Document:

Form of Series Note

 Exhibit 4.2 Form of Series Notice 
 Series [*] WST Trust Series 
 Notice 
 Westpac Securities Administration Limited  
 (Trustee) 
 Westpac Securitisation Management Pty Limited  
 (Trust Manager) 
 Westpac Banking Corporation  
 (Approved Seller) 
 [tba] 
 (Note Trustee) 
 Westpac Banking Corporation

 (Servicer) 
 [The Mortgage
Company Pty Limited] 
 (TMC) 
 [tba] 
 (Security Trustee) 
 Allens Arthur Robinson 
 Deutsche Bank Place 
 Corner Hunter and Phillip Streets 
 Sydney NSW 2000 
 Tel 61 2 9230 4000 
 Fax 61 2 9230 5333 
 www.aar.com.au 
 © Copyright
Allens Arthur Robinson 2007 

			
	 Series [*] WST Trust Series Notice
  
	  	 

  

  

 Table of Contents 
  

							
	 1.
	  	Introduction and Trust Manager	  	1
		  	1.1	  	Introduction	  	1
		  	1.2	  	Trust Manager	  	1
		  	1.3	  	Rights of creditors	  	2
			
	 2.
	  	Direction and Trust Back	  	2
			
	 3.
	  	Definitions and Interpretation	  	2
		  	3.1	  	Definitions	  	2
		  	3.2	  	Interpretation	  	27
		  	3.3	  	Limitation of liability of the Trustee	  	27
		  	3.4	  	Security Trustee liability	  	29
		  	3.5	  	Knowledge of Trustee	  	29
		  	3.6	  	Business Day Convention	  	29
		  	3.7	  	Hedge Agreements	  	29
		  	3.8	  	Financial product advice	  	30
			
	 4.
	  	Notes	  	30
		  	4.1	  	Conditions of Notes	  	30
		  	4.2	  	Summary of conditions of Notes	  	30
		  	4.3	  	Issue of Notes	  	32
		  	4.4	  	Trustee’s Covenant to Noteholders	  	33
		  	4.5	  	Repayment of Notes on Payment Dates	  	33
		  	4.6	  	Final Redemption	  	33
		  	4.7	  	Period During Which Interest Accrues	  	34
		  	4.8	  	Calculation of Interest	  	34
		  	4.9	  	Aggregate receipts	  	35
		  	4.10	  	Step-Up Margin	  	35
		  	4.11	  	Class A1 Note Arrangements	  	35
			
	 5.      
	  	Cashflow Allocation Methodology	  	35
		  	5.1	  	General	  	35
		  	5.2	  	Determination Date - Calculations	  	35
		  	5.3	  	Redraws	  	37
		  	5.4	  	Determination Date - Payment Shortfall	  	38
		  	5.5	  	Determination Date - Liquidity Shortfall	  	38
		  	5.6	  	Allocating Liquidation Losses	  	38
		  	5.7	  	Insurance claims	  	38
		  	5.8	  	Remittance Date	  	39
		  	5.9	  	Payment - Purchase Price adjustment	  	39
		  	5.10	  	Total Payments	  	39
		  	5.11	  	Excess Available Income - reimbursement of Charge Offs and Principal Draws	  	41
		  	5.12	  	Excess Collections Distribution	  	42
		  	5.13	  	Initial Principal Distributions	  	42
		  	5.14	  	Principal Payments - Sequential Method	  	42
		  	5.15  	  	Principal Payments - Serial Method	  	43

  

			
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		  	5.16	  	Remaining Liquidity Shortfall	  	45
		  	5.17	  	Charge Offs	  	45
		  	5.18	  	Payments into US$ Account	  	46
		  	5.19	  	Payments out of US$ Account	  	46
		  	5.20	  	Prepayment Costs and Prepayment Benefits	  	47
		  	5.21	  	Rounding of amounts	  	47
		  	5.22	  	Bond Factors	  	47
		  	5.23	  	Trust Manager’s Report	  	47
		  	5.24	  	Prescription	  	48
		  	5.25	  	Replacement of Currency Swaps	  	48
			
	 6.
	  	Master Trust Deed	  	48
		  	6.1	  	Completion of details in relation to Master Trust Deed	  	48
		  	6.2	  	Amendments to Master Trust Deed	  	49
		  	6.3	  	Amendments to the Servicing Agreement	  	50
			
	 7.
	  	Transfer of Purchased Receivables – Top Ups	  	50
			
	 8.
	  	Transfers to Warehouse Trust	  	51
			
	 9.
	  	Application of Threshold Rate	  	51
		  	9.1	  	Calculation of Threshold Rate	  	51
		  	9.2	  	Setting Threshold Rate	  	51
		  	9.3	  	Trustee Setting Threshold Rate	  	52
			
	 10.
	  	Beneficiary	  	52
		  	10.1	  	Issue of Units	  	52
		  	10.2	  	Residual Capital Unit	  	52
		  	10.3	  	Residual Income Unit	  	53
		  	10.4	  	Register	  	53
		  	10.5	  	Transfer of Units	  	54
		  	10.6	  	Limit on rights	  	54
			
	 11.
	  	Title Perfection Events	  	54
			
	 12.
	  	Additional Receivable Product Features	  	54
			
	 13.
	  	WST Warehouse Trust #1	  	55
		  	13.1	  	Direction under Warehouse Series Notice	  	55
		  	13.2	  	Direction	  	55
			
	 14.
	  	Servicer Representations	  	55
			
	 15.
	  	Warehouse Trustee Representations	  	56
			
	 16.
	  	Servicing Warranties	  	57
			
	 17.
	  	Note Trustee	  	58
		  	17.1	  	Capacity	  	58
		  	17.2	  	Exercise of rights	  	58
		  	17.3	  	Representation and warranty	  	58
		  	17.4	  	Payments	  	59
			
	 18.
	  	Westpac Undertakings	  	59
		  	18.1	  	Set Off	  	59

  

			
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		  	18.2	  	Notice of actions	  	59
		  	18.3	  	Notification of Trust	  	59
		  	18.4	  	Compliance with ASX listing rules	  	59
			
	 19.
	  	Call and Tax Redemption	  	59
		  	19.1	  	Call of Class A Notes	  	59
		  	19.2	  	Call of Class B Notes	  	60
		  	19.3	  	Tax Event	  	61
		  	19.4	  	Margin where no Redemption at Stated Amount	  	62
		  	19.5	  	Full satisfaction	  	62
			
	 20.
	  	Tax Consolidation	  	62
			
	 21.
	  	Compliance with Regulation AB	  	64
		  	21.1	  	Intent of the Parties, Reasonableness	  	64
		  	21.2	  	Additional Representations and Warranties of Westpac	  	65
		  	21.3	  	Information to be provided by Westpac	  	65
		  	21.4	  	Servicer Compliance Statement	  	70
		  	21.5	  	Report on Assessment of Compliance and Attestation	  	70
		  	21.6	  	Use of Subservicers and Subcontractors	  	71
		  	21.7	  	Indemnification; Remedies	  	72
			
	 22.
	  	Compliance with Regulation AB: The Custodian	  	75
		  	22.1	  	Intent of the Parties, Reasonableness	  	75
		  	22.2	  	Additional Representations and Warranties of the Servicing Function Participant	  	75
		  	22.3	  	Information to be provided by the Servicing Function Participant	  	76
		  	22.4	  	Report on Assessment of Compliance and Attestation	  	78
		  	22.5	  	Use of Subservicers and Subcontractors	  	79
		  	22.6	  	Indemnification; Remedies	  	80
			
	 23.
	  	Compliance with Regulation AB: The Note Trustee	  	82
		  	23.1	  	Intent of the Parties, Reasonableness	  	82
		  	23.2	  	Additional Representations and Warranties of the Servicing Function Participant	  	83
		  	23.3	  	Information to be provided by the Servicing Function Participant	  	84
		  	23.4	  	Report on Assessment of Compliance and Attestation	  	86
		  	23.5	  	Use of Subservicers and Subcontractors	  	87
		  	23.6	  	Indemnification; Remedies	  	88
			
	 24.
	  	Compliance with Regulation AB: The Trustee	  	90
		  	24.1	  	Intent of the Parties, Reasonableness	  	90
		  	24.2	  	Information to be provided by the Trustee	  	91
		  	24.3	  	Report on Assessment of Compliance and Attestation	  	92
		  	24.4	  	Use of Subservicers and Subcontractors	  	93
		  	24.5	  	Indemnification; Remedies	  	93

  

			
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	 25.
	  	Acknowledgments	  	95
			
	 26.
	  	Changes to Portfolio of Receivables before the Cut-Off Date	  	95
			
	 27.
	  	Credit Support transferred by Currency Swap Provider	  	95
			
	 28.
	  	Governing Law And Jurisdiction	  	95
			
	 29.
	  	Counterparts	  	96
		
	 Schedule 1
	  	101
		
	 Schedule 2
	  	102
		  	Form Of Annual Certification	  	102
		
	 Schedule 3
	  	103
		  	Servicing Criteria To Be Addressed In Assessment Of Compliance	  	103
		
	 ANNEXURE A
	  	109
		  	SERIES [*] WST TRUST AMENDMENTS TO MASTER TRUST DEED	  	109
		
	 ANNEXURE B
	  	141
		
	 ANNEXURE C
	  	142
		  	 Independent auditor’s Annual Servicer Compliance Certificate to the Directors of Westpac Securitisation Management Pty
Limited
	  	142

  

			
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	 1.     Introduction and Trust
Manager
  

	1.1	Introduction 

 This Series Notice is issued on by
Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) of Level 20, 275 Kent Street, Sydney, New South Wales as manager (Trust Manager) under the Master Trust Deed (as defined below). It is issued pursuant and
subject to the Master Trust Deed dated 14 February 1997 (the Master Trust Deed) between The Mortgage Company Pty Limited (ABN 86 070 968 302) of Level 25, 60 Martin Place, Sydney, New South Wales
(TMC) and Westpac Securities Administration Limited (ABN 77 000 049 472) of Level 20, 275 Kent Street, Sydney, New South Wales as trustee of the Series [*] WST Trust (the Trustee).

 Each party to this Series Notice agrees to be bound by the Transaction Documents as amended by this Series Notice in the capacity set out
with respect to them in this Series Notice or the Master Trust Deed. 
 Westpac Banking Corporation (ABN 33 007 457 141) (in its capacity as
Servicer under the Servicing Agreement, Servicer) agrees to service the Purchased Receivables and Purchased Receivable Securities in accordance with the Servicing Agreement. 
 [tba] (the Note Trustee) has agreed to act as note trustee in relation to Notes issued by the Trust under the Note Trust Deed and in
accordance with this Series Notice. 
 [tba] (ABN [*]) (the Security Trustee) has agreed to act as security trustee for
the Mortgagees under the Security Trust Deed. 
 Perpetual Trustee Company Limited (ACN 000 001 007) has obtained an Australian Financial
Services Licence under Part 7.6 of the Corporations Act 2001 (Cth) (Australian Financial Services Licence No. 236643). Perpetual Trustee Company Limited has appointed the Security Trustee to act as its authorised representative under that
licence (Authorised Representative No. 266797). 
  

	1.2	Trust Manager 

  

	 	(a)	The Master Trust Deed is amended for the purpose of the Series [*] WST Trust so that all references to Trust Manager will be taken to be references to Westpac
Securitisation Management Pty Limited of Level 20, 275 Kent Street, Sydney, New South Wales, and each party agrees that: 

  

	 	(i)	Westpac Securitisation Management Pty Limited will be Trust Manager for the purposes of that Trust; and 

  

	 	(ii)	The Mortgage Company Pty Limited will have no obligations or liabilities as Trust Manager for the purpose of that Trust. 

  

	 	This	amendment does not relate to or affect any Other Trust. 

  

	 	(b)	Westpac Securitisation Management Pty Limited will comply with all obligations of the Trust Manager in relation to the Series [*] WST Trust as named as such in the Master Trust
Deed. 

  

			
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	1.3	Rights of creditors 

 This Series Notice is a deed
poll for the benefit of Creditors. Each Creditor has the benefit of this Series Notice and can enforce it even if not in existence at the time this Series Notice is executed. 
  

			
	 2.     Direction and Trust
Back
  

	 	(a)	A Trust Back, entitled Westpac [*] Trust Back, is created in relation to Other Secured Liabilities secured by the Purchased Receivable Securities.

  

	 	(b)	The parties agree that the Trust will be a Trust for the purposes of the Transaction Documents and a Relevant Trust for the purposes of the Servicing
Agreement. 

  

			
	 3.     Definitions and
Interpretation
  

	3.1	Definitions 

 Unless otherwise defined in this
Series Notice, words and phrases defined in the Master Trust Deed have the same meaning where used in this Series Notice. 
 In this Series
Notice, and for the purposes of the definitions in the Master Trust Deed, the following terms have the following meanings unless the contrary intention appears. These definitions apply only in relation to the Series [*] WST Trust, and do not apply
to any Other Trust. 
 [A$ Class A1 Coupon Amount means, for any Class A1 Payment Date, the amount in Australian dollars which
is calculated: 
  

	 	(a)	on a daily basis at the applicable rate set out in the Confirmation relating to the Class A1 Notes (being AUD-BBR-BBSW, as defined in the ISDA Definitions, as at the first day of
the Class A1 Coupon Period ending on (but excluding) that Class A1 Payment Date with a designated maturity of 30 days plus the relevant Spread); 

  

	 	(b)	on the A$ Equivalent of the aggregate of the Invested Amount of the Class A1 Notes as at the first day of the Class A1 Coupon Period ending on (but excluding) that Class A1 Payment
Date; and 

  

	 	(c)	on the basis of the actual number of days in that Class A1 Coupon Period and a year of 365 days.] 

 A$ Class A2 Coupon Amount means, for any Payment Date, the amount in Australian dollars which is calculated: 
  

	 	(a)	on a daily basis at the applicable rate set out in the Confirmation relating to the Class A2 Notes (being AUD-BBR-BBSW, as defined in the ISDA Definitions, as at the first day of
the Coupon Period ending on (but excluding) that Payment Date with a designated maturity of 90 days (or, in the case of the first Coupon Period, the rate will be an interpolated rate calculated with reference to the tenor of the relevant period)
plus the relevant Spread); 

  

	 	(b)	on the A$ Equivalent of the aggregate of the Invested Amount of the Class A2 Notes as at the first day of the Coupon Period ending on (but excluding) that Payment Date; and

  

	 	(c)	on the basis of the actual number of days in that Coupon Period and a year of 365 days. 

  

			
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 A$ Equivalent means: 
  

	 	(i)	in relation to an amount denominated or to be denominated in US$, the amount converted to (and denominated in) A$ at the relevant A$ Exchange Rate; or 

  

	 	(ii)	in relation to an amount denominated or to be denominated in A$, the amount of A$. 

 A$ Exchange Rate means, on any date in respect of any US$ Notes, the rate of exchange (set as at the commencement of the Currency Swap for those US$ Notes) applicable under that Currency Swap for the
exchange of United States dollars for Australian dollars. 
 Accrued Interest Adjustment means in relation to an Approved
Seller, all: 
  

	 	(a)	interest and fees accrued on the Purchased Receivables, purchased from that Approved Seller, up to (but excluding) the Closing Date for those Purchased Receivables which are unpaid
as at the close of business on that Closing Date; and 

  

	 	(b)	all amounts received by that Approved Seller under those Purchased Receivables applied by the Servicer to payment of interest and fees under those Purchased Receivables for the
period from (but excluding) the Cut-Off Date for those Purchase Receivables to (but excluding) the Closing Date for those Purchase Receivables, 

 but without double counting or recovery for any such amounts. 
 Affiliate means, with respect
to any person, any other person that controls, is controlled by, or is under common control with, such person, and any officer, director, general partner, member or trustee of, or any person serving in a similar capacity with respect to, such
person. For the purposes of this definition, control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting stock, through the right
or power to appoint the majority of the board or directors, by contract or otherwise, and controlled by and under common control have corresponding meanings. 
 Agency Agreement means the Agency Agreement dated on or about the date of this Series Notice between the Trustee, the Trust Manager, the Note Trustee, the Principal Paying Agent and the Calculation
Agent. 
 Application for Notes means an application for Registered Notes in the form of schedule 1 to the Master Trust Deed or
in such other form as may from time to time be agreed between the Trustee and the Trust Manager. 
 Approved Seller means
Westpac Banking Corporation (ABN 33 007 457 141), including in its capacity as beneficiary of the Warehouse Trust. 
 Arrears
subsist in relation to a Purchased Receivable if the Obligor under that Purchased Receivable fails to pay any amount due under that Purchased Receivable on the day it was due. Delayed payments arising from payment holidays based on early repayments
(agreed in writing by Westpac), or from maternity or paternity leave repayment reductions, which are granted by Westpac or the Servicer will not, by themselves, lead to a Purchased Receivable being in Arrears. 
 Asset has the meaning given in the Master Trust Deed and includes any Loan, Mortgage or Related Security specified in a Sale Notice or any
Mortgage, Related Security or other rights with respect thereto which is acquired by the Trustee for the Trust, or any Authorised Investment acquired by the Trustee. 
  

			
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 Authorised Signatory means: 
  

	 	(a)	in relation to the Note Trustee, any duly authorised officer of the Note Trustee and any other duly authorised person of the Note Trustee; 

  

	 	(b)	in relation to the Principal Paying Agent, any duly authorised officer of the Principal Paying Agent and any other duly authorised person of the Principal Paying Agent;

  

	 	(c)	in relation to the Calculation Agent, any duly authorised officer of the Calculation Agent, and any other duly authorised person of the Calculation Agent; and

  

	 	(a)	in relation to the Note Registrar, any duly authorised officer of the Note Registrar and any other duly authorised person of the Note Registrar. 

 Available Income means, in relation to the Trust for any Collection Period, the total of the following: 
  

	 	(a)	the Finance Charge Collections for the Trust for that Collection Period; plus 

  

	 	(b)	to the extent not included in paragraph (a): 

  

	 	(i)	any amount received or due to be received by or on behalf of the Trustee in relation to that Collection Period on or by the Payment Date immediately following the end of that
Collection Period with respect to net receipts under any Hedge Agreement other than the Currency Swap (and for this purpose net receipts under the Basis Swap and the Interest Rate Swap will be determined before any payment in the relevant Condition
4); 

  

	 	(ii)	any interest income received by or on behalf of the Trustee during that Collection Period in respect of moneys credited to the Collection Account in relation to the Trust;

  

	 	(iii)	amounts in the nature of interest otherwise paid by Westpac, the Servicer or the Trust Manager to the Trustee during that Collection Period in respect of Collections held by it;

  

	 	(iv)	all other amounts received by or on behalf of the Trustee during that Collection Period in respect of the Assets in the nature of income; and 

  

	 	(v)	all amounts received by or on behalf of the Trustee during that Collection Period from any provider of a Support Facility (other than a Currency Swap or the Redraw Facility
Agreement) under that Support Facility and which the Trust Manager determines should be accounted for to reduce a Finance Charge Loss, 

 but excluding interest credited to a Support Facility Collateral Account and any amount payable by the Trustee under clause 5.25. 
 Available Liquidity Amount means at any time the Liquidity Limit at that time less the Liquidity Outstandings at that time, if positive. 
 Average Quarterly Percentage means, at any date, the sum of Quarterly Percentages for the four full Collection Periods preceding that date,
divided by four. 
  

			
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 Bank means: 
  

	 	(a)	for the purposes of paragraph (a) of the definition of Business Day: 

  

	 	(i)	a corporation authorised under the Banking Act 1959 (Cth) to carry on general banking business in Australia or a corporation formed or incorporated under an Act of the
Parliament of an Australian Jurisdiction to carry on the general business of banking; 

  

	 	(ii)	a person authorised under the Banking Act 1987 (UK) to carry on a deposit taking business; 

  

	 	(iii)	and, for the purposes of the definition of US$ Account, a banking institution or trust company organised or doing business under the laws of the United States or any
state thereof; and 

  

	 	(b)	in any other case, a corporation authorised under the Banking Act 1959 (Cth) to carry on general banking business in Australia or a corporation formed or incorporated under
an Act of the Parliament of an Australian Jurisdiction to carry on the general business of banking. 

 Bank Bill
Rate on any date means the rate calculated by taking the rates quoted on the Reuters Screen BBSW Page at approximately 10.10 am, Sydney time, on that date (the Calculation Date) for each Reference Bank so quoting (but not fewer
than five) as being the mean buying and selling rate for a bill (which for the purpose of this definition means a bill of exchange of the type specified for the purpose of quoting on the Reuters Screen BBSW Page) having a tenor of three months
eliminating the highest and lowest mean rates and taking the average of the remaining mean rates and then (if necessary) rounding the resultant figure upwards to four decimal places. If on any Calculation Date fewer than five Reference Banks have
quoted rates on the Reuters Screen BBSW Page, the rate for that date shall be calculated as above by taking the rates otherwise quoted by five of the Reference Banks on application by the parties for such a bill of the same tenor. If on any
Calculation Date the rate for that date cannot be determined in accordance with the foregoing procedures then the rate for that date shall mean such rate as is agreed between the Trust Manager and Westpac Banking Corporation having regard to
comparable indices then available, PROVIDED THAT on the first day of any first Coupon Period as it relates to a Class of Notes the Bank Bill Rate shall be an interpolated rate calculated with reference to the tenor of the relevant
period. 
 Basis Swap means the master agreement dated on or about the date of this Series Notice made between the Trustee as
trustee of the Trust and Westpac, on the terms of the ISDA Master Agreement (with amendments thereto) and each Transaction (as defined in that agreement) entered into in accordance with that agreement in relation to the interest rate risk arising
from a Receivable which is subject to either a variable rate set, as permitted by the relevant Receivable Agreement, at the discretion of Westpac, or a concessionary introductory fixed rate of 12 months or less as determined by Westpac. 

Beneficiary means, in relation to the Trust, each holder of a Unit (as defined in clause 10). 
 Bond Factor means the Class A1 Bond Factor, the Class A2 Bond Factor, the Class A3 Bond Factor, or the Class B Bond Factor. 
  

			
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 Book-Entry Note means a Class A1 Book-Entry Note or a Class A2 Book-Entry Note.

 Business Day means any day, other than a Saturday, Sunday or public holiday, on which Banks are open for business (including
dealings in foreign currency generally) in London, New York and Sydney. 
 Calculation Agent means the person appointed as
calculation agent under the Agency Agreement from time to time. 
 Call Option Date has the meaning given in clause 19.1.

 Carryover Charge Off means, in relation to the Trust at any time, a Carryover Class A Charge Off, a Carryover Class B
Charge Off or a Carryover Redraw Charge Off. 
 Carryover Class A Charge Off means, on any Determination Date in relation
to a Class A Note, the aggregate of Class A Charge Offs in relation to that Class A Note prior to that Determination Date and which have not been reinstated under clauses 5.11(a)(ii)(B), 5.11(a)(ii)(C), 5.11(a)(ii)(D), 5.19(b)(ii) and
5.19(b)(v). 
 Carryover Class B Charge Off means, on any Determination Date in relation to a Class B Note, the aggregate of
Class B Charge Offs in relation to that Class B Note prior to that Determination Date and which have not been reinstated under clause 5.11(a)(iii). 
 Carryover Redraw Charge Off means, on any Determination Date, the aggregate of Redraw Charge Offs prior to that Determination Date and which have not been reinstated under clause 5.11(a)(ii)(A). 
 Class A Charge Off means, in relation to a Class A Note, the amount of any reduction in the Class A Stated Amount for that
Note under clause 5.17. 
 Class A Coupon means a Class A1 Coupon, a Class A2 Coupon or a Class A3 Coupon. 
 Class A Initial Invested Amount means, in relation to any Class A Note, the Initial Invested Amount of that Class A Note.

 Class A Invested Amount means, in relation to any Class A Note, the Invested Amount of that Class A Note.

 Class A Note means [a Class A1 Note,] a Class A2 Note or a Class A3 Note. 
 Class A Noteholder means [a Class A1 Noteholder,] a Class A2 Noteholder or a Class A3 Noteholder. 
 Class A Payment Percentage means: 
  

	 	(a)	on or before the [*] anniversary of the first Payment Date, [*]%; and 

  

	 	(b)	after the [*] anniversary of the first Payment Date, [0]%. 

 Class A Percentage means, on a Determination Date, the amount (expressed as a percentage) equal to 1 minus the Class B Percentage as at that Determination Date. 
 Class A Principal Payment means each payment to the Class A Noteholders under clause 5.14(a)(ii)(A), 5.14(a)(ii)(B),
5.14(a)(ii)(C), 5.15(a)(v)(A), 5.15(a)(v)(B) or 5.15(a)(v)(C) (as the case may be). 
  

			
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 Class A Stated Amount means, on a Determination Date and in relation to a
Class A Note, an amount equal to: 
  

	 	(a)	the Class A Initial Invested Amount for that Note; less 

  

	 	(b)	the aggregate of all Class A Principal Payments made before that Determination Date with respect to that Class A Note; less 

  

	 	(c)	Carryover Class A Charge Offs (if any) made in relation to that Class A Note to the extent not reinstated under clause 5.11 before that Determination Date; less

  

	 	(d)	Class A Principal Payments (if any) to be made in relation to that Class A Note on the next Payment Date; less 

  

	 	(e)	Class A Charge Offs (if any) to be made in relation to that Class A Note on the next Payment Date; plus 

  

	 	(f)	the amount (if any) of the Excess Available Income applied in reinstating the Stated Amount of that Class A Note under clause 5.11(a)(ii) on that Determination Date.

 [Class A1 Arrangements means the arrangements for remarketing, conditional purchase and Mandatory Transfer set
out in the Conditional Purchase Agreement, the Remarketing Agreement and this Series Notice.] 
 [Class A1 Book-Entry Note
means a book-entry note issued or to be issued by the Trustee in registered form under clause 3.1 of the Note Trust Deed representing Class A1 Notes substantially in the form of Schedule 1 to the Note Trust Deed.] 
 [Class A1 Bond Factor means, in relation to a Determination Date, the ratio, expressed as a percentage (rounded to six decimal places)
equal to the aggregate of the A$ Equivalent of the Invested Amounts for all Class A1 Notes for that Determination Date less the A$ Equivalent of all Class A1 Principal Payments to be made on the next Payment Date divided by the aggregate A$
Equivalent of the Initial Invested Amounts for all Class A1 Notes.] 
 [Class A1 Coupon means all interest accrued on the Class
A1 Notes in respect of a Class A1 Coupon Period in accordance with clause 4.8, and for the purposes of clause 5.10 includes any amounts payable by the Trustee to the relevant Class A1 Noteholder (in that capacity) by way of damages or penalties.]

 [Class A1 Coupon Period means: 
  

	 	(a)	in relation to the first Class A1 Coupon Period, the period commencing on (and including) the Closing Date and ending on (but excluding) the first Class A1 Payment Date;

  

	 	(b)	in relation to the final Class A1 Coupon Period, the period commencing on (and including) the Class A1 Payment Date prior to the day on which all amounts due on Class A1 Notes are
redeemed in full in accordance with the Transaction Documents and ending on (but excluding) such day; and 

  

	 	(c)	in relation to each other Class A1 Coupon Period, each period commencing on (and including) a Class A1 Payment Date and ending on (but excluding) the next Class A1 Payment Date.]

 [Class A1 Currency Swap means: 
  

			
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	 	(a)	the master agreement dated on or about the date of this Series Notice between the Trustee and the Currency Swap Provider on the terms of the ISDA Master Agreement (with amendments
thereto) and each Transaction (as defined in that agreement) entered into in accordance with that agreement under which the Currency Swap Provider agrees to pay certain amounts in A$ or US$ to the Trustee in exchange for certain amounts in US$ or A$
(as the case maybe) in relation to the Class A1 Notes; or 

  

	 	(b)	any other Hedge Agreement on similar terms which, if entered into, will not result in the downgrading of, or withdrawal of the ratings for, any Class A1 Notes.]

 [Class A1 Determination Date means, with respect to a Class A1 Payment Date, the date which is [4] Business
Days before that Class A1 Payment Date.] 
 [Class A1 Note means a Note issued as a Class A1 Note by the Trustee with the
characteristics of a Class A1 Note under this Series Notice and includes any relevant Book-Entry Note (or any part or interest in it) and any relevant Definitive Note.] 
 [Class A1 Noteholder means a Noteholder of a Class A1 Note.] 
 [Class A1 Payment Date means, subject to clause 3.6, the [23rd] day of
each month, the first such date being [*].] 
 [Class A1 Percentage means, on any date, the aggregate of the A$ Equivalent
outstanding principal amounts of all Class A1 Notes at that date divided by the aggregate of the A$ Equivalent of the outstanding principal amounts of all Class A Notes at that date.] 
 Class A2 Book-Entry Note means a registered global note in book-entry form issued or to be issued by the Trustee under clause 3.1 of the
Note Trust Deed representing Class A2 Notes substantially in the form of Schedule 5 to the Note Trust Deed. 
 Class A2 Bond
Factor means, in relation to a Determination Date, the ratio, expressed as a percentage (rounded to six decimal places) equal to the aggregate of the Invested Amounts for all Class A2 Notes for that Determination Date less all Class A2
Principal Payments to be made on the next Payment Date, divided by the aggregate Class A2 Initial Invested Amount for all Class A2 Notes. 
 Class A2 Coupon means all interest accrued on the Class A2 Notes in respect of a Coupon Period in accordance with clause 4.8, and for the purposes of clause 5.10 includes any amount payable by the Trustee to the relevant
Class A2 Noteholder (in that capacity) by way of damages or penalties. 
 Class A2 Currency Swap means: 
  

	 	(a)	the master agreement dated on or about the date of this Series Notice between the Trustee and the Currency Swap Provider on the terms of the ISDA Master Agreement (with amendments
thereto) and each Transaction (as defined in that agreement) entered into in accordance with that agreement under which the Currency Swap Provider, agrees to pay certain amounts in A$ or US$ to the Trustee in exchange for certain amounts in US$ or
A$ (as the case maybe) in relation to the Class A2 Notes; or 

  

	 	(b)	any other Hedge Agreement on similar terms which, if entered into, will not result in the downgrading of, or withdrawal of the ratings for, any Class A2 Notes.

  

			
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 Class A2 Note means a Note issued as a Class A2 Note by the Trustee with the
characteristics of a Class A2 Note under this Series Notice. 
 Class A2 Noteholder means a Noteholder of a Class A2 Note.

 Class A2 Percentage means, on any date, the aggregate of the outstanding principal amounts of all Class A2 Notes at that
date divided by the aggregate of the A$ Equivalent of the outstanding principal amounts of all Class A Notes at that date. 
 Class A3 Bond Factor means, in relation to a Determination Date, the ratio, expressed as a percentage (rounded to six decimal places) equal to the aggregate of the Invested Amounts for all Class A3 Notes for that Determination
Date less all Class A3 Principal Payments to be made on the next Payment Date, divided by the aggregate Class A3 Initial Invested Amount for all Class A3 Notes. 
 Class A3 Coupon means all interest accrued on the Class A3 Notes in respect of Coupon Period in accordance with clause 4.8, and for the purposes of clause 5.10 includes any amount payable by the
Trustee to the relevant Class A3 Noteholder (in that capacity) by way of damages or penalties. 
 Class A3 Note means a Note
issued as a Class A3 Note by the Trustee with the characteristics of a Class A3 Note under this Series Notice. 
 Class A3
Noteholder means a Noteholder of a Class A3 Note. 
 Class A3 Percentage means, on any date, the aggregate of the
outstanding principal amounts of all Class A3 Notes at that date divided by the aggregate of the A$ Equivalent of the outstanding principal amounts of all Class A at that date. 
 Class B Bond Factor means, in relation to a Determination Date, the ratio, expressed as a percentage (rounded to six decimal places) equal
to the aggregate of the Invested Amounts for all Class B Notes for that Determination Date less all Class B Principal Payments to be made on the next Payment Date, divided by the aggregate Class B Initial Invested Amount for all Class B Notes.

 Class B Charge Off means, in relation to a Class B Note, the amount of any reduction in the Class B Stated Amount for that
Note under clause 5.18. 
 Class B Coupon means all interest accrued on the Class B Notes in respect of a Coupon Period in
accordance with clause 4.8, and for the purposes of clause 5.10 includes any amounts payable by the Trustee to the relevant Class B Noteholder (in that capacity) by way of damages or penalties. 
 Class B Initial Invested Amount means, in relation to any Class B Note, the Initial Invested Amount of that Class B Note. 
 Class B Invested Amount means, in relation to any Class B Note, the Invested Amount of that Class B Note. 
 Class B Note means a Note issued as a Class B Note by the Trustee with the characteristics of a Class B Note under this Series Notice.

 Class B Noteholder means a Noteholder of a Class B Note. 
 Class B Payment Percentage means: 
  

	 	(a)	on or before the [*] anniversary of the first Payment Date, [*]%; and 

  

			
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	 	(b)	after the [*] anniversary of the first Payment Date, [100]%. 

 Class B Percentage means, on a Determination Date, the aggregate of the Class B Stated Amounts for the preceding Determination Date as a percentage of the sum of the A$ Equivalent of the Class A Stated Amounts and the
Class B Stated Amounts calculated as at the preceding Determination Date. 
 Class B Principal Payment means each payment to
the Class B Noteholders under clause 5.14(a)(iii) and 5.15(a)(vi). 
 Class B Stated Amount means, on a Determination Date and
in relation to a Class B Note, an amount equal to: 
  

	 	(a)	the Class B Initial Invested Amount for that Note; less 

  

	 	(b)	the aggregate of all Class B Principal Payments made before that Determination Date with respect to that Class B Note; less 

  

	 	(c)	Carryover Class B Charge Offs (if any) made in relation to that Class B Note to the extent not reinstated under clause 5.11 before that Determination Date; less

  

	 	(d)	Class B Principal Payments (if any) to be made in relation to that Class B Note on the next Payment Date; less 

  

	 	(e)	Class B Charge Offs (if any) to be made in relation to that Class B Note on the next Payment Date; plus 

  

	 	(f)	the amount (if any) of the Excess Available Income applied in reinstating the Stated Amount of that Class B Note under clause 5.11(a)(iii) on that Determination Date.

 Clearing Agency means an organisation registered as a clearing agency pursuant to
Section 17A of the Exchange Act appointed by the Trust Manager and the Trustee to hold any US$ Notes (directly or through a Common Depositary), or in whose name, or in the name of a nominee on behalf of, any US$ Notes are registered and
initially means DTC. 
 Clearstream, Luxembourg means Clearstream, Luxembourg Banking, société anonyme.

 Closing Date means, in relation to the Trust, [*]. 
 Collection Account means, in relation to the Trust, the Australian dollar account, number 032024-428139, with Westpac at Level 20, 275
Kent Street, Sydney, New South Wales, or any other account opened and maintained by the Trustee with an Approved Bank under clause 27 of the Master Trust Deed. 
 Collection Period means (and includes) the first day of each Quarter and runs until (and includes) the last day of that Quarter. However, the first Collection Period will commence on (and include) the
day after the Cut-Off Date and end on (and exclude) [*]. The last Collection Period is the period from (but excluding) the last day of the previous Collection Period to (and including) the Termination Date of the Trust. 
 Collections means, in relation to the Trust for a period, Finance Charge Collections and Gross Principal Collections for that period.

 Commission means the United States Securities and Exchange Commission. 
  

			
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 Common Depositary means Cede & Co, as depositary for DTC, or any other common
depositary for DTC or any other Clearing Agency appointed from time to time to hold any Book-Entry Note. 
 [Conditional Purchase
Agreement means the conditional purchase agreement dated on or about the date of this Series Notice between the Trustee, the Trust Manager, the Remarketing Agent and the Conditional Purchaser.] 
 [Conditional Purchaser means [*].] 
 [Conditional Purchase Period has the meaning given to that term in the Conditional Purchase Agreement.] 
 Conditions means, in relation to a US$ Note, the Conditions for that US$ Note in the form set out in Schedule 3 of the Note Trust Deed (but, so long as that US$ Note is represented by a Book-Entry Note, with the deletion
of any provisions which are applicable only to the Definitive Notes), as the same may from time to time be modified in accordance with this Series Notice. Any reference in this Series Notice to a particular numbered Condition shall be construed
accordingly. 
 Confirmation means, in respect of a Currency Swap, any Confirmation (as defined in that Currency Swap).

 Coupon means a Class A Coupon or a Class B Coupon. 
 Coupon Determination Date means: 
  

	 	(a)	in relation to a Coupon Period of a Class A3 Note or a Class B Note, the first day of that Coupon Period; 

  

	 	(b)	in relation to a Class A1 Coupon Period for a Class A1 Note, the second Business Day before the beginning of each Coupon Period and, for the purposes of this definition only,
Business Day means any day on which commercial banks are open for business (including dealings in foreign exchange generally and foreign currency deposits generally) in London; and 

  

	 	(c)	in relation to a Coupon Period for a Class A2 Note, the second Business Day before the beginning of that Coupon Period and, for the purposes of this definition only, Business Day
means any day on which commercial banks are open for business (including dealings in foreign exchange generally and foreign currency deposits generally) in London. 

 Coupon Payment Date means, for the purposes of the Master Trust Deed, each Class A1 Payment Date and Payment Date. 
 Coupon Period means: 
  

	 	(a)	in relation to the first Coupon Period of any Class A Note (other than a Class A1 Note) or Class B Note, the period commencing on (and including) the Closing Date and
ending on (but excluding) the first Payment Date; 

  

	 	(b)	in relation to the final Coupon Period of any Class A Note (other than a Class A1 Note) or Class B Note, the period commencing on (and including) the Payment Date prior to
the day on which all amounts due on such Notes are redeemed in full in accordance with the Transaction Documents and ending on (but excluding) such day; and 

  

			
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	 	(c)	in relation to each other Coupon Period of any Class A Note (other than a Class A1 Note) or Class B Note, each period commencing on (and including) a Payment Date and
ending on (but excluding) the next Payment Date. 

 Coupon Rate means, in relation to: 
  

	 	(a)	[a Class A1 Note and a Class A1 Coupon Period, One Month LIBOR in relation to that Class A1 Coupon Period;] 

  

	 	(b)	a Class A2 Note and a Coupon Period, Three Month LIBOR in relation to that Coupon Period; 

  

	 	(c)	in relation to a Registered Note and a Coupon Period, the Bank Bill Rate on the first day of that Coupon Period, 

 plus: 
  

	 	(d)	in all cases, the relevant Margin for the relevant Note; plus 

  

	 	(e)	in the case of a Note [(other than a Class A1 Note)] at any time on or after the Call Option Date, the applicable Step-Up Margin (if any). 

 Currency Swap means [the Class A1 Currency Swap or] the Class A2 Currency Swap. 
 Currency Swap Provider means: 
  

	 	(a)	initially, Westpac; and 

  

	 	(b)	thereafter, any other person who is a party to a Currency Swap. 

 Cut-Off Date means the date specified in the Sale Notice as the Cut-Off Date. 
 Day Count Fraction
means, for the purpose of: 
  

	 	(a)	[the Class A1 Currency Swap, the basis for the calculation of interest on Class A1 Notes set out in Clause 4.8(a)(ii); and] 

  

	 	(b)	the Class A2 Currency Swap, the basis for the calculation of interest on Class A2 Notes set out in Clause 4.8(a)(i). 

 Dealer Agreement means the Dealer Agreement (relating to the Class A3 Notes and the Class B Notes). 
 Defaulting Party in relation to a Currency Swap has the meaning given in the relevant Currency Swap. 
 Definitive Note means a note in definitive form issued or to be issued in respect of any US$ Notes under, and in the circumstances
specified in, clause 3.3 of the Note Trust Deed, and includes any replacement for a Definitive Note issued under the relevant Conditions. 
 Depositor means Westpac Securitisation Management Pty Limited, in its capacity as the depositor, as such term is defined in Regulation AB. 
 Designated Maturity means, for the purpose of: 
  

	 	(a)	[the Class A1 Currency Swap, one month; and] 

  

	 	(b)	the Class A2 Currency Swap, three months. 

  

			
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 Designated Rating Agency means S&P and Moody’s. 
 Determination Date means, in relation to the Trust for a Collection Period, the date which is four Business Days prior to the Payment Date
following the end of that Collection Period[, and (unless otherwise specified) includes a Class A1 Determination Date]. 
 DTC
means the Depository Trust Company. 
 Eligibility Criteria means the criteria set out in the schedule to this Series Notice.

 Enforcement Expenses means the costs and expenses incurred by Westpac or the Servicer in connection with the enforcement of
any Purchased Receivables or the related Receivable Rights referred to in clause 7.2(a) of the Servicing Agreement. 
 Euroclear
means Euroclear Bank S.A/N.V. as operator of the Euroclear System. 
 Excess Available Income means, for a Collection
Period, the amount (if any) by which the Total Available Funds for the Collection Period exceeds the Total Payments for the Collection Period. 
 Excess Collections Distribution means, in relation to a Collection Period, the amount (if any) by which the Excess Available Income for that Collection Period exceeds the amounts applied under clause 5.11 on the Determination
Date relating to that Collection Period. 
 Exchange Act means the Securities Exchange Act of 1934 of the United States of
America, as amended. 
 Finance Charge Collections means, for a Collection Period, the aggregate of: 
  

	 	(a)	the aggregate of all amounts received by or on behalf of the Trustee during that Collection Period in respect of Government Charges, interest, fees and other amounts in the nature
of income payable under or in respect of the Purchased Receivables and the related Receivable Rights, to the extent not included within any other paragraph of this definition, including: 

  

	 	(i)	any Liquidation Proceeds received on account of interest received during that Collection Period; 

  

	 	(ii)	any payments by any person to the Trustee on the repurchase of a Purchased Receivable under the Transaction Documents during that Collection Period which are attributable to
interest; 

  

	 	(iii)	any amounts in the nature of interest adjustments received by the Trust from the Trustee as trustee of a Warehouse Trust in relation to the transfer of Purchased Receivables and
Purchased Receivable Securities from the Trust to that Warehouse Trust; and 

  

	 	(iv)	the Prepayment Cost Surplus for that Collection Period (if any). 

  

	 	(b)	all amounts in respect of interest, fees and other amounts in the nature of income, received by or on behalf of the Trustee during that Collection Period including:

  

	 	(i)	from an Approved Seller, in respect of any breach of a representation, warranty or undertaking contained in the Master Trust Deed or this Series Notice; 

  

			
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	 	(ii)	from an Approved Seller under any obligation under the Master Trust Deed or this Series Notice to indemnify or reimburse or pay damages to the Trustee for any amount;

  

	 	(iii)	from the Servicer in respect of any breach of a representation, warranty or undertaking contained in the Servicing Agreement or the Series Notice; and 

  

	 	(iv)	from the Servicer under any obligation under the Servicing Agreement or the Series Notice to indemnify or reimburse or pay damages to the Trustee for any amount,

 in each case which are determined by the Trust Manager to be in respect of interest, fees and other amounts in the nature
of income payable under the Purchased Receivables and the related Receivable Rights; and 
  

	 	(c)	Recoveries received by or on behalf of the Trustee during that Collection Period; 

 less: 
  

	 	(d)	the Government Charges collected by or on behalf of the Trustee for that Collection Period; 

  

	 	(e)	the aggregate of all fees and charges due to the Servicer or the Approved Seller under the Receivables as agreed by them from time to time and collected by the Approved Seller or
the Servicer during that Collection Period; and 

  

	 	(f)	the Prepayment Cost Surplus (if any) due to Westpac under clause 5.20(b) for that Collection Period and collected by Westpac (whether in its capacity as Servicer or otherwise)
during that Collection Period. 

 Finance Charge Loss means, for a Collection Period, the amount of all
Liquidation Losses referred to in clause 5.6(a). 
 Government Charges means, for any Collection Period, the aggregate of all
amounts collected by Westpac (whether in its capacity as Servicer or otherwise) in respect of the Purchased Receivables and the related Receivable Rights representing, bank accounts taxes or similar Taxes. 
 Gross Principal Collections means, for a Collection Period, the aggregate of: 
  

	 	(a)	all amounts received by or on behalf of the Trustee from or on behalf of Obligors under the Purchased Receivables during the Collection Period in respect of principal, in accordance
with the terms of the Purchased Receivables, including principal prepayments; 

  

	 	(b)	all other amounts received by or on behalf of the Trustee under or in respect of principal under the Purchased Receivables and the related Receivable Rights during that Collection
Period including: 

  

	 	(i)	any Liquidation Proceeds received on account of principal; 

  

	 	(ii)	any amounts in the nature of principal received by or on behalf of the Trustee during that Collection Period pursuant to the sale of any Asset (including any amount received by the
Trustee on the issue of Notes, or the A$ Equivalent of that amount if the relevant Notes are denominated in US$, which was not used to purchase a Purchased Receivable or Purchased Receivable Security and which the Trust Manager determines is surplus
to the requirements of the Trust); 

  

			
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	 	(iii)	any Prepayment Costs applied towards Prepayment Benefits under clause 5.20(a); and 

  

	 	(iv)	any Prepayment Benefit Shortfall paid by Westpac to the Trust under clause 5.20(c); 

  

	 	(c)	all amounts received by or on behalf of the Trustee during that Collection Period from any provider of a Support Facility (other than a Currency Swap) under that Support Facility
and which the Trust Manager determines should be accounted for to reduce a Principal Loss; 

  

	 	(d)	all amounts received by or on behalf of the Trustee during that Collection Period: 

  

	 	(i)	from an Approved Seller, in respect of any breach of a representation, warranty or undertaking contained in the Transaction Documents; 

  

	 	(ii)	from an Approved Seller under any obligation under the Transaction Documents or this Series Notice to indemnify or reimburse or pay damages to the Trustee for any amount;

  

	 	(iii)	from the Servicer, in respect of any breach of any representation, warranty or undertaking contained in the Servicing Agreement; and 

  

	 	(iv)	from the Servicer under any obligation under the Servicing Agreement to indemnify or reimburse or pay damages to the Trustee for any amount, 

 in each case, which are determined by the Trust Manager to be in respect of principal payable under the Purchased Receivables and the related Receivable
Rights; 
  

	 	(e)	any amount of Excess Available Income to be applied to pay or reinstate a Principal Charge Off or a Carryover Charge Off (as applicable); 

  

	 	(f)	any Excess Available Income to be applied under clause 5.11(a)(iv) to Principal Draws made on a previous Payment Date; and 

  

	 	(g)	any Prepayment Calculation Adjustment for that Collection Period, 

 but excludes any amount payable by the Trustee under clause 5.25. 
 GST means any goods and services tax, broad based
consumption tax or value added tax imposed by any government agency and includes any goods and services tax payable under the A New Tax System (Goods and Services Tax) Act 1999 (Cth). 
 Hedge Agreement in relation to the Trust includes the Basis Swap, any Interest Rate Swap or (notwithstanding the definition of Hedge
Agreement in the Master Trust Deed) each Currency Swap. 
 Housing Loan Principal means, in relation to a Purchased
Receivable, the principal amount of that Purchased Receivable from time to time. 
 Income Percentage means, in relation to the
holder of a Residual Income Unit (as defined in clause 10) at any time, the subscription price paid by that person for that Residual Income Unit divided by the total subscription prices of all Residual Income Units recorded in the Register
maintained under clause 10 at that time, expressed as a percentage. 
 Information Memorandum means the information memorandum
dated [*] relating to the Trust and the Registered Notes (attaching the Prospectus). 
  

			
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 Initial Invested Amount means in respect of a Note, the amount stated as the Initial
Invested Amount for that Note in clause 4.2(e). 
 Initial Principal Distribution means any distribution of Principal
Collections in accordance with clause 5.13. 
 Interest Rate Swap means the master agreement dated on or about the date of this
Series Notice made between the Trustee as trustee of the Trust and Westpac, on the terms of the ISDA Master Agreement (with amendments thereto) and each Transaction (as defined in that agreement) entered into in accordance with that agreement in
relation to the interest rate risk arising from a Receivable which is a Fixed Option Home Loan or which is otherwise subject to a fixed rate of interest (other than a Receivable subject to a concessional introductory fixed rate of interest for 12
months or less). 
 Invested Amount means, on any day in relation to a Note, the Initial Invested Amount of that Note minus the
aggregate of Principal Payments made or to be made in respect of the Note on or before that date. 
 ISDA Definitions means the
2000 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. 
 Liquidation Loss means, for a
Collection Period in relation to a Purchased Receivable which is being enforced, the amount (if any) by which the Unpaid Balance of the Purchased Receivable (together with the Enforcement Expenses relating to the Purchased Receivable and the related
Receivable Rights) exceeds the Liquidation Proceeds in relation to the Purchased Receivable. 
 Liquidation Proceeds means, in
relation to a Purchased Receivable and the related Receivable Rights which have been or are being enforced, all amounts recovered in respect of the enforcement of the Purchased Receivable and the related Receivable Rights (but does not include the
proceeds of any Mortgage Insurance Policy). 
 Liquidity Draw means a drawing under the Liquidity Facility. 
 Liquidity Facility Agreement means, in relation to the Trust, the agreement so entitled dated on or about the date of this Series Notice
between the Trustee, the Trust Manager and the Liquidity Facility Provider. 
 Liquidity Facility Provider means, in relation
to the Trust, Westpac Banking Corporation. 
 Liquidity Limit means the commitment of the Liquidity Facility Provider under the
Liquidity Facility, as varied from time to time. 
 Liquidity Outstandings means, at any time, the total principal amount of
all outstanding Liquidity Draws at that time. 
 Liquidity Shortfall means, in relation to a Collection Period, the amount (if
any) by which the Total Payments for the Collection Period exceed the aggregate of the Available Income and any Principal Draws for the Collection Period. 
 LVR means, at any time in relation to a Loan (including a Purchased Receivable), the outstanding amount of the Loan at that time, plus any other amount secured by any Mortgage for that Loan including
customer-paid Mortgage Insurance Policy (other than any Other Secured Liabilities owed to any Approved Seller), at the date of determination divided by the aggregate value of the Mortgaged Property (determined as at the date of origination) subject
to the related Mortgages for that Loan, expressed as a percentage. 
  

			
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 Manager means: 
  

	 	(a)	in relation to the Underwriting Agreement, any person identified as an “Underwriter” in the Underwriting Agreement for the purposes of this Series Notice; and

  

	 	(b)	in relation to the Dealer Agreement, any person identified as a “Dealer” in the Dealer Agreement for the purposes of this Series Notice. 

 [Mandatory Transfer means the obligation of the Class A1 Noteholders to transfer the Class A1 Notes on each Transfer Date to a third party
purchaser (following a successful remarketing of the Class A1 Notes by the Remarketing Agent) or to the Conditional Purchaser (following, among other things, a Remarketing Failure or the termination of the Conditional Purchase Period).] 

Margin means, in relation to any Note, the Margin for that Note specified in clause 4.2(d). 
 [Maximum Reset Margin means: 
  

	 	(a)	prior to but excluding the first Transfer Date after the Step-Up Margin Date, [*]% per annum; and 

  

	 	(b)	on or after the first Transfer Date after the Step-Up Margin Date, [*]% per annum.] 

 Maturity Date means, in relation to a Note, the Maturity Date for that Note specified in clause 4.2(j). 
 Mortgage includes any Mortgage originated by Westpac which is transferred to the Trustee by the Warehouse Trustee (as Approved Seller) from the Warehouse Trust. 
 Mortgage Insurer means GE Mortgage Insurance Company Pty Limited. 
 Mortgage Shortfall means, in relation to a Purchased Receivable, the amount (if a positive number) equal to the Principal Loss for that
Purchased Receivable minus the aggregate of: 
  

	 	(a)	the total amount recovered and recoverable in respect of that Purchased Receivable under the Mortgage Insurance Policies, determined to be attributable to principal under clause
5.7(b); and 

  

	 	(b)	the total amount recovered and recoverable by the Trustee from the Approved Sellers or the Servicer (as the case may be) in respect of that Purchased Receivable (by way of damages
or otherwise) under or in respect of the Master Trust Deed, this Series Notice or the Servicing Agreement (as the case may be), determined by the Trust Manager to be attributable to principal. 

 For the purposes of: 
  

	 	(c)	this definition, an amount shall be regarded as not recoverable upon the earlier of: 

  

	 	(i)	a determination being made, in the case of paragraph (a), by the Trust Manager, and in the case of paragraph (b), by the Trustee, in each case upon the advice of such suitably
qualified expert advisers as the Trust Manager or the Trustee (as the case may be) thinks fit, that there is no such amount, or that such amount is not likely to be recovered (including because the relevant Mortgage Insurance Policy

  

			
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 has been terminated, the Mortgage Insurer is entitled to reduce the amount of the claim or the
Mortgage Insurer defaults in payment of a claim); and 
  

	 	(ii)	the date which is two years after the Determination Date upon which the relevant Principal Loss was determined under clause 5.6(b); and 

  

	 	(d)	this Series Notice, a Mortgage Shortfall arises on the date upon which there are no further amounts referred to in paragraphs (a) and (b) recoverable in respect of the
relevant Purchased Receivable. 

 Net Principal Distributions means with respect to any Payment Date, the amount
of Principal Collections remaining after the distribution of Initial Principal Distributions. 
 Note means a Class A Note
or a Class B Note and includes: 
  

	 	(a)	the Conditions relating to the relevant US$ Note; and 

  

	 	(b)	any interest in a Book-Entry Note as an account holder with a Clearing Agency. 

 Note Acknowledgement means an acknowledgement of the registration of a person as the holder of a Registered Note in the form set out in schedule 2 to the Master Trust Deed or in such other form as may
from time to time be agreed between the Trustee and the Trust Manager. 
 Note Party means the Calculation Agent, each Paying
Agent and the Note Registrar. 
 Note Register means the register kept by the Note Registrar to provide for the registration
and transfer of US$ Notes under the Note Trust Deed. 
 Note Registrar means [tba] or any successor note registrar
approved in writing by the Note Trustee and appointed under the Agency Agreement. 
 Note Transfer means a transfer and
acceptance of Registered Notes materially in the form of schedule 4 to the Master Trust Deed or in such other form as may from time to time be agreed between the Trustee and the Trust Manager. 
 Note Trust Deed means the deed so entitled dated on or about the date of this Series Notice between the Trustee, the Trust Manager and the
Note Trustee. 
 Note Trustee means [tba]. 
 Noteholder means, at any time, the person who: 
  

	 	(a)	in relation to a Registered Note, is registered as the holder of that Note at that time; 

  

	 	(b)	in relation to a Definitive Note, is the registered holder of that Note; or 

  

	 	(c)	in relation to a Note which is represented by a Book-Entry Note, is the registered holder of that Note at that time, 

 except that for the purposes of payments in respect of Book-Entry Notes, the right to those payments shall be vested, as against the Trustee and the Note
Trustee in respect of the Trust, by payment to the Clearing Agency in accordance with and subject to their respective Conditions and the provisions of this Series Notice and the Note Trust Deed. The words holder and holders shall
(where appropriate) be construed accordingly. 
 Notice Date means, in relation to a Collection Period, the date which is the
Business Day prior to the Payment Date following the end of that Collection Period. 
  

			
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 Notice of Creation of Trust means the Notice of Creation of Trust dated on or about [*]
issued under the Master Trust Deed in relation to the Trust. 
 [One Month LIBOR means, in relation to any Class A1 Coupon
Period, the rate of interest determined by the Calculation Agent on the basis of the following paragraphs. 
 On each Class A1 Coupon
Determination Date, the Calculation Agent will determine the rate “USD-LIBOR-BBA” as the applicable Floating Rate Option under the ISDA Definitions being the rate applicable to any Class A1 Coupon Period for one-month deposits in US
dollars which appears on the Telerate Page 3750 as of 11.00 a.m., London time, on the Class A1 Coupon Determination Date. If such rate does not appear on the Telerate Page 3750, the rate for that Class A1 Coupon Period will be determined as if the
Trustee and Calculation Agent had specified “US-LIBOR-Reference Banks” as the applicable Floating Rate Option under the ISDA Definitions. “US-LIBOR-Reference Banks” means that the rate for a Coupon Period for a Class A1 Note will
be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the LIBOR Reference Banks (being four major banks in the London interbank market agreed by the Calculation Agent and the Currency Swap Provider) at
approximately 11:00 a.m., London time, on the Class A1 Coupon Determination Date to prime banks in the London interbank market for a period of one month commencing on the first day of the Class A1 Coupon Period and in a Representative Amount (as
defined in the ISDA Definitions). The Calculation Agent will request the principal London office of each of the LIBOR Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Class A1 Coupon
Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Class A1 Coupon Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the
Calculation Agent (after consultation with the Currency Swap Provider), at approximately 11:00 a.m., New York City time, on that Class A1 Coupon Determination Date for loans in U.S. dollars to leading European banks, or the relevant interpolated
rate (if applicable) for a period of one month commencing on the first day of the Class A1 Coupon Period and in a Representative Amount, or the relevant interpolated rate (if applicable). If no such rates are available in London, then the One Month
LIBOR for such Class A1 Coupon Period will be the most recently determined rate in accordance with this definition.] 
 Other
Trust means any Trust (as defined in the Master Trust Deed) other than the Trust. 
 Paying Agent means any person
appointed as a Paying Agent under the Agency Agreement, including the Principal Paying Agent. 
 Payment Date, in relation to a
Note, has the meaning given in relation to that Note in clause 4.2(h). 
 Payment Shortfall means, in relation to a Collection
Period, the amount (if any) by which the Total Payments for that Collection Period exceed the Available Income for that Collection Period. 
 Performing Loan has the meaning given in the Liquidity Facility Agreement. 
 Prepayment Benefit means,
on the early discharge of a Purchased Receivable which is a housing loan bearing a fixed rate of interest (other than a Receivable subject to a concessionary rate of interest for 12 months or less), the amount (if any) credited to the relevant
Obligor’s loan account by Westpac by means of a reduction in the Housing Loan Principal of that Purchased Receivable, in accordance with the relevant Receivable Agreement. 
  

			
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 Prepayment Benefit Shortfall means, in relation to a Collection Period, the amount by
which the total of all Prepayment Benefits for that Collection Period exceeds the total of all Prepayment Costs for that Collection Period. 
 Prepayment Calculation Adjustment means, in relation to a Purchased Receivable, any amount credited to the Obligor by Westpac under that Purchased Receivable to reflect an interest adjustment resulting from a change in
computer systems. 
 Prepayment Cost means, on the early discharge of a Purchased Receivable which is a housing loan bearing a
fixed rate of interest (other than a Receivable subject to a concessionary rate of interest for 12 months or less), the amount (if any) owed by the relevant Obligor and collected by Westpac, in accordance with the relevant Receivable Agreement.

 Prepayment Cost Surplus means, in relation to a Collection Period, the amount by which the total of all Prepayment Costs for
that Collection Period exceeds the total of all Prepayment Benefits for that Collection Period. 
 Principal Charge Off means,
in relation to any Collection Period, the aggregate of all Mortgage Shortfalls for that Collection Period. 
 Principal
Collections means, for a Collection Period: 
  

	 	(a)	the Gross Principal Collections for that Collection Period; less 

  

	 	(b)	any amounts deducted by or paid to Westpac under clause 5.3(b) to reimburse Redraws funded by Westpac during that Collection Period for which Westpac has not previously been
reimbursed. 

 Principal Draw means, for a Collection Period, the amount calculated under clause 5.4 in relation
to that Collection Period. 
 Principal Entitlement means, in relation to a Note for the purposes of the Master Trust Deed on
any date, the Stated Amount of that Note at that date. 
 Principal Loss means, for a Collection Period in relation to a
Purchased Receivable, the amount of any Liquidation Loss for that Purchased Receivable for that Collection Period referred to in clause 5.6(b). 
 Principal Outstanding has the meaning given in the Redraw Facility Agreement. 
 Principal Paying Agent
means [tba], or any successor as Principal Paying Agent under the Agency Agreement. 
 Principal Payment means a
Class A Principal Payment or a Class B Principal Payment. 
 Principal Repayment Date means, in relation to a Note for the
purposes of the Master Trust Deed, the Maturity Date for that Note and each date on which the Invested Amount or Stated Amount is reduced under this Series Notice. 
 Property Restoration Expenses means costs and expenses incurred by or on behalf of the Trustee, or by the Servicer under the Servicing Agreement, in repairing, maintaining or restoring to an appropriate
state of repair and condition any Mortgaged Property, in exercise of a power conferred on the mortgagee under the Purchased Receivable and Relevant Documents relating thereto. 
 Prospectus means: 
  

			
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	 	(a)	the Base Prospectus dated [*]; and 

  

	 	(b)	the Prospectus Supplement relating to the Trust and the US$ Notes dated on or about the date of this Series Notice. 

 Purchased Receivable means each Loan specified in a Sale Notice (including any Redraw in respect of that Loan) and purchased by the Trustee
unless the Trustee has ceased to have an interest in that Loan. 
 Purchased Receivable Security means each Mortgage specified
in the Sale Notice and purchased by the Trustee, unless the Trustee has ceased to have an interest in that Mortgage. 
 Quarter
means each three month period in a year which period begins on [*], [*], [*] and [*]. 
 Quarterly Percentage means, for a
Collection Period, the aggregate Housing Loan Principal of all Purchased Receivables which are in Arrears for more than 60 consecutive days as at close of business on the last day of that Collection Period, expressed as a percentage of the aggregate
Housing Loan Principal of all Purchased Receivables as at close of business on the last day of that Collection Period. 
 Receivable means, in relation to the Trust, the rights of the relevant Approved Seller or the Trustee (as the case may require) under or in respect of Loans constituted upon acceptance of Westpac’s standard Loan Offer
for: 
  

	 	(a)	a Premium Option Home Loan; 

  

	 	(b)	a Basic Option Home Loan; 

  

	 	(c)	a Fixed Options Home Loan; 

  

	 	(d)	a Special Offer Fixed Options Home Loan; 

  

	 	(e)	a First Option Home Loan earning a variable rate of interest; 

  

	 	(f)	a Premium Option Home Loan with 1 Year Guaranteed Rate; 

  

	 	(g)	a Fixed Rate Investment Property Loan; 

  

	 	(h)	a Variable Rate Investment Property Loan earning a variable rate of interest; 

  

	 	(i)	an Investment Loan with 1 Year Guaranteed Rate earning a concessional introductory rate fixed for up to one year; 

  

	 	(j)	a First Option Investment Property Loan earning a variable rate of interest; or 

  

	 	(k)	a Special Offer Fixed Rate Investment Property Loan, 

 (or
any variation of those products after the Sale Notice is or was given) as varied by Westpac’s standard letter of variation, or any other Receivables (as defined in the Master Trust Deed) originated by Westpac which is acceptable to the Trustee
(in all cases in the form certified by Westpac before the Sale Notice is or was given, and as certified thereafter from time to time). 
 Record Date means: 
  

	 	(i)	with respect to a Payment Date for any Registered Note, 4.00pm (Sydney time) on the second Business Day before that Payment Date; 

  

			
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	 	(ii)	with respect to [a Class A1 Payment Date or] Payment Date for any Book-Entry Note, close of business on the second Business Day before that [Class A1 Payment Date or] Payment Date
[(as the case may be)]; and 

  

	 	(iii)	with respect to [a Class A1 Payment Date or] Payment Date for any Definitive Note, the last day of the calendar month before that [Class A1 Payment Date or] Payment Date [(as the
case may be)]. 

 Recovery means any amount received by Westpac or the Servicer under or in respect of a
Purchased Receivable and the related Receivable Rights at any time after a Finance Charge Loss or Principal Loss has arisen in respect of that Purchased Receivable (other than any amount received under a Mortgage Insurance Policy), provided that
amount is not otherwise payable to an insurer under a Mortgage Insurance Policy. 
 Redraw means, in relation to any Collection
Period, an amount provided to an Obligor by the Approved Seller under a Purchased Receivable in respect of any principal prepayments previously made to the Obligor’s loan account in accordance with the terms of the Obligor’s Purchased
Receivable. 
 Redraw Charge Off means the amount of any reduction in the Principal Outstanding under the Redraw Facility
Agreement under clause 5.17(b)(ii). 
 Redraw Facility Agreement means, in relation to the Trust, the agreement so entitled
dated on or about the date of this Series Notice between the Trustee, the Trust Manager and the Redraw Facility Provider. 
 Redraw
Facility Provider means, in relation to the Trust, Westpac Banking Corporation. 
 Redraw Limit means the Redraw Limit
as defined in the Redraw Facility Agreement. 
 Redraw Shortfall means, on each Determination Date, the aggregate of Redraws
made prior to that Determination Date which remain outstanding after applying Gross Principal Collections towards reimbursement of those Redraws under clause 5.3. 
 Reference Bank means any financial institution authorised to quote on the Reuters Screen BBSW Page. 
 Registered Note means a Class A3 Note or a Class B Note. 
 Registered Note Payment Date means a Payment
Date for a Registered Note. 
 Registered Noteholder means a person who is a Noteholder in relation to a Registered Note.

 Regulation AB means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 Remaining Liquidity Shortfall means, in relation to a Collection Period, the amount (if any) by which the Liquidity Shortfall (if any) for that Collection Period exceeds the Available Liquidity Amount
for that Collection Period. 
 [Remarketing Agent means [*].] 
  

			
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 [Remarketing Agreement means the remarketing agreement dated on or about the date of
this Series Notice between the Trustee, the Trust Manager, the Remarketing Agent, the Conditional Purchaser and the Tender Agent.] 
 [Remarketing Failure has the meaning given to that term in the Remarketing Agreement.] 
 Remittance
Date means, in relation to a Collection Period, the date which is two Business Days prior to the Payment Date following the end of that Collection Period. 
 [Reset Margin has the meaning given in the Remarketing Agreement.] 
 Residual Capital
Unit has the meaning given in clause 10.1. 
 Residual Capital Beneficiary means the holder of the Residual
Capital Unit from time to time. 
 Residual Income Beneficiary means the holder of a Residual Income Unit from time to time.

 Residual Income Unit has the meaning given in clause 10.1. 
 Sale Notice means any Sale Notice (as defined in the Master Trust Deed) which may be given by Westpac (in its capacity as Approved Seller
or as beneficiary of the Warehouse Trust) to the Trustee as trustee of the Trust after the date of execution of this Series Notice and which is subsequently accepted by the Trustee. 
 Securities Act means the United States Securities Act of 1933, as amended. 
 Security Trust Deed means the security trust deed dated on or about [*] between the Trustee, the Trust Manager, the Note Trustee and the
Security Trustee. 
 Security Trustee means P.T. Limited (ABN 67 004 454 666). 
 Servicer Downgrade means a downgrade of the long term rating of either the Servicer or its holding company (if any)below Baa2 by
Moody’s. 
 Servicer’s Report means each report to be prepared by the Servicer under clause 6.5 of the Servicing
Agreement. 
 Servicing Agreement means the agreement so entitled dated 12 March 2002 (as amended) between, among others,
the Trustee and the Servicer. 
 Servicing Criteria means the “servicing criteria” set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time. 
 Servicing Fee means the fee payable under clause 6.1(c) of this
Series Notice and clause 7.1 of the Servicing Agreement. 
 Spread, in relation to any amount to be paid under a Currency Swap,
has the meaning given in that Currency Swap in respect of payments by the Trustee under that Currency Swap. 
 Stated Amount
means a Class A Stated Amount or a Class B Stated Amount. 
 Static Pool Information means static pool information as
described in Item 1105(a)(1)-(3) and 1105(c) of Regulation AB. 
 Step-Up Margin in relation to any Note [(other than
a Class A1 Note)], has the meaning given in clause 4.10. 
 Step-Up Margin Date has the meaning given to it in clause 4.10.

  

			
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 Stock Exchange means a stock exchange on which any of the Notes are listed. 

Subcontractor means any vendor, subcontractor or other person that is not responsible for the overall servicing (as
“servicing” is commonly understood by participants in the mortgage-backed securities market) of Purchased Receivables but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Purchased
Receivables under the direction or authority of the Servicer or a Subservicer, if any. 
 Subordinated Percentage means, at any
time, the aggregate of the Class B Stated Amounts divided by the sum of: 
  

	 	(a)	the Total Stated Amount at that time; and 

  

	 	(b)	the Redraw Limit at that time. 

 Subservicer
means any person that services Purchased Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing
functions required to be performed by the Servicer under this Series Notice, the Servicing Agreement or any other Transaction Document, that are identified in Item 1122(d) of Regulation AB. 
 Support Facility Collateral Account means, in relation to a Support Facility, each Collateral Account as defined in that Support Facility.

 Swap Provider means, in relation to a Hedge Agreement, the counterparty which enters into that arrangement with the Trustee.

 [Tender Agent means [tba].] 
 Three Month LIBOR means, in relation to any Coupon Period, the rate of interest determined by the Calculation Agent on the basis of the following paragraphs. 
 On each Coupon Determination Date, the Calculation Agent will determine the rate “USD-LIBOR-BBA” as the applicable Floating Rate Option under
the ISDA Definitions being the rate applicable to any Coupon Period for three-month deposits in US dollars which appears on the Telerate Page 3750 as of 11.00 a.m., London time, on the Coupon Determination Date. If such rate does not appear on the
Telerate Page 3750, the rate for that Coupon Period will be determined as if the Trustee and Calculation Agent had specified “US-LIBOR-Reference Banks” as the applicable Floating Rate Option under the ISDA Definitions.
“US-LIBOR-Reference Banks” means that the rate for a Coupon Period for a Class A 2Note will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the LIBOR Reference Banks (being four major banks in
the London interbank market agreed by the Calculation Agent and the Currency Swap Provider) at approximately 11:00 a.m., London time, on the Coupon Determination Date to prime banks in the London interbank market for a period of three months
commencing on the first day of the Coupon Period and in a Representative Amount (as defined in the ISDA Definitions), or the relevant interpolated rate (if applicable). The Calculation Agent will request the principal London office of each of the
LIBOR Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Coupon Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate
for that Coupon Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Calculation Agent (after consultation with the Currency Swap Provider), at approximately 11:00 a.m., New York City time,

  

			
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 on that Coupon Determination Date for loans in U.S. dollars to leading European banks, or the
relevant interpolated rate (if applicable) for a period of three months commencing on the first day of the Coupon Period and in a Representative Amount, or the relevant interpolated rate (if applicable). If no such rates are available in London,
then the Three Month LIBOR for such Coupon Period will be the most recently determined rate in accordance with this definition. Provided that on the first day of the first Coupon Period USD-LIBOR-BBA shall be an interpolated rate calculated with
reference to the period from (and including) the Closing Date to (but excluding) the first Payment Date. 
 Threshold Rate
means, at any time, the minimum rate of interest that must be set on all Purchased Receivables where permitted under the relevant Receivable Agreement which will be sufficient (assuming that all relevant parties comply with their obligations
at all times under the Transaction Documents, the Purchased Receivables and the related Receivable Rights), when aggregated with the income produced by the rate of interest on all other Purchased Receivables and other Authorised Investments which
are Assets of the Trust, to ensure that the Trustee will have available to it sufficient Collections to enable it to comply with its obligations under the Transaction Documents relating to the Trust as they fall due (including the repayment of any
Principal Draws by the Maturity Date of all Notes and the payment of all A$ denominated amounts to the Currency Swap Provider under the Currency Swaps necessary to enable the Trustee to pay all Coupons due on US$ Notes from time to time).

 Title Perfection Event means, in relation to the Trust, the events set out in clause 11. 
 Total Available Funds means, for a Collection Period, the aggregate of: 
  

	 	(a)	the Available Income for that Collection Period; 

  

	 	(b)	any Principal Draw which the Trustee is required to allocate under clause 5.13(a)(iii) on or before the Payment Date for that Collection Period; and 

  

	 	(c)	any Liquidity Draw which the Trustee is required to make under clause 5.5 on or before the Payment Date for that Collection Period. 

 Total Carryover Charge Off means, on any date, the sum of: 
  

	 	(a)	the A$ Equivalent of all Carryover Class A Charge Offs for all Class A Notes as at that date; and 

  

	 	(b)	the Carryover Class B Charge Offs for all Class B Notes as at that date; 

 Total Initial Invested Amount means, at any time, the sum of: 
  

	 	(a)	the A$ Equivalent of all Initial Invested Amounts of all US$ Notes; and 

  

	 	(b)	all Initial Invested Amounts of all Registered Notes, 

 at
that time. 
 Total Invested Amount means, at any time, the sum of: 
  

	 	(a)	the A$ Equivalent of all Invested Amounts of all US$ Notes; and 

  

	 	(b)	all Invested Amounts of all Registered Notes, 

 at that
time. 
  

			
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 Total Payments means, in relation to a Collection Period, all amounts paid or to be
paid by the Trustee under clause 5.10 in relation to that Collection Period. 
 Total Stated Amount means, at any time, the sum
of the aggregate of the A$ Equivalent of all the Class A Stated Amounts and the aggregate of the Class B Stated Amounts at that time. 
 Transaction Document means each Transaction Document (as defined in the Master Trust Deed) which relates to the Trust and includes: 
  

	 	(a)	the Dealer Agreement; 

  

	 	(b)	the Underwriting Agreement; 

  

	 	(c)	the Note Trust Deed; 

  

	 	(d)	the Agency Agreement; 

  

	 	[(f)	the Remarketing Agreement; and] 

  

	 	[(g)	the Conditional Purchase Agreement.] 

 [Transfer
Date means the Class A1 Payment Date falling in [*] of each year, beginning in [*] to and including the Payment Date occurring in [*].] 
 Trust means the Series [*] WST Trust constituted under the Master Trust Deed and the Notice of Creation of Trust. 
 Trust Expenses means, in relation to a Collection Period (and in the following order of priority): 
  

	 	(a)	first, Taxes payable in relation to the Trust for that Collection Period; 

  

	 	(b)	second, the Trustee’s Fee for that Collection Period; 

  

	 	(c)	third, the Trust Manager’s Fee for that Collection Period; 

  

	 	(d)	fourth, any fee payable to the Security Trustee under the Security Trust Deed; 

  

	 	(e)	fifth, the Servicing Fee for that Collection Period; 

  

	 	(f)	sixth, any fee payable to the Note Trustee under the Note Trust Deed; 

  

	 	(g)	seventh, pari passu any fee payable to a Note Party under the Agency Agreement; 

  

	 	(h)	eighth, pari passu any costs, charges or expenses (other than fees) incurred by, and any liabilities owing under any indemnity granted to, the Security Trustee, the Servicer, the
Note Trustee, a Note Party in relation to the Trust under the Transaction Documents, for that Collection Period; and 

  

	 	(i)	ninth, pari passu any other Expenses relating to the Trust, 

 all of the amounts in paragraphs (a) to (i) (inclusive) being Expenses for the purposes of the Master Trust Deed, but excluding any amounts paid or to be paid under clause 5.10(a)(viii). 
 Trust Manager’s Report means a report in the form agreed by the Trustee and the Trust Manager from time to time. 
 Underwriting Agreement means the Underwriting Agreement dated on or about the date of this Series Notice between the Trustee, the Trust
Manager, Westpac and others in relation to subscription for US$ Notes. 
  

			
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 US$ Account means, in relation to the Trust, the US$ account with the Principal Paying
Agent, or any other account opened and maintained with the Principal Paying Agent. 
 US$ Equivalent means: 
  

	 	(a)	in relation to an amount denominated or to be denominated in Australian dollars, that amount converted to (and denominated in) US$ at the US$ Exchange Rate; or

  

	 	(b)	in relation to an amount denominated or to be denominated in US$, the amount of US$. 

 US$ Exchange Rate means, on any date in respect of any US$ Notes, the rate of exchange (set as at the commencement of the relevant Currency Swap) applicable under that Currency Swap for the exchange of
Australian dollars for United States dollars. 
 US$ Note means [a Class A1 Note or] a Class A2 Note. 
 US$ Noteholder means a Noteholder of a US$ Note. 
 Warehouse Investment Agreement means: 
  

	 	(a)	the document so entitled dated 19 February 1997 between the Trustee as trustee of the Warehouse Trust, the Trust Manager and Westpac Banking Corporation; or

  

	 	(b)	any other agreement which the Trustee and the Trust Manager agree is a Warehouse Investment Agreement or Warehouse Facility Agreement for the purposes of this Series Notice.

 Warehouse Investor has the meaning given to that term in a Warehouse Investment Agreement. 
 Warehouse Trust means the WST Warehouse Trust #1. 
 Warehouse Trustee means Westpac Securities Administration Limited as trustee of the Warehouse Trust. 
 Westpac Remittance Rating means a short term rating of A1+ from S&P and P-1 from Moody’s. 
  

	3.2	Interpretation 

 Clause 1.2 of the Master Trust
Deed is incorporated into this Series Notice as if set out in full, except that any reference to deed is replaced by a reference to Series Notice and any reference to United States dollars, USD
and US$ is to currency of the United States of America. 
  

	3.3	Limitation of liability of the Trustee 

  

	 	(a)	General 

 Clause 33 of the Master Trust Deed
applies to the obligations and liabilities of the Trustee, the Warehouse Trustee and the Trust Manager under this Series Notice. 
  

	 	(b)	Liability of Trustee limited to its right of indemnity 

  

	 	(i)	The Trustee enters into this Series Notice only in its capacity as trustee of the Trust and in no other capacity. A liability arising under or in connection with this Series Notice,
a Transaction Document or the Trust can be enforced against the Trustee only to the extent to which it can be satisfied out of property of the Trust out of which the Trustee is actually indemnified for the liability. This limitation of the
Trustee’s liability applies despite any other provision of this Series Notice and 

  

			
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 extends to all liabilities and obligations of the Trustee in any way connected with any
representation, warranty, conduct, omission, agreement or transaction related to this Series Notice, a Transaction Document or the Trust. 
  

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

  

	 	(iii)	The provisions of this clause 3.3 shall not apply to any obligation or liability of the Trustee to the extent that it is not satisfied because under a Transaction Document or by
operation of law there is a reduction in the extent of the Trustee’s indemnification out of the Assets of the Trust as a result of the Trustee’s fraud, negligence or Wilful Default. 

  

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

  

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

  

	 	(c)	Liability of Warehouse Trustee limited to its right of indemnity 

 Clause 3.3(b) shall apply to the Warehouse Trustee as if restated in full with all references to the Trustee being replaced with references to the Warehouse Trustee and all reference to the
Trust being replaced with references to the Warehouse Trust. 
  

			
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	3.4	Security Trustee liability 

 Clause 36.14 of the
Security Trust Deed is incorporated into this Series Notice as if set out in full, except that any reference to deed is replaced by a reference to Series Notice. 
  

	3.5	Knowledge of Trustee 

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

	3.6	Business Day Convention 

 If any payment or
calculation is to be made or any other thing done, (including in relation to [a Class A1 Payment Date or] Payment Date or a Collection Period) on a day which is not a Business Day, the due date will be the next Business Day unless that day falls in
the next calendar month, in which case the due date will be the preceding Business Day. 
  

	3.7	Hedge Agreements 

  

	 	(a)	The parties acknowledge that: 

  

	 	(i)	the provider of each Hedge Agreement will prepare all confirmations under any ISDA Master Agreement for that Hedge Agreement; and 

  

	 	(ii)	none of the Trustee, the Trust Manager or the provider of any Hedge Agreement will be liable to any other person (including each other party and each other Mortgagee) for entering
into any such confirmation or Hedge Agreement, notwithstanding that the person preparing the confirmation is the counterparty to the relevant Hedge Agreement, except in the case of the Trustee or the Trust Manager, where the Trustee or the Trust
Manager as the case may be, is found to have acted fraudulently or negligently. 

  

	 	(b)	Without limiting paragraph (a), the Trustee appoints the Trust Manager as its attorney to execute confirmations on behalf of the Trustee under any Hedge Agreement from time to time,
provided that the Trust Manager must notify the Trustee if the relevant confirmation amends the terms of the relevant Hedge Agreement. 

  

	 	(c)	The Trust Manager agrees to provide and the Trustee agrees to follow to the extent it receives, all directions necessary to ensure that the Trustee complies with its obligations
under any relevant Hedge Agreement including, without limitation: 

  

	 	(i)	proposing a Replacement Provider (as defined in the relevant Hedge Agreement) under Section 15A(d)(ii) of the Basis Swap and Interest Rate Swap or Part 5(9)(d)(ii) of the
relevant Currency Swap; 

  

	 	(ii)	ensuring that the Trustee designates an Early Termination Date pursuant to Section 6(aa) of the relevant Currency Swap only at the direction of the Trust Manager;

  

			
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	 	(iii)	directing the Trustee to enter into a Replacement Currency Swap (as defined in Section 18(a) of the relevant Currency Swap) under Section 18(a) of the relevant Currency
Swap; 

  

	 	(iv)	notifying the Swap Provider if the Trust Manager becomes actually aware of the occurrence of a Downgrade (as defined in the relevant Hedge Agreement); 

  

	 	(v)	where the Trustee has not established a Swap Collateral Account (as defined in the relevant Hedge Agreement) and the Swap Provider is required to deposit monies into a Swap
Collateral Account, the Trust Manager must direct the Trustee to establish, as soon as is practicable, and maintain, in the name of the Trustee an account with an Approved Bank (as defined in the relevant Hedge Agreement); and

  

	 	(vi)	ensuring that the Trustee only makes withdrawals from the Swap Collateral Account if directed to do so by the Trust Manager. 

  

	 	(d)	The Trust Manager may from time to time direct the Trustee to, and on that direction, the Trustee will, enter into additional Interest Rate Swaps in relation to the interest rate
risk arising from a Purchased Receivable which has (in whole or in part) a fixed rate of interest, upon confirmation from each Designated Rating Agency that the entering into of such additional Interest Rate Swaps in relation to the interest rate
risk arising from any such Purchased Receivable will not result in the downgrade or withdrawal of the rating of any Note. 

  

	3.8	Financial product advice 

 The parties acknowledge
that: 
  

	 	(a)	the Trust Manager may from time to time provide financial product advice (as defined in the Corporations Act) to the Trustee as contemplated by the Transaction Documents; and

  

	 	(b)	the Trustee may rely on that advice. 

  

	
	 4.     Notes

  

	4.1	Conditions of Notes 

  

	 	(a)	The conditions of the Registered Notes will be as set out in the Master Trust Deed, as supplemented and amended by the provisions set out in this Series Notice.

  

	 	(b)	The conditions of the US$ Notes will be as set out in the Master Trust Deed, the relevant Conditions and the Series Notice. 

  

	4.2	Summary of conditions of Notes 

 Under clause 13.3
of the Master Trust Deed, the Trust Manager provides the following information in respect of the Notes. 
  

			
	 (a)       Class of Note:
	  	 There will be the following Classes of Notes:
  

(i)       [Class A1 Notes]
  
 (ii)      Class A2
Notes
  
 (iii)     Class A3 Notes
  
 (iv)     Class B Notes

  

			
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	 (b)      Total Initial Invested Amount of each Class of Notes:
	  	 [Class A1 Notes – US$[*]]
  
 Class A2 Notes – US$[*]
  
 Class A3 Notes – A$[*]
  
 Class B Notes – [A$*]

		
	 (c)       Manner and order in which principal and interest is to be paid on Notes:
	  	 As set out in clause 5
  

		
	 (d)      Margin:
	  	 (i)       [in the case of any Class A1 Note prior to the first
Transfer Date, [*]% per annum, and thereafter the Reset Margin for the Class A1 Notes as determined under the Remarketing Agreement for each Transfer Date from time to time (which cannot exceed the Maximum Reset Margin at any time);]
  
 (ii)      in the case of
Class A2 Notes, [*]% per annum;
  
 (iii)     in the case of Class A3 Notes, [*]% per annum; and
  
 (iv)     in the case of Class B Notes, [*]% per annum.
  

	 (e)       Initial Invested Amount:
	  	 (i)       [Class A1 Notes - denominated with an Initial Invested
Amount of US$100,000 per Note and in multiples of US$[1,000]] in excess thereof;]
  
 (ii)      Class A2 Notes - denominated with an Initial Invested Amount of US$100,000 per Note and
in multiples of US$[1,000] in excess thereof;
  
 (iii)     Class A3 Notes – denominated with an Initial Invested Amount of A$100,000 per Note;
  
 (iv)     Class B Notes – denominated with an Initial Invested Amount of A$100,000 per
Note.

  

			
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	(f)    Rating:	  	 (i)         [Class A1 Notes – A1+ short term rating and
AAA long term rating from S&P, P-1 short term rating and Aaa long term rating from Moody’s;]
  
 (ii)        Class A2 Notes – AAA (S&P)/Aaa (Moody’s);
  
 (iii)       Class A3
Notes – AAA (S&P)/Aaa (Moody’s);
  
 (iv)       Class B Notes – AA (S&P)/Aa2 (Moody’s).

		
	(g)    Issue Price:	  	 (i)         [Class A1 Notes – issued at par
value;]
  
 (ii)        Class A2 Notes – issued at par value;[
  
 (iii)       Class A3 Notes – issued at par value;]
  
 (iv)       Class B Notes
– issued at par value.

		
	(h)    Payment Dates:	  	 (i)         Class A2 Notes – the [23rd] day of each Quarter (Sydney time);[
  
 (ii)        Class A3 Notes – the [23rd] day of each Quarter (Sydney time);
  
 (iii)       Class B Notes – the [23rd] day of each Quarter (Sydney time);
  
 The first Payment Date for the Class A2 Notes will be [*] (New York time), the first Payment Date for the Class A3 Notes will be [*] (Sydney time) and the first Payment
Date for the Class B Notes will be [*] (Sydney time).

		
	(i)    [Class A1 Payment Dates:	  	 The [23rd] day
of each month.
  
 The first Class A1 Payment Date with be [*] (New York
time).]

		
	(j) Maturity Date:	  	[The Class A1 Notes,] the Class A2 Notes, the Class A3 Notes and the Class B Notes: the Payment Date falling in [*].

  

	4.3	Issue of Notes 

  

	 	(a)	Registered Notes must be issued in minimum parcels or subscriptions which have an aggregate Initial Invested Amount of A$500,000, (disregarding any amount payable to the extent to
which it is to be paid out of money lent by the person offering the Registered Notes or an associate (as defined in Division 2 of Part 2.1 of the Corporations Act)) or must otherwise constitute an issue that need not be disclosed under Part 6D.2 of
the Corporations Act. 

  

			
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	 	(b)	US$ Notes must be issued in amounts, or on terms, that their offer for subscription and their issue will comply with the United States Securities Act of 1933, the United States
Securities Exchange Act of 1934, all regulations made under or in relation to them, and all other laws or regulations of any jurisdiction of the United States of America regulating the Offer or issue of, or subscription for, Notes.

  

	 	(c)	No Registered Note has been or will be registered under the Securities Act and the Registered Notes may not be offered or sold within the United States or to, or for the account of
benefit of, US persons except in accordance with Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by
Regulation S under the Securities Act. 

  

	4.4	Trustee’s Covenant to Noteholders 

 Subject to
the terms of the Master Trust Deed and this Series Notice, the Trustee: 
  

	 	(a)	acknowledges its indebtedness in respect of the Invested Amount of each Note; and 

  

	 	(b)	covenants with the Security Trustee and with the Note Trustee for the benefit of each Noteholder: 

  

	 	(i)	to make all payments on or in respect of the Notes held by that Noteholder on the due date for payment; 

  

	 	(ii)	to comply with the terms of this Series Notice and the Transaction Documents to which it is a party; and 

  

	 	(iii)	to pay the Stated Amount in relation to the Notes held by that Noteholder on the Maturity Date. 

  

	4.5	Repayment of Notes on Payment Dates 

  

	 	(a)	On each Payment Date for a Note, the Invested Amount of that Note shall be reduced by, and the obligations of the Trustee with respect to that Note shall be discharged to the extent
of, the amount of the Principal Payment made on that Payment Date in respect of that Note. 

  

	 	(b)	All payments of principal on US$ Notes will be made in United States dollars. 

  

	 	(c)	All payments of principal on Registered Notes will be made in Australian dollars. 

  

	4.6	Final Redemption 

 Each Note shall be redeemed in
full, and the obligations of the Trustee with respect to the payment of the Invested Amount of that Note shall be finally discharged, on the first to occur of: 
  

	 	(a)	the date upon which the Invested Amount of that Note is reduced to zero; 

  

	 	(b)	if the Stated Amount is less than the Invested Amount, the date on which the Stated Amount of that Note is reduced to zero; 

  

	 	(c)	the date upon which the relevant Noteholder renounces all of its rights to any amounts payable under or in respect of that Note; and 

  

			
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	 	(d)	the Payment Date immediately following the date on which the Trustee completes a sale and realisation of all Assets of the Trust in accordance with the Master Trust Deed or this
Series Notice. 

  

	4.7	Period During Which Interest Accrues 

 Each Note
bears interest calculated and payable in arrear in accordance with this Series Notice from and including the Closing Date to but excluding the date upon which that Note is finally redeemed under clause 4.6. 
  

	4.8	Calculation of Interest 

 (a) Subject to paragraph
(b), interest payable on: 
  

	 	(i)	[(other than a Class A1 Note)] each Note in respect of each Coupon Period is calculated: 

  

	 	(A)	on a daily basis at the applicable Coupon Rate; 

  

	 	(B)	on the Invested Amount of that Note as at the first day of that Coupon Period; and 

  

	 	(C)	on the basis of the actual number of days in that Coupon Period and a year of 365 days (in the case of Registered Notes) or 360 days (in the case of Class A2 Notes),

  

	 	 	and shall accrue due from day to day; and 

  

	 	(ii)	[each Class A1 Note in respect of each Class A1 Coupon Period is calculated: 

  

	 	(A)	on a daily basis at the applicable Coupon Rate; 

  

	 	(B)	on the Invested Amount of that Class A1 Note as at the first day of that Class A1 Coupon Period; and 

  

	 	(C)	on the basis of the actual number of days in that Class A1 Coupon Period and a year of 360 days, and shall accrue due from day to day.] 

  

	 	(b)	No interest will accrue on any Note for the period from and including: 

  

	 	(i)	the date on which the Stated Amount of that Note is reduced to zero; or 

  

	 	(ii)	in the case of a US$ Note, if the Stated Amount of the US$ Note on the due date for redemption is not zero, the due date for redemption of the US$ Note, unless, after the due date
for redemption, payment of principal due is improperly withheld or refused, following which interest shall continue to accrue on the Invested Amount of the US$ Note at the rate from time to time applicable to the US$ Note until:

  

	 	(A)	the moneys in respect of that US$ Note have been received by the Note Trustee or the Principal Paying Agent and notice to that effect is given in accordance with the relevant
Conditions; or 

  

	 	(B)	the Stated Amount of that US$ Note has been reduced to zero. 

  

			
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	 	(c)	All payments of interest on US$ Notes will be made in United States dollars. 

  

	 	(d)	All payments of interest on Registered Notes will be made in Australian dollars. 

  

	4.9	Aggregate receipts 

 Notwithstanding anything in
clauses 5.13 to 5.19 (inclusive), no Noteholder will be entitled to receive aggregate principal under any of those clauses on any Note in excess of the Stated Amount for that Note. 
  

	4.10	Step-Up Margin 

 Subject to clause 19.4, if the
Trustee has not redeemed all of a Class of Notes on the first Payment Date occurring on or after the Call Option Date (the Step-Up Margin Date), the Coupon Rate for that Class of Notes will increase for each Coupon Period beginning on
or after that date by the following percentages per annum (each a Step-Up Margin): 
  

	 	(a)	in the case of the Class A2 Notes, [*]% per annum; and 

  

	 	(b)	in the case of the Class A3 Notes, [*]% per annum. 

 There
is no Step-Up Margin for [Class A1 Notes or] the Class B Notes. 
  

	4.11	[Class A1 Note Arrangements 

 By its acquisition of
any Class A1 Note, each Class A1 Noteholder acknowledges that any Class A1 Note it purchases will be subject to the Class A1 Arrangements and it consents to the Class A1 Arrangements.] 
  

	
	 5.       Cashflow Allocation
Methodology
  

  

	5.1	General 

 Collections and other amounts credited to
the Collection Account will be allocated by the Trust Manager, and paid by the Trustee as directed by the Trust Manager, as set out in this clause 5. 
  

	5.2	Determination Date - Calculations 

  

	 	(a)	On each Determination Date, the Trust Manager will, in respect of the Collection Period ending before that Determination Date, calculate or otherwise ascertain:

  

	 	(i)	the Available Income; 

  

	 	(ii)	the Total Available Funds; 

  

	 	(iii)	in the case of the first Determination Date, the Accrued Interest Adjustment payable to each Approved Seller; 

  

	 	(iv)	the aggregate of all Redraws made during that Collection Period; 

  

	 	(v)	the Redraw Shortfall; 

  

	 	(vi)	the Trust Expenses; 

  

	 	(vii)	the Subordinated Percentage; 

  

	 	(viii)	the Total Payments; 

  

			
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	 	(ix)	the Payment Shortfall (if any); 

  

	 	(x)	the Principal Draw (if any) for that Collection Period, together with all Principal Draws made before the start of that Collection Period and not repaid; 

 

	 	(xi)	the Gross Principal Collections; 

  

	 	(xii)	the Principal Collections; 

  

	 	(xiii)	the Excess Available Income (if any); 

  

	 	(xiv)	the Excess Collections Distribution (if any); 

  

	 	(xv)	the Liquidity Shortfall (if any); 

  

	 	(xvi)	the Remaining Liquidity Shortfall (if any); 

  

	 	(xvii)	the aggregate of all Liquidation Losses (if any); 

  

	 	(xviii)	the Principal Charge Off (if any); 

  

	 	(xix)	[the Class A1 Percentage,] the Class A2 Percentage, the Class A3 Percentage, the Class A Percentage and the Class B Percentage; 

  

	 	(xx)	each Class A Bond Factor and the Class B Bond Factor; 

  

	 	(xxi)	the Class A Charge Offs, the Class B Charge Offs and Redraw Charge Offs (if any); 

  

	 	(xxii)	all Carryover Charge Offs (if any); 

  

	 	(xxiii)	the Purchase Price adjustment calculated under paragraph 4(c) of the Sale Notice; 

  

	 	(xxiv)	if required by clause 10, the Threshold Rate at that Determination Date; 

  

	 	(xxv)	total Prepayment Costs (if any); 

  

	 	(xxvi)	total Prepayment Benefits (if any); 

  

	 	(xxvii)	the Prepayment Cost Surplus (if any); 

  

	 	(xxviii)	the Prepayment Benefit Shortfall (if any); 

  

	 	(xxix)	the Quarterly Percentage; 

  

	 	(xxx)	each US$ Equivalent amount and each A$ Equivalent amount, required to be calculated under this Series Notice; 

  

	 	(xxxi)	[Three Month] LIBOR as at the first day of the Coupon Period ending before that Determination Date as calculated by the Calculation Agent; 

  

	 	(xxxii)	[One Month LIBOR as at the first day of the Class A1 Coupon Period ending before that Class A1 Determination Date as calculated by the Calculation Agent;] 

 

	 	(xxxiii)	Bank Bill Rate as at the first day of the Coupon Period ending before that Determination Date; and 

  

	 	(xxxiv)	all other calculations necessary for the Trustee to make allocations and distributions under this clause 5 and the relevant Conditions. 

  

	 	(b)	[On each Class A1 Determination Date which is not also a Determination Date, the Trust Manager will calculate or otherwise ascertain the A$ Class A1 Coupon Amount for the

  

			
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	 	 	following Class A1 Payment Date and the Income then available to be paid to the Currency Swap Provider under the Class A1 Currency Swap with respect to that A$ Class A1 Coupon
Amount.] 

  

	 	(c)	The Trust Manager must: 

  

	 	(i)	notify the Trustee of each of the amounts, percentages and rates calculated by it in paragraph (a); 

  

	 	(ii)	instruct the Trustee as to the payments to be made by the Trustee on the relevant Payment Date; and 

  

	 	(iii)	by no later than 4.00pm (Sydney time) on the Determination Date, notify the Currency Swap Provider and the Principal Paying Agent of the amounts to be paid to the Currency Swap
Provider under clauses: 

  

	 	(A)	5.10 and 5.11; 

  

	 	(B)	5.14 or 5.15 (as the case may be); and 

  

	 	(C)	5.16 (if relevant). 

  

	5.3	Redraws 

  

	 	(a)	The Approved Seller, after receiving confirmation that it may do so from the Trust Manager, may make Redraws to Obligors under Purchased Receivables so that the then scheduled
principal balance of those Purchased Receivables is not exceeded; 

  

	 	(b)	The Trustee and the Trust Manager irrevocably authorise Westpac to deduct from Gross Principal Collections received by it (whether in its capacity as Servicer or otherwise) the
total amount of all Redraws provided by Westpac in relation to Purchased Receivables, to the extent that Westpac has not previously been reimbursed in relation to any Redraws. 

  

	 	(c)	The Servicer will, at the end of each Collection Period, notify the Trust Manager of the amounts calculated by the Servicer under clauses 5.2(a)(iv) and 5.2(a)(v).

  

	 	(d)	If the Trust Manager determines on any Determination Date that there is a Redraw Shortfall, the Trust Manager must on that date direct the Trustee to make a drawing under the Redraw
Facility on or before the Payment Date following that Determination Date up to the amount which the Trustee is permitted to draw under clause 3.1(c) of the Redraw Facility. 

  

	 	(e)	The Trustee must, if so directed by the Trust Manager but subject to the terms of the Redraw Facility Agreement, make that drawing and pay that amount to Westpac on or before the
relevant Payment Date. 

  

	 	(f)	The Trustee shall not be in default under any Transaction Document (and in particular it shall not be an Event of Default under the Security Trust Deed) if Westpac is
not reimbursed for Redraws in relation to Purchased Receivables funded by Westpac. This paragraph (e) does not limit Westpac’s rights under the Security Trust Deed in respect of those Redraws. 

  

			
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	5.4	Determination Date - Payment Shortfall 

 If the
Trust Manager determines on any Determination Date that there is a Payment Shortfall for the relevant Collection Period the Trust Manager must direct the Trustee to pay out of Principal Collections, as an Initial Principal Distribution under clause
5.13, an amount (the Principal Draw) equal to the lesser of: 
  

	 	(a)	the Payment Shortfall; and 

  

	 	(b)	the amount of Principal Collections available for distribution on the Payment Date following that Determination Date. 

  

	5.5	Determination Date - Liquidity Shortfall 

  

	 	(a)	If the Trust Manager determines on any Determination Date that there is a Liquidity Shortfall for the relevant Collection Period the Trust Manager must on that date direct the
Trustee to make a Liquidity Draw on or before the Payment Date following that Determination Date equal to the amount which the Trustee is permitted to draw under clause 3.1 of the Liquidity Facility Agreement. 

  

	 	(b)	The Trustee must, if so directed by the Trust Manager but subject to the terms of the Liquidity Facility Agreement, make that Liquidity Draw and have the proceeds of the Liquidity
Draw deposited into the Collection Account on or before 11.00 am (Sydney time) on the Payment Date. The Trust Manager must deal with the amount so deposited in accordance with this clause 5. 

  

	5.6	Allocating Liquidation Losses 

 On each
Determination Date, the Trust Manager must determine, in relation to the aggregate of all Liquidation Losses arising during that Collection Period: 
  

	 	(a)	the amount of those Liquidation Losses which is attributable to interest, fees and expenses in relation to the relevant Purchased Receivables (Finance Charge Loss);
and 

  

	 	(b)	the amount of those Liquidation Losses which is attributable to principal in relation to the relevant Purchased Receivables (Principal Loss), 

on the basis that all Liquidation Proceeds actually received by or on behalf of the Trustee in relation to a Purchased Receivable are applied first
against interest, fees and other Enforcement Expenses (other than Property Restoration Expenses) relating to that Purchased Receivable, and then against the Housing Loan Principal and Property Restoration Expenses relating to that Purchased
Receivable. 
  

	5.7	Insurance claims 

  

	 	(a)	If, on any Determination Date, the Trust Manager determines that there has been a Liquidation Loss in relation to a Purchased Receivable, the Trust Manager shall direct the Servicer
(if the Servicer has not already done so), promptly, and in any event within 20 Business Days of that notice, to make a claim under the relevant Mortgage Insurance Policy if it has not already done so. 

  

			
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	 	(b)	Upon receipt of any amount under or in respect of a Mortgage Insurance Policy in payment of a claim referred to in paragraph (a), the Trust Manager must determine which part of the
amount is attributable to interest, fees and other amounts in the nature of income, and which part of that amount is attributable to principal. 

  

	5.8	Remittance Date 

  

	 	(a)	By no later than 4.00 pm (Sydney time) on the Remittance Date for a Collection Period, the Trust Manager must deposit or use its best endeavours to procure that Westpac (whether in
its capacity as Servicer or otherwise) deposits, in the Collection Account all Available Income and Principal Collections for that Collection Period to the extent received on or before that time. 

  

	 	(b)	The Trust Manager must direct the Trustee to: 

  

	 	(i)	apply amounts credited to the Collection Account in making payments in discharge of the Trustee’s obligations under this clause 5; and 

  

	 	(ii)	make the applications and reinstatements required or contemplated by this clause 5, 

  

	 	 	in each case, under and in accordance with this clause 5. 

  

	5.9	Payment - Purchase Price adjustment 

 The Trustee
shall make the Purchase Price adjustment on the relevant Payment Date as provided in paragraph 4(c) of each Sale Notice. 
  

	5.10	Total Payments 

  

	 	(a)	Subject to paragraph (b) and clause 5.16, on each Payment Date, and based on the calculations and instructions provided to it by the Trust Manager under clause 5.2(c), the
Trustee must pay out of Total Available Funds[, to the extent such amounts have not been distributed on a Class A1 Payment Date,] in relation to the Collection Period ending immediately before that Payment Date, the following amounts in the
following order of priority: 

  

	 	(i)	first, an amount up to any Accrued Interest Adjustment required to be paid to the Approved Seller (the Trustee acknowledges and agrees that it has no entitlement to the moneys
comprising the Accrued Interest Adjustment); 

  

	 	(ii)	second, Trust Expenses which have been incurred prior to that Payment Date and which have not previously been paid or reimbursed under an application of this clause 5.10 (in the
order of priority set out in the definition of Trust Expenses); 

  

	 	(iii)	third, pari passu and rateably as between themselves, any amounts payable under any Support Facility (other than a Currency Swap), including: 

  

	 	(A)	the net amount (if any) payable by the Trustee under the Basis Swap; 

  

	 	(B)	the net amount (if any) payable by the Trustee under each Interest Rate Swap; and 

  

			
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	 	(C)	any interest or fees payable by the Trustee under the Liquidity Facility Agreement, 

  

	 	 	but not including amounts due under paragraph (iv), paragraph (v) or paragraph (vi); 

  

	 	(iv)	fourth, any repayment of a Liquidity Draw made on or prior to the previous Payment Date; 

  

	 	(v)	fifth, pari passu and rateably as between themselves: 

  

	 	(A)	[the payment to the Currency Swap Provider under any Confirmations relating to the Class A1 Notes of the A$ Class A1 Coupon Amount at that date;] 

  

	 	(B)	the payment to the Currency Swap Provider under any Confirmations relating to the Class A2 Notes of the A$ Class A2 Coupon Amount at that date; and 

  

	 	(C)	the payment to the Class A3 Noteholders of Class A3 Coupon at that date; 

  

	 	(vi)	sixth, any fee payable by the Trustee under the Redraw Facility Agreement; 

  

	 	(vii)	seventh, the payment to the Class B Noteholders of the Class B Coupon as at that date; and 

  

	 	(viii)	eighth, any fees or expenses which constitute Trust Expenses payable to Westpac, under sub-paragraph (ii) but which the Trustee and Westpac have expressly agreed in writing not
to treat as Trust Expenses for the purposes of sub-paragraph (ii). 

  

	 	(b)	The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(viii) inclusive to the extent that any Total Available Funds remain from which to make the payment
after amounts with priority to that payment have been distributed. 

  

	 	(c)	For the purposes of sub-paragraph 5.10(a)(ii) and (viii), if any Trust Expenses are, or are to be, denominated in US$, the Trustee may, at the direction of the Trust Manager,
convert those Trust Expenses to US$. Neither the Trustee nor the Trust Manager will be liable to any person with respect to any such conversion. 

  

	 	(d)        [(i)	On each Class A1 Payment Date which is not also a Payment Date, subject to clause 5.16, and based on the calculations, instructions and directions provided to it by the Trust
Manager under clause 5.2 on or before the relevant Class A1 Determination Date, the Trustee must pay or cause to be paid out of the Available Income held by the Trustee as at the day which is 2 Business Days prior to that Class A1 Determination
Date, the payment to the Currency Swap Provider under any Confirmations relating to the Class A1 Notes of the A$ Class A1 Coupon Amount at that date. 

  

	 	(ii)	The Trust Manager must direct the Trustee to, and on that direction, the Trustee must, pay any amounts received by the Trustee under the Class A1 Currency Swap in respect of a
payment under sub-paragraph [*] pari passu and rateably to the Class A1 Notes as the payment of the Class A1 Coupon at the relevant Class A1 Payment Date.] 

  

			
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	5.11	Excess Available Income - reimbursement of Charge Offs and Principal Draws 

  

	 	(a)	Subject to paragraph (b), on each Determination Date, the Trust Manager must apply any Excess Available Income for the Collection Period relating to that Determination Date in the
following order of priority: 

  

	 	(i)	first, the Excess Available Income must be applied in payment of all Principal Charge Offs for that Collection Period; 

  

	 	(ii)	second, the balance of the Excess Available Income (after application under paragraph (i)) must be applied pari passu and rateably between themselves (based on the Principal
Outstanding and the A$ Equivalent of the Stated Amount of the Class A Notes): 

  

	 	(A)	as a repayment under the Redraw Facility Agreement, as a reduction of, and to the extent of any Carryover Redraw Charge Offs; 

  

	 	(B)	[as a payment, to the Currency Swap Provider under the Confirmations relating to the Class A1 Notes, of the A$ Equivalent of any Carryover Class A1 Charge Offs;]

  

	 	(C)	as a payment, to the Currency Swap Provider under the Confirmations relating to the Class A2 Notes, of the A$ Equivalent of any Carryover Class A2 Charge Offs; and

  

	 	(D)	as a payment, to the holders of the Class A3 Notes in or towards reinstating the Stated Amount of the Class A3 Notes, to the extent of any Carryover Class A3 Charge Offs;

  

	 	(iii)	third, the balance of the Excess Available Income (after application under paragraphs (i) and (ii)) must be applied in reinstating the Stated Amount of the Class B Notes,
to the extent of Carryover Class B Charge Offs; 

  

	 	(iv)	fourth, the balance of the Excess Available Income (after application under paragraphs (i) to (iii) inclusive) must be applied to all Principal Draws which have not been
repaid as at that Payment Date; 

  

	 	(v)	fifth, any Settlement Amount (as defined in the relevant Currency Swap) payable to the Currency Swap Provider under a Currency Swap where the Currency Swap Provider is the
Defaulting Party; and 

  

	 	(vi)	sixth, the balance of the Excess Available Income (after application under paragraphs (i) to (iv) inclusive) must be applied to any fee agreed between Westpac, the Trustee
and the Trust Manager as payable to Westpac as the Approved Seller. 

  

	 	 	Any amount applied pursuant to sub-paragraphs (i) to (vi) (inclusive) above will be treated having been made using Principal Collections to the extent of that application,
and in the case of amounts paid under sub-paragraph (ii) or (vi) will be paid on the Payment Date following that Determination Date. 

  

			
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	 	(b)	The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(v) inclusive to the extent that any Excess Available Income remains from which to make the payment
after amounts with priority to that payment have been distributed. 

  

	5.12	Excess Collections Distribution 

  

	 	(a)	The Trustee must pay any Excess Collections Distribution for a Collection Period to the Residual Income Beneficiary on the relevant Payment Date. 

  

	 	(b)	The Trustee may not recover any Excess Collections Distribution from the Residual Income Beneficiary once it is paid to the Residual Income Beneficiary except where there has been
an error in the relevant calculation of the Excess Collections Distribution. 

  

	5.13	Initial Principal Distributions 

  

	 	(a)	Subject to paragraph (b), on each Payment Date, and based on the calculations and instructions provided to it by the Trust Manager under clause 5.2(c), the Trustee must distribute
out of Principal Collections, in relation to the Collection Period ending immediately before that Payment Date, the following amounts in the following order of priority: 

  

	 	(i)	first, to repay any Redraws provided by Westpac in relation to Purchased Receivables to the extent that it has not previously been reimbursed in relation to those Redraws;

  

	 	(ii)	second, to repay all Principal Outstanding under the Redraw Facility Agreement on that Payment Date; and 

  

	 	(iii)	third, to allocate to Total Available Funds any Principal Draw calculated in accordance with clause 5.4. 

  

	 	(b)	The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(iii) (inclusive) to the extent that any Principal Collections remain from which to make the payment
after amounts with priority to that payment have been distributed. 

  

	5.14	Principal Payments - Sequential Method 

  

	 	(a)	If on any Determination Date clause 5.15 does not apply, the Trustee must (subject to paragraph (b)), based on the instructions given to it by the Trust Manager, on the Payment Date
following that Determination Date, pay out of Principal Collections for the Collection Period ending immediately before that Payment Date the following amounts in the following order of priority (the Sequential Method):

  

	 	(i)	first, all the Initial Principal Distributions for the Collection Period ending immediately before that Payment Date; 

  

	 	(ii)	second, pari passu and rateably between themselves: 

  

	 	(A)	[as a payment, denominated in A$ to the Currency Swap Provider under the Class A1 Currency Swap, of an amount equal to the lesser of: 

  

			
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	 	(1)	the Class A1 Percentage of the amount available for distribution under this sub-paragraph (ii) after all Initial Principal Distributions; and 

  

	 	(2)	the A$ Equivalent of the Stated Amounts for all Class A1 Notes;] 

  

	 	(B)	as a payment, denominated in A$ to the Currency Swap Provider under the Class A2 Currency Swap, of an amount equal to the lesser of: 

  

	 	(1)	the Class A2 Percentage of the amount available for distribution under this sub-paragraph (ii) after all Initial Principal Distributions; and 

  

	 	(2)	the A$ Equivalent of the Stated Amounts for all Class A2 Notes; and 

  

	 	(C)	as a payment, to the Class A3 Noteholders of an amount equal to the lesser of: 

  

	 	(1)	the Class A3 Percentage of the amount available for distribution under this sub-paragraph (ii) after all Initial Principal Distributions; and 

  

	 	(2)	the Stated Amounts for all Class A3 Notes (after all applications of other amounts on that Payment Date); and 

  

	 	(iii)	third, as a payment to the Class B Noteholders of an amount equal to the lesser of: 

  

	 	(A)	the amount available for distribution under this sub-paragraph (iii) after the application of sub-paragraphs (i) and (ii); and 

  

	 	(B)	the Stated Amounts for all Class B Notes (after all applications of other amounts on that Payment Date). 

  

	 	(b)	The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(iii) inclusive to the extent that any Principal Collections remain from which to make the payment
after amounts with priority to that payment have been distributed. 

  

	5.15	Principal Payments - Serial Method 

  

	 	(a)	If on any Determination Date: 

  

	 	(i)	the Subordinated Percentage at the current Determination Date is greater than or equal to [*]%; and 

  

	 	(ii)	the Total Invested Amount as at that Determination Date, as a percentage of the Total Initial Invested Amount, is greater than or equal to [*]%; and 

  

	 	(iii)	the Average Quarterly Percentage as at that Determination Date either: 

  

	 	(A)	does not exceed [*]% and the Total Carryover Charge Off on that Determination Date does not exceed [*]% of the Class B Initial Invested Amount; or 

  

			
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	 	(B)	does not exceed [*]% and the Total Carryover Charge Off on that Determination Date does not exceed [*]% of the Class B Initial Invested Amount, 

  

	 	 	then the Trustee must (subject to paragraph (b)), based on the calculations and instructions given to it by the Trust Manager under clause 5.2(c), on the Payment Date following that
Determination Date, pay out of Principal Collections for the Collection Period ending immediately before that Payment Date the following amounts in the following order of priority: 

  

	 	(iv)	first, all the Initial Principal Distributions for the Collection Period ending immediately before that Payment Date; 

  

	 	(v)	second, pari passu and rateably between [the Class A1 Notes,] the Class A2 Notes and the Class A3 Notes: 

  

	 	(A)	[as a payment, denominated in A$ to the Currency Swap Provider under the Class A1 Currency Swap, of an amount equal to the lesser of: 

  

	 	(1)	the Class A1 Percentage of the sum of: 

  

	 	(a)	the Class A Percentage of Net Principal Distributions; and 

  

	 	(b)	the then Class A Payment Percentage of the then Class B Percentage of the Net Principal Distributions; and 

  

	 	(2)	the A$ Equivalent of the Stated Amounts for all Class A1 Notes;] 

  

	 	(B)	as a payment, denominated in A$ to the Currency Swap Provider under the Class A2 Currency Swap, of an amount equal to the lesser of: 

  

	 	(1)	the Class A2 Percentage of the sum of: 

  

	 	(a)	the Class A Percentage of Net Principal Distributions; and 

  

	 	(b)	the then Class A Payment Percentage of the then Class B Percentage of the Net Principal Distributions; and 

  

	 	(2)	the A$ Equivalent of the Stated Amounts for all Class A2 Notes; and 

  

	 	(C)	as a payment to the Class A3 Noteholders of an amount equal to the lesser of: 

  

	 	(1)	the Class A3 Percentage of the sum of: 

  

	 	(a)	the Class A Percentage of Net Principal Distributions; and 

  

	 	(b)	the then Class A Payment Percentage of the then Class B Percentage of the Net Principal Distributions; and 

  

	 	(2)	the Stated Amounts for all Class A3 Notes (after all applications of other amounts on that Payment Date); and 

  

			
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	 	(vi)	third, as a payment to the Class B Noteholders of an amount equal to the lesser of: 

  

	 	(A)	the then Class B Payment Percentage of the then Class B Percentage of the Net Principal Distributions; and 

  

	 	(B)	the Stated Amounts for all Class B Notes (after all applications of other amounts on that Payment Date). 

  

	 	(b)	The Trustee shall only make a payment under sub-paragraphs (iv) to (vi) inclusive to the extent that any Principal Collections remain from which to make the payment after
amounts with priority to that payment have been distributed. 

  

	5.16	Remaining Liquidity Shortfall 

  

	 	(a)	If there is a Remaining Liquidity Shortfall for a Collection Period, the Trust Manager on behalf of the Trustee shall reduce [the A$ Class A1 Coupon Amount,] the A$ Class A2 Coupon
Amount, the Class A3 Coupon and the Class B Coupon, in each case in relation to that Collection Period, as follows: 

  

	 	(i)	the Remaining Liquidity Shortfall shall first reduce the Class B Coupon payable to the Class B Noteholders on the relevant Payment Date; and 

  

	 	(ii)	if the Class B Coupon payable on the relevant Payment Date relating to the Class B Notes has been reduced to zero and any Remaining Liquidity Shortfall remains, the excess Remaining
Liquidity Shortfall shall reduce: 

  

	 	(A)	[the A$ Class A1 Coupon Amount payable to the Currency Swap Provider under the Class A1 Currency Swap;] 

  

	 	(B)	the A$ Class A2 Coupon Amount payable to the Currency Swap Provider under the Class A2 Currency Swap; 

  

	 	(C)	the Class A3 Coupon; and 

  

	 	(D)	any draw fee under clause 4.2 of the Redraw Facility Agreement, 

  

	 	 	for that Payment Date, on that Payment Date, pari passu and rateably among themselves. 

  

	 	(b)	[If there is any reduction in the A$ Class A1 Coupon Amount payable to the Currency Swap Provider on a Payment Date under clause 5.16(a) above, the Trust Manager on behalf of the
Trustee shall on that Payment Date reduce the Class A1 Coupon for that Payment Date by the same proportion as the reduction in the A$ Class A1 Coupon Amount.] 

  

	 	(c)	If there is any reduction in the A$ Class A2 Coupon Amount payable to the Currency Swap Provider on a Payment Date under clause 5.16(a) above, the Trust Manager on behalf of the
Trustee shall on that Payment Date reduce the Class A2 Coupon for that Payment Date by the same proportion as the reduction in the A$ Class A2 Coupon Amount. 

  

	5.17	Charge Offs 

 If the Principal Charge Off for any
Collection Period exceeds the Excess Available Income calculated on the Determination Date for that Collection Period, the Trust Manager must, on and with effect from the Payment Date immediately following the end of the Collection Period:

  

			
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	 	(a)	reduce pari passu the Class B Stated Amount of each of the Class B Notes by the amount of that excess which is attributable to each Class B Note until the Class B Stated Amount is
zero (Class B Charge Offs); and 

  

	 	(b)	if the Class B Stated Amount is zero and any amount of that excess has not been applied under paragraph (a), reduce pari passu and rateably as between the Class A Notes and the
Redraw Facility Agreement with respect to the balance of that excess: 

  

	 	(i)	rateably as between the Class A Notes, the Class A Stated Amount of each of the Class A Notes (or, where applicable, the US$ Equivalent of that excess which is
attributable to each US$ Note) until the Class A Stated Amount of that Class A Note is zero (Class A Charge Offs); and 

  

	 	(ii)	the Principal Outstanding under the Redraw Facility Agreement by the balance of that excess, applied against Redraw Advances (as defined in the Redraw Facility Agreement) in inverse
chronological order of their Drawdown Dates (as defined in the Redraw Facility Agreement), until the Principal Outstanding is zero (Redraw Charge Offs). 

  

	5.18	Payments into US$ Account 

  

	 	(a)	The Trustee shall direct the Currency Swap Provider to pay all amounts denominated in US$ payable to the Trustee by the Currency Swap Provider under the Currency Swaps into the US$
Account or to the Principal Paying Agent under the Agency Agreement on behalf of the Trustee. 

  

	 	(b)	If any of the Trustee, the Trust Manager or the Servicer receives any amount denominated in US$ from the Currency Swap Provider under a Currency Swap they will promptly pay that
amount to the credit of the US$ Account. 

  

	5.19	Payments out of US$ Account 

  

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

  

	 	(b)	All amounts credited to the US$ Account by the Currency Swap Provider in relation to a payment by the Trustee: 

  

	 	(i)	[under clause 5.10(a)(v)(A), will be paid pari passu in relation to Class A1 Notes as payments of Coupon on those Class A1 Notes;] 

  

	 	(ii)	[under clause 5.11(a)(ii)(B), will be paid pari passu in relation to Class A1 Notes in or towards reinstating the Stated Amount of those Class A1 Notes, to the extent of the
Carryover Class A Charge Offs;] 

  

	 	(iii)	[under clause 5.14(a)(ii) or 5.15(v)(A), will be paid pari passu to Class A1 Noteholders as Class A Principal Payments until the Class A1 Stated Amounts have been reduced to
zero;] 

  

	 	(iv)	under clause [*], will be paid pari passu in relation to Class A2 Notes as payments of Coupon on those Class A2 Notes; 

  

			
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	 	(v)	under clause [*], will be paid pari passu in relation to Class A2 Notes in or towards reinstating the Stated Amount of those Class A2 Notes, to the extent of the Carryover
Class A Charge Offs; 

  

	 	(vi)	under clause [*] or [*], will be paid pari passu to Class A2 Noteholders as Class A Principal Payments until the Class A2 Stated Amounts have been reduced to zero; and

  

	 	(vii)	in relation to Trust Expenses, under clause 5.10 will be paid to the relevant recipient of those Trust Expenses. 

  

	5.20	Prepayment Costs and Prepayment Benefits 

  

	 	(a)	On each Determination Date the Trust Manager will determine total Prepayment Benefits and total Prepayment Costs for the relevant Collection Period and will apply an amount equal to
those total Prepayment Costs in payment of those total Prepayment Benefits. If: 

  

	 	(i)	there is a Prepayment Cost Surplus, it will be applied under paragraph (b); and 

  

	 	(ii)	there is a Prepayment Benefit Shortfall, it will be funded under paragraph (c). 

  

	 	(b)	On each Payment Date, and based on the calculations and instructions provided to it by the Trust Manager under clause 5.2(c), the Trustee shall pay to Westpac an amount equal to the
Prepayment Cost Surplus (if any) for the Collection Period on that Payment Date to the extent received by or on behalf of the Trustee. 

  

	 	(c)	If, on any Determination Date, the Trust Manager calculates that there is a Prepayment Benefit Shortfall, the Trust Manager shall by close of business on that Determination Date
notify Westpac of the amount of that Prepayment Benefit Shortfall. Westpac must, by 4.00 pm (Sydney time) on the Remittance Date deposit in the Collection Account for the credit of the Trustee an amount equal to that Prepayment Benefit Shortfall.
That amount will be treated as a Gross Principal Collection. 

  

	5.21	Rounding of amounts 

 In making the calculations
required or contemplated by this clause 5, the Trust Manager shall round calculations to four decimal places, except that all monetary amounts shall be rounded down to the nearest cent (or, in the case of payments to the Currency Swap Provider under
clause 5, half a cent being rounded upwards) or as otherwise required in this Series Notice. 
  

	5.22	Bond Factors 

 The Trust Manager shall, on or
promptly after each Notice Date, notify all Noteholders, the Principal Paying Agent and the Note Trustee of the relevant Class A Bond Factor and the Class B Bond Factor calculated on the Determination Date preceding that Notice Date.

  

	5.23	Trust Manager’s Report 

 The Trust Manager
will provide to the Trustee the Trust Manager’s Report for a Collection Period no later than 4.00pm (Sydney time) on the Remittance Date following that Collection Period. 
  

			
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	5.24	Prescription 

 Despite any other provision of this
Series Notice and the Master Trust Deed, the relevant Condition 8 of the US$ Notes applies to all amounts payable in relation to any US$ Note. 
  

	5.25	Replacement of Currency Swaps 

  

	 	(a)	[If the Class A1 Currency Swap is terminated, the Trustee may enter into one or more currency swaps which replace the Class A1 Currency Swap (other than by way of transfer under
section 6(b) of the Class A1 Currency Swap) (collectively a Replacement Currency Swap) but only on the condition that the Settlement Amount (as defined in the Class A1 Currency Swap), if any, which is payable by the Trustee to the
Class A1 Currency Swap Provider on termination of the Class A1 Currency Swap will be paid in full when due in accordance with this Series Notice and the Class A1 Currency Swap.] 

  

	 	(b)	If the Class A2 Currency Swap is terminated, the Trustee may enter into one or more currency swaps which replace the Class A2 Currency Swap (other than by way of transfer under
section 6(b) of the Class A2 Currency Swap) (collectively a Replacement Currency Swap) but only on the condition that the Settlement Amount (as defined in the Class A2 Currency Swap), if any, which is payable by the Trustee to the
Class A2 Currency Swap Provider on termination of the Class A2 Currency Swap will be paid in full when due in accordance with this Series Notice and the Class A2 Currency Swap. 

  

	 	(c)	If the condition in paragraph (a) or paragraph (b) is satisfied in respect of a Currency Swap, the Trustee may enter into the relevant Replacement Currency Swap and if it
does so it must direct the relevant Replacement Currency Swap provider to pay any upfront premium to enter into that Replacement Currency Swap due to the Trustee directly to the Currency Swap Provider in satisfaction of and to the extent of the
Trustee’s obligation to pay the Settlement Amount to the Currency Swap Provider as referred to in paragraph (a) or (b) (as the case may be). To the extent that such premium is not greater than or equal to the Settlement Amount for the
relevant Currency Swap the balance may be satisfied by the Trustee as a Trust Expense, provided that if the Currency Swap provider is the Defaulting Party in respect of the relevant Currency Swap, the Settlement Amount is payable under
clause 5.11(a)(v). 

  

	
	 6.       Master Trust
Deed
  

  

	6.1	Completion of details in relation to Master Trust Deed 

  

	 	(a)	(Trust Manager fee) 

  

	 	 	For the purpose of clause 19 of the Master Trust Deed, the fee payable to the Trust Manager in respect of the Trust for each Collection Period will be an amount calculated:

  

	 	(i)	on the average daily balance of the Housing Loan Principal of the Purchased Receivables during that Collection Period; 

  

	 	(ii)	at the rate of [*]% per annum or as otherwise agreed by the Trust Manager and the Trustee from time to time; and 

  

			
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	 	(iii)	on the actual number of days in the Collection Period divided by 365 days, 

  

	 	 	and shall accrue due from day to day. That fee is payable in Australian dollars. 

  

	 	(b)	(Trustee fee) 

  

	 	 	For the purpose of clause 23.1 of the Master Trust Deed, the fee payable to the Trustee in respect of the Trust for each Collection Period will be an amount calculated:

  

	 	(i)	on the average daily balance of Housing Loan Principal of the Purchased Receivables during that Collection Period; 

  

	 	(ii)	at the rate of [*]% per annum or as otherwise agreed by the Trust Manager and the Trustee in writing from time to time; and 

  

	 	(iii)	on the actual number of days in the Collection Period divided by 365 days, 

  

	 	 	and shall accrue due from day to day. That fee is payable in Australian dollars. 

  

	 	(c)	(Servicing fee) 

  

	 	 	For the purpose of clause 7.1 of the Servicing Agreement, the fee payable to the Servicer in respect of the Trust for each Collection Period will be an amount calculated:

  

	 	(i)	on the average daily balance of Housing Loan Principal of the Purchased Receivables during that Collection Period; 

  

	 	(ii)	at the rate as agreed under the Sub-Servicing Agreement per annum or as otherwise agreed by the Trust Manager, the Trustee and the Servicer from time to time; and

  

	 	(iii)	on the actual number of days in the Collection Period divided by 365 days, 

  

	 	 	or as otherwise agreed by the Trustee, the Trust Manager and the Servicer. That fee shall accrue due from day to day and is payable in Australian dollars. 

 

	 	(d)	(First Collection Period) 

  

	 	 	For the purpose of this clause 6.1, the first Collection Period will commence on (and include) the Closing Date. 

  

	 	(e)	(Fee changes to take account of GST) 

  

	 	 	None of the above fees in this clause 6.1 are to be increased by reference to any applicable goods and services tax unless: 

  

	 	(i)	the Trustee, the Trust Manager and the recipient of the relevant fee agree (that agreement not to be unreasonably withheld); and 

  

	 	(ii)	the increase will not result in the downgrading or withdrawal of the rating of any Notes. 

  

	6.2	Amendments to Master Trust Deed 

 The Master Trust
Deed is amended for the purpose of the Trust in the manner set out in annexure A to this Series Notice. The amendments do not relate to or affect any Other Trust. 
  

			
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	6.3	Amendments to the Servicing Agreement 

 The
Servicing Agreement is amended for the purpose of the Trust as follows: 
  

	 	(a)	A new clause 4.1(u) is inserted as follows: 

  

	 	(v)	deliver to the Trust Manager a certificate in the form of Annexure B of the Series Notice (or such other form as is required under the Rules of the United States Securities and
Exchange Act of 1934, as amended) in respect of that Trust; 

  

	 	(b)	A new clause 4.1(v) is inserted as follows: 

  

	 	 	use its best endeavours to procure that, each year, an independent public accountant: 

  

	 	(i)	[conducts an examination of the documents and records relating to the servicing by the Servicer of the Loans secured by Mortgages in respect of that Trust during the most recent
calendar year ended 30 September, which complies with the Uniform Single Attestation Program for Mortgage Bankers issued by the Mortgage Bankers Associate of America or similar procedure permitted under the Rules of the United States Securities
and Exchange Act of 1934, as amended; and] 

  

	 	(ii)	delivers to the Trust Manager a compliance certificate similar to that attached as Annexure C of the Series Notice (or such other form as is required under the Rules of the
United States Securities and Exchange Act of 1934, as amended) in respect of that examination, 

  

	 	 	in each case such that the Trust Manager is able to comply with its obligations under Section 302 of the United States Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14
of the United States Securities Exchange Act of 1934, provided that in the case of Series [*] WST Trust, the first year in which a certificate or audit report referred to above is deliverable, or on examination is required, will be [*].

  

	
	 7.     Transfer of Purchased Receivables
– Top Ups
  

  

	 	(a)	If during any Collection Period an Obligor requests from Westpac an increase in the principal balance under the Receivable Agreement for the relevant Purchased Receivable (other
than as a Redraw) and that request is approved by the Servicer, the Trust Manager must direct the Trustee to transfer (subject to this clause 7) that Purchased Receivable from the Trust to Westpac or a Warehouse Trust (as defined in the Master Trust
Deed and which applies to this clause 7 and clause 8). The transfer will occur in accordance with clause 7 of the Master Trust Deed, this Series Notice and the Warehouse Series Notice; 

  

	 	(b)	The Trust Manager, as manager of the Warehouse Trust, shall monitor each Warehouse Investment Limit and each Warehouse Funding (each as defined in the relevant Warehouse Investment
Agreements) and will advise Westpac and the Trustee if, at any time, the Trustee will be unable to obtain funds under any Warehouse Investment Agreements to enable transfers to a Warehouse Trust to be made under paragraph (a).

  

	 	(c)	 If a Warehouse Trust is to be a transferee under paragraph (a) and Westpac is advised by the Trust Manager that there are not sufficient funds available under
any Warehouse Investment Agreements to enable transfers to be made under paragraph (a), Westpac 

  

			
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(whether in its capacity as Servicer or otherwise) will not allow any Obligor to increase the principal balance of any Purchased Receivable until sufficient
funds are available under a Warehouse Investment Agreement. 
  

			
	 8.     Transfers to
Warehouse Trust
  

 Subject to the Master Trust Deed as amended by the Series Notice, the Trust Manager may, from time
to time, direct the Trustee to transfer a Purchased Receivable to a Warehouse Trust. That transfer: 
  

	 	(a)	must be in accordance with clause 7 of the Master Trust Deed and the Series Notice for that Warehouse Trust; 

  

	 	(b)	must be for a consideration equal to the Unpaid Balance of that Receivable; 

  

	 	(c)	must not involve the transfer of a Receivable which is in Arrears; and 

  

	 	(d)	may only be made if there are funds available under any Warehouse Investment Agreement to enable the relevant Warehouse Trust to pay the necessary consideration for the transfer,

 and the Trust Manager must be satisfied that the transfer will not result in downgrading of the rating of any Notes.

 The Trustee must comply with that direction. 
  

			
	 9.     Application of
Threshold Rate
  

  

	9.1	Calculation of Threshold Rate 

 If at any time the
Basis Swap is terminated, the Trust Manager shall, on each of: 
  

	 	(a)	the earlier of: 

  

	 	(i)	the date which is 3 Business Days following the date on which the Basis Swap is terminated; and 

  

	 	(ii)	the Determination Date immediately following the date on which the Basis Swap is terminated; and 

  

	 	(b)	each successive Determination Date for so long as the Basis Swap has not been replaced by a similar Hedge Agreement or until the Trustee and the Trust Manager otherwise agree (and
the Designated Rating Agency for each Class of Notes has confirmed in writing that that agreement would not result in a downgrading of the rating given to any relevant Note or the withdrawal of the rating of any relevant Note),

  

	 	 	calculate the Threshold Rate as at that date and notify the Trustee and Westpac of that Threshold Rate on the relevant Payment Date. 

  

	9.2	Setting Threshold Rate 

 If Westpac is notified of
a Threshold Rate under clause 9.1, it will, in its capacity as Servicer, not more than 7 Business Days following the date on which the Basis Swap is terminated, ensure that the interest rate payable on each Purchased Receivable which is subject to a
variable rate set, as permitted by the relevant Receivable Agreement, at the discretion of Westpac is not less than the Threshold Rate, and immediately notify the Trustee when it has done so. 
  

			
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	9.3	Trustee Setting Threshold Rate 

 If the Trustee
does not receive notice from the Servicer under clause 9.2 within 7 Business Days following the date on which the Basis Swap is terminated, the Trustee shall immediately exercise its rights and powers under the Transaction Documents, including,
without limitation, taking action against the Servicer, to ensure that the interest rate payable on each Purchased Receivable which is subject to a variable rate set, as permitted by the Receivable Agreement, is not less than the Threshold Rate.

  

			
	 10.   Beneficiary
  

  

	10.1	Issue of Units 

  

	 	(a)	The beneficial interest in the Trust will be constituted by the issue of: 

  

	 	(i)	a single residual capital unit (the Residual Capital Unit); and 

  

	 	(ii)	such numbers of residual income units (each, a Residual Income Unit) as the Trustee may issue from time to time in accordance with this clause 10.1.

  

	 	 	The holders of the Residual Capital Unit and the Residual Income Units (each, a Unit) hold the beneficial interest in the Trust in accordance with the Master Trust
Deed and this Series Notice. 

  

	 	(b)	The Trustee must, on receipt of the issue price of the Unit specified below, issue the relevant Unit by registering that Beneficiary’s name in the register kept under this
clause 10. A failure by the Trustee to issue a Unit does not affect a Beneficiary’s rights as beneficiary of the Trust under the Master Trust Deed and this Series Notice. 

  

	10.2	Residual Capital Unit 

  

	 	(a)	The holder of the Residual Capital Unit is Allens Arthur Robinson Corporate Advisory Pty Ltd. 

  

	 	(b)	The issue price of the Residual Capital Unit is the amount of $10, paid on establishment of the Trust. 

  

	 	(c)	The Residual Capital Beneficiary has no right to receive distributions in respect of the Trust other than the right to receive an amount of $10 on the termination of the Trust. The
Residual Capital Unit may not be redeemed at any other time or in any other way. 

  

	 	(d)	The Residual Capital Unit is not transferable except that the Residual Capital Beneficiary may transfer the Residual Capital Unit to the Residual Income Beneficiary provided that
the Trustee and the Note Trustee have received a tax opinion, in a form acceptable to the Trustee (acting reasonably), that the transfer of the Residual Capital Unit will not adversely affect the taxation treatment of the Trust.

  

	 	(e)	No other Residual Capital Units may be issued. 

  

			
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	10.3	Residual Income Unit 

  

	 	(a)	The person may, with the consent of the Trustee and the Trust Manager (whose consent may be given or withheld in their absolute discretion), become the holder of a Residual Income
Unit by paying the subscription price for the Residual Income Unit. 

  

	 	(b)	The issue price of a Residual Income Unit will be the amount agreed between the Trustee, the Trust Manager and the person applying for the Residual Income Unit.

  

	 	(c)	The beneficial interest held by the holder of the Residual Income Unit is limited to that holder’s Income Percentage of the amounts (if any) standing to the credit of the
Collections Account which represents Net Income available for distribution under clause 30 of the Master Trust Deed. 

  

	 	(d)	The holder of the Residual Income Unit has the right to: 

  

	 	(i)	receive distributions in respect of the Trust under the Master Trust Deed and this Series Notice only to the extent that Net Income is available for distribution under the Master
Trust Deed and this Series Notice; and 

  

	 	(ii)	receive on the termination of the Trust the entire beneficial interest of the Trust, subject to the rights of the Residual Capital Beneficiary. 

  

	 	 	The Residual Income Unit may not be redeemed at any other time in any other way. 

  

	 	(e)	Each Residual Income Unit is transferable in accordance with clause 10.5. 

  

	10.4	Register 

  

	 	(a)	The entitlement of any person to a Unit will be evidenced by registration in the register maintained under this clause 10.4 (the Unit Register).

  

	 	(b)	The Trustee will keep the Unit Register at its registered office in a form that it considers appropriate and will enter the following particulars. 

  

	 	(i)	The name and address of each Beneficiary. 

  

	 	(ii)	The date on which the name of each Beneficiary is entered in the Unit Register. 

  

	 	(iii)	The date on which each Beneficiary ceases to be registered as a Beneficiary. 

  

	 	(iv)	The subscription moneys initially paid for each Unit, and the aggregate subscription moneys of all Units from time to time. 

  

	 	(v)	Any other details which the Trustee may consider necessary or desirable. 

  

	 	(c)	Each Beneficiary shall promptly notify the Trustee in writing of any change of name or address and the Trustee will alter the Unit Register accordingly. 

  

	 	(d)	The Beneficiary may not assign, or create or allow to exist any Security Interest over, its rights or interests in respect of the Trust if to do so would have an Adverse Effect or
might have an adverse tax consequence in respect of the Trust. 

  

	 	(e)	Without limiting clause 10.1, the interest of a Beneficiary will be constituted by registration in the Unit Register. 

  

			
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	10.5	Transfer of Units 

  

	 	(a)      (i)	Subject to this clause 10, a Beneficiary may transfer the Unit by instrument in writing in any form approved by the Trustee. No fee will be charged on the transfer of a Unit.

  

	 	(ii)	An instrument of transfer shall be executed by or on behalf both of the transferor and the transferee. 

  

	 	(iii)	A transferor of a Unit remains the holder of the Unit transferred until the transfer is registered and the name of the transferee is entered in the register in respect of the Unit.

  

	 	(b)	The instrument of transfer of a Unit must be left for registration at the address where the Unit Register is kept on which the Unit to which the transfer relates are registered. It
must be left together with any information that the Trustee properly requires to show the right of the transferor to make the transfer. 

  

	 	(c)	The Trustee must notify the Designated Rating Agency for each Class of Notes and the Trust Manager of any transfer of units under this clause 10.5. 

  

	10.6	Limit on rights 

 Each Beneficiary is subject to,
and bound by, the provisions of the Master Trust Deed (including clause 12.1). 
  

			
	 11.   Title Perfection Events
  
	  	 

 Each of the following is a Title Perfection Event. 
  

	 	(a)	(Downgrade) Westpac ceases to have a long term rating of at least BBB from S&P or Baa2 from Moody’s. 

  

	 	(b)	(Insolvency Event) An Insolvency Event occurs with respect to Westpac. 

  

	 	(c)	(Non Compliance) Westpac fails to pay any Collections (as defined in the Servicing Agreement) within 5 Business Days of receipt of notice to do so from the Trustee or
the Trust Manager under the Servicing Agreement. 

  

			
	 12.   Additional Receivable Product
Features
  
	  	 

 Westpac may, in relation to a Purchased Receivable, from time to time seek to offer the relevant
Obligor additional features for that Purchased Receivable which were not features of that Purchased Receivable at the Cut-Off Date. Before seeking to offer any such additional feature, Westpac must satisfy the Trust Manager that the additional
features would not adversely affect any relevant Mortgage Insurance Policy and would not cause the rating of any Notes to be downgraded or withdrawn. 
  

			
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	 13.   WST Warehouse Trust #1
  
	  	 

  

	13.1	Direction under Warehouse Series Notice 

 This
direction is given under clause 5 of the WST Warehouse Trust #1 Series Notice. 
  

	13.2	Direction 

 The Trust Manager directs the Warehouse
Trustee: 
  

	 	(a)	to dispose of the Receivables that are from time to time specified in a Sale Notice prepared by the Trust Manager and given to the Warehouse Trustee; 

  

	 	(b)	the trust that will acquire those Receivables is the Trust; 

  

	 	(c)	that the consideration to be paid by the Trust for the Receivable will be specified in the Sale Notice referred to in paragraph (a); 

  

	 	(d)	that the proposed date of disposal is [*] ; and 

  

	 	(e)	that the Warehouse Investor has agreed to the consideration to be paid by the Trust. 

  

			
	 14.   Servicer Representations
  
	  	 

 The Servicer makes the following representations and warranties for the benefit of the Trustee in
relation to the Sale Notice referred to in clause 13 and the Receivables, Receivable Rights and Related Securities referred to in that Sale Notice. 
  

	 	(a)	(Eligible Receivable) As at the Cut-Off Date, each Receivable which is specified in that Sale Notice is an Eligible Receivable. In relation to any related Receivable Security
that is required to be registered with any Governmental Agency and which is not registered at the Cut-Off Date, it will be registered. 

  

	 	(b)	(Receivable Securities) The Servicer has not done, or omitted to do, anything which would prevent each Receivable, Receivable Security and Related Security which is specified
in that Sale Notice from being valid, binding and enforceable against the relevant Obligor(s) in all material respects except to the extent that it is affected by laws relating to creditors rights generally, or doctrines of equity.

  

	 	(c)	(Ownership) In relation to each Receivable Security which is specified in that Sale Notice the Servicer has not done, or omitted to do anything which would prevent the
relevant Obligor(s) from being the sole legal owner of the relevant Mortgaged Property and registered as the sole proprietor(s) of the relevant Mortgaged Property. 

  

	 	(d)	(Insurance) As at the Closing Date, each Receivable which is specified in the Sale Notice is the subject of a Mortgage Insurance Policy from a Mortgage Insurer for the
scheduled term of that Receivable. The sale of each such Receivable to the Trustee is not contrary to the relevant Mortgage Insurance Policy. The Servicer has not done or omitted to do anything which might prejudicially affect or limit the rights of
the Trustee under or in respect of a Mortgage Insurance Policy to the extent that those rights relate to that Receivable or the related Receivable Security. On transfer to the Trustee of equitable title to a Purchased Receivable, the Trustee will
have the benefit of the relevant Mortgage Insurance Policy for that Receivable. 

  

			
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	 	(e)	(Solvency of Mortgage Insurers) The officers of the Servicer who have responsibility for the transactions contemplated by the Transaction Documents do not have actual notice
that any insurer under any insurance policy in relation to a Receivable is insolvent or will be unable to pay a valid claim. 

  

	 	(f)	(Selection process) There is no fraud, dishonesty, material misrepresentation or negligence on the part of the Servicer in connection with the selection and offer to the
Trustee of any Receivables or related Receivable Securities which is specified in that Sale Notice. 

  

	 	(g)	(Relevant Documents) The Servicer holds in its possession or control all Relevant Documents that relate to the Receivables and the related Receivable Securities which are
specified in that Sale Notice necessary to enforce the provisions of and the security created by the relevant Receivable Securities. 

  

	 	(h)	(No recision, etc) As at the Cut-Off Date, none of the Receivables or Receivable Securities which are specified in that Sale Notice were satisfied, cancelled, discharged or
rescinded and the Mortgaged Property relating to each relevant Receivable and Receivable Security had not been released from the security of the relevant Receivable Securities. 

  

	 	(i)	(Interest rate) Except as may be provided in a Receivable Agreement or Receivable Security which is specified in the Sale Notice, and subject to applicable laws, the Servicer
has not done, or omitted to do anything which would render the interest rate for each such Receivable subject to any limitation, or to any consent, additional memoranda or other writing required from the relevant Obligor to give effect to a change
in that rate and any change in that rate will be effective on notice being given to that Obligor in accordance with the terms of the relevant Receivable or Receivable Security. 

  

	 	(j)	(Assignability) All consents required in relation to the assignment of the Receivables and the related Receivable Rights specified in that Sale Notice have been obtained.
Those Receivables and Receivable Rights are assignable. 

  

	 	(k)	(Ordinary course of business) Between the Cut-Off Date and the Closing Date, the Servicer dealt with the Receivables and the Receivable Securities specified in the Sale
Notice in the ordinary course of its business. 

  

	
	 15.   Warehouse Trustee
Representations
  

 The Warehouse Trustee makes the following representations and warranties for the benefit of the
Trustee in relation to the Sale Notice referred to in clause 13 and the Receivables, Receivable Rights and Related Securities referred to in that Sale Notice. 
  

	 	(a)	(Quality of Title) It has good title to the Receivables and the related Receivable Rights specified in that Sale Notice. Those Receivables and the related Receivable Rights,
together with the interest of the Warehouse Trustee under the Relevant Documents, are owned by it free and clear of any Security Interest other than a Security Trust Deed given by the Warehouse Trustee in favour of the Security Trustee. That
Security Trust Deed created only a floating charge over those Receivables and related Receivable Rights. 

  

			
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	 	(b)	(Receivable Securities) The Warehouse Trustee has not done anything, during the period within which the Warehouse Trustee was trustee of the Receivables and the related
Receivable Rights specified in that Sale Notice, which would prevent each Receivable, Receivable Security and Related Security which is specified in that Sale Notice from being valid, binding and enforceable against the relevant Obligor(s) in all
material respects except to the extent that it is affected by laws relating to creditors rights generally, or doctrines of equity. 

  

	 	(c)	(Set Off) The Warehouse Trustee has not done anything, during the period within which the Warehouse Trustee was trustee of the Receivables and the related Receivable Rights
specified in that Sale Notice, which would render, once equitably assigned to the Trustee, any Receivable or Receivable Right which is specified in that Sale Notice subject to any right of rescission, set off, counterclaim or similar defence, nor to
render any Receivable or Receivable Right which is specified in that Sale Notice subject to, or affected by, any interest off-set arrangement or right. 

  

	 	(d)	(Security Interest) The sale, transfer and assignment of the Warehouse Trustee’s interest in the Receivables and the related Receivable Rights which are specified in
that Sale Notice, will not constitute a breach of any Relevant Document or the Warehouse Trustee’s obligations or a default by the Warehouse Trustee under any Security Interest. 

  

	 	(e)	(Solvency) The Warehouse Trustee is solvent. 

  

	
	 16.   Servicing Warranties
  

  

	 	(a)	TMC represents and warrants for the benefit of the Trustee in relation to the Sale Notice referred to in clause 13 and the Receivables, Receivable Rights and Related Securities
referred to in that Sale Notice, that each relevant Receivable referred to in the Sale Notice and each Receivable Security and Related Security has been serviced by TMC in accordance with: 

  

	 	(i)	the Servicing Agreement dated 18 February 1997 between Westpac, TMC, the Trustee and the Trust Manager (as amended); 

  

	 	(ii)	the Servicing Agreement Series 1997-2 Amendment Agreement dated 23 April 1997; 

  

	 	(iii)	the Servicing Agreement Series 1997-3 Amendment Agreement dated 25 June 1997; 

  

	 	(iv)	the Servicing Agreement Series 1997-4E Amendment Agreement dated 29 September 1997; 

  

	 	(v)	the Servicing Agreement Series 1998-1G Amendment Agreement dated 10 June 1998; and 

  

	 	(vi)	the Servicing Agreement Series 1999-1G Amendment Agreement dated 13 May 1999, 

  

	 	 	(each a TMC Servicing Agreement, together the TMC Servicing Agreements), from the time of its transfer from Westpac to the Trusts (as defined in the
Master Trust Deed) 

  

			
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	 	 	constituted from time to time under the Master Trust Deed until the time at which TMC ceased to be the servicer of that Receivable, Receivable Security or Related Security under the
TMC Servicing Agreements. That servicing includes, without limitation, ensuring compliance with the Consumer Credit Legislation in connection with servicing the Receivables and Receivable Securities where failure to do so would have an Adverse
Effect. 

  

	 	(b)	The Servicer represents and warrants for the benefit of the Trustee in relation to the Sale Notice referred to in clause 13 and the Receivables, Receivable Rights and Related
Securities referred to in that Sale Notice, that each relevant Receivable referred to in the Sale Notice and each Receivable Security and Related Security has been serviced by the Servicer in accordance with the Servicing Agreement dated
12 March 2002 (as amended), from the time of its transfer from Westpac until the time at which the Servicer ceased to be the servicer of that Receivable, Receivable Security or Related Security under the Servicing Agreement. That servicing
includes, without limitation, ensuring compliance with the Consumer Credit Legislation in connection with servicing the Receivables and Receivable Securities where failure to do so would have an Adverse Effect. 

  

	
	 17.   Note Trustee
  

  

	17.1	Capacity 

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

	17.2	Exercise of rights 

  

	 	(a)	The rights, remedies and discretions of the US$ Noteholders, or any Class of US$ Noteholders under the Transaction Documents including all rights to vote or give instructions to the
Security Trustee and to enforce undertakings or warranties under the Transaction Documents, except as otherwise provided in the Note Trust Deed or the Security Trust Deed, may only be exercised by the Note Trustee on behalf of the US$ Noteholders,
or that Class of US$ Noteholders in accordance with the Note Trust Deed. 

  

	 	(b)	The US$ Noteholders, or any Class of US$ Noteholders, except as otherwise provided in the Note Trust Deed or the Security Trust Deed, may only exercise enforcement rights in respect
of the Mortgaged Property through the Note Trustee and only in accordance with the terms of the Transaction Documents. 

  

	17.3	Representation and warranty 

 The Note Trustee
represents and warrants to each other party to this Series Notice that it has power to enter into the Transaction Documents and to exercise the rights, remedies and discretions of, and to vote on behalf of the US$ Noteholders, or any Class of US$
Noteholders, in each case, in accordance with the terms of such Transaction Documents. 
  

			
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	17.4	Payments 

 Any payment to be made to the US$
Noteholders under the Transaction Documents may be made to the Principal Paying Agent or the Note Trustee (as the case may be) in accordance with the terms of the Agency Agreement and the Note Trust Deed. 
  

	
	 18.   Westpac Undertakings
  

  

	18.1	Set Off 

 Westpac irrevocably waives, and must not
exercise, any right it may have to set off amounts deposited with it by the Trustee (in its capacity as trustee of the Trust) against amounts owed by the Trustee to Westpac (in any capacity) under any Transaction Document. 
  

	18.2	Notice of actions 

 Westpac, as Approved Seller,
must notify the Trustee and the Trust Manager promptly after becoming aware of any action, claim or other legal proceedings which may be brought against Westpac and which Westpac believes would have a materially adverse effect on its title to any
Receivable or Receivable Security (an Action). 
  

	18.3	Notification of Trust 

 If the Trustee is notified
of an Action under clause 18.2, the Trust Manager (failing which the Trustee) must notify the relevant court or tribunal of the Trustee’s interest in the relevant Receivables or Receivable Securities, unless Westpac (as Approved Seller), the
Trust Manager and the Trustee agree that to do so might prejudice Westpac’s ability successfully to defend or prosecute the Action (as the case may be). 
  

	18.4	Compliance with ASX listing rules 

 The Trust
Manager and the Servicer undertake to the Trustee, to each Noteholder and to the Security Trustee to: 
  

	 	(i)	give the Trustee such directions; and 

  

	 	(ii)	take such actions as may reasonably be taken by a third party on behalf of the Trustee, 

 as are necessary to ensure that the Trustee complies with the ASX listing rules. 
  

	
	 19.   Call and Tax Redemption
  

  

	19.1	Call of Class A Notes 

 The Trustee must, when
so directed by the Trust Manager (at the Trust Manager’s option) on or before the date which is 3 Business Days before the Payment Date, having given not more than 60 nor less than 10 days’ notice to the Note Trustee and the Security
Trustee in accordance with, in the case of the US$ Notes, the relevant Condition 12 and in the case of the Class A3 Notes, the terms of this Series Notice and the Master Trust Deed, redeem all, but not some only of the Class A Notes by repaying
the Invested Amount, or, if all the Class A Noteholders so agree, the Stated Amount, of 

  

			
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those Class A Notes, together with accrued interest to (but excluding) the date of redemption on any Payment Date falling on or after the Payment Date
on which the Total Invested Amount of all Notes is equal to or less than 10% of the aggregate of the Total Initial Invested Amount of all Notes (the Call Option Date) provided that: 
  

	 	(a)	the Trust Manager having provided no more than 60 nor less than 10 days’ prior written notice to: 

  

	 	(i)	the Note Trustee; 

  

	 	(ii)	each Class A3 Noteholder; and 

  

	 	(iii)	each Designated Rating Agency, 

  

	 	 	of the Trust Manager’s intention to direct the Trustee to redeem the Class A Notes under this clause; 

  

	 	(b)	the Trust Manager receiving from the Designated Rating Agencies (if required) written confirmation that the repayment will not have a detrimental impact on the rating of any other
Notes; 

  

	 	(c)	the Trustee having sufficient cash to make such repayment and discharge all its liabilities in respect of amounts which are required under the Security Trust Deed to be paid in
priority or equally with the Notes as if the security for the Notes were being enforced. The Trustee may: 

  

	 	(i)	at the direction of the Trust Manager, dispose of any Loans for an amount not less than: 

  

	 	(A)	in the case of Performing Loans, their Unpaid Balance; or 

  

	 	(B)	in the case of non-performing Loans, their Fair Market Value; 

  

	 	 	in order to raise such cash; and 

  

	 	(ii)	rely conclusively on a certificate from the Trust Manager as to the amount of the repayment and other payments referred to above; 

  

	 	(d)	the Trustee retaining such amount as the Trust Manager reasonably determines will be necessary to satisfy any outstanding or anticipated Expenses, payment under the Liquidity
Facility Agreement, payment under the Redraw Facility Agreement or payment to any Swap Provider under a Hedge Agreement; and 

  

	 	(e)	if the repayment and other payments referred to in paragraph (c) are to be funded in whole or in part by a disposal of Assets to Westpac or the trustee of another WST trust,
the Trust Manager having received notification that the Australian Prudential Regulation Authority has permitted the purchase of those Assets by that purchaser. 

  

	19.2	Call of Class B Notes 

 The Trustee must, when so
directed by the Trust Manager (at the Trust Manager’s option) on or before the date which is 3 Business Days before the Payment Date, having given not more than 60 nor less than 10 days’ notice to the Note Trustee and the Security Trustee
in accordance with the terms of this Series Notice and the Master Trust Deed, redeem all, but not some only of the Class B Notes by repaying the Invested Amount, or, if all the Class B Noteholders so agree, the Stated 

  

			
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 Amount, of those Class B Notes, together with accrued interest to (but excluding) the date of
redemption on any Payment Date falling on or after the Payment Date on which the Total Invested Amount of all Notes is equal to or less than 10% of the aggregate of the Total Initial Invested Amount of all Notes, provided that: 
  

	 	(a)	the Trust Manager having provided no more than 60 nor less than 10 days’ prior written notice to: 

  

	 	(i)	each Class B Noteholder; and 

  

	 	(ii)	each Designated Rating Agency, 

  

	 	 	of the Trust Manager’s intention to direct the Trustee to redeem the Class B Notes under this clause; 

  

	 	(b)	the Trust Manager receiving from the Designated Rating Agencies written confirmation that the repayment will not have a detrimental impact on the rating of any other Notes;

  

	 	(c)	the Trustee having sufficient cash to make such repayment and discharge all its liabilities in respect of amounts which are required under the Security Trust Deed to be paid in
priority to or equally with the Notes as if the security for the Notes were being enforced. The Trustee may; 

  

	 	(i)	at the direction of the Trust Manager, dispose of any Loans for an amount not less than: 

  

	 	(A)	in the case of Performing Loans, their Unpaid Balance; or 

  

	 	(B)	in the case of non-performing Loans, their Fair Market Value; 

  

	 	in	order to raise such cash; and 

  

	 	(ii)	rely conclusively on a certificate from the Trust Manager as to the amount of the repayment and other payments referred to above; 

  

	 	(d)	the Trustee retaining such amount as the Trust Manager reasonably determines will be necessary to satisfy any outstanding or anticipated Expenses, payment under the Liquidity
Facility Agreement, payment under the Redraw Facility Agreement or payment to any Swap Provider under a Hedge Agreement; 

  

	 	(e)	if the repayment and other payments referred to in paragraph (c) are to be funded in whole or in part by a disposal of Assets to Westpac or the trustee of another WST trust,
the Trust Manager having received notification that the Australian Prudential Regulation Authority has permitted the purchase of those Assets by that purchaser; and 

  

	 	(f)	all Class A Notes have been redeemed in full before that Payment Date, or will be redeemed in full on that Payment Date. 

  

	19.3	Tax Event 

 If the Trust Manager notifies the
Trustee and the Note Trustee that in its opinion (based on such advice it deems necessary) either: 
  

	 	(a)	 on the next Payment Date the Trustee (or a Paying Agent) would be required to deduct or withhold from any payment of principal or interest in respect of the Notes
or a Currency 

  

			
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	 	Swap in respect of any US$ Notes any amount for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied,
collected, withheld or assessed by the Commonwealth of Australia or any of its political sub-divisions or any of its authorities; or 

  

	 	(b)	the total amount payable in respect of interest in relation to any of the Loans for a Collection Period ceases to be receivable (whether or not actually received) by the Trustee
during such Collection Period (but, for the avoidance of doubt, this paragraph does not apply to the failure by the Trustee to receive any interest on any Loans merely by reason of the failure by the relevant Obligors to pay that interest in breach
of the relevant Loan), 

 the Trustee must, when so directed by the Trust Manager, at the Trust Manager’s option (provided
that the Trustee will be in a position on such Payment Date to discharge (and the Trust Manager will so certify to the Trustee and the Note Trustee) all its liabilities in respect of those Notes and any amounts required under the Security Trust Deed
to be paid in priority or pari passu with those Notes if the security for the Notes were being enforced), having given not more than 60 nor less than 10 days’ notice to the Note Trustee of those Notes (and all other Noteholders whose
Notes are to be redeemed at the same time), in accordance with the relevant Condition 12 for any US$ Notes, redeem all, but not some only, of those Notes at their Invested Amount (or, if the Class A Noteholders by Extraordinary Resolution have
so agreed, at their Stated Amount) together with accrued interest to (but excluding) the date of redemption on any subsequent Payment Date, provided that the Class A Noteholders may by Extraordinary Resolution elect, and shall notify the
Trustee and the Trust Manager in writing, that they do not require the Trustee to redeem the Class A Notes. 
  

	19.4	Margin where no Redemption at Stated Amount 

 If
the Trustee, at the direction of the Trust Manager, proposes to exercise its option to redeem the Notes on a Payment Date on or after the Call Option Date at their Stated Amounts rather than their Invested Amounts, as described in clauses 19.1 and
19.2 above, but is unable to do so because, following a meeting of Noteholders convened under the provisions of the Master Trust Deed and the Note Trust Deed for this purpose, the Noteholders have not approved by an Extraordinary Resolution the
redemption of the Notes at their Stated Amounts, then the Margin to be applied in determining the Coupon Rate on those Notes for each Coupon Period [or Class A1 Coupon Period (as the case may be)] commencing on or after that Payment Date will remain
at, or revert to, the Margin applying at the Closing Date. 
  

	19.5	Full satisfaction 

 Repayment and redemption of
Class A Notes or Class B Notes in accordance with clause 19.1, 19.2 or 19.3 (as the case may be) shall be in full satisfaction of the Trustee’s obligations under the relevant Notes. 
  

	
	 20.   Tax Consolidation

  

	 	(a)	It is in the interests of all parties, including the Trustee, the Noteholders and the Beneficiaries, that the transaction be maintained with the objective (the
Objective) that: 

  

			
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	 	(i)	the Trustee always be in a position to pay any Tax liability when due; 

  

	 	(ii)	the payment of Tax by the Trustee must not affect the amount of principal or interest payable on the Notes or the timing of such payments; and 

  

	 	(iii)	the rating of the Notes be maintained. 

  

	 	(b)	The parties acknowledge that if the Trust were to become a member of a consolidated group under Part 3-90 of the Income Tax Assessment Act 1997, action may be required
in accordance with paragraphs (c) and/or (d) to ensure that the Objective can continue to be met. 

 Provided that
the Trustee and each Designated Rating Agency receive written advice from an experienced and reputable tax lawyer or tax accountant to the effect that if the cashflow allocation methodology in clause 5, as amended by any deed amending this Series
Notice, is followed, the Objective will be met, and each Designated Rating Agency confirms in writing that the change in Tax law, any deed amending this Series Notice and any action taken in accordance with paragraphs (c) and (d) will not
result in the downgrade or withdrawal of rating of any Note: 
  

	 	(i)	the Trustee shall not be obliged to obtain the consent of any Noteholder or any Residual Income Beneficiary to any deed amending this Series Notice; and 

  

	 	(ii)	subject to its terms, any deed amending this Series Notice shall be effective when executed. 

  

	 	(c)	In the event that the Trust becomes a member of a consolidated group under Part 3-90 of the Income Tax Assessment Act 1997 then: 

  

	 	(i)	the Trust Manager shall, as soon as is practicable, direct the Trustee to take steps to ensure that the Trust ceases to be a member of that consolidated group; and

  

	 	(ii)	the Trust Manager shall promptly consult with the Trustee and each Designated Rating Agency to determine what changes, if any, are necessary to the cashflow allocation methodology
in clause 5 to achieve the Objective, and: 

  

	 	(A)	within 2 months of such consultations commencing (or such longer time as the Trustee and each Designated Rating Agency permit), the Trust Manager shall use reasonable endeavours to
provide a written direction to the Trustee and a draft deed amending this Series Notice that, if executed, will achieve the Objective; and 

  

	 	(B)	upon the Trustee being notified by the Trust Manager that the draft deed amending this Series Notice will achieve the Objective (and in this regard the Trustee may rely (amongst
others) upon advice of tax lawyers), and each of the other parties to this Series Notice being reasonably satisfied that they will not be adversely affected by the proposed amendments to this Series Notice, each party to this Series Notice shall
execute that amendment deed. 

  

			
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	 	(d)	For any period in which the Trust is, notwithstanding paragraph (c), a member of a consolidated group, the Trust Manager shall procure that the head company of a consolidated
tax group of which the Trust becomes a member will: 

  

	 	(i)	ensure that the group tax liabilities of that consolidated tax group are covered by a valid tax sharing agreement that apportions those tax liabilities to the Trustee on a basis
acceptable to the Trustee (and the Trustee acknowledges that a nil allocation of the group tax liabilities will be acceptable to it); and 

  

	 	(ii)	provide evidence of such a tax sharing agreement being in place for the purposes of paragraph (c): 

  

	 	(A)	at the time the Trust becomes a member of the consolidated tax group; and 

  

	 	(B)	on each occasion that there is any alteration, amendment or replacement of a tax sharing agreement covering the tax liabilities of the consolidated tax group.

  

			
	 21.   Compliance with Regulation
AB
  

  

	21.1	Intent of the Parties, Reasonableness 

 The
Servicer and the Trust Manager acknowledge and agree that the purpose of this clause 21 is to facilitate compliance by the Trust Manager with the provisions of Regulation AB and related rules and regulations of the Commission. 
 The Trust Manager shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time,
whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Trust Manager in good
faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Servicer shall cooperate fully with the Trust Manager to deliver to the Trust Manager (including any of its assignees or
designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Trust Manager to permit the Trust Manager to comply with the provisions of Regulation AB, together with
such disclosures relating to the Servicer, any Subservicer and the Purchased Receivables, or the servicing of the Purchased Receivables, reasonably believed by the Trust Manager to be necessary in order to effect such compliance. 
 The Trust Manager (including any of its assignees or designees) shall cooperate with the Servicer by providing timely notice of requests for information
under these provisions and by reasonably limiting such requests to information required, in the Trust Manager’s reasonable judgment, to comply with Regulation AB. 
  

			
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	21.2	Additional Representations and Warranties of the Servicer 

  

	 	(a)	the Servicer shall be deemed to represent to the Trust Manager, as of the date on which information is first provided to the Trust Manager under clause 21.3 that, except as
disclosed in writing to the Trust Manager prior to such date: 

  

	 	(i)	the Servicer is not aware and has not received notice that any default, early amortisation or other performance triggering event has occurred as to any other securitisation due to
any act or failure to act of the Servicer; 

  

	 	(ii)	the Servicer has not been terminated as servicer in a residential housing loan securitisation, either due to a servicing default or to application of a servicing performance test or
trigger; 

  

	 	(iii)	no material noncompliance with the applicable servicing criteria with respect to other securitisations of residential housing loans involving the Servicer as servicer has been
disclosed or reported by the Servicer; 

  

	 	(iv)	no material changes to the Servicer’s policies or procedures with respect to the servicing function it will perform under the Servicing Agreement and any other Transaction
Document for housing loans of a type similar to the Purchased Receivables have occurred during the three-year period immediately preceding the Closing Date; 

  

	 	(v)	there are no aspects of the Servicer’s financial condition that could have a material adverse effect on the performance by the Servicer of its servicing obligations under this
Series Notice, the Servicing Agreement or any other Transaction Document; 

  

	 	(vi)	there are no material legal or governmental proceedings pending (or known to be contemplated) against the Servicer or any Subservicer that could have a material adverse effect on
the performance by the Servicer of its servicing obligations under this Series Notice, the Servicing Agreement or any other Transaction Document; and 

  

	 	(vii)	there are no affiliations, relationships or transactions relating to the Servicer or any Subservicer with respect to the transactions contemplated by this Series Notice, the
Servicing Agreement or any other Transaction Document and any party thereto identified by the Trust Manager of a type described in Item 1119 of Regulation AB. 

  

	 	(b)	If so requested by the Trust Manager on any date following the date on which information is first provided to the Trust Manager under clause 21.3, the Servicer shall, within five
Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this clause 21.2 or, if any such representation and warranty is not accurate as of the date of such
request, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. 

  

	21.3	Information to be provided by the Servicer 

  

	 	(a)	the Servicer shall: 

  

			
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	 	(i)	within five Business Days following request by the Trust Manager, provide to the Trust Manager (or cause each Subservicer, if any, to provide), in writing and in form and substance
reasonably satisfactory to the Trust Manager, the information and materials specified in paragraphs (b), (c) and (f) of this clause 21.3, and 

  

	 	(ii)	as promptly as practicable following notice to or discovery by the Servicer, provide to the Trust Manager (in writing and in form and substance reasonably satisfactory to the Trust
Manager) the information specified in paragraph (d) of this clause 21.3. 

  

	 	(b)	If so requested by the Trust Manager, the Servicer shall provide such information regarding: 

  

	 	(i)	the Servicer, as originator of the Purchased Receivables; and 

  

	 	(ii)	as applicable, each Subservicer, as is requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such information shall include, at
a minimum: 

  

	 	(A)	the originator’s form of organisation; 

  

	 	(B)	a description of the originator’s origination program and how long the originator has been engaged in originating residential housing loans, which description shall include a
discussion of the originator’s experience in originating housing loans of a similar type as the Purchased Receivables; information regarding the size and composition of the originator’s origination portfolio; and information that may be
material, in the good faith judgment of the Trust Manager, to an analysis of the performance of the Purchased Receivables, including the originator’s credit-granting or underwriting criteria for housing loans of similar type(s) as the Purchased
Receivables and such other information as the Trust Manager may reasonably request for the purpose of compliance with Item 1110(b)(2) of Regulation AB; 

  

	 	(C)	a description of any material legal or governmental proceedings pending (or known to be contemplated) against the Servicer and any Subservicer that may impact its servicing ability;
and 

  

	 	(D)	a description of any affiliation or relationship between the Servicer, any Subservicer and any of the following parties to this transaction, as such parties are identified to the
Servicer by the Trust Manager in writing in advance of this transaction: 

  

	 	(1)	the sponsor; 

  

	 	(2)	the depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

			
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	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

  

	 	(c)	If so requested by the Trust Manager, the Servicer shall provide Static Pool Information with respect to the housing loans (of a similar type as the Purchased Receivables, as
reasonably identified by the Trust Manager as provided below) originated by the Servicer. Such Static Pool Information shall be prepared by the Servicer on the basis of its reasonable, good faith interpretation of the requirements of
Item 1105(a)(1)-(3) of Regulation AB. The content of such Static Pool Information may be in the form customarily provided by the Servicer, and need not be customised for the Trust Manager. Such Static Pool Information for each prior
securitised pool shall be presented in increments no less frequently than quarterly over the life of the housing loans included in the prior securitised pool. The most recent periodic increment must be as of a date no later than 135 days prior to
the date of the prospectus or other offering document in which the Static Pool Information is to be included or incorporated by reference. The Static Pool Information shall be provided in an electronic format that provides a permanent record of the
information provided, such as a portable document format (pdf) file, or other such electronic format reasonably required by the Trust Manager. 

  

	 	 	Promptly following notice or discovery of a material error in Static Pool Information provided pursuant to the immediately preceding paragraph (including an omission to include
therein information required to be provided pursuant to such paragraph), the Servicer shall provide corrected Static Pool Information to the Trust Manager, in the same format in which Static Pool Information was previously provided to such party by
the Servicer. 

  

	 	 	If so requested by the Trust Manager, the Servicer shall provide, at the expense of the Trust Manager (to the extent of any additional incremental expense associated with delivery
pursuant to this Series Notice), such agreed-upon procedures letters of certified public accountants reasonably acceptable to the Trust Manager, pertaining to Static Pool Information relating to prior securitised pools for securitisations closed on
or after 1 January 2006 or, in the case of Static Pool Information with respect to the Servicer’s originations or purchases, to calendar months commencing 1 January 2006, as the Trust Manager shall reasonably request. Such letters
shall be addressed to and be for the benefit of such parties as the Trust Manager shall designate, which may include, by way of example, any broker dealer acting as underwriter, placement agent or initial purchaser with respect to transactions
contemplated by this Series Notice. Any such statement or letter may take the form of a standard, generally applicable document accompanied by a reliance letter authorising reliance by the addressees designated by the Trust Manager.

  

	 	(d)	If so requested by the Trust Manager, the Servicer shall provide such information regarding the Servicer, as servicer of the Purchased Receivables, and each Subservicer, if any
(each of the Servicer and each Subservicer, if any, for purposes of this paragraph only, a Servicer), as is requested for the purpose of compliance with Item 1108 of Regulation AB. Such information shall include, at a minimum:

  

			
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	 	(i)	the Servicer’s form of organisation; 

  

	 	(ii)	a description of how long the Servicer has been servicing residential housing loans; a general discussion of the Servicer’s experience in servicing assets of any type as well
as a more detailed discussion of the Servicer’s experience in, and procedures for, the servicing function it will perform under this Series Notice, the Servicing Agreement and any other Transaction Document; information regarding the size,
composition and growth of the Servicer’s portfolio of residential housing loans of a type similar to the Purchased Receivables and information on factors related to the Servicer that may be material, in the good faith judgment of the Trust
Manager, to any analysis of the servicing of the Purchased Receivables or the related asset-backed securities, as applicable, including, without limitation: 

  

	 	(A)	whether any prior securitisations of housing loans of a type similar to the Purchased Receivables involving the Servicer have defaulted or experienced an early amortisation or other
performance triggering event because of servicing during the three-year period immediately preceding the Closing Date; 

  

	 	(B)	the extent of outsourcing the Servicer utilises; 

  

	 	(C)	whether there has been previous disclosure of material noncompliance with the applicable servicing criteria with respect to other securitisations of residential housing loans
involving the Servicer as a servicer during the three-year period immediately preceding the Closing Date; 

  

	 	(D)	whether the Servicer has been terminated as servicer in a residential housing loan securitisation, either due to a servicing default or to application of a servicing performance
test or trigger; and 

  

	 	(E)	such other information as the Trust Manager may reasonably request for the purpose of compliance with Item 1108(b)(2) of Regulation AB; 

  

	 	(iii)	a description of any material changes during the three-year period immediately preceding the Closing Date to the Servicer’s policies or procedures with respect to the servicing
function it will perform under this Series Notice, the Servicing Agreement and any other Transaction Document for housing loans of a type similar to the Purchased Receivables; 

  

	 	(iv)	information regarding the Servicer’s financial condition, to the extent that there is a material risk that an adverse financial event or circumstance involving the Servicer
could have a material adverse effect on the performance by the Servicer of its servicing obligations under this Series Notice, the Servicing Agreement or any other Transaction Document; 

  

	 	(v)	 information regarding advances made by the Servicer on the Purchased Receivables and the Servicer’s overall servicing portfolio of residential mortgage loans
for the three year period immediately preceding the related Closing Date, which may be limited to a statement by an authorised officer of the Servicer to the effect that the Servicer has made all advances required to be made on residential 

  

			
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	 	mortgage loans serviced by it during such period, or, if such statement would not be accurate, information regarding the percentage and type of advances not made as required, and
the reasons for such failure to advance. 

  

	 	(vi)	a description of the Servicer’s processes and procedures designed to address any special or unique factors involved in servicing loans of a similar type as the Purchased
Receivables; 

  

	 	(vii)	a description of the Servicer’s processes for handling delinquencies, losses, bankruptcies and recoveries, such as through liquidation of mortgaged properties, sale of
defaulted housing loans or workouts; and 

  

	 	(viii)	information as to how the Servicer defines or determines delinquencies and charge-offs, including the effect of any grace period, re-aging, restructuring, partial payments
considered current or other practices with respect to delinquency and loss experience. 

  

	 	(e)	If so requested by the Trust Manager for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer
shall (or shall cause each Subservicer, if any, to) (i) notify the Trust Manager in writing of (A) any material litigation or governmental proceedings pending against the Servicer or any Subservicer that may impact its ability to perform
its servicing or sub-servicing obligations and (B) any affiliations or relationships that develop following the Closing Date between the Servicer or any Subservicer, if any, and any of the parties specified in sub paragraph (ii)(D) of this
clause 21.3 (and any other parties identified in writing by the requesting party) with respect to the issuance of the Notes, and (ii) provide to the Trust Manager a description of such proceedings, affiliations or relationships.

  

	 	(f)	As a condition to the succession to the Servicer or any Subservicer, if any, as servicer or subservicer under this Series Notice, the Servicing Agreement or any other Transaction
Document by any person: 

  

	 	(i)	into which the Servicer or such Subservicer, if any, may be merged or consolidated; or 

  

	 	(ii)	which may be appointed as a successor to the Servicer or, if applicable, any Subservicer, the Servicer shall provide to the Trust Manager prior to the effective date of such
succession or appointment: 

  

	 	(A)	written notice to the Trust Manager of such succession or appointment; and 

  

	 	(B)	in writing and in form and substance reasonably satisfactory to the Trust Manager, all information reasonably requested by the Trust Manager in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. 

  

	 	(g)	 In addition to such information the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Series Notice, the Servicing Agreement and
any other Transaction Document, if so requested by the Trust Manager, the Servicer shall provide such information regarding the performance or servicing of the Purchased Receivables as is 

  

			
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reasonably required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB. Such information shall be provided
concurrently with the monthly reports otherwise required to be delivered by the Trustee (or the Trust Manager on its behalf) pursuant to clause 11(m)(i) of the Note Trust Deed, commencing with the first such report due not less than ten Business
Days following such request. 

  

	21.4	Servicer Compliance Statement 

 On or before the
date the Trust Manager is required to make any required regulatory filings in connection with the end of its fiscal year, so long as there shall be any such requirement, the Servicer shall deliver to the Trust Manager a statement of compliance
addressed to the Trust Manager and signed by an authorised officer of the Servicer, to the effect that (i) a review of the Servicer’s activities during the immediately preceding financial year ended 30 September (or applicable portion
thereof) and of its performance under this Series Notice as it relates to its Servicing obligations, the Servicing Agreement and any other Transaction Document during such period has been made under such officer’s supervision, and (ii) to
the best of such officers’ knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Series Notice, the Servicing Agreement and any other Transaction Document in all material respects throughout such
financial year ended 30 September (or applicable portion thereof) or, if there has been a failure to fulfil any such obligation in any material respect, specifically identifying each such failure known to such officer and the nature and the
status thereof. 
  

	21.5	Report on Assessment of Compliance and Attestation 

  

	 	(a)	On or before the date the Trust Manager is required to make any required regulatory filings in connection with the end of its fiscal year, so long as there shall be any such
requirement, the Servicer shall: 

  

	 	(i)	deliver to the Trust Manager a report (in form and substance reasonably satisfactory to the Trust Manager) regarding the Servicer’s assessment of compliance with the Servicing
Criteria during the immediately preceding financial year ended 30 September as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Trust Manager and signed by an
authorised officer of the Servicer, and shall address each of the Servicing Criteria specified on a certification substantially in the form of schedule [3] delivered to the Trust Manager concurrently with the execution of this Series Notice;

  

	 	(ii)	deliver to the Trust Manager a report of a registered public accounting firm reasonably acceptable to the Trust Manager that attests to, and reports on, the assessment of compliance
made by the Servicer and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; 

  

	 	(iii)	cause each Subservicer, if any, and each Subcontractor, if any, determined by the Servicer pursuant to clause 21.6(b) to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, to deliver to the Trust Manager an assessment of compliance and accountants’ attestation as and when provided in paragraphs (a) and (b) of this clause 21.5; and

  

			
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	 	(iv)	if requested by the Trust Manager, not later than 1 November of the calendar year in which such certification is to be delivered, deliver to the Trust Manager and any other
person that will be responsible for signing the certification (a Sarbanes Certification) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Clause 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer
with respect to the transactions contemplated by this Series Notice a certification in the form attached hereto as schedule [2]. 

  

	 	 	the Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicer pursuant to such clause in signing a Sarbanes
Certification and filing such with the Commission. The Trust Manager will not request delivery of a certification under clause (a)(iv) above unless the Trust Manager is required under the Exchange Act to file an annual report on Form 10-K with
respect to an issuing entity whose asset pool includes Purchased Receivables. 

  

	 	(b)	Each assessment of compliance provided by a Subservicer, if any, pursuant to this clause 21.5 shall address each of the Servicing Criteria specified on a certification substantially
in the form of schedule [3] hereto delivered to the Trust Manager concurrently with the execution of this Series Notice or, in the case of a Subservicer, if any, subsequently appointed as such, on or prior to the date of such appointment. An
assessment of compliance provided by a Subcontractor pursuant to clause 21.5(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer pursuant to clause 21.6. 

  

	
	 21.6    Use of Subservicers and
Subcontractors
  

  

	 	(a)	the Servicer shall not hire or otherwise utilise the services of any Subservicer to fulfil any of the obligations of the Servicer as servicer under this Series Notice, the Servicing
Agreement or any other Transaction Document unless the Servicer complies with the provisions of paragraph (b) of this clause 21.6. The Servicer shall not hire or otherwise utilise the services of any Subcontractor, and shall not permit any
Subservicer to hire or otherwise utilise the services of any Subcontractor, to fulfil any of the obligations of the Servicer as servicer under this Series Notice, the Servicing Agreement or any other Transaction Document unless the Servicer complies
with the provisions of paragraph (c) of this clause 21.6. 

  

	 	(b)	 It shall not be necessary for the Servicer to seek the consent of the Trust Manager to the utilisation of any Subservicer. The Servicer shall cause any Subservicer
used by the Servicer (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of this clause 21.6 and with clauses 21.2, 21.3(c) and (e), 21.4 and 21.5 of this Series Notice to the same extent as if such Subservicer
were the Servicer, and to provide the information required with respect to such Subservicer under clause 21.3(d) of this Series Notice. The Servicer shall be responsible for obtaining from each Subservicer and delivering to the Trust Manager any
servicer compliance statement required to be delivered by such Subservicer under clause 21.4, any assessment of compliance and attestation 

  

			
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required to be delivered by such Subservicer under clause 21.5 and any certification required to be delivered to the person that will be responsible for
signing the Sarbanes Certification under clause 21.5 as and when required to be delivered. 

  

	 	(c)	It shall not be necessary for the Servicer to seek the consent of the Trust Manager to the utilisation of any Subcontractor. The Servicer shall promptly upon request provide to the
Trust Manager (or any designee of the Trust Manager, such as a master servicer or administrator) a written description (in form and substance satisfactory to the Trust Manager) of the role and function of each Subcontractor utilised by the Servicer
or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and
(iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph. 

  

	 	(d)	As a condition to the utilisation of any Subcontractor determined to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB,
the Servicer shall cause any such Subcontractor used by the Servicer (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of clauses 21.5 and 21.7 of this Series Notice to the same extent as if such
Subcontractor were the Servicer. The Servicer shall be responsible for obtaining from each Subcontractor and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subcontractor under clause
21.5, in each case as and when required to be delivered. 

  

	21.7	Indemnification; Remedies 

  

	 	(a)	the Servicer shall indemnify the Trust Manager, each affiliate of the Trust Manager, and each of the following parties participating in transactions contemplated by this Series
Notice: each sponsor and issuing entity; each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to transactions contemplated by this Series Notice, or for execution of a
certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions; each broker dealer acting as underwriter, placement agent or initial purchaser, each person who controls any of such parties or the
Depositor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees and agents of each of the foregoing and of the Depositor, and shall
hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

  

	 	(i)      (A)	any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or other material provided in
written or electronic form under this clause 21 by or on behalf of the Servicer, or provided under this clause 21 by or on behalf of any Subservicer or Subcontractor (collectively, the the Servicer Information); or 

  

			
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	 	(B)	the omission or alleged omission to state in the the Servicer Information a material fact required to be stated in the the Servicer Information or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the the Servicer Information and
not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the the Servicer Information or any portion thereof is presented together with or separately from such other information;

  

	 	(ii)	any failure by the Servicer, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material when and as required
under this clause 21, including any failure by the Servicer to identify pursuant to clause 21.6(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB; or

  

	 	(iii)	any breach by the Servicer of a representation or warranty set forth in clause 21.2(a) or in a writing furnished pursuant to clause 21.2(b) and made as of a date prior to the
Closing Date, to the extent that such breach is not cured by the Closing Date, or any breach by the Servicer of a representation or warranty in a writing furnished pursuant to clause 21.2(b) to the extent made as of a date subsequent to the Closing
Date. 

  

	 	 	In the case of any failure of performance described in sub-paragraph (a)(ii) of this clause 21.7, the Servicer shall promptly reimburse the Trust Manager, and each person
responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to the transactions contemplated by the Series Notice, or for execution of a certification pursuant to Rule 13a-14(d) or Rule
15d-14(d) under the Exchange Act with respect to such transactions, for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required
by the Servicer, any Subservicer or any Subcontractor. 

  

	 	(b)      (i)	 Any failure by the Servicer, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material when
and as required under this clause 21, or any breach by the Servicer of a representation or warranty set forth in clause 21.2(b) or in a writing furnished pursuant to clause 21.2(b) and made as of a date prior to the Closing Date, to the extent that
such breach is not cured by the Closing Date, or any breach by the Servicer of a representation or warranty in a writing furnished pursuant to clause 21.2(b) to the extent made as of a date subsequent to the Closing Date, shall, except as provided
in sub-paragraph (a), immediately and automatically, without notice or grace period, constitute a Servicer Transfer Event with respect to the Servicer, as servicer, under this Series Notice, the Servicing Agreement and any other applicable
Transaction Document, and shall entitle the Trust Manager, in its sole discretion to terminate the rights and obligations of the Servicer, as servicer, under 

  

			
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this Series Notice, the Servicing Agreement and/or any other applicable Transaction Document without payment (notwithstanding anything in this Series Notice,
the Servicing Agreement or any other applicable Transaction Document to the contrary) of any compensation to the Servicer; provided that to the extent that any provision of this Series Notice, the Servicing Agreement and/or any other applicable
Transaction Document expressly provides for the survival of certain rights or obligations following termination of the Servicer as servicer, such provision shall be given effect. 

  

	 	(ii)	Any failure by the Servicer, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter when and as required under clause
21.4 or 22.5, including (except as provided below) any failure by the Servicer to identify pursuant to clause 21.6(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, which
continues unremedied for ten calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered shall constitute a Servicer Transfer Event with respect to the Servicer, as servicer,
under this Series Notice, the Servicing Agreement and any other applicable Transaction Document, and shall entitle the Trust Manager, in its sole discretion to terminate the rights and obligations of the Servicer, as servicer, under this Series
Notice, the Servicing Agreement and/or any other applicable Transaction Document without payment (notwithstanding anything in any of the foregoing documents to the contrary) of any compensation to the Servicer; provided that to the extent that any
provision of any of the foregoing documents expressly provides for the survival of certain rights or obligations following termination of the Servicer, as servicer, such provision shall be given effect. 

  

	 	 	The Trust Manager shall not be entitled to terminate the rights and obligations of the Servicer, as servicer, pursuant to this sub-paragraph (b)(ii) if a failure of the Servicer to
identify a Subcontractor, if any, “participating in the servicing function” within the meaning of Item 1122 of Regulation AB was attributable solely to the role or functions of such Subcontractor with respect to housing loans other
than the Purchased Receivables. 

  

	 	(iii)	the Servicer shall promptly reimburse the Trust Manager (or any designee of the Trust Manager) for all reasonable expenses incurred by the Trust Manager (or such designee), as such
are incurred, in connection with the termination of the Servicer, as servicer, and the transfer of servicing of the Purchased Receivables to a successor servicer. The provisions of this paragraph shall not limit whatever rights the Trust Manager may
have under other provisions of this Series Notice, the Servicing Agreement and/or any other applicable Transaction Document or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief.

  

			
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	 22.   Compliance with Regulation AB: The
Custodian
  

  

	22.1	Intent of the Parties, Reasonableness 

 The
Servicer, as custodian pursuant to section 22.8 of the Master Trust Deed (for purposes of this clause 22, the Servicing Function Participant) and the Trust Manager acknowledge and agree that the purpose of this clause 22 is to
facilitate compliance by the Trust Manager with the provisions of Regulation AB and related rules and regulations of the Commission. 
 The
Trust Manager shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and
regulations of the Commission thereunder. The Servicing Function Participant acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff,
consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agree to comply with requests made by the Trust Manager in good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. The Servicing Function Participant shall cooperate fully with the Trust Manager to deliver to the Trust Manager (including any of its assignees or designees) any and all statements, reports, certifications,
records and any other information necessary in the good faith determination of the Trust Manager to permit the Trust Manager to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicing Function
Participant, any Subservicer and the Purchased Receivables, or the servicing of the Purchased Receivables, reasonably believed by the Trust Manager to be necessary in order to effect such compliance. 
 The Trust Manager (including any of its assignees or designees) shall cooperate with the Servicing Function Participant by providing timely notice of
requests for information under these provisions and by reasonably limiting such requests to information required, in the Trust Manager’s reasonable judgment, to comply with Regulation AB. 
  

	22.2	Additional Representations and Warranties of the Servicing Function Participant 

  

	 	(a)	The Servicing Function Participant shall be deemed to represent to the Trust Manager, as of the date on which information is first provided to the Trust Manager under clause 22.3
that, except as disclosed in writing to the Trust Manager prior to such date: 

  

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

  

	 	(ii)	it has not been terminated as trustee, custodian, note trustee, or similar role, as applicable, in a residential housing loan securitisation; 

  

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

  

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

  

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

  

	 	(vi)	there are no material legal or governmental proceedings pending (or known to be contemplated) against the Servicing Function Participant or any Subservicer that could have a
material adverse effect on the performance by the Servicing Function Participant of its obligations under this Series Notice or any other Transaction Document; and 

  

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

  

	 	(b)	If so requested by the Trust Manager on any date following the date on which information is first provided to the Trust Manager under clause 22.3, the Servicing Function Participant
shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this clause 22.2 or, if any such representation and warranty is not accurate as of the
date of such request, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. 

  

	22.3	Information to be provided by the Servicing Function Participant 

  

	 	(a)	The Servicing Function Participant shall: 

  

	 	(i)	within five Business Days following request by the Trust Manager, provide to the Trust Manager (or cause each Subservicer, if any, to provide), in writing and in form and substance
reasonably satisfactory to the Trust Manager, the information and materials specified in paragraphs (b) and (c) of this clause 22.3, and 

  

	 	(ii)	as promptly as practicable following notice to or discovery by the Servicing Function Participant, provide to the Trust Manager (in writing and in form and substance reasonably
satisfactory to the Trust Manager) the information specified in paragraph (d) of this clause 22.3. 

  

	 	(b)	If so requested by the Trust Manager, the Servicing Function Participant shall provide such information regarding: 

  

	 	(i)	itself; and 

  

	 	(ii)	as applicable, each Subservicer, as is requested for the purpose of compliance with Items 1103(a)(1), 1117 and 1119 of Regulation AB. Such information shall include, at a minimum:

  

			
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	 	(A)	a description of any material legal or governmental proceedings pending (or known to be contemplated) against the Servicing Function Participant and any Subservicer that may impact
its servicing ability; and 

  

	 	(B)	a description of any affiliation or relationship between the Servicing Function Participant, any Subservicer and any of the following parties to this transaction, as such parties
are identified to the Servicing Function Participant by the Trust Manager in writing in advance of this transaction: 

  

	 	(1)	the sponsor; 

  

	 	(2)	the depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

  

	 	(c)	If so requested by the Trust Manager for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the
Servicing Function Participant shall (or shall cause each Subservicer, if any, to) (i) notify the Trust Manager in writing of (A) any material litigation or governmental proceedings pending against the Servicing Function Participant or any
Subservicer and (B) any affiliations or relationships that develop following the Closing Date between the Servicing Function Participant or any Subservicer, if any, and any of the parties specified in sub paragraph (ii)(B) of this clause 22.3
(and any other parties identified in writing by the requesting party) with respect to the issuance of the Notes, and (ii) provide to the Trust Manager a description of such proceedings, affiliations or relationships. 

 

	 	(d)	As a condition to the succession to a Servicing Function Participant or any Subservicer, if any, as servicer or subservicer under this Series Notice or any other Transaction
Document by any person: 

  

	 	(i)	into which the Servicing Function Participant or such Subservicer, if any, may be merged or consolidated; or 

  

	 	(ii)	which may be appointed as a successor to the Servicing Function Participant or, if applicable, any Subservicer, the Servicing Function Participant shall provide to the Trust Manager
prior to the effective date of such succession or appointment: 

  

	 	(A)	written notice to the Trust Manager of such succession or appointment; and 

  

	 	(B)	in writing and in form and substance reasonably satisfactory to the Trust Manager, all information reasonably requested by the Trust Manager in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. 

  

			
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	 	(e)	In addition to such information as the Servicing Function Participant is obligated to provide pursuant to other provisions of this Series Notice and any other Transaction Document,
if so requested by the Trust Manager, the Servicing Function Participant shall provide such information regarding the performance or servicing of the Purchased Receivables as is reasonably required to facilitate preparation of distribution reports
in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with the monthly reports otherwise required to be delivered by the Trustee (or the Trust Manager on its behalf) pursuant to clause 11(m)(i) of the
Note Trust Deed, commencing with the first such report due not less than ten Business Days following such request. 

  

	22.4	Report on Assessment of Compliance and Attestation 

  

	 	(a)	On or before the date the Trust Manager is required to make any required regulatory filings in connection with the end of its fiscal year, so long as there shall be any such
requirement, the Servicing Function Participant shall: 

  

	 	(i)	deliver to the Trust Manager a report (in form and substance reasonably satisfactory to the Trust Manager) regarding the Servicing Function Participant’s assessment of
compliance with the Servicing Criteria during the immediately preceding financial year ended [30 September] as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the
Trust Manager and signed by an authorised officer of the Servicing Function Participant, and shall address each of the Servicing Criteria specified on a certification substantially in the form of schedule [6] delivered to the Trust Manager
concurrently with the execution of this Series Notice; 

  

	 	(ii)	deliver to the Trust Manager a report of a registered public accounting firm reasonably acceptable to the Trust Manager that attests to, and reports on, the assessment of compliance
made by the Servicing Function Participant and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

  

	 	(iii)	cause each Subservicer, if any, and each Subcontractor, if any, determined by the Servicing Function Participant pursuant to clause 22.6(b) to be “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Trust Manager an assessment of compliance and accountants’ attestation as and when provided in paragraphs (a) and (b) of this clause
22.4; and 

  

	 	(iv)	if requested by the Trust Manager not later than [February 1] of the calendar year in which such certification is to be delivered, deliver to the Trust Manager the certification (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes Oxlet Act of 2002) on behalf of the Trustee with respect to the Trust in the form attached hereto as
Annexure [*]. 

  

			
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	 	The Servicing Function Participant acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicing Function Participant
pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. The Trust Manager will not request delivery of a certification under clause (a)(iv) above unless the Trust Manager is required under the Exchange Act to
file an annual report on Form 10-K with respect to the Trustee. 

  

	 	(b)	Each assessment of compliance provided by a Subservicer, if any, pursuant to this clause 22.4 shall address each of the Servicing Criteria specified on a certification substantially
in the form of schedule [6] hereto delivered to the Trust Manager concurrently with the execution of this Series Notice or, in the case of a Subservicer, if any, subsequently appointed as such, on or prior to the date of such appointment. An
assessment of compliance provided by a Subcontractor pursuant to clause 22.4(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the relevant Servicing Function Participant pursuant to clause 22.5.

  

	22.5	Use of Subservicers and Subcontractors 

  

	 	(a)	The Servicing Function Participant shall not hire or otherwise utilise the services of any Subservicer to fulfil any of the obligations of the Servicing Function Participant under
this Series Notice or any other Transaction Document unless the Servicing Function Participant complies with the provisions of paragraph (a) of this clause 22.5. The Servicing Function Participant shall not hire or otherwise utilise the
services of any Subcontractor, and shall not permit any Subservicer to hire or otherwise utilise the services of any Subcontractor, to fulfil any of the obligations of the Servicing Function Participant under this Series Notice or any other
Transaction Document unless the Servicing Function Participant complies with the provisions of paragraph (b) of this clause 22.5. 

  

	 	(b)	It shall not be necessary for a Servicing Function Participant to seek the consent of the Trust Manager to the utilisation of any Subservicer. The Servicing Function Participant
shall cause any Subservicer used by it (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of this clause 22.5 and with clauses 22.2, 22.4 and 22.6 of this Series Notice to the same extent as if such
Subservicer were the Servicing Function Participant, and to provide the information required with respect to such Subservicer under clause 22.3(c) of this Series Notice. The Servicing Function Participant shall be responsible for obtaining from each
Subservicer and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subservicer under clause 22.4 and any certification required to be delivered to the person that will be responsible for
signing the Sarbanes Certification under clause 21.5 as and when required to be delivered. 

  

	 	(c)	It shall not be necessary for the Servicing Function Participant to seek the consent of the Trust Manager to the utilisation of any Subcontractor. The Servicing Function Participant
shall promptly upon request provide to the Trust Manager (or any designee of the Trust Manager, such as a master servicer or administrator) a written description (in form and substance satisfactory to the Trust Manager) of the role and function of
each Subcontractor 

  

			
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	 	 	utilised by the Servicing Function Participant or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor
identified pursuant to clause (ii) of this paragraph. 

  

	 	(d)	As a condition to the utilisation of any Subcontractor determined to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB,
the Servicing Function Participant shall cause any such Subcontractor used by the Servicing Function Participant (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of clauses 22.4 and 22.6 of this Series
Notice to the same extent as if such Subcontractor were the Servicing Function Participant. The Servicing Function Participant shall be responsible for obtaining from each Subcontractor and delivering to the Trust Manager any assessment of
compliance and attestation required to be delivered by such Subcontractor under clause 22.4, in each case as and when required to be delivered. 

  

	22.6	Indemnification; Remedies 

  

	 	(a)	The Servicing Function Participant shall indemnify the Trust Manager, each affiliate of the Trust Manager, and each of the following parties participating in transactions
contemplated by this Series Notice: each sponsor and issuing entity; each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to transactions contemplated by this Series
Notice, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions; each broker dealer acting as underwriter, placement agent or initial purchaser, each person who
controls any of such parties or the Depositor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees and agents of each of the
foregoing and of the Depositor, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them
may sustain arising out of or based upon: 

  

	 	(i)      (A)	any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or other material provided in
written or electronic form under this clause 22 by or on behalf of the Servicing Function Participant, or provided under this clause 22 by or on behalf of any Subservicer or Subcontractor (collectively, the Servicing Function Participant
Information); or 

  

	 	(B)	the omission or alleged omission to state in the Servicing Function Participant Information a material fact required to be stated in the Servicing Function Participant Information
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to
the Servicing Function Participant Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Servicing Function Participant Information or any portion thereof is
presented together with or separately from such other information; 

  

			
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	 	(ii)	any failure by the Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material
when and as required under this clause 22, including any failure by the Servicing Function Participant to identify pursuant to clause 22.5(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122
of Regulation AB; or 

  

	 	(iii)	any breach by the Servicing Function Participant of a representation or warranty set forth in clause 22.2(a) or in a writing furnished pursuant to clause 22.2(b) and made as of a
date prior to the Closing Date, to the extent that such breach is not cured by the Closing Date, or any breach by the Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 22.2(b) to the extent made
as of a date subsequent to the Closing Date. 

 In the case of any failure of performance described in sub-paragraph (a)(ii) of
this clause 22.6, the relevant Servicing Function Participant shall promptly reimburse the Trust Manager, and each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to the
transactions contemplated by the Series Notice, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions, for all costs reasonably incurred by each such party in order
to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Servicing Function Participant, any Subservicer or any Subcontractor. 
  

	 	(b)      (i)	Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material
when and as required under this clause 22, or any breach by a Servicing Function Participant of a representation or warranty set forth in clause 22.2(b) or in a writing furnished pursuant to clause 22.2(b) and made as of a date prior to the Closing
Date, to the extent that such breach is not cured by the Closing Date, or any breach by a Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 22.2(b) to the extent made as of a date subsequent to
the Closing Date, shall, except as provided in sub-paragraph (a), immediately and automatically, without notice or grace period, constitute a breach under this Series Notice and any other applicable Transaction Document, and shall entitle the Trust
Manager, in its sole discretion to terminate the rights and obligations of the Servicing Function Participant under this Series Notice and/or any other applicable Transaction Document without payment (notwithstanding anything in this Series Notice
or any other applicable Transaction Document to the contrary) of any compensation to the Servicing Function Participant; provided that to the extent that any provision of this Series Notice and/or any other applicable Transaction Document expressly
provides for the survival of certain rights or obligations following termination of the Servicing Function Participant, such provision shall be given effect. 

  

			
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	 	(ii)	Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter when and as
required under clause 22.4, including (except as provided below) any failure by a Servicing Function Participant to identify pursuant to clause 22.5(b) any Subcontractor “participating in the servicing function” within the meaning of
Item 1122 of Regulation AB, which continues unremedied for ten calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered shall constitute a breach with respect to the
Servicing Function Participant under this Series Notice and any other applicable Transaction Document, and shall entitle the Trust Manager, in its sole discretion to terminate the rights and obligations of the Servicing Function Participant, under
this Series Notice and/or any other applicable Transaction Document without payment (notwithstanding anything in any of the foregoing documents to the contrary) of any compensation to the Servicing Function Participant; provided that to the extent
that any provision of any of the foregoing documents expressly provides for the survival of certain rights or obligations following termination of the Servicing Function Participant, such provision shall be given effect. 

  

	 	 	The Trust Manager shall not be entitled to terminate the rights and obligations of a Servicing Function Participant pursuant to this sub-paragraph (b)(ii) if a failure of the
Servicing Function Participant to identify a Subcontractor, if any, “participating in the servicing function” within the meaning of Item 1122 of Regulation AB was attributable solely to the role or functions of such Subcontractor with
respect to housing loans other than the Purchased Receivables. 

  

	 	(iii)	The Servicing Function Participant shall promptly reimburse the Trust Manager (or any designee of the Trust Manager) for all reasonable expenses incurred by the Trust Manager (or
such designee), as such are incurred, in connection with the termination of the Servicing Function Participant, and the transfer of servicing of the Purchased Receivables to a successor Servicing Function Participant. The provisions of this
paragraph shall not limit whatever rights the Trust Manager may have under other provisions of this Series Notice and/or any other applicable Transaction Document or otherwise, whether in equity or at law, such as an action for damages, specific
performance or injunctive relief. 

  

			
	 23.   Compliance with Regulation AB: The Note
Trustee
  
	  	 

  

	23.1	Intent of the Parties, Reasonableness 

 The Note
Trustee (for purposes of this clause 23, the Servicing Function Participant) and the Trust Manager acknowledge and agree that the purpose of this clause 23 is to facilitate compliance by the Trust Manager with the provisions of
Regulation AB and related rules and regulations of the Commission. Although Regulation AB is applicable by its terms only to offerings of asset-backed securities that are registered under the Securities Act, the Servicing Function Participant
acknowledges that investors in privately offered securities may require that the Trust Manager provide comparable disclosure in unregistered offerings. References in this Agreement to compliance with Regulation AB include the provision of comparable
disclosure in private offerings. 
  

			
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 The Trust Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
disclosure comparable to that required under the Securities Act). The Servicing Function Participant acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agree to comply with requests made by the Trust Manager in good faith for delivery of information under these
provisions on the basis of evolving interpretations of Regulation AB. The Servicing Function Participant shall cooperate fully with the Trust Manager to deliver to the Trust Manager (including any of its assignees or designees) any and all
statements, reports, certifications, records and any other information necessary in the good faith determination of the Trust Manager to permit the Trust Manager to comply with the provisions of Regulation AB, together with such disclosures relating
to the Servicing Function Participant, any Subservicer and the Purchased Receivables, or the servicing of the Purchased Receivables, reasonably believed by the Trust Manager to be necessary in order to effect such compliance. 
 The Trust Manager (including any of its assignees or designees) shall cooperate with the Servicing Function Participant by providing timely notice of
requests for information under these provisions and by reasonably limiting such requests to information required, in the Trust Manager’s reasonable judgment, to comply with Regulation AB. 
  

	23.2	Additional Representations and Warranties of the Servicing Function Participant 

  

	 	(a)	The Servicing Function Participant shall be deemed to represent to the Trust Manager, as of the date on which information is first provided to the Trust Manager under clause 23.3
that, except as disclosed in writing to the Trust Manager prior to such date: 

  

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

  

	 	(ii)	it has not been terminated as trustee, custodian, note trustee, or similar role, as applicable, in a residential housing loan securitisation due to its default or the application of
performance test or a triggering event; 

  

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

  

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

  

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

  

			
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	 	(vi)	there are no material legal or governmental proceedings pending (or known to be contemplated) against the Servicing Function Participant or any Subservicer that could have a
material adverse effect on the performance by the Servicing Function Participant of its obligations under this Series Notice or any other Transaction Document; and 

  

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

  

	 	(b)	If so requested by the Trust Manager on any date following the date on which information is first provided to the Trust Manager under clause 23.3, the Servicing Function Participant
shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this clause 23.2 or, if any such representation and warranty is not accurate as of the
date of such request, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. 

  

	23.3	Information to be provided by the Servicing Function Participant 

  

	 	(a)	The Servicing Function Participant shall: 

  

	 	(i)	within five Business Days following request by the Trust Manager, provide to the Trust Manager (or cause each Subservicer, if any, to provide), in writing and in form and substance
reasonably satisfactory to the Trust Manager, the information and materials specified in clause 23.2 and this clause 23.3, and 

  

	 	(ii)	as promptly as practicable following notice to or discovery by the Servicing Function Participant, provide to the Trust Manager (in writing and in form and substance reasonably
satisfactory to the Trust Manager) the information specified in paragraph (d) of this clause 23.3. 

  

	 	(b)	If so requested by the Trust Manager, the Servicing Function Participant shall provide such information regarding: 

  

	 	(i)	itself; and 

  

	 	(ii)	as applicable, each Subservicer, as is requested for the purpose of compliance with Items 1103(a)(1), 1117 and 1119 of Regulation AB. Such information shall include, at a minimum:

  

	 	(A)	a description of any material legal or governmental proceedings pending (or known to be contemplated) against the Servicing Function Participant and any Subservicer that may impact
its servicing ability; and 

  

	 	(B)	 a description of any affiliation or relationship between the Servicing Function Participant, any Subservicer and any of the following parties to 

  

			
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this transaction, as such parties are identified to the Servicing Function Participant by the Trust Manager in writing in advance of this transaction:

  

	 	(1)	the sponsor; 

  

	 	(2)	the depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

  

	 	(c)	If so requested by the Trust Manager for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the
Servicing Function Participant shall (or shall cause each Subservicer, if any, to) (i) notify the Trust Manager in writing of (A) any material litigation or governmental proceedings pending against the Servicing Function Participant or any
Subservicer and (B) any affiliations or relationships that develop following the Closing Date between the Servicing Function Participant or any Subservicer, if any, and any of the parties specified in sub paragraph (ii)(B) of this clause 23.3
(and any other parties identified in writing by the requesting party) with respect to the issuance of the Notes, and (ii) provide to the Trust Manager a description of such proceedings, affiliations or relationships. 

 

	 	(d)	As a condition to the succession to a Servicing Function Participant or any Subservicer, if any, as servicer or subservicer under this Series Notice or any other Transaction
Document by any person: 

  

	 	(i)	into which the Servicing Function Participant or such Subservicer, if any, may be merged or consolidated; or 

  

	 	(ii)	which may be appointed as a successor to the Servicing Function Participant or, if applicable, any Subservicer, the Servicing Function Participant shall provide to the Trust
Manager, at least 45 calendar days prior to the effective date of such succession or appointment: 

  

	 	(A)	written notice to the Trust Manager of such succession or appointment; and 

  

	 	(B)	in writing and in form and substance reasonably satisfactory to the Trust Manager, all information reasonably requested by the Trust Manager in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. 

  

	 	(e)	 In addition to such information as the Servicing Function Participant is obligated to provide pursuant to other provisions of this Series Notice and any other
Transaction Document, if so requested by the Trust Manager, the Servicing Function Participant shall provide such 

  

			
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information regarding the performance or servicing of the Purchased Receivables as is reasonably required to facilitate preparation of distribution reports
in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with the monthly reports otherwise required to be delivered by the Trustee (or the Trust Manager on its behalf) pursuant to clause 11(m)(i) of the
Note Trust Deed, commencing with the first such report due not less than ten Business Days following such request. 

  

	23.4	Report on Assessment of Compliance and Attestation 

  

	 	(a)	On or before [1 November] of each calendar year the Servicing Function Participant shall: 

  

	 	(i)	deliver to the Trust Manager a report (in form and substance reasonably satisfactory to the Trust Manager) regarding the Servicing Function Participant’s assessment of
compliance with the Servicing Criteria during the immediately preceding financial year ended 30 September as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the
Trust Manager and signed by an authorised officer of the Servicing Function Participant, and shall address each of the Servicing Criteria specified on a certification substantially in the form of schedule [6] delivered to the Trust Manager
concurrently with the execution of this Series Notice; 

  

	 	(ii)	deliver to the Trust Manager a report of a registered public accounting firm reasonably acceptable to the Trust Manager that attests to, and reports on, the assessment of compliance
made by the Servicing Function Participant and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

  

	 	(iii)	cause each Subservicer, if any, and each Subcontractor, if any, determined by the Servicing Function Participant pursuant to clause 23.6(b) to be “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Trust Manager an assessment of compliance and accountants’ attestation as and when provided in paragraphs (a) and (b) of this clause
23.4; and 

  

	 	(iv)	if requested by the Trust Manager not later than [February 1] of the calendar year in which such certification is to be delivered, deliver to the Trust Manager the certification (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes Oxlet Act of 2002) on behalf of the Trustee with respect to the Trust in the form attached hereto as
Annexure [*]. 

  

	 	 	The Servicing Function Participant acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicing Function Participant
pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. The Trust Manager will not request delivery of a certification under clause (a)(iv) above unless the Trust Manager is required under the Exchange Act to
file an annual report on Form 10-K with respect to the Trustee. 

  

			
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	 	(b)	Each assessment of compliance provided by a Subservicer, if any, pursuant to this clause 23.4 shall address each of the Servicing Criteria specified on a certification substantially
in the form of schedule [6] hereto delivered to the Trust Manager concurrently with the execution of this Series Notice or, in the case of a Subservicer, if any, subsequently appointed as such, on or prior to the date of such appointment. An
assessment of compliance provided by a Subcontractor pursuant to clause 23.4(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the relevant Servicing Function Participant pursuant to clause 23.5.

  

	23.5	Use of Subservicers and Subcontractors 

  

	 	(a)	The Servicing Function Participant shall not hire or otherwise utilise the services of any Subservicer to fulfil any of the obligations of the Servicing Function Participant under
this Series Notice or any other Transaction Document unless the Servicing Function Participant complies with the provisions of paragraph (a) of this clause 23.5. The Servicing Function Participant shall not hire or otherwise utilise the
services of any Subcontractor, and shall not permit any Subservicer to hire or otherwise utilise the services of any Subcontractor, to fulfil any of the obligations of the Servicing Function Participant under this Series Notice or any other
Transaction Document unless the Servicing Function Participant complies with the provisions of paragraph (b) of this clause 23.5. 

  

	 	(b)	It shall not be necessary for a Servicing Function Participant to seek the consent of the Trust Manager to the utilisation of any Subservicer. The Servicing Function Participant
shall cause any Subservicer used by it (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of this clause 23.5 and with clauses 23.2, 23.4 and 23.6 of this Series Notice to the same extent as if such
Subservicer were the Servicing Function Participant, and to provide the information required with respect to such Subservicer under clause 23.3(c) of this Series Notice. The Servicing Function Participant shall be responsible for obtaining from each
Subservicer and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subservicer under clause 23.4 and any certification required to be delivered to the person that will be responsible for
signing the Sarbanes Certification under clause 21.5 as and when required to be delivered. 

  

	 	(c)	It shall not be necessary for the Servicing Function Participant to seek the consent of the Trust Manager to the utilisation of any Subcontractor. The Servicing Function Participant
shall promptly upon request provide to the Trust Manager (or any designee of the Trust Manager, such as a master servicer or administrator) a written description (in form and substance satisfactory to the Trust Manager) of the role and function of
each Subcontractor utilised by the Servicing Function Participant or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are “participating in the servicing
function” within the meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of
this paragraph. 

  

	 	(d)	 As a condition to the utilisation of any Subcontractor determined to be “participating in the servicing function” within the meaning of Item 1122 of
Regulation AB, the Servicing 

  

			
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Function Participant shall cause any such Subcontractor used by the Servicing Function Participant (or by any Subservicer) for the benefit of the Trust
Manager to comply with the provisions of clauses 23.4 and 23.6 of this Series Notice to the same extent as if such Subcontractor were the Servicing Function Participant. The Servicing Function Participant shall be responsible for obtaining from each
Subcontractor and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subcontractor under clause 23.4, in each case as and when required to be delivered. 

  

	23.6	Indemnification; Remedies 

  

	 	(a)	The Servicing Function Participant shall indemnify the Trust Manager, each affiliate of the Trust Manager, and each of the following parties participating in transactions
contemplated by this Series Notice: each sponsor and issuing entity; each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to transactions contemplated by this Series
Notice, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions; each broker dealer acting as underwriter, placement agent or initial purchaser, each person who
controls any of such parties or the Depositor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees and agents of each of the
foregoing and of the Depositor, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them
may sustain arising out of or based upon: 

  

	 	(i)        (A)	any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or other material provided in
written or electronic form under this clause 23 by or on behalf of the Servicing Function Participant, or provided under this clause 23 by or on behalf of any Subservicer or Subcontractor (collectively, the Servicing Function Participant
Information); or 

  

	 	(B)	the omission or alleged omission to state in the Servicing Function Participant Information a material fact required to be stated in the Servicing Function Participant Information
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to
the Servicing Function Participant Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Servicing Function Participant Information or any portion thereof is
presented together with or separately from such other information; 

  

	 	(ii)	any failure by the Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material
when and as required under this clause 23, including any failure by the Servicing Function Participant to identify pursuant to clause 23.5(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122
of Regulation AB; or 

  

			
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	 	(iii)	any breach by the Servicing Function Participant of a representation or warranty set forth in clause 23.2(a) or in a writing furnished pursuant to clause 23.2(b) and made as of a
date prior to the Closing Date, to the extent that such breach is not cured by the Closing Date, or any breach by the Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 23.2(b) to the extent made
as of a date subsequent to the Closing Date. 

  

	 	In the case of any failure of performance described in sub-paragraph (a)(ii) of this clause 23.6, the relevant Servicing Function Participant shall promptly reimburse the Trust
Manager, and each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to the transactions contemplated by the Series Notice, or for execution of a certification pursuant to
Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions, for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not
delivered as required by the Servicing Function Participant, any Subservicer or any Subcontractor. 

  

	 	(b)      (i)	Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material
when and as required under this clause 23, or any breach by a Servicing Function Participant of a representation or warranty set forth in clause 23.2(b) or in a writing furnished pursuant to clause 23.2(b) and made as of a date prior to the Closing
Date, to the extent that such breach is not cured by the Closing Date, or any breach by a Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 23.2(b) to the extent made as of a date subsequent to
the Closing Date, shall, except as provided in sub-paragraph (a), immediately and automatically, without notice or grace period, constitute a breach under this Series Notice and any other applicable Transaction Document, and shall entitle the Trust
Manager, in its sole discretion to terminate the rights and obligations of the Servicing Function Participant under this Series Notice and/or any other applicable Transaction Document without payment (notwithstanding anything in this Series Notice
or any other applicable Transaction Document to the contrary) of any compensation to the Servicing Function Participant; provided that to the extent that any provision of this Series Notice and/or any other applicable Transaction Document expressly
provides for the survival of certain rights or obligations following termination of the Servicing Function Participant, such provision shall be given effect. 

  

	 	(ii)	 Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter
when and as required under clause 23.4, including (except as provided below) any failure by a Servicing Function Participant to identify pursuant to clause 23.5(b) any Subcontractor “participating in the servicing function” within the
meaning of Item 1122 of Regulation AB, which continues unremedied for ten calendar days after the date on which such information, report, certification or accountants’ letter 

  

			
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was required to be delivered shall constitute a breach with respect to the Servicing Function Participant under this Series Notice and any other applicable
Transaction Document, and shall entitle the Trust Manager, in its sole discretion to terminate the rights and obligations of the Servicing Function Participant, under this Series Notice and/or any other applicable Transaction Document without
payment (notwithstanding anything in any of the foregoing documents to the contrary) of any compensation to the Servicing Function Participant; provided that to the extent that any provision of any of the foregoing documents expressly provides for
the survival of certain rights or obligations following termination of the Servicing Function Participant, such provision shall be given effect. 

  

	 	 	The Trust Manager shall not be entitled to terminate the rights and obligations of a Servicing Function Participant pursuant to this sub-paragraph (b)(ii) if a failure of the
Servicing Function Participant to identify a Subcontractor, if any, “participating in the servicing function” within the meaning of Item 1122 of Regulation AB was attributable solely to the role or functions of such Subcontractor with
respect to housing loans other than the Purchased Receivables. 

  

	 	(iii)	The Servicing Function Participant shall promptly reimburse the Trust Manager (or any designee of the Trust Manager) for all reasonable expenses incurred by the Trust Manager (or
such designee), as such are incurred, in connection with the termination of the Servicing Function Participant, and the transfer of servicing of the Purchased Receivables to a successor Servicing Function Participant. The provisions of this
paragraph shall not limit whatever rights the Trust Manager may have under other provisions of this Series Notice and/or any other applicable Transaction Document or otherwise, whether in equity or at law, such as an action for damages, specific
performance or injunctive relief. 

  

			
	 24.   Compliance with Regulation AB: The
Trustee
  
	  	 

  

	24.1	Intent of the Parties, Reasonableness 

 The Trustee
and the Trust Manager acknowledge and agree that the purpose of this clause 24 is to facilitate compliance by the Trust Manager with the provisions of Regulation AB and related rules and regulations of the Commission. 
 The Trust Manager shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. The Trust Manager shall not request the delivery of information or other performance under this clause 24.1
unless the Trust Manager is required under the Exchange Act to file an annual report on Form 10-K with respect to the Securitisation Fund. The Trustee shall cooperate fully with the Trust Manager to deliver to the Trust Manager (including any of its
assignees or designees) any and all statements, reports, certifications, records and any other information (within the control of the Trustee or for which the Trustee is responsible) necessary in the good faith determination of the Trust Manager to
permit the Trust Manager to comply with the provisions of Regulation AB, together with such disclosures relating to the Trustee and the Purchased Receivables, or the servicing of the Purchased Receivables, reasonably believed by the Trust Manager
and the Trustee to be necessary in order to effect such compliance. 
  

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

	24.2	Information to be provided by the Trustee 

  

	 	(a)	The Trustee shall, within five Business Days following request by the Trust Manager, provide to the Trust Manager, in writing and in form and substance reasonably satisfactory to
the Trust Manager, the information and materials specified in paragraphs (b) and (c) of this clause 24.2. 

  

	 	(b)	If so requested by the Trust Manager, the Trustee shall provide such information regarding itself, as is requested for the purpose of compliance with Rules 13a and 15d of the
Exchange Act and Items 1103(a)(1), 1117 and 1119 of Regulation AB. Such information will be: 

  

	 	(i)	a description of any material legal or governmental proceedings pending (or known to be contemplated) against the Trustee that is material to Noteholders as determined by the
Trustee acting in accordance with the Transaction Documents; and 

  

	 	(ii)	a description of: 

  

	 	(A)	any affiliation within the meaning of Item 1119(a); or 

  

	 	(B)	any relationship within the meaning of Items 1119(b) or 1119(c), 

  

	 	 	between the Trustee and any of the following parties to this transaction, as such parties are identified to the Trustee by the Trust Manager in writing: 

  

	 	(1)	the sponsor; 

  

	 	(2)	the depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	and any other entity specifically notified to the Trustee, 

  

	 	 	in each case, as determined by the Trustee in accordance with the Transaction Documents. 

  

			
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	 	(c)	If the Trustee merges or is consolidated with another legal entity, the Trustee shall provide to the Trust Manager, at least 45 calendar days prior to the effective date of
such merger or consolidation: 

  

	 	(A)	written notice to the Trust Manager of such merger or consolidation; and 

  

	 	(B)	in writing and in form and substance reasonably satisfactory to the Trust Manager, all information reasonably requested by the Trust Manager in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. 

  

	24.3	Report on Assessment of Compliance and Attestation 

  

	 	(a)	On or before the date the Trust Manager is required to make any required regulatory filings in connection with the end of its fiscal year, so long as there shall be any such
requirement, the Trustee, to the extent that the Trustee is, at the time of such request, participating in the servicing function, shall: 

  

	 	(i)	deliver to the Trust Manager a report (in form and substance reasonably satisfactory to the Trust Manager) regarding the Trustee’s assessment of compliance with the Servicing
Criteria during the immediately preceding financial year ended [30 September] as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Trust Manager and signed by an
authorised officer of the Trustee, and shall address each of the Servicing Criteria (but only with respect to such of the Servicing Criteria that the Trustee performs) specified on a certification substantially in the form of schedule [1] to this
Series Notice delivered to the Trust Manager concurrently with the execution of this Series Notice; 

  

	 	(ii)	deliver to the Trust Manager a report of a registered public accounting firm reasonably acceptable to the Trust Manager that attests to, and reports on, the assessment of compliance
made by the Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

  

	 	(iii)	if requested by the Trust Manager not later than [February 1] of the calendar year in which such certification is to be delivered, deliver to the Trust Manager the certification (a
“Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes Oxlet Act of 2002) on behalf of the Trustee with respect to the Trust in the form attached hereto as
Annexure [*]. 

  

	 	 	The Servicing Function Participant acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicing Function Participant
pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. The Trust Manager will not request delivery of a certification under clause (a)(iv) above unless the Trust Manager is required under the Exchange Act to
file an annual report on Form 10-K with respect to the Trustee. 

  

			
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	24.4	Use of Subservicers and Subcontractors 

 The
Trustee shall not hire or otherwise utilise the services of any Subservicer to fulfil any of the obligations of the Trustee under this Series Notice or any other Transaction Document without the written consent of the Trust Manager. The Trustee
shall not hire or otherwise utilise the services of any Subcontractor, and shall not permit any Subservicer to hire or otherwise utilise the services of any Subcontractor, to fulfil any of the obligations of the Trustee under this Series Notice or
any other Transaction Document without the written consent of the Trust Manager. 
  

	24.5	Indemnification; Remedies 

  

	 	(a)	The Trustee shall indemnify the Trust Manager and [the Servicer] (each an Indemnified Party) and shall hold each of them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain directly or as a result of: 

  

	 	(i)      (A)	any untrue statement of a material fact contained or alleged to be contained in any information, certification or accountants’ letter provided in written or electronic form and
identified as being provided under this clause 24 by the Trustee, (collectively, the Trustee Information) or any failure to disclose any non-compliance with any of the Servicing Criteria that the Trustee performs; provided that in the case of any
untrue statement of a material fact contained in the accountant’s letter, the Trustee will indemnify and hold harmless the relevant Indemnified Party only to the extent of the sum that the Trustee recovers from the accounting firm providing
such accountant’s letter; provided, further, that the Trustee will not indemnify or hold harmless the relevant Indemnified Party to the extent that the untrue statement of a material fact contained in the Trustee Information relates to
information provided to the Trustee by the relevant Indemnified Party to enable such party to complete its duties under the Transaction Documents; or 

  

	 	(B)	 the omission or alleged omission to state in the Trustee Information a material fact required to be stated in the Trustee Information or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the Trustee Information and not
to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Trustee Information or any portion thereof is presented together with or separately from such other information provided,
further that in the case of the omission to state in an accountant’s letter a material fact required to be stated in the accountant’s letter or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, the Trustee will indemnify and hold harmless the relevant Indemnified Party only to the extent of the sum that the Trustee recovers from the accounting firm 

  

			
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providing such accountant’s letter; provided, further, that the Trustee will not indemnify or hold harmless the relevant Indemnified Party to the extent
that the omission to state in the Trustee Information a material fact required to be stated in the Trustee Information or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading,
relates to information provided to the Trustee by the relevant Indemnified Party to enable such party to complete its duties under the Transaction Documents; or 

  

	 	(ii)	any failure by the Trustee, to deliver any information, certification or accountants’ letter when and as required under this clause 24; 

  

	 	 	In the case of any failure of performance described in sub-paragraph (a)(ii) of this clause 24.5, the Trustee shall promptly reimburse the relevant Indemnified Party for all costs
reasonably incurred by it in order to obtain the information, certification or accountants’ letter not delivered as required by the Trustee. 

  

	 	(b)      (i)	Subject to (b)(ii) below any failure by the Trustee to deliver any information, certification or accountants’ letter when and as required under this clause 24, shall, except as
provided in sub-paragraph (a), entitle the Trust Manager, in its sole discretion to terminate the appointment of the Trustee under this Series Notice and/or any other applicable Transaction Document without payment (notwithstanding anything in this
Series Notice or any other applicable Transaction Document to the contrary) of any compensation to the Trustee without prejudice to any fees, costs or expenses incurred prior to the date of such termination; provided that to the extent that any
provision of this Series Notice and/or any other applicable Transaction Document expressly provides for the survival of certain rights or obligations following termination of the Trustee, such provision shall be given effect.

  

	 	(ii)	Any failure by the Trustee to deliver any information, report, certification or accountants’ letter when and as required under clause 24.3, which continues unremedied for ten
calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered shall constitute a breach with respect to the Trustee under this Series Notice and any other applicable
Transaction Document, and shall entitle the Trust Manager, in its sole discretion, to terminate the rights and obligations of the Trustee, under this Series Notice and/or any other applicable Transaction Document without payment (notwithstanding
anything in any of the foregoing documents to the contrary) of any compensation to the Trustee; provided that to the extent that any provision of any of the foregoing documents expressly provides for the survival of certain rights or obligations
following termination of the Trustee, such provision shall be given effect. 

  

	 	(iii)	 The Trustee shall promptly reimburse the Trust Manager for all reasonable expenses incurred by the Trust Manager, as such are incurred, in connection with the
removal of the Trustee, and the appointment of a successor Trustee. The provisions of this paragraph shall not limit whatever rights the Trust Manager may 

  

			
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have under other provisions of this Supplementary Terms Notice and/or any other applicable Transaction Document or otherwise, whether in equity or at law,
such as an action for damages, specific performance or injunctive relief. 

  

	
	 25.   Acknowledgments
  

  

	 	(a)	The parties to the Transaction Documents agree that the Code of Banking Practice 2003 (Code) does not apply to any Transaction Document or any transaction or service
under any Transaction Document. 

  

	 	(b)	The parties to the Transaction Documents acknowledge that Westpac is bound by the Code in respect of its dealings with some or all Mortgagors and agree that if the application of
the Code to those dealings makes an amendment to any Transaction Document necessary or desirable, in the opinion of Westpac, then the parties will negotiate such amendments in good faith. 

  

	
	 26.   Changes to Portfolio of Receivables before
the Cut-Off Date
  

 An Approved Seller may at any time before the Cut-Off Date add a Receivable to, or remove a
Receivable from, the Portfolio of Receivables, provided that: 
  

	 	(a)	the Approved Seller: 

  

	 	(i)	notifies the Trustee and Trust Manager in writing of that addition or removal; and 

  

	 	(ii)	provides the Trustee and Trust Manager with a revised form of Annexure A to the Note Issue Direction that reflects that addition or removal, 

 within 5 Business Days (but, in any event, before the Cut-Off Date); and 
  

	 	(b)	the addition or removal (when taken together with all other additions and removals under this clause) does not result in a change of more than [5]% in any of the characteristics of
the Portfolio of Receivables described in the Information Memorandum. 

  
  

	
	 27.   Credit Support transferred by Currency Swap
Provider
  

 Each of the Beneficiaries and Noteholders acknowledges and agrees that: 
  

	 	(a)	the Trustee will hold any collateral transferred to it by the Currency Swap Provider, in support of that Currency Swap Provider’s obligations under the relevant Currency Swap,
on trust on the terms set out in the master agreement between the Trustee, the Currency Swap Provider and others; and 

  

	 	(b)	the Trustee may deal with any collateral referred to in paragraph (a), notwithstanding that it is also the trustee of the Trust and notwithstanding the terms of the Trust.

  

	
	 28.   Governing Law And
Jurisdiction
  

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

			
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	 29.   Counterparts
  

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

			
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 EXECUTED and delivered as a deed poll. 
 Each attorney executing this Series Notice states that he or she has no notice of revocation or suspension of his or her power of attorney. 
  
 TRUSTEE/WAREHOUSE TRUSTEE 
  
  

					
	SIGNED SEALED and DELIVERED	 	)	  	
	on behalf of	 	)	  	
	WESTPAC SECURITIES	 	)	  	
	ADMINISTRATION LIMITED	 	)	  	
	by its attorney	 	)	  	
	in the presence of:	 	)	  	
		 		  	  
 Signature

			
	  
 Witness
	 		  	  
 Print name

			
	  
 Print name
	 		  	

  
  
  
 TRUST MANAGER 
  
  

					
	SIGNED SEALED and DELIVERED	 	)	  	
	on behalf of	 	)	  	
	WESTPAC SECURITISATION	 	)	  	
	MANAGEMENT PTY LIMITED	 	)	  	
	by its attorney	 	)	  	
	in the presence of:	 	)	  	
		 		  	  
 Signature

			
	  
 Witness
	 		  	  
 Print name

			
	  
 Print name
	 		  	

  

			
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 TMC 
  
  

					
	SIGNED SEALED and DELIVERED	 	)	  	
	on behalf of	 	)	  	
	THE MORTGAGE COMPANY PTY LIMITED	 	)	  	
	by its attorney	 	)	  	
	in the presence of:	 	)	  	
		 		  	  
 Signature

			
	  
 Witness
	 		  	  
 Print name

			
	  
 Print name
	 		  	

  
  
 SERVICER 
  
  

					
	SIGNED SEALED and DELIVERED	 	)	 	
	on behalf of	 	)	 	
	WESTPAC BANKING CORPORATION	 	)	 	
	by its attorneys	 	)	 	
	in the presence of:	 	)	 	
		 		 	  
 Signature

			
	  
 Witness
	 		 	  
 Print name

			
	  
 Print name
	 		 	  
 Signature

			
		 		 	  
 Print name

  

			
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 AN APPROVED SELLER/WAREHOUSE INVESTOR 
  
  

					
	SIGNED SEALED and DELIVERED	 	)	 	
	on behalf of	 	)	 	
	WESTPAC BANKING CORPORATION	 	)	 	
	by its attorneys	 	)	 	
	in the presence of:	 	)	 	
		 		 	  
 Signature

			
	  
 Witness
	 		 	  
 Print name

			
	  
 Print name
	 		 	  
 Signature

			
		 		 	  
 Print name

  
 NOTE TRUSTEE 
  
  

					
	 SIGNED SEALED and DELIVERED by
 [tba]
	 	 )
 )
	 	
			
	  
 Authorised Signatory
	 		 	  
 Authorised Signatory

			
	  
 Print name
	 		 	  
 Print name

  

			
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 SECURITY TRUSTEE 
  
  

					
	SIGNED SEALED and DELIVERED	  	)	 	
	on behalf of	  	)	 	
	P.T. LIMITED	  	 )
 )
	 	
	by its attorney	  	)	 	
	in the presence of:	  	)	 	
		  		 	  
 Signature

			
	  
 Witness
	  		 	  
 Print name

			
	  
 Print name
	  		 	

  

			
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	Schedule	1 

 An Eligible Receivable means a Loan which, as at the Cut-Off
Date for that Loan: 
  

	(a)	is denominated and payable only in Australian dollars in Australia; 

  

	(b)	is secured by a Receivable Security that constitutes a first ranking mortgage over Land or an interest in a company title scheme with respect to Land and situated in Australia which
is or will be registered or lodged for registration under the Real Property Legislation, or where a Receivable Security is not, or will not be when registered, a first ranking mortgage, the relevant Sale Notice includes an offer in relation to all
prior ranking registered mortgages; 

  

	(c)	is secured by a Receivable Security over a Mortgaged Property which has erected on it a residential dwelling; 

  

	(d)	has an LVR less than or equal to [95%]; 

  

	(e)	was approved and originated by Westpac in the ordinary course of its business; 

  

	(f)	under which the relevant Obligor does not owe more than $[1,000,000]; 

  

	(g)	the relevant Obligor in respect of which was required to repay the Receivable within 30 years of the Cut-Off Date; 

  

	(h)	is not in Arrears for more than 30 consecutive days; 

  

	(i)	the sale of an equitable interest in, or the sale of an equitable interest in any related Receivable Security, does not contravene or conflict with any law;

  

	(j)	together with the related Receivable Security, has been or will be stamped, or has been taken by the relevant stamp duties authority to be stamped, with all applicable duty;

  

	(k)	is subject to the terms and conditions of Westpac’s standard Loan Offer for the loan products referred to in the definition of Receivable in the Series Notice, or any similar
loan product, however named, the product features of which comply with clause 12; 

  

	(l)	is not governed or regulated by the Credit Act 1984 (NSW) (or the corresponding legislation for any other Australian jurisdiction); 

  

	(m)	is not a Loan with an interest only payment type and a bullet principal repayment at the end of the interest only period; 

  

	(n)	the relevant Obligor in respect of which is a resident of Australia; and 

  

	(o)	is fully drawn. 

  

			
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	Schedule	2 

 Form Of Annual Certification 
 I, [identify the certifying individual], certify that: 
  

	1.	have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Series [*] WST Trust (the
“Exchange Act periodic reports”); 

  

	2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

  

	3.	Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the
Exchange Act periodic reports; 

  

	4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic
reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s) in all material respects; and 

  

	5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing
criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in
this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K. 

 [In giving
the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor or trustee].] 
 Date: ............... 
 [Signature] [Title] 
  

			
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	Schedule	3 

 Servicing Criteria To Be Addressed In Assessment Of
Compliance 
 The assessment of compliance to be delivered by [Westpac Securitisation Administration Pty Limited] [Westpac Securitisation Management Pty
Limited] [Westpac Banking Corporation] [tba] (in its various capacities] [The Mortgage Company Pty Limited] [P.T. Limited] [Currency Swap Provider] [Name of Subservicer] [Name of Subcontractor] [Name of any Other Party Responsible For
Servicing Function] shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”: 
  

					
	  
 SERVICING CRITERIA
	  	 APPLICABLE
 SERVICING
 CRITERIA
  

	Reference	  	 Criteria
  
	  	 
	  	  	General Servicing Considerations	  	  
	 		 
	1122(d)(1)(i)  
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	  
	 		 
	1122(d)(1)(ii)  
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	  
	 		 
	1122(d)(1)(iii)  
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	  
	 		 
	1122(d)(1)(iv)  
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	  
	 		 
	  	  	Cash Collection and Administration	  	  
	 		 
	1122(d)(2)(i)	  	 Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing
accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
  
	  	 

  

			
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 SERVICING CRITERIA
  
	  	 APPLICABLE
 SERVICING
 CRITERIA
  

	Reference	  	 Criteria
  
	  	 
	  
  
 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	  
	 		 
	1122(d)(2)(iii)  
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	  	  
	 		 
	1122(d)(2)(iv)  
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	  	  
	 		 
	1122(d)(2)(v)  
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	  
	 		 
	1122(d)(2)(vi)  
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	  
	 		 
	1122(d)(2)(vii)  
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank
clearing accounts. These reconciliations (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by
someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
in the transaction agreements.	  	 
	 		 
	  	  	 Investor Remittances and Reporting
  
	  	 

  

			
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 SERVICING CRITERIA
  
	  	 APPLICABLE
 SERVICING
 CRITERIA
  

	Reference	  	 Criteria
  
	  	 
	1122(d)(3)(i)  
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	  	  
	 	 	 
	1122(d)(3)(ii)  
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	  
	 	 	 
	1122(d)(3)(iii)  
	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	  
	 	 	 
	1122(d)(3)(iv)  
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	  
	 	 	 
	  	  	Pool Asset Administration	  	  
	 	 	 
	1122(d)(4)(i)  
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	  
	 	 	 
	1122(d)(4)(ii)  
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	  
	 	 	 
	1122(d)(4)(iii)  
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the
transaction agreements.	  	 
	 	 	 
	1122(d)(4)(iv)  
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer’s obligor records
maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset
documents.	  	 

  

			
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 SERVICING CRITERIA
	  	 APPLICABLE
 SERVICING
 CRITERIA
  

	Reference	  	 Criteria
  
	  	 
	 	 	 
	1122(d)(4)(v)  
	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	  
	 	 	 
	1122(d)(4)(vi)  
	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	  
	 	 	 
	1122(d)(4)(vii)  
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	  
	 	 	 
	1122(d)(4)(viii)  
	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such
records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment
rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	  	  
	 	 	 
	1122(d)(4)(ix)  
	  	 Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on
the related pool asset documents.
  
	  	 

  

			
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	SERVICING CRITERIA  
	  	 APPLICABLE
 SERVICING
 CRITERIA
  

	Reference	  	 Criteria
  
	  	 
	1122(d)(4)(x)  
	  	 Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C)
such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset or such other number of days specified in the transaction agreements.
  
	  	  
	 		 
	1122(d)(4)(xi)  
	  	 Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated
on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
  
	  	  
	 		 
	1122(d)(4)(xii)  
	  	 Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged
to the obligor, unless the late payment was due to the obligor’s error or omission.
  
	  	  
	 		 
	1122(d)(4)(xiii)  
	  	 Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such
other number of days specified in the transaction agreements.
  
	  	  
	 		 
	1122(d)(4)(xiv)  
	  	 Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the
transaction agreements.
  
	  	  
	 		 
	1122(d)(4)(xv)  
	  	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of
Regulation AB, is maintained as set forth in the transaction agreements.
  
	  	  

 [SERVICER] 
 Date: 
 By: 
 Name: 
 FORM OF 10 K CERTIFICATION 
  

			
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 [*] (the Asserting Party) is responsible for assessing compliance as of
September 30, 200[*] and for the period from March [*], (the date of issuance of the Series [*] WST Trust transaction subject to the requirements of Regulation AB) through September 30, 200[*] (the Report Period) with the
servicing criteria set forth in Section 229.1122(d) of the Code of Federal Regulations (the CFR), except for criteria 229.1122(d) [insert section numbers in 229.1122(d) that are not applicable to the Asserting Party] in the CFR,
which the Asserting Party has concluded are not applicable to the servicing activities it performs with respect to the asset-backed securities transactions covered by this report (the Applicable Servicing Criteria). The transactions
covered by this report include asset-backed securities transactions for which the Asserting Party served as [*] that are backed by the same asset type backing the class of asset-backed securities of the Series [*] WST Trust (including the Series [*]
WST Trust asset-backed securities transaction), that were completed on or after [*], and that were registered with the SEC pursuant to the Securities Act of 1933 (the Platform). 
 The Asserting Party has assessed its compliance with the Applicable Servicing Criteria as of September 30, 200[*] and for the Reporting Period and
has concluded that the Asserting Party has complied, in all material respects, with the Applicable Servicing Criteria with respect to the Platform taken as a whole. 
 [*], an independent registered public accounting firm, has issued an attestation report on the assessment of compliance with the Applicable Servicing Criteria as of September 30, 200[*] and for the Reporting
Period as set forth in this assessment. 
 [NAME OF ASSERTING PARTY] 
 Date: 
 By: 
 Name: 
  

			
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 ANNEXURE A 
  

	
	 SERIES [*] WST TRUST
 AMENDMENTS TO MASTER TRUST DEED

 GENERAL 
  

	 	(a)	All references in the Master Trust Deed to the wilful default of the Trustee are replaced by the words Wilful Default. 

  

	 	(b)	The references to breach of trust in clause 12.1(l) and 33.17(e) of the Master Trust Deed are deleted. 

  

	 	(c)	The references to breach of trust in clause 33.16 of the Master Trust Deed are replaced with the words Wilful Default. 

  

	 	(d)	The words “memorandum or articles of association” in clause 32.1(e) of the Master Trust Deed and the words “memorandum and articles of association” in paragraph
1(a) of Schedule 6 to the Master Trust Deed are deleted and replaced with the word “constitution”. 

  

	 	(e)	All references in the Master Trust Deed to the Corporations Law are replaced by the words Corporations Act. 

  

	CLAUSE	1.1—Accounts 

  

	 	 	The definition of Accounts in clause 1.1 of the Master Trust Deed is deleted and replaced with the following definition. 

  

	 	“Accounts	means accounts prepared in accordance with clause 29.3.” 

  

	CLAUSE	1.1—Approved Accounting Standards 

  

	 	 	The definition of Approved Accounting Standards in clause 1.1 of the Master Trust Deed is deleted. 

 CLAUSE 1.1—Approved Bank 
  

	 	 	The definition of Approved Bank in clause 1.1 of the Master Trust Deed is deleted and replaced with the following definition. 

  

	 	“Approved	Bank means: 

  

	 	(a)	a Bank which has a short term rating of at least A1+ from S&P and P-1 from Moody’s; or 

  

	 	(b)	in relation to a Trust, any bank or financial institution which is specified to be an Approved Bank in the relevant Series Notice, 

  

	 	    	but means Westpac Banking Corporation for so long as it has a short term rating of A1 or better from S&P and P-1 or better from Moody’s.” 

  

	CLAUSE	1.1 – ASX 

 A new definition is inserted alphabetically in the
Master Trust Deed as follows. 
  

	 	“ASX	means ASX Limited.” 

  

			
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 CLAUSE 1.1 - Authorised Investment 
 For the purposes of the definition of Authorised Investment in clause 1.1 of the Master Trust Deed: 
  

	 	(a)	each of the investments in paragraphs (d), (e), (f) of that definition and (h) must have a rating of AAA (long term) or A1+ (short term) (as the case may be) from S&P
and a rating of Aaa (long term) or P-1 (short term) (as the case may be) from Moody’s to be an Authorised Investment for the Trust; 

  

	 	(b)	in paragraph (f) delete “notes of other” in the first line and replace with “notes or other”; 

  

	 	(c)	paragraph (h) is deleted and replaced with the following: 

  

	 	 	“any other assets of a class of assets that are both: 

  

	 	(i)	included within the definition of pool of mortgages in the Duties Act 1997 of New South Wales; and 

  

	 	(ii)	included within the definition of pool of mortgages in the Duties Act 2000 of Victoria”; 

  

	 	(d)	the final paragraph is deleted and replaced with the following: 

  

	 	 	“(In paragraphs (b) – (g) inclusive of this definition, expressions shall be construed and, if necessary read down, so that the Notes in relation to any Trust
constitute mortgage-backed securities for the purposes of both the Duties Act 1997 of New South Wales and the Duties Act 2000 of Victoria, the Duties Act, 2001 of Queensland and the Duties Act, 1999 of the Australian Capital Territory
(if applicable))” 

 CLAUSE 1.1 - Authorised Signatory 
 For the purposes of the definition of Authorised Signatory in clause 1.1 of the Master Trust Deed, paragraph (a) is deleted and
replaced with the following: 
  

	 	“(a)	in relation to The Mortgage Company Pty Limited (in whatever capacity) or Westpac Banking Corporation (in whatever capacity), any: 

  

	 	(i)	duly appointed attorney; 

  

	 	(ii)	any person appointed by a duly appointed attorney; or 

  

	 	(iii)	any person appointed by two directors or one director and one secretary as an Authorised Signatory for the purposes of this deed and / or any Transaction Document to which that
corporation is a party.” 

 CLAUSE 1.1 - Bank 
 The existing definition of Bank in clause 1.1 of the Master Trust Deed is deleted and replaced with the following definition. 
 “Bank means: 
  

	 	(a)	a corporation authorised under the Banking Act, 1959 to carry on general banking business in Australia or a corporation formed or incorporated under an Act of the Parliament
of an Australian Jurisdiction to carry on the general business of banking; or 

  

			
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	 	(b)	where any Transaction Document requires money to be deposited by the Trustee outside Australia, a corporation authorised by the banking legislation of the relevant jurisdiction to
carry on the general business of banking in that jurisdiction.” 

 CLAUSE 1.1 – Euroclear 
 The definition of Euroclear is deleted and the following definition inserted: 
  

	 	  	Euroclear means Euroclear Bank S.A./N.V. 

 CLAUSE 1.1 -
Expenses 
 For the purposes of the definition of Expenses in clause 1.1 of the Master Trust Deed: 
  

	 	(a)	a new paragraph (o) is inserted as follows and the existing paragraph (o) becomes paragraph (b). 

 “(o) any fees and expenses payable to any Stock Exchange or Securities Exchange or DTC from time to time by the Trustee;”; and 
  

	 	(b)	a new paragraph (w) is inserted as follows and the existing paragraph (w) becomes paragraph (x). 

 “(w) any fees and expenses payable to the ASX or any other Stock Exchange, or DTC, Euroclear or Clearstream, Luxembourg, from time to time by the
Trustee.” 
 CLAUSE 1.1 - Extraordinary Resolution 
 For the purposes of the definition of Extraordinary Resolution in clause 1.1 of the Master Trust Deed, that definition is deleted and the following definition is inserted. 
 “Extraordinary Resolution in relation to: 
  

	 	(a)	the Registered Noteholders means, subject to the provisions of the Security Trust Deed: 

  

	 	(i)	a resolution passed at a meeting of the Registered Noteholders duly convened and held in accordance with the provisions contained in clause 17 by a majority consisting of not less
than 75% of the votes able to be cast by the Registered Noteholders cast (by show of hands or poll, as the case may be); or 

  

	 	(ii)	a resolution in writing under clause 17.15 signed by all the Registered Noteholders; 

  

	 	(b)	all Noteholders means, subject to the provisions of the Security Trust Deed a resolution passed by Registered Noteholders duly convened and held in accordance with the provisions
contained in clause 17 and by US$ Noteholders in accordance with the Note Trust Deed by a majority consisting of not less than 75% calculated as follows: 

 (A x I) + U 
         T 
  

			
	Where: A =    	  	the percentage of Registered Noteholders voting in favour of the resolution;
		
	I =    	  	the Invested Amount of all Registered Notes;

  

			
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	U =    	  	the A$ Equivalent of the aggregate Invested Amount of the US$ Notes held by US$ Noteholders who voted in favour of the resolution
		
	T =    	  	the Total Invested Amount.

  

	 	(c)	all Class A Noteholders means, subject to the provisions of the Security Trust Deed a resolution passed, in a meeting of all US$ Noteholders duly convened and held in
accordance with the Note Trust Deed and in a meeting of all Class A3 Noteholders duly convened and held in accordance with the provisions contained in clause 17, by majority consisting of not less than 75% calculated as follows:

  E + U  
     T 
  

			
	Where: E =    	  	the aggregate Invested Amount of the Class A3 Notes held by Class A3 Noteholders who voted in favour of the resolution;
		
	U =    	  	the A$ Equivalent of the aggregate Invested Amount of the US$ Notes held by US$ Noteholders who voted in favour of the resolution;
		
	T =    	  	the aggregate of the total Invested Amount of all Class A3 Notes and the A$ Equivalent of the total Invested Amount of all US$ Notes.

 CLAUSE 1.1 - Insolvency Event 
 For the purposes of the definition of Insolvency Event in clause 1.1 of the Master Trust Deed: 
  

	 	(a)	the word “Westpac” is inserted after the words “a Servicer,”; and 

  

	 	(b)	the following words are inserted at the end of paragraph (c) of the definition: 

  

	 	    	“, and for the avoidance of doubt an inability of the Trustee in its capacity as trustee of the Trust to pay its debts does not include: 

  

	 	(i)	the Trustee making any drawing under a Support Facility in accordance with the Transaction Documents; or 

  

	 	(ii)	until the Class A Notes are repaid in full, the Trustee making any Class B Charge Off or failing to pay the full amount of any Class B Coupon.” 

CLAUSE 1.1 - Termination Date 
 For the purpose of
the definition of Termination Date in clause 1.1 of the Master Trust Deed, the words “and the Trustee and the Trust Manager agree that no further Notes are proposed to be issued by the Trustee in relation to that Trust” are
inserted at the end of paragraph (c)(i) of that definition. 
 CLAUSE 1.1 - Taxation Act 
 For the purposes of the definition of Taxation Act in clause 1.1 of the Master Trust Deed, the words “and the Income Tax Assessment Act
1997 (Commonwealth)” are inserted at the end of that definition. 
 CLAUSE 1.1 – Wilful Default 
 A new definition is inserted alphabetically in the Master Trust Deed as follows. 
  

			
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 “Wilful Default means any wilful failure to comply with or wilful breach by the
Trustee 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 Trustee; and 

  

	 	(ii)	the performance of the action (the non-performance of which gave rise to such breach) is a precondition to the Trustee performing the said obligation; 

  

	 	(b)	is in accordance with a lawful court order or direction or required by law (except to the extent that such order or direction itself arose because of a wilful failure by the Trustee
to comply with, or wilful breach by the Trustee 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 this deed.” 

 CLAUSE 1.2 
 For the purposes of clause 1.2 of the
Master Trust Deed, paragraph (n) is deleted. 
 CLAUSE 1.2 
 For the purposes of clause 1.2 of the Master Trust Deed, a new paragraph is inserted as follows. 
 “(q)
Except as otherwise provided, a reference to any time is a reference to Sydney time.” 
 CLAUSE 2.1 
 For the purposes of clause 2.1 of the Master Trust Deed, the words “and the relevant Series Notice” are inserted at the end of that clause.

 CLAUSE 3.4 
 Clause 3.4 of the Master
Trust Deed is deleted and replaced with the following new Clause 3.4. 
 “Each Trust shall continue until, and shall terminate on the
later of: 
  

	 	(i)	its respective Termination Date; 

  

	 	(ii)	the date on which the provisions of clause 3.5 have been satisfied; and 

  

	 	(iii)	the date on which the Trustee ceases to hold any Trust Back Assets in relation to that Trust.” 

 CLAUSE 8.3(b) - Sale Notice 
 For the purposes of clause 8.3(b) of the Master Trust Deed, a Sale
Notice given by Westpac or the Warehouse Trustee in relation to the Trust may be given at any time on the same day as the day on which the Expiry Time falls. 
 CLAUSE 8.5(a) - Conditions precedent to purchase 
 For the purposes of clause 8.5(a) of the Master Trust Deed, the following
is a condition precedent to the giving of the Sale Notice. 
 (Certified copies) Except to the extent previously provided to the
Trustee (in its capacity as trustee of any Trust), certified copies of the forms of each Mortgage Insurance Policy, and the forms of the Receivable Agreements, relating to the Purchased Receivables. 
  

			
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 CLAUSE 8.6 - Representations and warranties 
  

	 	 	For the purposes of clause 8.6 of the Master Trust Deed, Westpac, in its capacity as an Approved Seller, makes the following representations and warranties in relation to the Sale
Notice given by it and the Receivables and Receivable Rights referred to in that Sale Notice. 

  

	 	(a)	(Assignability) All consents required in relation to the assignment of the Receivables and the related Receivable Rights specified in the Sale Notice have been obtained.
Those Receivables and Receivable Rights are assignable. 

  

	 	(b)	(Quality of Title) It is the sole, legal and beneficial owner of the Receivables and the related Receivable Rights specified in the Sale Notice. Those Receivables and the
related Receivable Rights, together with the interest of Westpac under the Relevant Documents, are owned by it free and clear of any Security Interest (other than any Security Interest arising solely as the result of any action taken by the
Trustee). 

  

	 	(c)	(Eligible Receivable) As at the Cut-Off Date, each Receivable which is specified in the Sale Notice is an Eligible Receivable. In relation to any related Receivable Security
that is required to be registered with any Governmental Agency and which is not registered at the Cut-Off Date, it will be registered. 

  

	 	(d)	(Receivable Securities) Each Receivable, Receivable Security and Related Security which is specified in the Sale Notice is valid, binding and enforceable against the relevant
Obligor(s) in all material respects except to the extent that it is affected by laws relating to creditors rights generally, or doctrines of equity. 

  

	 	(e)	(Set Off) Once equitably assigned to the Trustee, no Receivable or Receivable Right which is specified in the Sale Notice will be subject to any right of rescission, set off,
counterclaim or similar defence. No Receivable or Receivable Right which is specified in that Sale Notice is subject to, or affected by, any interest off-set arrangement or right. 

  

	 	(f)	(Compliance with Laws) At the time each Receivable and Receivable Security which is specified in the Sale Notice and each Related Security was entered into it complied in all
material respects with applicable laws, including, without limitation, where the Consumer Credit Legislation applies, the Consumer Credit Legislation. 

  

	 	(g)	(Ownership) In relation to each Receivable Security which is specified in the Sale Notice the relevant Obligor(s) is or are the sole legal owner of the relevant Mortgaged
Property and registered as the sole proprietor(s) of the relevant Mortgaged Property. 

  

	 	(h)	(Insurance) As at the Closing Date, each Receivable which is specified in the Sale Notice is the subject of a Mortgage Insurance Policy from a Mortgage Insurer for the
scheduled term of that Receivable. The sale of each such Receivable to the Trustee is not contrary to the relevant Mortgage Insurance Policy. Westpac has not done or omitted to do anything which might prejudicially affect or limit its rights or the
rights of the Trustee under or in respect of a Mortgage Insurance Policy to the extent that those rights relate to that Receivable or the related Receivable Security. On transfer to the Trustee of equitable title to a Purchased Receivable, the
Trustee will have the benefit of the relevant Mortgage Insurance Policy for that Receivable. 

  

			
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	 	(i)	(Solvency of Mortgage Insurers) The officers of Westpac who have responsibility for the transactions contemplated by the Transaction Documents do not have actual notice that
any insurer under any insurance policy in relation to a Receivable is insolvent or will be unable to pay a valid claim. 

  

	 	(j)	(Selection process) There is no fraud, dishonesty, material misrepresentation or negligence on the part of Westpac in connection with the selection and offer to the Trustee
of any Receivables or related Receivable Securities which is specified in the Sale Notice. 

  

	 	(k)	(No void transactions) The assignment of the Receivables and Receivable Rights which are specified in the Sale Notice will not be held by a court to be an undervalue
transfer, a fraudulent conveyance, or a voidable preference under any law relating to insolvency. 

  

	 	(l)	(Security Interest) The sale, transfer and assignment of Westpac’s interest in the Receivables and the related Receivable Rights which are specified in a Sale Notice,
will not constitute a breach of any Relevant Document or Westpac’s obligations or a default by Westpac under any Security Interest. 

  

	 	(m)	(Relevant Documents) Westpac holds in its possession or control all Relevant Documents that relate to the Receivables and the related Receivable Securities which are
specified in the Sale Notice necessary to enforce the provisions of and the security created by the relevant Receivable Securities. 

  

	 	(n)	(Solvency) Westpac is solvent. 

  

	 	(o)	(No recision, etc) As at the Cut-Off Date, none of the Receivables or Receivable Securities which are specified in the Sale Notice were satisfied, cancelled, discharged or
rescinded and the Mortgaged Property relating to each relevant Receivable and Receivable Security had not been released from the security of the relevant Receivable Securities. 

  

	 	(p)	(Interest rate) Except as may be provided in a Receivable Agreement or Receivable Security which is specified in the Sale Notice, and subject to applicable laws, the interest
rate for each such Receivable is not subject to any limitation, no consent, additional memoranda or other writing is required from the relevant Obligor to give effect to a change in that rate and any change in that rate will be effective on notice
being given to that Obligor in accordance with the terms of the relevant Receivable or Receivable Security. 

  

	 	(q)	(Ordinary course of business) Between the Cut-Off Date and the Closing Date, Westpac dealt with the Receivables and the Receivable Securities specified in the Sale Notice in
the ordinary course of its business. 

 Westpac also makes the following representations and warranties in relation to the
Receivables and Receivable Rights referred to in the Sale Notice given by the Warehouse Trustee: 
  

	 	(i)	(Sale to earlier Series) Those Receivables and Receivable Rights were assigned by Westpac to either the Series 2002-1G WST Trust, the Series 2005-1G WST Trust or the Series
2006-1D WST Trust. 

  

	 	(ii)	(Representations and Warranties) At the time of those assignments Westpac gave materially the same representations and warranties to the trustee of the Series 2002-1G WST
Trust, the Series 2005-1G WST Trust or the Series 2006-1D WST Trust as the case 

  

			
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	 	    	may be, in relation to those Receivables and Receivable Rights as it has given to the Trustee in relation to the Sale Notice given by Westpac to the Trustee. The only difference is
that in relation to the sale to the trustee of the Series 1997-1 WST Trust Westpac did not represent and warrant that on transfer to the trustee of the Series 1997-1 WST Trust of equitable title to a Purchased Receivable, the Trustee will have the
benefit of the relevant Mortgage Insurance Policy for that Receivable. That representation and warranty is given by the Servicer in clause 16(d) of this Series Notice. 

 CLAUSE 8.9(c) - First Right of Refusal 
 Clause 8.9(c) of the Master Trust Deed is deleted and
replaced with the following new clause 8.9(c). 
  

	 	“(i)	As soon as practical after the date (in this clause 8.9(c), the Termination Event Date) on which an event referred to in sub-paragraph (i) or sub-paragraph
(ii) of paragraph (c) of the definition of Termination Date occurs, the Trust Manager directs the Trustee to offer (by written notice to the Approved Seller) irrevocably to extinguish in favour of the Approved Seller, or if the Trustee has
perfected its title, to assign to the Approved Seller, its entire right, title and interest in and to the Purchased Receivables, and related Receivable Rights (if any) in consideration of the payment to the Trustee by the Approved Seller in relation
to the Trust of the Fair Market Value of the Purchased Receivables. 

  

	 	(ii)	During the 180 day period after the Termination Event Date, the Trustee must not sell any Purchased Receivables and the related Receivable Rights for an amount less than their Fair
Market Value. 

  

	 	(iii)	The Approved Seller may accept or reject that offer in its discretion. 

  

	 	(iv)	The Trustee will not sell or deal with the relevant Purchased Receivables and related Receivable Rights except in accordance with paragraph (c)(i) unless the Approved Seller has
failed to accept the offer referred to in paragraph (c)(i) within 180 days after the occurrence of the Termination Event Date by paying to the Trustee, within 180 days, the purchase price referred to in paragraph (c)(i) for all of those Purchased
Receivables and related Receivable Rights.” 

 CLAUSE 8.9(d) - Clean Up Offer 
 For the purposes of clause 8.9(d) of the Master Trust Deed, the term “(i)” is inserted after “sub-paragraph” in the second line of
sub-paragraph (ii) and the following provisions apply. 
  

	 	(a)	On any Determination Date on which the aggregate Housing Loan Principal of a Portfolio of Receivables for Purchased Receivables expressed as a percentage of the Housing Loan
Principal of those Purchased Receivables at the Cut-Off Date, is less than 10%, the Trust Manager may: 

  

	 	(i)	as manager of the Trust, direct the Trustee to offer to sell the Portfolio of Receivables to a Warehouse Trust in accordance with clause 7 of the Master Trust Deed and any
relevant Series Notice; and 

  

	 	(ii)	as manager of that Warehouse Trust, direct the Trustee (as trustee of that Warehouse Trust), to acquire orally or by conduct the Portfolio of Receivables in accordance with
clause 7 of the Master Trust Deed and any relevant Series Notice. 

  

			
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	 	(b)	The Trustee as trustee of the Trust will do all things reasonably necessary to give effect to the disposal of the Portfolio of Receivables to that Warehouse Trust in accordance with
the Master Trust Deed and any relevant Series Notice. 

  

	 	(c)	The Trust Manager may only give the direction referred to in sub-paragraph (i) to the extent that funds are available under the relevant Warehouse Investment Agreement to
acquire the Purchased Receivables. 

 CLAUSE 10 - NOTES 
 For the purposes of the Trust, clause 10 in the Master Trust Deed is deleted and the provisions of that clause 10 are as follows. 
  

	 	10.1	Acknowledgement of indebtedness 

  

	 	Subject	to the terms of the Master Trust Deed and this Series Notice: 

  

	 	(a)	each entry in the Register for the Trust in respect of a Registered Note relating to the Trust; and 

  

	 	(b)	in relation to each US$ Note relating to the Trust, that US$ Note, 

  

	 	    	constitutes an independent and separate acknowledgement to the relevant Noteholder by the Trustee of its indebtedness as trustee of the Trust for the Invested Amount of that Note
together with the other rights given to Noteholders under the Master Trust Deed, the Series Notice and the Security Trust Deed, and (in relation to an US$ Note) the Note Trust Deed and the relevant Conditions. 

  

	 	10.2	Legal nature of Notes 

  

	 	(a)	Registered Notes will be in the form of inscribed stock, and the Trustee’s obligations in relation to the Notes and under the Master Trust and this Series Notice in respect of
those Notes (including any obligation to pay interest or principal) will become effective on inscription in the Register for the Trust under the Master Trust and this Series Notice of the details for those Notes. 

  

	 	(b)	US$ Notes will be in registered form in respect of Book-Entry Notes and will be in registered form in respect of Definitive Notes. 

  

	 	10.3	Terms of Notes 

  

	 	(a)	All Notes issued by the Trustee as trustee of the Trust shall be issued with the benefit of, and subject to, the Master Trust Deed, this Series Notice and the Security Trust Deed
and, in relation to US$ Notes, the Note Trust Deed and the relevant Conditions. 

  

	 	(b)	The documents referred to in paragraph (a) are binding on the Trust Manager, the Trustee, the Note Trustee, the Security Trustee and the Noteholders. 

 

	 	10.4	Interest and Principal Entitlement of Noteholders 

  

	 	    	Subject to the Master Trust Deed, this Series Notice and the Security Trust Deed and, in relation to US$ Notes, the Note Trust Deed and the relevant Conditions (and, in particular,
subject to any such provisions which provide for principal losses to be charged off against 

  

			
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	 	 	any Notes), the Trustee as trustee of the Trust shall in respect of the Notes issued by it in that capacity pay or cause to be paid to the Noteholders (as relevant) of those Notes:

  

	 	(a)	(interest) their Coupon on each Coupon Payment Date; and 

  

	 	(b)	(principal) their Principal Entitlement on each Principal Repayment Date. 

  

	 	10.5	Notes not invalid if issued in breach 

  

	 	 	No Note shall be invalid or unenforceable on the ground that it was issued in breach of the Master Trust Deed, this Series Notice or any other Transaction Document.

  

	 	10.6	Location of Registered Notes 

  

	 	 	The property in Registered Notes shall for all purposes be regarded as situated at the place where the Register is located on which those Registered Notes are recorded.

  

	 	10.7	No discrimination between Noteholders 

  

	 	 	There shall not be any discrimination or preference between Notes within the same Class, or the corresponding Noteholders, in relation to a Trust by reason of the time of issue of
Notes or for any other reason, subject only to the Series Notice relating to the Notes and the terms of the Security Trust Deed (if any) relating to the Trust. 

  

	 	10.8	Note Register 

  

	 	 	In the event that any Definitive Notes (in relation to any US$ Notes) are issued in registered form, the Trustee (or if the Trustee fails to do so, the Trust Manager on behalf of
the Trustee) will appoint a person to operate and maintain a register of those notes in accordance with standard United States practice and law. 

 CLAUSE 12.4 - FURTHER LIMIT ON INTEREST OF NOTEHOLDERS 
  

	 	 	For the purposes of the Trust, clause 12.4 in the Master Trust Deed is deleted and the provisions of that clause 12.4 are as follows. 

  

	 	 	A Noteholder in relation to the Trust shall only be a creditor of the Trustee in its capacity as trustee of that Trust to the extent of the Notes held by that Noteholder (or, in the
case of a Warehouse Facility Provider, their rights under the relevant Warehouse Facility Agreement) and shall not be entitled to any beneficial or, subject to the Security Trust Deed, other interest in the Trust. 

 CLAUSES 13.1 AND 13.6(a) - NOTE ISSUE DIRECTION 
  

	 	(a)	For the purposes of clause 13.1 of the Master Trust Deed, the Note Issue Direction for the Notes may be issued by the Trust Manager on or at any time prior to the Note Issue Date
for the Notes. 

  

	 	(b)	For the purposes of clause 13.6(a) of the Master Trust Deed, the certification by the Trust Manager may occur on or at any time prior to the Note Issue Date for the Notes.

 CLAUSE 13.1(b) - CONDITIONS PRECEDENT TO DIRECTION 
  

	 	(a)	For the purposes of clause 13.1(b) of the Master Trust Deed the following is a condition precedent to the issue of a Note Issue Direction in relation to proposed Purchased
Receivables: 

  

			
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	 	 	(Power of Attorney) Original execution copies of powers of attorney duly executed and delivered by Westpac in registrable form in each Australian jurisdiction appointing
certain specified officers of the Trustee as its attorney for the purposes of enabling the Trustee to perfect its title to those purchased Receivables. 

  

	 	(b)	For the purposes of clause 13.1(b)(i) of the Master Trust Deed, delete the words “a director or secretary” and replace with “an attorney or Authorised
Signatory”. 

 CLAUSE 13.6(b) 
  

	 	For the purposes of clause 13.6(b) of the Master Trust Deed, insert the words “or 7.7(c) (as the case may be)” after “clause 13.8(g)” in the last line.

 CLAUSE 13.7 - DEALER AGREEMENT 
  

	 	The Trustee will enter into the Dealer Agreement. 

 CLAUSE 13.8

  

	 	For the purposes of clause 13.8 of the Master Trust Deed, insert a new paragraph (g) as follows. 

  

	 	“(g)	(transfer of benefit of Receivables) subject to payment of the amount referred to in paragraph (e), hold automatically by virtue of this deed and without any further act or
instrument or other thing being done or brought into existence, the benefit of the Portfolio of Receivables referred to in the corresponding Note Issue Direction with effect from the Note Issue Date as trustee of the relevant Trust (together with
the benefit with effect from the Note Issue Date of all Receivables, Related Securities, Support Facilities and other rights and entitlements relating to the Portfolio of Receivables).” 

 CLAUSE 13.9 - ACTION FOLLOWING NOTE ISSUE DIRECTION 
  

	 	For the purposes of the Trust, clause 13.9 in the Master Trust Deed is deleted and the provisions of that clause 13.9 are as follows. 

  

	 	As soon as practicable after a Note Issue Date for a Trust: 

  

	 	(a)	in relation to Registered Notes only: 

  

	 	(i)	(enter details in the Register) the Trustee shall enter into the Register for that Trust in accordance with clause 16 the information required under clause 16.1;

  

	 	(ii)	(issue Note Acknowledgement) the Trustee shall issue a Note Acknowledgement to each Registered Noteholder in respect of its holding of Registered Notes; and

  

	 	(iii)	(issue Marked Note Transfers) if requested by a Registered Noteholder in its Application for Notes, the Trustee shall issue a Marked Note Transfer to the Registered
Noteholder; and 

  

	 	(b)	in relation to US$ Notes only, the Trustee shall issue those US$ Notes in accordance with the Note Trust Deed and this Series Notice. 

 CLAUSES 14, 15, 16 AND 17 
  

	 	For the purposes of the Trust, clauses 14, 15, 16 and 17 in the Master Trust Deed are deleted and the provisions of those clauses 14, 15, 16 and 17 are as follows.

  

			
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	 	14.	TRANSFERS OF NOTES 

  

	 	14.1	No restrictions on transfer of Notes 

 Subject to
the Master Trust Deed and this Series Notice and (in respect of the US$ Notes) the Note Trust Deed and the relevant Conditions, there shall be no restriction on the transfer of Notes. 
  

	 	14.2	Minimum transfer 

  

	 	(a)	A Registered Noteholder must not transfer any Registered Notes held by it unless: 

  

	 	(i)	the amount payable by the transferee for those Registered Notes is not less than A$500,000; or 

  

	 	(ii)	the offer or invitation to the transferee by the Registered Noteholder in relation to the Registered Notes is an offer or invitation that will not require disclosure under Part 6D.2
of the Corporations Act; and 

  

	 	(iii)	the transfer is to a person who is not a retail client with the meaning of section 761 of the Corporations Act 

  

	 	(b)	A Class A Noteholder must not transfer any Class A Notes held by it unless: 

  

	 	(i)	if the Class A Notes are traded on the ASX, they are traded in parcels with a minimum value of $500,000; or 

  

	 	(ii)	if the transfer is in or from Australia: 

  

	 	(A)	the amount payable for the Class A Notes on transfer (whether on the ASX or elsewhere in Australia) by the transferee is a minimum amount of A$500,000 (disregarding amounts, if
any, lent by the Trustee or other person offering the Class A Notes or an associate (as defined in the Corporations Act 2001 (Cth)) of either of them; or 

  

	 	(B)	the offer or invitation to the transferee by the Class A Noteholder otherwise does not require disclosure under Part 6D.2 of the Corporations Act 2001 (Cth) and the
Corporations Regulations made under the Corporations Act 2001 (Cth); and 

  

	 	the	transfer is to a person who is not a retail client within the meaning of section 761 of the Corporations Act. 

  

	 	(c)	No Registered Note has been or will be registered under the United States Securities Act of 1933 as amended (the Securities Act) and may not be offered or sold within the
United States or to, or for the account or benefit of, US persons except in accordance with Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Terms used in this paragraph have
the meanings given to them by Regulation S under the Securities Act. 

  

	 	(c)	No transfer may be made of any Notes in circumstances which would require the preparation, issue and/or filing of a prospectus in England pursuant to the Public Offers of Securities
Regulations 1995 or under any replacement or subsidiary legislation or regulations, or would otherwise fail to comply with all applicable provisions of the Financial Services and Markets Act 2000 and all rules and regulations made thereunder.

  

			
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	 	(d)	None of the Trustee, the Trust Manager, the Note Trustee, the Servicer or an Approved Seller is liable to any Noteholder in relation to a breach by that Noteholder of paragraph
(b) or (c). 

  

	 	14.3	Form of transfer 

 Every transfer of Registered
Notes shall be effected by a Note Transfer. 
  

	 	14.4	Execution of Note Transfer 

 Every Note Transfer
shall be duly completed and executed by the transferor and transferee. 
  

	 	14.5	Stamping of Note Transfer 

 Every Note Transfer
lodged with the Trustee shall be duly stamped (if applicable). 
  

	 	14.6	Delivery of Note Transfer to Trustee 

 Every Note
Transfer shall be delivered to the Trustee together with the Note Acknowledgement to which it relates for registration. 
  

	 	14.7	Registration of Transferee as Noteholder 

 Subject
to this clause 14, the Trustee shall on receipt of a Note Transfer enter the transferee in the Register as the holder of the Registered Notes which are the subject of the Note Transfer. 
  

	 	14.8	Trustee entitled to refuse to register Registered transfer 

 The Trustee may refuse to register any Note Transfer which would result in: 
  

	 	(a)	(breach) a contravention of or failure to observe: 

  

	 	(i)	(Master Trust Deed) the terms of the Master Trust Deed; 

  

	 	(ii)	(Series Notice) this Series Notice; 

  

	 	(iii)	(Security Trust Deed) the Security Trust Deed; or 

  

	 	(iv)	(the Law) any law of an Australian Jurisdiction; or 

  

	 	(b)	(requires registration) an obligation to procure registration of any of the above with, or the approval of any of the above by, any Government Agency.

  

	 	14.9	Refusal to register absolute 

 The Trustee shall
not be bound to give any reason for refusing to register any Note Transfer and its decision shall be final, conclusive and binding. If the Trustee refuses to register a Note Transfer it shall as soon as practicable (and in no event later than 7 days
after the date the Note Transfer was lodged with it) send to the transferor and the transferee notice of such refusal. 
  

	 	14.10	No fee for registration of a Note Transfer 

 No fee
shall be charged for the registration of any Note Transfer. 
  

			
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	 	14.11	Taking effect of Note Transfers 

  

	 	(a)	(Note Transfer not effective until registration) A Note Transfer shall not take effect until registered by the Trustee and until the transferee is entered in the Register as
the holder of the Registered Notes which are the subject of the Note Transfer, the transferor shall remain the holder of those Registered Notes. 

  

	 	(b)	(Transfer received when Register closed) When a Note Transfer is received by the Trustee during any period when the Register is closed for any purpose, the Trustee shall not
register the Note Transfer until the next Business Day on which that Register is reopened. 

  

	 	14.12	Rights and obligations of transferee 

 Subject to
the Master Trust Deed and this Series Notice, a transferee of Registered Notes on being noted in the Register as the holder of the Registered Notes shall have the following rights and obligations: 
  

	 	(a)	(those of the transferor) all the rights and the obligations which the transferor previously had; and 

  

	 	(b)	(those under Master Trust Deed) all the rights and obligations of a Registered Noteholder as provided by the Master Trust Deed and this Series Notice as if the transferee was
originally a party to the Master Trust Deed and this Series Notice. 

  

	 	14.13	Payments to transferee 

 Subject to the Master
Trust Deed (including clause 35.1 of the Master Trust Deed), on the entry of a transferee of Registered Notes in the Register the transferee shall become entitled to receive any payments then due or which may become due to the holder of the relevant
Registered Notes (including whether or not the entitlement to payment wholly or partly arose or accrued prior to the transfer and the Trustee shall be discharged for any such payment made to the transferee). 
  

	 	14.14	Transmission of entitlements 

  

	 	(a)	(Election) Any person becoming entitled to Registered Notes as a result of the death, mental incapacity or bankruptcy of a Registered Noteholder may, on producing such
evidence as the Trustee requires of their entitlement, elect to be either registered as the Registered Noteholder or to transfer the Registered Notes in the manner specified in this clause. 

  

	 	(b)	(Method of election) If an entitled person elects to be registered as the Registered Noteholder, the person shall deliver to the Trustee a notice in writing to this effect
signed by the person. If the person elects to have another person registered he or she shall execute a Note Transfer in relation to the Registered Notes in favour of that person. All the provisions of the Master Trust Deed and this Series Notice
relating to the transfer of Registered Notes and the registration of Note Transfers shall be applicable to any such notice or Note Transfer as if the death, mental incapacity or bankruptcy of the Registered Noteholder had not occurred and the notice
or Note Transfer was a Note Transfer executed by the Registered Noteholder. 

  

	 	(c)	(Discharge) A person entitled to Registered Notes under this clause shall be entitled to receive and may give a good discharge for all moneys payable in respect of such
Registered 

  

			
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	 	 	Notes but, except as otherwise provided by the Master Trust Deed and this Series Notice, shall not be entitled to any of the rights or privileges of a Registered Noteholder unless
and until the person is entered in the Register as the holder of those Registered Notes. 

  

	 	14.15	Marked Note Transfer 

  

	 	(a)	(Entitlement to marking) A Registered Noteholder may from time to time request the Trustee to provide the Registered Noteholder with a Marked Note Transfer.

  

	 	(b)	(Marking) The Registered Noteholder shall deliver a Note Transfer to the Trustee and the Trustee shall mark the Note Transfer in such manner as agreed from time to time by
the Trustee and the Trust Manager and issue the same to the Registered Noteholder. 

  

	 	(c)	(Trustee will not register transfer) Until the expiry of 90 days (or any substitute period as the Trustee and Trust Manager agree from time to time and as advised to
Registered Noteholders) from the date on which the Note Transfer was marked, the Trustee shall not register any transfer of Registered Notes relating to the Marked Note Transfer otherwise than on that Marked Note Transfer. 

 

	 	(d)	(No extension by closing of Register) The period referred to in sub-paragraph (c) shall not be extended by the closing of the Register for any purpose.

  

	 	(e)	(Delivery) A Marked Note Transfer shall be issued to a Registered Noteholder by personal delivery at the time the Registered Noteholder attends the offices of the Trustee (or
such other place nominated by the Trustee) for the marking of the Note Transfer by the Trustee. 

  

	 	14.16	Reliance on documents 

 The Trustee shall be
entitled to accept and assume the authenticity and genuineness of any Note Transfer or other document produced to it to be duly executed. The Trustee shall not be bound to enquire into the authenticity or genuineness of any Note Transfer or other
document, nor shall it incur any liability for registering any Note Transfer which is subsequently discovered to be a forgery or otherwise defective, unless the Trustee had actual notice of such forgery or defect at the time of registration of such
Note Transfer. 
  

	 	14.17	Specimen signatures 

 The Trustee may (but need
not) require each Registered Noteholder to submit specimen signatures (and in the case of a corporation may require those signatures to be authenticated by the secretary or director of such Registered Noteholder) of persons authorised to execute
Note Transfers on behalf of such Registered Noteholder and shall be entitled to assume (until notified to the contrary) that such authority has not been revoked. 
  

	 	14.18	Notes lodged with Austraclear 

 If Registered Notes
are lodged into the Austraclear System, the Trustee shall enter Austraclear in the Register as the holder of those Registered Notes. While those Registered Notes remain in the Austraclear System: 
  

	 	(a)	all payments and notices required of the Trustee and the Trust Manager in relation to those Registered Notes will be directed to Austraclear; and 

  

			
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	 	(b)	all dealings (including transfers) and payments in relation to those Registered Notes within the Austraclear System will be governed by the Austraclear Regulations and need not
comply with this clause 14 to the extent of any inconsistency. 

  

	 	15.	NOTE ACKNOWLEDGEMENT 

  

	 	15.1	Issue of Note Acknowledgement 

 When a person has
been entered in the Register as the holder of Registered Notes, as soon as practicable (and in any event no later than 5 Business Days or such shorter period specified in the relevant Series Notice or as otherwise agreed by the Trustee with the
person or the Trust Manager) thereafter, the Trustee shall issue a Note Acknowledgement to that person in respect of those Registered Notes. If the person has been entered into the Register under a Note Transfer and the transferor continues to
retain a holding of Registered Notes, the Trustee shall within the same period stated above issue to the transferor a Note Acknowledgement in respect of that retained holding of Registered Notes. No certificates will be issued in respect of
Registered Notes. 
  

	 	15.2	Note Acknowledgement not certificate of title 

 A
Note Acknowledgement shall not be a certificate of title as to Registered Notes and the Register shall be the only conclusive evidence of the ownership of Registered Notes and the entitlements under them. A Note Acknowledgement cannot be pledged or
deposited as security nor can a Registered Note be transferred by delivery of only a Note Acknowledgement. 
  

	 	15.3	Execution of Note Acknowledgement 

 Each Note
Acknowledgement shall be signed on behalf of the Trustee manually, or in facsimile by mechanical or electronic means, by any Authorised Signatory of the Trustee. If any Authorised Signatory of the Trustee whose signature appears on a Note
Acknowledgement dies or otherwise ceases to be an Authorised Signatory before the Note Acknowledgement has been issued, the Trustee may nevertheless issue the Note Acknowledgement. 
  

	 	15.4	More than one Note Acknowledgement 

 If a
Registered Noteholder wishes to receive more than one Note Acknowledgement it shall return its Note Acknowledgement to the Trustee and at the same time request in writing the issue of a specified number of separate Note Acknowledgements. Subject to
clause 10.5, the Trustee shall then cancel the original Note Acknowledgement and issue in lieu separate Note Acknowledgements. A fee prescribed by the Trustee (not exceeding $10 for each Note Acknowledgement) shall be paid by the Registered
Noteholder to the Trustee. 
  

	 	15.5	Worn out, defaced or lost Note Acknowledgement 

 If
any Note Acknowledgement is worn out or defaced then on production to the Trustee it may cancel the same and may issue a new Note Acknowledgement. If any Note Acknowledgement is lost or destroyed then on proof to the satisfaction of the Trustee, and
on such indemnity as the Trustee may consider adequate having been given, a new Note Acknowledgement shall be given to the person entitled to such lost or destroyed Note Acknowledgement. An entry as to the issue of the new Note Acknowledgement and
of the indemnity (if any) shall be made in the Register. A fee prescribed by the Trustee (not exceeding $10) shall be paid by the person requesting the new Note Acknowledgement to the Trustee. 
  

			
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	 	15.6	Joint holdings 

 If a single parcel of Registered
Notes is held by more than one person, only the person whose name stands first in the Register in relation to that parcel of Registered Notes shall be entitled to: 
  

	 	(a)	be issued the relevant Note Acknowledgement and, if applicable, a Marked Note Transfer; 

  

	 	(b)	be given any notices; and 

  

	 	(c)	be paid any moneys due in respect of such Registered Notes. 

  

	 	15.7	Delivery of Note Acknowledgement 

 A Note
Acknowledgement may be sent to the relevant Registered Noteholder by mail or by personal delivery to the Registered Noteholder’s address appearing in the Register and the Note Acknowledgement so sent shall be at the risk of that Registered
Noteholder. 
  

	 	16.	THE REGISTER 

  

	 	16.1	Details to be kept on Register 

 The Trustee shall
keep or cause to be kept a register with respect to the Trust, on which shall be entered the following information relating to the Trust: 
  

	 	(a)	(name) the name of the Trust; 

  

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

  

	 	(c)	(Note Issue Dates) the Note Issue Dates for Registered Notes issued in relation to the Trust; 

  

	 	(e)	(Initial Invested Amount) the total Initial Invested Amount of Registered Notes issued on each Note Issue Date; 

  

	 	(f)	(Invested Amount) the Invested Amount of each Registered Note from time to time; 

  

	 	(g)	(Stated Amount) the Stated Amount of each Registered Note from time to time; 

  

	 	(i)	(details of Registered Noteholders) the name and address of each Registered Noteholder; 

  

	 	(j)	(number of Registered Notes) the number of Registered Notes held by each Registered Noteholder; 

  

	 	(k)	(Note Acknowledgement) the serial number of each Note Acknowledgement issued to each Registered Noteholder; 

  

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

  

	 	(m)	(date of cessation) the date on which a person ceased to be a Registered Noteholder; 

  

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

  

	 	(o)	(details) where applicable, Payment Dates, Principal Repayment Dates, Maturity Dates, Margin and Step-Up Margin on the Notes; 

  

	 	(p)	(payments) a record of each payment in respect of the Registered Notes in relation to the Trust; and 

  

			
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	 	(q)	(tax file number) a record that the Trustee has (or has not) received the tax file number for each Registered Noteholder; and 

  

	 	(r)	(additional information) such other information as: 

  

	 	(i)	is required by this Series Notice; 

  

	 	(ii)	the Trustee considers necessary or desirable; or 

  

	 	(iii)	the Trust Manager reasonably requires. 

  

	 	16.2	Asset register 

 The Trustee shall keep or cause to
be kept an asset register with respect to the Trust, in which shall be entered the Authorised Investments and other Assets of the Trust (other than Purchased Receivables and the related Receivable Rights) entered into the relevant asset register on
an individual basis. 
  

	 	16.3	Place of keeping Register, copies and access 

 The
Register shall be: 
  

	 	(a)	(place kept) kept at the Trustee’s principal office in Sydney or at such place as the Trustee and the Trust Manager may agree; 

  

	 	(b)	(access to Trust Manager and Auditor) open to the Trust Manager and the Auditor of the Trust to which it relates to inspect during normal business hours;

  

	 	(c)	(inspection by Registered Noteholders) open for inspection by a Registered Noteholder during normal business hours but only in respect of information relating to that
Registered Noteholder; and 

  

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

  

	 	16.4	Details on Register conclusive 

  

	 	(a)	(Reliance on Register) The Trustee shall be entitled to rely on the Register in clause 16.1 as being a correct, complete and conclusive record of the matters set out in it at
any time and whether or not the information shown in the Register is inconsistent with any other document, matter or thing. 

  

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

  

	 	(c)	(Register not to be signed) The Trustee shall ensure that it does not sign or otherwise execute any entry in a Register. 

  

	 	16.5	Closing of Register 

 The Trustee may: 

 

	 	(a)	without prior notice to any Noteholder close the Register in clause 16.1: 

  

	 	(i)	in relation to all Notes each period from the close of business (Sydney time) on the Business Day preceding each Payment Date to close of business on that Payment Date; or

  

			
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	 	(iii)	when required for the Auditor to conduct any audit in relation to the Trust; or 

  

	 	(b)	with prior notice to each Registered Noteholder, close the Register for other periods not exceeding 30 days (or, subject to the Corporations Act 2001 (Cth)) such other period
of time as agreed between the Trustee and the Trust Manager, with the approval of an Extraordinary Resolution of Registered Noteholders) in aggregate in any calendar year. 

  

	 	16.6	Alteration of details on Register 

 On the Trustee
being notified of any change of name or address or payment or other details of a Registered Noteholder by the Registered Noteholder, the Trustee shall alter the Register accordingly as soon as reasonably practicable (and in any event within 5
Business Days of receipt of that notice). 
  

	 	16.7	Certification of Register 

 If: 
  

	 	(a)	an entry is omitted from the Register; 

  

	 	(b)	an entry is made in the Register otherwise than in accordance with the Master Trust Deed or this Series Notice; 

  

	 	(c)	an entry wrongly exists in the Register; 

  

	 	(d)	there is an error, omission, misdescription or defect in any entry in the Register; or 

  

	 	(e)	default is made or unnecessary delay takes place in entering in the Register that any person has ceased to be the holder of Registered Notes, 

 the Trustee shall rectify the same upon becoming aware of it. 
  

	 	16.8	Correctness of Register 

 Neither the Trust Manager
nor the Trustee shall be liable for any mistake in the Register or in any purported copy except to the extent that the mistake is attributable to its fraud, negligence or Wilful Default (in the case of the Trustee) or wilful default (in the case of
the Trust Manager). 
  

	 	16.9	Trust Manager must provide information 

 The Trust
Manager must provide the Trustee and any person appointed in accordance with clause 16.10 with such information as the Trustee may reasonably require to maintain the Register. 
  

	 	16.10	Third party registrar 

 The Trustee may cause the
Register to be maintained by a third party on its behalf and require that person to discharge the Trustee’s obligations under the Master Trust Deed and this Series Notice in relation to the Register. 
  

	 	17.	DETERMINATIONS BY NOTEHOLDERS 

  

	 	17.1	US$ Noteholders 

  

	 	(a)	Any proposal requiring the consent of US$ Noteholders (or any Class of US$ Noteholders) will be determined in accordance with the Note Trust Deed. 

  

			
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	 	(b)	The provisions of this clause 17, other than this clause 17.1, shall not apply to US$ Noteholders or US$ Notes. 

  

	 	17.2	Convening of meetings by Trustee and Trust Manager 

  

	 	(a)	The Trustee or the Trust Manager may at any time convene a meeting of the Registered Noteholders or Class of Registered Noteholders. 

  

	 	(b)	Registered Noteholders or a Class of Registered Noteholders holding in aggregate not less than 20% of the Invested Amounts of all Registered Notes or in that Class, may at any time
convene a meeting of the Registered Noteholders or Class, as the case may be. 

  

	 	17.3	Notice of meetings 

  

	 	(a)	(Period of notice) Subject to clause 17.3(b) at least 7 days’ notice (inclusive of the day on which the notice is given and of the day on which the meeting is held) of a
meeting of all Registered Noteholders or Class of Registered Noteholders shall be given to the relevant Registered Noteholders of the Trust. 

  

	 	(b)	(Short notice) Notwithstanding clause 17.3(a), if it is so agreed by a majority in number of the Registered Noteholders or the Class (as the case may be) having the right to
attend and vote at the meeting, being a majority that together hold at least 95% of the then outstanding Registered Notes or the Class, a resolution may be proposed and passed at a meeting of which less than 7 days’ notice has been given.

  

	 	(c)	(Failure to give notice) The accidental omission to give notice to or the non-receipt of notice by any Registered Noteholder shall not invalidate the proceedings at any
meeting. 

  

	 	(d)	(Copies) A copy of a notice convening a meeting shall be given by the Trustee or the Trust Manager convening the meeting to the other, and also to the Beneficiary and the
Designated Rating Agencies. Failure to give such a notice in accordance with this clause shall invalidate the meeting unless the party who has not received the notice waives the invalidation. 

  

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

  

	 	(f)	(Contents of a notice) Notice of a meeting of Registered Noteholders shall specify: 

  

	 	(i)	(time etc) the day, time and place of the proposed meeting; 

  

	 	(ii)	(agenda) the agenda of the business to be transacted at the meeting; 

  

	 	(iii)	(proposed resolution) the terms of any proposed resolution; 

  

	 	(iv)	(closing of Register) that the persons appointed to maintain the relevant Register for the purpose of determining those entitled to attend may not register any Note Transfer
relating to Registered Notes in the period of 2 Business Days prior to the meeting; 

  

	 	(v)	(appointment of proxies) that appointments of proxies must be lodged no later than 24 hours prior to the time fixed for the meeting; and 

  

	 	(iii)	(additional information) such additional information as the person giving the notice thinks fit. 

  

			
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	 	17.4	Chairman 

 The Trustee may nominate a person to be
chairman of a meeting which has been convened by the Trustee or the Trust Manager. The chairman need not be a Registered Noteholder and may be a representative of the Trustee. If such a person is not present or is present but unwilling to act, then
the Registered Noteholders present may choose a Noteholder to be the chairman. 
  

	 	17.5	Quorum 

 At any meeting any two or more persons
present in person being Registered Noteholders holding, or Representatives holding or representing, in the aggregate not less than 75% of the Invested Amounts of all Registered Notes or constituting the Class (as the case may be) and then
outstanding shall form a quorum for the transaction of business and no business (other than the choosing of a chairman) shall be transacted at any meeting unless the requisite quorum is present at the commencement of business. 
  

	 	17.6	Adjournment 

  

	 	(a)	(Quorum not present) If within 15 minutes from the time appointed for any meeting a quorum is not present, the meeting shall stand adjourned (unless the Trustee agrees that
it be dissolved) for such period, not being less than 7 days nor more than 42 days, as may be appointed by the chairman. At such adjourned meeting two or more persons present in person being Registered Noteholders holding, or being Representatives
holding or representing, in the aggregate not less than 50% of the Invested Amounts of all Registered Notes or constituting the Class (as the case may be) and then outstanding (whatever the Registered Notes so held or represented) shall form a
quorum and shall have the power to pass any resolution and to decide on all matters which could properly have been dealt with at the meetings from which the adjournment took place had a quorum been present at such meeting. 

 

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

  

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

  

	 	17.7	Voting procedure 

  

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

  

	 	(b)	(Declaration) At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded, a declaration by the chairman that a resolution has
been carried by a particular majority or lost or not carried by any particular majority is conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

  

			
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	 	(c)	(Poll) If at any meeting a poll is demanded by the chairman, the Trustee or the Trust Manager or by one or more persons being Registered Noteholders holding, or being
Representatives holding or representing, in aggregate not less than 2% of the Registered Notes or constituting the Class (as the case may be) and then outstanding, it shall be taken in such manner and (subject to this clause) either at once or after
such an adjournment as the chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the
continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded. The demand for a poll may be withdrawn. 

  

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

  

	 	(e)	(Votes) Subject to clause 17.7(a), at any meeting: 

  

	 	(i)	on a show of hands, every person present being a Registered Noteholder holding, or being a Representative holding or representing, then outstanding Registered Notes shall have one
vote; and 

  

	 	(ii)	on a poll, every person present shall have one vote for each Registered Note then outstanding that he or she holds or in respect of which he or she is a Representative as stated in
the relevant Register at the date the notices are dispatched to Registered Noteholders for the meeting. 

  

	 	 	Any person entitled to more than one vote need not use all his or her votes or cast all his or her votes to which he or she is entitled in the same way. 

  

	 	17.8	Right to attend and speak 

 The Trustee, the Trust
Manager and the relevant Beneficiary (through their respective representatives) and their respective financial and legal advisers shall be entitled to attend and speak at any meeting of the Registered Noteholders or any Class (as the case may be).
No person shall otherwise be entitled to attend or vote at any meeting of the Registered Noteholders or any Class (as the case may be) unless he or she holds outstanding Registered Notes or is a Representative holding or representing such Registered
Notes. 
  

	 	17.9	Appointment of proxies 

  

	 	(a)	(Requirements) Each instrument appointing a proxy shall be in writing and, together (if so required by the Trustee) with proof satisfactory to the Trustee of its due
execution, shall be deposited at the registered office of the Trustee or at such other place as the Trustee shall designate or approve not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the named
proxy proposes to vote and in default, the instrument or proxy shall be treated as invalid unless the chairman of the meeting decides otherwise before such meeting or adjourned meeting proceeds to business. A notarially certified copy proof (if
applicable) of due execution shall if required by the Trustee be produced by the proxy at the meeting or adjourned meeting but the Trustee shall not be 

  

			
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	 	    	obliged to investigate or be concerned with the validity of, or the authority of, the proxy named in any such instrument. Any person may act as a proxy whether or not that
person is a Registered Noteholder. 

  

	 	(b)	(Proxy remains valid) Any vote given in accordance with the terms of an instrument of proxy conforming with clause 17.9(a) shall be valid notwithstanding the previous death
or insanity of the principal, revocation or amendment of the proxy or of any of the Registered Noteholder’s instructions under which it was executed, so long as no intimation in writing of such death, insanity, revocation or amendment is
received by the Trustee at its registered office or by the chairman of the meeting in each case not less than 24 hours before the commencement of the meeting or adjourned meeting at which the proxy is used. 

  

	 	17.10	Corporate representatives 

 A person authorised
under section 250D of the Corporations Act by a Registered Noteholder being a body corporate to act for it at any meeting shall, in accordance with his or her authority until his or her authority is revoked by the body corporate concerned, be
entitled to exercise the same powers on behalf of that body corporate as that body corporate could exercise if it were an individual Registered Noteholder and shall be entitled to produce evidence of his or her authority to act at any time before
the time appointed for the holding of or at the meeting or adjourned meeting or for the taking of a poll at which he proposes to vote. 
  

	 	17.11	Rights of Representatives 

 A Representative of a
Registered Noteholder shall have the right to demand or join in demanding a poll and shall (except and to the extent to which the Representative is specially directed to vote for or against any proposal) have power generally to act at a meeting for
the Registered Noteholder. The Trustee, the Trust Manager and any officer of the Trustee and the Trust Manager may be appointed a Representative. 
  

	 	17.12	Powers of a meeting of Registered Noteholders 

  

	 	(a)	(Powers) Subject to the Security Trust Deed, a meeting of the Registered Noteholders shall, without prejudice to any rights or powers conferred on other persons by the
Transaction Documents, only have power exercisable by Extraordinary Resolution: 

  

	 	(i)	to sanction any action that the Trustee, the Trust Manager or the relevant Servicer proposes to take to enforce the provisions of any Transaction Document; 

 

	 	(ii)	to sanction any proposal by the Trust Manager, the Trustee or the relevant Servicer for any modification, abrogation, variation or compromise of, or arrangement in respect of, the
rights of the Registered Noteholders against the Trustee, the Trust Manager, an Approved Seller or the relevant Servicer whether such rights arise under any Transaction Document or otherwise; 

  

	 	(iii)	to sanction the exchange or substitution of Registered Notes for or the conversion of Registered Notes into, other obligations or securities of the Trustee or any other body
corporate formed or to be formed; 

  

	 	(iv)	under clause 36.2 of the Master Trust Deed, to consent to any alteration, addition or modification of any Transaction Document which shall be proposed by the Trustee or the Trust
Manager; 

  

			
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	 	(v)	to discharge or exonerate the Trustee, the Trust Manager, an Approved Seller or the relevant Servicer from any liability in respect of any act or omission for which it may become
responsible under any Transaction Document; 

  

	 	(vi)	to authorise the Trustee, the Trust Manager, the relevant Servicer or any other person to concur in and execute and do all such documents, acts and things as may be necessary to
carry out and give effect to any Extraordinary Resolution; and 

  

	 	(vii)	to exercise any other power expressly granted under a Series Notice. 

  

	 	(b)	(No power) A meeting of the Registered Noteholders shall not have power to, nor shall any resolution submitted to the meeting propose or have the effect of:

  

	 	(i)	removing the Servicer or the Trust Manager from office; 

  

	 	(ii)	interfering with the management of the Trust; 

  

	 	(iii)	winding up or terminating the Trust (except as contemplated by clause 17.12(a)(vii)); 

  

	 	(iv)	altering the Authorised Investments of the Trust; 

  

	 	(v)	amending any Transaction Document (except as contemplated by clause 17.12(a)); or 

  

	 	(vi)	altering the Coupon Payment Dates, Principal Payment Dates, Coupons, Principal Entitlements or the other terms of the Series Notice (subject to clause 17.12(a)(iii)).

  

	 	17.13	Extraordinary Resolution binding on Registered Noteholders 

 An Extraordinary Resolution passed at a meeting of the Registered Noteholders or of any Class duly convened and held in accordance with this deed shall be binding on all the Registered Noteholders or of the Class whether or not present at
such meeting. Each of the Registered Noteholders or of the Class (as the case may be), the Trustee and the Trust Manager shall be bound to give effect to that resolution accordingly. 
  

	 	17.14	Minutes and records 

 Minutes of all resolutions
and proceedings at every meeting of the Registered Noteholders of a Trust or any Class (as the case may be) shall be made and duly entered in the books to be from time to time provided for that purpose by the Trustee and any such minutes purporting
to be signed by the chairman of the meeting at which such resolutions were passed or proceedings transacted or by the chairman of the next succeeding meeting of the Registered Noteholders or of the Class (as the case may be) shall be conclusive
evidence of those matters and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings
transacted at such meeting to have been duly passed and transacted. 
  

	 	17.15	Written resolutions 

 Notwithstanding the preceding
provisions of this clause 17, a resolution of the Registered Noteholders or of any Class (including an Extraordinary Resolution) may be passed, without any 
  

			
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 meeting or previous notice being required, by an instrument or instruments in writing which has or
have: 
  

	 	(a)	in the case of a resolution (including an Extraordinary Resolution) of the Registered Noteholders or of any Class, been signed by all Registered Noteholders or the Class (as the
case may be); and 

  

	 	(b)	any such instrument shall be effective on presentation to the Trustee for entry in the records referred to in clause 17.14. 

  

	 	17.16	Further procedures for meetings 

 Subject to all
other provisions contained in this deed, the Trustee may without the consent of the Registered Noteholders or any Class prescribe such further regulations regarding the holding of meetings of the Registered Noteholders or any Class of Registered
Noteholders and attendance and voting at such meetings as the Trustee may with the agreement of the Trust Manager determine including particularly (but without prejudice to the generality of the above) such regulations and requirements as the
Trustee thinks reasonable: 
  

	 	(a)	(entitlement to vote) so as to satisfy itself that persons who purport to attend or vote at any meeting of the Registered Noteholders or any Class of Registered Noteholders
are entitled to do so in accordance with this deed; and 

  

	 	(b)	(forms of Representative) as to the form of appointment of a Representative, 

 but the Trustee may not decrease the percentage of Registered Noteholders required to pass an Extraordinary Resolution or an ordinary resolution. 
 CLAUSE 18.3 - NOTE ISSUANCE 
 For the purpose of clause 18.3(a) of the Master Trust Deed (but subject
to the conditions contained in clause 18.3 of the Master Trust Deed), the Trust Manager has the following additional express powers: 
  

	 	(a)	to negotiate with any Lead Manager and any Manager in relation to the issue of relevant Notes; 

  

	 	(b)	to invite bids from any Lead Manager or Manager for relevant Notes on behalf of the Trustee; and 

  

	 	(c)	to accept any such bid on behalf of the Trustee. 

 CLAUSE 18.9 -
ACCOUNTING FOR MONEYS RECEIVED 
 For the purposes of clause 18.9(a) of the Master Trust Deed, the Trust Manager will pay to the Trustee,
within 5 Business Days of receipt, all moneys coming into its hands belonging to the Trust or payable to the Trust. 
 CLAUSE 18.10 - REUTERS

 The Trust Manager will, on or promptly after each Notice Date, prepare and arrange for the publication on Reuters Screen page
WST/SEC16 to WST/SEC17 (or another similar electronic reporting service, in the case of any US$ Notes approved by the Note Trustee and notified to the relevant US$ Noteholders) of summary pool performance data for that Trust in a format similar to
that used by other mortgage-backed securities or asset-backed securities (as the case may be) in the 
  

			
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 Australian market in relation to the Registered Notes, and in the London market in relation to the
relevant US$ Notes. In the case of each US$ Note, this includes: 
  

	 	(a)	details of the US$ Note (including the then Stated Amount, Coupon Rate, relevant Coupon, the relevant Payment Date, the Initial Invested Amount and the then Invested Amount of the
US$ Note or relevant Class of US$ notes, as the case may be); 

  

	 	(b)	the [Class A1 Bond Factor or] Class A2 Bond Factor [(as the case may be)]; and 

  

	 	(c)	statistics relating to Arrears on Purchased Receivables. 

 CLAUSE 21.2

 For the purposes of clause 21.2 of the Master Trust Deed, the following new paragraphs (v) to (z) are inserted and the
existing paragraph (v) becomes paragraph (aa). 
  

	 	(v)	(clearing systems) to lodge Notes, or arrange for Notes to be lodged, with DTC, or a depositary for DTC; 

  

	 	(w)	(currency conversion) convert currencies on such terms and conditions as the Trust Manager thinks fit and that are acceptable to the Trustee acting reasonably;

  

	 	(x)	(stock exchange) list and maintain the listing of the Notes on any stock exchange; 

  

	 	(y)	(Note Trustee) appoint a note trustee in respect of a relevant Trust; 

  

	 	(z)	(Paying Agents) appoint paying agents in respect of a relevant Trust; and” 

 CLAUSE 24.2 - Income of the Trust 
 For the purposes of this Trust clause 24.2 of the Master Trust Deed is deleted
and a new clause 24.2 inserted as follows: 
 For each Financial Year in respect of a Trust the Manager will ascertain the following on
behalf of the Trustee: 
  

	 	(a)	the net income of that Trust in accordance with section 95(1) of the Taxation Act (the Tax Income); and 

  

	 	(b)	the income of that Trust in accordance with the laws applicable to the administration of that Trust (the Trust Income). 

 In calculating the Trust Income, the Manager shall: 
  

	 	(a)	if no determination has been made under paragraph (b) below, recognise interest income, interest expense, swap payments and swap receipts on an accruals basis and recognise
other items of income and expense on either an accruals basis or a cash basis, in each case disregarding unrealised gains and losses; 

  

	 	(b)	if the Manager and the Trustee so determine in writing, apply such accounting policies as the Manager and the Trustee agree provided that such policies, if applied, would not lead
to the downgrade or withdrawal of the rating of any of the Notes or cause a breach of any reporting requirements of the United States Securities and Exchange Commission or the ASX, or any other registered stock exchange on which any of the Notes are
listed). 

  

			
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 CLAUSE 24.11 – Outgoing Trustee to retain lien 
 For the purposes of clause 24.11 of the Master Trust Deed, the term “24.8(c)” in line two is replaced with “24.9(c)”. 
 CLAUSE 29.2 – Location and inspection of books 
 For the purposes of clause 29.2 of the Master Trust Deed, the words “the Note Trustee,” are inserted immediately after the words “and shall be open to the inspection of”. 
 CLAUSE 29.3 – Accounts to be kept in accordance with Approved Accounting Standards 
 For the purposes of this Trust, clause 29.3 of the Master Trust Deed is deleted and a new clause 29.3 inserted as follows: 
  

	 	“29.3	Manner in which Accounts to be kept 

  

	 	 	The accounting records of each Trust shall be maintained in a manner which reflects the Trust Income determined under clause 30.2 and which will enable the Accounts of the Trust to
be prepared and audited in accordance with the Transaction Documents.” 

 CLAUSE 30 - Payment 
 For the purposes of this Trust, clause 30 of the Master Trust Deed is deleted and a new clause 30 inserted as follows: 
  

	 	“30.	Payments 

  

	 	30.1	Cashflow Allocation Methodology 

  

	 	 	Collections in relation to a Trust and other amounts credited to the Collection Account for that Trust will be allocated by the Trust Manager on behalf of the Trustee, and paid by
the Trustee, as directed by the Trust Manager, in accordance with the Series Notice for that Trust. 

  

	 	30.2	Income of the Trust 

  

	 	 	For each Financial Year in respect of a Trust, the Trust Manager will ascertain the following on behalf of the Trustee: 

  

	 	(a)	the net income of that Trust in accordance with section 95(1) of the Taxation Act (the Tax Income); and 

  

	 	(b)	the income of that Trust in accordance with the laws applicable to the administration of that Trust (the Trust Income). 

  

	 	 	In calculating the Trust Income, the Trust Manager shall: 

  

	 	(i)	if no determination has been made under paragraph (ii) below, recognise interest income, interest expense, swap payments and swap receipts on a daily accruals basis and
recognise other items of income and expense on a cash basis, in each case disregarding unrealised gains and losses; 

  

	 	(ii)	if the Trust Manager and the Trustee so determine in writing, apply such accounting policies as the Trust Manager and the Trustee agree provided that such policies, if applied,
would not lead to the downgrade or withdrawal of the rating of any of the Notes or cause a breach of any reporting requirements of the Securities and Exchange Commission. 

  

			
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	 	30.3	Income Entitlement 

  

	 	 	Notwithstanding anything to the contrary contained in this deed, but subject to clause 30.4: 

  

	 	(a)	(Present entitlement) the Residual Income Beneficiaries shall, as at the end of each Financial Year for that Trust, have an absolute vested interest in, and be presently
entitled to, the income of that Trust; and 

  

	 	(b)	(Application of income) unless the Trustee otherwise determines, having regard to any relevant taxation or other implications for the Trustee (disregarding for these purposes
any possible operation of clause 30.4) or both for any Financial Year for that Trust, for the purposes of paying, applying, distributing, setting aside or allocating any income for the benefit of the Residual Income Beneficiaries in accordance
with the terms of this deed in respect of that Financial Year, the income that is to be so paid, applied, distributed, set aside or allocated shall be whichever is the greater of the Tax Income or the Trust Income for that Financial Year.

  

	 	30.4	Distribution of excess Tax Income 

  

	 	 	For the avoidance of doubt, in the event that the Tax Income exceeds the income of the Trust for the purposes of clause 30.3(a) for a Trust in any Financial Year for that Trust
then, notwithstanding anything to the contrary in this deed, provided there is an amount to which clause 30.3(a) applies, the Trust Manager must direct the Trustee to, and the Trustee shall, so far as possible, ensure that such excess is allocated
to the Residual Income Beneficiaries of that Trust for that Financial Year and shall take such action as is necessary to give effect to this clause. 

  

	 	30.5	Payments to Beneficiaries 

  

	 	(a)	(Distributable income due as at close of Financial Year) The income of a Trust for a Financial Year (to the extent not previously distributed) shall, subject to clause 30.7,
constitute a debt due as at the end of that Financial Year by the Trustee as trustee of the Trust to each Residual Income Beneficiary of that Trust who is entitled to the income under clause 30.3(a) and shall, subject to clause 30.7, be payable
under clause 30.5(b). 

  

	 	(b)	(Payment) Subject to clause 30.7, the Trustee may make interim distributions of the income of a Trust to the relevant Residual Income Beneficiary in accordance with the terms
of the Series Notice for that Trust and shall as soon as practicable after the end of a Financial Year transfer an amount representing the income of that Trust (to the extent not previously distributed) from the central bank account of that Trust to
the bank accounts of each Residual Income Beneficiary of that Trust as directed by the relevant Beneficiary. 

  

	 	(c)	(Residual capital) On the termination of a Trust, the surplus capital of that Trust remaining after satisfaction by the Trustee of all its obligations in respect of that
Trust shall be paid to the Residual Income Beneficiaries of that Trust in accordance with the terms of the Series Notice for that Trust. 

  

			
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	 	30.6	Application of Trust income 

  

	 	(a)	If by the last day of any Financial Year for a Trust (the Last Day) the Trustee has not effectively dealt with the whole of the income of that Trust for that Financial Year
by paying, applying or distributing it, or by setting it aside, then the income not so paid, applied, distributed or set aside shall be deemed to have been irrevocably applied and set aside on the Last Day by the Trustee on behalf of, and shall be
held by the Trustee on and from the Last Day upon trust absolutely for, the Residual Income Beneficiaries of that Trust in accordance with their entitlement to income under this deed (including, for these purposes, the allocation of excess Tax
Income (if any) pursuant to clause 30.4). 

  

	 	(b)	If the Trustee fails to effectively allocate any excess to the Residual Income Beneficiaries in accordance with clause 30.4, then such excess shall vest or be deemed to be
vested in those Residual Income Beneficiaries. 

  

	 	(c)	For the purposes of this clause 30.6 references to income of that Trust for any Financial Year shall be to the greater of the Tax Income or the Trust Income for that Financial
Year. 

  

	 	30.7	Subordination of Residual Income Beneficiary Entitlements 

  

	 	(a)	No moneys may be paid out of a Trust during a Financial Year to Residual Income Beneficiaries under clause 30.5, whilst there is any amount due, but unpaid, which is in
accordance with clause 30.1 to be paid in priority to those amounts and before the Trustee is satisfied, after consulting with the Manager, that sufficient allowance has been made for those priority amounts in relation to that Trust, accruing during
that Financial Year. To the extent that there is an amount payable under clause 30.1 which is to be paid in priority to the amounts payable to the Residual Income Beneficiaries, those Residual Income Beneficiaries direct the Trustee to meet the
amount payable under clause 30.1 as an application of their entitlement to the income of that Trust. 

  

	 	(b)	Notwithstanding paragraph (a) of this clause, once an amount is paid out of a Trust to the Residual Income Beneficiaries during a Financial Year, that amount may not be
recovered from those Residual Income Beneficiaries for any reason or by any person except to the extent that the amount was paid in error or as otherwise required by the relevant Series Notice. 

  

	 	30.8	Insufficient moneys 

  

	 	 	If after the application of the provisions of clauses 30.1 and 30.3 there is insufficient money available to the Trustee in respect of a Trust to pay the full amount due to
Noteholders for that Trust, the deficiency shall, subject to the Series Notice for the Notes or any Class of Notes issued in relation to that Trust, be borne by the Noteholders in the manner set out in the relevant Series Notice.

  

	 	30.9	Trust Manager to ensure compliance by Trustee 

  

	 	 	Without limiting its other obligations under this deed, the Trust Manager, in exercising its powers and carrying out its duties in accordance with this deed, must, to the extent
possible, ensure that the Trustee complies with its obligations under clauses 30.3(b) and 30.4.” 

  

			
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 CLAUSE 32.1 
 For the purposes of clause 32.1(a) of the Master Trust Deed, delete the words “or, in the case of Westpac (in whatever capacity), the Bank of New South Wales Act 1850”. 
 For the purposes of clause 32.1(e)(i) of the Master Trust Deed, delete the words “its memorandum or articles of association or, in the case of
Westpac (in whatever capacity), the bank of New South Wales Act 1850” and replace with “its memorandum, articles of association or constitution”. 
 CLAUSE 33.14 
 For the purposes of clause 33.14 of the Master Trust Deed, insert a new paragraph (f) as follows:

  

	 	“(f)	(for acts of Note Registrar) for any act, omission or default of any Note Registrar appointed under the relevant Agency Agreement or Note Trust Deed, in relation to its duties and
obligations under the relevant Agency Agreement or Note Trust Deed, except where the Note Registrar is the Trustee.” 

 CLAUSE 34.2 -
NOTICES TO NOTEHOLDERS 
  

	 	(a)	A notice, request or other communication by the Trustee, the Trust Manager or a Servicer to Registered Noteholders shall be deemed to be duly given or made by:

  

	 	(i)	an advertisement placed on a Business Day in The Australian Financial Review (or other nationally distributed newspaper); or 

  

	 	(ii)	mail, postage prepaid, to the address of the Registered Noteholders as shown on the Register. Any notice so mailed shall be conclusively presumed to have been duly given whether or
not the Registered Noteholder actually receives the notice. 

  

	 	(b)	A notice, request or other communication by the Trustee, the Trust Manager, the Note Trustee or a Servicer to any US$ Noteholders shall be deemed to be duly given or made if given
or made in accordance with the relevant Condition 12. 

 CLAUSE 35 - PAYMENTS GENERALLY 
 For the purpose of the Trust clause 35 is amended to read as follows: 
  

	 	35.1	Payments to Noteholders 

  

	 	(a)	Any payment made by or on behalf of the Trustee in respect of any Registered Note shall be made to the person whose name is, on the Record Date, entered in the Register as the
registered owner of the relevant Registered Note (or in the case of joint registered owners, to the person whose name first appears in the Register). 

  

	 	(b)	Any payment by or on behalf of the Trustee in respect of any US$ Note shall be made in accordance with the Series Notice, the Note Trust Deed and the Agency Agreement.

  

	 	35.2	Payment Methods – Registered Notes 

 Any
moneys payable by the Trustee, the Trust Manager or the Servicer to a Registered Noteholder or to a Beneficiary under the Master Trust Deed and this Series Notice shall be paid by the Trustee in Sydney or if the Trustee elects may be paid by:

  

	 	(a)	(cheque) crossed not negotiable cheque in favour of the Registered Noteholder or the Beneficiary (as the case may be) and despatched by post to the address of
the Registered Noteholder shown in the Register on the Record Date or to the address of the Beneficiary for the purposes of clause 34; 

  

			
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	 	(b)	(electronic transfer) electronic transfer through Austraclear; 

  

	 	(c)	(direct payment) by direct transfer to a designated account of the Registered Noteholder or the Beneficiary held with a bank or other financial institution in Australia; or

  

	 	(d)	(other agreed manner) any other manner specified by the Registered Noteholder or the Beneficiary (as the case may be) and agreed to by the Trust Manager and the Trustee.

  

	 	35.3	Payment to be made on Business Day 

 If any payment
is due under a Transaction Document on a day which is not a Business Day, the due date will be the next Business Day. 
  

	 	35.4	Payment good discharge 

  

	 	(a)	There is a full satisfaction of the moneys payable under a Registered Note, and a good discharge to the Trustee, the Trust Manager or the Servicer (as the case may be) in relation
to that Registered Note, when the cheque is despatched by post in accordance with clause 35.2(a) or, if not posted, delivered to the Registered Noteholder or as directed by the Registered Noteholder. None of the Trustee, the Trust Manager or the
Servicer shall be responsible for any moneys which are not credited to the bank account of a Registered Noteholder or a Beneficiary if the Trustee’s bank has been instructed to effect the direct transfer referred to in clause 35.2(c).

  

	 	(b)	There is a full satisfaction of the moneys payable under a US$ Note, and a good discharge to the Trustee, the Trust Manager or the Servicer (as the case may be) in relation to that
US$ Note, when so provided under the Note Trust Deed. 

  

	 	35.5	Trust Manager to arrange payments 

 The Trustee
will: 
  

	 	(a)	prepare or cause to be prepared all cheques which are to be issued to Registered Noteholders and to Beneficiaries and stamp the same as required by law; or 

 

	 	(b)	otherwise arrange payments under clause 35.20. 

 The
Trustee will sign (by autographical, mechanical or other means) cheques for despatch on the day on which they ought to be despatched. 
  

	 	35.6	Valid receipts 

 The receipt of the Trustee for any
moneys shall exonerate the person paying the same from all liability to make any further enquiry. Every such receipt shall as to the moneys paid or expressed to be received in such receipt, effectually discharge the person paying such moneys from
such liability or enquiry and from being concerned to see to the application or being answerable or accountable or any loss or misapplication of such moneys. 
  

	 	35.7	Taxation 

  

	 	(a)	(Net payments) Subject to this clause, payments in respect of the Notes shall be made free and clear of, and without deduction for, or by reference to, any present or future
Taxes of any Australian Jurisdiction unless required by law. 

  

			
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	 	(b)	(Interest Withholding Tax) 

  

	 	(i)	The Trustee or any person making payments on behalf of the Trustee will be obliged to deduct interest withholding tax imposed by the Commonwealth of Australia from payments of
interest in respect of the Registered Notes to non-residents of the Commonwealth of Australia not carrying on business in the Commonwealth of Australia at or through a permanent establishment and to residents of the Commonwealth of Australia
carrying on business at or through a permanent establishment outside the Commonwealth of Australia (Interest Withholding Tax) unless a certificate pursuant to Section 221YM of the Taxation Act is produced to the Trustee not later
than close of business on the tenth Business Day immediately preceding the relevant payment date. The Trustee, or any person making any payments on behalf of the Trustee, is entitled to deduct Interest Withholding Tax in relation to payments on any
Registered Notes. 

  

	 	(ii)	Payments on US$ Notes by or on behalf of the Trustee will be made subject to deduction for any Interest Withholding Tax (as notified to the applicable Paying Agent by the Trustee)
and all other withholdings and deductions referred to in the relevant Condition 7 of the any US$ Notes. 

  

	 	(iii)	In the event the Trustee or the person making payments on behalf of the Trustee (as the case may be) makes such payment after such withholding or deduction has been made, the
Trustee or the person making such payments on behalf of the Trustee (as the case may be) shall account to the relevant authorities for the amount so required to be withheld or deducted and neither the Trustee nor any person making payments on behalf
of the Trustee (as the case may be) will be obliged to make any additional payments to the relevant Noteholders in respect of that withholding or deduction. 

  

	 	(c)	The interest payments on the Notes will not be subject to TFN withholding as the Notes will not be “Part VA Investments”. 

  

			
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 ANNEXURE B 
 FORM OF ANNUAL SERVICER COMPLIANCE 
 OFFICER’S CERTIFICATE 
 The undersigned, a duly authorised representative of Westpac Banking Corporation, acting as Servicer (the “Servicer”), pursuant to the agreement between
Westpac Securities Administration Limited as Trustee, Westpac and Westpac Securitisation Management Pty Limited as Trust Manager, dated 12 March 2002, as amended, (the “Agreement”), certifies that: 
  

	 	1.	As of the date hereof, Westpac Banking Corporation is the Servicer of Series [*] WST Trust (the Trust). 

  

	 	2.	A review of the activities of the Servicer during the calendar year ending 30 September,             
and its performance under the pooling and servicing agreement or similar agreements has been made under my supervision. 

  

	 	3.	Based on such review, to my knowledge and after making appropriate enquiries, the Servicer has fulfilled its obligations under the pooling and servicing agreements or similar
agreements relating to the Trust throughout the financial year ending 30 September             , except as may be set forth in paragraph 4 below. 

  

	 	4.	The following is a description of any exceptions to paragraph 3 above: 

 Capitalised terms used but not defined in this Officer’s Certificate have their respective meanings set forth in the Agreement, unless the context requires otherwise or unless otherwise defined in this
Officer’s Certificate. 
 IN WITNESS WHEREOF, the undersigned, has duly executed this
         Officer’s Certificate this day of                     ,
    . 
  

			
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 ANNEXURE C 
  

	
	 Independent auditor’s Annual Servicer Compliance Certificate to the
 Directors of Westpac Securitisation Management Pty Limited
  

 SCOPE 
 We have
reviewed Westpac Banking Corporation’s (“WBC”) and The Mortgage Company Pty Limited’s (“TMC” and WBC and TMC each a “Servicer”) activities for the purpose of determining its compliance with the servicing
standards contained in the agreement between: 
  

	•	 	 WBC as servicer, Westpac Securities Administration Limited as Trustee and Westpac Securitisation Management Pty Limited as Trust Manager dated 12 March 2002,
as amended, (the “2002 Servicing Agreement”); 

  

	•	 	 WBC, Westpac Securities Administration Limited as Trustee and The Mortgage Company Pty Limited as Trust Manager dated 18 February 1997, as amended, (the
“1997 Servicing Agreement”); 

 (each a “Servicing Agreement”), respectively attached as Appendix 1A and Appendix 1B,
in relation to the Series 1998-1G WST Trust, Series 1999-1G WST Trust, Series 2002-1G WST Trust, Series 2005-1G WST Trust and Series [*] WST Trust (the “Trust”) for the year ended 30 September [*], in accordance with the statement by
the Division of Corporation Finance of the Securities and Exchange Commission dated [*], and our engagement letter dated [*]. 
 We have reviewed the
servicing standards contained in the Servicing Agreement to enable us to report on whether those servicing standards are similar to those contained in the Uniform Single Attestation Program for Mortgage Bankers (“USAP”), attached as
Appendix 2, which establishes a minimum servicing standard for the asset backed securities market in the United States of America. No equivalent of the USAP exists in Australia. 
 Management of the Servicer are responsible for maintaining an effective internal control structure including internal control policies and procedures relating to the servicing of mortgage loans. We have conducted an
independent review of the servicing standards included in Appendix 1, in order to express a statement on the Servicer’s compliance with them. 
 Our
review of the servicing standards has been conducted in accordance with Australian Auditing Standards applicable to performance audits and accordingly included such tests and procedures as we considered necessary in the circumstances. In conducting
our review we have also had regard to the guidance contained in the USAP. These procedures have been undertaken to enable us to report on whether anything has come to our attention to indicate that there has been significant deficiencies in the
Servicer’s compliance with the servicing standards contained in the Servicing Agreement for the year ended 30 September [*]. 
 Our review did not
include an assessment of the adequacy of the servicing standards themselves. 
 This statement has been prepared for the use of Westpac Securitisation
Management Pty Limited as at 30 September [*] in accordance with the requirements of the statement by the Division of Corporation Finance of the Securities and Exchange Commission dated [*], and the engagement letter dated [*]. We disclaim any
assumption of responsibility for any reliance on this review statement, to any person other than Westpac Securitisation Management Pty Limited, WBC and TMC. 
  

			
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 STATEMENT 
 Based on our
review; 
  

	•	 	 nothing has come to our attention to indicate that there has been any significant deficiencies in WBC’s compliance with the servicing standards contained in
the Servicing Agreement attached as Appendix 1A, in respect of the Series 2002-1G WST Trust, Series 2005-1G WST Trust and Series [*] WST Trust for the year ended 30 September [*]; 

  

	•	 	 nothing has come to our attention to indicate that there has been any significant deficiencies in TMC’s compliance with the servicing standards contained in
the Servicing Agreement attached as Appendix 1B, in respect of the Series 1998-1G WST Trust and Series 1999-1G WST Trust for the year ended 30 September [*]; 

  

	•	 	 the servicing standards contained in Appendix 1 are similar to the minimum servicing standards contained in the Uniform Single Attestation Program for Mortgage
Bankers. 

 [Name of organisation] 
 [Name and
title of signatory] 
 Place: 
 Date: 
  

			
	  	  	Page 143Form of Note Trust Deed

 Exhibit 4.3 Form of Note Trust Deed 
 Note Trust Deed 
 Westpac Securities Administration Limited 
 (as Trustee) 
 Westpac Securitisation
Management Pty Limited 
 (the Trust Manager) 
 [tba] 
 (Note Trustee) 
 [tba] 
 (Principal Paying Agent) 
  
 Allens Arthur Robinson 
 Deutsche Bank Place 
 Corner Hunter and Phillip Streets 
 Sydney NSW 2000 
 Tel 61 2 9230 4000 

Fax 61 2 9230 5333 
 www.aar.com.au 

© Copyright Allens Arthur Robinson 2007 

			
	 Note Trust Deed
  
	  	 

  

  

 Cross Reference Table1 
  
  

							
	Trust Indenture Act Section	  	Clause	  	
	  
 310
	 	  
 (a)(1)
  
 (a)(2)
  
 (a)(3)
  
 (a)(4)
  
 (a)(5)
  
 (b)
  
 (c)
  
	  	  
 23.6
  
 23.1(d)
  
 23.6
  
 22.2(b)
  
 NA2
  
 23.6
  
 NA
  
	  	
	  
 311      
	 	  
 (a)
  
 (b)
  
 (c)
  
	  	  
 13.1
  
 13.1
  
 NA
  
	  	
	  
 312
	 	  
 (a)
  
 (b)
  
 (c)
  
	  	  
 31.1,
31.2(a)
  
 31.2(b)
  
 31.2(c)
  
	  	
	  
 313
	 	  
  
 (a)
  
 (b)(1)
  
 (b)(2)
  
 (c)
  
 (d)
  
	  	  
 31.3
  
 31.3
  
 NA
  
 31.4
  
 31.3
  
	  	
	  
 314
	 	  
 (a)(1)
  
 (a)(2)
  
 (a)(3)
  
 (a)(4)
  
 (b)
  
 (c)
  
 (d)
  
 (e)
  
 (f)
	  	  
 31.5
  
 31.5
  
 31.5
  
 11.1(j)
  
 11.1(k)
  
 32.1(a)
  
 32.1(b)
  
 32.1(c)
  
 32.1(a)
  
	  	
	  
 315
	 	  
 (a)
  
 (b)
  
 (c)
  
 (d)
  
 (e)
  
	  	  
 13.2(b)
  
 13.3
  
 13.2(a)
  
 13.2(c), (d)
  
 32.2
  
	  	
	  
 316
	 	  
 (a)(1)
  
 (a)(2)
  
 (b)
  
	  	  
 32.3
  
 33.2(b)
  
 32.4, 33.2(a)
  
	  	
	  
 317
	 	  
 (a)(1)
  
 (a)(2)
	  	  
 6.1
  
 NA
  
	  	

  

			
	  	  	Page (i)

			
	 Note Trust Deed
  
	  	 

  

  

  

					
	               (b)
  
	  	 2.5
  
	  	
	  
 318        (a)
  
	  	  
 32.5
  
	  	

 Notes: 

	1.	This Cross Reference Table shall not, for any purpose, be deemed to be part of this deed. 

  

	2.	NA means not applicable. 

  

			
	  	  	Page (ii)

			
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 Table of Contents 
  

							
	1.      	  	Definitions and Interpretation	  	1
				
		  	1.1     	  	Definitions and Interpretation	  	1
				
		  	1.2	  	Definitions in Master Trust Deed, Series Notice and Conditions	  	3
				
		  	1.3	  	Incorporation by reference	  	4
				
		  	1.4	  	Interpretation	  	4
				
		  	1.5	  	Determination, statement and certificate sufficient evidence	  	4
				
		  	1.6	  	Document or agreement	  	4
				
		  	1.7	  	Transaction Document	  	5
				
		  	1.8	  	Trustee as trustee	  	5
				
		  	1.9	  	Obligations of the Trustee	  	5
				
		  	1.10	  	Appointment of the Note Trustee	  	5
			
	2.	  	Payments on US$ Notes	  	5
				
		  	2.1	  	Principal amount	  	5
				
		  	2.2	  	Covenant to repay	  	6
				
		  	2.3	  	Deemed payment	  	6
				
		  	2.4	  	Following Event of Default	  	6
				
		  	2.5	  	Requirements of Paying Agent	  	7
				
		  	2.6	  	Certification	  	8
				
		  	2.7	  	Determinations	  	8
			
	3.	  	Form of, Issue of and Duties and Taxes on, US$ Notes	  	8
				
		  	3.1	  	Issue of Book-Entry Notes	  	8
				
		  	3.2	  	Form of Book-Entry Notes	  	8
				
		  	3.3	  	Definitive Notes	  	10
				
		  	3.4	  	Stamp and Other Taxes	  	11
				
		  	3.5	  	Indemnity for non-issue	  	11
				
		  	3.6	  	Note Register and Note Registrar	  	11
			
	4.	  	Covenant of compliance	  	12
			
	 5.
	  	Cancellation of US$ Notes	  	12
				
		  	5.1	  	Cancellation	  	12
				
		  	5.2	  	Records	  	13
			
	6.	  	Enforcement	  	13
				
		  	6.1	  	Actions following Event of Default	  	13
				
		  	6.2	  	Evidence of default	  	13
				
		  	6.3	  	Overdue interest	  	13
				
		  	6.4	  	Restrictions on enforcement	  	13
			
	7.	  	Proceedings	  	14
				
		  	7.1	  	Acting only on direction	  	14
				
		  	7.2	  	Security Trustee acting	  	15
				
		  	7.3	  	Note Trustee alone entitled to act	  	15
				
		  	7.4	  	Available amounts	  	15
				
		  	7.5	  	Conflict of interests	  	15

  

			
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	8.	  	Notice of Payment	  	15
			
	9.	  	Investment by Note Trustee	  	16
			
	10.	  	Partial Payments	  	16
			
	11.	  	Covenants by the Trustee and Trust Manager	  	17
				
		  	11.1	  	Covenants by the Trustee and Trust Manager	  	17
			
	12.	  	Remuneration of Note Trustee	  	19
				
		  	12.1	  	Fee	  	19
				
		  	12.2	  	Additional Remuneration	  	19
				
		  	12.3	  	Costs, expenses	  	19
				
		  	12.4	  	Overdue rate	  	20
				
		  	12.5	  	Continuing obligation	  	20
			
	13.	  	Note Trustee	  	20
				
		  	13.1	  	Preferential Collection of Claims Against Trustee	  	20
				
		  	13.2	  	Duties of Note Trustee	  	20
				
		  	13.3	  	Obligations of Note Trustee	  	21
				
		  	13.4	  	Notice of Defaults	  	21
				
		  	13.5	  	Rights of Note Trustee	  	21
			
	14.    	  	Note Trustee’s Liability	  	28
			
	15.	  	Delegation by Note Trustee	  	28
			
	16.	  	Employment of Agent by Note Trustee	  	29
			
	17.	  	Note Trustee Contracting with Trustee	  	29
			
	18.	  	Waiver	  	30
			
	19.	  	Amendment	  	30
				
		  	19.1     	  	Approval	  	30
				
		  	19.2	  	Resolution of US$ Noteholders	  	31
				
		  	19.3	  	Distribution of amendments	  	31
				
		  	19.4	  	Amendments binding	  	31
				
		  	19.5	  	Conformity with TIA	  	31
			
	20.	  	US$ Noteholders	  	31
				
		  	20.1	  	Absolute Owner	  	31
				
		  	20.2	  	Clearing Agency Certificate	  	33
			
	21.	  	Currency Indemnity	  	33
			
	22.	  	New Note Trustees	  	34
				
		  	22.1	  	Appointment by Trustee	  	34
				
		  	22.2	  	Appointment by Note Trustee	  	34
				
		  	22.3	  	Notice	  	35
			
	23.	  	Note Trustee’s Retirement and Removal	  	35
				
		  	23.1	  	Removal by Trustee	  	35
				
		  	23.2	  	Removal by US$ Noteholders	  	35
				
		  	23.3	  	Resignation	  	35
				
		  	23.4	  	Rating Agencies confirmation	  	35

  

			
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	 	  	23.5	  	Trust Corporation	  	36
				
		  	23.6	  	Successor to Note Trustee	  	36
				
		  	23.7	  	Eligibility; Disqualification	  	36
			
	24.     	  	Note Trustee’s Powers Additional	  	37
			
	25.	  	Severability of Provisions	  	37
			
	26.	  	Notices	  	37
				
		  	26.1     	  	General	  	37
				
		  	26.2	  	Details	  	37
			
	27.	  	Governing Law and Jurisdiction	  	38
			
	28.	  	Counterparts	  	39
			
	29.	  	Limited Recourse	  	39
				
		  	29.1	  	General	  	39
				
		  	29.2	  	Liability of Trustee limited to its right to indemnity	  	39
				
		  	29.3	  	Unrestricted remedies	  	40
				
		  	29.4	  	Restricted remedies	  	40
			
	30.	  	Successor Trustee	  	40
			
	31.	  	Noteholders’ Lists and Reports	  	40
				
		  	31.1	  	Provision of information	  	40
				
		  	31.2	  	Preservation of Information; Communications to US$ Noteholders	  	41
				
		  	31.3	  	Reports by Note Trustee	  	41
				
		  	31.4	  	Notices to US$ Noteholders; Waiver	  	41
				
		  	31.5	  	Reports by Trustee	  	42
			
	32.	  	Trust Indenture Act – Miscellaneous	  	42
				
		  	32.1	  	Compliance Certificates and Opinions, etc	  	42
				
		  	32.2	  	Undertaking for Costs	  	44
				
		  	32.3	  	Exclusion of section 316	  	44
				
		  	32.4	  	Unconditional Rights of US$ Noteholders to Receive Principal and Interest	  	44
				
		  	32.5	  	Conflict with Trust Indenture Act	  	45
			
	33.	  	Consent of US$ Noteholders	  	45
				
		  	33.1	  	General	  	45
				
		  	33.2	  	Special Written Approvals	  	45
				
		  	33.3	  	Requirement for writing	  	46
			
	34.	  	Prospectus and prospectus supplement	  	47
		
	SCHEDULE 1	  	50
			
		  	Form of Book-Entry Note	  	50
			
		  	Assignment	  	55
		
	SCHEDULE 2	  	56
			
		  	Information to be contained in Noteholders Report	  	56
		
	SCHEDULE 3	  	57
			
		  	Terms and Conditions of the Class [A1/A2] Notes	  	57

  

			
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	 Date
  
	  	
	 	
	 Parties
  
	  	
	 	
	 1.    
	  	Westpac Securities Administration Limited (ABN 77 000 049 472) incorporated in New South Wales of Level 20, 275 Kent Street, Sydney in its capacity as trustee of the Series
[*] WST Trust (the Trustee);
	 	
	 2.    
	  	Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) incorporated in the Australian Capital Territory of Level 20, 275 Kent Street, Sydney as trust manager in
relation to the Series [*] WST Trust (the Trust Manager);
	 	
	 3.    
	  	[tba] (Note Trustee), which expression shall, wherever the context requires, include any other person or company for the time being a trustee under this deed or trustees of
this deed; and
	 	
	 4.    
	  	[tba] (the Principal Paying Agent), which expression shall wherever the context requires, include any successor principal paying agent from time to time appointed under the
Agency Agreement.
	 	
	 Recitals
  
	  	
	 	
	 A    
	  	The Trustee has resolved at the direction of the Trust Manager to issue [US$[*] of Class A1 mortgage backed floating rate notes due [*] (the Class A1 Notes) and] US$[*] of Class A2
mortgage backed floating rate notes due [*] (the Class A2 Notes and[, together with the Class A1 notes,] the US$ Notes). The US$ Notes are to be constituted and secured in the manner provided in this deed and the other
Transaction Documents.
	 	
	 B    
	  	The Note Trustee has agreed to act as trustee for the US$ Noteholders under this deed.

 IT IS AGREED as follows. 
  

	1.	Definitions and Interpretation 

  

	
	 

	1.1	Definitions and Interpretation 

 The following
definitions apply unless the context requires otherwise. 
 [Class A1 Note Owner means, with respect to a Class A1
Book-Entry Note, the person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a person maintaining an account with such Clearing Agency (directly as a Clearing 

  

			
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Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).] 
 Class A2 Note Owner means, with respect to a Class A2 Book-Entry Note, the person who is the beneficial owner of such Book-Entry Note,
as reflected on the books of the Clearing Agency, or on the books of a person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of
such Clearing Agency). 
 Clearing Agency Participant means a broker, dealer, bank, other financial institution or other person
for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 Corporate Trust Office means the office of the Note Trustee at which at any particular time its corporate trust business is administered, which at the date of the execution of this deed is 1761 East St. Andrew Place, Santa
Ana, California 92705-4934 United States of America, or at such other address as the Note Trustee may designate by notice to the Trust Manager, US$ Noteholders and the Trustee or the principal corporate trust office of any successor Note Trustee.

 Event of Default means, in respect of a US$ Note, any of the events described in the relevant Condition 9. 
 Exchange Act means the Securities Exchange Act of 1934 of the United States of America, as amended. 
 Independent means, in relation to a person, that the person: 
  

	 	(a)	is independent of the Trustee, the Trust Manager, the Servicer, any Approved Seller and any of their Associates; 

  

	 	(b)	does not have any direct financial interest or any material indirect financial interest (other than less than 5% of the outstanding amount of any publicly traded security) in any
person referred to in paragraph (a); and 

  

	 	(c)	is not an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions of any person referred to in paragraph (a).

 Independent Certificate means, in relation to any person, a certificate or opinion from that person where that
person must be Independent, which opinion or certificate states that the signer has read the definition of Independent in this deed and that the signer is Independent within the meaning of that definition. 
 Issuer Order and Issuer Request means a written order or request signed in the name of the Trustee by any one of its
Authorised Signatories and delivered to the Note Trustee. 
 Master Trust Deed means the Master Trust Deed dated
14 February 1997 between the Trustee and The Mortgage Company Pty Limited. 
 Note Depository Agreement means the
agreement among Trustee, Note Trustee and The Depository Trust Company, as the initial Clearing Agency, dated as of the Closing Date, relating to the US$ Notes, as the same may be amended or supplemented from time to time. 
 Note Owner means [a Class A1 Note Owner or] a Class A2 Note Owner. 
  

			
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 Noteholders Report means the report to be delivered by the Trust Manager, on behalf of
the Trustee, in accordance with clause 11.1(k) containing the information set out in Schedule 2. 
 Officer’s Certificate
means a certificate signed by any Authorised Signatory of the Trustee or the Trust Manager on behalf of the Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of section 314 of the TIA.

 Opinion of Counsel means one or more written opinions of reputable legal counsel who may, except as otherwise expressly
provided in this deed, be employees of or counsel to the Trustee or the Trust Manager on behalf of the Trustee and who shall be satisfactory to the Trustee or the Note Trustee, as applicable, and which opinion or opinions shall be addressed to the
Trustee or the Note Trustee, as applicable, and shall be in form and substance satisfactory to the Trustee and the Note Trustee, as applicable. 
 Paying Agent means any institution, including where the context permits the Principal Paying Agent, at its office: 
  

	 	(a)	initially appointed as Paying Agent by the Trustee under the Agency Agreement; or 

  

	 	(b)	as may, with prior written notice to the Note Trustee, from time to time be appointed by the Trustee in relation to the US$ Notes, 

 in each case (except in the case of the initial Principal Paying Agent) where notice of the appointment has been given to the US$ Noteholders under this
deed and in accordance with the relevant Condition 12. 
 Responsible Officer means, with respect to the Note Trustee, any of
its officers, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other of its officers customarily performing functions similar to those performed by any of them and, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of, and familiarity with, the particular subject and involved in the administration of the trusts constituted under this deed. 
 Series Notice means the Series [*] WST Trust Series Notice between, among others, the Trustee, the Trust Manager, the Note Trustee and
Westpac Banking Corporation (including in its capacity as Servicer) dated on or about the date of this deed. 
 TIA means the
Trust Indenture Act of 1939 of the United States of America, as amended. 
 Trust Account means the Collection Account, the US$
Account or any other account maintained by or on behalf of the Trustee in relation to the Trust. 
 Trust Corporation means any
person eligible for appointment as a trustee under an indenture to be qualified pursuant to the TIA, as set forth in Section 310 of the TIA, which shall include Deutsche Bank Trust Company Americas for so long as it complies with such section.

  

	1.2	Definitions in Master Trust Deed, Series Notice and Conditions 

  

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

  

			
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	 	(b)	No change to the Master Trust Deed or any other document (including the order of payment set out in the Series Notice) after the date of this deed will change the meaning of terms
used in this deed or adversely affect the rights of the Note Trustee or any US$ Noteholder under this deed unless the Note Trustee has agreed in writing to the changes under this deed. 

  

	1.3	Incorporation by reference 

 Where this deed refers
to a provision of the TIA, the provision is incorporated by reference in and made part of this deed. The following terms used in the TIA have the following meaning in this deed. 
 Commission means the Securities and Exchange Commission of the United States of America. 
 indenture securities means the US$ Notes. 
 indenture security holder means a US$ Noteholder. 
 indenture to be qualified
means the Note Trust Deed. 
 indenture trustee or institutional trustee means the Note Trustee. 
 obligor on the indenture securities means the Trustee. 
 Any other term which is used in this deed in respect of a section or provision of the TIA and which is defined in the TIA by reference to another statute or defined by or in any rule of or issued by the Commission,
will have the meaning assigned to them by such definitions. 
  

	1.4	Interpretation 

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

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

  

	 	(b)	an Event of Default subsists until it has been waived in writing by the Note Trustee; 

  

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

  

	 	(d)	all references to costs or charges or expenses include any value added tax or similar tax charged or chargeable in respect of the charge or expense. 

  

	1.5	Determination, statement and certificate sufficient evidence 

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

	1.6	Document or agreement 

 A reference to: 

 

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

  

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

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

	1.7	Transaction Document 

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

	1.8	Trustee as trustee 

 In this deed, except where
provided to the contrary: 
  

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

  

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

  

	1.9	Obligations of the Trustee 

  

	 	(a)	A reference to the Trustee in each of clauses 3.6 other than the first sentence, 5, 11.1(i), 11.1(j), 31.1, 31.5 and 32.1 is a reference to the Trust Manager on behalf of the
Trustee and, failing action by the Trust Manager in accordance with the relevant clause (including any requirement to take such action within a specified time), the Trustee. 

  

	 	(b)	The Trustee shall not be liable for any act or omission by the Trust Manager where it is acting on behalf of the Trust Manager under sub-paragraph (a). 

  

	1.10	Appointment of the Note Trustee 

 The Note Trustee:

  

	 	(a)	is appointed to act as trustee on behalf of the US$ Noteholders on the terms and conditions of this deed; and 

  

	 	(b)	acknowledges and declares that it: 

  

	 	(i)	holds the sum of US$10.00 received on the date of this deed; and 

  

	 	(ii)	will hold the benefit of the obligations of the Trustee under this deed, 

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

	2.	Payments on US$ Notes 

  

	
	 

	2.1	Principal amount 

  

	 	(a)	[The aggregate initial principal amount of the Class A1 Notes is limited to US$[*].] 

  

			
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	 	(b)	The aggregate initial principal amount of the Class A2 notes is limited to US[*]. 

  

	2.2	Covenant to repay 

  

	 	(a)	The Trustee covenants with the Note Trustee that the Trustee will, in accordance with the terms of the US$ Notes (including the relevant Conditions) and the Transaction Documents
(and subject to the terms of the Transaction Documents and the relevant Conditions, including clause 29 of this deed and the relevant Condition 6) on: 

  

	 	(i)	the Maturity Date of the US$ Notes; or 

  

	 	(ii)	each earlier date as the US$ Notes, or any of them, may become repayable (whether in full or in part), 

 pay or procure to be paid unconditionally to or to the order of the Note Trustee in US$ in New York for immediate value the principal amount of the US$
Notes repayable, or in the case of a partial payment of any US$ Notes, the principal amount payable, subject to and in accordance with the terms of the US$ Notes (including the relevant Conditions). 
  

	 	(b)	Subject to clause 2.3 and to the terms of the US$ Notes (including the relevant Conditions) and the Transaction Documents, until any payment both before as well as after any
judgment or other order of a court of competent jurisdiction, the Trustee shall pay or procure to be paid unconditionally to or to the order of the Note Trustee: 

  

	 	(i)	any interest at the respective rates calculated from time to time, in accordance with and on the dates provided for in the relevant Conditions; and 

  

	 	(ii)	principal payable at the times and in the amounts as may be determined in accordance with the relevant Condition 5. 

  

	 	(c)	The Note Trustee shall hold the benefit of the covenant in this clause 2.2, and all other rights of the US$ Noteholders under the US$ Notes, on trust for the benefit of the US$
Noteholders. 

  

	2.3	Deemed payment 

  

	 	(a)	Any payment of principal or interest in respect of US$ Notes to or to the account of the Principal Paying Agent in the manner provided in clause 3 of the Agency Agreement shall
satisfy the covenant in relation to those US$ Notes by the Trustee in this clause 2 to the extent of that payment. 

  

	 	(b)	Payment by the Trustee of its payment obligations on each [Class A1 Payment Date or] Payment Date [(as the case may be)] under the Series Notice and the relevant Conditions to the
Principal Paying Agent shall discharge the Trustee of those payment obligations. 

  

	 	(c)	The Trustee shall not be liable for any act or omission or default of the Principal Paying Agent under this deed. 

  

	2.4	Following Event of Default 

  

	 	(a)	 At any time after an Event of Default in respect of any US$ Notes has occurred of which a Responsible Officer has actual awareness of or received written notice of,
or at any time 

  

			
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after Definitive Notes have not been issued when so required in accordance with the relevant Conditions, the Note Trustee may: 

 

	 	(i)	by notice in writing to the Trustee, the Trust Manager, the Principal Paying Agent, the other Paying Agents and the Calculation Agent require the Principal Paying Agent, the other
Paying Agents and the Calculation Agent under the Agency Agreement either: 

  

	 	  (A)     (1)          	to act as Principal Paying Agent and Paying Agents and Calculation Agent respectively of the Note Trustee in relation to payments to be made by or on behalf of the Note Trustee
under the provisions of this deed on the terms of the Agency Agreement; and 

  

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

  

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

  

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

  

	 	(b)	The payment by the Trustee of its payment obligations on each [Class A1 Payment Date or] Payment Date under the Series Notice and the relevant Conditions to the Note Trustee in
accordance with paragraph (a) shall be a good discharge to the Trustee to the extent of such payment. 

  

	 	(c)	The Trustee shall not be liable for any act or omission or default of the Note Trustee during the period it is required to make payments in respect of any US$ Notes to the Note
Trustee under paragraph (a). 

  

	2.5	Requirements of Paying Agent 

 The Trustee will
cause each Paying Agent to execute and deliver to the Note Trustee an instrument in which that Paying Agent shall agree with the Note Trustee, subject to the provisions of this clause, that such Paying Agent shall: 
  

	 	(a)	hold on trust for the Note Trustee and the US$ Noteholders all sums held by that Paying Agent for the payment of principal and interest with respect to the US$ Notes until all
relevant sums are paid to the Note Trustee or the US$ Noteholders or otherwise disposed of as provided in this deed; and 

  

	 	(b)	 immediately notify in writing by facsimile the Note Trustee, the Trustee, the Security Trustee and the Trust Manager if the full amount of any payment of principal
or interest 

  

			
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required to be made by the Series Notice and relevant Conditions in respect of any US$ Notes is not unconditionally received by it or to its order in
accordance with the Agency Agreement. 

  

	2.6	Certification 

 For the purposes of any redemption
of US$ Notes under the relevant Condition 5, the Note Trustee may rely upon an Officer’s Certificate from the Trust Manager on behalf of the Trustee certifying or stating, the opinion of each person signing that Officer’s Certificate as to
the following matters: 
  

	 	(a)	the fair value (within 90 days of such release) of the property or securities to be released from the Security Trust Deed; 

  

	 	(b)	that the proposed release will not impair the security under the Security Trust Deed in contravention of the provisions of the Security Trust Deed or this deed; and

  

	 	(c)	that the Trustee will be in a position to discharge all its liabilities in respect of the US$ Notes and any amounts required under the Security Trust Deed to be paid in priority to
or pari passu with those US$ Notes, 

 and that Officer’s Certificate shall be conclusive and binding on the
Trustee, the Note Trustee and the holders of those US$ Notes. 
  

	2.7	Determinations 

 If the Trust Manager does not at
any time for any reason determine a Principal Payment, the Invested Amount, the Stated Amount or the Bond Factor applicable to any US$ Notes in accordance with the relevant Condition 5.11(a), the Principal Payment, Invested Amount, the Stated Amount
and the Bond Factor for those US$ Notes may be determined by the Note Trustee in accordance with the relevant Condition 5.11(c) (but based on the information in its possession) and each such determination or calculation shall be deemed to have been
made by the Trust Manager, and the Note Trustee shall have no liability in respect thereof other than as a result of the gross negligence or wilful default of the Note Trustee. 
  

	3.	Form of, Issue of and Duties and Taxes on, US$ Notes 

  

	
	 

	3.1	Issue of Book-Entry Notes 

  

	 	(a)	Each Class of US$ Notes shall on issue be represented by one or more Book-Entry Notes. 

  

	 	(b)	Each Book-Entry Note must be signed manually or by facsimile by an Authorised Signatory of the Trustee on behalf of the Trustee and must be manually authenticated by an Authorised
Signatory of the Principal Paying Agent. 

  

	3.2	Form of Book-Entry Notes 

  

	 	(a)	Each Book-Entry Note shall be typed in the form or substantially in the form set out in schedule 1. 

  

	 	(b)	 The procedures relating to the exchange, authentication, delivery, surrender, cancellation, presentation, marking up or down of any of the Book-Entry Note (or part
of the Book-Entry Note and any other matters to be carried out by the relevant parties upon exchange (in 

  

			
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whole or part) of any US$ Note shall be made in accordance with the provisions of the relevant terms of the Book-Entry Notes and the normal practice of the
Common Depositary, the Principal Paying Agent and the rules and procedures of the Clearing Agency from time to time. 

  

	 	(c)	The Book-Entry Notes in respect of: 

  

	 	(i)	[the Class A1 notes shall be in an aggregate principal amount of US$[*]; and] 

  

	 	(ii)	the Class A2 Notes shall be in an aggregate principal amount of US$[*]. 

  

	 	(d)	The Trustee shall procure that, prior to the issue and delivery of any Book-Entry Note, that Book-Entry Note will be authenticated manually by an Authorised Signatory of the
Principal Paying Agent and no Book-Entry Note shall be valid for any purpose unless and until so authenticated. A Book-Entry Note so executed and authenticated shall be binding and valid obligations of the Trustee. Until a Book-Entry Note (or part
of a Book-Entry Note) has been exchanged pursuant to this deed, it (or that part) shall in all respects be entitled to the same benefits as a Definitive Note. Each Book-Entry Note shall be subject to this deed except that the registered owner of a
Book-Entry Note shall be the only person entitled to receive payments from the Principal Paying Agent of principal or interest in relation to it. 

  

	 	(e)	Each Class of US$ Notes upon original issue will be issued in the form of typewritten Notes representing the relevant Book-Entry Notes. The Trustee shall, on the date of this deed,
deliver or arrange the delivery on its behalf to the Principal Paying Agent, as agent for the Clearing Agency, of the Book-Entry Notes. The Book-Entry Notes shall initially be registered on the Note Register in the name of the Common Depositary as
nominee of the Clearing Agency, and no US$ Note Owner will receive a Definitive Note representing such US$ Note Owner’s interest in such US$ Note, except as provided in clause 3.3. 

  

	 	(f)	Whenever a notice or other communication to any US$ Noteholders is required under this deed, unless and until Definitive Notes shall have been issued to US$ Note Owners pursuant to
clause 3.3, the Note Trustee shall give all such notices and communications specified herein to be given to those US$ Noteholders to the Clearing Agency, and shall have no obligation to the those US$ Note Owners in this regard.

  

	 	(g)	Unless and until the Definitive Notes have been issued to a US$ Note Owner pursuant to clause 3.3: 

  

	 	(i)	the provisions of this clause shall be in full force and effect; 

  

	 	(ii)	the Note Registrar, the Trustee, the Trust Manager, each Paying Agent and the Note Trustee shall be entitled to deal with the Clearing Agency for all purposes of this deed
(including the payment of principal of and interest on the relevant US$ Notes and the giving of instructions or directions hereunder) as the sole holder of the relevant US$ Notes, and shall have no obligation to any US$ Note Owners;

  

	 	(iii)	to the extent that the provisions of this clause conflict with any other provisions of this deed, the provisions of this clause shall prevail; 

  

	 	(iv)	 the rights of the relevant US$ Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements

  

			
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between such US$ Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until
Definitive Notes are issued pursuant to clause 3.3, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal and interest on the relevant US$ Notes to such
Clearing Agency Participants; and 

  

	 	(v)	whenever this deed requires or permits actions to be taken based upon instructions or directions of US$ Note Owners evidencing a specific percentage of all Invested Amounts of all
US$ Notes of the relevant Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from the relevant US$ Note Owners and/or Clearing Agency Participants owning or
representing, respectively, such required percentage of the beneficial interest in the relevant US$ Notes and has delivered such instructions to the Principal Paying Agent. 

  

	3.3	Definitive Notes 

 If: 
  

	 	(a)	the Trust Manager advises the Principal Paying Agent, the Note Registrar and the Note Trustee in writing that the Clearing Agency is no longer willing or able properly to discharge
its responsibilities with respect to any US$ Notes or the Clearing Agency or its successor and the Trust Manager is unable to locate a qualified successor; 

  

	 	(b)	the Trustee, at the direction of the Trust Manager (at the Trust Manager’s option) advises the Principal Paying Agent the Note Registrar and the Note Trustee in writing that
the book-entry system through the Clearing Agency is or is to be terminated; or 

  

	 	(c)	after the occurrence of an Event of Default, the US$ Note Owners representing beneficial interests aggregating to at least a majority of the aggregate Invested Amount of a Class of
US$ Notes, advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer in the best interests of those US$ Note Owners, 

 then the Principal Paying Agent shall notify all of the appropriate US$ Note Owners and the Trustee of the occurrence of any such event and of the
availability of Definitive Notes to such US$ Note Owners requesting the same. Upon the surrender of the relevant Book-Entry Notes to the Trustee by the Clearing Agency, and the delivery by the Clearing Agency of the relevant registration
instructions to the Trustee, the Trustee (with the assistance of the Trust Manager) shall execute and procure the Principal Paying Agent to authenticate the relevant Definitive Notes in accordance with the instructions of the Clearing Agency.

 Those Definitive Notes will be serially numbered and shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as determined by the Authorised Signatories executing such Definitive Notes, as evidenced by their execution of such Definitive Notes. 
 Neither the Note Registrar nor the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. 
  

			
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	3.4	Stamp and Other Taxes 

 The Trustee will pay any
stamp and other duties and Taxes payable in Australia, the United Kingdom, Belgium, Luxembourg or the United States on or in connection with: 
  

	 	(a)	the execution of the Transaction Documents; 

  

	 	(b)	the constitution and original issue and delivery of the US$ Notes; and 

  

	 	(c)	any action taken by the Note Trustee or (where permitted under this deed so to do), the Clearing Agency, or any US$ Note Owner to enforce the provisions of the US$ Notes or the
Transaction Documents. 

  

	3.5	Indemnity for non-issue 

 If the Trustee is
required to issue, or procure the issue of, Definitive Notes following an event specified in clause 3.3 but fails to do so within 30 days of delivery to the Trustee of the Book-Entry Notes in accordance with clause 3.3 then the Trustee shall,
subject to clause 29.2, indemnify the Note Trustee, the relevant US$ Noteholders and the relevant US$ Note Owners and keep them indemnified, against any loss or damage incurred by any of them if the amount received by the Note Trustee, the
relevant US$ Noteholders or the relevant US$ Note Owners is less than the amount that would have been received had Definitive Notes been issued within the 30 days referred to above. If and for so long as the Trustee discharges its obligations under
this indemnity, the breach by the Trustee of the provisions of clause 3.3 shall be deemed to be cured. The Trust Manager must promptly advise the Trustee if it becomes actually aware of the occurrence of the relevant event and the Trustee shall
promptly notify the Note Trustee in writing of the relevant event. 
  

	3.6	Note Register and Note Registrar 

  

	 	(a)	The Trustee shall keep or cause to be kept the Note Register in which, subject to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of
the US$ Notes and the registration of transfers of US$ Notes. The Note Registrar will be responsible for registering the US$ Notes and all transfers of US$ Notes as herein provided. The Trustee may, on giving prior written notice to the Note
Trustee, appoint another person as Note Registrar. Upon any resignation or removal of any Note Registrar under the Agency Agreement, the Trustee with the assistance of and at the direction of, the Trust Manager shall promptly appoint a successor or,
if it elects not to make such an appointment, itself assume the duties of the Note Registrar, subject to giving prior written notice to the Note Trustee. 

  

	 	(b)	Upon surrender for registration of transfer of any US$ Note at the office or agency of the Trustee to be maintained as provided in clause 11.1, if the requirements of
Section 8-401(a) of the Uniform Commercial Code of New York (the UCC) are met the Trustee shall execute and upon its written direction the Principal Paying Agent shall authenticate and the US$ Noteholder shall obtain from the Note
Trustee, in the name of the designated transferee or transferees, one or more new US$ Notes of the relevant Class, in any authorised denominations, and a like aggregate principal amount. 

  

	 	(c)	 At the option of a US$ Noteholder, US$ Notes may be exchanged for other US$ Notes of the relevant Class in any authorised denominations, and a like aggregate
principal amount, 

  

			
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upon surrender of the US$ Notes to be exchanged at such office or agency. Whenever any US$ Notes are so surrendered for exchange, if the requirements of
Section 8-401(a) of the UCC are met the Trustee shall execute and upon its written request the Principal Paying Agent shall authenticate and the US$ Noteholder shall obtain from the Note Trustee, the US$ Notes which the US$ Noteholder making
the exchange is entitled to receive. 

  

	 	(d)	Every US$ Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in a form
satisfactory to the Note Registrar duly executed by, the US$ Noteholder thereof or such US$ Noteholder’s attorney duly authorised in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar which requirements include membership or participation of Securities Transfer Agents Medallion Program (Stamp) or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Note Registrar may require. 

  

	 	(e)	No Service charge shall be made to a US$ Noteholder for any registration of transfer or exchange of US$ Notes, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of US$ Notes. 

  

	 	(f)	The preceding provisions of this section notwithstanding, the Trustee shall not be required to make and the Note Registrar need not register transfers or exchanges of US$ Notes
selected for redemption or of any US$ Note for a period of 30 days preceding the due date for any payment with respect to the US$ Note. 

  

	4.	Covenant of compliance 

  

	
	 

 The Trustee covenants with the Note Trustee that it will comply with and perform and observe all
provisions of the Transaction Documents which are expressed to be binding on it for the benefit of the Note Trustee or any US$ Noteholder. The Transaction Documents to which the Trustee and Note Trustee are a party and the relevant Conditions shall
be binding on the Trustee, the Note Trustee and the US$ Noteholders. The Note Trustee is entitled to enforce the obligations of the Trustee under the US$ Notes and the relevant Conditions as if the same were set out and contained in this deed (which
shall be read and construed as one document with the US$ Notes). 
  

	5.	Cancellation of US$ Notes 

  

	
	 

	5.1	Cancellation 

 The Trustee shall procure that all
US$ Notes: 
  

	 	(a)	which have been surrendered for payment, registration of transfer, exchange or redemption; or 

  

	 	(b)	in the case of any Definitive Note, which, being mutilated or defaced, have been surrendered and replaced under the relevant Condition 11, 

  

			
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 shall forthwith be cancelled by or on behalf of the Trustee. 
  

	5.2	Records 

 The Trustee shall procure that:

  

	 	(a)	the Principal Paying Agent and the Note Registrar, between them, keep a full and complete record of all US$ Notes and of their redemption, payment, exchange or cancellation (as the
case may be) and of all replacement US$ Notes, issued in substitution for lost, stolen, mutilated, defaced or destroyed Definitive Notes; and 

  

	 	(b)	such records shall be made available to the Note Trustee at all reasonable times. 

  

	6.	Enforcement 

  

	
	 

	6.1	Actions following Event of Default 

 At any time
while an Event of Default is subsisting in respect of any Class of US$ Notes, the Note Trustee may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to the relevant Conditions 9 and 10) and, subject to the Note Trustee being indemnified
and/or secured to its satisfaction, shall if instructed to do so by an Extraordinary Resolution of the relevant US$ Noteholders, at its discretion and without further notice take any action available to it to direct the Security Trustee to:

  

	 	(a)	institute any proceedings against the Trustee which are permitted under the Transaction Documents; 

  

	 	(b)	enforce the security created under the Security Trust Deed (including anything set out in clause 8.2 of the Security Trust Deed); and 

  

	 	(c)	enforce repayment of the US$ Notes together with accrued interest and any other moneys payable to the Note Trustee, the US$ Noteholders or under the Transaction Documents.

  

	6.2	Evidence of default 

 If the Security Trustee or
the Note Trustee takes any action against the Trustee to enforce any of the provisions of any US$ Notes or this deed, proof that as regards any US$ Note, the Trustee has not paid any principal or interest due in respect of that US$ Note shall
(unless the contrary is proved) be sufficient evidence that the Trustee has not paid that principal or interest on all other US$ Notes of the relevant Class in respect of which the relevant payment is then due. 
  

	6.3	Overdue interest 

 The rates of interest payable in
respect of any US$ Note which has become due and repayable in full and which has not been repaid shall be calculated at three-monthly intervals, commencing on the expiry of the Coupon Period for the US$ Note during which the US$ Note became due and
repayable in accordance with the provisions of the relevant Condition 4 except that no notices need be given to US$ Noteholders, in relation to that interest. 
  

	6.4	Restrictions on enforcement 

  

	 	(a)	 If any of the US$ Notes remain outstanding and are due and payable otherwise than by reason of a default in payment of any amount due on those US$ Notes, the Note
Trustee 

  

			
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must not vote under the Security Trust Deed to, or otherwise direct the Security Trustee to, dispose of the Mortgaged Property unless either:

  

	 	(i)	a sufficient amount would be realised to discharge in full all amounts owing to the relevant US$ Noteholders and any other amounts payable by the Trustee ranking in priority to or
pari passu with those US$ Notes; or 

  

	 	(ii)	the Note Trustee receives at any time and from time to time the advice of a merchant bank or other financial adviser selected by the Note Trustee (such advice to be an Expense of
the Trust), stating that the cash flow receivable by the Trustee (or the Security Trustee under the Security Trust Deed) will not (or that there is a significant risk that it will not) be sufficient, having regard to any other relevant actual,
contingent or prospective liabilities of the Trustee, to discharge in full in due course all the amounts referred to in paragraph (i). 

  

	 	(b)	Neither the Note Trustee nor the Security Trustee will be liable for any decline in the value, nor any loss realised upon any sale or other dispositions made under the Security
Trust Deed, of any Mortgaged Property or any other property which is charged to the Security Trustee by any other person in respect of or relating to the obligations of the Trustee or any third party in respect of the Trustee or the US$ Notes or
relating in any way to the Mortgaged Property. Without limitation, neither the Note Trustee nor the Security Trustee shall be liable for any such decline or loss directly or indirectly arising from its acting, or failing to act, as a consequence of
advice received by it in accordance with paragraph (a). 

  

	7.	Proceedings 

  

	
	 

	7.1	Acting only on direction 

  

	 	(a)	Subject to paragraph (b), the Note Trustee shall not be bound to vote under the Security Trust Deed, or otherwise direct the Security Trustee under the Security Trust Deed, or take
any proceedings, actions, steps or give any consents under, or any other proceedings pursuant to or in connection with, the Security Trust Deed, this deed, or any US$ Notes, unless directed or requested to do so in writing by holders of at least 75%
of the aggregate Invested Amount of US$ Notes of the relevant Class or Classes and then only if the Note Trustee is indemnified and/or secured to its satisfaction against all actions, proceedings, claims and demands to which it may render itself
liable and all costs, charges, damages and expenses (including, without limitation, all legal fees and expenses properly incurred and any value added or similar tax applicable thereto) which it may incur by so doing; or 

  

	 	(b)	The Note Trustee shall be protected with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of the required
aggregate Invested Amount of the US$ Notes of the relevant Class or Classes in accordance with this deed relating to the time, method and place of conducting any proceeding for any remedy available to, or exercising any trust or power conferred upon
it, under this deed. 

  

			
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	7.2	Security Trustee acting 

 Only the Security Trustee
may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any US$ Noteholder or US$ Note Owner is entitled to proceed directly against the Trustee to enforce the performance of any of the provisions of the Security Trust
Deed. 
  

	7.3	Note Trustee alone entitled to act 

 Only the Note
Trustee may: 
  

	 	(a)	direct the Security Trustee to enforce or not to enforce the security created pursuant to the Security Trust Deed; or 

  

	 	(b)	enforce the provisions of this deed, or the US$ Notes (including the relevant Conditions), 

 and no US$ Noteholder or US$ Note Owner is entitled to take any of the above actions or to proceed directly against the Trustee to enforce the
performance of any of the provisions of this deed or the US$ Notes (including the relevant Conditions). 
  

	7.4	Available amounts 

 For the purpose of Condition
5.12 of any US$ Notes, the Note Trustee shall be deemed not to be satisfied that the Trustee will be in a position to discharge the liabilities referred in that Condition unless, either: 
  

	 	(a)	the Trustee will have available to it sufficient cash in the Collection Account and sufficient Authorised Investments which will mature on or before the relevant [Class A1 Payment
Date or] Payment Date [(as the case may be)] after making any other payments or provisions having priority in order of application under the applicable provisions of the Security Trust Deed; or 

  

	 	(b)	the Trustee has entered into a legally binding contract with an entity either whose long term unsecured and unguaranteed debt is rated at least AA- by S&P and at least Aa3 by
Moody’s or whose short term unsecured and unguaranteed debt securities are rated at least A-1 by S&P and at least P-1 from Moody’s to provide sufficient cash on or before the relevant [Class A1 Payment Date or] Payment Date [(as the
case may be)] to enable the Trustee to discharge the relevant liabilities. 

  

	7.5	Conflict of interests 

 The Note Trustee shall,
with respect to all the powers, trusts, authorities, duties and discretions vested in it by the Transaction Documents, except where expressly provided otherwise, have regard solely to the interests of the US$ Noteholders. 
  

	8.	Notice of Payment 

  

	
	 

 The Note Trustee shall give notice to the US$ Noteholders in accordance with the relevant Condition
12 of the day fixed for any payment to them of amounts received by the Note Trustee under clause 16 of the Security Trust Deed. 
  

			
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	9.	Investment by Note Trustee 

  

	
	 

	 	(a)	Any amount which, under the trusts of this Deed ought to or may be invested by the Note Trustee, may be invested by the Note Trustee (in accordance with the written directions of
the Trust Manager) in any Authorised Investments and the Note Trustee may at any time or times vary any Authorised Investments into other Authorised Investments and shall not be responsible for any loss due to depreciation in value or otherwise
resulting from any Authorised Investments made by it except as a result of its own wilful misconduct, negligence, default, breach of duty or breach of trust. 

  

	 	(b)	The Note Trustee shall have no obligation to invest and reinvest any cash held by it in the absence of timely and specific written investment direction from the Trust Manager. In no
event shall the Note Trustee: 

  

	 	(i)	be liable for the selection of investments or for investment losses incurred on investments made under this clause 9; or 

  

	 	(ii)	have any liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Trust Manager to provide timely
written investment direction, 

 except as a result of its own wilful misconduct, negligence, default, breach of duty or
breach of trust. 
  

	 	(c)	The Note Trustee or its affiliates are permitted to receive additional compensation that could be deemed to be in the Note Trustee’s economic self-interest for:

  

	 	(i)	serving as investment adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Authorised Investments;

  

	 	(ii)	using affiliates to effect transactions in certain Authorised Investments; and 

  

	 	(iii)	effecting transactions in certain Authorised Investments, 

 provided that such compensation shall not be an Expense of the Trust nor an expense payable by the Trustee to the Note Trustee under clause 12. 
  

	 	(d)	The Note Trustee does not guarantee the performance of any Authorised Investment. 

  

	10.	Partial Payments 

  

	
	 

 In the case of Definitive Notes, on any payment of amounts received by or on behalf of the Note
Trustee under clause 16 of the Security Trust Deed (other than the payment in full against surrender of a Definitive Note) the Definitive Note in respect of which such payment is made shall be produced to the Note Trustee or the Paying Agent by or
through whom such payment is made and the Note Trustee shall or shall cause the Paying Agent to enface on the Definitive Note a memorandum of the amount and the date of payment, but the Note Trustee may in any particular case dispense with that
production and enfacement upon such indemnity and/or security being given to the Note Trustee by the recipient of the payment as the Note Trustee considers sufficient. 
  

			
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	11.	Covenants by the Trustee and Trust Manager 

  

	
	 

	11.1	Covenants by the Trustee and Trust Manager 

 Each
of the Trustee and the Trust Manager undertakes to the Note Trustee, for itself and on behalf of the US$ Noteholders of each Class of US$ Notes as follows in relation to the Trust for so long as any of the relevant US$ Notes remain outstanding
(except to the extent that the Note Trustee otherwise consents). 
  

	 	(a)	(Master Trust Deed covenants) It will comply with its covenants in clause 18, 22 or 29 of the Master Trust Deed. 

  

	 	(b)	(Transaction Documents): 

  

	 	(i)	It will ensure that it complies with its obligations under the Transaction Documents. 

  

	 	(ii)	It will use its best endeavours to procure that each other party to a Transaction Document complies with and performs its obligations under that Transaction Document.

  

	 	(c)	(Information) It will give to the Note Trustee a copy of any information relating to the Trust that the Note Trustee reasonably requests in connection with the exercise and
performance of its powers and obligations under this deed. 

  

	 	(d)	(Notify Events of Default) 

  

	 	(i)	It will promptly notify the Note Trustee in writing if, to the knowledge of its officers who are responsible for the administration of the Trust, it becomes actually aware of the
occurrence of an Event of Default, Trustee’s Default, Servicer Transfer Event, Title Perfection Event or Trust Manager’s Default including full details (to the extent known, without making any enquiry) of that Event of Default,
Trustee’s Default, Servicer Transfer Event, Title Perfection Event or Trust Manager’s Default (as the case may be). 

  

	 	(ii)	The Trustee will provide the Note Trustee with a certificate signed by an Authorised Signatory of the Trustee on each anniversary of this deed, and at any other time within 14 days
of request by the Note Trustee, confirming: 

  

	 	(A)	whether or not any Event of Default is subsisting of which it is actually aware; 

  

	 	(B)	any other matter which is required to be notified to the Note Trustee under the Transaction Documents and which has not previously been so notified; and 

  

	 	(C)	that the Trustee has complied with its obligations under this deed. 

  

	 	(e)	 (Maintenance of Office or Agency) The Trustee will maintain in the Borough of Manhattan, The City of New York, an office or agency where US$ Notes may be
surrendered for registration of transfer or exchange. The Trustee hereby initially appoints the Principal Paying Agent to serve as its agent for the foregoing purposes, located (through the office of the Principal Paying Agent’s agent) at DTC
Transfer Services, 55 Water Street, 

  

			
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Jeanette Park Entrance, New York, NY 10041. The Principal Paying Agent shall act solely for, and as agent of, the Trustee and shall not have any obligations
towards or relationship or agency or trust with any other person in respect of its appointment under this sub-paragraph (e). The Trustee will give prompt written notice to the Note Trustee of the location, and of any change in the location, of any
such office or agency. Notices and demands to or upon the Trustee in respect of any US$ Notes and this deed may be made or served at the Corporate Trust Office, and the Trustee hereby appoints the Note Trustee as its agent to receive all such
surrenders, notices and demands. The Trust Manager shall procure that the Trustee maintains, if European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000 is
brought into force, a Paying Agent in a member state of the European Union that will not be obliged to withhold or deduct tax pursuant to any such directive or any law implementing or complying with, or introduced to conform with such directive.

  

	 	(f)	(Calculation Agent) It will procure that, so long as any of the US$ Notes remain outstanding, there will at all times be a Calculation Agent. 

  

	 	(g)	(Change to Paying Agents or Calculation Agent) It will give notice to the US$ Noteholders in accordance with the Agency Agreement and the relevant Condition 12 of:

  

	 	(i)	any appointment, resignation or removal of any Paying Agent (other than the appointment of the initial Principal Paying Agent) or Calculation Agent; 

  

	 	(ii)	any change to any Paying Agent’s Paying Office (as defined in the Agency Agreement); or 

  

	 	(iii)	any change to the Calculation Agent’s Specified Office (as defined in the Agency Agreement). 

  

	 	(h)	(Notices) It will promptly give to the Note Trustee, or ensure that the Note Trustee receives, two copies of the form of every notice given to any US$ Noteholders in
accordance with Condition 12. 

  

	 	(i)	(Annual Statement as to Compliance) The Trustee will deliver to the Note Trustee, within 120 days after the end of each fiscal year of the Trust (commencing on [*]), and
otherwise in compliance with the requirements of section 314(a)(4) of the TIA, an Officer’s Certificate stating that: 

  

	 	(i)	a review of the activities of the Trustee in respect of the Trust during such year and of performance under the Transaction Documents has been made under supervision of the person
signing the Officer’s Certificate (the Signatory); and 

  

	 	(ii)	to the best of the knowledge of the Signatory, based on the review referred to in sub-paragraph (i), the Trustee has complied with all conditions and covenants under the Transaction
Documents throughout the relevant year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to the Signatory of the nature and status of the default. 

 For the purposes of this clause 11.1(i) compliance shall be determined without regard to any period of grace or requirement of notice under the
Transaction Documents. 
  

			
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	 	(j)	(Opinions as to Trust Estate) On the Closing Date, the Trustee shall furnish to the Note Trustee an Opinion of Counsel (who may be counsel for the Trustee) either stating
that in the opinion of such counsel the Security Trust Deed and any other requisite documents has been properly recorded and filed so as to make effective the Security Interest intended to be created by the Security Trust Deed, and reciting the
details of such action, or stating that in the opinion of such counsel no such action is necessary to make such Security Interest effective. 

 Within 120 days after the end of each fiscal year commencing on [*] the Trustee shall furnish to the Note Trustee an Opinion of Counsel (who may be the counsel for the Trustee) either stating that in the opinion of
such counsel such action has been taken with respect to the recording, filing, re-recording, and refiling of the Security Trust Deed and any other requisite documents as is necessary to maintain the Security Interest created by the Security Trust
Deed, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such Security Interest. 
  

	 	(k)	(Noteholder Report) 

  

	 	(i)	The Trustee (or the Trust Manager on its behalf) shall deliver to the Principal Paying Agent on each Collection Determination Date the Noteholders Report for the related Collection
Period, with written instructions for the Principal Paying Agent to forward the Noteholders Report to each US$ Noteholder. 

  

	 	(ii)	Each Noteholders Report shall contain the information set out in Schedule 2. 

  

	12.	Remuneration of Note Trustee 

  

	
	 

	12.1	Fee 

 The Trustee shall pay to the Note Trustee a
fee as agreed in a separate fee letter between them. 
  

	12.2	Additional Remuneration 

 If the Note Trustee gives
a notice under Condition 10 of any US$ Note, or it undertakes duties which the Trustee requests it to undertake and which duties the Note Trustee, the Trust Manager and the Trustee agree to be of an exceptional nature or otherwise outside the scope
of the normal duties of the Note Trustee under this deed, the Trustee shall pay to the Note Trustee any additional remuneration as they agree. 
  

	12.3	Costs, expenses 

  

	 	(a)	The Trustee shall also reimburse, pay or discharge all reasonable costs, charges, liabilities and expenses (including, without limitation, legal fees and expenses properly incurred
and any value added or similar tax applicable thereto) and any stamp and other Taxes or duties paid by the Note Trustee in connection with properly undertaking its duties under the Transaction Documents and in connection with any legal proceedings
brought by the Note Trustee to enforce any obligation under this deed or the US$ Notes. The Note Trustee shall not be reimbursed for any overhead or general operating expenses incurred by the Note Trustee. 

  

			
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	 	(b)	Subject to clause 29 and without prejudice to the right of indemnity by law given to trustees, the Trustee indemnifies the Note Trustee, its officers, directors, employees and
authorised agents and every other person properly appointed by it under this deed from and against all liabilities, losses, damages, costs, expenses (including, without limitation, legal fees and expenses properly incurred and any value added or
similar tax applicable thereto), actions, proceedings, claims and demands incurred by or made against it or him in the execution of the trusts of this deed or of their powers or in respect of any matter or thing done or omitted in any way relating
to this deed and the Transaction Documents or any documents executed in connection with this deed or any Transaction Document (other than arising from any breach of trust, fraud, wilful default or negligence by the Note Trustee or that person).

  

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

  

	 	(d)	Subject to this deed, the obligation of the Trustee under this clause 12 shall survive the termination of this deed or the earlier resignation or removal of the Note Trustee.

  

	12.4	Overdue rate 

 All sums payable by the Trustee
under clause 12.3 shall be payable by the Trustee on the next [Class A1 Payment Date or] Payment Date [(as the case may be)] in the order set out in the Series Notice or (if applicable) the Security Trust Deed and shall carry interest at the rate of
[One Month LIBOR] (in the case of sums payable in US$) and the Bank Bill Rate (in the case of sums payable in A$) (as applicable) from the due date. Any amount payable shall carry interest at that rate from the due date to the date of actual
payment. 
  

	12.5	Continuing obligation 

 Unless otherwise
specifically stated in any discharge relating to this deed the provisions of this clause shall continue in full force and effect notwithstanding such discharge. 
  

	13.	Note Trustee 

  

	
	 

	13.1	Preferential Collection of Claims Against Trustee 

 The Note Trustee shall comply with section 311(a) of the TIA, excluding any creditor relationship listed in section 311(b) of the TIA. A Note Trustee who has resigned or been removed shall be subject to section 311(a) of the TIA to the
extent required by the TIA. 
  

	13.2	Duties of Note Trustee 

  

	 	(a)	 If an Event of Default has occurred and is subsisting, of which a Responsible Officer of the Note Trustee has actual knowledge, the Note Trustee shall exercise the
rights and powers 

  

			
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vested in it by this deed and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs. 

  

	 	(b)	Except while an Event of Default subsists: 

  

	 	(i)	the Note Trustee undertakes to perform such duties and only such duties as are specifically set forth in this deed and no implied covenants or obligations shall be read into this
deed against the Note Trustee; and 

  

	 	(ii)	in the absence of bad faith on its part, the Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Note Trustee and conforming to the requirements of this deed; however, the Note Trustee shall examine the certificates and opinions to determine whether or not they appear on their face to conform to the
requirements of this deed. 

  

	 	(c)	The Note Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that:

  

	 	(i)	this paragraph does not limit the effect of paragraph (a) of this clause; and 

  

	 	(ii)	the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Note Trustee was negligent in ascertaining
the pertinent facts. 

  

	 	(d)	Section 315(d)(3) of the TIA is expressly excluded by this deed. 

  

	13.3	Obligations of Note Trustee 

 The Note Trustee
represents and warrants that it is duly qualified to assume its obligations under this deed and has obtained all necessary approvals required to perform its obligations under this deed. 
  

	13.4	Notice of Defaults 

 If an Event of Default occurs
and is subsisting and a Responsible Officer of the Note Trustee has actual knowledge of that Event of Default, the Note Trustee shall mail to each US$ Noteholder notice of the Event of Default within 90 days after becoming so aware. 
  

	13.5	Rights of Note Trustee 

  

	 	(a)	The Note Trustee may conclusively rely (and shall, save as provided herein, be fully protected in acting or refraining from acting) on any document believed by it to be genuine and
to have been signed or presented by the proper person. The Note Trustee need not investigate any fact or matter stated in such document and shall not be responsible for the accuracy and/or completeness of any information supplied to it by the
Trustee, the Trust Manager or any other person in connection with any of the Transaction Documents and shall not (save as otherwise provided herein) be liable or responsible for any losses to any person, howsoever caused, as a result of taking or
omitting to take any action whatsoever in relation to any such documents, or otherwise. 

  

	 	(b)	 Before the Note Trustee acts or refrains from acting, it may in its absolute discretion require an Officer’s Certificate or an Opinion of Counsel. The Note
Trustee shall not be liable for 

  

			
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any action it takes, suffers or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

  

	 	(c)	No provision of this deed shall require the Note Trustee to expend or risk its own funds or otherwise incur any liability (financial or otherwise) in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity and/or security satisfactory to it against such risk or liability is not assured to it.

  

	 	(d)	The Note Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this deed (other than in relation to its own execution of this deed) or
the US$ Notes, shall not be accountable for the Trustee’s use of the proceeds from the US$ Notes, and shall not be responsible for any statement of the Trustee in this deed or in any document issued in connection with the sale of the US$ Notes
or in the US$ Notes. 

  

	 	(e)	The Note Trustee may in relation to this deed act on the advice or opinion of or any information obtained from any lawyer, valuer, accountant, banker, broker, credit-rating agency,
lead manager or other expert whether obtained by the Trustee, the Note Trustee, the Trust Manager, the Servicer or otherwise and (provided, in the case of lawyers, etc. retained by the Note Trustee, that the Note Trustee exercises reasonable care in
selecting those lawyers, etc.) shall not be liable to any party for any liability, loss, damage, cost, expense, action, proceedings, claims or demands, howsoever and by whomsoever incurred, as a result thereof. 

  

	 	(f)	Any advice, opinion or information including but not limited to advice, opinion or information from any lawyer, valuer, accountant, banker, broker, credit-rating agency or lead
manager, whether obtained by the Trustee, the Note Trustee, the Trust Manager, the Servicer or otherwise, may be sent or obtained by letter, telex, telegram, e-mail, facsimile transmission or cable and the Note Trustee shall not be liable for acting
on any such advice, opinion or information purporting to be conveyed by any such letter, telex, telegram, e-mail, facsimile transmission or cable although the same shall contain some error or shall not be authentic. 

  

	 	(g)	The Note Trustee may call for and shall be at liberty to accept as sufficient evidence of any fact or matter or the expediency of any transaction or thing a certificate signed by an
Authorised Signatory of the Trustee or the Trust Manager (as the case may be) and the Note Trustee shall not be bound in any such case to call for further evidence or be responsible for any loss that may be occasioned by the Note Trustee acting on
that certificate. 

  

	 	(h)	The Note Trustee is at liberty to hold or to place this deed and any other documents relating to this deed in any part of the world with any banker or banking company or company
whose business includes undertaking the safe custody of documents or lawyer or firm of lawyers reasonably considered by the Note Trustee to be of good repute, neither the Note Trustee nor the Security Trustee shall be responsible for or required to
insure against any loss incurred in connection with any such deposit and all reasonable sums required to be paid on account of or in respect of any such deposit shall be an Expense of the Trust. 

  

	 	(i)	 The Note Trustee shall not be responsible for the application of the proceeds of the issue of any of the US$ Notes by the Trustee or any moneys borrowed by the
Trustee under any 

  

			
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Transaction Document or the exchange of any Book-Entry Note for any other Book-Entry Note, or Definitive Note, as the case may be.

  

	 	(j)	The Note Trustee shall not be bound to give notice to any person of the execution of this deed or any of the Transaction Documents or any transaction contemplated hereby or thereby
or to take any steps to ascertain whether any Event of Default has happened and, until a Responsible Officer has actual knowledge or has received express written notice to the contrary, the Note Trustee is entitled to assume that no Event of Default
has happened and that the Trustee and each other party to any Relevant Document is observing and performing all the obligations on its part contained in the US$ Notes and under this deed or, as the case may be, the Security Trust Deed or any other
Transaction Document to which it is a party. 

  

	 	(k)	Save as expressly otherwise provided in this deed or the Transaction Documents, the Note Trustee shall have absolute and uncontrolled discretion as to the exercise of the
discretions vested in the Note Trustee by this deed and the Transaction Documents (the exercise of which as between the Note Trustee and any US$ Noteholders shall be conclusive and binding on those US$ Noteholders) but whenever the Note Trustee is
under the provisions of this deed or the Transaction Documents bound to act at the request or direction of the US$ Noteholders, or any of them, the Note Trustee shall nevertheless not be so bound unless first indemnified and/or secured to its
satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages, expenses (including, without limitation, legal fees and expenses and any value added or similar tax applicable
thereto) and liabilities which it may incur by so doing. 

  

	 	(l)	Any consent or approval given by the Note Trustee for the purpose of this deed, any Conditions and any Transaction Document may be given on any terms and subject to any conditions
as the Note Trustee in its absolute discretion thinks fit and despite anything to the contrary contained in this deed, any Transaction Document or any Conditions may be given retrospectively. 

  

	 	(m)	The Note Trustee shall not (unless and to the extent ordered so to do by a court of competent jurisdiction) be required to disclose to any US$ Noteholder or any Mortgagee, any
confidential financial, price sensitive or other information made available to the Note Trustee by the Trustee or any other person in connection with the trusts of this deed (and expressly designated by the Trustee as such) and no US$ Noteholder
shall be entitled to take any action to obtain from the Note Trustee any such information. 

  

	 	    	Notwithstanding anything in this paragraph (m) to the contrary, the foregoing shall not be construed to prohibit: 

  

	 	(i)	disclosure of any and all information that is or becomes publicly known, or information obtained by the Note Trustee from sources other than the Trustee; 

 

	 	(ii)	disclosure of any and all information: 

  

	 	(A)	if required to do so by any applicable statute, law, rule or regulation; 

  

			
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	 Note Trust Deed
  
	  	 

  

  

	 	(B)	to any Governmental Agency or regulatory body having or claiming authority to regulate or oversee any aspects of the Note Trustee’s business or that of its Related
Corporations; 

  

	 	(C)	pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration; 

  

	 	(D)	in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by this deed; or

  

	 	(E)	to any affiliate, independent or internal auditor, agent, employee or attorney of the Note Trustee having a need to know the same; or 

  

	 	(iii)	any other disclosure authorised by the Trustee. 

  

	 	(n)	Where it is necessary or desirable for any purpose in connection with this deed to convert any sum from one currency to another it shall (unless otherwise provided by this deed, any
other Transaction Document or required by law) be converted at the rate or rates, in accordance with the method and as at the date for the determination of the rate of exchange, as may be directed in writing by the Trustee or the Trust Manager as
relevant and the rate, method and date so directed shall be binding on the Trustee and the US$ Noteholders. 

  

	 	(o)	The Note Trustee shall not be bound to take any steps to ascertain whether any event, condition or act, the happening of which would cause a right or remedy to become exercisable by
the Note Trustee under this deed or by the Trustee under any of the Transaction Documents has happened or to monitor or supervise the observance and performance by the Trustee or any of the other parties thereto of their respective obligations
thereunder and, until a Responsible Officer of the Note Trustee has actual knowledge or express notice to the contrary, the Note Trustee shall be entitled to assume that no such event, condition or act has happened and that the Trustee and each of
the other parties thereto are observing and performing all their respective obligations thereunder. 

  

	 	(p)	 The Note Trustee shall not be responsible for recitals, statements, warranties or representations of any party (other than itself) contained in any Transaction
Document or other document entered into in connection with it and shall assume its accuracy and correctness and its execution, legality, effectiveness, adequacy, genuineness, validity or enforceability or admissibility in evidence of that agreement
or other document or any security constituted by them, and the Note Trustee may accept without enquiry, requisition or objection all title as the Trustee may have to any of the Mortgaged Property or as any other person may have to any other security
charged from time to time to the Note Trustee and shall not be bound to investigate or make any enquiry in the title of the Trustee to any of the Mortgaged Property or the title of any other person to any other security charged from time to time to
the Note Trustee whether or not any defect or failure is or was known to the Note Trustee or might be, or might have been, discovered upon examination inquiry or investigation and whether or not capable of remedy. Notwithstanding the generality of
the foregoing each US$ Noteholder is solely responsible for making its own independent appraisal of and investigation into the financial condition, creditworthiness, condition, affairs, status and nature of the Trustee, and the Note Trustee shall
not at any time have any 

  

			
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responsibility for the same and no US$ Noteholder shall rely on the Note Trustee in that respect. 

  

	 	(q)	The Note Trustee shall not be liable for any failure, omission or defect in or filing or procuring registration or filing of or otherwise protecting or perfecting the Security Trust
Deed or the Mortgaged Property or any other security or failure to call for or delivery of documents of title to the Mortgaged Property or any other security or to require any further assurances in relation to any property or assets comprised in the
Mortgaged Property or any other security. 

  

	 	(r)	The Note Trustee shall not be obliged (whether or not directed to do so by any US$ Noteholders) to direct the Security Trustee to perfect legal title to any Purchased Receivable
Security if, in the sole opinion of the Note Trustee, that perfection would or might result in the Note Trustee becoming liable to or incurring any obligation to any borrower under a Purchased Receivable Security and, in its sole opinion, there is
or would be insufficient cash to discharge, in accordance with the provisions of the Security Trust Deed, that liability or obligations as and when they arise. Notwithstanding the generality of the foregoing, the Note Trustee shall have no
responsibility or liability for the payment of any fees for the registration of any Receivable Security in Australia or for any related legal, administrative or other fees, costs and expenses (including, but not limited to, any proper disbursements
and any value added tax). The Note Trustee has no obligation to direct the Security Trustee to perfect legal title except where directed to do so by the relevant US$ Noteholders in accordance with the Transaction Documents. 

 

	 	(s)	The Note Trustee shall, as regards all the powers, trusts, authorities, duties and discretions vested in it by this deed, the Transaction Documents or the US$ Notes (including the
relevant Conditions), except where expressly provided otherwise have regard solely to the interests of the US$ Noteholders. 

  

	 	(t)	Without prejudice to the provisions of any Transaction Document, the Note Trustee shall not be under any obligation to insure any of the Mortgaged Property (or any other property)
or any deeds or documents of title or other evidence relating to that property and shall not be responsible for any loss, expense or liability which may be suffered as a result of the lack of or inadequacy of any that insurance.

  

	 	(u)	The Note Trustee shall not be responsible for any loss, expense or liability occasioned to the Mortgaged Property or any other property or in respect of all or any of the moneys
which may stand to the credit of the Collection Account, from time to time however caused (including any bank, broker, depositary, warehouseman or other intermediary or any clearing system or its operator acting in accordance with or contrary to the
terms of any of the Transaction Documents or otherwise), unless that loss is occasioned by the wilful neglect or misconduct or fraud, or breach of trust of the Note Trustee. The Note Trustee has no responsibility under this deed to monitor the
Mortgaged Property or any other property or in respect of all or any of the moneys which may stand to the credit of the Collection Account. 

  

	 	(v)	 The Note Trustee has no responsibility whatsoever to the Trustee or any US$ Noteholder as regards any deficiency or additional payment, as the case may be, which
might arise 

  

			
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because the Note Trustee or the Trustee is subject to any Tax in respect of the Mortgaged Property, the Security Trust Deed or any other security or any
income or any proceeds from them. 

  

	 	(w)	No provision of this deed requires the Note Trustee to do anything which may be illegal or contrary to applicable law or regulation. Without limitation nothing contained in this
deed imposes any obligation on the Note Trustee to make any further advance to a borrower or to borrow any moneys under a Transaction Document or to maintain, protect or preserve any moneys standing to the credit of the Collection Account.

  

	 	(x)	The Note Trustee is not responsible for the genuineness, validity, effectiveness, sufficiency or suitability of any of the Transaction Documents or any of the Mortgages, Security
Interests or other documents entered into (other than in relation to its own execution of the relevant Transaction Documents) in connection with them or any Mortgage Insurance Policy or any other document or any obligation or rights created or
purported to be created by them or under them or any Security Interest or the priority constituted by or purported to be constituted by or pursuant to that Security Interest, nor shall it be responsible or liable to any person because of any
invalidity of any provision of those documents or the unenforceability of those documents, whether arising from statute, law or decision of any court and (without limitation) the Note Trustee shall not be responsible for or have any duty to make any
investigation in respect of or in any way be liable whatsoever for: 

  

	 	(i)	the nature, status, creditworthiness or solvency of any borrower or any other person or entity who has at any time provided any security or support whether by way of Guarantee,
Security Interest or otherwise in respect of any advance made to any borrower; 

  

	 	(ii)	the execution, legality, validity, adequacy, admissibility in evidence or enforceability of any Mortgage or Loan or any other document entered into in connection with them;

  

	 	(iii)	the title, ownership, value, sufficiency or existence of any Land, Mortgaged Property, or any Mortgage Insurance Policy; 

  

	 	(iv)	the registration, filing, protection or perfection of any Mortgage or the priority of the security created under a Mortgage whether in respect of any initial advance or any
subsequent advance or any other sums or liabilities; 

  

	 	(v)	the scope or accuracy of any representations, warranties or statements made by or on behalf of any borrower in any application for any advance or in any Mortgage or Loan or in any
document entered into in connection with them; 

  

	 	(vi)	the performance or observance by any borrower or any other person of any provisions of any Mortgage or Loan or in any document entered into in connection with them or the fulfilment
or satisfaction of any conditions contained in them or relating to them or as to the existence or occurrence at any time of any default, event of default or similar event contained in them or any waiver or consent which has at any time been granted
in relation to any of the above; 

  

			
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	 Note Trust Deed
  
	  	 

  

  

	 	(vii)	the existence, accuracy or sufficiency of any legal or other opinions, searches, reports, certificates, valuations or investigations delivered or obtained or required to be
delivered or obtained at any time in connection with any Mortgage or Loan; 

  

	 	(viii)	the title of the Trustee to any Mortgage, Loan or other Mortgaged Property; 

  

	 	(ix)	the suitability, adequacy or sufficiency of any guidelines under which Loans are entered into or compliance with those guidelines or compliance with any applicable criteria for any
further advances or the legality or ability or enforceability of the advances or the priority of the Mortgage in relation to the advances; 

  

	 	(x)	the compliance of the provisions and contents of and the manner and formalities applicable to the execution of the Mortgages and Loans and any documents connected with them or the
making of any advance intended to be secured by them or with any applicable laws or regulations (including Consumer Credit Legislation); 

  

	 	(xi)	the failure by any Approved Seller, the Trustee, the Servicer or the Trust Manager to obtain or comply with any Authorisation in connection with the origination, sale, purchase or
administration of any of the Mortgages or Loans or the making of any advances in connection with them or the failure to effect or procure registration of or to give notice to any person in relation to or otherwise protect the security created or
purported to be created by or pursuant to any of the Mortgages or Loans or other documents entered into in connection with them; 

  

	 	(xii)	the failure to call for delivery of documents of title to or require any transfers, legal mortgages, charges or other further assurances in relation to any of the assets the subject
matter of any of the Transaction Documents or any other document; 

  

	 	(xiii)	any accounts, books, records or files maintained by any Approved Seller, the Servicer, the Trustee, the Trust Manager or any other person in respect of any of the Mortgages or
Loans; 

  

	 	(xiv)	any other matter or thing relating to or in any way connected with any Mortgage or Loan or any document entered into in connection with them whether or not similar to the above; or

  

	 	(xv)	any facts or matters stated in any resolution, certificate, opinion, report, notice, request, consent or other written approval. 

  

	 	(y)	None of the Note Trustee, its officers, directors, employees or authorised agents is liable or responsible for any loss, cost, damages, expenses or inconvenience which may result
from anything done or omitted to be done by it in accordance with the provisions of this deed, any Transaction Document or any other document or as a consequence of or in connection with it being held or treated as, or being deemed to be, a
creditor, for the purposes of the Consumer Credit Legislation, in respect of any of the Mortgages. 

  

	 	(z)	 In connection with any proposed modification, waiver, authorisation or determination permitted by this deed, the Note Trustee shall not have any responsibility for
the consequences thereof for individual US$ Noteholders resulting from their being for any 

  

			
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purpose domiciled or resident in, or otherwise connected with, or subject to, the jurisdiction of any particular territory. 

  

	 	(aa)	The Note Trustee shall have no responsibility for the maintenance of any rating of the US$ Notes by a Designated Rating Agency or any other credit-rating agency or any other person.

  

	 	(bb)	The Note Trustee shall be under no obligation to monitor or supervise the functions of the Servicer from time to time under the terms of the Servicing Agreement or any other person
under any other Transaction Document, including and is entitled, in the absence of actual knowledge of a breach of duty or obligation, to assume that the Servicer is properly performing its obligations in accordance with the provisions of the
Servicing Agreement or that any other person is properly performing its obligations in accordance with each other Transaction Document, as the case may be. 

  

	 	(cc)	The Note Trustee acknowledges that the Trust Manager is responsible, under the Series Notice, for calculating all amounts referred to in clause 5.2 of the Series Notice (other than
calculations required to be made by the Calculation Agent under the Agency Agreement) and the Note Trustee has no liability in respect of these calculations other than as a result of the negligence, bad faith or wilful default of the Note Trustee.

  

	 	(dd)	The Note Trustee shall not be liable to the Trustee, or any US$ Noteholder by reason of having accepted as valid or not having rejected any Definitive Note purporting to be such and
subsequently found to be forged or not authentic and the Note Trustee may call for and shall be at liberty to accept and place full reliance on as sufficient evidence of the facts stated therein a certificate or letter of confirmation certified as
true and accurate and signed on behalf of the Common Depositary or any common depositary for them or any person as the Note Trustee reasonably considers appropriate, or any form of record made by any of them to the effect that at any particular time
or through any particular period any particular person is, was, or will be, shown in its records as entitled to a particular number of US$ Notes. 

  

	14.	Note Trustee’s Liability 

  

	
	 

 Nothing in this deed shall in any case in which the Note Trustee has failed to show the degree of
care and diligence required of it as trustee having regard to the provisions of this deed conferring on it any powers, authorities or discretions exempt the Note Trustee from or indemnify it against any liability for breach of trust or any liability
which by virtue of any rule of law would otherwise attach to it in respect of any wilful misconduct, negligence, default, breach of duty or breach of trust of which it may be guilty in relation to its duties under this deed. 
  

	15.	Delegation by Note Trustee 

  

	
	 

	 	(a)	 The Note Trustee may whenever it thinks fit delegate by power of attorney or otherwise to any person or persons for any period (whether exceeding one year or not)
or indefinitely all or any of the trusts, powers and authorities vested in the Note Trustee by this deed and that delegation may be made upon any terms and subject to any conditions (including power to 

  

			
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sub-delegate) and subject to any regulations as the Note Trustee may in the interests of the US$ Noteholders think fit. 

  

	 	(b)	If the Note Trustee exercises reasonable care in the selection of a delegate under paragraph (a), the Note Trustee shall not be in any way responsible for any loss incurred by
reason of any misconduct or default on the part of any delegate or sub-delegate. The Note Trustee must within a reasonable time prior to any delegation or any renewal, extension or termination of any delegation give notice of it to the Trustee.

  

	16.	Employment of Agent by Note Trustee 

  

	
	 

 The Note Trustee may in the conduct of the trusts of this deed, instead of acting personally,
employ and pay an agent, custodian or nominee, whether being a lawyer or other professional person, to transact or concur in transacting any business and to do or concur in doing all acts required to be done in connection with the trusts of this
deed. If the Note Trustee exercises reasonable care in the selection of that agent, the Note Trustee shall not in any way be responsible for any loss incurred by reason of any misconduct or default on the part of that agent. 
 Any agent, custodian or nominee of the Note Trustee under this deed is entitled to charge and be paid all usual professional and other charges for
business transacted and acts done by him or his firm in connection with the trusts of this deed and also his reasonable charges in addition to disbursements for all other work and business done and all time spent by him or his firm in connection
with matters arising in connection with this deed. Those charges will be for the account of the Note Trustee who shall pay such charges out of funds it is holding in accordance with the terms of this deed or shall be reimbursed by the Trustee under
clause 12. 
  

	17.	Note Trustee Contracting with Trustee 

  

	
	 

 Neither the Note Trustee nor any director or officer of a corporation acting as a trustee under
this deed, nor the Security Trustee, is by reason of its or their fiduciary position in any way precluded from entering into or being interested in any contract or financial or other transaction or arrangement with the Trustee or any other party to
any of the Transaction Documents or any person or body corporate associated with the Trustee including any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction or arrangement in relation to the making of
loans or the provision of financial facilities to or the purchase, placing or underwriting of or subscribing or procuring subscriptions for or otherwise acquiring holding or dealing with the US$ Notes, or any of them, or any other bonds, stocks,
shares, debenture stock, debentures, notes or other securities of the Trustee or any other party to any of the Transaction Documents or any related person or body corporate or from accepting or holding the trusteeship of any other trust deed
constituting or securing any other securities issued by or relating to the Trustee or any other party to any of the Transaction Documents or any related person or body corporate or any other office of profit under the Trustee or any other party to
any of the Transaction Documents or any related person or body corporate and shall be entitled to retain and shall not be in any way liable to account for any profit made or share of brokerage or commission or remuneration or other benefit received
by them or in connection with any of those arrangements. 
  

			
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	18.	Waiver 

  

	
	 

	 	(a)	The Note Trustee may, without prejudice to its rights in respect of any subsequent breach, condition, event or act from time to time and at any time, subject to clause 7.1, waive or
authorise on any terms and subject to any conditions as it sees fit and proper: 

  

	 	(i)	any breach or proposed breach by the Trustee of any of the covenants or provisions contained in this deed or in the US$ Notes (including the relevant Conditions) or any other
Transaction Document; or 

  

	 	(ii)	determine that any condition, event or act which constitutes, or which with the giving of notice, the lapse of time or the issue of a certificate would constitute, but for that
determination, an Event of Default shall not, or shall not subject to specified conditions, be so treated for the purposes of this deed, 

  

	 	    	but the Note Trustee shall not exercise any powers conferred on it by this clause in contravention of any express direction given in writing by holders of US$ Notes representing at
least 75% of the aggregate Invested Amount of the US$ Notes, or US$ Notes of the relevant Class, or by a Request under the relevant Condition 10. 

  

	 	    	No direction or request shall affect any waiver, authorisation or determination previously given or made. 

  

	 	(b)	Any waiver, authorisation or determination under this clause is binding on the US$ Noteholders, or the US$ Noteholders of the relevant Class (as the case may be), and if, but only
if, the Note Trustee so requires, shall be notified by the Trustee to the relevant US$ Noteholders in accordance with the relevant Condition 12 as soon as practicable. 

  

	19.	Amendment 

  

	
	 

	19.1	Approval 

 The Note Trustee, the Trust Manager and
the Trustee may, following giving notice (by either the Trust Manager or the Trustee) to each Designated Rating Agency, by way of supplemental deed alter, add to or modify this deed (including this clause 19), any Conditions (other than the proviso
in clause 33.2 or any provision of this deed or any Conditions referred to in that proviso) and this clause or any Transaction Document so long as that alteration, addition or modification is: 
  

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

  

	 	(b)	in the opinion of the Note Trustee (for which it may rely on an Opinion of Counsel) necessary to comply with the provisions of any law or regulation or with the requirements of any
Government Agency; 

  

	 	(c)	 in the opinion of the Note Trustee (for which it may rely on an Opinion of Counsel) appropriate or expedient as a consequence of an amendment to any law or
regulation or altered requirements of any Government Agency (including, without limitation, an alteration, addition or modification which is appropriate or expedient as a consequence of the enactment of a law or regulation or an amendment to any law
or regulation or ruling by 

  

			
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the Commissioner or Deputy Commissioner of Taxation or any governmental announcement or statement, in any case which has or may have the effect of altering
the manner or basis of taxation of trusts generally or of trusts similar to the Trust); or 

  

	 	(d)	in the opinion of the Note Trustee (for which it may rely on an Opinion of Counsel) neither materially prejudicial nor likely to be materially prejudicial to the interest of the US$
Noteholders as a whole, or a Class of US$ Noteholders as a whole, 

 and in the manner, and to the extent, permitted by the
Transaction Documents. 
  

	19.2	Resolution of US$ Noteholders 

 Subject to clause
33.2, where a proposed alteration, addition or modification to this deed, other than an alteration, addition or modification referred to in clause 19.1, is materially prejudicial or likely to be materially prejudicial to the interest of US$
Noteholders as a whole, or a Class of US$ Noteholders as a whole, the Note Trustee, the Trust Manager and the Trustee may make that alteration, addition or modification (subject to the TIA (if applicable)) only if sanctioned in writing by holders of
at least 75% of the aggregate Invested Amount of the relevant US$ Notes. 
  

	19.3	Distribution of amendments 

 The Trust Manager
shall distribute to all relevant US$ Noteholders a copy of any amendments made under clause 19.1 or 19.2 under the relevant Condition 12 as soon as reasonably practicable after the amendment has been made. 
  

	19.4	Amendments binding 

 Any amendment under this
clause is binding on the relevant US$ Noteholders. Prior to its execution of any amendment, the Note Trustee is entitled to receive an Opinion of Counsel stating that such amendment is authorised or permitted under this deed and that all conditions
precedent (if any) to the execution of such amendment have been satisfied. 
  

	19.5	Conformity with TIA 

 For so long as this deed
shall be qualified under the TIA, every amendment of this deed executed pursuant to this clause 19 shall conform to the requirements of the TIA as then in effect. 
  

	20.	US$ Noteholders 

  

	
	 

	20.1	Absolute Owner 

  

	 	(a)	The Trustee, the Trust Manager, the Security Trustee, the Note Trustee and any Paying Agent may treat the registered holders of any Definitive Note as the absolute owner of that
Definitive Note (whether or not that Definitive Note is overdue and despite any notation or notice of ownership or writing on it or any notice of previous loss or theft of it or trust or other interest in it) for the purpose of making payment and
for all purposes and none of the Trustee, the Trust Manager, the Security Trustee, the Note Trustee or the Paying Agents is affected by any notice to the contrary. 

  

	 	(b)	 So long as the US$ Notes, or any of them, are represented by a Book-Entry Note, the Trustee, the Trust Manager, the Note Trustee and any Paying Agent may treat the
person 

  

			
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for the time being shown in the records of the Clearing Agency as the holder of any US$ Note as the absolute owner of that US$ Note and the Trustee, the
Trust Manager, the Note Trustee and the Paying Agents are not affected by any notice to the contrary, but without prejudice to the entitlement of the registered holder of the Book-Entry Note to be paid principal and interest on the Book-Entry Note
in accordance with its terms. Such person shall have no claim directly against the Trustee or the Note Trustee in respect of payment due on any US$ Notes for so long as those US$ Notes are represented by a Book-Entry Note and the relevant
obligations of the Trustee will be discharged by payment to the registered holder of the Book-Entry Note in respect of each amount so paid. 

  

	 	(c)	Any payments by the Trustee to the registered holder of a Book-Entry Note or to an owner of a US$ Note under this clause will be a good discharge of the Trustee’s payment
obligations in respect thereto. 

  

	 	(d)	All payments made to the owner of a US$ Note under this clause (or, in the case of a Book-Entry Note, to or to the order of the registered holder of that Book-Entry Note) shall be
valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the moneys payable upon those US$ Notes. 

  

	 	(e)	Any instalment of interest or principal, payable on any US$ Note which is punctually paid or duly provided for by the Trustee to the Paying Agent on the applicable [Class A1 Payment
Date,] Payment Date or Maturity Date shall be paid to the person in whose name such US$ Note is registered on the Record Date, by cheque mailed first-class, postage prepaid, to such person’s address as it appears on the Note Register on such
Record Date, except that, unless Definitive Notes have been issued pursuant to clause 3.3 (with respect to US$ Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.)), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final instalment of principal payable with respect to such US$ Note on [a Class A1 Payment Date,] Payment Date
or Maturity Date and except for the redemption for any US$ Note called for redemption pursuant to the relevant Condition 5 which shall be payable as provided in paragraph (f). 

  

	 	(f)	The principal of each US$ Note shall be payable on each Payment Date and the Maturity Date as set forth in the relevant Conditions. Upon receiving written notice from the Trustee
that the final instalment of principal and interest on any US$ Notes will be paid, the Principal Paying Agent shall notify the person in whose name a US$ Note is registered at the close of business on the Record Date preceding the [Class A1 Payment
Date or] Payment Date [(as the case may be)], of the date on which the Trustee expects that the final instalment of principal of and interest on such US$ Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final
Maturity Date and shall specify that such final instalment will be payable only upon presentation and surrender of such US$ Note and shall specify the place where such US$ Note may be presented and surrendered for payment of such instalment. Notices
in connection with redemptions of US$ Notes shall be mailed to the US$ Noteholders as provided in clause 26.1. 

  

			
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	20.2	Clearing Agency Certificate 

 The Trustee, the
Trust Manager and the Note Trustee may call for and shall be at liberty to accept and place full reliance on as sufficient evidence a certificate or letter or confirmation signed on behalf of any Clearing Agency, or any form of record made by any of
them to the effect that at any particular time or throughout any particular period any particular person is, was, or will be, shown in its records as entitled to a particular interest in a Book-Entry Note. 
  

	21.	Currency Indemnity 

  

	
	 

 Subject to this deed, the Trustee indemnifies the Note Trustee and the US$ Noteholders and keeps
them indemnified against: 
  

	 	(a)	any loss or damage incurred by any of them arising from the non-payment by the Trustee of any US$ amount due to the Note Trustee or the relevant US$ Noteholders under this deed or
the relevant US$ Notes by reason of any variation in the rates of exchange between those used for the purposes of calculating the amount due under a judgment or order in respect of that payment, which amount is expressed in a currency other than
US$, and under which the Note Trustee, the US$ Noteholders do not have an option to have that judgment or order expressed in US$, and those prevailing at the date of actual payment by the Trustee; and 

  

	 	(b)	any deficiency arising or resulting from any variation in rates of exchange between: 

  

	 	(i)	the date (if any) as of which the non-US$ currency equivalent of the US$ amounts due or contingently due under this deed (other than this clause) or in respect of the relevant US$
Notes is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Trustee; and 

  

	 	(ii)	the final date for ascertaining the amount of claims in that bankruptcy, insolvency or liquidation provided that in that bankruptcy, insolvency or liquidation claims are required to
be made in a currency other than US$. 

  

	 	    	The amount of that deficiency shall not be reduced by any variation in rates of exchange occurring between that final date and the date of any distribution of assets in connection
with that bankruptcy, insolvency or liquidation. 

  

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

  

			
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	22.	New Note Trustees 

  

	
	 

	22.1	Appointment by Trustee 

 The Trustee may on the
recommendation of the Trust Manager at any time appoint a new note trustee of this deed who has previously been approved in writing by holders of at least 75% of the aggregate Invested Amount of the US$ Notes. One or more persons may hold office as
note trustee or note trustees of this deed but that note trustee or note trustees must be or include a Trust Corporation. Whenever there are more than two note trustees of this deed, the majority of those note trustees are competent to execute and
exercise all the duties, powers, trusts, authorities and discretions vested in the Note Trustee by this deed if a Trust Corporation is included in that majority. 
  

	22.2	Appointment by Note Trustee 

  

	 	(a)	The Note Trustee may, on 30 days prior written notice to the Trustee and Trust Manager, appoint any person established or resident in any jurisdiction (whether a Trust Corporation
or not) to act either as a separate note trustee or as a co-note trustee jointly with the Note Trustee: 

  

	 	(i)	if the Note Trustee considers that appointment to be in the interests of the US$ Noteholders; 

  

	 	(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or

  

	 	(iii)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of the provisions of this deed
against the Trustee. 

  

	 	(b)	Subject to the provisions of this deed, a person appointed under paragraph (a) has all rights, powers, authorities and discretions (not exceeding those conferred on the Note
Trustee by this deed) and all duties and obligations conferred or imposed by the instrument of appointment. All rights, powers, duties and obligations conferred or imposed upon the Note Trustee shall be conferred or imposed upon and exercised or
performed by the Note Trustee and such separate note trustee or co-note trustee jointly (it being understood that such separate trustee or co-note trustee is not authorised to act separately without the Note Trustee joining in such act), except to
the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Note Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Note Trustee. 

  

	 	(c)	The Note Trustee may remove any person appointed under this clause. The reasonable remuneration of any person appointed under this clause together with any costs, charges and
expenses properly incurred by it in performing its function as note trustee or co-note trustee will be costs, charges and expenses incurred by the Note Trustee under this deed, which shall be reimbursed by the Trustee under clause 12.

  

			
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	22.3	Notice 

  

	 	(a)	The Trustee or the Trust Manager on its behalf shall notify the Principal Paying Agent and the US$ Noteholders in writing of any appointment of a new note trustee or any retirement
or removal of an existing note trustee of this deed as soon as practicable after becoming aware of that appointment, retirement or removal. 

  

	 	(b)	The Trustee or the Trust Manager on its behalf shall notify each Designated Rating Agency in writing of any appointment of a new note trustee or its retirement or removal as soon as
practicable. 

  

	23.	Note Trustee’s Retirement and Removal 

  

	
	 

	23.1	Removal by Trustee 

 The Trustee (or the Trust
Manager on its behalf after advising the Trustee) may at any time terminate the appointment of the Note Trustee by giving written notice to that effect to each Designated Rating Agency and the Note Trustee with effect immediately on that notice, if
any of the following occurs in relation to the Note Trustee: 
  

	 	(a)	an Insolvency Event has occurred in relation to the Note Trustee; 

  

	 	(b)	the Note Trustee has ceased its business (subject only to clause 23.6(b)); 

  

	 	(c)	the Note Trustee has failed to remedy, within fourteen days after written notice by the Trustee or Trust Manager, any material breach of this deed on the part of the Note Trustee;
or 

  

	 	(d)	the Note Trustee fails to satisfy any obligation imposed on it under the TIA with respect to the Trust or this deed, or comply with clause 23.7. 

  

	23.2	Removal by US$ Noteholders 

 The US$ Noteholders
may resolve by written consent of the holders of at least 75% of the aggregate Invested Amount of US$ Notes to require the Trustee (or the Trust Manager on its behalf) to remove the Note Trustee or note trustees for the time being of this deed upon
30 days notice. 
  

	23.3	Resignation 

 Subject to this clause 23, the Note
Trustee may resign its appointment under this deed at any time by giving to the Trustee, the Trust Manager and each Designated Rating Agency not less than 60 days written notice to that effect, which notice shall expire not less than 30 days before
nor 30 days after any due date for payment of any US$ Notes. 
  

	23.4	Rating Agencies confirmation 

 Any resignation or
removal of the Note Trustee and appointment of a successor note trustee will not become effective until acceptance of the appointment by that successor note trustee and confirmation by the Designated Rating Agencies that such appointment will not
cause a downgrading, qualification or withdrawal of the then current ratings of any US$ Notes. 
  

			
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	23.5	Trust Corporation 

 The Trustee undertakes that if
the only Note Trustee which is a Trust Corporation retires or is removed it will use its best endeavours to promptly appoint a new note trustee of this deed which is a Trust Corporation as soon as reasonably practicable. The retirement or removal of
any Note Trustee shall not become effective until a successor Note Trustee which is a Trust Corporation is appointed. The Trust Manager must assist the Trustee to appoint a new Note Trustee of this deed. If the Trustee fails to appoint a new Note
Trustee within 60 days from such retirement, resignation or removal, the Note Trustee shall be entitled to appoint a new Note Trustee which is a Trust Corporation and such appointment shall be deemed to have been made under clause 22.2 of this
deed. 
  

	23.6	Successor to Note Trustee 

  

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

  

	 	(b)	Any corporation: 

  

	 	(i)	into which the Note Trustee is merged; 

  

	 	(ii)	with which the Note Trustee is consolidated; 

  

	 	(iii)	resulting from any merger or consolidation to which the Note Trustee is a party; 

  

	 	(iv)	to which the Note Trustee sells or otherwise transfers all or substantially all the assets of its corporate trust business, 

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

	23.7	Eligibility; Disqualification 

  

	 	(a)	The Note Trustee shall at all times satisfy the requirements of section 310(a) of the TIA. 

  

	 	(b)	The Note Trustee shall have a combined capital and surplus (as those terms are used in the TIA) of at least US$50,000,000 as set forth in its most recent published annual report of
condition. 

  

	 	(c)	 The Note Trustee shall comply with section 310(b) of the TIA provided that any indenture or indentures under which other securities of the Trustee are outstanding
shall be excluded 

  

			
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from the operation of section 310(b)(1) of the TIA for the purposes of paragraph (b) if the requirements for such exclusion set out in section 310(b)(1)
of the TIA are met. 

  

	24.	Note Trustee’s Powers Additional 

  

	
	 

 The powers conferred upon the Note Trustee by this deed shall be in addition to any powers which
may from time to time be vested in the Note Trustee by the general law or as a holder of any of the US$ Notes. 
  

	25.	Severability of Provisions 

  

	
	 

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

	26.	Notices 

  

	
	 

	26.1	General 

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

	 	(a)	must be in writing; 

  

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

  

	 	(c)	will be taken to be duly given or made: 

  

	 	(i)	(in the case of delivery in person or by post) when delivered, received or left at the address of the recipient shown in clause 26.2 or to any other address which it may have
notified by the recipient to the sender; 

  

	 	(ii)	(in the case of facsimile transmission) on receipt of a transmission report confirming successful transmission to the number shown in clause 26.2 or any other number notified by the
recipient to the sender under this clause 26; and 

  

	 	(iii)	(in the case of a telex) on receipt by the sender of the answerback code of the recipient at the end of transmission to the number shown in clause 26.2 or any other number
notified by the recipient to the sender under this clause 26, 

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

	26.2	Details 

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

			
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 The Trustee 
 WESTPAC SECURITIES ADMINISTRATION LIMITED 
 Level 20 
 275 Kent Street 
 SYDNEY NSW 2000 

 

			
	Tel:	    	[*]
	Fax:	    	[*]
		
	Attention:	    	[*]

 The Trust Manager 
 WESTPAC SECURITISATION MANAGEMENT PTY LIMITED 
 Level 20 
 275 Kent Street 
 SYDNEY NSW 2000 
  

			
	Tel:	    	[*]
	Fax:	    	[*]
		
	Attention:	    	[*]
	
	Copy to: [C/- Legal Counsel, New York Branch
		    	[*]]

 The Principal Paying Agent 
 [tba] 
 Fax: 
 Attention: 
 The Note Trustee

 [tba] 
 Fax:

 Attention: 
  

	27.	Governing Law and Jurisdiction 

  

	
	 

 This deed and the trusts constituted under this deed are governed by the law of New South Wales,
Australia. The parties submit to the non-exclusive jurisdiction of courts exercising jurisdiction there. The administration of the Note Trust, including the exercise of the Note Trustee’s powers under clause 13 of this deed, is governed by the
law of the State of New York and in the event of any inconsistency between the operation of the law of New South Wales, Australia and the law of the State of New York in respect of the application of those powers, the law of the State of New York
will prevail to the extent of the inconsistency. 
  

			
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	28.	Counterparts 

  

	
	 

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

	29.	Limited Recourse 

  

	
	 

	29.1	General 

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

	29.2	Liability of Trustee limited to its right to indemnity 

  

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

  

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

  

	 	(c)	The provisions of this clause 29 shall not apply to any obligation or liability of the Trustee to the extent that it is not satisfied because under a Transaction Document or by
operation of law there is a reduction in the extent of the Trustee’s indemnification out of the Assets of the Trust as a result of the Trustee’s fraud, negligence or breach of trust. 

  

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

  

			
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or appointed by the Trustee and for whom the Trustee is responsible under this deed or the relevant Transaction Documents, but excluding any Relevant Party).

  

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

  

	29.3	Unrestricted remedies 

 Nothing in clause 29.2
limits any party (other than the Trustee) in: 
  

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

  

	 	(b)	obtaining declaratory relief; or 

  

	 	(c)	in relation to its rights under the Security Trust Deed or this deed. 

  

	29.4	Restricted remedies 

 Except as provided in clause
29.3, no party shall: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

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

	30.	Successor Trustee 

  

	
	 

 The Note Trustee shall do all things reasonably necessary to enable any successor Trustee appointed
under clause 24 of the Master Trust Deed to become the Trustee under this deed. 
  

	31.	Noteholders’ Lists and Reports 

  

	
	 

	31.1	Provision of information 

 The Trustee will furnish
or cause to be furnished to the Note Trustee: 
  

			
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	 	(a)	every six months (with the first six month period commencing on the Closing Date) (each such date being a Notice Date), a list, in such form as the Note Trustee may
reasonably require, of the names and addresses of the US$ Noteholders as of the Record Date immediately preceding that Notice Date; and 

  

	 	(b)	at such other times as the Note Trustee may request in writing, but in any event within 30 days after receipt by the Trustee of any such request, a list of similar form and content
as of a date not more than 10 days prior to the time such list is furnished, 

 provided that so long as: 
  

	 	(c)	the Note Trustee is the Note Registrar; or 

  

	 	(d)	the US$ Notes are Book-Entry Notes, 

 no such list shall
be required to be furnished. 
  

	31.2	Preservation of Information; Communications to US$ Noteholders 

  

	 	(a)	The Note Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the US$ Noteholders contained in the most recent list (if any)
furnished to the Note Trustee as provided in clause 31.1 and, so long as it continues to act as Note Registrar, the names and addresses of US$ Noteholders received by the Note Trustee in its capacity as Note Registrar. The Trustee may destroy any
list furnished to it as provided in such clause 31.1 upon receipt of a new list so furnished. 

  

	 	(b)	US$ Noteholders may communicate pursuant to section 312(b) of the TIA with other US$ Noteholders with respect to their rights under this Deed or under the US$ Notes.

  

	 	(c)	The Trustee, Note Trustee and Note Registrar shall have the protection of section 312(c) of the TIA. 

  

	31.3	Reports by Note Trustee 

 If required by section
313(a) of the TIA, within 60 days after each 30 September, beginning with [*], the Note Trustee shall mail to each US$ Noteholder and the Trustee as required by section 313(c) of the TIA a brief report dated as of such date that complies with
section 313(a) of the TIA. The Note Trustee also shall comply with section 313(b) of the TIA. To the extent required by the TIA, a copy of each report at the time of its mailing to US$ Noteholders shall be filed by the Note Trustee with the
Commission. The Trust Manager on behalf of the Trustee shall notify the Note Trustee in writing if and when the US$ Notes are listed on or by any stock exchange, competent listing authority and/or quotation system. 
  

	31.4	Notices to US$ Noteholders; Waiver 

 Where this
deed provides for notice to US$ Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each US$ Noteholder affected by such event, at
his or her address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to US$ Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any particular US$ Noteholder 

  

			
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shall affect the sufficiency of such notice with respect to other US$ Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given. 
 Where this deed provides for notice in any manner, such notice may be waived in writing
by any person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by US$ Noteholders shall be filed with the Note Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular
mail services as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to US$ Noteholders when such notice is required to be given pursuant to any provision of this deed, then any manner of
giving such notice as the Trustee shall direct the Note Trustee shall be deemed to be a sufficient giving of such notice. 
  

	31.5	Reports by Trustee 

 The Trustee shall: 

 

	 	(a)	provide to the Note Trustee, within 15 days after the Trustee is required to file the same with the Commission, copies in English of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Trustee may be required to file with the Commission pursuant to section 13 or 15(d)
of the Securities Exchange Act of 1934, as amended; 

  

	 	(b)	file with the Note Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and
reports with respect to compliance by the Trustee with the conditions and covenants of this deed as may be required from time to time by such rules and regulations; and 

  

	 	(c)	supply to the Note Trustee (and the Note Trustee shall transmit by mail to all US$ Noteholders described in section 313(c) of the TIA) such summaries of any information, documents
and reports required to be filed by the Trustee pursuant to clauses (a) and (b) of this clause 31.5 as may be required by rules and regulations prescribed from time to time by the Commission. 

  

	32.	Trust Indenture Act – Miscellaneous 

  

	
	 

	32.1	Compliance Certificates and Opinions, etc 

  

	 	(a)	Upon any application or request by the Trustee to the Note Trustee to take any action under any provision of this deed, the Trustee shall furnish to the Note Trustee:

  

	 	(i)	an Officer’s Certificate stating that all conditions precedent, if any, provided for in this deed relating to the proposed action have been complied with;

  

	 	(ii)	an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with; and 

  

			
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	 	(iii)	(if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of section 314(c)(3) of the TIA, except that, in
the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this deed, no additional certificate or opinion need be furnished. 

  

	 	 (b)       (i)          	Prior to the deposit of any property or securities with the Trustee that is to be made the basis for the release of any property or securities subject to the Security Interest
created by the Security Trust Deed, the Trustee shall, in addition to any obligation imposed in clause 32.1(a) or elsewhere in this deed, furnish to the Note Trustee an Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (within 90 days of such deposit) of the property or securities to be so deposited. 

  

	 	(ii)	Whenever any property or securities are to be released from the Security Interest created by the Security Trust Deed, the Trustee shall also furnish to the Note Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such
person the proposed release will not impair the security under the Security Trust Deed in contravention of the provisions of the Security Trust Deed or this deed. 

  

	 	(iii)	Whenever the Trustee is required to furnish to the Note Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in
paragraphs (i) and (ii), the Trustee shall also furnish to the Note Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property or securities deposited or released from the
Security Interest created by the Security Trust Deed since the commencement of the then current calendar year, as set forth in the certificate required by clause (ii) and this clause (iii), equals 10% or more of the Total Invested Amount of the
Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than US$25,000 or less than one percent of the then Total
Invested Amount of the Notes. 

  

	 	    	Notwithstanding any other provision of this clause, the Trustee may: 

  

	 	(A)	collect, liquidate, sell or otherwise dispose of Receivables or other Assets of the Trust as and to the extent permitted or required by the Transaction Documents; and

  

	 	(B)	make cash payments out of the Collection Account or the US$ Account as and to the extent permitted or required by the Transaction Documents. 

  

	 	(c)	Every Officer’s Certificate or opinion with respect to compliance with a condition or covenant provided for in this deed shall include: 

  

	 	(i)	a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

  

			
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	 	(ii)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	(iii)	a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed
opinion as to whether or not such covenant or condition has been complied with; and 

  

	 	(iv)	a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 

  

	32.2	Undertaking for Costs 

  

	 	(a)	Subject to paragraph (b), all parties to this deed agree, and each US$ Noteholder by such US$ Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this deed, or in any suit against the Note Trustee for any action taken, suffered or omitted by it as the Note Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defences made by such party litigant. 

  

	 	(b)	The provisions of this clause shall not apply to: 

  

	 	(i)	any suit instituted by the Note Trustee; 

  

	 	(ii)	any suit instituted by any US$ Noteholder, or group of US$ Noteholders in each case holding in the aggregate more than 10% of the aggregate Invested Amount of the US$ Notes; or

  

	 	(iii)	any suit instituted by any US$ Noteholder for the enforcement of the payment of principal or interest on any US$ Note on or after the respective due dates expressed in such US$ Note
and in this deed (or, in the case of final redemption of a US$ Note, on or after the Final Maturity Date). 

  

	32.3	Exclusion of section 316 

  

	 	(a)	Section 316(a)(1) of the TIA is expressly excluded by this deed. 

  

	 	(b)	For the purposes of section 316(a)(2) of the TIA in determining whether any US$ Noteholders have concurred in any relevant direction or consent, Notes owned by the Trustee or by any
Associate of the Trustee, shall be disregarded, except that for the purposes of determining whether the Note Trustee shall be protected in relying on any such direction or consent, only US$ Notes which a Responsible Officer of the Note Trustee
actually knows are so owned shall be so disregarded. 

  

	32.4	Unconditional Rights of US$ Noteholders to Receive Principal and Interest 

 Notwithstanding any other provisions in this deed, any US$ Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such US$ Note on or
after the respective due dates thereof expressed in such US$ Note or in this deed (or, in 

  

			
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the case of final redemption of a US$ Note, on or after the Final Maturity Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such US$ Noteholder, except to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver, or
loss of the Security Interest created by the Security Trust Deed upon any property subject to such Security Interest. 
  

	32.5	Conflict with Trust Indenture Act 

 If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this deed by any of the provisions of the TIA, such TIA required provision shall prevail. 
 The provisions of section 310 to 317 (inclusive) of the TIA that impose duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this deed) are a part of and govern this deed, whether or not contained herein. 
  

	33.	Consent of US$ Noteholders 

  

	
	 

	33.1	General 

 Except as expressly provided in elsewhere
in this deed or in clause 33.2 below, any action that may be taken by the US$ Noteholders, or a Class of US$ Notes under this deed may be taken by registered holders of not less than a majority of the aggregate Invested Amount of US$ Notes or that
Class of US$ Notes (as the case may be). 
  

	33.2	Special Written Approvals 

  

	 	(a)	The following matters are only capable of being effected by the approval in writing of all holders of a Class of US$ Notes, namely: 

  

	 	(i)	modification of the date fixed for final maturity of those US$ Notes; 

  

	 	(ii)	reduction or cancellation of the principal payable on those US$ Notes or any alteration of the date or priority of redemption of those US$ Notes; 

  

	 	(iii)	alteration of the amount of interest payable on any class of those US$ Notes or modification of the method of calculating the amount of interest payable on those US$ Notes or
modification of the date of payment of or interest payable on those US$ Notes; 

  

	 	(iv)	alteration of the currency in which payments under those US$ Notes are to be made; 

  

	 	(v)	altering the required percentage of the aggregate Invested Amount required to consent or take any action of those US$ Notes; 

  

	 	(vi)	an election to receive the Stated Amount instead of the Invested Amount in the event of a call under the relevant Condition 5.13 in respect of those US$ Notes; and

  

	 	(vii)	alteration of this sub-paragraph. 

  

			
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	 	(b)	The US$ Noteholders in respect of a Class of US$ Notes shall in addition to the powers given under this deed have the following powers if approval is given by holders of at least
75% of the aggregate Invested Amount of those US$ Notes (or such higher percentage as may be required by the TIA): 

  

	 	(i)	power to sanction any compromise or arrangement proposed to be made between the Trustee and those US$ Noteholders; 

  

	 	(ii)	power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Class A Noteholders or the Class B Noteholders, as the case may
be, against the Trustee or against any of its property or against any other person whether such rights shall arise under these presents, any of the Notes or otherwise; 

  

	 	(iii)	power to assent to any modification of the provisions contained in these presents, those US$ Notes (including the Conditions) or the provisions of any of the Relevant Documents
which shall be proposed by the Trustee or the Note Trustee; 

  

	 	(iv)	power to give any authority or sanction which under the provisions of these presents or those US$ Notes (including the Conditions) is required to be given by, in writing by holders
of at least 75% of the aggregate Invested Amount of those US$ Notes; 

  

	 	(v)	power to approve a person to be appointed a trustee and power to remove any trustee or trustees for the time being under this deed; 

  

	 	(vi)	power to discharge or exonerate the Note Trustee from all liability in respect of any act or omission for which the Note Trustee may have become responsible under this deed or under
those US$ Notes; 

  

	 	(vii)	power to authorise the Note Trustee to concur in and execute and do all such deeds, instruments, acts and things as may be necessary to carry out and give effect to the approval in
writing by holders of at least 75% of the aggregate Invested Amount of those US$ Notes; 

  

	 	(viii)	power to sanction any scheme or proposal for the exchange or sale of those US$ Notes for, or the conversion of those US$ Notes into, or the cancellation of those US$ Notes in
consideration of shares, stock, notes, bonds’ debentures, debenture stock and/or other obligations and/or securities of the Trustee or of any other company formed or to be formed, or for or into or in consideration of cash, or partly for or
into or in consideration of such shares, stock, notes, bonds, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash. 

  

	33.3	Requirement for writing 

 Except as expressly
provided elsewhere in this deed, all notices and consents from any US$ Noteholders or any US$ Note Owners shall be delivered in writing. Any solicitation of such notices or consent shall be in writing and be delivered by the Trustee, Trust Manager
or Note Trustee, as applicable, seeking such notice or consent from any US$ Noteholders or any US$ Note Owners to the Principal Paying Agent, who shall deliver the foregoing to the appropriate US$ Noteholders or 

  

			
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US$ Note Owners. With respect to any solicitation of approval of US$ Noteholders, the record date for determining US$ Noteholders with respect to such
solicitation shall be the date upon which the Principal Paying Agent distributes such notices or solicitation to the US$ Noteholders. 
  

	34.	Prospectus and prospectus supplement 

  

	
	 

 Except as provided in any Transaction Document: 
  

	 	(a)	the Note Trustee has no responsibility for any statement or information in or omission from (except in relation to its own description) any information memorandum, prospectus,
advertisement, circular or other document issued by or on behalf of the Trustee or Trust Manager, including in connection with the issue of Notes; and 

  

	 	(b)	neither the Trustee nor the Trust Manager may publish or permit to be published any such document in connection with the offer of Notes or an invitation for subscriptions for Notes
containing any statement which makes reference to the Note Trustee without the prior written consent of the Note Trustee, which consent must not be unreasonably withheld. In considering whether to give its consent, the Note Trustee is not required
to take into account the interests of the US$ Noteholders. 

  

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

 

									
	SIGNED SEALED and DELIVERED	    	)	    		    		    	
	on behalf of	    	)	    		    		    	
	 WESTPAC SECURITIES
 ADMINISTRATION
LIMITED
	    	 )
 )
	    		    		    	
	by its attorney	    	)	    		    		    	
	in the presence of:	    	)	    	  
	    	
		    		    	Signature	    		    	
			
	  
	    	  
	    	
	Witness	    		    	Print name	    		    	
		    		    		    		    	
		    		    		    		    	
	  
	    	Date signed:	    		    	
	Print name	    		    		    		    	
		    		    		    		    	
		    		    	Time signed:	    		    	
		    		    		    		    	
		    		    		    		    	
		    		    	Place signed:	    		    	

  
 TRUST MANAGER 
  

									
	SIGNED SEALED and DELIVERED	    	)	    		    		    	
	on behalf of	    	)	    		    		    	
	WESTPAC SECURITISATION MANAGEMENT PTY LIMITED	    	 )
 )
	    		    		    	
	by its attorney	    	)	    		    		    	
	in the presence of:	    	)	    	  
	    	
		    		    	Signature	    		    	
		    		    		    		    	
		    		    		    		    	
	  
	    	  
	    	
	Witness	    		    	Print name	    		    	
		    		    		    		    	
		    		    		    		    	
	  
	    	Date signed:	    		    	
	Print name	    		    		    		    	
		    		    	Time signed:	    		    	

  

			
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	Place signed:

 NOTE TRUSTEE 
  
  

									
	 SIGNED SEALED and DELIVERED by
 [tba]:
	    	 )
 )
	    		    		  	
			
	  
	    	  
	  	
	Authorised Signatory	    		    	Authorised Signatory	    		  	
		    		    		    		  	
		    		    		    		  	
	  
	    	  
	  	
	Print name	    		    	Print name	    		  	
		    		    		    		  	
		    		    		    		  	
	Date signed:	    		    	Date signed:	    		  	
		    		    		    		  	
		    		    		    		  	
	Time signed:	    		    	Time signed:	    		  	
		    		    		    		  	
		    		    		    		  	
	Place signed:	    		    	Place signed:	    		  	

  
 PRINCIPAL PAYING AGENT 
  
  

									
	 SIGNED SEALED and DELIVERED by
 [tba]:
	    	 )
 )
	    		    		  	
		    		    		    		  	
		    		    		    		  	
	  
	    	  
	  	
	Authorised Signatory	    		    	Authorised Signatory	    		  	
		    		    		    		  	
		    		    		    		  	
	  
	    	  
	  	
	Print name	    		    	Print name	    		  	
		    		    		    		  	
		    		    		    		  	
	Date signed:	    		    	Date signed:	    		  	
		    		    		    		  	
		    		    		    		  	
	Time signed:	    		    	Time signed:	    		  	
		    		    		    		  	
		    		    		    		  	
	Place signed:	    		    	Place signed:	    		  	

  

			
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 SCHEDULE 1 
  
 Form of Book-Entry Note 
  

	
	 

			
	 REGISTERED                                
  
 No. R-
	  	 CUSIP No
  
 ISIN No.
  
 Common Code

  
 The following legends to appear on each
US$ Book-Entry Note: 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE BANK OF NEW YORK, NEW YORK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 [BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER ACKNOWLEDGES THAT ANY CLASS A1 NOTES IT PURCHASES WILL BE SUBJECT TO THE CLASS A1 ARRANGEMENTS AND IT CONSENTS TO THE CLASS A1 NOTE ARRANGEMENTS.] 
  
 Unless this Note is presented by an authorised representative of The Depository Trust Company, a
New York corporation (DTC), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorised representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 WESTPAC SECURITIES ADMINISTRATION LIMITED 
 (ABN 77 000 049 472) 
 (a limited liability company incorporated under the law of New South Wales, Australia) 
 in its capacity as trustee of the Series [*] WST Trust 
 BOOK-ENTRY NOTE 
  

			
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 representing 
 US$[number]** 
 Class [A1/A2] Mortgage Backed Floating Rate Notes Due [*] 
 This Note is a Book-Entry Note without principal or interest in respect of a duly authorised issue of Notes of Westpac Securities Administration Limited in its capacity
as trustee of the Series [*] WST Trust (the “Trust”) (the “Issuer”), designated as specified in the title above (the “Notes”), in an initial aggregate principal amount of 
 [        ]** (US$ [        ])** 
 and (a) constituted by a Master Trust Deed (the “Master Trust Deed”) dated 14 February 1997 between the Issuer and The Mortgage Company Pty
Limited (ABN 86 070 968 302), by a Series Notice (the “Series Notice”) dated on or about [*] between (among others) the Issuer, Deutsche Bank Trust Company Americas (the note trustee for the time being referred to as the
“Note Trustee”) as trustee for the holders for the time being of the Class [A1/A2] Notes (the “Class [A1/A2] Noteholders”) and Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) (the
“Trust Manager”), and by these Conditions; (b) issued subject to a Note Trust Deed dated on or about [*] (the “Note Trust Deed”) between the Issuer, the Trust Manager and the Note Trustee; (c) secured by a
Security Trust Deed (the “Security Trust Deed”) dated on or about [*] between the Issuer, the Trust Manager, the Note Trustee and P.T. Limited (ABN 67 004 454 666) (the “Security Trustee”, which expression shall
include its successor for the time being as security trustee under the Security Trust Deed); and (d) having the benefit of an Agency Agreement dated on or about [*] (the “Agency Agreement”) and made between the Issuer, the
Trust Manager, the Note Trustee and Deutsche Bank Trust Company Americas, in its capacities as principal paying agent (the “Principal Paying Agent”), calculation agent (the “Calculation Agent”) and note registrar
(the “Note Registrar”). References to the Conditions (or to any particular numbered Condition) shall be to the Terms and Conditions of the Class [A1/A2] Notes set out in Schedule 3 to the Note Trust Deed but with the deletion of
those provisions which are applicable only to Class [A1/A2] Notes in definitive form. Terms and expressions defined in the Note Trust Deed and the Conditions shall, save as expressly stated otherwise, bear the same meanings when used herein. If the
Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note Trust Deed this Book-Entry Note will be exchangeable in whole at the offices of the agent of the Principal Paying Agent at c/o DTC Transfer Services, 55 Water Street, Jeanette
Park Entrance, New York, NY 10041, United States of America (or such other place outside Australia and any of its respective territories and possessions and other areas subject to jurisdictions as the Note Trustee may agree) for Definitive Notes and
the Issuer shall execute and procure that the Principal Paying Agent authenticates and delivers in full exchange for this Book-Entry Note, Definitive Notes in aggregate principal amount equal to the Amount of all Class [A1/A2] Notes represented by
this Book-Entry Note. The Issuer is not obliged to issue Definitive Notes until 30 days after the occurrence of an event set out in clause 3.3 of the Note Trust Deed. 
 The Issuer, in its capacity as trustee of the Trust, subject to this Book-Entry Note and subject to and in accordance with the Conditions and the Note Trust Deed promises to pay to Cede & Co., or registered
assigns of this Book-Entry Note the principal sum of US$[words]** (US$[number])** or such lesser amount as may from time to time be represented by this Book-Entry Note (or such part of that amount as may become repayable under the
Conditions, the Series Notice and the Note Trust Deed) on such date(s) that principal sum (or any part of it) becomes repayable in accordance with the Conditions, the Series Notice and the Note Trust Deed and to pay interest in arrears on each
Payment Date (as defined in Condition 4) on the Invested Amount 

  

			
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(as defined in Condition 5.1) of this Book-Entry Note at rates determined in accordance with Condition 4 and all subject to and in accordance with the
certification requirements described in this Book-Entry Note, the Conditions, the Series Notice and the Note Trust Deed, which shall be binding on the registered holder of this Book-Entry Note (as if references in the Conditions to the Notes and the
Noteholders were references to this Book-Entry Note and the registered holder of this Book-Entry Note respectively and as if the same had been set out in this Book-Entry Note in full with all necessary changes, except as otherwise provided in this
Book-Entry Note). 
 Payments of interest on this Note due and payable on each Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Common Depositary (initially, such nominee to be Cede & Co.). Each of the persons appearing from time to time in the records of DTC, as the holder of a beneficial interest in a Class [A1/A2] Note will be
entitled to receive any payment so made in respect of that Class [A1/A2] Note in accordance with the respective rules and procedures of DTC. Such persons will have no claim directly against the Issuer in respect of payments due on the Class [A1/A2]
Notes which must be made by the holder of this Book-Entry Note, for so long as this Book-Entry Note is outstanding. 
 On any payment of principal and/or
interest on the Class [A1/A2] Notes as set out above details of that payment shall be endorsed by or on behalf of the Issuer in the Note Register and, in the case of payments of principal, the Invested Amount of the Class [A1/A2] Notes shall be
reduced for all purposes by the amount so paid and endorsed in the Note Register. Any such record shall be prima facie evidence that the payment in question has been made. 
 If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by the Clearing Agency and the Clearing Agency will deliver the
relevant registration instructions to the Trustee. Definitive Notes shall be executed by the Trustee and authenticated by the Principal Paying Agent and delivered as per the instructions of the Clearing Agency. 
 The Definitive Notes to be issued on that exchange will be in registered form each in the denomination of US$100,000 or integral multiples thereof. If the Issuer fails
to meet its obligations to issue Definitive Notes, this shall be without prejudice to the Issuer’s obligations with respect to the Notes under the Note Trust Deed, the Master Trust Deed, the Series Notice and this Book-Entry Note. 

On an exchange of this Book-Entry Note, this Book-Entry Note shall be surrendered to the agent designated by the Principal Paying Agent. 
 This Book-Entry Note shall not become valid for any purpose unless and until the Certificate of Authentication attached has been signed by an Authorised Signatory of the
Principal Paying Agent (as defined in the Series Notice). 
 This Book-Entry Note is governed by, and shall be construed in accordance with, the laws of New
South Wales, Australia. 
 IN WITNESS the Issuer has caused this Book-Entry Note to be signed [manually/in facsimile] by a person duly authorised on its
behalf 
  

			
	WESTPAC SECURITIES ADMINISTRATION LIMITED
		
	 By:        
	 	  

		 	Authorised Signatory

  

			
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 IMPORTANT NOTES: 
  

	(a)	The Class [A1/A2] Notes do not represent deposits or other liabilities of Westpac Banking Corporation, (ABN 33 007 457 141 (“Westpac”) or associates of Westpac.

  

	(b)	The holding of Class [A1/A2] Notes is subject to investment risk, including possible delays in repayment and loss of income and principal invested. 

  

	(c)	Neither Westpac nor any associate of Westpac in any way stands behind the capital value and/or performance of the Class [A1/A2] Notes or the assets of the Trust except to the
limited extent provided in the Series Notice, the Master Trust Deed, the Note Trust Deed and the other documents for the Trust. 

  

	(d)	None of Westpac (including in its capacity as Servicer on behalf of the Issuer), the Issuer or the Trust Manager guarantees the payment of interest or the repayment of principal due
on the Class [A1/A2] Notes. 

  

	(e)	None of the obligations of the Issuer or the Trust Manager are guaranteed in any way by Westpac or any associate of Westpac. 

  

	(f)	The Issuer’s liability to make payments in respect of the Class [A1/A2] Notes is limited to its right of indemnity from the assets of Trust from time to time available to make
such payments under the Master Trust Deed and Series Notice. All claims against the Issuer in relation to the Class [A1/A2] Notes can be enforced against the Issuer only to the extent to which it can be satisfied out of the assets of the Trust out
of which the Issuer is actually indemnified for the liability except in the case of (and to the extent of) any fraud, negligence or breach of trust on the part of the Issuer. 

  

	(g)	The Noteholder is required to accept any distribution of moneys under the Security Trust Deed in full and final satisfaction of all moneys owing to it, and any debt represented by
any shortfall that exists after any such final distribution is extinguished. 

  

			
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 CERTIFICATE OF AUTHENTICATION 
 This Book-Entry Note is authenticated by Deutsche Bank Trust Company Americas and until so authenticated shall not be valid for any purpose. 
 Deutsche Bank Trust Company Americas 
 as Principal Paying Agent 
  

			
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 Assignment 
  

	
	 

 Social Security or taxpayer I.D. or other identifying number of assignee 
  

			
	  	 	

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

			
	(name and address of assignee)	 	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 
  
  

			
	  	 	

 attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises. 
  

									
	 Dated:  
                                        
    
	  		  	  

					
		 		 		  		  	Signature Guaranteed:
			
	 Dated:  
                                        
    
	  		  	  

		 		 		  		  	  
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 ____________________________ 
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration,
enlargement or any change whatsoever. 

  

			
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	 Note Trust Deed
  
	  	 

  

  

 SCHEDULE 2 
 Information to be contained in Noteholders Report 
  

	
	  

	(i)	the Invested Amount and the Stated Amount of each Class of Notes; 

  

	(ii)	the Interest Payments and principal distributions on each Class of Notes; 

  

	(iii)	the Available Income; 

  

	(iv)	the Total Available Funds; 

  

	(v)	the aggregate of all Redraws made during that Collection Period; 

  

	(vi)	the Redraw Shortfall; 

  

	(vii)	the Subordinated Percentage; 

  

	(viii)	the Payment Shortfall (if any); 

  

	(ix)	the Principal Draw (if any) for that Collection Period, together with all Principal Draws made before the start of that Collection Period and not repaid; 

 

	(x)	the Gross Principal Collections; 

  

	(xi)	the Principal Collections; 

  

	(xii)	the Liquidity Shortfall (if any); 

  

	(xiii)	the Remaining Liquidity Shortfall (if any); 

  

	(xiv)	the Principal Charge Off (if any); 

  

	(xv)	the Class A Percentage and the Class B Percentage; 

  

	(xvi)	the Class A Bond Factor and the Class B Bond Factor (the “Bond Factor” with respect to a Class of Notes is the Initial Invested Amount of such Class less all
principal payments on such Class divided by the Initial Invested Amount of such Class); 

  

	(xvii)	the Class A Charge Offs, the Class B Charge Offs and the Redraw Charge Offs (if any); 

  

	(xviii)	all Carryover Charge Offs (if any); 

  

	(xix)	if required, the Threshold Rate at that Collection Determination Date; 

  

	(xx)	the Quarterly Percentage; 

  

	(xxi)	[One Month LIBOR and Three Month LIBOR (as the case may be)] as at the first day of the related Coupon Period ending immediately after that Collection Determination Date as
calculated by the Calculation Agent; 

  

	(xxii)	scheduled and unscheduled payments of principal on the Housing Loans; 

  

	(xxiii)	aggregate Balances Outstanding of Fixed Rate Housing Loans and aggregate Balances Outstanding of Variable Rate Housing Loans; and 

  

	(xxiv)	delinquency statistics with respect to the Housing Loans. 

  

			
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	 Note Trust Deed
  
	  	 

  

  

 SCHEDULE 3 
 Terms and Conditions of the Class [A1/A2] Notes 
  

	
	 

 The following, subject to amendments, are the terms and conditions of the US$ Notes, substantially as they will
appear on the reverse of the US$ Notes. US$ Notes in definitive registered form will only be issued in certain limited circumstances. While the US$ Notes remain in book-entry form, the same terms and conditions govern them, except to the extent that
they are appropriate only to the US$ Notes in definitive registered form. For a summary of the provisions relating to the US$ Notes in book-entry form, see “Description of the US$ Notes—Book-Entry Registration” in the prospectus
supplement. 
 [To be inserted] 
  

			
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