice of previous loss or theft or of any trust or other interest in
      it); or

            

    

     

    
      	
               
      

            	
              (c)

            	
              who,
      when a Book-Entry Note in respect of any US$ Note is no longer outstanding
      but Definitive Notes in respect of the relevant US$ Notes have not been
      issued, is for the time being the Note Trustee, as the person entrusted
      with the receipt of principal or interest, as applicable, on behalf of the
      relevant US$ Noteholders,

            

    

     

    and in
all cases and for all purposes despite any notice to the contrary and shall not
be liable for so doing.

     

    
      	
              16.4

            	
              No
      set-off

            

    

     

    No Paying
Agent shall exercise any right of set-off, withholding, counterclaim or lien
against, or make any deduction in any payment to, any person entitled to receive
amounts of principal or interest on the US$ Notes in respect of moneys payable
by it under this agreement.

     

    
      	
              16.5

            	
              Reliance

            

    

     

    Each Note
Party shall be protected and shall incur no liability for or in respect of any
action taken, omitted or suffered by it in reliance upon any instruction,
request or order from the Trustee or the Trust Manager or in reliance upon any
US$ Note or upon any notice, resolution, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been delivered, signed or sent by the proper party or
parties.

     

    
      	
              16.6

            	
              Entitled
      to deal

            

    

     

    A Note
Party shall not be precluded from acquiring, holding or dealing in any US$ Notes
or from engaging or being interested in any contract or other financial or other
transaction or arrangement with the Trustee, the Trust Manager or the Servicer
as freely as if it were not an agent of the Trustee under this agreement and in
no event whatsoever (other than fraud, wilful misconduct, negligence or bad
faith) shall any Note Party be liable to account to the Trustee or any person
entitled to receive amounts of principal or interest on the US$ Notes for any
profit made or fees or commissions received in connection with this agreement or
any US$ Notes.

    
      
         

      

      
        Page
17

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
              16.7

            	
              Consultation

            

    

     

    Each Note
Party may consult as to legal matters with lawyers selected by it, who may be
employees of or lawyers to the Trustee, the Trust Manager or the relevant Paying
Agent.  Where that consultation is likely to give rise to significant
Expenses (as that term is defined in clause 13), the relevant Note Party shall
notify the Trustee and Trust Manager as soon as is reasonably practicable prior
to that consultation.

     

    
      	
              16.8

            	
              Duties

            

    

     

    Each Note
Party shall perform the duties, and only the duties, contained in or reasonably
incidental to this agreement and the relevant Conditions and in the US$ Notes
and no implied duties or obligations (to the extent permitted by law) shall be
read into this agreement or the US$ Notes against any Note Party.  A
Note Party shall not be required to take any action under this agreement which
would require it to incur any expense or liability, for which (in its reasonable
opinion) either it would not be reimbursed within a reasonable time or in
respect of which it has not been indemnified to its satisfaction.

     

    
      	
              16.9

            	
              Income
      Tax Returns

            

    

     

    The
Principal Paying Agent shall, subject always to compliance with mandatory
provisions of law deliver to each US$ Noteholder such information as may be
reasonably required to enable such US$ Noteholder to prepare its federal and
state income tax returns.

     

    
      	
              16.10

            	
              Obligations
      of each Note Party

            

    

     

    Each Note
Party represents and warrants that it is duly qualified to assume its
obligations under this agreement and has obtained all necessary approvals
required to perform its obligations under this agreement.

     

    
      	
              16.11

            	
              European
      Union Tax Directive

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      obligations of the Principal Paying Agent or any other Paying Agent with
      respect to any US$ Notes under this agreement are subject
    to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      provisions of the EU Tax Directive;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      "beneficial owner" (as defined in the EU Tax Directive) providing to that
      Paying Agent such information and documents (if any) required by that
      Paying Agent in order for it to comply with the EU Tax
      Directive.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trustee authorises each Paying Agent to make mandatory disclosures
      required by the EU Tax Directive to be made to the competent authority of
      the member state of the European Union of that Paying
    Agent.

            

    

     

    
      
        
        

      

      
        Page
18

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
              16.12

            	
              Know
      your customer

            

    

     

    The
Trustee and the Trust Manager agree to, and the US$ Noteholders may be requested
to, provide any information and documents reasonably required by a Note Party
for it to comply with any "know your customer" or other identification checks or
procedures under any law or regulation to the extent that such information is in
the possession of, or otherwise available to the Trustee, the Trust Manager or
the US$ Noteholders (as the case may be).  The Note Party may, to the
extent required by law, decline to perform its affected obligations under the
Transaction Documents to which it is a party to the extent that such information
and documents are not provided.

    
       

      
        
          	
                  17.

                	
                  Changes
      in Paying Agents and Calculation Agent

                
	 	 

        

      

    

     

    
      	
              17.1

            	
              Removal

            

    

     

    The
Trustee (or the Trust Manager on its behalf after advising the Trustee) may at
any time:

     

    
      	
               
      

            	
              (a)

            	
              with
      prior written notice to the Note Trustee
  appoint:

            

    

     

    
      	
               
      

            	
              (i)

            	
              additional
      or alternative Paying Agents; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      alternative Calculation Agent;

            

    

     

    
      	
               
      

            	
              (b)

            	
              subject
      to this clause 17, terminate the appointment of any Paying Agent or the
      Calculation Agent by giving written notice to that effect to the Trust
      Manager (if applicable), which shall give such notice to each Designated
      Rating Agency, the Note Trustee, the Calculation Agent (if its appointment
      is to be terminated), the Principal Paying Agent and (if different) the
      Paying Agent whose appointment is to be
  terminated:

            

    

     

    
      	
               
      

            	
              (i)

            	
              with
      effect immediately on that notice, if any of the following occurs in
      relation to the Paying Agent or Calculation Agent (as the case may
      be):

            

    

     

    
      	
               
      

            	
              (A)

            	
              an
      Insolvency Event has occurred in relation to the Paying Agent or
      Calculation Agent;

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      Paying Agent or Calculation Agent has ceased its
  business;

            

    

     

    
      	
               
      

            	
              (C)

            	
              the
      Paying Agent or Calculation Agent has failed to remedy within fourteen
      days after prior written notice by the Trustee or Trust Manager any
      material breach of this agreement on the part of the Paying Agent;
      or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              otherwise,
      with the prior written approval of the Note Trustee (which approval must
      not be unreasonably withheld or delayed) with effect not less than 60
      days’ from that notice, which date shall be not less than 30 days
      before nor 30 days after any due date for payment of any US$
      Notes.

            

    

     

    
      	
              17.2

            	
              Resignation

            

    

     

    Subject
to this clause 17, a Paying Agent or the Calculation Agent may resign its
appointment under this agreement at any time by giving to the Trust Manager,
which shall give such notice to the Trustee, each Designated Rating Agency and
(where a Paying Agent is resigning and the Paying Agent is not the Principal
Paying Agent) the Principal Paying Agent not less than 60 days’ written notice
to that effect, which notice shall expire not less than 30 days before or 30
days after any due date for payment of any US$ Notes.

     

    
      	
              17.3

            	
              Limitation

            

    

     

    Despite
clauses 17.1 and 17.2:

    
      
         

      

      
        Page
19

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              no
      resignation by or termination of the appointment of the Principal Paying
      Agent shall take effect until a new Principal Paying Agent approved in
      writing by the Note Trustee has been appointed on terms previously
      approved in writing by the Note Trustee (in each case, that approval not
      to be unreasonably withheld or
delayed);

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      any Paying Agent or the Calculation Agent resigns in accordance with
      clause 17.2, but by the day falling 15 days before the expiry of any
      notice under clause 17.2 the Trustee or the Trust Manager has not
      appointed a new Paying Agent or Calculation Agent, then the relevant
      Paying Agent or Calculation Agent (as the case may be) may appoint in its
      place any reputable bank or trust company of good standing approved in
      writing by the Note Trustee and appointed on terms previously approved in
      writing by the Note Trustee (in each case, that approval not to be
      unreasonably withheld or delayed);

            

    

     

    
      	
               
      

            	
              (c)

            	
              no
      resignation by or termination of the appointment of any Paying Agent shall
      take effect if as a result of that resignation or termination there would
      cease to be a Paying Agent which has a Paying Office in the United States
      or, if:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      EU Tax Directive is in force; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      Paying Agent accepts its appointment (such appointment made in accordance
      with clause 11(e) of the Note Trust Deed) on the express basis that it
      will act through an office in a member country of the European Union that
      is not obliged to withhold or deduct tax pursuant to the EU Tax Directive
      (the EU Tax
      Directive Paying Agent),

            

    

     

    no
resignation by or termination of the appointment of the EU Tax Directive Paying
Agent shall take effect unless and until a new EU Tax Directive Paying Agent has
been appointed;

     

    
      	
               
      

            	
              (d)

            	
              no
      appointment or termination of the appointment of any Paying Agent shall
      take effect unless and until notice has been given to the US$ Noteholders
      in accordance with the relevant
Conditions;

            

    

     

    
      	
               
      

            	
              (e)

            	
              no
      resignation by or termination of the appointment of the Calculation Agent
      shall take effect until a new Calculation Agent having its Specified
      Office in the United States has been appointed;
  and

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      appointment of any additional Paying Agent shall be on the terms and
      subject to the conditions of this agreement and each of the parties to
      this agreement shall co-operate fully to do all further acts and things
      and execute any further documents as may be necessary or desirable to give
      effect to the appointment of the Paying Agent (which shall not, except in
      the case of an appointment under clause 17.1(a) or a termination under
      clause 17.1(b)(ii) be at the cost of the Trustee or Trust
      Manager).

            

    

     

    
      	
              17.4

            	
              Delivery
      of amounts

            

    

     

    If the
appointment of the Principal Paying Agent terminates, the Principal Paying Agent
shall, on the date on which that termination takes effect, pay to the successor
Principal Paying Agent any amount held by it for payment of principal or
interest in respect of any US$ Note and shall deliver to the successor Principal
Paying Agent all records maintained by it pursuant to this agreement and all
documents (including any Definitive Notes) held by it.

    
      
         

      

      
        Page
20

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  Agency Agreement

                	
                  

                
	  
      	 
      

        

      

    

     

    
      	
              17.5

            	
              Successor
      to Principal Paying Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      the execution by the Trustee, the Trust Manager and any successor
      Principal Paying Agent of an instrument effecting the appointment of that
      successor Principal Paying Agent, that successor Principal Paying Agent
      shall, without any further act, deed or conveyance, become vested with all
      the authority, rights, powers, trusts, immunities, duties and obligations
      of its predecessor with effect as if originally named as Principal Paying
      Agent in this agreement and that predecessor, on payment to it of the pro
      rata proportion of its administration fee and disbursements then unpaid
      (if any), shall have no further liabilities under this agreement, except
      for any accrued liabilities arising from or relating to any act or omission
      occurring prior to the date on which the successor Principal Paying Agent is
      appointed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      corporation:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which the Principal Paying Agent is
merged;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      which the Principal Paying Agent is
  consolidated;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              resulting
      from any merger or consolidation to which the Principal Paying Agent is a
      party;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              to
      which the Principal Paying Agent sells or otherwise transfers all or
      substantially all the assets of its corporate trust
    business,

            

    

     

    shall, on
the date when that merger, conversion, consolidation, sale or transfer becomes
effective and to the extent permitted by applicable law, become the successor
Principal Paying Agent under this agreement without the execution or filing of
any agreement or document or any further act on the part of the parties to this
agreement, unless otherwise required by the Trustee or the Trust Manager, and
after that effective date all references in this agreement to the Principal
Paying Agent shall be references to that corporation.

     

    
      	
              17.6

            	
              Successor
      to Calculation Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      the execution by the Trustee, the Trust Manager and any successor
      Calculation Agent of an instrument effecting the appointment of that
      successor Calculation Agent, that successor Calculation Agent shall,
      without any further act, deed or conveyance, become vested with all the
      authority, rights, powers, trusts, immunities, duties and obligations of
      its predecessor with effect as if originally named as Calculation Agent in
      this agreement and that predecessor, on payment to it of the pro rata
      proportion of its administration fee and disbursements then unpaid (if
      any), shall have no further liabilities under this agreement, except for
      any accrued liabilities arising from or relating to any act or omission
      occurring prior to the date on which the successor Calculation Agent is
      appointed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      corporation:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which the Calculation Agent is
merged;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      which the Calculation Agent is
consolidated;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              resulting
      from any merger or consolidation to which the Calculation Agent is a
      party;

            

    

    
      
         

      

      
        Page
21

        
          

        

      

      
         

      

    

    
      	
               

              Agency
      Agreement

            	
              

            
	 
      

    

     

    
      	
               
      

            	
              (iv)

            	
              to
      which the Calculation Agent sells or otherwise transfers all or
      substantially all the assets of its corporate trust
    business,

            

    

     

    shall, on
the date when that merger, conversion, consolidation, sale or transfer becomes
effective and to the extent permitted by applicable law, become the successor
Calculation Agent under this agreement without the execution or filing of any
agreement or document or any further act on the part of the parties to this
agreement, unless otherwise required by the Trustee or the Trust Manager, and
after that effective date all references in this agreement to the Calculation
Agent shall be references to that corporation.

     

    
      	
              17.7

            	
              Successor
      to Note Registrar

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      the execution by the Trustee, the Trust Manager and any successor Note
      Registrar of an instrument effecting the appointment of that successor
      Note Registrar, that successor Note Registrar shall, without any further
      act, deed or conveyance, become vested with all the authority, rights,
      powers, trusts, immunities, duties and obligations of its predecessor with
      effect as if originally named as Note Registrar in this agreement and that
      predecessor, on payment to it of the pro rata proportion of its
      administration fee and disbursements then unpaid (if any), shall have no
      further liabilities under this agreement, except for any accrued
      liabilities arising from or relating to any act or omission
      occurring prior to the date on which the successor Note Registrar is
      appointed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      corporation:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which the Note Registrar is merged;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      which the Note Registrar is
consolidated;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              resulting
      from any merger or consolidation to which the Note Registrar is a
      party;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              to
      which the Note Registrar sells or otherwise transfers all or substantially
      all the assets of its corporate trust
business,

            

    

     

    shall, on
the date when that merger, conversion, consolidation, sale or transfer becomes
effective and to the extent permitted by applicable law, become the successor
Note Registrar under this agreement without the execution or filing of any
agreement or document or any further act on the part of the parties to this
agreement, unless otherwise required by the Trustee or the Trust Manager, and
after that effective date all references in this agreement to the Note Registrar
shall be references to that corporation.

     

    
      	
              17.8

            	
              Notice
      to US$ Noteholders

            

    

     

    The Trust
Manager on behalf of the Trustee shall, within 14 days of:

     

    
      	
               
      

            	
              (a)

            	
              the
      termination of the appointment of any Paying Agent, the Note Registrar or
      the Calculation Agent;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      appointment of a new Paying Agent, the Note Registrar or Calculation
      Agent; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      resignation of any Paying Agent, the Note Registrar or Calculation
      Agent,

            

    

     

    give to
the US$ Noteholders notice of the termination, appointment or resignation in
accordance with the relevant Condition 12 (in the case of a
termination under clause 17.1(b)(i) or 17.2 at the cost of the outgoing Paying
Agent).

    
      
         

      

      
        Page
22

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
              17.9

            	
              Change
      in Paying Office or Specified
Office

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      any Paying Agent proposes to change its Paying Office, it must give to the
      Trustee, the Trust Manager, the Note Trustee and, in the case of a change
      in the Paying Office of a Paying Agent other than the Principal Paying
      Agent, the Principal Paying Agent, not less than 30 days’ prior written
      notice of that change, giving the address of the new Paying Office and
      stating the date on which the change is to take effect.  No
      change of Paying Office may occur within the period between 30 days before
      and 30 days after any due date for payment of any US$
    Notes.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Calculation Agent proposes to change its Specified Office, it must
      give to the Trustee, the Trust Manager and the Note Trustee, not less than
      30 days’ prior written notice of that change, giving the address of the
      new Specified Office and stating the date on which the change is to take
      effect.  No change of specified office may occur within the
      period between 30 days before and 30 days after any due date for payment
      of any US$ Notes.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trustee or Trust Manager must, within 14 days of receipt of a notice under
      paragraph (a) (unless the appointment is to terminate pursuant to clause
      17.1 or 17.2 on or prior to the date of that change) give to the US$
      Noteholders notice in accordance with the relevant Conditions of that
      change and of the address of the new Paying Office but the costs of giving
      that notice shall be borne by the Paying Agent which is changing its
      Paying Office and not by the Trustee or the Trust
  Manager.

            

    

    
       

      
        
          	
                  18.

                	
                  Fees
      and Expenses

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee shall pay to the Principal Paying Agent during the period when any
      of the US$ Notes remain outstanding the administration fee separately
      agreed by the Principal Paying Agent and the Trustee, together with any
      out-of-pocket expenses reasonably incurred (including any legal fees and
      expenses and any applicable value added or similar tax
      thereon).  If the appointment of the Principal Paying Agent is
      terminated under this agreement, the Principal Paying Agent must refund to
      the Trustee that proportion of the fee (if any) which relates to the
      period during which the Principal Paying Agent will not be the Principal
      Paying Agent.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trustee shall pay to the Calculation Agent during the period when any of
      the US$ Notes remain outstanding the fee separately agreed by the
      Calculation Agent and the Trustee, together with any out-of-pocket
      expenses reasonably incurred (including any legal fees and expenses and
      any applicable value added or similar tax thereon). If the appointment of
      the Calculation Agent is terminated under this agreement, the Calculation
      Agent must refund to the Trustee that proportion of the fee (if any) which
      relates to the period during which the Calculation Agent will not be the
      Calculation Agent.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trustee shall pay to the Note Registrar during the period when any of the
      US$ Notes remain outstanding the fee separately agreed by the Note
      Registrar and the Trustee, together with any out-of-pocket expenses
      reasonably incurred (including any legal fees and expenses and any
      applicable value added or similar tax thereon).  If the
      appointment of the Note Registrar is terminated under this agreement, the
      Note Registrar must refund to the Trustee that proportion of the fee (if
      any) which relates to the period during which the Note Registrar will not
      be the Note Registrar.

            

    

    
      
         

      

      
        Page
23

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (d)

            	
              Save
      as provided in paragraphs (a), (b) and (c), or as expressly provided
      elsewhere in this agreement, neither the Trustee nor the Trust Manager
      shall have any liability in respect of any fees or expenses of the
      Calculation Agent, Principal Paying Agent or any other Paying Agent or the
      Note Registrar in connection with this
  agreement.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      above fees, payments and expenses shall be paid in United States dollars
      and the Trustee shall in addition pay any Value Added Tax which may be
      applicable. The Principal Paying Agent shall (in accordance with the
      Trustee's directions) arrange for payment of commissions to the other
      Paying Agents and arrange for the reimbursement of their expenses incurred
      (as payable by the Trustee under paragraph (c)) promptly upon demand,
      supported by evidence of that expenditure, and provided that payment is
      made as required by paragraph (a) the Trustee shall not be concerned with
      or liable in respect of that
payment.

            

    

    
       

      
        
          	
                  19.

                	
                  Waivers,
      Remedies Cumulative

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              No
      failure to exercise and no delay in exercising any right, power or remedy
      under this agreement operates as a waiver.  Nor does any single
      or partial exercise of any right, power or remedy preclude any other or
      further exercise of that or any other right, power or
    remedy.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      rights, powers and remedies provided to a party in this agreement are in
      addition to, and do not exclude or limit, any right, power or remedy
      provided by law.

            

    

    
       

      
        
          	
                  20.

                	
                  Severability
      of Provisions

                

        

      

    

     

    Any
provision of this agreement which is prohibited or unenforceable in any
jurisdiction is ineffective as to that jurisdiction to the extent of the
prohibition or unenforceability.  That does not invalidate the
remaining provisions of this agreement nor affect the validity or enforceability
of that provision in any other jurisdiction.

    
       

      
        
          	
                  21.

                	
                  Assignment

                

        

      

    

     

    Subject
to the Transaction Documents, no party may assign or transfer any of its rights
or obligations under this agreement without the prior written consent of the
other parties and the Trust Manager has given a Rating Notification in respect
of the US$ Notes only in relation to that assignment or
transfer.

    
      
         

      

      
        Page
24

        
          

        

      

      
         

      

    

    
      

        
          	
                   

                  Agency
      Agreement

                	
                  

                
	 
      

        

         

      

      
        
          	
                  22.

                	
                  Notices

                

        

      

    

     

    
      	
              22.1

            	
              General

            

    

     

    All
notices, requests, demands, consents, approvals, agreements or other
communications to or by a party to this agreement:

     

    
      	
               
      

            	
              (a)

            	
              must
      be in writing;

            

    

     

    
      	
               
      

            	
              (b)

            	
              must
      be signed by an Authorised Signatory of the sender;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              will
      be taken to be duly given or made:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (in
      the case of delivery in person or by post) when delivered, received or
      left at the address of the recipient shown in clause 22.2 or to any other
      address which it may have notified by the recipient to the sender under
      this clause 22;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (in
      the case of facsimile transmission) on receipt of a transmission report
      confirming successful transmission to the number shown in clause 22.2 or
      any other number notified by the recipient to the sender under this
      clause 22; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              (in
      the case of a telex) on receipt by the sender of the answerback code of
      the recipient at the end of transmission to the number shown in clause
      22.2 or any other number notified by the recipient to the sender under
      this clause 22,

            

    

     

    but if
delivery or receipt is on a day on which business is not generally carried on in
the place to which the communication is sent or is later than 4.00pm (local
time), it will be taken to have been duly given or made at the commencement of
business on the next day on which business is generally carried on in that
place.

     

    
      	
              22.2

            	
              Details

            

    

     

    The
address, facsimile and telex of each party at the date of this agreement are as
follows:

     

    The
Trustee

     

    WESTPAC
SECURITIES ADMINISTRATION LIMITED

     

    Level
20

    275 Kent
Street

    SYDNEY  NSW  2000

     

    
      	
            	
              Tel: 

            	
              [*]

            

    

    
      	
            	
              Fax: 

            	
              [*]

            

    

     

    
      	
            	
              Attention: 

            	
              [*]

            

    

     

    The
Trust Manager

     

    WESTPAC
SECURITISATION MANAGEMENT PTY LIMITED

     

    Level
20

    275 Kent
Street

    SYDNEY  NSW  2000

    
      
         

      

      
        Page
25

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
            	
              Tel: 

            	
              [*]

            

    

    
      	
            	
              Fax: 

            	
              [*]

            

    

     

    
      	
            	
              Attention: 

            	
              Securitisation
      Trust Manager

            

    

     

    
      	
               
      

            	
              [Copy
      to:

            	
              C/-
      Legal Counsel, New York Branch

            

    

    [*]]

     

    The
Principal Paying Agent

     

    [tba]

     

    Fax:

     

    Attention:

     

    The
Calculation Agent

     

    [tba]

     

    Fax:

     

    Attention:

     

    The
Note Trustee

     

    [tba]

     

    Fax:

     

    Attention:

     

    The
Note Registrar

     

    [tba]

     

    Fax:

     

    Attention:

     

    
      	
              22.3

            	
              Communication
      through Principal Paying Agent

            

    

     

    All
communications relating to this agreement between the Trustee and the
Calculation Agent and any of the Paying Agents or between the Paying Agents
themselves shall, save as otherwise provided in this agreement, be made through
the Principal Paying Agent.

    
       

      
        
          	
                  23.

                	
                  Limited
      Recourse

                

        

      

    

     

    
      	
              23.1

            	
              General

            

    

     

    Clause 33
of the Master Trust Deed applies to the obligations and liabilities of the
Trustee and the Trust Manager under this agreement.

     

    
      	
              23.2

            	
              Liability
      of Trustee limited to its right to
indemnity

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

    
      
         

      

      
        Page
26

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              The
      parties other than the Trustee may not sue the Trustee in any capacity
      other than as trustee of the Trust or seek the appointment of a receiver
      (except under the Security Trust Deed), or a liquidator, an administrator
      or similar person to the Trustee or prove in any liquidation,
      administration or arrangement of or affecting the
  Trustee.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      provisions of this clause 23 shall not apply to any obligation or
      liability of the Trustee 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 Trustee’s indemnification out of the Assets of the
      Trust, as a result of the Trustee’s fraud, negligence or breach of
      trust.

            

    

     

    
      	
               
      

            	
              (d)

            	
              It
      is acknowledged that the Trust Manager, the Servicer, the Currency Swap
      Provider, the Note Trustee, the Calculation Agent, the Principal Paying
      Agent, the Note Registrar and the Paying Agents (each a Relevant
      Party) are responsible under this agreement and the other
      Transaction Documents for performing a variety of obligations relating to
      the Trust.  No act or omission of the Trustee (including any
      related failure to satisfy its obligations under this agreement) will be
      considered fraud, negligence or breach of trust of the Trustee for the
      purpose of sub-paragraph (c) 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 provides services in respect of the Trust (other than a
      person who has been delegated or appointed by the Trustee and for whom the
      Trustee is responsible under this agreement or the relevant Transaction
      Documents, but excluding any Relevant Party) to fulfil its obligations
      relating to the Trust or by any other act or omission of a Relevant Party
      or any other person who provides services in respect of the Trust (other
      than a person who has been delegated or appointed by the Trustee and for
      whom the Trustee is responsible under this agreement or the relevant
      Transaction Documents, but excluding any Relevant
  Party).

            

    

     

    
      	
               
      

            	
              (e)

            	
              No
      attorney, agent, receiver, or receiver and manager appointed in accordance
      with this agreement or any other Transaction Document (including a
      Relevant Party) has authority to act on behalf of the Trustee in a way
      which exposes the Trustee to any personal liability and no act or omission
      of any such person will be considered fraud, negligence or breach of trust
      of the Trustee for the purpose of sub-paragraph (c), if the Trustee has
      exercised reasonable care in the selection and supervision of such a
      person.

            

    

     

    
      	
              23.3

            	
              Unrestricted
      remedies

            

    

     

    Nothing
in clause 23.2 limits a Paying Agent, the Note Registrar, the Calculation Agent
or the Note Trustee in:

     

    
      	
               
      

            	
              (a)

            	
              obtaining
      an injunction or other order to restrain any breach of this agreement by
      any party;

            

    

     

    
      	
               
      

            	
              (b)

            	
              obtaining
      declaratory relief; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to its rights under the Security Trust
  Deed.

            

    

    
      
         

      

      
        Page
27

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
              23.4

            	
              Restricted
      remedies

            

    

     

    Except as
provided in clause 23.3, none of the Paying Agents, the Note Registrar, the
Calculation Agent or the Note Trustee shall:

     

    
      	
               
      

            	
              (a)

            	
              (judgment)  obtain
      a judgment for the payment of money or damages by the
    Trustee;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (statutory
      demand)  issue any demand under s459E(1) of the
      Corporations Act (or any analogous provision under any other law) against
      the Trustee;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (winding
      up)  apply for the winding up or dissolution of the
      Trustee;

            

    

     

    
      	
               
      

            	
              (d)

            	
              (execution)  levy
      or enforce any distress or other execution to, on, or against any assets
      of the Trustee;

            

    

     

    
      	
               
      

            	
              (e)

            	
              (court appointed
      receiver)  apply for the
      appointment by a court of a receiver to any of the assets of the
      Trustee;

            

    

     

    
      	
               
      

            	
              (f)

            	
              (set-off or
      counterclaim)  exercise or seek to exercise any set-off
      or counterclaim against the Trustee;
or

            

    

     

    
      	
               
      

            	
              (g)

            	
              (administrator)  appoint,
      or agree to the appointment, of any administrator to the
      Trustee,

            

    

     

    or take
proceedings for any of the above and each Paying Agent, the Calculation Agent
and the Note Trustee waives its rights to make those applications and take those
proceedings.

    
       

      
        
          	
                  24.

                	
                  Counterparts

                

        

      

    

     

    This
agreement may be executed in any number of counterparts.  All
counterparts together will be taken to constitute one
instrument.

    
       

      
        
          	
                  25.

                	
                  Governing
      Law

                

        

      

    

     

    This
agreement is governed by the laws of New South Wales.  Each party
submits to the non-exclusive jurisdiction of the courts exercising jurisdiction
there.

    
       

      
        
          	
                  26.

                	
                  Successor
      Trustee

                

        

      

    

     

    Each
Paying Agent and the Calculation Agent shall do all things reasonably necessary
to enable any successor Trustee appointed under clause 24 of the Master Trust
Deed to become the Trustee under this agreement.

    
      
         

      

      
        Page
28

        
          

        

      

      
         

      

    

    
      	
               

              Agency
      Agreement

            	
              

            
	 
      

    

     

    
       

      
        
          	
                  27.

                	
                  Compliance
      with Regulation AB: Other "Servicing Function
  Participants"

                

        

      

    

     

    
      	
              27.1

            	
              Intent
      of the Parties, Reasonableness

            

    

     

    The
Principal Paying Agent, the Note Registrar and the Calculation Agent (for
purposes of this clause 27, each a Servicing
Function Participant) and the Trust Manager acknowledge and agree that
the purpose of this clause 27 is to facilitate compliance by the Trust Manager
with the provisions of Regulation AB and related rules and regulations of the
Commission.

     

    The Trust
Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder.  Each Servicing Function
Participant acknowledges 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 agree to comply with
requests made by the Trust Manager in good faith for delivery of information
under these provisions on the basis of evolving interpretations of Regulation
AB.  Each Servicing Function Participant shall cooperate fully with
the Trust Manager to deliver to the Trust Manager (including any of its
assignees or designees) any and all statements, reports, certifications, records
and any other information necessary in the good faith determination of the Trust
Manager to permit the Trust Manager to comply with the provisions of Regulation
AB, together with such disclosures relating to each Servicing Function
Participant, any Subservicer and the Purchased Receivables, or the servicing of
the Purchased Receivables, reasonably believed by the Trust Manager to be
necessary in order to effect such compliance.

     

    The Trust
Manager (including any of its assignees or designees) shall cooperate with each
Servicing Function Participant by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to
information required, in the Trust Manager’s reasonable judgment, to comply with
Regulation AB.

     

    
      	
              27.2

            	
              Additional
      Representations and Warranties of Each Servicing Function
      Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Servicing Function Participant shall be deemed to represent to the Trust
      Manager, as of the date on which information is first provided to the
      Trust Manager under clause 27.3 that, except as disclosed in writing to
      the Trust Manager prior to such
date:

            

    

     

    
      	
               
      

            	
              (i)

            	
              it
      is not aware and has not received notice that any default, early
      amortisation or other performance triggering event has occurred as to any
      other securitisation due to any act or failure to act of such Servicing
      Function Participant;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              it
      has not been terminated as calculation agent, note registrar, paying agent
      or similar role, as applicable, in a residential housing loan
      securitisation due to its default or the application of a performance test
      or a triggering event;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              no
      material noncompliance with the applicable servicing criteria with respect
      to other securitisations of residential housing loans involving such
      Servicing Function Participant has been disclosed or reported by such
      Servicing Function Participant;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              no
      material changes to such Servicing Function Participant’s policies or
      procedures with respect to the servicing function it will perform under
      the Transaction Documents for housing loans of a type similar to the
      Purchased Receivables have occurred during the three-year period
      immediately preceding the Closing
Date;

            

    

     

    
      	
               
      

            	
              (v)

            	
              there
      are no aspects of such Servicing Function Participant’s financial
      condition that could have a material adverse effect on the performance by
      such Servicing Function Participant of its obligations under this Agency
      Agreement or any other Transaction
Document;

            

    

    
      
         

      

      
        Page
29

        
          

        

      

      
         

      

    

    
      	
               

              Agency
      Agreement

            	
              

            
	 
      

    

     

    
      	
               
      

            	
              (vi)

            	
              there
      are no material legal or governmental proceedings pending (or known to be
      contemplated) against such Servicing Function Participant or any
      Subservicer; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              there
      are no affiliations, relationships or transactions relating to such
      Servicing Function Participant or any Subservicer with respect to the
      transactions contemplated by this Agency Agreement or any other
      Transaction Document and any party thereto identified by the Trust Manager
      of a type described in Item 1119 of Regulation
  AB.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      so requested by the Trust Manager on any date following the date on which
      information is first provided to the Trust Manager under clause 27.3, each
      Servicing Function Participant shall, within five Business Days following
      such request, confirm in writing the accuracy of the representations and
      warranties set forth in paragraph (a) of this clause 27.2 or, if any such
      representation and warranty is not accurate as of the date of such
      request, provide reasonably adequate disclosure of the pertinent facts, in
      writing, to the requesting party.

            

    

     

    
      	
              27.3

            	
              Information
      to be provided by Each Servicing Function
  Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Servicing Function Participant
shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              within
      five Business Days following request by the Trust Manager, provide to the
      Trust Manager (or cause each Subservicer, if any, to provide), in writing
      and in form and substance reasonably satisfactory to the Trust Manager,
      the information and materials specified in clause 27.2 and this clause
      27.3, and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      promptly as practicable following notice to or discovery by such Servicing
      Function Participant, provide to the Trust Manager (in writing and in form
      and substance reasonably satisfactory to the Trust Manager) the
      information specified in paragraph (d) of this clause
  27.3.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      so requested by the Trust Manager, each Servicing Function Participant
      shall provide such information
regarding:

            

    

     

    
      	
               
      

            	
              (i)

            	
              itself;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      applicable, each Subservicer, as is requested for the purpose of
      compliance with Items 1103(a)(1), 1117 and 1119 of Regulation
      AB.  Such information shall include, at a
    minimum:

            

    

     

    
      	
               
      

            	
              (A)

            	
              a
      description of any material legal or governmental proceedings pending (or
      known to be contemplated) against such Servicing Function Participant and
      any Subservicer; and

            

    

     

    
      	
               
      

            	
              (B)

            	
              a
      description of any affiliation or relationship between such Servicing
      Function Participant, any Subservicer and any of the following parties to
      this transaction, as such parties are identified to such Servicing
      Function Participant by the Trust Manager in writing in advance of this
      transaction:

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      sponsor;

            

    

    
      
         

      

      
        Page
30

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (2)

            	
              the
      depositor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      issuing entity;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      servicer;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      trustee;

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      originator;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      significant obligor;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      enhancement or support provider;
and

            

    

     

    
      	
               
      

            	
              (9)

            	
              any
      other material transaction party.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      so requested by the Trust Manager for the purpose of satisfying its
      reporting obligation under the Exchange Act with respect to any class of
      asset-backed securities, each Servicing Function Participant shall (or
      shall cause each Subservicer, if any, to) (i) notify the Trust Manager in
      writing of (A) any material litigation or governmental proceedings pending
      against such Servicing Function Participant or any Subservicer and (B) any
      affiliations or relationships that develop following the Closing Date
      between such Servicing Function Participant or any Subservicer, if any,
      and any of the parties specified in sub paragraph (ii)(B) of this clause
      27.3 (and any other parties identified in writing by the requesting party)
      with respect to the issuance of the Notes, and (ii) provide to the Trust
      Manager a description of such proceedings, affiliations or
      relationships.

            

    

     

    
      	
               
      

            	
              (d)

            	
              As
      a condition to the succession to a Servicing Function Participant or any
      Subservicer, if any, as servicer or subservicer under this Agency
      Agreement or any other Transaction Document by any
  person:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which such Servicing Function Participant or such Subservicer, if any, may
      be merged or consolidated; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              which
      may be appointed as a successor to such Servicing Function Participant or,
      if applicable, any Subservicer, such Servicing Function Participant shall
      provide to the Trust Manager, at least 45 calendar days prior to the
      effective date of such succession or
  appointment:

            

    

     

    
      	
               
      

            	
              (A)

            	
              written
      notice to the Trust Manager of such succession or appointment;
      and

            

    

     

    
      	
               
      

            	
              (B)

            	
              in
      writing and in form and substance reasonably satisfactory to the Trust
      Manager, all information reasonably requested by the Trust Manager in
      order to comply with its reporting obligation under Item 6.02 of Form 8-K
      with respect to any class of asset-backed
  securities.

            

    

     

    
      	
               
      

            	
              (e)

            	
              In
      addition to such information as each Servicing Function Participant is
      obligated to provide pursuant to other provisions of this Agency Agreement
      and any other Transaction Document, if so requested by the Trust Manager,
      each Servicing Function Participant shall provide such information
      regarding the performance or servicing of the Purchased Receivables as is
      reasonably required to facilitate preparation of distribution reports in
      accordance with Item 1121 of Regulation AB.  Such information
      shall be provided concurrently with the monthly reports otherwise required
      to be delivered by the Trustee (or the Trust Manager on its behalf)
      pursuant to clause 11(k)(i) of the Note Trust Deed, commencing with the
      first such report due not less than ten Business Days following such
      request.

            

    

    
      
         

      

      
        Page
31

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
              27.4

            	
              Report
      on Assessment of Compliance and
Attestation

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      or before the date the Trust Manager is required to make any required
      regulatory filings in connection with the end of its fiscal year, so long
      as there shall be any such requirement, each Servicing Function
      Participant shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              deliver
      to the Trust Manager a report (in form and substance reasonably
      satisfactory to the Trust Manager) regarding such Servicing Function
      Participant’s assessment of compliance with the Servicing Criteria during
      the immediately preceding financial year ended [30
      September] 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 Trust Manager and signed by an authorised officer of
      such Servicing Function Participant, and shall address each of the
      Servicing Criteria specified on a certification substantially in the form
      of schedule 1 to this Agency Agreement delivered to the Trust Manager
      concurrently with the execution of this Agency
  Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              deliver
      to the Trust Manager a report of a registered public accounting firm
      reasonably acceptable to the Trust Manager that attests to, and reports
      on, the assessment of compliance made by such Servicing Function
      Participant 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;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              cause
      each Subservicer, if any, and each Subcontractor, if any, determined by
      such Servicing Function Participant pursuant to clause 27.6(b) to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, to deliver to the Trust Manager an assessment of
      compliance and accountants’ attestation as and when provided in paragraphs
      (a) and (b) of this clause 27.4;
and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              if
      requested by the Trust Manager not later than [February
      1] of the calendar year in which such certification is to be
      delivered, deliver to the Trust Manager the certification (a "Sarbanes
      Certification") required by Rules 13a-14(d) and 15d-14(d) under the
      Exchange Act (pursuant to Section 302 of the Sarbanes Oxley Act of 2002)
      on behalf of the Trustee with respect to the Trust in the form attached
      hereto as Annexure [*].

            

    

     

    The
Servicing Function Participant acknowledges that the parties identified in
clause (a)(iv) above may rely on the certification provided by the Servicing
Function Participant pursuant to such clause in signing a Sarbanes Certification
and filing such with the Commission.  The Trust Manager will not
request delivery of a certification under clause (a)(iv) above unless the Trust
Manager is required under the Exchange Act to file an annual report on Form 10-K
with respect to the Trustee.

    
      
         

      

      
        Page
32

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (b)

            	
              Each
      assessment of compliance provided by a Subservicer, if any, pursuant to
      this clause 27.4 shall address each of the Servicing Criteria specified on
      a certification substantially in the form of schedule 1 to this Agency
      Agreement, delivered to the Trust Manager concurrently with the execution
      of this Agency Agreement or, in the case of a Subservicer, if any,
      subsequently appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a
      Subcontractor pursuant to clause 27.4(a)(iii) need not address any
      elements of the Servicing Criteria other than those specified by the
      relevant Servicing Function Participant pursuant to clause
      27.5.

            

    

     

    
      	
              27.5

            	
              Use
      of Subservicers and Subcontractors

            

    

     

    Each
Servicing Function Participant shall not hire or otherwise utilise the services
of any Subservicer to fulfil any of the obligations of such Servicing Function
Participant under this Agency Agreement or any other Transaction Document unless
such Servicing Function Participant complies with the provisions of paragraph
(a) of this clause 27.5.  Each Servicing Function Participant shall
not hire or otherwise utilise the services of any Subcontractor, and shall not
permit any Subservicer to hire or otherwise utilise the services of any
Subcontractor, to fulfil any of the obligations of such Servicing Function
Participant under this Agency Agreement or any other Transaction Document unless
such Servicing Function Participant complies with the provisions of paragraph
(b) of this clause 27.5.

     

    
      	
               
      

            	
              (a)

            	
              It
      shall not be necessary for a Servicing Function Participant to seek the
      consent of the Trust Manager to the utilisation of any
      Subservicer.  Each Servicing Function Participant shall cause
      any Subservicer used by it (or by any Subservicer) for the benefit of the
      Trust Manager to comply with the provisions of this clause 27.5 and with
      clauses 27.2, 27.4 and 27.6 of this Agency Agreement to the same extent as
      if such Subservicer were such Servicing Function Participant, and to
      provide the information required with respect to such Subservicer under
      clause 27.3(c) of this Agency Agreement.  Each Servicing
      Function Participant shall be responsible for obtaining from each
      Subservicer and delivering to the Trust Manager any assessment of
      compliance and attestation required to be delivered by such Subservicer
      under clause 27.4 and any certification required to be delivered to the
      person that will be responsible for signing the Sarbanes Certification
      under clause 18.5 as and when required to be
  delivered.

            

    

     

    
      	
               
      

            	
              (b)

            	
              It
      shall not be necessary for each Servicing Function Participant to seek the
      consent of the Trust Manager to the utilisation of any
      Subcontractor.  Each Servicing Function Participant shall
      promptly upon request provide to the Trust Manager (or any designee of the
      Trust Manager, such as a master servicer or administrator) a written
      description (in form and substance satisfactory to the Trust Manager) of
      the role and function of each Subcontractor utilised by such Servicing
      Function Participant or any Subservicer, specifying (i) the identity of
      each such Subcontractor, (ii) which (if any) of such Subcontractors are
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, and (iii) which elements of the Servicing Criteria will
      be addressed in assessments of compliance provided by each Subcontractor
      identified pursuant to clause (ii) of this
  paragraph.

            

    

    
      
         

      

      
        Page
33

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    As a
condition to the utilisation of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
Regulation AB, each Servicing Function Participant shall cause any such
Subcontractor used by such Servicing Function Participant (or by any
Subservicer) for the benefit of the Trust Manager to comply with the provisions
of clauses 27.4 and 27.6 of this Agency Agreement to the same extent as if such
Subcontractor were such Servicing Function Participant.  Each
Servicing Function Participant shall be responsible for obtaining from each
Subcontractor and delivering to the Trust Manager any assessment of compliance
and attestation required to be delivered by such Subcontractor under clause
27.4, in each case as and when required to be delivered.

     

    
      	
              27.6

            	
              Indemnification;
      Remedies

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Servicing Function Participant shall indemnify the Trust Manager, each
      affiliate of the Trust Manager, and each of the following parties
      participating in transactions contemplated by this Agency
      Agreement:  each sponsor and issuing entity; each person
      responsible for the preparation, execution or filing of any report
      required to be filed with the Commission with respect to transactions
      contemplated by this Agency Agreement, or for execution of a certification
      pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with
      respect to such transactions; each broker dealer acting as underwriter,
      placement agent or initial purchaser, each person who controls any of such
      parties or the Depositor (within the meaning of Section 15 of the
      Securities Act and Section 20 of the Exchange Act); and the respective
      present and former directors, officers, employees and agents of each of
      the foregoing and of the Depositor, and shall hold each of them 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 any of them may sustain arising out of or based
      upon:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (A)

            	
              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 27 by or
      on behalf of such Servicing Function Participant, or provided under this
      clause 27 by or on behalf of any Subservicer or Subcontractor
      (collectively, the Servicing Function Participant Information);
      or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      omission or alleged omission to state in the Servicing Function
      Participant Information a material fact required to be stated in the
      Servicing Function Participant 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 clause
      (B) of this paragraph shall be construed solely by reference to the
      Servicing Function Participant Information and not to any other
      information communicated in connection with a sale or purchase of
      securities, without regard to whether the Servicing Function Participant
      Information or any portion thereof is presented together with or
      separately from such other
information;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      failure by such Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 27, including any failure by such Servicing Function Participant to
      identify pursuant to clause 27.5(b) any Subcontractor “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB;
      or

            

    

    
      
         

      

      
        Page
34

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (iii)

            	
              any
      breach by such Servicing Function Participant of a representation or
      warranty set forth in clause 27.2(a) or in a writing furnished pursuant to
      clause 27.2(b) and made as of a date prior to the Closing Date, to the
      extent that such breach is not cured by the Closing Date, or any breach by
      such Servicing Function Participant of a representation or warranty in a
      writing furnished pursuant to clause 27.2(b) to the extent made as of a
      date subsequent to the Closing
Date.

            

    

     

    In the
case of any failure of performance described in sub-paragraph (a)(ii) of this
clause 27.6, the relevant Servicing Function Participant shall promptly
reimburse the Trust Manager, and each person responsible for the preparation,
execution or filing of any report required to be filed with the Commission with
respect to the transactions contemplated by the Agency Agreement, or for
execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under
the Exchange Act with respect to such transactions, for all costs reasonably
incurred by each such party in order to obtain the information, report,
certification, accountants’ letter or other material not delivered as required
by such Servicing Function Participant, any Subservicer or any
Subcontractor.

     

    
      	
               
      

            	
              (b)

            	
              (i)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 27, or any breach by a Servicing Function Participant of a
      representation or warranty set forth in clause 27.2(b) or in a writing
      furnished pursuant to clause 27.2(b) and made as of a date prior to the
      Closing Date, to the extent that such breach is not cured by the Closing
      Date, or any breach by a Servicing Function Participant of a
      representation or warranty in a writing furnished pursuant to clause
      27.2(b) to the extent made as of a date subsequent to the Closing Date,
      shall, except as provided in sub-paragraph (a), immediately and
      automatically, without notice or grace period, constitute a breach under
      this Agency Agreement and any other applicable Transaction Document, and
      shall entitle the Trust Manager, in its sole discretion to terminate the
      rights and obligations of such Servicing Function Participant under this
      Agency Agreement and/or any other applicable Transaction Document without
      payment (notwithstanding anything in this Agency Agreement or any other
      applicable Transaction Document to the contrary) of any compensation to
      such Servicing Function Participant; provided that to the extent that any
      provision of this Agency Agreement and/or any other applicable Transaction
      Document expressly provides for the survival of certain rights or
      obligations following termination of such Servicing Function Participant,
      such provision shall be given
effect.

            

    

    
      
         

      

      
        Page
35

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
               
      

            	
              (ii)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification or
      accountants’ letter when and as required under clause 27.4, including
      (except as provided below) any failure by a Servicing Function Participant
      to identify pursuant to clause 27.5(b) any Subcontractor “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 constitute a breach with respect to such
      Servicing Function Participant under this Agency Agreement and any other
      applicable Transaction Document, and shall entitle the Trust Manager, in
      its sole discretion to terminate the rights and obligations of such
      Servicing Function Participant, under this Agency Agreement and/or any
      other applicable Transaction Document without payment (notwithstanding
      anything in any of the foregoing documents to the contrary) of any
      compensation to such Servicing Function Participant; provided that to the
      extent that any provision of any of the foregoing documents expressly
      provides for the survival of certain rights or obligations following
      termination of such Servicing Function Participant, such provision shall
      be given effect.

            

    

     

    The Trust
Manager shall not be entitled to terminate the rights and obligations of a
Servicing Function Participant pursuant to this sub-paragraph (b)(ii) if a
failure of such Servicing Function Participant to identify a Subcontractor, if
any, “participating in the servicing function” within the meaning of Item 1122
of Regulation AB was attributable solely to the role or functions of such
Subcontractor with respect to housing loans other than the Purchased
Receivables.

     

    
      	
               
      

            	
              (iii)

            	
              Each
      Servicing Function Participant shall promptly reimburse the Trust Manager
      (or any designee of the Trust Manager) for all reasonable expenses
      incurred by the Trust Manager (or such designee), as such are incurred, in
      connection with the termination of such Servicing Function Participant,
      and the transfer of servicing of the Purchased Receivables to a successor
      Servicing Function Participant.  The provisions of this
      paragraph shall not limit whatever rights the Trust Manager may have under
      other provisions of this Agency Agreement and/or any other applicable
      Transaction Document or otherwise, whether in equity or at law, such as an
      action for damages, specific performance or injunctive
    relief.

            

    

     

    
      
         

      

      
        Page
36

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    EXECUTED as an
agreement.

     

    Each
attorney executing this agreement states that he has no notice of revocation or
suspension of his power of attorney.

     

    TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED on behalf
      of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITIES

                      ADMINISTRATION
      LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    TRUST
MANAGER

    

    
      
        
          
            
              	
                      SIGNED on behalf
      of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITISATION

                      MANAGEMENT
      PTY LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    
      
        
        

      

      
        Page
37

        
          

        

      

      
        
        

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    NOTE
TRUSTEE

    

    
      
        
          
            
              	
                      EXECUTED
    by

                    	
                      )

                    	 
      	 
      
	
                      [tba]

                    	
                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    

            

          

        

      

    

     

    PRINCIPAL
PAYING AGENT

     

    
      
        
          
            
              	
                      EXECUTED
      by

                    	
                      )

                    	 
      	 
      
	
                      [tba]

                    	
                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    

            

          

        

      

    

     

    CALCULATION
AGENT

     

    
      
        
          
            
              	
                      EXECUTED
      by

                    	
                      )

                    	 
      	 
      
	
                      [tba]

                    	
                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    

            

          

        

      

    

     

    
      
        
        

      

      
        Page
38

        
          

        

      

      
        
        

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    NOTE
REGISTRAR

    

    
      
        
          
            
              	
                      EXECUTED
    by

                    	
                      )

                    	 
      	 
      
	
                      [tba]

                    	
                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    

            

          

        

      

    

     

    
      
         

      

      
        Page
39

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    Schedule
1

    
       

      Servicing
Criteria To Be Addressed In Assessment Of Compliance

    

     

    The
assessment of compliance to be delivered by [Westpac Securitisation
Administration Pty Limited] [Westpac Securitisation Management Pty Limited]
[Westpac Banking Corporation] [Deutsche Bank Trust Company Americas] (in its
various capacities] [The Mortgage Company Pty Limited] [BNY Trust (Australia)
Registry Limited] [Currency Swap Provider] [Name of Subservicer] [Name of
Subcontractor] [Name of any Other Party Responsible For Servicing Function]
shall address, at a minimum, the criteria identified below as “Applicable
Servicing Criteria”:

     

    
      
        	
                SERVICING
      CRITERIA

              	
                APPLICABLE

                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 pool assets 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 pool assets 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.

                 

              	 
      

      

    

     

    
      
         

      

      
        Page
40

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      
        	
                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	
                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.

                 

              	 
      
	
                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 (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.

                 

              	 
      

      

    

     

    
      
         

      

      
        Page
41

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      
        	
                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	 
      	
                 

                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 pool assets 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 pool assets is maintained as required by the transaction
      agreements or related asset pool documents.

                 

              	 
      
	
                1122(d)(4)(ii)

                 

              	
                Pool
      assets 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.

                 

              	 
      

      

    

     

    
      
         

      

      
        Page
42

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      
        	
                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	
                1122(d)(4)(iv)

                 

              	
                Payments
      on pool assets, including any payoffs, made in accordance with the related
      pool asset 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 pool asset documents.

                 

              	 
      
	
                1122(d)(4)(v)

                 

              	
                The
      servicer’s records regarding the pool assets 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 pool asset (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 pool
      asset 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 pool assets
      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 pool assets with variable rates
      are computed based on the related pool asset 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 pool asset documents, on at least an annual basis, or such other
      period specified in the transaction agreements; (B) interest on such funds
      is paid, or credited, to obligors in accordance with applicable pool asset
      documents and state laws; and (C) such funds are returned to the obligor
      within 30 calendar days of full repayment of the related pool assets or
      such other number of days specified in the transaction
      agreements.

                 

              	 
      

      

    

     

    
      
         

      

      
        Page
43

        
          

        

      

      
         

      

    

    

      
        	
                 

                Agency
      Agreement

              	
                

              
	 
      

      

       

    

    
      	
              SERVICING
      CRITERIA

            	
              APPLICABLE

              SERVICING

              CRITERIA

            
	
              Reference

            	
              Criteria

            	 
      
	
              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 uncollectable 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.

               

            	 
      

    

     

         [SERVICER]

     

    Date:

     

    By:

     

    Name:

    
      
         

      

      
        Page
44

        
          

        

      

      
         

      

    

    
      	
               

              Agency
      Agreement

            	
              

            
	 
      

    

     

    FORM
OF 10-K CERTIFICATION

     

    [*] (the
Asserting
Party) is responsible for assessing compliance as of September 30, 200[*]
and for the period from [*], (the date of issuance of the Series [*] WST
transaction subject to the requirements of Regulation AB) through September 30,
200[*] (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 229.1122(d) that are
not applicable to the Asserting Party] in the CFR, which the Asserting Party has
concluded are not applicable to the servicing activities it performs with
respect to the asset-backed securities transactions covered by this report (the
Applicable
Servicing Criteria).  The transactions covered by this report
include asset-backed securities transactions for which the Asserting Party
served as [*] that are backed by the same asset type backing the class of
asset-backed securities of the Series [*] WST (including the Series [*] WST
asset-backed securities transaction), that were completed on or after [*], by Westpac
Securitisation Management Pty Limited as depositor and that were registered with
the SEC pursuant to the Securities Act of 1933 (the Platform).

     

    The
Asserting Party has assessed its compliance with the Applicable Servicing
Criteria as of September 30, 200[*] and for the Reporting Period and has
concluded that the Asserting Party has complied, in all material respects, with
the Applicable Servicing Criteria with respect to the Platform taken as a
whole.

     

    [*], an
independent registered public accounting firm, has issued an attestation report
on the assessment of compliance with the Applicable Servicing Criteria as of
September 30, 200[*] and for the Reporting Period as set forth in this
assessment.

     

         [NAME
OF ASSERTING PARTY]

     

    Date:

     

    By:

     

    Name:

     

    Title:

    
      
         

      

      
        Page
45

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]