Document:

Class A2a Currency Swap

 Exhibit 10.7 
 (Multicurrency—Cross Border) 
 ISDA® 
 International Swap Dealers Association, Inc. 
 MASTER AGREEMENT 
 dated as of 
  

					
	 WESTPAC BANKING CORPORATION
 (ABN 33 007 457
141)
 (“Party A”)
	 	and	    	 J.P. MORGAN TRUST AUSTRALIA LIMITED
 (ABN 49
050 294 052)
 in its capacity as trustee of the Series 2007-1G WST Trust (in that capacity, “Party B”)

			
	 WESTPAC SECURITISATION MANAGEMENT PTY LIMITED
 (ABN 73 081 709 211)
 (“Trust Manager”)
	 		    	
			
		 		    	

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or
will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

 Accordingly, the parties agree as follows:— 
 1.
Interpretation 
 (a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the
purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other
provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the
relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all
Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
 2. Obligations 
 (a) General Conditions. 
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

  

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 (ii) Payments under this Agreement will be made on the due date for value on that date in the place of
the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by
payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 
 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event
of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other
applicable condition precedent specified in this Agreement. 
 (b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to
such change. 
 (c) Netting. If on any date amounts would otherwise be payable:— 
 (i) in the same currency; and 
 (ii) in
respect of the same Transaction, 
 by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be
automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party
by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts
are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with
the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing
of Offices through which the parties make and receive payments or deliveries. 
 (d) Deduction or Withholding for Tax. 
 (i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such
deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:—

 (1) promptly notify the other party (“Y”) of such requirement; 
 (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld
from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 
  

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 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably
acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full
amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 
 (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 
 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for
(I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (II) a Change in Tax Law. 
 (ii) Liability. If:— 
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so deduct or
withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be settled
by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
 3. Representations 
 Each party represents to the other party (which representations will be deemed to be repeated by each party on each date
on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 
 (a) Basic Representations. 
 (i) Status. It is duly organized and validly
existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 
  

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 (ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any
obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; 
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of
any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
 (iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained
and are in full force and effect and all conditions of any such consents have been complied with; and 
 (v) Obligations
Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a
proceeding in equity or at law)). 
 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a
party. 
 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit
or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified
Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate
and complete in every material aspect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. 
 4. Agreements 
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
party:— 
 (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below,
to such government or taxing authority as the other party reasonably directs:— 
 (i) any forms, documents or certificates relating to
taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any Confirmation; and

  

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 (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably
requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or
document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain Authorizations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with
respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
 (c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its
obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d) Tax Agreement. It will give notice of any
failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
 (e) Payment of Stamp
Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organized, managed and controlled, or
considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon
the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
 5. Events of Default and Termination Events 
 (a) Events of
Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of
Default”) with respect to such party:— 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
 (ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in
accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
  

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 (iii) Credit Support Default. 
 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or
performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its
terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such
Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or
(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or
repeated or deemed to have been made or repeated; 
 (v) Default under Specified Transaction. The party, any Credit Support
Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange
date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or
event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them
(individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due
and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more
payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— 

(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or
admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding
seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up 

  

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or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to
(7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to,
another entity and, at the time of such consolidation, amalgamation, merger or transfer:— 
 (1) the resulting, surviving or transferee
entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably
satisfactory to the other party to this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent
of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in
(i) below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to
(iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:— 
 (i)
Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory
authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 
 (1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or
to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform, or for any Credit Support
Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 
  

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 (ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a
court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be
the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either
(1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been
deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party
consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule
as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another
entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified
Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 
 (v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the
Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
 (c) Event of
Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

 6. Early Termination 
 (a) Right to Terminate
Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20
days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic
Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence
with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
  

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 (b) Right to Terminate Following Termination Event. 
 (i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying
the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 
 (ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts
(which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected
Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to
make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each
party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
 (iv) Right to Terminate. If:— 
 (1) a transfer under Section 6(b)(ii) or an agreement
under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs
and the Burdened Party is not the Affected Party, 
 either party in the case of an Illegality, the Burdened Party in the case of a Tax Event
Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional
Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as
an Early Termination Date in respect of all Affected Transactions. 
 (c) Effect of Designation. 
 (i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so
designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 
  

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 (d) Calculations. 
 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e)
and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant
account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence
of the existence and accuracy of such quotation. 
 (ii) Payment Date. An amount calculated as being due in respect of any Early
Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is
two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent
permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
 (e) Payments on Early Termination. If
an Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First
Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall
apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
 (i) Events of Default. If the Early Termination Date results from an Event of Default:— 
 (1) First Method and
Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party)
in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party.

 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a
positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 
 (3) Second Method and Market Quotation. If the
Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the
Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting
Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
  

 Page 10 

 (4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal
to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value
of that amount to the Defaulting Party. 
 (ii) Termination Events. If the Early Termination Date results from a Termination
Event:— 
 (1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party
and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions. 
 (2) Two Affected Parties. If there are two Affected Parties:— 
 (A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference
between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid
Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party
will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the
party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 
 (iii) Adjustment
for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as
are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment
determined under Section 6(d)(ii). 
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount
recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement
neither party will be entitled to recover any additional damages as a consequence of such losses. 
 7. Transfer 
 Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or
otherwise) by either party without the prior written consent of the other party, except that:— 
 (a) a party may make such a transfer of this Agreement
pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
  

 Page 11 

 (b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting
Party under Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 
 8. Contractual Currency 
 (a) Payment in the Contractual
Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments
under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is
owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the
amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such
additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b) Judgments. To the extent permitted by
applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in
such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation
between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and
in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange”
includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and
independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this
Agreement. 
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have
suffered a loss had an actual exchange or purchase been made. 
  

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 9. Miscellaneous 
 (a)
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a
facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system. 
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile
transmission), each of which will be deemed an original. 
 (ii) The parties intend that they are legally bound by the terms of each
Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by
an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through
another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 
 (f) No Waiver of Rights. A
failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 (g) Headings. The headings
used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
 10. Offices; Multibranch Parties 
 (a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organization of such party, the obligations of such
party are the same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of
the other party. 
 (c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries
under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 
  

 Page 13 

 11. Expenses 
 A
Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its
rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 
 12. Notices 
 (a) Effectiveness. Any notice or other
communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or
number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by telex, on the date the
recipient’s answerback is received; 
 (iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or
its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received, 
 unless the date of delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or
received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it. 
 13. Governing Law and Jurisdiction 
 (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:—

 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the
non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and

 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any
claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 
  

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 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this
Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor
will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of
Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is
unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for
notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 
 (d)
Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or
after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings. 
 14. Definitions 
 As used in this Agreement:— 
 “Additional Termination
Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the meaning
specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the
person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting
power of the entity or person. 
 “Applicable Rate” means:— 
 (a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on
which that amount is payable, the Default Rate; 
 (c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
 (d) in all other cases, the Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b). 
  

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 “Change in Tax Law” means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 
 “consent” includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control consent.

 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 
 “Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 
 “Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding
the relevant amount plus 1% per annum. 
 “Defaulting Party” has the meaning specified in Section 6(a).

 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Illegality” has the meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the
jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having
been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction,
but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 
 “Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to
any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in
this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new
account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 
  

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 “Loss” means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection
with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include
a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is
reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference
Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account
any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party
the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such
Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or
group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request
each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day
and time as of which those quotations are to be obtained will be selected in good faith by the party obligated to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the
quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting party (as certified by it) if it were to fund the relevant amount.

 “Non-defaulting Party” has the meaning specified in Section 6(a). 
 “Office” means a branch or office of a party, which may be such party’s head or home office. 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an
Event of Default. 
  

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 “Reference Market-makers” means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an
extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 
 “Relevant
Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organized, managed and controlled or considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
 “Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to
which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:— 
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for
which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each
Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 
 “Specified Entity” has the meaning specified in the Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of
borrowed money. 
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an
agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any
Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar
transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

 “Stamp Tax” means any stamp, registration, documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties
and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 
  

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 “Terminated Transactions” means with respect to any Early Termination Date
(a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early
Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 
 “Termination
Currency” has the meaning specified in the Schedule. 
 “Termination Currency Equivalent” means, in
respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the
Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may
be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination
Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event
Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic mean of
the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would
have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction,
for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such
Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable
law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make
the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this
document. 
  

 Page 19 

 PARTY A 
  

					
	SIGNED on behalf of	 	)	    	
	WESTPAC BANKING CORPORATION	 	)	    	 /s/ G.P.D. Rennie

	by its attorney under power of attorney	 	)	    	Signature
	in the presence of:	 	)	    	
		 		    	 G.P.D. Rennie

		 		    	Print name
	 /s/ James Clifford
	 		    	
	Witness	 		    	
			
	 James Clifford
	 		    	
	Print name	 		    	
			
	PARTY B	 		    	
			
	SIGNED on behalf of	 	)	    	
	J.P. MORGAN TRUST AUSTRALIA LIMITED	 	)	    	 /s/ Jennifer Scott-Gray

	by its attorney under power of attorney	 	)	    	Signature
	in the presence of:	 	)	    	
		 		    	 Jennifer Scott-Gray

		 		    	Print name
	 /s/ James Clifford
	 		    	
	Witness	 		    	
			
	 James Clifford
	 		    	
	Print name	 		    	
			
	TRUST MANAGER	 		    	
			
	SIGNED on behalf of	 	)	    	
	 WESTPAC SECURITISATION MANAGEMENT
 PTY
LIMITED
	 	)	    	 /s/ John Lowrey

	by its attorney under power of attorney	 	)	    	Signature
	in the presence of:	 	)	    	
		 		    	 John Lowrey

		 		    	Print name
	 /s/ James Clifford
	 		    	
	Witness	 		    	
			
	 James Clifford
	 		    	
	Print name	 		    	

  

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	Cross Currency Swap	 	Class A2a

  

 SCHEDULE 
 to the 
 Master Agreement 
 dated 29 May 2007 
 between Westpac Banking Corporation (ABN 33 007 457 141)
(“Party A”)  
 and J.P. Morgan Trust Australia Limited (ABN 050 294 052) in its capacity as trustee of the Series 2007-1G WST
Trust (“Party B”) 
 and Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) (the “Trust Manager”)

 Part 1: Termination Provision 
  

	 	(a)	“Specified Entity” in relation to: 

  

	 	(i)	Party A, is not applicable; and 

  

	 	(ii)	Party B, is not applicable. 

  

					
	 (b)
	  	 (i)	  	   The following provisions of Section 5 will not apply to Party A:

  

					
	Section 5(a)(ii)	    	 Section 5(a)(v)
	    	 Section 5(b)(iv)

			
	Section 5(a)(iii)	    	 Section 5(a)(vi)
	    	
			
	Section 5(a)(iv)	    	 Section 5(b)(iii)
	    	

  

	 	(ii)	The following provisions of Section 5 will not apply to Party B: 

  

					
	Section 5(a)(ii)	    	 Section 5(a)(v)
	    	 Section 5(b)(iii)

			
	Section 5(a)(iii)	    	 Section 5(a)(vi)
	    	 Section 5(b)(iv)

			
	Section 5(a)(iv)	    	 Section 5(a)(viii)
	    	

  

	 	(iii)	Replace Section 5(a)(i) and insert: 

  

	 	“(i)	Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it
if such failure is not remedied at or before 10.00am on the tenth Local Business Day after notice of such failure is given to the party”; 

  

	 	(iv)	Section 5(b)(ii) will not apply to Party A as the Affected Party (subject to Part 5(4)(ii) of this Schedule). 

  

	 	(v)	 The “Bankruptcy” provisions of Section 5(a)(vii) are replaced by “An Insolvency Event (as defined in the Master Trust Deed) has occurred
in respect of the party. In relation to Party A, the events described in the definition of Insolvency Event shall apply to it as if Party A were a relevant corporation referred to in that definition. The occurrence of an Insolvency Event in respect
of Party B in its personal capacity will not constitute an 

  

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	Cross Currency Swap	 	Class A2a

  

	 	 
Event of Default provided that within thirty Business Days of that occurrence, Party B procures the novation of this Agreement and all Transactions to a
third party in respect of which the Designated Rating Agencies confirm that the novation will not cause a reduction or withdrawal of the rating of the Notes and Party A agrees that it will execute such a novation agreement in standard AFMA
form”. 

  

	 	(vi)	The application of Section 5(b)(i) will be restricted as set out in Part 5(4) of this Schedule. 

  

	 	(c)	The “Automatic Early Termination” provisions in Section 6(a) will not apply to Party A nor Party B. 

  

	 	(d)	“Payment on Early Termination”. For the purposes of Section 6(e) of this Agreement: 

  

	 	(i)	Market Quotation will apply; and 

  

	 	(ii)	the Second Method will apply. 

  

	 	(e)	“Termination Currency” means US Dollars for payments to be made by Party A and Australian dollars for payments to be made by Party B. 

  

	 	(f)	“Additional Termination Event” means the occurrence of any of the following: 

  

	 	(i)	an Event of Default (as defined in the Security Trust Deed) occurs and an Extraordinary Resolution of the Voting Mortgagees (as defined in the Security Trust Deed) is passed
directing the Security Trustee to exercise rights under clause 9 of the Security Trust Deed, in which case Party B shall be the Affected Party; or 

  

	 	(ii)	an event described as an “Additional Termination Event” in Part 5(9) applies. 

  

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	Cross Currency Swap	 	Class A2a

  

 Part 2: Tax Representations 
  

	 	(a)	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B each makes the following representation: 

 It is not required by any applicable law, as modified by the practice of any relevant government revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it
may rely on: 
  

	 	(i)	the accuracy of any representation made by the other party pursuant to Section 3(f) of this Agreement; 

  

	 	(ii)	the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 

 provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or
document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	 	(b)	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party B and Party A each makes the following representation: 

 It is an Australian resident and does not derive the payments under this Agreement in part or whole in carrying on business in a country outside
Australia at or through a permanent establishment of itself in that country. 
  

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	Cross Currency Swap	 	Class A2a

  

 Part 3. Documents To Be Delivered 
 For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents as applicable: 
 (a) Tax Forms, documents or certificates to be delivered are: 
  

					
	 Party required to deliver
 document
	  	 Form/Document/Certificate
	  	 Date by which document to
 be delivered

	Party A and Party B	  	Any document or certificate reasonably required or reasonably requested by a party in connection with its obligations to make a payment under this Agreement which would enable that party to make
the payment free from any deduction or withholding for or on account of Tax or as would reduce the rate at which deduction or withholding for or on account of Tax is applied to that payment as requested by Party A with respect to any payments
received by Party B.	  	As soon as reasonably practicable following the earlier of (a) the relevant party learning that such document or certificate is required and (b) a request by other party.
	
	(b) Other documents to be delivered are:
			
	 Party required to deliver
 document
	  	 Form/Document/Certificate
	  	 Date by which document to
 be delivered

	Party A and Party B	  	A legal opinion as to the validity and enforceability of that party’s obligations under this Agreement in form and substance reasonably acceptable to the other party.	  	The Closing Date.
			
	Party A and Party B	  	A list of the authorised signatories for a party and evidence satisfactory in form and substance to the other party of the authority of the authorised signatories of the party to execute this
Agreement and any Confirmation on behalf of the party.	  	On the execution of this Agreement, and if requested by the other party, on the execution of any Confirmation but only if the evidence of the authority, incumbency and specimen signature of any
person executing the Confirmation has changed from that previously delivered.

  

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	Cross Currency Swap	 	Class A2a

  

					
	 Party required to deliver
 document
	  	 Form/Document/Certificate
	  	 Date by which document to
 be delivered

	Party B	  	 A certified copy of the Security Trust Deed, Master Trust Deed, Series Notice and Note Trust Deed (including Conditions of the Class A2a
Notes).
  
 For the purposes of this and the following clause a copy of a document is taken
to be certified if a director or an Authorised Signatory of Party B, or a person authorised to execute this Agreement or a Confirmation on behalf of Party B or a solicitor acting for Party B has certified it to be a true and complete copy of the
document of which it purports to be a copy.
	  	The date of this Agreement
			
	Party B	  	(Without limiting any obligation Party B may have under the terms of the Security Trust Deed to notify Party A of amendments) a certified copy of any document that amends in any way the terms of
the Security Trust Deed.	  	Promptly after any such document is entered into.

 Other than the legal opinions referred to above, all documents delivered under this Part 3(b) are covered by the
representation in Section 3(d) of this Agreement. 
  

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	Cross Currency Swap	 	Class A2a

  

 Part 4: Miscellaneous 
  

	 	(a)	Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

 Party A: 
  

			
	Address:	  	Global Markets Operations
		  	Level 3, 255 Elizabeth Street
		  	Sydney NSW 2000
		
	Attention:	  	Manager, Interest Rate and Treasury Operations
		
	Facsimile No:	  	61 2 9284 8686
		
	Party B:	  	
		
	Address:	  	J.P. Morgan Trust Australia Limited
		  	Level 4, 35 Clarence Street
		  	Sydney NSW 2000
		
	Attention:	  	612 9259 9128
		
	Facsimile No:	  	612 9259 9487
	
	And a copy to the Trust Manager to the address below.
	
	Trust Manager:
		
	Address:	  	Level 19
		  	275 Kent Street
		  	Sydney NSW 2000
		
	Attention:	  	Securitisation Trust Manager
		
	Facsimile No:	  	61 2 8253 1197

  

	 	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 Party A appoints as its Process Agent: Not applicable. 
 Party B appoints as its Process Agent: Not
applicable. 
  

	 	(c)	Offices. The provisions of Section 10(a) will not apply. 

  

	 	(d)	Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

 Party A is not a Multibranch Party. 
 Party B is not a Multibranch Party. 
  

	 	(e)	Calculation Agent. The Calculation Agent is Party A. 

  

	 	(f)	Credit Support Document. Details of any Credit Support Document: 

  

	 	(i)	Party A: Nil. 

  

	 	(ii)	Party B: The Security Trust Deed. 

  

	 	(g)	Credit Support Provider. 

  

	 	(i)	In relation to Party A: Nil. 

  

	 	(ii)	In relation to Party B: Nil. 

  

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	Cross Currency Swap	 	Class A2a

  

	 	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New South Wales and Section 13(b)(i) is replaced by
“submits to the non-exclusive jurisdiction of the courts of New South Wales and courts of appeal from them”. 

  

	 	(i)	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply. 

  

	 	(j)	“Affiliate” will have the meaning specified in Section 14 of this Agreement. The words “or Affiliates” are deleted where they appear in the first
paragraph of Section 6(b)(ii). However, for the purposes of Section 3(c) of this Agreement, each party is taken to have no Affiliates. 

  

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	Cross Currency Swap	 	Class A2a

  

 Part 5: Other Provisions 
  

	(1)	Payments: In Section 2: 

  

	 	(i)	Not applicable. 

  

	 	(ii)	In Section 2(a)(ii) insert immediately after the words “freely transferable funds” the following words: 

 “, free of any set-off, counterclaim, deduction or withholding (except as expressly provided in this Agreement),”; 
  

	 	(iii)	Insert new paragraph (iv) in Section 2(a) immediately after Section 2(a)(iii) as follows: 

  

	 	“(iv)	Where: 

  

	 	(1)	payments are due pursuant to Section 2(a)(i) by Party A to Party B (the “Party A Payment”) and by Party B to Party A (the “Party B Payment”)
on the same day 

 then Party A’s obligation to make the Party A Payment will be subject to the condition precedent (which
will be an “applicable condition precedent” for the purpose of Section 2(a)(iii)(3)) that Party A first receives either: 
  

	 	(2)	the Party B Payment; or 

  

	 	(3)	confirmation from Party B’s bank that it holds irrevocable instructions to effect payment of the Party B Payment and that funds are available to make that payment,

 except in the case of the Initial Exchanges in respect of the currency swap Transaction applicable to any Class A2a Notes,
in which case Party A will waive this condition;”; 
  

	 	(iv)	Add the following new sentence to Section 2(b): 

 “Party B may, for example, reasonably object if the change of account would materially prejudice any Class A2a Noteholders including, without limitation, any prejudice arising from any liability to deduct or withhold any Tax as a
result of such a change of account.”; 
  

	 	(v)	Delete the word “if” at the beginning of Section 2(d)(i)(4) and insert the following words instead: 

 “if and only if X is Party A and”; 
  

	 	(vi)	In Section 2(d)(ii) insert the words “(if and only if Y is Party A)” after the word “then” at the beginning of the last paragraph; 

 

	 	(vii)	Add the following new Section 2(f): 

  

	 	(f)	“Payment Instructions. 

  

	 	(i)	 Party B authorises and instructs Party A to make payment of any amount due from Party A to Party B hereunder by paying that amount direct to the Principal Paying
Agent to the account specified in writing by the Principal 

  

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	Cross Currency Swap	 	Class A2a

  

	 	 
Paying Agent to Party A and to Party B. On payment of any such amount by Party A to the Principal Paying Agent, Party A’s obligation shall be fully
discharged in respect of that payment. 

  

	 	(ii)	Party A authorises and instructs Party B to make payment of any amount denominated in Australian dollars due from Party B to Party A to such account in Sydney as is specified by
Party A from time to time.” 

  

	(2)	Additional Representations: In Section 3 add the following immediately after paragraph (f): 

  

	 	“(g)	Non Assignment. It has not assigned (whether absolutely, in equity or otherwise) or declared any trust over (other than, in respect of Party B, the trusts created under the
Master Trust Deed and the Series Notice) or given any charge over any of its rights under this Agreement or any Transaction (except in respect of Party B, for the security interest created under the Security Trust Deed). 

  

	 	(h)	Contracting as Principal. Each existing Transaction has been entered into by Party A as principal and not otherwise and each existing Transaction has been entered into by
Party B in its capacity as trustee of the Trust and not otherwise. 

  

	 	(i)	Absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction: 

  

	 	(A)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate
or proper for it based upon its own judgment and upon advice from the Trust Manager and such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation
to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. It has not
received from the other party any assurance or guarantee as to the expected results of that Transaction; 

  

	 	(B)	Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional advice including advice from the Trust
Manager), and understands and accepts the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the financial and other risks of that Transaction; 

  

	 	(C)	Status of Parties. The other party is not acting as a fiduciary or an advisor for it in respect of that Transaction; 

  

	 	(j)	Party B represents and warrants on a continuing basis: 

  

	 	(A)	Trust Validly Created. The Trust has been validly created and is in existence. 

  

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	Cross Currency Swap	 	Class A2a

  

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

  

	 	(C)	No Proceedings to Remove. No notice has been given to it and to its knowledge no resolution has been passed, and no direction or notice has been given, removing it as trustee
of the Trust. 

  

	 	(D)	Power. It has power to enter into and perform its obligations under this Agreement and the Credit Support Document in its capacity as trustee of the Trust.

  

	 	(E)	Good Title. It is the owner in equity of the assets of the Trust and has power to mortgage or charge them in the manner provided in the Credit Support Document and subject
only to the Credit Support Document and any Security Interest permitted under the Credit Support Document, those assets are free of all other Security Interests.” 

  

	(3)	Additional Covenant: In Section 4 add a new paragraph as follows: 

  

	 	“(f)	Contracting as principal. Party A will enter into all Transactions as principal and not otherwise and Party B will enter into all Transactions in its capacity as trustee of the
Trust and not otherwise”. 

  

	(4)	Amendment to Section 6. In Section 6 make the following amendments: 

  

	 	(i)	Add a new Section 6(aa): 

  

	 	“(aa)	Restricted Termination Rights. 

  

	 	(I)	Termination by Party B: Party B must not designate an Early Termination Date without the prior written consent of the Note Trustee. 

  

	 	(II)	Consultation regarding timing: Each Party may only designate an Early Termination Date following prior consultation with the other Party as to the timing of the Early
Termination Date. Subject to its duties under the Master Trust Deed and the Series Notice, Party B may exercise any rights in its capacity as holder of the Purchased Receivables only on the instructions of the Note Trustee and only after
consultation between Party A and the Note Trustee. 

  

	 	(III)	Party A’s limited rights in relation to Tax Event: Notwithstanding Part 1(b)(iv) of this Schedule, Party A may designate an Early Termination Date if it is an Affected
Party following a Tax Event but only if the Note Trustee is satisfied that the Noteholders will be paid in full all principal and interest outstanding on all the Class A2a Notes. 

  

	 	(IV)	Illegality: The parties agree that the imposition by any Government Agency (as defined in the Master Trust Deed) of an Australian jurisdiction of any exchange controls,
restrictions or prohibitions will not constitute an Illegality for the purposes of Section 5(b)(i) and Party A will not be entitled to designate an Early Termination Date, and in those circumstances, payments by Party B in accordance with
Section 2(f) will continue to be proper performance of its payment obligation and Party A’s obligations will be unaffected, to the extent of Party B’s payments under Section 2(f). 

  

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	Cross Currency Swap	 	Class A2a

  

	 	(V)	Transfer where Party B does not gross-up. If any payment by Party B to Party A under this Agreement is, or is likely to be, made subject to any deduction or withholding on
account of Tax, Party B will endeavour to procure the substitution as principal obligor under this Agreement, in respect of each Affected Transaction of Party B by a party incorporated in another jurisdiction approved by Party A and the Note
Trustee, and in respect of which the Designated Rating Agencies confirm that the substitution will not cause a reduction or withdrawal of the rating of the Class A2a Notes.” 

  

	 	(ii)	In Section 6(b)(ii), add the words “so long as the transfer in respect of that Transaction would not lead to a rating downgrade of any rated debt of Party B that is
secured under the Security Trust Deed” after the words “ceases to exist” at the end of the first paragraph. 

  

	 	(iii)	In Section 6(e), delete the sentence “The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any
Set-off.” at the end of the first paragraph. 

  

	(5)	In Section 9, add the following new paragraphs: 

  

	 	“(h)	Further Assurances. Each party shall, upon request by the other party (the “requesting party”) at the expense of the requesting party, perform all such acts
and execute all such agreements, assurances and other documents and instruments as the requesting party reasonably requires and which are within the powers of that party to assure and confirm the rights and powers afforded, created or intended to be
afforded or created, under or in relation to this Agreement and each Transaction or other dealing which occurs under or is contemplated by it and in respect of which the Designated Rating Agencies confirm will not cause a reduction or withdrawal of
the rating of the Class A2a Notes. 

  

	 	(i)	Recorded Conversation. Each party: 

  

	 	(A)	consents to the recording of the telephone conversations of trading and marketing personnel of that party and its Affiliates in connection with this Agreement or any potential
Transaction; and 

  

	 	(B)	agrees to obtain any necessary consent of, and give notice of such recording to, such personnel of it and its Affiliates. 

  

	 	(j)	ISDA Definitions: This Agreement, each Confirmation and each Transaction are subject to the 2000 ISDA Definitions (as published by the International Swaps and Derivatives
Association, Inc.) (as amended and supplemented from time to time) (the “ISDA Definitions”), and will be governed in all respects by any provisions set forth in the ISDA Definitions, without regard to any amendments to the ISDA
Definitions made after the date of this Agreement. The ISDA Definitions are incorporated by reference in, and shall be deemed to be part of, this Agreement and each Confirmation. 

  

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	Cross Currency Swap	 	Class A2a

  

	 	(k)	Inconsistency: In the event of any inconsistency between any two or more of the following documents, they shall take precedence over each other in the following descending
order: 

  

	 	(i)	any Confirmation; 

  

	 	(ii)	this Schedule; 

  

	 	(iii)	the ISDA Definitions; 

  

	 	(iv)	the printed form of ISDA Master Agreement.” 

  

					
	 (6)
	  	 (i)	  	   Facsimile Transmissions: Replace Section 12(a)(iii) with:

  

	 	“(iii)	if sent by facsimile, on production of a transmission report by the machine from which the facsimile was sent which indicates that the facsimile was sent in its entirety to the
facsimile number of the recipient notified for the purpose of this Section unless the recipient notifies the sender within 24 hours of the facsimile being sent that the facsimile was not received in its entirety in legible form.”;

  

	 	(ii)	In Section 12(a), insert “and settlement instructions” after “Section 5 or 6” in line 2; 

  

	 	(iii)	Insert an additional Section 12(a)(vi): 

  

	 	“(vi)	if sent by ordinary mail, on the third (seventh, if posted to or from a place outside Australia) day after posting.” 

  

	(7)	Definitions:  

  

	 	(i)	In Section 14, add a new paragraph: 

 “Unless
otherwise defined in this Agreement, terms defined in the Security Trust Deed (either expressly or by incorporation by reference) have the same meaning where used in this Agreement.” 
  

	 	(ii)	Insert the following definitions in Section 14. 

 “Security Trust Deed” means the Series 2007-1G WST Trust Security Trust Deed dated on or about the date of this Agreement between Party B as chargor, BNY Trust (Australia) Registry Limited as security trustee, the Trust
Manager and The Bank of New York as note trustee. 
  

	 	(iii)	Swap Transaction. Any reference to a: 

  

	 	(a)	“Swap Transaction” in the 2000 ISDA Definitions is deemed to be a reference to a “Transaction” for the purpose of interpreting this Agreement or any
Confirmation; and 

  

	 	(b)	“Transaction” in this Agreement or any Confirmation is deemed to be a reference to a “Swap Transaction” for the purpose of interpreting the 2000 ISDA
Definitions. 

  

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	Cross Currency Swap	 	Class A2a

  

	(8)	Other Provisions 

 Insert the following Sections 15,
16, 17, 18 and 19 after Section 14: 
  

	 	15.	Recourse 

 Party B enters into this Agreement in its
capacity as Trustee of the Trust, and Clause 3.3(b) of the Series Notice applies to this Agreement as if set out in full. Clause 16 of the Security Trust Deed shall apply to govern Party A’s priority to moneys received from the sale of Assets
or other enforcement of the Charge under the Security Trust Deed. 
 This Section 15: 
  

	 	(i)	applies even though any other provision of this Agreement is not made subject to it; and 

  

	 	(ii)	overrides any other provision of this Agreement which is inconsistent with it. 

  

	 	16.	The Trust Manager 

 Party A acknowledges that the
Trust Manager will, at the request of Party B, perform the day to day management of the Trust on the terms and conditions of the Master Trust Deed and Series Notice. Unless expressly advised to the contrary in writing by Party B from time to time,
any rights or obligations of Party B under this Agreement may be exercised or satisfied (as the case may be) by the Trust Manager on behalf of Party B and Party A is not obliged to enquire as to the authority of the Trust Manager to take such action
on behalf of Party B. Except where the context otherwise requires, references in this Agreement to a “party” to this Agreement are to Party A or Party B. 
  

	 	17.	Trust Deed 

 The parties acknowledge and agree that,
for the purposes of the Master Trust Deed and Trust Documents, this Agreement is a “Hedge Agreement” and Party A is a “Swap Provider” and “Support Facility Provider”. 
  

	 	18.	Replacement Currency Swap 

  

	 	(a)	If this Agreement is terminated, Party B may enter into one or more currency swaps which replace the Transactions under this Agreement (collectively a “Replacement Currency
Swap”) but only on the condition that the Settlement Amount payable (if any) by Party B to Party A upon termination of this Agreement will be paid in full when due in accordance with the Series Notice and this Agreement, and in respect of which
the Designated Rating Agencies confirm that the replacement will not cause a reduction or withdrawal of the rating of the Class A2a Notes. 

  

	 	(b)	If the condition in Section 18(a) is satisfied, Party B may enter into the Replacement Currency Swap and if it does so it must direct the Replacement Currency Swap provider to
pay any upfront premium to enter into the Replacement Currency Swap due to Party B directly to Party A in satisfaction of and to the extent of Party B’s obligation to pay the Settlement Amount to Party A as referred to in Section 18(a),
and to the extent that such premium is not greater than or equal to the Settlement Amount, the balance may be satisfied by Party B as a Trust Expense (as defined in the Series Notice). 

  

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	Cross Currency Swap	 	Class A2a

  

	 	(c)	The obligations of Party B (and the rights of Party A) under this Section 18 constitute separate and independent obligations of Party B (and rights of Party A) and shall
survive the termination of this Agreement. 

  

	 	(d)	If a Settlement Amount is payable by Party A to Party B upon termination of this Agreement, Party B may direct Party A to pay all or part of that amount (but not any greater amount)
to the extent required to the Replacement Currency Swap provider in satisfaction of and to the extent of Party B’s obligation to pay any upfront premium to the Replacement Currency Swap provider to enter into the Replacement Currency Swap.

  

	 	19.	Compliance with Regulation AB 

 Party A acknowledges
and agrees that to the extent it agrees with the Trust Manager that Party A is “participating in the servicing function” in relation to the Trust within the meaning of Item 1122 of Regulation AB, clause 19.4 of the Series Notice will
apply to this Agreement as if references to “the Servicing Function Participant” in those clauses were references to the Party A and the definition of “Subcontractor” in clause 3.1 of the Series Notice will be construed
accordingly. 
  

	(9)	Ratings Downgrade 

  

	 	(a)	For the purpose of this Part 5(9), the following additional definitions apply: 

 Acceptable Arrangement means an arrangement which each relevant Designated Rating Agency has confirmed in writing will result in the avoidance or reversal of any Note Downgrade. 
 Approved Bank means a Bank which has a short-term rating of at least A-1+ (S&P), and ratings of at least P-1 (short-term) and A2
(long-term) (Moody’s). 
 Downgrade means Party A’s rating by a Designated Rating Agency has been withdrawn or reduced
resulting in Party A having: 
  

	 	(i)	a short term credit rating of less than A-1+ by S&P; or 

  

	 	(ii)	a credit rating by Moody’s of less than P-1 (short-term) or A2 (long-term). 

 Major Downgrade means a Downgrade resulting in Party A having: 
  

	 	(i)	a short term credit rating by S&P of less than A-1+; or 

  

	 	(ii)	a credit rating by Moody’s of less than P-1 (short-term). 

 Minor Downgrade means any Downgrade which is not a Major Downgrade. 
 Note Downgrade means any actual or
proposed withdrawal or downgrade of the ratings assigned to the Class A2a Notes by a Designated Rating Agency which results or would result in any rating assigned to the Class A2a Notes being less than that stipulated in Section 4.2(f) of the
Series Notice. 
 Replacement Provider means a party that has agreed to replace Party A as Currency Swap Provider, and has a
rating greater than or equal to: 
  

	 	(i)	A-1+ by S&P; and 

  

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	Cross Currency Swap	 	Class A2a

  

	 	(ii)	who is suitably rated such that its appointment as the Currency Swap Provider does not result in a Note Downgrade by Moody’s. 

 Swap Collateral Account means an account established by Party B with an Approved Bank. 
  

	 	(b)	If, at any time, Party A is Downgraded and the Downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed by the relevant Designated
Rating Agency), comply with Part 5(9)(d). 

  

	 	(c)	If at any time Party A is Downgraded and the Downgrade constitutes a Major Downgrade, Party A shall, within 5 Business Days (or such greater period as agreed by the relevant
Designated Rating Agency) comply with Part 5(9)(d). 

  

	 	(d)	Where Party A is required to comply with this Part 5(9)(d) it shall, at its cost and at its election, do one of the following: 

  

	 	(i)	(Cash collateralise) deposit into a Swap Collateral Account and maintain in the Swap Collateral Account (whilst the relevant Downgrade subsists) sufficient funds to ensure
that the amount standing to the credit of the Swap Collateral Account is equal to the greater of the following (the Cash Collateral Amount): 

  

	 	(A)	zero; 

  

	 	(B)	CCR; and 

  

	 	(C)	an amount acceptable to Moody’s sufficient to ensure that the ratings given to the Notes by Moody’s are not adversely affected and that any Note Downgrade is avoided or
reversed (as the case may be). 

  

	 	(ii)	(Novate) enter into an agreement novating this Agreement to a Replacement Provider proposed by any of Party A or Party B which each Designated Rating Agency has confirmed
will not result in a withdrawal or downgrade of any credit rating assigned, by it, to the Notes; or 

  

	 	(iii)	(Other arrangements) enter into or procure entry into any Acceptable Arrangement. 

 For the purpose of this paragraph (d), the formula for calculating CCR is as follows. 
 CCR = CR 

where 
 CR means MTM + VB

 MTM means the mark-to-market value of the Transactions outstanding under the Agreement. Party A will have to mark the
Transactions to market and post collateral on a weekly basis (based on the higher of the weekly internal mark-to-market value (if applicable) or the external mark-to-market value), with a cure period of 3 days. The weekly mark-to-market values may
be based on internal mark-to-market values obtained by Party A, however, should Party A obtain internal mark-to-market values on a weekly basis it must obtain external mark-to-market values on a monthly basis. The monthly external
mark-to–market value (or 

  

 Page 15 

			
	Cross Currency Swap	 	Class A2a

  

 
weekly value where no internal marks are to be obtained on a weekly basis) will be the higher of the payments which two counterparties that will be eligible
and willing to assume Party A’s role in the Transactions in place of Party A, would be willing to make to Party A or receive from Party A to so assume Party A’s role. The mark-to-market value may be a positive or negative amount. A payment
has a negative value if the payment would be from the counterparty to Party A and has a positive value if the payment would be from Party A to the counterparty (for the purposes of determining a higher payment, any payment of positive value is
higher than any payment of a negative value). Party A must not obtain more than four external mark-to-market values from the same party in any 12 month period. 
 VB means the value calculated by multiplying the Invested Amount at the time of the calculation by the relevant percentage calculated from the following table (for the purposes of interpreting the table,
“Counterparty rating” is the short term credit rating assigned to Party A by S&P and “Maturities” is the period from and including the date of calculation to but excluding the scheduled maturity of the last expiring
Transaction outstanding under this Agreement): 
 Volatility Buffer (%) 
  

							
	 Counterparty rating
	  	Maturities up
to 5 years (%)	  	Maturities up
to 10 years (%)	  	Maturities up to
31 years (%)
	 A-1
	  	9.00	  	11.00	  	12.50
				
	 A-2
	  	15.75	  	20.00	  	27.25
				
	 A-3
	  	19.00	  	28.75	  	35.50
				
	 BB+ or lower
	  	28.00	  	43.25	  	68.00

 In addition to complying with its obligations under this Part 5(9), if there is a Downgrade to
Party A’s long term debt rating below BBB- by S&P, Party A must immediately post collateral in accordance with Part 5(9)(d)(i) and be immediately substituted for a Replacement Provider. 
  

	 	(e)	Where Party A procures a Replacement Provider in accordance with Part 5(9)(d)(ii), each party to this Agreement shall do all things necessary to novate the relevant obligations to
the Replacement Provider. 

  

	 	(f)	If, at any time, Party A’s obligations under this Agreement are novated in accordance with Part 5(9)(d)(ii) or any Acceptable Arrangement is entered into in accordance with
Part 5(9)(d)(iii), Party A shall be immediately entitled to any cash collateral amount which it has deposited in the Swap Collateral Account less any amounts used or to be used by Party B under Part 5(9)(h)(i) and 9(h)(v). 

 

	 	(g)	All interest on the Swap Collateral Account will accrue and be payable monthly to the party which provides the relevant Cash Collateral Amount. 

  

	 	(h)	Party B may only make withdrawals from the Swap Collateral Account for the purpose of: 

  

	 	(i)	novating obligations under this Agreement in accordance with Part 5(9)(d)(ii) or entering into any other Acceptable Arrangement in accordance with 9(d)(iii);

  

 Page 16 

			
	Cross Currency Swap	 	Class A2a

  

	 	(ii)	refunding to Party A the amount of any reduction in the Swap Collateral Amount, from time to time and providing the Designated Rating Agencies have confirmed, in writing, that such
refund will not result in a Note Downgrade; 

  

	 	(iii)	withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; 

  

	 	(iv)	paying any applicable bank account taxes or equivalent payable in respect of the Swap Collateral Account; or 

  

	 	(v)	funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment. 

  

	 	(i)	Party A’s obligations under this Part 5(9) shall terminate upon the termination of this Agreement provided Party A has complied with its obligations (if any) under Part 5(9).

 Where Party A fails to comply with Part 5(9)(d), at the option of Party B this shall constitute an Additional Termination
Event and Party A shall be the Affected Party for this purpose. 
  

	(10)	Transfer 

 Notwithstanding the provisions of
Section 7, Party A may transfer all its rights powers and privileges and all its unperformed and future obligations under this Agreement and each Transaction to any of its Affiliates (in this Part 5(10), the “Transferee”) by
delivering to Party B and the Trust Manager a notice expressed to be given under this provision signed by both Party A and the Transferee. Upon delivery of those documents to Party B: 
  

	 	(a)	(Party A’s rights terminate): Party A’s rights, powers, privileges and obligations under this Agreement and each Transaction terminate; 

  

	 	(b)	(Transfer and Assumption): Party A will be taken to have transferred its rights powers and privileges under this Agreement and each Transaction to the Transferee and the
Transferee will be taken to have assumed obligations equivalent to those Party A had under this Agreement and each Transaction; 

  

	 	(c)	(Release): Party B will be taken to have released Party A from all its unperformed and future obligations under this Agreement and each Transaction; and

  

	 	(d)	(Documents): this Agreement and the Confirmation relating to each Transaction shall be construed as if the Transferee was a party to it in place of Party A.

 A Transferee may utilise this provision as Party A. A transfer under this Part 5(10) will be of no force or effect until each
Designated Rating Agency confirms in writing that such transfer will not result in a reduction, qualification or withdrawal of the credit ratings then assigned by them to the Class A2a Notes. 
  

 Page 17 

			
	 To:
  
 J.P. Morgan Trust Australia Limited
 ABN 49 050 294 052 as trustee of the Series 2007-1G WST Trust
  
 Level 4, 35 Clarence Street, Sydney NSW 2000
  
 Attention: Helen Pollard
	  	 To:
  
 Westpac Banking Corporation
 Level 3, 255 Elizabeth Street, Sydney NSW 2000
  
 Attention: Manager, Global Derivatives Operations
  
 Attention: Patricia Delamare

 To: 
 Westpac Securitisation Management Pty Limited 
 Level 19, 275 Kent Street, Sydney NSW 2000 
 Attention: Senior Manager, Specialist Services 
 Date:
29 May 2007 
 CONFIRMATION – CLASS A2a CURRENCY SWAP – SERIES 2007-1G WST TRUST 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the terms specified below (the
“Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This
Confirmation is entered into by J.P. Morgan Trust Australia Limited ABN 49 050 294 052 as trustee of the Series 2007-1G WST Trust (the “Trust”). 
 This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated as of 29 May 2007, with a schedule headed “Cross Currency Swap Class A2a”, as amended, novated or supplemented from time to time
(the “Agreement”), between Westpac Banking Corporation (“Party A”), J.P. Morgan Trust Australia Limited as trustee of the Trust (“Party B”) and Westpac Securitisation Management Pty Limited.

 All provisions contained in the Agreement govern this Confirmation except as expressly modified below. All other terms used and not defined in this
Confirmation have the meaning given in the Master Trust Deed (“Master Trust Deed”), Security Trust Deed (“Security Trust Deed”) or the Trust Series Notice (the “Series Notice”) between Party B, Westpac
Securitisation Management Pty Limited and others. 
 The terms of the particular Transaction to which this Confirmation relates are specified below:

  

			
	 1.      Our Reference:
	    	
		
	 2.      Trade Date:
	    	24 May 2007
		
	 3.      Effective Date:
	    	31 May 2007
		
	 4.      Termination Date:
	    	 The earlier of:
  
 (a)      the date on which the Class A2a Notes are redeemed in full;
  
 (b)      the date on which
final distributions are made in respect of the Class A2a Notes under clause 16 of the Security Trust Deed following the occurrence of an Event of Default (as defined in the Security Trust Deed); and

  

 1 

			
		  	 (c)      Maturity Date,
  
 subject in each case to adjustment in accordance with the Applicable Business Day
Convention

		
	 5.        Maturity Date
	  	Payment Date falling in May 2038
		
	 6.        Floating Amounts Payable by Party A
	  	
		
	 US$ Floating Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	In respect of each Calculation Period, the aggregate Invested Amount of the Class A2a Notes as at the first day of such Calculation Period.
		
	 Party A Payment Dates:
	  	The 21st day of each August, November, February and May
from and including 21 August 2007 up to and including the Termination Date, subject to adjustment in accordance with the Applicable Business Day Convention
		
	 Floating Rate Option:
	  	Three Month LIBOR
		
	 Spread:
	  	 (a)      0.05 percent per annum for Payment Dates from and including the
Effective Date to and excluding the Call Option Date; and
  
 (b)      0.10 percent per annum for Payment Dates from and including the Call Option Date to and including the Termination Date,
  
 provided that if the Step-Up Margin on the Class A2a Notes reverts to 0.05 per cent per annum on any
Payment Date under Clause 15.4 of the Series Notice then the Spread will revert to 0.05 per cent per annum for the Calculation Period commencing on such Payment Date and each Calculation Period thereafter.

		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Applicable Business Day Convention
	  	
		
	 - Period End Dates
	  	Modified Following Business Day Convention
		
	 - Payment Date
	  	Modified Following Business Day Convention
		
	 - Termination Date
	  	Modified Following Business Day Convention
		
	 Business Days
	  	Sydney, London, New York and TARGET
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 Withholding Tax:
	  	If an amount of withholding tax is required to be deducted from a Party B Floating Amount then the Party A Floating Amount will be reduced by the US$ Equivalent of the withholding made by
Party B.

  

 2 

			
	 7.       Floating Amounts Payable by Party B
	  	
		
	 A$ Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	In respect of each Calculation Period, the A$ Equivalent of the Party A Currency Amount for that Calculation Period
		
	 Party B Payment Dates:
	  	The 21st day of each August, November, February and May, from
and including 21 August 2007 to and including the Termination Date, subject to adjustment in accordance with the Applicable Business Day Convention
		
	 Floating Rate Option:
	  	Bank Bill Rate
		
	 Spread:
	  	 (a)      0.1850 percent per annum for Payment Dates from and including the
Effective Date to and excluding the Call Option Date; and
  
 (b)      0.2370 percent per annum for Payment Dates from and including the Call Option Date to and including the Termination Date,
  
 provided that if the Step-Up Margin on the Class A2a Notes reverts to 0.05 per cent per annum on any
Payment Date under Clause 15.4 of the Series Notice then the Spread will revert to 0.1850 per cent per annum for the Calculation Period commencing on such Payment Date and each Calculation Period thereafter.

		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (fixed)
		
	 Applicable Business Day Convention
	  	
		
	 - Period End Dates
	  	Modified Following Business Day Convention
		
	 - Payment Date
	  	Modified Following Business Day Convention
		
	 - Termination Date
	  	Modified Following Business Day Convention
		
	 Business Days
	  	Sydney, London, New York, TARGET
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 Floating payment reductions:
	  	Party B’s obligation to make payments under this Transaction will be limited to the extent it has funds available to make such payment as determined in accordance with the Series Notice and
the Security Trust Deed. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then Party A will reduce its corresponding payment obligation to Party B by the same
percentage reduction, but otherwise will not be discharged from its obligations under this Transaction.

  

 3 

			
	 8.       Exchanges
	  	
		
	 Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	Effective Date
		
	 Party A Initial Exchange Amount:
	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$3,170,731,707
		
	 Party B Initial Exchange Amount:
	  	The total of the Initial Invested Amounts of the Class A2a Notes on the Note Issue Date, being US$2,600,000,000.
		
	 Periodic Exchange:
	  	
		
	 Periodic Exchange Date:
	  	Each Party B Payment Date (other than the Final Exchange Date).
		
	 Party A Periodic Exchange Amount:
	  	In respect of each Periodic Exchange Date, an amount equal to the US$ Equivalent of the Party B Periodic Exchange Amount actually paid by Party B to Party A on a Periodic Exchange
Date.
		
	 Party B Periodic Exchange Amount:
	  	In respect of a Periodic Exchange Date means the A$ amount due to Party A pursuant to clause 5.14(a)(ii)(B) or clause 5.15(a)(v)(B) of the Series Notice in respect of the Class A2a Notes, it
being understood that any such amounts available in accordance with the provisions of clause 5.14(a)(ii)(B) or clause 5.15(a)(v)(B) of the Series Notice in respect of the Class A2a Notes must be paid in full to Party A.
		
	 Final Exchange:
	  	
		
	 Final Exchange Date:
	  	Termination Date
		
	 Party A Final Exchange Amount:
	  	An amount equal to the US$ Equivalent of the Party B Final Exchange Amount actually paid by Party B to Party A.
		
	 Party B Final Exchange Amount:
	  	With respect to the Final Exchange Date, an amount in Australian Dollars equal to the amount available to Party B for payment to Party A in accordance with the provisions of clause
5.14(a)(ii)(B) or clause 5.15(a)(v)(B) of the Series Notice or clause 16 of the Security Trust Deed, as applicable, in respect of the Class A2a Notes on that Final Exchange Date, it being understood that any such amount available in accordance with
the provisions of clause 5.14(a)(ii)(B) or clause 5.15(a)(v)(B) of the Series Notice in respect of the Class A2a Notes must be paid in full to Party A.
		
	 Final Exchange Payments:
	  	On the Final Exchange Date, Party B shall first pay to Party A the Party B Final Exchange Amount and then Party A shall pay to Party B the Party A Final Exchange Amount for that Final Exchange
Date.

  

 4 

			
	 9.       Exchange Rates:
  
 For the purpose of the definitions of “A$ Equivalent” and
“US$ Equivalent”:
	  	
		
	 US$ Exchange Rate:
	  	US$1.00 = A$1.21
		
	 A$ Exchange Rate:
	  	A$1.00 = US$0.82
		
	 10.     Account Details:
	  	
		
	 Payments to Party A
	  	
		
	 Account for payments in US$:
	  	The accounts notified in writing by Party A to Party B in accordance with Part 5(1)(vii) of the Agreement.
		
	 Account for payments in A$:
	  	The accounts notified in writing by Party A to Party B in accordance with Part 5(1)(vii) of the Agreement.
		
	 Payments to Party B
	  	
		
	 Account for payments in US$:
	  	The account notified in writing by Party B to Party A in accordance with Part 5(1)(vii) of the Agreement.
		
	 Account for payments in A$:
	  	The account notified in writing by Party B to Party A in accordance with Part 5(1)(vii) of the Agreement.
		
	 11.     Offices:
	  	 The Office of Party A for this Transaction is Sydney.
 The Office of Party B for this Transaction is Sydney.

 Please confirm that the above correctly sets out the terms of our agreement in respect of each Transaction to
which this Confirmation relates by signing and returning this Confirmation to us today. 
 Yours sincerely 
 Confirmed as at the date first written above: 
  

 5 

							
	On behalf of J.P. Morgan Trust Australia Limited as trustee of the Series 2007-1G WST Trust	  	 On behalf of Westpac Banking Corporation
 Level 3, 255 Elizabeth Street, Sydney NSW 2000

				
	By:	 	 /s/ Jennifer Scott-Gray
	  	By:	  	 /s/ G.P.D. Rennie

	Name:	 	Jennifer Scott-Gray	  	Name:	  	G.P.D. Rennie
	Title: 	 	Attorney	  	Title:	  	Tier 1 Attorney
			
	On behalf of Westpac Securitisation Management Pty Limited	  		  	
				
	By:	 	 /s/ John Lowrey
	  	By:	  	 /s/ Michael John Page

	Name:	 	John Lowrey	  	Name:	  	Michael John Page
	Title:	 	Attorney	  	Title:	  	Tier 1 Attorney

  

 6Genworth Financial Mortgage Insurance Pty Ltd Pool Insurance Policy

 Exhibit 10.8 
 [GRAPHIC APPEARS HERE] 
 LENDERS 
 MORTGAGE INSURANCE 
 MASTER POLICY 
 for 
 Westpac Banking Corporation

 J.P. Morgan Trust Australia Limited 
 Series 2007-1G WST Trust 
 Genworth Financial Mortgage Insurance Pty Limited, ABN 60 106 974 305

 ® Registered Trade Mark of Genworth Financial, Inc. 

 Page 1 
 Genworth Financial Mortgage Insurance Pty Limited 
 (ABN 60 106 974 305)

 LENDERS MORTGAGE INSURANCE 
 MASTER POLICY 
 INDEX 
  

					
	 	  	Page
	 OPERATION OF MASTER POLICY
	  	4
	 Proposals
	  	4
	 Approval
	  	4
	 Contract
	  	4
	 Timely Payment Cover
	  	4
	 Duty of Disclosure
	  	4
	 Variation or termination of Master Policy
	  	5
	 Notices
	  	5
			
	 1.
	  	DEFINITIONS AND INTERPRETATION	  	
	 1.1
	  	Definitions	  	7
	 1.2
	  	Interpretation	  	10
	 1.3
	  	Acts by Others	  	11
	 1.4
	  	Approval, Consent or Agreement of the Insurer	  	11
	 1.5
	  	Trustee Provisions	  	11
	 1.6
	  	Credit Provider	  	12
	 1.7
	  	Goods and Services Tax	  	12
			
	 2.
	  	COVER PROVIDED BY THE POLICY	  	
	 2.1
	  	Period of Insurance	  	12
	 2.2
	  	Cover in respect of the Insured Loan	  	13
	 2.3
	  	Cover in respect of Timely Payment Cover	  	13
			
	 3.
	  	CALCULATION OF LOSS IN RESPECT OF THE LOAN	  	
	 3.1
	  	Loss in respect of an Insured loan	  	13
	 3.2
	  	Amount Outstanding	  	13
	 3.3
	  	Deductions	  	14
	 3.4
	  	Unrecouped Timely Payment Cover	  	15
	 3.5
	  	Maximum Payable under Limited Cover Policy	  	15
	 3.6
	  	Credit Code	  	15
	 3.7
	  	Aggregate Claims Exposure	  	15
			
	 4.
	  	CALCULATION OF LOSS IN RESPECT OF TIMELY PAYMENT COVER	  	
	 4.1
	  	Loss in respect of a single Repayment Instalment	  	15
	 4.2
	  	Aggregate limit and reinstatement	  	16
	 4.3
	  	Extension of cover beyond the maturity date	  	16
	 4.4
	  	Credit Code Limits	  	16
			
	 5.
	  	REPORTING OBLIGATIONS	  	
	 5.1
	  	Notice of Default	  	16
	 5.2
	  	General Reports on all Insured loans	  	16

 Genworth Financial Mortgage Insurance Pty Limited, ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc. 
  

 Page 2 
  

					
	 5.3
	  	Reports relating to fixed term loans	  	17
	 5.4
	  	Reports relating to Borrower, Mortgagor, Mortgage Guarantor or the Property	  	17
	 5.5
	  	Reports relating to a Prior Mortgage	  	17
	 5.6
	  	Periodic Reporting of Discharges	  	18
	 5.7
	  	Form of Reports	  	18
			
	 6.
	  	EXERCISE OF REMEDIES	  	
	 6.1
	  	The Insurer Notification	  	18
	 6.2
	  	The Insurer may require steps to be taken	  	18
	 6.3
	  	Due Care	  	19
			
	7.	  	CLAIMS	  	
	 7.1
	  	Form of Claim	  	19
	 7.2
	  	Information	  	19
	 7.3
	  	Timing of claim in respect of the Loan	  	19
	 7.4
	  	Timing of claim in respect of a Repayment Instalment	  	19
	 7.5
	  	Payment of a claim	  	19
	 7.6
	  	Interest on claims	  	19
	 7.7
	  	The Insurer may determine to pay a claim	  	19
	 7.8
	  	Terms and condition of payment of a claim	  	19
	 7.9
	  	Reimbursement of claims paid	  	20
	 7.10
	  	Insured in breach of the Policy	  	20
			
	 8.
	  	ACCOUNTING FOR CLAIMS IN RESPECT OF TIMELY PAYMENT COVER	  	
	 8.1
	  	Accounting for Policy	  	20
	 8.2
	  	No diminishing of rights against the Borrower or Mortgagor	  	20
			
	 9.
	  	CONDITIONS	  	
	 9.1
	  	Action requiring the Insurer’s consent	  	21
	 9.2
	  	The Insurer’s other requirements	  	21
			
	 10.
	  	EXCLUSIONS	  	22
			
	 11.
	  	CANCELLATION OF THE POLICY	  	
	 11.1
	  	Cancellation by the Insurer	  	22
	 11.2
	  	Cancellation by the Insured	  	22
			
	 12.
	  	AUDIT AND ACCURACY OF LOAN PARTICULARS	  	
	 12.1
	  	Audit	  	23
	 12.2
	  	Loan Particulars	  	23
			
	 13.
	  	ASSIGNMENT OF POLICY	  	
	 13.1
	  	General	  	23
	 13.2
	  	Second Insured	  	23
			
	 14.
	  	GOVERNING LAW	  	23

 Genworth Financial Mortgage Insurance Pty Limited, ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc. 
  

 Page 3 
 Genworth Financial Mortgage Insurance Pty Limited 
 (ABN 60 106 974 305) 
 LENDERS MORTGAGE INSURANCE 
 MASTER
POLICY 
 Genworth Financial Mortgage Insurance Pty Limited (Insurer) agrees to issue policies of lenders mortgage insurance to the First Insured
named below in accordance with the terms and conditions of this Master Policy. 
  

			
	First Insured:	  	Westpac Banking Corporation (ABN 33 007 457 141)
		  	Level 20, 275 Kent Street
		  	Sydney NSW 2000
	Contact:	  	Ms Rachelle Hall
	Facsimile:	  	9226 0774
		
	Second Insured:	  	J.P. Morgan Trust Australia Limited as trustee of the Series 2007-1G WST Trust
		  	Level 4, 35 Clarence Street
		  	Sydney NSW 2000
	Contact:	  	Helen Pollard
	Facsimile:	  	02 8253 6839

			
		
	Address for notices to First Insured:	 	(if varies from above)
		
	Address for notices to Second Insured:	 	(if varies from above)
		
	Date Master Policy commences:	 	30 May 2007

			
	
	Signed on behalf of Genworth Financial Mortgage Insurance Pty Limited

					
			
	 /s/ Peter Hall
	 		  	24/05/07
	Peter Hall	 		  	Date
	Director	 		  	
			
	 /s/ Craig Mackenzie
	 		  	25/05/07
	Craig Mackenzie	 		  	Date
	Legal Counsel	 		  	
			
	Signed on behalf of the First Insured	 		  	
			
	 /s/ G.P.D Ronnie
	 		  	 /s/ Michael John Page

	G.P.D Ronnie	 		  	Michael John Page
	Attorney	 		  	Date May 25, 2007
			
	Signed on behalf of the Second Insured	 		  	
			
	/s/ Jennifer Scott-Gray	 		  	
	Attorney	 		  	Date

 Page 4 
  

 OPERATION OF THIS MASTER POLICY 
 This Master Policy sets out the way in which the Insurers will deal with proposals for lenders mortgage insurance and the terms and conditions applying
to Policies issued to the First Insured. A separate Policy is issued in respect of each loan approved to be insured. 
  

	 	PROPOSALS	

 The First Insured may from time to time provide the
information required by the Insurer about a loan proposed to be an Insured Loan in the form and manner specified by the Insurer. The Insurer may approve or reject the proposal or request further information. For this purpose, the Insurer and the
First Insured may agree on a procedure for the submission and approval of proposals, and in that case proposals shall only be submitted and approved in accordance with the agreed procedure. 
 Where the Insurer has agreed to receive proposals on terms that the proposed loans are of a certain type, meet certain conditions or are in accordance
with Lending Guidelines, on making a proposal the First Insured shall be taken to state that the First Insured has made full inquiry and that the proposed loan is of that type, meets those conditions and is in accordance with any applicable Lending
Guidelines other than to the extent expressly stated in the proposal, 
  

	 	Note:	Lending Guidelines means the guidelines of the First Insured for the making of loans at the time of making the insured loans, which are approved by the Insurer including any
amendments made to those guidelines with the prior approval of the Insurer. 

 APPROVAL 
 On approval of a proposal the Insurer shall: 
  

	 	(a)	make an entry in its records of the approval and details of the Insured Loan Contract; and 

  

	 	(b)	if requested by the First Insured, the Insurer will issue an Acceptance Advice and if agreed by the Insurer within 14 days of the Effective Date issue a Certificate of Insurance in
respect of the Insured Loan/s. 

 The insurer may but it is not required to advise the First Insured of the reason for rejection
of a proposal. 
 CONTRACT 
 Following approval of a proposal a Policy shall be taken to issue on the Effective Date in respect of the proposed loan. 
 TIMELY PAYMENT COVER 
 If the Insurer approves a proposal for insurance that includes Timely Payment Cover then the
provisions of the Policy relating to Timely Payment Cover shall apply. If Timely Payment Cover applies it will be shown on the Schedule. 
 DUTY OF DISCLOSURE 
 The Insured acknowledges its duty under the Insurance Contracts Act 1984, to disclose to the
Insurer, before the relevant contract of insurance is entered into, every matter that it knows, or could reasonably be expected to know, is relevant to the Insurer’s decision whether to accept the risk of the insurance and, if so, on what
terms. 
 The Insured has the same duty to disclose those matters to the Insurer before renewing, extending, varying or reinstating a Policy.
The duty applies up until the Effective Date in respect of each Policy. 
 The duty, however, does not require disclosure of a matter:

  
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	 	(a)	that diminishes the risk to be undertaken by the Insurer; 

  

	 	(b)	that is of common knowledge; 

  

	 	(c)	that the Insurer knows or, in the ordinary course of its business, ought to know; 

  

	 	(d)	as to which compliance of this duty of disclosure is waived by the Insurer. 

 If the Insured fails to comply with its duty of disclosure, the Insurer may be entitled to reduce its liability under a Policy in respect of a claim or may cancel the Policy. 
 If the Insured’s non-disclosure is fraudulent, the Insurer may also have the option of avoiding the Policy from the beginning. 
 Note: the Insurer shall treat the Insured as knowing anything that any person, who is an agent or employee of the Insured or
Mortgage Manager knows or in the ordinary course of its business ought to know. 
 VARIATION OR TERMINATION OF MASTER POLICY

 The Insurer may vary or terminate this Master Policy by giving to the Insured at least 28 days notice of its intention to do so and in
that event: 
  

	 	(a)	any variation set out in the notice shall apply to any proposal approved by the Insurer on or after the date specified in the notice; and 

  

	 	(b)	the termination shall operate from the date specified in the notice, but the termination shall not affect any proposal approved by the Insurer or any Policy issued by the Insurer
prior to the date of termination 

 The Insurer may not vary this Master Policy for any Insured Loan except where the variation
is generally applied to all insured customers of the same type in relation to the same type of insurance and where the variation is necessitated to ensure that, as a consequence of a change in law, the Insurer is not in breach of the law.

 NOTICES 
 Any notice
given under this Master Policy or under any Policy issued under it: 
  

	 	(a)	must be in writing addressed to the intended recipient at the address shown below or the address last notified by the intended recipient to the sender: 

 in the case of notices to the Insurer: 
  

			
	Attention:	  	Managing Director
	Address:	  	Genworth Financial
		  	Level 23, AAP Centre,
		  	259 George Street,
		  	SYDNEY NSW 2000
	Fax:	  	(02) 9247 6733

 in the case of the First Insured: 
 To the attention of the person and at the address and fax number shown on the front of this Master Policy; 
 in the case of the Second Insured: 
  
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 To the attention of the person and at the address and fax number shown on the front of this Master
Policy; 
  

	 	(b)	must be signed by a person duly authorised by the sender, 

  

	 	(c)	will be taken to have been given: 

  

	 	(i)	(in the case of delivery in person) when delivered or left at the above address; 

  

	 	(ii)	(in the case of facsimile transmission) when recorded on the transmission result report unless: 

  

	 	(A)	within 24 hours of that time the recipient informs the sender that the transmission was received in an incomplete or garbled form; or 

  

	 	(B)	the transmission result report indicates a faulty or incomplete transmission; and 

  

	 	(iii)	(in the case of post) on the seventh day after the date on which the notice is accepted for posting by the relevant postal authority. 

 If delivery or receipt is on a day when commercial premises are not generally open for business in the place of receipt or is later than 4pm (local time)
on any day, the notice will be taken to have been given on the next day when commercial premises are generally open for business in the place of receipt. 
  

	 	(d)	In this clause a “notice” includes the giving of any approval or consent or the provision of any information or report. 

  
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 POLICY WORDING 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Master Policy and any Policy
issued under it, unless the contrary intention appears:  
 Acceptance Advice in relation to a loan proposed to be
insured, means: 
  

	 	(a)	if agreed by the Insurer an advice by the Insurer confirming its agreement to insure the loan, the details of the loan and any special conditions to apply to the Policy; or

  

	 	(b)	in any other case an entry in the records of the Insurer of its agreement to insure the loan, the details of the loan and any special conditions to apply to the Policy;

 Additional Advance means any amount which is or becomes owing to the Insured under the Insured Loan Contract or
which is secured by the Mortgage; in addition to the Loan Amount or which is in addition to the Loan Amount reduced by any repayments of principal that is not interest, fees or charges payable under the Insured Loan Contract; 
 Approved Additional Advance means an Additional Advance approved by the Insurer for insurance under a Policy in its absolute discretion, or
which is of a type and in accordance with any conditions specified in the Schedule. 
 Approved General Insurance Policy means a
policy of insurance: 
  

	 	(a)	issued by an insurer authorised to carry on insurance business in Australia; 

  

	 	(b)	which does not preclude any claim under it by virtue of the Policy; 

  

	 	(c)	under which the Property is insured: 

  

	 	(i)	in the case where the Property is a lot or unit under a strata plan, by the body corporate of the strata plan; and 

  

	 	(ii)	in any other case, for the interests of the Insured and the Mortgagor for not less than the value of all buildings and improvements on the Property; and 

  

	 	(d)	which provides insurance against destruction or damage by events which include fire, storm and tempest, lightning and earthquake and such other risks as are:

  

	 	(i)	required under the Insured Loan Contract; or 

  

	 	(ii)	reasonably required by the Insurer by notice to the First Insured; 

 Approved Prior Mortgage means a mortgage or other security ranking in priority to the Mortgage securing the Insured Loan which was disclosed to the Insurer prior to the issue of the Acceptance Advice or subsequently approved
by the Insurer; 
 Note: any subsequent approval of a prior mortgage shall be at the absolute discretion of the Insurer.

 Approved Prior Mortgagee means the person entitled as mortgagee to the benefit of an Approved Prior Mortgage;

 Borrower means the person who is liable to repay the Insured Loan and who is so named in the Certificate of Insurance;

  
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 Certificate of Insurance in relation to an Insured Loan, means: 
  

	 	(a)	if no certificate is issued to the Insured by the Insurer—the most recent information in respect of the Policy contained in the records of the Insurer setting out the matters
specified for inclusion in the Certificate of Insurance in the policy wording; or 

  

	 	(b)	if a certificate is issued to the Insured by the Insurer—the most recent certificate issued by the Insurer in respect of the Policy setting out the matters specified for
inclusion in the Certificate of Insurance in the policy wording; 

 Collateral Security means any mortgage,
charge, encumbrance, guarantee, Mortgage Guarante, letter of credit, letter of comfort or any other right of any description from time to time relied upon by the Insured as supporting the obligations under the Insured Loan Contract; 
 Credit Code means the Consumer Credit Code set out in the appendix to the Consumer Credit (Queensland) Act 1994 and the regulations made under that
Act as adopted, amended or supplemented in the relevant state or territory of Australia. 
 Default in respect of an Insured Loan
Contract, means any event on or following which the Insured’s power of sale in relation to the Property becomes exercisable whether immediately or at the Insured’s option or upon the expiration of any notice or period of time and whether
or not the power of sale only arises if before the expiration of the notice or period of time the default remains unremedied; 
 Effective
Date means: 
  

	 	(a)	in the case of an Insured Loan other than an Approved Additional Advance, the latest of: 

  

	 	(i)	the date monies are first advanced under the Insured Loan Contract; 

  

	 	(ii)	the date that the Mortgage securing the Insured Loan is granted to or acquired by the Insured; or 

  

	 	(iii)	the date the premium is received by the Insurer in respect of the proposed Insured Loan; or 

  

	 	(b)	in the case of any Approved Additional Advance approved by the Insurer, the latest of: 

  

	 	(i)	the date monies are first advanced on account of the Approved Additional Advance; or 

  

	 	(ii)	any additional premium is received by the Insurer in respect of the Approved Additional Advance, 

 Government includes any local government or any government or local government authority or any body established by statute and controlled by
government; 
 Insurer means Genworth Financial Mortgage Insurance Pty Limited; 
 Insured means the First Insured, the Second Insured or a person entitled to the benefit of this Policy; 
 Insured Loan means the loan described in the Certificate of Insurance including: 
  

	 	(a)	any Approved Additional Advance; and 

  

	 	(b)	the Loan or Approved Additional Advance as amended pursuant to section 66 or 68 of the Credit Code; 

 Insured Loan Contract means the contract under which the Insured Loan is made and the Mortgage securing the Insured Loan; 
 Lending Guidelines means the guidelines of the First Insured for the making of loans at the time of making the insured loan, which are approved by
the Insurer including any amendments made to those guidelines with the prior approval of the Insurer; 
  
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 Loan Amount in respect of an Insured Loan, means: 
  

	 	(a)	the amount of principal originally advanced, not being greater than the amount of principal shown in the Certificate of Insurance; and 

  

	 	(b)	the amount of principal advanced under any Approved Additional Advance, 

 less any amount of principal repaid (not including any amount the subject of a claim paid by the Insurer for loss in respect of a Repayment Instalment) and excluding any capitalised interest, fees and charges;

 Loss Date in respect of an Insured Loan means: 
  

	 	(a)	where following a Default the Insured or an Approved Prior Mortgagee sells the Property, the date on which the sale is completed; 

  

	 	(b)	where following a Default the Insured or an Approved Prior Mortgagee becomes the absolute owner by foreclosure, the date on which that event occurs; 

  

	 	(c)	where following a Default the Mortgagor sells the Property with the prior approval of the Insured and the Insurer, the date on which the sale is completed; 

 

	 	(d)	where the Property is compulsorily acquired or sold by a government for public purposes and there is a Default (or where the Mortgage has been discharged by the operation of the
compulsory acquisition or sale and there is a default in repayment of the Insured Loan which would have been a Default but for the occurrence of that event), the date being the later of the date of the completion of the acquisition or sale or the
date 28 days after the date of the default; 

  

	 	(e)	where the Insurer has agreed or determined to pay a claim under the Policy, the date specified in that agreement or determination; 

 Master Trust Deed means the deed so entitled between the Second Insured and The Mortgage Company Pty Limited (as amended)
dated 14 February 1997. 
 Mortgage means the mortgage of real property which is security for the Insured
Loan, details of which are set out in the Certificate of Insurance or a security substituted for the mortgage: 
  

	 	(a)	where the Credit Code applies—in accordance with section 47 of the Credit Code; or 

  

	 	(b)	in any other case—approved by the Insurer in its absolute discretion; 

 Note: In giving any consent or imposing any condition on a consent under section 47 of the Credit Code the Insured shall have regard to the interests of the Insurer 
 Mortgage Guarantee means a guarantee given by a Mortgagor guaranteeing the obligations of the Borrower under the Insured Loan;

 Mortgage Manager means the First Insured or such other person approved by the Insurer who manages Insured Loans
on behalf of the Insured; 
 Mortgagor means the mortgagor of the Mortgage who is named as such in the Certificate of Insurance;
 
 Noteholder has the meaning given to it in the Series Notice.

 Policy means the lenders mortgage insurance policy issued in respect of an Insured Loan under this Master
Policy and shall consist of: 
  

	 	(a)	the policy wording; 

  

	 	(b)	the Certificate of Insurance; and 

  
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 (c) the Schedule and any attachments to it, 
 Property means the real property described in the Certificate of Insurance and mortgaged under the Mortgage;

 Repayment Instalment means a sum payable periodically at monthly or other intervals on account of amounts outstanding under
an Insured Loan; 
 Schedule means the most recent Schedule issued to the First Insured in respect of this Master Policy setting
out matters specified for inclusion in the Schedule in the policy wording and any special conditions applying to the Policy; 
 Scheduled Balance means, for the purposes of this Master Policy, the amount that would have been outstanding if the minimum Repayment Instalments under the Insured Loan Contract had been made on the scheduled dates, plus any
part of the Insured Loan available for draw down; 
 Series Notice means the deed entitled “Series 2007-1G WST Trust Series
Notice” dated on or about the date of the Master Policy between (amongst others) the First Insured and the Second Insured. 
 Standard Rate means the rate of interest which is charged under an Insured Loan if Repayment Instalments are paid by a particular time or within a particular period; 
 Timely Payment Cover means the insurance provided by clause 2.3; Transaction Document has the meaning given to it in the Series
Notice. 
 Trust means if the Second Insured holds the benefit of the Policy as the trustee of a Trust, the trust shown in the
Schedule. 
 Wilful Default means any wilful failure to comply with or wilful breach by the Second Insured of any of its
obligations under any Transaction Document, other than a failure or breach which: 
 (a)(i) arises as result of a breach of a Transaction
Document by a person other than the Second Insured; and 
 (ii) the performance of the action (the non-performance of which gave rise to such
breach) is a precondition to the Second Insured performing the said obligation; 
 (b) is in accordance with a lawful court order or direction
or required by law (except to the extent that order or direction itself arose because of a wilful failure by the Second Insured to comply with, or wilful breach by the Second Insured of any of its obligations under, any Transaction Document); or

 (c) is in accordance with any proper instruction or direction of the Noteholders given at a meeting convened under the Master Trust Deed.

  

	1.2	Interpretation 

 In this Master Policy and any
Policy issued under it, unless the contrary intention appears: 
  

	 	(a)	the singular includes the plural and conversely; 

  

	 	(b)	a gender includes all genders; 

  

	 	(c)	where a word or phrase is defined, its other grammatical forms have a corresponding meaning; 

  

	 	(d)	a reference to a person includes a body corporate or unincorporated body or other entity; 

  
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	 	(e)	a reference to any legislation or to any provision of any legislation includes any modification or re-enactment of it, any legislative provisions substituted for it, and all
regulations and statutory instruments under it; 

  

	 	(f)	a reference to a clause is to a clause of this Policy; 

  

	 	(g)	all references to dollars and expressions preceded by the symbol “$” shall be to Australian currency and all references to cost, value and price shall be to cost,
value and price expressed in Australian currency; 

  

	 	(h)	writing and any reference to an advice, consent or approval includes facsimile transmission and recording or communicating by electronic or similar means;

  

	 	(i)	a signature includes a copied, stamped or electronic signature; and 

  

	 	(j)	headings are for convenience only and do not affect interpretation, 

  

	1.3	Acts by Others 

 For the purposes of the Policy, the
receipt of any monies by the Insured, the doing of any act or thing, or the omission to do any act or thing, by the Insured shall include the receipt of those monies and the doing of the act or thing or the omission to do the act or thing by any
other Insured or by the Mortgage Manager. 
  

	1.4	Approval, Consent or Agreement of the Insurer 

 Where the approval, consent or agreement of the Insurer is required under the Policy then: 
  

	 	(a)	unless it is expressed that the approval, consent or agreement is in the absolute discretion of the Insurer or the contrary intention otherwise appears, the Insurer shall act
reasonably in giving or refusing to give that approval or consent or in agreeing or not agreeing; and 

  

	 	(b)	the Insurer shall not be taken to have given its approval, consent or agreement unless it has done so in writing or it is recorded in the Certificate of Insurance in respect of the
Insured Loan. 

  

	1.5	Trustee Provisions 

  

	 	(a)	The Second Insured enters into this Master Policy and holds the benefit of each Policy only in its capacity as trustee of the Trust and in no other capacity. A liability arising
under or obligation of the Second Insured to pay_money under or in connection with this Master Policy and each Policy is limited to and can be enforced against the Second Insured only to the extent to which it can be satisfied out of the property of
the Trust out of which the Second Insured is actually indemnified for the liability. This limitation of the Second Insured’s liability or_obligations under this Policy applies despite any other provision of this Master Policy and each
Policy_and extends to all liabilities and obligations in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Master Policy and each Policy; 

  

	 	(b)	The Insurer may not sue the Second Insured in any capacity other than as trustee of the Trust, including seeking the appointment of a receiver (except in relation to the property of
the Trust), a liquidator, an administrator or any similar person to the Second Insured or prove in any liquidation, administration or arrangement of, or affecting the Second Insured (except in relation to the property of the Trust);

  

	 	(c)	The provisions of this clause 1.5 shall not apply to any obligation or liability of the Second Insured to the extent that it is not actually indemnified for the obligation or
liability as a result of the Second Insured’s fraud, negligence or Wilful Default. 

  

	 	(d)	In these circumstances it is agreed that the Second Insured cannot be regarded as being negligent, fraudulent or as having commited a Wilful default to the extent to which any
failure by the Second Insured to satisfy its liabilities and obligations under this Master Policy and each 

  
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 Policy has been caused or contributed to by a failure by the Mortgage Manager, the First Insured or the
Trust Manager (being the Trust Manager referred to in the Master Trust Deed and Series Notice detailed in the Schedule) or any other person (other than a person in respect of which the Second Insured is liable for their acts or omissions under such
Master Trust Deed or Series Notice) to fulfil obligations in relation to the Trust or by any other act or omission of the Mortgage Manager, the_Trust Manager, the Servicer and the First Insured or any other person. 
  

	 	(e)	The Second Insured is not obliged to do or refrain from doing anything under this Policy (including incur any liability) unless the Second Insured’s liability is limited in the
same manner as set out in paragraphs (a) to (d) of this clause. 

  

	 	(f)	The Insurer acknowledges that the duties and obligations owed by the Second Insured to the Insurer in relation to the management of Insured Loans which duties and obligations arise
under or in relation to this Master Policy or under a Policy may be met by a Mortgage Manager or the First Insured acting on behalf of the Second Insured. The Second Insured acknowledges that the Insurer may refuse or reduce claims and/or avoid the
Master Policy or a Policy or exercise any other rights the Insurer may have on the basis that any acts, defaults or omissions of a Mortgage Manager will be taken to be acts, defaults or omissions of the Insured. This sub-paragraph does not affect
the Second Insured’s limitation of liability as set out in the sub-paragraphs above. 

  

	 	(g)	For the avoidance of doubt, nothing in this clause affect’s the Insurer’s rights under a Policy, or under the Insurance Contracts Act, to avoid or reduce a claim which may
be made by, or on behalf of, the Second Insured under a Policy (or to obtain a declaration or any order to that effect). 

  

	1.6	Credit Provider 

 If the Credit Code applies to an
Insured Loan in respect of which the insured is the Second Insured and the Second Insured is not the credit provider for the purposes of the Credit Code then: 
  

	 	(a)	at all times the Second Insured must be entitled to require the credit provider to do such acts or things or not to do such acts or things as may be required under this Policy which
may only be done or not done by the credit provider; and 

  

	 	(b)	it shall require the credit provider to do or not do those acts or things as may be required to be done or not done by the Second Insured under this Policy if it was the credit
provider or failing that, take whatever steps are necessary to become the credit provider under the Insured Loan. 

  

	1.7	Goods and Services Tax 

 The Insurer shall provide a
tax invoice to the First Insured as required by A New Tax System (Goods and Services Tax) Act 1999 and the Insurer confirms that the premium has been calculated having regard to the requirements of the Trade Practices Act 1974. 
  

	2.	COVER PROVIDED BY THE POLICY 

  

	2.1	Period of Insurance 

 The Policy in respect of an
Insured Loan applies: 
  

	 	(a)	in the case of the First Insured, from the Effective Date until the earliest of: 

  

	 	(i)	if the Insured Loan and the Mortgage securing the Insured Loan is beneficially assigned to the Second Insured - midnight on the day immediately preceding such assignment; or

  

	 	(ii)	the date the Insured Loan or the Mortgage securing the Insured Loan is assigned, transferred or mortgaged to a person other than to a person who is or becomes an Insured; or

  

	 	(iii)	the date the Insured Loan is repaid in full; or 

  
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	 	(iv)	the date the Insured Loan ceases to be secured by the Mortgage (other than in the case where the Mortgage is discharged by the operation of a compulsory acquisition or sale by a
government for public purposes); or 

  

	 	(v)	the expiry date as set out in the Certificate of Insurance or as extended with the written consent of the Insurer or as varied by a court under the Credit Code; or

  

	 	(vi)	the date the Policy is cancelled in respect of the Insured Loan in accordance with the Policy; and 

  

	 	(b)	in the case of the Second Insured, on and from the date the Insured Loan and the Mortgage securing the Insured Loan are beneficially assigned to it until the earliest of:

  

	 	(i)	the date the Insured Loan or the Mortgage securing the Insured Loan is assigned, transferred or mortgaged to a person other than to a person who is or becomes an Insured; or

  

	 	(ii)	the date the Insured Loan is repaid in full; or 

  

	 	(iii)	the date the Insured Loan ceases to be secured by the Mortgage (other than in the case where the Mortgage is discharged by the operation of a compulsory acquisition or sale by a
government for public purposes); or 

  

	 	(iv)	the expiry date set out in the Certificate of Insurance, or as extended with the consent of the Insurer or as varied by a court under the Credit Code; or 

 

	 	(v)	the date the Policy is cancelled in respect of the Insured Loan in accordance with the Policy. 

 Note: in this provision a court includes a Court as defined under the Credit Code 
  

	2.2	Cover in respect of the Insured Loan 

 In accordance
with the Policy, the Insurer shall pay to the Insured the loss in respect of that Insured Loan if the Loss Date occurs in respect of that Insured Loan. Such loss will be calculated in accordance with clause 3. 
  

	2.3	Cover in respect of Timely Payment Cover 

 In
accordance with the Policy, and where the Schedule states that Timely Payment Cover applies, the Insurer shall pay to the Insured the loss in respect of a Repayment Instalment if: 
  

	 	(a)	the Borrower fails to pay all or part of a Repayment Instalment due under an Insured Loan; and 

  

	 	(b)	that failure continues for 14 days after the due date for payment. 

 Such loss will be calculated in accordance with clause 4. 
  

	3.	CALCULATION OF LOSS IN RESPECT OF THE LOAN 

  

	3.1	Loss in respect of an Insured Loan 

 The loss in
respect of an Insured Loan is the amount outstanding less the deductions calculated under this clause as at the Loss Date, or where clause 3.4 applies calculated in accordance with that clause. 
  

	3.2	Amount outstanding 

 The amount outstanding is the
aggregate of: 
  

	 	(a)	the Loan Amount together with any interest fees or charges (whether capitalised or not), that are outstanding at the Loss Date; 

  
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	 	(b)	fees and charges paid or incurred by the Insured ; and 

  

	 	(c)	such other amounts (including fines or penalties) which the Insurer in its absolute discretion approves, 

 which the Insured is entitled to recover under the Insured Loan Contract or any Mortgage Guarantee.  
  

	3.3	Deductions 

 The deduction to be made from the
amount outstanding is the aggregate of: 
  

	 	(a)	where the Property is sold, the sale price or where the property is compulsorily acquired the amount of compensation less any amount required to discharge any Approved Prior
Mortgage; 

  

	 	(b)	where foreclosure action occurs, the value of the Insured’s interest in the Property (treating the Insured’s interest as including the interest of any prior Mortgagee who
is not an Approved Prior Mortgagee); 

  

	 	(c)	any amount received by the Insured under any Collateral Security; 

  

	 	(d)	all amounts paid to the Insured: 

  

	 	(i)	by way of rents, profits or proceeds in relation to the Property; or 

  

	 	(ii)	under any policy of insurance relating to the Property and not applied in restoration or repair; 

  

	 	(e)	any interest whether capitalised or not that exceeds interest at the Standard Rate; 

 Note: if the Credit Code applies to the loan then any interest greater than the interest calculated and accrued at the Standard Rate in accordance with the provisions of the Credit Code shall be
excluded. 
  

	 	(f)	any fees or charges whether capitalised or not, that are not of a type specified in the Schedule or which exceed the maximum amounts specified below: 

  

	 	(i)	premiums for Approved General Insurance Policies, levies and other charges payable to a body corporate under a strata title system, rates, taxes and other statutory charges;

  

	 	(ii)	reasonable and necessary legal and other fees and disbursements of enforcing or protecting the Insured’s rights under the Insured Loan Contract, up to the maximum amount stated
in the Schedule; 

  

	 	(iii)	repair, maintenance and protection of the Property, up to the maximum amount or proportion of the value of the Property stated in the Schedule; and 

  

	 	(iv)	reasonable costs of the sale of the Property by the Insured, up to the maximum amount stated in the Schedule; 

 Note: if the Credit Code applies to the Insured Loan then fees and charges that exceed the fees and charges recoverable under the Credit
Code (less any amount that must be accounted for to the Borrower or the Mortgagor) shall be excluded. 
  

	 	(g)	losses directly arising out of physical damage to the Property other than: 

  

	 	(i)	losses arising from fair, wear and tear; or 

  

	 	(ii)	losses which were recovered and applied in the restoration or repair of the Property prior to the Loss Date or which were recovered under a policy of insurance and were applied to
reduce the amount outstanding under the Insured Loan; 

  
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	 	(h)	any amounts by which a claim may be reduced under the Policy; and 

  

	 	(i)	any deductible or other amount specified in the Schedule. 

  

	3.4	Unrecouped Timely Payment Cover claim 

 If prior to
the Loss Date the Insurer has paid a claim for loss in respect of Timely Payment Cover and that claim together with interest due in respect of that claim has not been repaid to the Insurer in accordance with clause 7.9(a) then the amount of
the unrecouped Timely Payment Cover claim as at the Loss Date shall be a deduction calculated under clause 3.3. 
  

	3.5	Maximum payable under Limited Cover policy 

 If the
Certificate of Insurance states that the Policy provides “Limited Cover” the maximum amount payable by the Insurer shall not exceed the percentage of the Loan Amount specified in the Certificate of Insurance. 
  

	3.6	Credit Code 

 If the Credit Code applies to the
Insured Loan then: 
  

	 	(a)	the amount outstanding calculated under clause 3.2 shall not exceed the amount required to pay out the Insured Loan as calculated in accordance with the provisions of the Credit
Code at the last date prior to the Loss Date on which such payment could be made less any interest whether capitalised or not that exceeds the Standard Rate, and if after payment of a claim by the Insurer it is determined that no amount or a lesser
amount was payable immediately preceding the Loss Date then the First Insured shall immediately advise the Insurer and promptly pay to the Insurer any overpayment by the Insurer; and 

 Note: the maximum amount will normally be the amount calculated under section 75 of the Credit Code. 
  

	 	(b)	if any application is made to a court under the Credit Code in respect of the Insured Loan after a Default or any application has been made prior to a Default that has not been
finally disposed of prior to that Default then no claim shall be payable until the application has been finally disposed of. 

 Note: in this provision a court includes a Court as defined under the Credit Code. The type of application to which this provision may apply is an application under section 68, 69, 70, 72, 77, 88, 101, 102, 107, or 114 of
the Credit Code as veil as other proceedings under the Code. 
  

	3.7	Aggregate Claims Exposure 

 Notwithstanding any
other provision of this Master Policy the maximum liability of the Insurer for all claims under this Master Policy shall in the aggregate not exceed the amount if any specified in the Schedule, 
  

	4.	CALCULATION OF LOSS IN RESPECT OF TIMELY PAYMENT COVER 

  

	4.1	Loss in respect of a single Repayment Instalment 

 The amount of the Insured’s loss in respect of a Repayment Instalment is the amount by which the amount received by the Insured on account of that Repayment Instalment is less than the amount of that Repayment Instalment calculated at
the Standard Rate, less - 
  

	 	(a)	any amount by which a claim may be reduced under the Policy; or 

  

	 	(b)	any deductible or other amount specified in the Schedule. 

  
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	4.2	Aggregate limit and reinstatement 

 The aggregate
amount payable in respect of all losses in respect of Repayment Instalments under the Policy shall not exceed the amount specified in or calculated in accordance with the method set out in the Schedule and that aggregate shall be reinstated by any
amounts subsequently repaid or reimbursed to the Insurer. 
  

	4.3	Extension of cover beyond the maturity date 

 If at
the end of the term of the Insured Loan in respect of which Repayment Instalments are for interest only, all or part of the Loan Amount remains outstanding then for the purpose of the insurance for a loss in respect of a Repayment Instalment, an
obligation to make Repayment Instalments under the Insured Loan Contract of interest only calculated at the Standard Rate applicable at the end of the term shall be deemed to continue: 
  

	 	(a)	at the repayment intervals specified under Insured Loan Contract; 

  

	 	(b)	until the first to occur of the repayment of that Insured Loan or the expiration of six months from the end of the term of the Insured Loan. 

  

	4.4	Credit Code limits 

 If the Credit Code applies to
the Insured Loan then the maximum loss in respect of a Repayment Instalment shall be the amount of the Repayment Instalment calculated in accordance with the provisions of the Credit Code as if that Repayment Instalment was paid on the due date and
if after payment by the Insurer of a loss in respect of a Repayment Instalment it is determined that no amount or a lesser amount was payable by the Borrower in respect of that Repayment Instalment then the First Insured shall immediately advise the
Insurer of that fact and promptly repay to the Insurer the difference between the amount paid by the Insurer in respect of the loss and the amount payable in accordance with the provisions of the Credit Code. 
 Note: the Repayment Instalment must be calculated in accordance with the Credit Code without any default interest. 
  

	5.	REPORTING OBLIGATIONS 

  

	5.1	Notice of default 

 Within 14 days after the end of
each month the First Insured must inform the Insurer if at the end of month: 
  

	 	(a)	where Repayment Instalments are payable monthly or more frequently, an amount due by the Borrower by way of interest or otherwise in respect of an Insured Loan which equals or
exceeds the sum of Repayment Instalments payable in a period of 3 months; and 

  

	 	(b)	in any other case, an amount due by the Borrower in respect of an Insured Loan has remained unpaid for one month, 

 and must furnish such further information as the Insurer requests. 
  

	5.2	General reports on all Insured Loans 

 The First
Insured must, within 28 days of receiving a written request from the Insurer, provide the Insurer with a status report which sets out: 
  

	 	(a)	all Insured Loans or all Insured Loans of a particular type or location insured under a Policy issued under this Master Policy; 

  

	 	(b)	the Scheduled Balance in respect of those Insured Loans; 

  

	 	(c)	the amount outstanding under each of those Insured Loans; and 

  
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	 	(d)	other information about those Insured Loans, the Insured Loan Contracts, any Mortgage Guarantees or Collateral Securities as the Insurer reasonably requests.

 The Insurer may request a status report under this clause no more than twice a year. 
  

	5.3	Reports relating to fixed term loans 

 Where the
Policy applies to an Insured Loan with a fixed term at the end of which the Loan Amount or any part of it that remains outstanding is to be repaid then, if the Borrower fails to repay the Loan Amount or that part of it on or before the end of the
term, the First Insured shall within 14 days of the end of the term notify the Insurer of the default. 
  

	5.4	Reports relating to the Borrower, Mortgagor, Mortgage Guarantor or the Property 

 The First Insured must as soon as possible and, in any event, not later than 14 days after it becomes aware of the relevant facts, inform the Insurer in writing of the following events: 
  

	 	(a)	the institution of proceedings for the bankruptcy or winding up of the Borrower, the Mortgagor, any Mortgage Guarantor or the provider of any Collateral Security;

  

	 	(b)	any material failure of the Borrower, the Mortgagor, the Mortgage Guarantor or the provider of any Collateral Security to observe, comply with or perform any of their obligations or
covenants contained in an Insured Loan Contract, the Mortgage, the Mortgage Guarantee or the Collateral Security other than those relating to payment of amounts due by the Borrower in respect of the Insured Loan; 

  

	 	(c)	the taking of possession of the Property by the Insured or any other person (including the date of possession); 

  

	 	(d)	if the Credit Code applies to the Insured Loan: 

  

	 	(i)	any request to materially vary the terms of the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security or to postpone any enforcement proceedings;

 Note: a request under this provision will include a request under section 66, 69 or 86. Enforcement
proceedings has the same meaning that the term has under the Credit Code. 
  

	 	(ii)	any application made in respect of the Insured Loan to a court and any order of that court; 

 Note: in this provision a court includes a Court as defined under the Credit Code. The type of application to which this provision may
apply is an application under section 68, 69, 70, 72, 77, 88, 101, 102, 107, or 114 of the Credit Code as well as other proceedings under the Code. 
  

	 	(iii)	if the Insured becomes aware or, in the ordinary course of business ought to be aware that the terms of the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security,
or any act or omission of the Insured, may constitute a contravention of the Credit Code, 

 and must furnish to the Insurer
such further information about the events as the Insurer requests. 
  

	5.5	Reports relating to a Prior Mortgage 

 Where a
Mortgage is not a first mortgage, the First Insured must as soon as possible and, in any event, not later than 14 days after it becomes aware, or in the ordinary course of business ought to become aware of the relevant facts, notify the Insurer if:

  

	 	(a)	the Mortgagor has failed to observe or comply with any of the Mortgagor’s obligations or covenants contained in any prior mortgage; 

  
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	 	(b)	a prior mortgagee has entered into possession of the Property or sold it or commenced foreclosure action or commenced proceedings against the Mortgagor for recovery of any amounts
owing under the prior mortgage, or proposes to exercise any of these remedies; or 

  

	 	(c)	the principal amount owing under a prior mortgage has increased since the date of the Acceptance Advice. 

  

	5.6	Periodic Reporting of Discharges 

 The First Insured
shall provide a report to the Insurer on a six monthly basis providing details of all Insured Loans, which have been discharged in the previous period and in respect of which the Insured Loan Contract can be cancelled. 
  

	5.7	Form of reports 

 The Insurer may require the
notices and reports required under this clause to be in a form approved by the Insurer. 
  

	6.	EXERCISE OF REMEDIES 

  

	6.1	Insurer notification 

 The Insured must not, without
prior notice to the Insurer: 
  

	 	(a)	enter into possession of the Property, sell it, take foreclosure action or appoint any receiver or manager of the Property; 

  

	 	(b)	commence any legal proceedings in relation to the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security; or 

  

	 	(c)	if the Credit Code applies to the Insured Loan Contract, take any enforcement proceedings or make any application to a court in relation to the Insured Loan Contract, any Mortgage
Guarantee or any Collateral Security. 

 Note: enforcement proceedings has the same meaning as that term has
under the Credit Code. A court includes any Court as defined under the Credit Code. Applications to a court may include applications under section 101 or 102 of the Credit Code. 
  

	6.2	The Insurer may require steps to be taken 

  

	 	(a)	If the Insurer becomes aware (by reason of a report or otherwise) of an actual or alleged contravention of a key requirement under the Credit Code the Insurer may request the First
Insured to engage (at the First Insured’s expense) an expert (acting as an expert and not an arbitrator) to advise in writing whether there is such a contravention, if so, its effect and how best to stop it. 

 In this clause 6.2(a), “expert” means: 
  

	 	(i)	a person agreed between the Insurer and the First Insured; or 

  

	 	(ii)	failing agreement after such a notice is given to the First Insured, a barrister or solicitor of at least 7 years standing practicing in the Supreme Court of a State or Territory of
Australia who is chosen by the President for the time being of the Law Society. 

 The First Insured may not unreasonably refuse
to comply with such a request, shall promptly and diligently brief the expert (with due regard to the interests of, and any material provided by, the Insurer) and shall promptly provide to the Insurer a copy of the expert’s written advice.

  

	 	(b)	If the Insurer becomes aware (by reason of a report or otherwise) of any actual or alleged contravention of the Insured Loan Contract, any Mortgage Guarantee or any Collateral
Security, then the Insurer may require the First Insured to take such steps as it notifies to the First Insured that are in the Insurer’s reasonable opinion in accordance with generally accepted prudent mortgage enforcement practice.

  
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	6.3	Due Care 

 The First Insured must promptly and
diligently take and pursue all action as is required by or notified to the Insurer under this clause, and shall have due regard to the interests of the Insurer in exercising or not exercising any power, right or remedy under the Insured Loan
Contract any Collateral Security or under any law including the Credit Code. 
  

	7.	CLAIMS 

  

	7.1	Form of claim 

 All claims must be in a form and be
accompanied by documents or information required by the Insurer. 
  

	7.2	Information 

 All information provided in relation
to a claim must be provided honestly and frankly. 
  

	7.3	Timing of claim in respect of the Loan 

 A claim for
a loss in respect of an Insured Loan must be lodged within 28 days after the Loss Date unless in its absolute discretion the Insurer otherwise agrees. Where a claim is not lodged within 28 days after the Loss Date the claim shall be reduced for any
loss and damage the Insurer suffers by reason of the delay in lodgment of the claim. 
  

	7.4	Timing of claim in respect of a Repayment Instalment 

 A claim for the Insured’s loss in respect of a Repayment Instalment shall only be made following 14 days or more after the due date for payment of that Repayment Instalment by the Borrower. 
  

	7.5	Payment of a claim 

 Payment by the Insurer in
settlement of a claim will be made to the Insured within 14 days of the Insurer’s receipt of the completed claim form and supporting information and documents. 
  

	7.6	Interest on claims 

 The Insurer will pay interest
on the amount of the claim admitted by the Insurer at the Standard Rate to the earliest of: 
  

	 	a)	30 days after the date of completion of the sale of the Property; or 

  

	 	b)	the date of payment of the claim by the Insurer. 

  

	7.7	The Insurer may determine to pay a claim 

 Following
a Default which remains unremedied for at least 6 months then the Insurer may in its absolute discretion give notice to the Insured that it will pay the claim for the loss in respect of that Insured Loan (whether or not a claim has been made) on a
date specified in the notice (being a date not less than 14 days after the date of the notice) which date shall be the Loss Date. 
  

	7.8	Terms and condition of payment of a claim 

 Upon
payment of a claim for a loss in respect of an Insured Loan the Insurer shall be subrogated to all the rights and interests of the Insured in respect of the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security and where the
Insurer has agreed or determined to pay a claim or agreed to acquire an Insured Loan under this clause, that agreement or determination shall be on all or any of the following conditions as determined by the Insurer: 
  

	 	(a)	the Insured Loan Contract, any Mortgage Guarantee and any Collateral Security is transferred or assigned to the Insurer or its nominee at the Insured’s expense;

  
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	 	(b)	the Insured delivers to the Insurer a power of attorney in a form agreed to between the Insured and the Insurer and to the extent permitted by law under which the Insurer or
nominated officers of the Insurer are severally and irrevocably constituted as the attorneys of the Insured to exercise, at the Insurer’s discretion, all or any of the rights and powers of the Insured in relation to the Insured Loan Contract,
any Mortgage Guarantee or any Collateral Security; or 

  

	 	(c)	the Insured takes such action (including legal proceedings) in relation to the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security as the Insurer requests; and

  

	 	(d)	the Insured gives to the Insurer such certificates and undertakings as are necessary in the opinion of the Insurer to establish that the Insured Loan Contract, any Mortgage
Guarantee or any Collateral Security is valid and subsisting and that the relevant rights of the Insured remain undiminished and unimpaired. 

  

	7.9	Reimbursement of claims paid 

 All amounts received
by the Insured on account of an Insured Loan (including any amount paid on account of any Additional Advance) or the Property after the date on which any claim is made under this Master Policy (whether upon the exercise of powers following a Default
or otherwise) must be notified to the Insurer immediately and such amounts are held on trust for the Insurer to be: 
  

	 	a)	firstly, where the Insurer has wholly or partly paid a claim, paid by the Insured to the Insurer until the amount so paid is equal to the amount paid by the Insurer under the Policy
in respect of that Insured Loan; and 

  

	 	b)	secondly, applied to reduce the balance of the amount payable by the Insurer under the Policy in respect of that Insured loan. 

  

	7.10	Insured in breach of the Policy 

 The Insurer may
refuse or reduce any claim for loss in respect of an Insured Loan or a Repayment Instalment by the amount that fairly represents the extent to which the Insurer’s interests have been prejudiced by the Insured’s failure to comply with any
condition, provision or requirement of the Policy. 
  

	8.	ACCOUNTING FOR CLAIMS PAID IN RESPECT OF TIMELY PAYMENT COVER 

  

	8.1	Accounting for Policy 

 For the purposes of the
Policy only, all amounts received by the Insured on account of an Insured Loan (including any amount paid on account of any Additional Advance) after a claim for the Insured’s loss in respect of any Repayment Instalment has been paid will be
first appropriated and credited to Repayment Instalments (and interest on those Repayment Instalments at the Standard Rate) for which claims have been paid and: 
  

	 	(a)	where claims have been paid in respect of several Repayment Instalments, such amounts must be appropriated to those Repayment Instalments and interest on those Repayment Instalments
in the order in which those Repayment Instalments became payable by the Borrower; and 

  

	 	(b)	any amount so appropriated and credited to a particular Repayment Instalment or interest on that Repayment Instalment will be deemed for the purposes of this clause to have been
received by the Insured on account of that Repayment Instalment or interest on it as the case may be. 

  

	8.2	No diminishing of rights against the Borrower or Mortgagor 

 The Insured must not accept or deal with any amount received from the Insurer pursuant to a claim made in respect of the Insured Loan or in respect of a Repayment Instalment or otherwise act in any way so as to extinguish or diminish its
right to claim against the Borrower, the Mortgage Guarantor, the Mortgagor or any person providing any Collateral Security for the whole of any claim. 
  
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	9.	CONDITIONS 

  

	9.1	Action requiring the Insurer’s consent 

 The
Insured must not, without prior approval of the Insurer: 
  

	 	(a)	make any Additional Advance upon the security of the Property that ranks for payment ahead of the Insured Loan; 

  

	 	(b)	materially alter the terms of the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security, other than an alteration made in accordance with section 66 or 68 of the
Credit Code; 

  

	 	(c)	allow its rights to be reduced against the Borrower, the Mortgagor, any Mortgage Guarantor, any provider of any Collateral Security or the Property by compromise, postponement,
partial discharge or otherwise; 

  

	 	(d)	approve any transfer or assignment of the Property without full discharge of the Insured Loan; 

  

	 	(e)	contravene any provision of the Policy; 

  

	 	(f)	consent to a further advance by an Approved Prior Mortgagee upon the security of the Approved Prior Mortgage; 

  

	9.2	The Insurer’s other requirements 

 The First
Insured must: 
  

	 	(a)	pay any premium within 28 days of the due date as specified in the Schedule; 

  

	 	(b)	not make any representation or statement (deemed or otherwise) in relation to a proposal that is incorrect or breach the duty of disclosure; 

  

	 	(c)	ensure there is a condition in the Insured Loan Contract that the Property is kept insured under an Approved General Insurance Policy and specifying in case of a failure to do so
that the Insured may insure the Property under an Approved General Insurance Policy at the cost and expense of the Borrower or the Mortgagor and not advance any part of the Insured Loan to the Borrower before the Property is so insured;

  

	 	(d)	where a Mortgage is not a first mortgage, take such action as the Insurer may require to oppose any application by any prior mortgagee for foreclosure against the Mortgagor and the
Insured. 

  

	 	(e)	ensure the Mortgage has been duly registered with the land titles office in the State or Territory in which the Property is situated; 

 Note: The Insurer shall not consider it to be a breach of this provision if the Mortgage has been lodged for registration in accordance
with the normal practice of the jurisdiction and it has not been rejected. 
  

	 	(f)	ensure the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security is duly stamped in each relevant State or Territory; 

 Note: The Insurer shall not consider it to be a breach of this provision if all steps required by the relevant State or Territory stamp
office have been taken and the Insured pays stamp duty vhen it falls due, 
  

	 	(g)	if an Insured Loan is for the purpose of (either solely or partly) or in connection with, the construction, refurbishment or renovation of any building the Insured must not, other
than in accordance with the Lending Guidelines, make any advance: 

  
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	 	(i)	before the Borrower (and the Mortgagor if not the Borrower) and the builder have entered into a contract which precludes the Borrower (and the Mortgagor if not the Borrower) from
being charged more than a specified price inclusive of all expenses other than those incurred in respect of additional work or variations authorised in writing by the Borrower (and the Mortgagor if not the Borrower); 

 Note: The specified price must not exceed the price stated in the Acceptance Advice without the approval of the Insurer and the Insured
Loan Contract must not permit the Borrower (and the Mortgagor if not the Borrower) to authorise any additional work without the consent of the Insured. 
  

	 	(ii)	intended to be paid to the builder before one of the Insured’s officers or a competent third party has inspected the building to ensure that construction is sound and
substantially in accordance with plans and specifications and that the payment is appropriate having regard to the progress of construction; 

  

	 	(iii)	after a Default without the approval of the Insurer. 

  

	 	(i)	notify the Insurer of any Additional Advance made on the security of the Property, and where the Additional Advance is an Approved Additional Advance pay any additional premium
required by the Insurer. 

 The Second Insured must: 
  

	 	a)	not make any representation or statement (deemed or otherwise) in relation to a proposal that is incorrect or breach the duty of disclosure; 

  

	 	b)	ensure there is a Mortgage Manager in respect of the Insured Loan at all times if the Insured does not manage and administer the Insured Loan or is not a lender approved by the
Insurer; 

  

	 	c)	where a Mortgage is not a first mortgage, take such action as the Insurer may require, subject to appropriate indemnification, to oppose any application by any prior mortgagee for
foreclosure against the Mortgagor and the Insured. 

  

	10.	EXCLUSIONS 

 This Policy does not cover any loss
arising from: 
  

	 	(a)	any war or warlike activities; 

  

	 	(b)	the use, existence or escape of nuclear weapons material or ionizing radiation from or contamination by radioactivity from any nuclear fuel or nuclear waste from the combustion of
nuclear fuel; 

  

	 	(c)	the existence or escape of any pollution or environmentally hazardous material; 

  

	 	(d)	the fact that the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security is void or unenforceable; or 

  

	 	(e)	where the Credit Code applies, any failure of the Insured Loan Contract, any Mortgage Guarantee or any Collateral Security to comply with the requirements of the Credit Code,

  

	11.	CANCELLATION OF THE POLICY 

  

	11.1	Cancellation by the Insurer 

 If the Insurer is so
entitled, it may cancel a Policy issued under this Master Policy by notice to the Insured without any refund of premium. 
  

	11.2	Cancellation by the Insured 

 The Insured may cancel
a Policy issued under this Master Policy by notice to the Insurer. 
  
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Financial Mortgage Insurance Pty Limited, ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc. 

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 Note: if the Insured Loan is fully discharged and the Insurer is notified within 3
months of that date it may refund such part of the premium as it determines. 
  

	12.	AUDIT AND ACCURACY OF LOAN PARTICULARS 

  

	12.1	Audit 

 The Insurer (or its nominee) at its cost,
and after giving the Insured at least 14 days notice, may audit all or any of the Insured Loan Contracts, insured under the Master Policy and for this purpose the Insured shall co-operate with and provide reasonable assistance to the Insurer or its
nominee and provide security packets and all files relating to the Insured Loan Contracts to be audited. 
  

	12.2	Loan Particulars 

 The Insured acknowledges that the
Insurer has not audited a sample of the Insured Loan Contracts and is relying on the accuracy and completeness of the schedule of loan particulars for Insured Loans contained in the disc and labeled Schedule of Insured Loan Contracts. The Insured
represents and warrants to the Insurer that the Schedule of Insured Loan Contracts is an accurate and complete summary of the prescribed details of each of the Insured Loans in all material respects and that each of the Insured Loans complies fully
with the provisions of the Insured’s credit policy, a copy of which is annexed hereto and marked with the letter ‘A’. The Insured acknowledges and agrees that the Insurer may adjust or deny a claim to reflect the extent to which it
was fairly prejudiced as a result of: 
  

	 	a)	the loan particulars contained in the Schedule of Insured Loan Contracts being inaccurate and/or incomplete; and 

  

	 	b)	any Insured Loan not complying fully with the provisions of the Insured’s credit policy, a copy of which is annexed hereto and marked with the letter ‘A’.

  

	13.	ASSIGNMENT OF POLICY 

  

	13.1	General 

 Subject to clause 13.2, the Insurer
consents to the assignment of policies by Second Insured to a trust or to the First Insured, if 
  

	 	(a)	The Second Insured is the trustee of the trust that the policies are assigned to; 

  

	 	(b)	The First Insured is the Mortgage Manager or exercises control of the Mortgage Manager of the trust that the policies are assigned to, and 

  

	 	(c)	The Insured is notified of the assignment within 6 months from the date of the assignment. 

 Note: if the Credit Code applies to the Insured Loan then the Insurer’s consent will not be given unless the Insurer is satisfied
that the assignee is reasonably capable of complying with the Credit Code. 
  

	13.2	Second Insured 

 The Insurer acknowledges and agrees
that an Insured Loan may be beneficially assigned to the Second Insured notwithstanding that the Repayment Instalments under that Insured Loan are in arrears or that there is Default by a mortgagor in relation to that Insured Loan and upon
assignment of any Insured Loan under this sub-clause, the Policy in relation to that Insured Loan shall be for the benefit of the assignee subject to any rights, entitlements or defences that may have arisen prior to the assignment. 
  

	14.	GOVERNING LAW 

 This Policy is governed by the laws
of the State of New South Wales. 
  
 Genworth Financial Mortgage Insurance Pty
Limited, ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc. 

  

 Schedule 
 Approved Additional Advance - is in respect of a loan insured under this Master Policy: 
  

	 	a)	any Additional Advance which is approved for insurance by the Insurer subject to the payment of an additional premium; or 

  

	 	b)	any Loan Redraw. 

 Due Date – for the purposes of clause
9.2(a) of this Master Policy, the Due Date is the date on which cover under this Master Policy commences. 
 Benefit of Policy – if the Insured
Loan ceases to be held by the Second Insured (in its capacity as trustee of the Trust) but is instead held by the First Insured as acting trustee, the First Insured will be entitled to the benefit of the Policy relating to the Insured Loan subject
to the Insurer receiving advice of the Insured Loan being so held within 28 days of this occurring. 
 Special Condition – Existing Insured Loans

 In respect of any Existing Insured Loans where there is insurance issued by the Commonwealth of Australia, the First Insured agrees that it will
provide reports in respect of that Existing Insured Loan as if the provisions of clause 5 of this Master Policy were incorporated into and were part of the policy issued by the Commonwealth of Australia. 
 It is agreed by the Insurer that in the event of any inconsistency between the Master Policy wording and the Schedule, with regard to the definition of Insurer, the
Special Condition - Existing Insured Loans or the definition of Effective Date, for the purposes of this Master Policy the provisions of the Schedule will prevail. 
 Where an Existing Insured Loan is insured under a policy issued by GE Mortgage Insurance Company Pty Ltd , then on and from the date that this Master Policy insures that loan the previous policy issued shall be cancelled and the terms of
the insurance shall be governed by the terms and conditions of this Master Policy. 
 Loan Redraw - For the purposes of this Master Policy any loan
redraw made under an Insured Loan Contract is an Approved Additional Advance. A loan redraw means, in respect of any loan not repaid in full, a redraw of repaid principal, where following the redraw the Loan Amount does not exceed the Scheduled
Balance. No additional premium is payable to the Insurer in respect of a loan redraw. Any loan redraw will be deemed to have been notified to the Insurer in accordance with clause 5.2(i) of this Master Policy. 
 Premiums, Levies, Charges, Rates, Taxes 
  

	 	•	 	 Approved General Insurance Premium – any general insurance premium the Insured has paid to cover the security against physical damage. Note that any
premium refund the Insured receives shall be deducted from the amount outstanding. 

  

	 	•	 	 Rates – Municipal - Any Council rates paid to facilitate sale of the security. Note that any refund received should be deducted from the amount
outstanding and that Rates incurred before the loan was drawn down shall also be deducted from the amount outstanding. 

  

	 	•	 	 Rates – Water - Any Water rates paid to facilitate sale of the security. Note that any refund received should be deducted from the amount outstanding
and that Rates incurred before the loan was drawn down shall also be deducted from the amount outstanding, 

  

	 	•	 	 Strata Levies - Any strata levies paid to the Body Corporate. Note that any refund received should be deducted from the amount outstanding and that strata
levies incurred before the loan was drawn down shall also be deducted from the amount outstanding. 

 Legal and Enforcement –
up to a maximum of $5,000 unless otherwise approved in writing by the Insurer. Mercantile agent fees and other Collection costs are included within this limit. 
 Repair, Maintenance and Protection – up to a maximum of $2,000 unless otherwise approved in writing by the Insurer. This limit includes locksmiths, repairs, maintenance, cleaning, protection and storage. 
  
 Genworth Financial Mortgage Insurance Pty Limited, ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc. 

  

 Schedule 
 Sale Costs 
  

	 	•	 	 Sale Costs and Agent’s fees - $1,000 plus the lesser of 3% of the sale price and $25,000 unless otherwise approved in writing by the Insurer. This limit
includes auction expenses and advertising. 

  

	 	•	 	 Valuation costs – Up to a maximum of $500 unless otherwise approved in writing by the Insurer. 

  

	 	•	 	 Property presenters - Up to the lesser of $1,500 or 1% of the sale price. 

 Other Fees and Charges 
  

	 	•	 	 Registration fees on discharge of mortgage are not covered 

  

	 	•	 	 Payment dishonour fees - Up to a maximum of $130. Note that this covers fees charged to the lender, not fees charged by the lender to the borrower.
Fees charged by the lender to the borrower shall be deducted from the amount outstanding. 

 Trust means the Series 2007-1G WST
Trust created pursuant to Master Trust Deed dated 14 February 1997 and Notice of Creation of Trust dated 23 May 2007 between Westpac Securitisation Management Pty Limited and JP Morgan Trust Australia Limited (ABN 49 050 294 052).

 Refund of Premium - To be based on the Insurer’s standard refund policy in force from time to time.  
 Timely Payment Cover does not apply to any loan insured under this Master Policy. 
 Variations – Any variation to an Insured Loan (including substitution of security and partial release of security) which results in an increase to the Scheduled Balance or the loan to value ratio based on
the Scheduled Balance in respect of that loan, will be subject to a new proposal form and a new premium. A special refund on the existing policy (based on the net premium paid) may be applicable, subject to the Insurer’s variation refund policy
in force from time to time. 
  
 Genworth Financial Mortgage Insurance Pty Limited,
ABN 60 106 974 305 
 ® Registered Trade Mark of Genworth Financial, Inc.

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