Document:

Annexure
A

       

      Westpac
Securitisation Trusts

      Servicing
Agreement

       

      Westpac
Banking Corporation

      (Westpac)

       

      Westpac
Securities Administration Limited

      (Trustee)

      

      Westpac
Securitisation Management Pty Limited

      (Trust
Manager)

      

      The
Chifley Tower

      2 Chifley
Square

      Sydney  NSW  2000

      Australia

      Tel  61
2 9230 4000

      Fax  61
2 9230 5333

      www.aar.com.au

      

      ©
Copyright Allens Arthur Robinson 2010

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  	
                          Westpac
      Securitisation Trusts Servicing

                          Agreement

                        	
                          

                        
	 
      	 
      

                

              

            

          

        

      

       

      Table
of Contents

       

      
        
          
            
              
                
                  	
                          1.

                        	
                          Definitions
      and interpretation

                        	
                          1

                        
	 
      	
                          1.1

                        	
                          Definitions

                        	
                          1

                        
	 
      	
                          1.2

                        	
                          Interpretation

                        	
                          3

                        
	 
      	
                          1.3

                        	
                          Limitation
      of Trustee's Liability

                        	
                          3

                        
	 
      	
                          1.4

                        	
                          Series
      Notice

                        	
                          4

                        
	 
      	 
      	 
      
	
                          2.

                        	
                          Appointment
      of Servicer

                        	
                          4

                        
	 
      	
                          2.1

                        	
                          Appointment

                        	
                          4

                        
	 
      	
                          2.2

                        	
                          General
      duties and standard of care

                        	
                          4

                        
	 
      	
                          2.3

                        	
                          Powers

                        	
                          5

                        
	 
      	
                          2.4

                        	
                          Records

                        	
                          5

                        
	 
      	
                          2.5

                        	
                          Servicer's
      power to delegate

                        	
                          5

                        
	 
      	
                          2.6

                        	
                          Servicer’s
      power to subcontract

                        	
                          6

                        
	 
      	
                          2.7

                        	
                          Servicer's
      power to appoint advisers

                        	
                          6

                        
	 
      	
                          2.8

                        	
                          Legal
      title

                        	
                          6

                        
	 
      	
                          2.9

                        	
                          License
      to enter Premises

                        	
                          7

                        
	 
      	 
      	 
      
	
                          3.

                        	
                          Duties
      and responsibilities of the Servicer as custodian

                        	
                          7

                        
	 
      	
                          3.1

                        	
                          General

                        	
                          7

                        
	 
      	
                          3.2

                        	
                          Locate
      and Access

                        	
                          7

                        
	 
      	
                          3.3

                        	
                          Audit

                        	
                          8

                        
	 
      	
                          3.4

                        	
                          Transfer
      of Custody

                        	
                          8

                        
	 
      	 
      	 
      
	
                          4.

                        	
                          Undertakings

                        	
                          9

                        
	 
      	
                          4.1

                        	
                          Servicing
      Undertakings

                        	
                          9

                        
	 
      	
                          4.2

                        	
                          Westpac
      Undertakings

                        	
                          11

                        
	 
      	
                          4.3

                        	
                          Westpac's
      power to delegate

                        	
                          13

                        
	 
      	
                          4.4

                        	
                          Adverse
      Effect

                        	
                          13

                        
	 
      	 
      	 
      
	
                          5.

                        	
                          Procedures
      manual

                        	
                          14

                        
	 
      	
                          5.1

                        	
                          Trustee
      bound by acts of Servicer

                        	
                          14

                        
	 
      	
                          5.2

                        	
                          No
      liability for compliance

                        	
                          14

                        
	 
      	
                          5.3

                        	
                          Amendments
      to Procedures Manual

                        	
                          14

                        
	 
      	 
      	 
      
	
                          6.

                        	
                          Collection
      and remittance of moneys

                        	
                          14

                        
	 
      	
                          6.1

                        	
                          Collection
      of moneys

                        	
                          14

                        
	 
      	
                          6.2

                        	
                          Remittances

                        	
                          15

                        
	 
      	
                          6.3

                        	
                          Remittances
      to Trustee

                        	
                          15

                        
	 
      	
                          6.4

                        	
                          Payments
      and Computations, etc.

                        	
                          16

                        
	 
      	
                          6.5

                        	
                          Report
      by Servicer

                        	
                          16

                        
	 
      	
                          6.6

                        	
                          No
      Right of Set-Off

                        	
                          16

                        
	 
      	 
      	 
      
	
                          7.

                        	
                          Servicer
      fees

                        	
                          16

                        
	 
      	
                          7.1

                        	
                          Fee

                        	
                          16

                        
	 
      	
                          7.2

                        	
                          Expenses
      of Servicer and Westpac

                        	
                          16

                        
	 
      	 
      	 
      
	
                          8.

                        	
                          Termination

                        	
                          17

                        
	 
      	
                          8.1

                        	
                          Expiry
      of Term

                        	
                          17

                        
	 	 	 	 

                

              

            

          

        

      

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      
        
          
            	 
      	
                    8.2

                  	
                    Servicer
      Transfer Event

                  	
                    17

                  
	 
      	
                    8.3

                  	
                    Resignation

                  	
                    18

                  
	 
      	
                    8.4

                  	
                    Survival

                  	
                    18

                  
	 
      	
                    8.5

                  	
                    Release
      of outgoing Servicer

                  	
                    18

                  
	 
      	
                    8.6

                  	
                    New
      Servicer to execute deed

                  	
                    18

                  
	 
      	
                    8.7

                  	
                    Settlement
      and discharge

                  	
                    18

                  
	 
      	 
      	 
      
	
                    9.

                  	
                    Indemnity

                  	
                    19

                  
	 
      	
                    9.1

                  	
                    Indemnity

                  	
                    19

                  
	 
      	
                    9.2

                  	
                    Limitation
      of liability

                  	
                    19

                  
	 
      	
                    9.3

                  	
                    No
      liability for acts of certain persons

                  	
                    19

                  
	 
      	
                    9.4

                  	
                    No
      liability for loss etc

                  	
                    19

                  
	 
      	
                    9.5

                  	
                    Method
      of claiming under indemnity

                  	
                    20

                  
	 
      	
                    9.6

                  	
                    Time
      of Payment

                  	
                    20

                  
	 
      	 
      	 
      
	
                    10.

                  	
                    Representations
      and warranties

                  	
                    20

                  
	 
      	
                    10.1

                  	
                    Representations
      and Warranties

                  	
                    20

                  
	 
      	
                    10.2

                  	
                    Reliance

                  	
                    20

                  
	 
      	
                    10.3

                  	
                    Survival
      of Representations and Indemnities

                  	
                    20

                  
	 
      	 
      	 
      
	
                    11.

                  	
                    Westpac
      and the Servicer may act as banker

                  	
                    20

                  
	 
      	 
      	 
      
	
                    12.

                  	
                    Administrative
      provisions

                  	
                    21

                  
	 
      	
                    12.1

                  	
                    Notices

                  	
                    21

                  
	 
      	
                    12.2

                  	
                    Governing
      Law and Jurisdiction

                  	
                    21

                  
	 
      	
                    12.3

                  	
                    Assignment

                  	
                    21

                  
	 
      	
                    12.4

                  	
                    Amendment

                  	
                    21

                  
	 
      	
                    12.5

                  	
                    Severability
      Clause

                  	
                    21

                  
	 
      	
                    12.6

                  	
                    Costs
      and Expenses

                  	
                    21

                  
	 
      	
                    12.7

                  	
                    Waivers:  Remedies
      Cumulative

                  	
                    22

                  
	 
      	 
      
	
                    Schedule
      1

                  	
                    25

                  
	 
      	
                    RECEIVABLES
      REGISTER INFORMATION

                  	
                    25

                  
	 
      	 
      
	
                    Schedule
      2

                  	
                    26

                  
	 
      	
                    AUDIT

                  	
                    26

                  

          

           

        

      

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                	
                                                                        Date

                                                                         

                                                                      	
                                                                                                    2001

                                                                      
	 	 
	
                                                                        Parties

                                                                         
      

                                                                      	 
      
	 	 
	
                                                                        1.    
      

                                                                      	
                                                                        WESTPAC BANKING
      CORPORATION (ABN 33 007 457 141) incorporated in New
      South Wales of 60 Martin Place, Sydney in its capacity as an Approved
      Seller (Westpac);

                                                                      
	 	 
	
                                                                        2.    
      

                                                                      	
                                                                        WESTPAC SECURITIES
      ADMINISTRATION LIMITED (ABN 77 000 049 472) incorporated in
      New South Wales of Level 15, 2 Chifley Square, Sydney (the Trustee);
      and

                                                                      
	 	 
	
                                                                        3.    
      

                                                                      	
                                                                        WESTPAC SECURITISATION
      MANAGEMENT PTY LIMITED (ABN 73 081 709 211) incorporated in
      the Australian Capital Territory, of Level 25, 60 Martin Place, Sydney,
      NSW (the Trust
      Manager).

                                                                      
	 	 
	
                                                                        Recitals

                                                                         
      

                                                                      	 
      
	 	 
	
                                                                        A    
      

                                                                      	
                                                                        The
      Trustee wants to retain the services of the Servicer to manage the
      Receivables in relation to certain Trusts and provide custodial services
      in relation to the Relevant Documents.

                                                                      
	 	 
	
                                                                        B  
         

                                                                      	
                                                                        The
      Trustee wants Westpac, in its capacity as an Approved Seller, to undertake
      various matters in relation to the Receivables and Receivable Rights that
      it sells to the Trustee for so long as Westpac holds legal title to those
      Receivables and Receivable Rights.

                                                                      
	 
      	 
      

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      It
is agreed as follows.

      
         

        
          	
                  1.

                	
                  Definitions
      and interpretation

                

          

        

         

      

      
        	
                1.1

              	
                Definitions

              

      

       

      In this
agreement, terms defined in the Master Trust Deed or a Series Notice in relation
to a Relevant Trust have the same meaning and the following definitions apply
unless a different meaning is given in a Series Notice in relation to a Relevant
Trust or the context otherwise requires.

       

      Audit Date
means a date not later than the first anniversary of the date of this agreement
and every 12 months after that date during the Term.

       

      Custody Transfer
Trigger means any of the following events:

       

      
        	
                 
      

              	
                (a)

              	
                a
      Further Audit resulting in an adverse
report;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                a
      Servicer Downgrade; or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      Servicer is in default under a servicing agreement between it and any
      other person, and by reason of the default that other person removes any
      documents in the Servicer's custody under the servicing agreement where
      that person would otherwise not have been entitled to do
    so.

              

      

       

      
        
          
            	
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                          Westpac
      Securitisation Trusts Servicing

                          Agreement

                        	
                          

                        
	 
      	 
      

                

              

            

          

        

      

       

      Eligible
Servicer means any suitably qualified person whose appointment by the
Trustee as Servicer under this agreement will not materially prejudice the
interests of the Noteholders.

       

      Further
Audit has the meaning given in Clause 3.3(c).

       

      Law means
any statute, rule, regulation, ordinance, order or decree of any Governmental
Agency, and includes, without limitation the Consumer Credit Code and the Code
of Banking Practice.

       

      Master Trust
Deed means the Master Trust Deed between the Trustee and The Mortgage
Company Pty Limited dated 14 February 1997.

       

      Material
Default means, with respect to a Receivable:

       

      
        	
                 
      

              	
                (a)

              	
                a
      failure by an Obligor to pay any amount pursuant to the relevant
      Receivable which failure causes the Receivable to be in Arrears and which
      failure to pay continues for a period of 90 days;
  or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      occurrence of an event of default, howsoever described (other than a
      failure by an Obligor to pay an amount under the relevant Receivable)
      under that Receivable or Receivable Security unless the Servicer
      reasonably determines that such event of default is of a minor or
      technical nature and will not result in an Adverse
  Effect.

              

      

       

      Premises
means the Mortgage Processing Centre at 25 Pierson Street, Lockleys, South
Australia or such other premises as the Servicer proposes, and the Trustee
agrees to in writing (such agreement not to be unreasonably withheld where the
proposed premises are to be used as a document vault, and those premises have
security to a standard at least equal to the Mortgage Processing
Centre).

       

      Procedures Manual
means, in relation to a Portfolio of Receivables, those policies and
procedures of Westpac  or the Servicer (as the case may be) relating
to the origination, custody, management and enforcement of those Receivables,
Receivable Securities and Related Securities as those policies and procedures
are amended in accordance with this agreement, and applied from time to time in
Westpac's or the Servicer’s ordinary course of business (as the case may
be).

       

      Receivable
has the meaning in the Master Trust Deed, but relates only to Receivables held
by the Trustee under a Relevant Trust.

       

      Receivable
Securities has the meaning in the Master Trust Deed, but relates only to
Receivable Securities held by the Trustee under a Relevant Trust.

       

      Receivables
Register means a register of Receivables for each Trust and Warehouse
Trust maintained by the Servicer and stored on computer disk or other electronic
form.  In relation to Mortgages it shall contain the information in
respect of each Mortgage set out in Schedule 1.

       

      Record of
Movements has the meaning given in Clause 3.1(c).

      Relevant Document
Audit means, at any time, an inventory of Relevant Documents conducted by
the Servicer to verify location, imaging, identification and allocation to the
relevant Receivable of the Relevant Documents.

       

      Relevant
Trust means a Trust in relation to which the Servicer has been appointed,
and has agreed to act, as Servicer under Clause 2.1(a) and a Series
Notice.

      Security
Packet means, in relation to a Receivable, the Relevant Documents
relating to that Receivable.

      Security
Vault means any security document vault located on the Premises in which
any Relevant Documents are stored.

       

      
      

      
        
          
            	
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                              Westpac
      Securitisation Trusts Servicing

                              Agreement

                            	
                              

                            
	 
      	 
      

                    

                  

                

              

            

          

           

        

      

      Servicer
means Westpac or any other person who accedes to the position of Servicer under
clause 8.6.

      Services
means the services provided or to be provided by the Servicer under this
agreement.

       

      Servicer Transfer
Event means the occurrence of any of the following:

      
        	
                 
      

              	
                (a)

              	
                an
      Insolvency Event occurs with respect to the
  Servicer;

              

      

      
        	
                 
      

              	
                (b)

              	
                the
      Servicer fails to pay any amount in accordance with any Transaction
      Document within 5 Business Days of receipt of a notice to do so from
      either the Trustee or Trust
Manager;

              

      

      
        	
                 
      

              	
                (c)

              	
                the
      Servicer fails to comply with any of its other obligations under any
      Transaction Document and such action has had, or, if continued will have,
      an Adverse Effect (as determined by the Trustee) and the Servicer does not
      remedy that failure within 30 days after the Servicer becomes aware of
      that failure by receipt of a notice from either the Trustee or the Trust
      Manager;

              

      

      
        	
                 
      

              	
                (d)

              	
                any
      representation, warranty or certification made by the Servicer is
      incorrect when made and is not waived by the Trustee or remedied to the
      Trustee's reasonable satisfaction within 90 days after notice from the
      Trustee, and the Trustee determines that breach would have an Adverse
      Effect; or

              

      

      
        	
                 
      

              	
                (e)

              	
                if
      it is unlawful for the Servicer to perform the
  Services.

              

      

      Term means
the period from the date of this agreement until the earlier of:

      
        	
                 
      

              	
                (a)

              	
                the
      date on which this agreement is terminated pursuant to Clause
      8.2;

              

      

      
        	
                 
      

              	
                (b)

              	
                the
      date which is one month after the Notes in relation to each Relevant Trust
      have been redeemed in full in accordance with the Transaction Documents
      and the Trustee ceases to have any obligations to any Creditor in relation
      to any Trust;

              

      

      
        	
                 
      

              	
                (c)

              	
                the
      date on which the Trustee replaces the Servicer with an Eligible Servicer;
      and

              

      

      
        	
                 
      

              	
                (d)

              	
                the
      date on which the Servicer is replaced after resigning under Clause
      8.3.

              

      

      Westpac
Remittance Rating means:

      
        	
                 
      

              	
                (a)

              	
                in
      relation to the Series 2002-1G WST Trust, a short term rating of A-1 from
      S&P and P-1 from Moody’s; and

              

      

      
        	
                 
      

              	
                (b)

              	
                in
      relation to any other Relevant Trust, the rating specified as the Westpac
      Remittance Rating in the Series Notice for that
  Trust.

              

      

       

      
        	
                1.2

              	
                Interpretation

              

      

       

      The
provisions of clause 1.2 of the Master Trust Deed apply to this agreement, as if
set out in full, and on the basis that a reference in Clause 1.2(e) or (f) to
"this Deed" is a reference to this agreement.

       

      
        	
                1.3

              	
                Limitation
      of Trustee's Liability

              

      

       

      
        	
                 
      

              	
                (a)

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

              

      

       

      
        	
                 
      

              	
                (b)

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

              

      

       

      
      

      
        
          
            	
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                              Westpac
      Securitisation Trusts Servicing

                              Agreement

                            	
                              

                            
	 
      	 
      

                    

                  

                

              

            

          

            

        

      

      
        	
                 
      

              	
                (c)

              	
                The
      parties other than the Trustee may not sue the Trustee personally or seek
      the appointment of a liquidator, administrator, receiver or similar person
      to the Trustee or prove in any liquidation, administration or arrangement
      of or affecting the Trustee.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      provisions of this Clause 1.3 shall not apply to any obligation or
      liability of the Trustee to the extent that obligation or liability is not
      satisfied because:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                under
      the trust deed establishing the Trust;
or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                by
      operation of law,

              

      

       

      there is
a reduction in the extent, or extinguishment, of the Trustee's indemnification
out of the assets of the Relevant Trust, as a result of the Trustee's fraud,
negligence or breach of trust.

       

      
        	
                 
      

              	
                (e)

              	
                It
      is acknowledged that the Trust Manager of the Relevant Trust is
      responsible under the Master Trust Deed and the Series Notice for the
      Relevant Trust for a variety of obligations relating to the Trust,
      including under this agreement.  No act or omission of the
      Trustee (including any related failure to satisfy its obligations under
      this agreement) will be considered fraud, negligence or breach of trust of
      the Trustee for the purpose of Clause 1.3(d) to the extent to which the
      act or omission was caused or contributed to by any failure by the Trust
      Manager or the Servicer or any other person properly appointed by the
      Trustee, the Trust Manager or the Servicer to fulfil its obligations
      relating to the Relevant Trust or by any other act or omission of the any
      other person properly appointed by the Trustee, the Trust Manager or the
      Servicer.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                No
      attorney, agent, receiver or receiver and manager appointed in accordance
      with this agreement 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 Clause
1.3(d).

              

      

       

      
        	
                1.4

              	
                Series
      Notice

              

      

       

      This
agreement is subject to the Series Notice for each Relevant Trust.  In
case of any inconsistency, the Series Notice shall prevail.

      
         

        
          	
                  2.

                	
                  Appointment
      of Servicer

                

        

      

      
        
          

        

         

      

      
        	
                2.1

              	
                Appointment

              

      

       

      The
Trustee appoints the Servicer to perform the Services during the Term for each
Trust in relation to which the Servicer is specified as, and agrees to act as,
the Servicer in the relevant Series Notice.  By executing a Series
Notice, the Servicer shall be taken to have accepted that appointment, and
agreed to perform the Services in relation to that Trust in accordance with this
agreement.

       

      
        	
                2.2

              	
                General
      duties and standard of care

              

      

       

      The
Servicer shall manage and service the Receivables:

       

      
        	
                 
      

              	
                (a)

              	
                in
      accordance with this agreement;

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

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                (b)

              	
                to
      the extent not provided in this agreement, in accordance with the
      applicable Procedures Manual as that is interpreted and applied by the
      Servicer in the ordinary course of its business;
  and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                to
      the extent not covered by Clauses 2.2(a) and (b), by exercising the degree
      of diligence and care expected of an appropriately qualified servicer of
      the relevant financial products and custodian of
  documents.

              

      

       

      
        	
                2.3

              	
                Powers

              

      

       

      Subject
to Clauses 2.2, 4.1(g) and 4.4, the Servicer has the express power, among other
things, to the extent such action will not cause an Adverse Effect (that is, an
event which will materially and adversely affect the amount of any payment to be
made to any Noteholder, or will materially and adversely affect the timing of
such payment):

       

      
        	
                 
      

              	
                (a)

              	
                to
      waive any fees and break costs which may be collected in the ordinary
      course of servicing the Receivables or arrange the rescheduling of
      interest due and unpaid following a default under any
      Receivables;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      its discretion, to waive any right in respect of any Receivables and
      Receivable Securities in the ordinary course of servicing the Receivables
      and Receivable Securities (including in accordance with its normal
      collection procedures); and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                to
      grant an extension of maturity beyond 30 years from the date any
      Receivable that relates to a mortgage loan was made, when required to do
      so by Law or a Government Agency.  The restriction on granting
      extensions that will not have an Adverse Effect shall not apply where the
      extension is required by Law or a Governmental
  Agency.

              

      

       

      
        	
                2.4

              	
                Records

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Servicer will maintain the Data Base used by it as a master record of
      Receivables and Receivable Securities in relation to each Relevant
      Trust.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Each
      Receivable will be electronically tagged so that all related Collections
      and performance statistics (the nature of which shall be as mutually
      agreed from time to time by the Servicer, the Trust Manager and the
      Trustee) for that Receivable can be readily
  identified.

              

      

       

      
        	
                2.5

              	
                Servicer's
      power to delegate

              

      

       

      Without
in any way affecting the generality of the above, the Servicer may in carrying
out and performing its duties and obligations contained in this
agreement:

       

      
        	
                 
      

              	
                (a)

              	
                (delegate to employees
      agent)  delegate to any of its
      officers and employees all Services (whether or not requiring or involving
      the Servicer's judgment or
discretion);

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (appoint attorneys or
      subcontract) appoint any person to be its attorney or agent or
      delegate to any person for such purposes and with such powers, authorities
      and discretions (not exceeding those vested in the Servicer) as the
      Servicer thinks fit, including
with:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                power
      for the attorney or agent to sub-delegate any such powers, authorities or
      discretions;

              

      

       

      
      

      
        
          
            	
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                (ii)

              	
                power
      to authorise the issue in the name of the Servicer of documents bearing
      facsimile signatures of the Servicer or of the attorney, agent or delegate
      (either with or without proper manuscript signatures of their officers);
      and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                provisions
      for the protection and convenience of those dealing with any such
      attorney, agent or delegate as they may think fit;
  and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (suspend agents and sub-agents)
      supersede or suspend any such attorney, agent or delegate for such
      cause or reason as the Servicer may in its sole discretion think
      sufficient with or without assigning any cause or reason and either
      absolutely or for such time as it may think
  proper,

              

      

       

      but
despite any delegation or appointment under the above paragraphs of this clause,
the Servicer shall remain liable for the performance of the Services in
accordance with this agreement and for the acts or omissions of any officer,
employee, attorney, agent, delegate, sub-delegate or sub-agent and shall be
solely responsible for the fees and expenses of such officer, employee,
attorney, agent, delegate, sub-delegate or sub-agent.

       

      
        	
                2.6

              	
                Servicer’s
      power to subcontract

              

      

       

      Without
in any way affecting the generality of the above, the Servicer may subcontract
with any person for such purposes as the Servicer thinks fit.  In
particular, the Trustee and Trust Manager acknowledge that the Servicer may
engage EDS (Business Process Administration) Pty Limited (ABN 81 095 806 125) as
a subcontractor in relation to all or some of the Servicer’s duties and
obligations under this agreement.  Despite any subcontracting under
this clause, the Servicer shall remain liable for the performance of the
Services in accordance with this agreement and shall be solely responsible for
the fees of any subcontractor engaged.

       

      
        	
                2.7

              	
                Servicer's
      power to appoint advisers

              

      

       

      In
accordance with its ordinary course of business, the Servicer may appoint and
engage and act upon the opinion, advice or information obtained from any
valuers, solicitors, barristers, accountants, surveyors, property managers, real
estate agents, contractors, qualified advisers and such other persons as may be
necessary, usual or desirable for the purpose of enabling the Servicer properly
to exercise and perform its duties and obligations under this
agreement.

       

      
        	
                2.8

              	
                Legal
      title

              

      

       

      The
Servicer agrees that upon being directed to do so by the Trustee following a
Title Perfection Event for a Relevant Trust, it will promptly take all action to
perfect the Trustee's legal title to the relevant Receivables and Receivable
Securities by:

       

      
        	
                 
      

              	
                (a)

              	
                giving
      written notice of the Trustee's interest to any Obligor or
      Mortgagor;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                registering
      any Transfer of Receivable
Security;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                taking
      any other action required or permitted by law to perfect such legal title;
      and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                delivering
      all Relevant Documents for that Trust to the Trustee.  If the
      Servicer has not done so within 10 Business Days (or such longer period as
      the Trustee permits) the Trustee may enter any premises where those
      Relevant Documents are kept, take possession of and remove those Relevant
      Documents.  The Servicer shall assist the Trustee in doing
      so.

              

      

       

      
      

      
        
          
            	
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                2.9

              	
                License
      to enter Premises

              

      

       

      Westpac
irrevocably licenses the Trustee to enter onto the Premises for the purpose of
taking possession of, and removing, the Relevant Documents in accordance with
this agreement.

      
         

        
          	
                  3.

                	
                  Duties
      and responsibilities of the Servicer as
  custodian

                

        

      

      
        
          

        

         

      

      
        	
                3.1

              	
                General

              

      

       

      The
Servicer's duties and responsibilities (in its capacity as custodian under this
agreement) are to:

       

      
        	
                 
      

              	
                (a)

              	
                hold
      as custodian under this agreement at the direction of the Trustee each
      Relevant Document that it may receive on behalf of the Trustee (or its
      agent or nominee) pursuant to a Transaction Document in accordance with
      its standard safekeeping practices;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                ensure
      that each Relevant Document is capable of identification and is kept in a
      Security Vault;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      relation to each Relevant Trust, open and maintain in safe custody a
      record of physical movement from the Premises and between each Relevant
      Trust of any Relevant Document held by it from time to time pursuant to
      this agreement (the Record of
      Movements);

              

      

       

      
        	
                 
      

              	
                (d)

              	
                update
      the Receivables Register and give a copy to the
  Trustee:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                within
      3 months of the Closing Date for each Relevant
  Trust;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                if
      either it or its holding company (if any) has a short term rating from
      S&P of not less than A-, not later than the last Business Day of each
      calendar year during the Term;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                if
      neither it nor its holding company (if any) has such a rating; on the last
      Business Day of each calendar quarter during the
  Term;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                within
      30 days of a written request by the Trustee if the Trustee (in its
      discretion, but acting reasonably) believes that the Servicer or
      Westpac  is breaching its obligations under this agreement or
      any other Relevant Document; and

              

      

       

      
        	
                 
      

              	
                (e)

              	
                at
      all times during the currency of this agreement do all acts, matters and
      things which may reasonably be required of the Servicer by the Trustee for
      the purposes of, or as contemplated by, this
  agreement.

              

      

       

      
        	
                3.2

              	
                Locate
      and Access

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Servicer shall ensure that at all times it shall be able to locate each
      Relevant Document by way of a periodic Relevant Document
      Audit.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Unless
      the Servicer requires a Relevant Document to perform its duties as
      Servicer in relation to the related Receivable, or otherwise comply with
      its obligations under the Transaction Documents, each Relevant Document
      shall be kept within the Security
Vault.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Other
      than the Servicer requiring a Relevant Document under Clause 3.2(b), or
      for an audit by Westpac's or the Servicer’s internal or external auditor,
      or by the Auditor under Clause 3.3 of this agreement, a Relevant Document
      may only be removed from the Security Vault with the Trustee's written
      approval and for the following
purposes:

              

      

       

      
      

      
        
          
            	
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                (i)

              	
                inspection
      by the Trustee; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                such
      other purpose approved in writing by the
  Trustee.

              

      

       

      
        	
                3.3

              	
                Audit

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Trust Manager or the Trustee (in default of action by the Trust Manager)
      shall on each Audit Date request an independent auditor to conduct an
      audit of the Servicer's custodial role with respect to the Relevant
      Documents for any Relevant Trust by considering the matters set out in
      Schedule 2.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      terms of the instruction of that auditor must require delivery, within one
      month of an Audit Date, of a certificate addressed to the Trustee, the
      Servicer and the Designated Rating Agency stating whether or not the
      Servicer has complied with the matters set out in Schedule
    2.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Where
      a certificate referred to in Clause 3.3(b) (the Audit
      Certificate) gives an "Adverse" finding (as set out in Schedule 2),
      the Trustee must direct that auditor to conduct a further audit (the Further
      Audit) on a similar basis to the audit to which the Audit
      Certificate related.  The Further Audit shall be conducted no
      later than one month after the date of the Audit
      Certificate.  That auditor shall then issue a new certificate
      with respect to the Further Audit in the form required by Clause 3.3(b) no
      later than one month after the date on which the Further Audit
      commenced.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Subject
      to any bona fide confidentiality restrictions, the Servicer shall give
      each auditor full access to all relevant information and the Relevant
      Documents for the purpose of conducting each audit under Clause
      3.3.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                The
      Trustee shall pay the reasonable fees and expenses of the auditor with
      respect to any audit under this Clause
3.3.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                The
      auditor instructed under this Clause must be instructed to give written
      reasons supporting any "Adverse"
finding.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                The
      Servicer shall take all reasonable steps to cure any non compliance
      identified by an audit.

              

      

       

      
        	
                3.4

              	
                Transfer
      of Custody

              

      

       

      If:

       

      
        	
                 
      

              	
                (a)

              	
                a
      Servicer Transfer Event occurs and is subsisting;
  or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                a
      Custody Transfer Trigger occurs,

              

      

       

      the
Servicer must:

       

      
        	
                 
      

              	
                (i)

              	
                collate
      the Relevant Documents for each Receivable into a separate physical packet
      of those Relevant Documents for that Receivable;
  and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                deliver
      the Relevant Documents, in the applicable Security Packets, to the
      Trustee, or as it directs.

              

      

       

      
      

      
        
          
            	
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      If the
Servicer has not done so within 10 Business Days (or such longer period as the
Trustee permits) the Trustee must enter any premises where the Relevant
Documents are kept, take possession of and remove the Relevant
Documents.  The Servicer shall assist in doing so.  If the
Trustee does not have possession of the Relevant Documents within that period it
must, to the extent that it has information available to it to do so, lodge
caveats in relation to and/or take all other action it considers necessary to
protect its interests in the Receivables and Receivable Securities for which it
does not hold the Relevant Documents.

      
         

        
          	
                  4.

                	
                  Undertakings

                

        

      

      
        
          

        

         

      

      
        	
                4.1

              	
                Servicing
      Undertakings

              

      

       

      The
Servicer undertakes that at all times during the Term it will:

       

      
        	
                 
      

              	
                (a)

              	
                (notice of
      default)  give notice in writing to the Trustee and the
      Designated Rating Agency of it becoming aware of the occurrence of any
      Servicer Transfer Event;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (compliance with
      law)

              

      

       

      
        	
                 
      

              	
                (i)

              	
                maintain
      in effect all qualifications, consents, licences, permits, approvals,
      exemptions, filings and registrations as may be required under any
      applicable law in order properly to service the Receivables and Receivable
      Securities and to perform or comply with its obligations under this
      agreement; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                comply
      with all Laws in connection with servicing the Receivables and Receivable
      Securities where failure to do so would have an Adverse
      Effect;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (Collections):

              

      

       

      
        	
                 
      

              	
                (i)

              	
                in
      relation to Receivables of which Westpac is the legal owner, on request
      from Westpac, assist Westpac to collect all moneys due under those
      Receivables and the Receivable Securities;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                in
      relation to Receivables of which the Trustee is the legal owner, collect
      all moneys due under those Receivables and Receivables
      Securities,

              

      

       

      in
accordance with the standards specified in Clause 2.2, and pay them into the
relevant Collections Account not later than the time that Westpac, in its
capacity as an Approved Seller, would be required to do so under Clause
6;

       

      
        	
                 
      

              	
                (d)

              	
                (Material
      Default)  if a Material Default occurs in respect to a
      Receivable, take such action in accordance with the Servicer's normal
      enforcement procedures to enforce the relevant Receivable and the
      Receivable Security to the extent that the Servicer determines that
      enforcement procedures should be
taken;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                (Insurance
      Policies)

              

      

       

      
        	
                 
      

              	
                (i)

              	
                act
      in accordance with the terms of any Mortgage Insurance
      Policies;

              

      

       

      
        	
                 
      

              	
                not
      do or omit to do anything which could be reasonably expected to
      prejudicially affect or limit its rights or the rights of the Trustee
      under or in respect of a Mortgage Insurance Policy to the extent those
      rights relate to a Receivable and the Receivable
  Security;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                promptly
      make a claim under any Mortgage Insurance Policy when it is entitled to do
      so; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                promptly
      notify the Trust Manager when each such a claim is
  made;

              

      

       

      
      

      
        
          
            	
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                (f)

              	
                (no Security
      Interests)  not consent to the creation or existence of
      any Security Interest in favour of a third party in relation to any
      Mortgaged Property in connection with a Receivable and the Receivable
      Security:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                without
      limiting paragraph (f)(ii), unless priority arrangements are entered into
      with that third party under which the third party acknowledges that the
      Receivable and Receivable Security ranks ahead in priority to the third
      party Security Interest on enforcement for an amount not less than the
      Unpaid Balance of the Receivable plus such other amount as the Servicer
      determines in accordance with the Procedures Manual or its ordinary course
      of business; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                which
      would rank before or pari passu with the relevant Receivable and
      Receivable Security;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                (release of debt or vary
      terms)  not, except as required by Law, release an
      Obligor from any amount owing in respect of a Receivable or otherwise vary
      or discharge any Receivable or Receivable Security or enter into any
      agreement or arrangement which has the effect of altering the amount
      payable in respect of a Receivable or Receivable Security where it would
      have an Adverse Effect;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                (binding provisions and orders
      of a competent authority)  release any Receivable or
      Receivable Security, reduce the amount outstanding under or vary the terms
      of any Receivable or grant other relief to an Obligor, if required to do
      so by any Law or if ordered to do so by a court, tribunal, authority,
      ombudsman or other entity whose decisions are binding on the
      Servicer.  If the order is due to the Servicer breaching any
      applicable Law then the Servicer must indemnify the Trustee for any loss
      the Trustee may suffer by reason of the order.  The amount of
      the loss is to be determined by agreement with the Trustee or failing
      this, by the Servicer's external
auditors;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                (other miscellaneous
      things)  attend to the stamping and registration of all
      Relevant Documents for each Relevant Trust (including documents which
      became Relevant Documents) following any amendment, consolidation or other
      action, and in the case of any registration of any Mortgage that
      registration must result in the Mortgage having the ranking referred to in
      the relevant eligibility criteria in the Series Notice.  In
      relation to any Mortgage that is not registered at the relevant Closing
      Date, the Servicer shall ensure that it is lodged for registration not
      later than 120 days after that Closing
Date;

              

      

       

      
        	
                 
      

              	
                (j)

              	
                (setting the Interest
      Rate)

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Servicer shall set the interest rate on the Receivables for a Relevant
      Trust in accordance with the requirements of the Series Notice for that
      Relevant Trust; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                subject
      to the Series Notice for that Relevant Trust, if the Trustee has perfected
      its title to the Receivables or Receivable Securities and the Trustee is
      entitled to vary the interest rate in accordance with the terms of the
      Receivables, the Servicer shall, in accordance with the terms of the
      Receivables, set and maintain the interest rate on the relevant
      Receivables at or above the relevant Threshold Rate as advised by the
      Trust Manager in accordance with the Master Trust Deed and the Series
      Notice for that Relevant Trust and promptly notify the relevant
      Obligors;

              

      

       

      
        	
                 
      

              	
                (k)

              	
                (notification)  notify:

              

      

       

      
      

      
        
          
            	
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                (i)

              	
                the
      Trustee and the Trust Manager of any event which it reasonably believes is
      likely to have an Adverse Effect promptly after becoming aware of such
      event; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Trust Manager of anything else which the Trust Manager reasonably requires
      regarding any proposed modification to any Receivable or Receivable
      Security.

              

      

       

      
        	
                 
      

              	
                (l)

              	
                (provide information and access
      on request)  provide information reasonably requested by
      the Trustee or the Trust Manager, with respect to all matters relating to
      each Relevant Trust and the assets of the relevant Trust, and the Trustee
      or the Trust Manager believes reasonably necessary for it to perform its
      obligations under the relevant Transaction Documents, and upon reasonable
      notice and at reasonable times permit the Trustee to enter the Premises
      and inspect the Data Base in relation to each Relevant Trust and the
      Relevant Documents;

              

      

       

      
        	
                 
      

              	
                (m)

              	
                (comply with other
      obligations)  comply with all its obligations under any
      Transaction Document to which it is a party, where a failure to do so
      would result in an Adverse Effect;

              

      

       

      
        	
                 
      

              	
                (n)

              	
                (pay
      taxes)  subject to receiving payment from, or being
      reimbursed by, the relevant Obligor or being indemnified by the Trustee,
      pay all Taxes that relate to the Services (other than any Tax on the
      income of a Trust) or ensure those Taxes are paid or where such Taxes are
      incurred due to the default or breach of duty by the
    Servicer;

              

      

       

      
        	
                 
      

              	
                (o)

              	
                (not
      claim)  not claim any Security Interest over any
      Asset;

              

      

       

      
        	
                 
      

              	
                (p)

              	
                (availability of Data
      Base)  make the Data Base that relates to the Services
      available for inspection by the Trustee at any reasonable
      time;

              

      

       

      
        	
                 
      

              	
                (q)

              	
                (comply with Series
      Notice)  comply with any undertaking specified as an
      additional Servicer undertaking in a relevant Series Notice, including,
      without limitation, providing the Trust Manager with any information
      referred to in that Series Notice;

              

      

       

      
        	
                 
      

              	
                (r)

              	
                (insurances)  ensure
      that the Premises are appropriately insured for fire and public risks, and
      that it has appropriate directors and officers
  insurance;

              

      

       

      
        	
                 
      

              	
                (s)

              	
                (additional
      amounts)  notify Westpac and the Trust Manager
      immediately of each request by an Obligor to borrow further moneys under
      or in relation to a Receivable or Receivable Security which is a "top-up"
      and which the Servicer has approved;
and

              

      

       

      
        	
                 
      

              	
                (t)

              	
                (comply with Trust
      Back)  apply any moneys it receives in relation to any
      Other Secured Liability in accordance with the relevant Trust Back in
      accordance with the directions of the
Trustee.

              

      

       

      
        	
                4.2

              	
                Westpac
      Undertakings

              

      

       

      Westpac,
in its capacity as an Approved Seller, undertakes that at all times during the
Term, and for so long as it is the legal owner of any Receivable or Receivable
Security, it will:

       

      
        	
                 
      

              	
                (a)

              	
                (compliance with
      law)

              

      

       

      
        	
                 
      

              	
                (i)

              	
                maintain
      in effect all qualifications, consents, licences, permits, approvals,
      exemptions, filings and registrations as may be required under any
      applicable Law in relation to its ownership of any Receivable or
      Receivable Security and to perform or comply with its obligations under
      this agreement; and

              

      

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                 
      

              	
                (ii)

              	
                comply
      with all Laws in connection with its ownership of any Receivables and
      Receivable Securities where failure to do so would have an Adverse
      Effect;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (co-operate with the
      Servicer)  if Westpac is not the Servicer, co-operate
      with the Servicer in relation to the performance by the Servicer of the
      Services including, without limitation, in relation to the enforcement of
      any Receivable or Receivable
Security;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (comply with Series
      Notice)  comply with any undertaking specified in
      relation to it in a relevant Series Notice, including, without limitation,
      providing the Trust Manager with any information referred to in that
      Series Notice;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                (Material
      Default)  if a Material Default occurs in respect to a
      Receivable, take such action as the Servicer directs it to take in
      accordance with this agreement (or, if Westpac is the Servicer, such
      action as Westpac determines in accordance with its ordinary course of
      business);

              

      

       

      
        	
                 
      

              	
                (e)

              	
                (Insurance
      Policies)  act in accordance with the terms of any
      Mortgage Insurance Policies, and not do or omit to do anything which could
      be reasonably expected to prejudicially affect or limit the rights of the
      Trustee under or in respect of a Mortgage Insurance Policy to the extent
      those rights relate to a Receivable and the Receivable
      Security;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                (no Security
      Interests)  not consent to the creation or existence of
      any Security Interest in favour of a third party in relation to any
      Mortgaged Property in connection with a Receivable and the Receivable
      Security:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                without
      limiting paragraph (f)(ii), unless priority arrangements are entered in to
      with that third party under which the third party acknowledges that the
      Receivable and Receivable Security ranks ahead in priority to the third
      party Security Interest on enforcement for an amount not less than the
      Unpaid Balance of the Receivable plus such other amount as the Servicer
      determines in accordance with the Procedures Manual or its ordinary course
      of business; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                which
      would rank before or pari passu with the relevant Receivable and
      Receivable Security;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                (release of debt or vary
      terms)  not, except as required by Law, release an
      Obligor from any amount owing in respect of a Receivable or otherwise vary
      or discharge any Receivable or Receivable Security or enter into any
      agreement or arrangement which has the effect of altering the amount
      payable in respect of a Receivable or Receivable Security where it would
      have an Adverse Effect;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                (binding provisions and orders
      of a competent authority)  release any Receivable or
      Receivable Security, reduce the amount outstanding under or vary the terms
      of any Receivable or grant other relief to an Obligor, if required to do
      so by any Law or if ordered to do so by a court, tribunal, authority,
      ombudsman or other entity whose decisions are binding on
      Westpac.  If the order is due to Westpac breaching any
      applicable Law then Westpac must indemnify the Trustee for any loss the
      Trustee may suffer by reason of the order.  The amount of the
      loss is to be determined by agreement with the Trustee or failing this, by
      Westpac's external auditors;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                (not
      claim)  not claim any Security Interest over any Asset;
      and

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      
        	
                 
      

              	
                (j)

              	
                (additional
      amounts)  notify the Servicer immediately of each request
      by an Obligor to borrow further moneys under or in relation to a
      Receivable or Receivable Security.

              

      

       

      
        	
                4.3

              	
                Westpac's
      power to delegate

              

      

       

      
        	
                 
      

              	
                (a)

              	
                For
      so long as Westpac is the legal owner of any Receivables and is not the
      Servicer, and Westpac is required by Law (including, without limitation,
      the Consumer Credit Code) to do, or refrain from doing, certain things in
      relation to those Receivables or the Receivable
  Securities:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Westpac
      appoints the Servicer to do those things on its behalf, except as
      specified in the Procedures Manual;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Westpac
      directs the Servicer to perform the Services in a manner that is
      consistent with any obligation of Westpac under any
  Law;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                Westpac
      authorises the Servicer to conduct correspondence with Obligors and other
      persons as if it had been appointed to perform the Services by Westpac as
      legal owner of those Receivables and Receivable Securities, but this
      authorisation is subject to any restriction imposed on the Servicer in any
      power of attorney or the Procedures Manual;
and

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                the
      Servicer accepts that appointment and direction and agrees to perform the
      Services in accordance with this
agreement.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Despite
      any delegation under this Clause, Westpac shall remain liable in relation
      to any obligation it delegates to the Servicer, and for the acts,
      omissions, fees and expenses of the Servicer as its
    delegate.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Servicer may delegate to any person approved by Westpac any rights, powers
      or other matters delegated by Westpac to the Servicer under this clause
      4.3.

              

      

       

      
        	
                4.4

              	
                Adverse
      Effect

              

      

       

      
        	
                 
      

              	
                (a)

              	
                In
      performing the Services the Servicer shall have regard to whether what it
      does, or does not do, will have any Adverse
  Effect.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Servicer may ask the Trustee or the Trust Manager if any action or
      inaction on its part is reasonably likely to, or will, have an Adverse
      Effect.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Servicer may rely upon any statement by the Trustee or the Trust Manager
      that any action or inaction by the Servicer is reasonably likely to, or
      will, have an Adverse Effect.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Subject
      to paragraph (a), the Servicer shall not be liable for a breach of this
      agreement, or be liable under any indemnity, in relation to any action or
      inaction on its part, where it has been notified by the Trustee or the
      Trust Manager that the action or inaction is not reasonably likely to, or
      will not have an Adverse Effect.

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

      
         

        
          	
                  5.

                	
                  Procedures
      manual

                

        

      

      
        
          

        

         

      

      
        	
                5.1

              	
                Trustee
      bound by acts of Servicer

              

      

       

      All acts
of the Servicer in servicing the Receivables in accordance with the relevant
Procedures Manual are binding on the Trustee.

       

      
        	
                5.2

              	
                No
      liability for compliance

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Servicer is not in breach of its duties under this agreement or otherwise
      liable to the Trustee if it complies strictly with the relevant Procedures
      Manual unless:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      relevant Procedures Manual does not materially comply with any Law;
      or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Servicer is not otherwise complying with Clauses 2.2 and 4 in relation to
      the relevant matter or duty.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      the Servicer becomes aware that any Procedures Manual does not materially
      comply with any Law, it shall notify the Trustee within 10 Business Days
      and take all reasonable steps to rectify that
    non-compliance.

              

      

       

      
        	
                5.3

              	
                Amendments
      to Procedures Manual

              

      

       

      The
Servicer shall not amend the relevant Procedures Manual in any way that would
reasonably be expected to result in an Adverse Effect, unless it must do so to
ensure compliance with Law.  The Servicer shall notify the Trustee,
the Trust Manager and the Designated Rating Agency of any material amendment to
the relevant Procedures Manual.

      
         

        
          	
                  6.

                	
                  Collection
      and remittance of moneys

                

        

      

      
        
 

      
        	
                6.1

              	
                Collection
      of moneys

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Westpac,
      in its capacity as an Approved Seller, shall on behalf of the Trustee
      collect and receive the Collections in respect of Receivables in relation
      to which Westpac is the legal
owner.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                In
      collecting and receiving the Collections for Receivables in relation to
      which it is the legal owner, Westpac
shall:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                act
      in accordance with the standards and practices applied by Westpac to other
      assets which it owns in the ordinary course of its business and in
      accordance with the Procedures Manual;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                exercise
      the degree of diligence and care expected of an appropriately qualified
      lender in relation to the relevant financial
  products.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Westpac
      may, from time to time if it is not the Servicer, delegate to the Servicer
      the collection and receipt of the Collections referred to in paragraph
      (a).  Westpac may revoke that delegation.  Westpac
      shall remain liable under paragraph (a) despite any delegation under this
      paragraph (c).  If Westpac so delegates to the Servicer the
      collection and receipt of any Collections, the Servicer must not deposit
      any Collections in its own account, and shall deposit them in the relevant
      Collections Account not later than the time that Westpac would have been
      required to deposit them under this
agreement.

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                 
      

              	
                (d)

              	
                Following
      the perfection of title to any Receivable and Receivable Rights, the
      Servicer shall assist the Trustee in relation to the collection and
      receipt of Collections in respect of those Receivables and Receivable
      Rights.

              

      

       

      
        	
                6.2

              	
                Remittances

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      Westpac has a Westpac Remittance Rating or otherwise satisfies the
      requirements of each Designated Rating Agency so that any rating given by
      any Designated Rating Agency in respect of any relevant Notes will not be
      adversely affected, Westpac, in its capacity as an Approved Seller, must
      pay the Collections it receives during a Collection Period on the
      Remittance Date for that Collection Period into the relevant Collection
      Account.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Subject
      to the terms of the relevant Series Notice, on that Remittance Date,
      Westpac, in its capacity as an Approved Seller, must pay into the relevant
      Collection Account an amount equal to the aggregate
  of:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Collections received during the Collection Period relating to that
      Remittance Date; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                an
      amount equal to the interest that would have been earned on such
      Collections received by it if they had been deposited into the relevant
      Collection Account two Business Days following receipt by the
      Servicer,

              

      

       

      less an
amount equal to any Taxes payable in relation to those Collections and any other
amount Westpac may retain in accordance with any relevant Series
Notice.

       

      
        	
                 
      

              	
                (c)

              	
                If
      Westpac does not have a Westpac Remittance Rating or otherwise does not
      satisfy the requirements of each of those Designated Rating Agencies so
      that the rating given by any Designated Rating Agency in respect of any
      relevant Notes will be adversely affected, then Westpac, in its capacity
      as an Approved Seller, shall pay all Collections in its possession or
      control into the relevant Collection Account no later than two Business
      Days following receipt.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                If
      a Collection Account is not maintained with Westpac, or a subsidiary of
      Westpac, all Collections in relation to the relevant Trust must be
      deposited into that Collection Account no later than two Business Days
      following receipt of them by
Westpac.

              

      

       

      
        	
                6.3

              	
                Remittances
      to Trustee

              

      

       

      
        	
                 
      

              	
                (a)

              	
                (Transfer of funds to
      Trustee)  Westpac, in its capacity as an Approved Seller,
      shall pay to the relevant Collection Account all funds required to be paid
      to the Trustee in accordance with this Clause 6 by wire transfer or as
      otherwise instructed by the Trustee in same day
  funds.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (Payment
      dishonoured)  If Westpac pays funds relating to any
      payment in respect of Receivables and Receivable Securities to the Trustee
      and the related Obligor's payment for the payment is, or is returned,
      dishonoured, Westpac shall be entitled to a return of the amount remitted
      to the Trustee for which Westpac did not receive funds from the
      Obligor.  Westpac may withhold that amount from funds
      subsequently remitted to the Trustee in relation to the Relevant
      Trust.

              

      

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                6.4

              	
                Payments
      and Computations, etc.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to the terms of any relevant Series Notice, Westpac, in its capacity as an
      Approved Seller, shall make all payments to the Trustee under a
      Transaction Document:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                without
      set off or counterclaim and without deduction, except in relation to any
      deductions that may be made in accordance with this Clause;
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                by
      paying or depositing it in accordance with the terms of the relevant
      Transaction Document no later than 4.00 pm on the day when due in same day
      funds.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      any payment is due on a day which is not a Business Day, the due date will
      be the next Business Day.

              

      

       

      
        	
                6.5

              	
                Report
      by Servicer

              

      

       

      On or
before each Determination Date for each Relevant Trust the Servicer will prepare
and submit to the Trust Manager a report on Collections, and provide such other
information as the Trust Manager reasonably requires to prepare its report under
Clause 18.15 of the Master Trust Deed.

       

      
        	
                6.6

              	
                No
      Right of Set-Off

              

      

       

      Notwithstanding
any term of any other document, whether relating to the establishment of a
Collection Account or otherwise, if a Collection Account is maintained with
Westpac, Westpac agrees that it shall have no right of set-off, banker's lien,
right of combination of accounts, right to deduct moneys or any other analogous
right or security in or against any funds held in the Collection Account for any
amount owed to Westpac.

      
         

        
          	
                  7.

                	
                  Servicer
      fees

                

        

      

      
        
 

      
        	
                7.1

              	
                Fee

              

      

       

      The
Trustee shall in accordance with, and subject to the relevant Series Notice pay
to the Servicer a fee for providing its services under this agreement in
relation to each Trust.

       

      
        	
                7.2

              	
                Expenses
      of Servicer and Westpac

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Trustee must reimburse the Servicer and Westpac, in its capacity as an
      Approved Seller, for all legal and selling expenses relating to the
      enforcement and recovery of the Receivables, including legal expenses,
      valuations, premiums on force - placed insurance policies where the
      relevant Obligor has cancelled or let lapse an insurance policy, rates and
      taxes, any amount repaid to a liquidator or trustee in bankruptcy under
      any applicable law, binding code, order or decision of a court, tribunal
      or the like or based on the advice of the Servicer's legal advisers, and
      other reasonable amounts which the Servicer or Westpac, in its capacity as
      an Approved Seller, reasonably spends or incurs in relation to the
      enforcement or sale, provided that where the consent of an insurer under a
      Mortgage Insurance Policy is required in order for an expense to be
      reimbursable by that insurer, the Servicer or Westpac, in its capacity as
      an Approved Seller, will only be reimbursed where it has obtained that
      consent.  This right of reimbursement to Westpac, in its
      capacity as an Approved Seller, is subject to the terms of any relevant
      Trust Back under the Master Trust
Deed.

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Servicer will invoice the Trustee monthly on each Determination Date in
      relation to each Relevant Trust for the costs and expenses under paragraph
      (a), and shall provide reasonable details and supporting documentation in
      relation to amounts to be
reimbursed.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                This
      reimbursement shall be in accordance with the relevant Series
      Notice.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      Trustee must, in accordance with the Master Trust Deed, on the
      recommendation of the Trust Manager, reimburse the Servicer for all costs
      and expenses incurred by the Servicer in complying with Clause
      2.7.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Except
      as provided in this Clause, the Servicer shall be responsible for all
      other costs and expenses of servicing the
  Receivables.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                Westpac,
      in its capacity as an Approved Seller, and the Servicer shall determine
      between themselves who will incur the liabilities referred to in paragraph
      (a).  They will inform the Trustee and the Trust Manager on
      request of the arrangements that they
make.

              

      

      
         

        
          	
                  8.

                	
                  Termination

                

        

      

      
        
          

        

         

      

      
        	
                8.1

              	
                Expiry
      of Term

              

      

       

      This
agreement shall continue until the expiry of the Term.

       

      
        	
                8.2

              	
                Servicer
      Transfer Event

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      a Servicer Transfer Event occurs, the Trustee must terminate this
      agreement with immediate effect.  The Trustee must promptly give
      notice of that termination to the Trust Manager, the Approved Seller, the
      Servicer and the Designated Rating
Agencies.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Following
      such action:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Clause
      3.4 shall apply; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Servicer must promptly transfer at its own cost to the Trustee or as the
      Trustee directs the relevant information in the Data Base held or
      maintained by the Servicer in relation to this agreement, the Receivables
      or Receivable Securities.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Trustee will not appoint any other person to perform all or part of the
      obligations the Servicer has undertaken to perform under this agreement or
      to service any of the Receivables
unless:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Trustee has terminated this agreement in accordance with the provisions of
      paragraph (a); or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Servicer has resigned in accordance with clause
  8.3.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                If
      this agreement is terminated in accordance with this clause 8.2, then
      until the Trustee appoints an Eligible Servicer to be the Servicer, and
      that Eligible Servicer agrees to act as Servicer, the Trust Manager shall
      act as Servicer and is entitled to the fee payable under clause 7 while so
      acting.

              

      

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                8.3

              	
                Resignation

              

      

       

      The
Servicer shall not resign without first giving 3 months' notice to the
Designated Rating Agency, the Trust Manager and the Trustee.  If the
Trustee has not appointed an Eligible Servicer to be the Servicer, which
Eligible Servicer has agreed to act as Servicer, by the expiration of that
notice period, the Servicer shall continue to act as Servicer and be entitled to
the fee payable under Clause 7 while so acting, provided that:

       

      
        	
                 
      

              	
                (a)

              	
                the
      Trust Manager and the Trustee shall use all reasonable efforts to appoint
      an Eligible Servicer to be the Servicer;
and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if,
      after 5 months from the date on which the Servicer gave notice of its
      resignation, no Eligible Servicer has been appointed and has agreed to act
      as Servicer, then the Servicer shall be entitled to select an Eligible
      Servicer and, on behalf of the Trustee and the Trust Manager, appoint that
      Eligible Servicer to be the Servicer.  Each of the Trustee and
      Trust Manager irrevocably authorises the Servicer to make that appointment
      on its behalf.  Upon that Eligible Servicer being appointed and
      agreeing to act as Servicer, the Servicer shall be released from its
      obligations under this agreement in accordance with clause
      8.5.

              

      

       

      
        	
                8.4

              	
                Survival

              

      

       

      The
obligations of the Servicer under Clause 8 survive the termination of this
agreement.

       

      
        	
                8.5

              	
                Release
      of outgoing Servicer

              

      

       

      Except as
provided in Clause 8.4, upon retirement or removal and provided there has been
payment to the Trustee of all sums due to it by the outgoing Servicer under this
agreement at that date, the outgoing Servicer shall be released from all further
obligations under this agreement but no release under this clause shall extend
to any existing or antecedent fraud, negligence or wilful default on the part of
the outgoing Servicer or its officers, employees, agents or
delegates.

       

      
        	
                8.6

              	
                New
      Servicer to execute deed

              

      

       

      
        	
                 
      

              	
                (a)

              	
                A
      new Servicer shall execute a deed in such form as the Trustee may
      reasonably require under which the new Servicer shall undertake to the
      Trustee and other relevant parties to be bound by all the covenants on the
      part of the Servicer under the Transaction Documents from the date of
      execution of the new deed on the same terms contained in the Transaction
      Documents.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                On
      and from the date of execution of the new deed, the new Servicer shall and
      may afterwards exercise all the powers, enjoy all the rights and shall be
      subject to all the duties and obligations of the Servicer under the
      Transaction Documents as fully as though the new Servicer had been
      originally named as a party to it.

              

      

       

      
        	
                8.7

              	
                Settlement
      and discharge

              

      

       

      The
Trustee shall settle with the outgoing Servicer the amount of any sums payable
by the outgoing Servicer to the Trustee or by the Trustee to the outgoing
Servicer and shall give to or accept from the outgoing Servicer a discharge in
respect of those sums which shall be conclusive and binding as between the
Trustee, the outgoing Servicer, the new Servicer, the Trust Manager, the
Beneficiaries and the Noteholders.

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                    

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
          	
                  9.

                	
                  Indemnity

                

        

      

      
        
          

        

         

      

      
        	
                9.1

              	
                Indemnity

              

      

       

      Subject
to the succeeding provision of this clause, the Servicer fully indemnifies the
Trustee from and against any expense, loss, damage or liability which the
Trustee may incur as a consequence of a Servicer Transfer Event, or a failure by
the Servicer to perform its duties under this agreement, including, without
limitation, a failure to deliver the Relevant Documents to the Trustee when it
is required to do so or to keep the Receivables Register in accordance with this
agreement.

       

      
        	
                9.2

              	
                Limitation
      of liability

              

      

       

      The
Servicer is not liable:

       

      
        	
                 
      

              	
                (a)

              	
                in
      connection with anything done by it in good faith in reliance upon any
      document, form or list provided by or on behalf of the Trustee except when
      it has actual knowledge, or ought reasonably know, that the document, form
      or list is not genuine;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      it fails to do anything because it is prevented or hindered from doing it
      by any Law; or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                subject
      to the Corporations Act, if a person (other than a delegate or agent of
      the Servicer) fails to carry out an agreement with the Trustee or the
      Servicer in connection with the Services (except when the failure is due
      to the Servicer's own neglect or
default).

              

      

       

      
        	
                9.3

              	
                No
      liability for acts of certain
persons

              

      

       

      If the
Servicer relies in good faith on an opinion, advice, information or statement
given to it, by a person the Servicer is not liable for any misconduct, mistake,
oversight, error of judgment, forgetfulness or want of prudence on the part of
that person, except:

       

      
        	
                 
      

              	
                (a)

              	
                when
      the person is not independent from the Servicer;
  or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                it
      would not be reasonable to rely upon the opinion, advice, information or
      statement from the person who gives it;
or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                where
      that person is a delegate or agent of the
  Servicer.

              

      

       

      A person
will be regarded as independent notwithstanding that the person acts or has
acted as adviser to the Servicer so long as separate instructions are given by
the Servicer to that person.

       

      
        	
                9.4

              	
                No
      liability for loss etc

              

      

       

      The
Servicer is not liable:

       

      
        	
                 
      

              	
                (a)

              	
                for
      any loss, cost, liability or expense arising out of the exercise or
      non-exercise of a discretion by the Trustee or the Trust Manager or the
      act or omission of the Trustee or the Trust Manager except to the extent
      that it is caused by the Servicer's own fraud, negligence or breach of
      duty or contract; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                for
      any loss, cost, liability or expense caused by its failure to check any
      information, document, form or list supplied or purported to be supplied
      to it by the Trustee or the Trust Manager except to the extent that the
      loss is caused by the Servicer's own fraud, negligence or breach of duty
      or contract.

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

      

       

      
        	
                9.5

              	
                Method
      of claiming under indemnity

              

      

       

      The
Servicer shall not be obliged to pay any indemnity under this agreement,
unless:

       

      
        	
                 
      

              	
                (a)

              	
                the
      Trustee first establishes that there has been a breach that has caused
      loss;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      indemnity claimed represents no more than the loss incurred as a result of
      the breach; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      Trustee first gives the Servicer a written notice
    specifying:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      quantum of the claim; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      basis of the claim.

              

      

       

      
        	
                9.6

              	
                Time
      of Payment

              

      

       

      The
Servicer shall pay any amount it is required to pay under this Clause within 7
Business Days of receipt of notice under Clause 9.5.

      
         

        
          	
                  10.

                	
                  Representations
      and warranties

                

        

      

      
        
          

        

         

      

      
        	
                10.1

              	
                Representations
      and Warranties

              

      

       

      Each of
Westpac, in its capacity as an Approved Seller, and the Servicer makes the
representations and warranties in Clause 32 of the Master Trust Deed in relation
to itself for the benefit of the Trustee.

       

      
        	
                10.2

              	
                Reliance

              

      

       

      The
Servicer acknowledges that the Trustee has entered into this agreement in
reliance on the representations and warranties in Clause 10.1.

       

      
        	
                10.3

              	
                Survival
      of Representations and Indemnities

              

      

       

      
        	
                 
      

              	
                (a)

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

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Each
      indemnity in this agreement:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                is
      a continuing obligation;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                is
      a separate and independent obligation;
and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                survives
      termination or discharge of this
agreement.

              

      

      
         

        
          	
                  11.

                	
                  Westpac
      and the Servicer may act as
banker

                

        

      

      
        
          

        

         

        Each of
Westpac and the Servicer may (without having to account to the Trustee) engage
in any kind of banking, finance, trust or other business permitted under any law
with any Obligor as if, in the case of Westpac, it did not have obligations
under this agreement, and, in the case of the Servicer, it were not the
Servicer.  Neither Westpac, in its capacity as an Approved Seller, nor
the Servicer shall not be required to account to the Trustee for any moneys
received by it on any account that is unrelated to Receivables and Receivable
Securities or the Services.

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      
        
          	
                  12.

                	
                  Administrative
      provisions

                

        

      

      
        
          

        

         

      

      
        	
                12.1

              	
                Notices

              

      

       

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

       

      
        	
                 
      

              	
                (a)

              	
                must
      be in writing;

              

      

       

      
        	
                 
      

              	
                (b)

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

              

      

       

      
        	
                 
      

              	
                (c)

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

              

      

       

      
        	
                12.2

              	
                Governing
      Law and Jurisdiction

              

      

       

      This
agreement is governed by the laws of the Australian Capital
Territory.  Each of the Servicer and the Trustee submits to the
non-exclusive jurisdiction of courts exercising jurisdiction there.

       

      
        	
                12.3

              	
                Assignment

              

      

       

      No party
may assign its rights under this agreement.

       

      
        	
                12.4

              	
                Amendment

              

      

       

      This
agreement can only be amended in writing, and provided prior notice of any
proposed amendment is given to the Designated Rating Agency.

       

      
        	
                12.5

              	
                Severability
      Clause

              

      

       

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

       

      
        	
                12.6

              	
                Costs
      and Expenses

              

      

       

      
        	
                 
      

              	
                (a)

              	
                (Trustees costs and
      expenses)  On demand each of Westpac, in its capacity as
      an Approved Seller, and the Servicer shall reimburse the Trustee for the
      reasonable expenses of the Trustee (as applicable) in relation to any
      enforcement of this agreement against it including in each case legal
      costs and expenses on a full indemnity basis and each party shall bear
      their own costs (other than legal costs) relating to the preparation
      execution and completion of this
agreement;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (Stamp
      duty)  In addition, the Servicer shall pay all stamp and
      registration Taxes (including fines and penalties) which may be payable or
      determined to be payable in relation to the execution, delivery,
      performance or enforcement of this
agreement.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (Services costs and
      expenses)  In accordance with the Series Notice, the
      Trustee shall reimburse the Servicer for the reasonable expenses of the
      Servicer (as applicable) in relation to any enforcement of this agreement
      including in each case legal costs and expenses on a full indemnity
      basis.

              

      

       

      
      

      
        
          
            	
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      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      
        	
                12.7

              	
                Waivers:  Remedies
      Cumulative

              

      

       

      
        	
                 
      

              	
                (a)

              	
                No
      failure on the part of a party to exercise and no delay in exercising any
      right, power or remedy under any Transaction Document operates as a
      waiver.  Nor does any single or partial exercise of any right,
      power or remedy preclude any other or further exercise of that or any
      other right, power or remedy.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      rights, powers and remedies provided to the Trustee in the Transaction
      Documents are in addition to any right, power or remedy provided by
      law.

              

      

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      Executed
as an agreement.

       

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

       

      WESTPAC

      
        
          
            
              
                
                  
                    
                      
                        	 	 	 	 
	
                                SIGNED on behalf
      of

                              	
                                )

                              	 
      	 
	
                                WESTPAC
      BANKING CORPORATION

                              	
                                )

                              	 
      	 
	
                                by
      its attorneys

                              	
                                )

                              	 
      	 
	
                                in
      the presence of:

                              	
                                )

                              	 
      	 
	 
      	 
      	
                                Signature

                              	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                Witness

                              	 
      	
                                Print
      name

                              	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                Print
      name

                              	 
      	
                                Signature

                              	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                Print
      name

                              	 

                      

                    

                  

                

              

            

          

        

      

       

      TRUSTEE 

      
        
          
            
              
                
                  
                    
                      
                        
                          	 	 	 
	
                                  SIGNED on behalf
      of

                                	
                                  )

                                	 
      
	
                                  WESTPAC
      SECURITIES

                                  ADMINISTRATION
      LIMITED

                                	
                                  )

                                  )

                                	 
      
	
                                  by
      its attorney

                                	
                                  )

                                	 
      
	
                                  in
      the presence of:

                                	
                                  )

                                	 
      	 
      
	 
      	 
      	
                                  Signature

                                
	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                  Witness

                                	 
      	
                                  Print
      name

                                
	 
      	 
      
	 
      	 
      	 
      
	
                                  Print
      name

                                	 
      	 
      

                        

                      

                    

                  

                

              

            

          

        

      

      
         

        
        

        
          
            
              	
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                              Westpac
      Securitisation Trusts Servicing

                              Agreement

                            	
                              

                            
	 
      	 
      

                    

                  

                

              

            

          

           

        

      

      TRUST
MANAGER

      

      
        
          
            
              
                
                  
                    	
                            SIGNED 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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                              Westpac
      Securitisation Trusts Servicing

                              Agreement

                            	
                              

                            
	 
      	 
      

                    

                  

                

              

            

          

           

        

      

      Schedule
1

      
         

        RECEIVABLES
REGISTER INFORMATION 

      

      
        

      

       

      The
Receivables Register shall contain the following information in relation to each
Mortgage.

       

      
        	
                1.

              	
                Name
      and address of the relevant
Obligor(s).

              

      

       

      
        	
                2.

              	
                Account/reference
      number of the loan under the relevant loan document, letter of offer or
      terms and conditions.

              

      

       

      
        	
                3.

              	
                The
      title reference for the relevant Mortgaged
  Property.

              

      

       

      
        	
                4.

              	
                Such
      other information as the Servicer and the Trustee may agree from time to
      time.

              

      

       

      
        	
                5.

              	
                The
      registered dealing number of that Mortgage from the relevant Land Titles
      Office together with:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                in
      respect of Mortgaged Property in New South Wales, the volume and folio
      number(s) for the Mortgaged
Property;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      respect of Mortgaged Property in Queensland, a description of the lot,
      county, parish and title reference(s) of the Mortgaged
      Property;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      respect of Mortgaged Property in Western
  Australia:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                lot
      and diagram/plan/strata plan number(s) or location name and number(s);
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                volume
      and folio number(s) or crown lease
number(s);

              

      

       

      
        	
                 
      

              	
                (d)

              	
                in
      respect of Mortgaged Property in South Australia, the volume and folio
      number(s) for the Mortgaged
Property;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                in
      respect of Mortgaged Property in Tasmania, the volume and folio number(s)
      for the Mortgaged Property;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                in
      respect of Mortgaged Property in the Australian Capital Territory
      district/division, section, block, unit, volume and folio number(s) for
      the Mortgaged Property;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                in
      respect of Mortgaged Property in the Northern Territory, the Receivables
      Register, volume, folio, location, parcel, plan and unit for the Mortgaged
      Property;

              

      

       

      
        	
                 
      

              	
                (h)

              	
                in
      respect of Mortgaged Property in Victoria, the volume and folio number(s)
      for the Mortgaged Property.

              

      

       

      
      

      
        
          
            	
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                            Westpac
      Securitisation Trusts Servicing

                            Agreement

                          	
                            

                          
	 
      	 
      

                  

                

              

            

          

        

         

      

      Schedule
2

      
         

        AUDIT 

      

      
        

      

       

      
        	
                1.

              	
                Each
      audit referred to in Clause 3.3 shall involve a review of the
      following:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      custodial procedures adopted by the
Servicer;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                that
      the Relevant Documents are capable of identification and imaging on
      receipt by or on behalf of the
Servicer;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                that
      controls exist such that the Relevant Documents may not be removed or
      tampered with except with appropriate authorisation;
  and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                that
      an appropriate tracking system is in place such that the location of the
      Relevant Documents can be detected at any
time.

              

      

       

      
        	
                2.

              	
                The
      Auditor will:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                select
      a sample of Receivables and review and confirm the identity of all
      Relevant Documents for those Receivables (including the applicable
      Receivable Security documents, and any Certificate of Title if issued);
      and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                for
      audits conducted after 1 January 2005, select a sample of those Relevant
      Documents to confirm the quality, accuracy and currency of the imaging of
      the Relevant Documents in that
sample.

              

      

       

      
        	
                3.

              	
                The
      Auditor's certificate referred to in Clause 3.3 will set out whether any
      errors detected by the Auditor in the relevant audit were the result of
      isolated non-compliance with the control system established by the
      Servicer under this agreement or result from a weakness in that control
      system.

              

      

       

      
        	
                4.

              	
                The
      Auditor's certificate referred to in Clause 3.3 will grade the custodial
      performance of the Servicer under this agreement based on the following
      grades.

              

      

       

      
        	
                 
      

              	
                (A)

              	
                Good
      - All control procedures and accuracy of information in respect of
      Relevant Documents completed without exception, other than immaterial and
      occasional variances.

              

      

       

      
        	
                 
      

              	
                (B)

              	
                Satisfactory
      - Minor exceptions to compliance with control procedures and accuracy of
      information in respect of Relevant
Documents

              

      

       

      
        	
                 
      

              	
                (C)

              	
                Improvement
      required - Base internal controls are in place but a number of issues were
      identified that need to be resolved for controls to be considered
      adequate; and testing of the relevant information in respect of Relevant
      Documents identified a number of minor exceptions to compliance which are
      the result of non-compliance with the control
  system

              

      

       

      
        	
                 
      

              	
                (D)

              	
                Adverse
      - Major deficiencies in internal controls and the relevant information in
      respect of the Relevant Documents were
  identified.

              

      

       

      
      

      
        
          
            	
                    aejs
      S0111202741v4
      201425898     30.10.2003

                  	
                    Page
      26Exhibit 10.2

    

    Series
[*] WST Trust Redraw

    Facility
Agreement

     

    [Westpac
Securities Administration Limited]

    (Trustee)

     

    Westpac
Banking Corporation

    (Redraw
Facility Provider)

     

    Westpac
Securitisation Management Pty Limited

    (Trust
Manager)

    

    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 Redraw Facility

                  Agreement

                	
                  

                
	 
      

        

      

    

     

    Table
of Contents

     

    
      
        
          	
                  1.

                	
                  Definitions
      and Interpretation

                	
                  1

                
	 
      	
                  1.1

                	
                  Definitions

                	
                  1

                
	 
      	
                  1.2

                	
                  Master
      Trust Deed definitions

                	
                  2

                
	 
      	
                  1.3

                	
                  Interpretation

                	
                  3

                
	 
      	
                  1.4

                	
                  Determination,
      statement and certificate sufficient evidence

                	
                  3

                
	 
      	
                  1.5

                	
                  Transaction
      Document

                	
                  3

                
	 
      	
                  1.6

                	
                  Limited
      to Trust

                	
                  3

                
	 
      	 
      	 
      
	
                  2.

                	
                  Purpose

                	
                  3

                
	 
      	 
      	 
      
	
                  3.

                	
                  Drawings

                	
                  3

                
	 
      	
                  3.1

                	
                  Redraw
      Advance

                	
                  3

                
	 
      	
                  3.2

                	
                  Making
      of Redraw Advances

                	
                  4

                
	 
      	 
      	 
      
	
                  4.

                	
                  Fees

                	
                  4

                
	 
      	
                  4.1

                	
                  Availability
      fee

                	
                  4

                
	 
      	
                  4.2

                	
                  Draw
      Fee

                	
                  4

                
	 
      	
                  4.3

                	
                  Payment
      of fees

                	
                  5

                
	 
      	
                  4.4

                	
                  Capitalisation

                	
                  5

                
	 
      	
                  4.5

                	
                  GST

                	
                  5

                
	 
      	 
      	 
      
	
                  5.

                	
                  Cancellation
      of Redraw Limit

                	
                  5

                
	 
      	
                  5.1

                	
                  During
      Term

                	
                  5

                
	 
      	
                  5.2

                	
                  At
      end of Term

                	
                  5

                
	 
      	
                  5.3

                	
                  Cancellation
      by Redraw Facility Provider

                	
                  5

                
	 
      	 
      	 
      
	
                  6.

                	
                  Repayment

                	
                  6

                
	 
      	
                  6.1

                	
                  Repayment
      of Redraw Advances

                	
                  6

                
	 
      	
                  6.2

                	
                  Final
      repayment

                	
                  6

                
	 
      	 
      	 
      
	
                  7.

                	
                  Prepayments

                	
                  6

                
	 
      	
                  7.1

                	
                  Voluntary
      prepayments

                	
                  6

                
	 
      	
                  7.2

                	
                  Draw
      Fee

                	
                  6

                
	 
      	
                  7.3

                	
                  Limitation
      on prepayments

                	
                  6

                
	 
      	 
      	 
      
	
                  8.

                	
                  Payments

                	
                  6

                
	 
      	
                  8.1

                	
                  Manner

                	
                  6

                
	 
      	
                  8.2

                	
                  Payment
      to be made on Business Day

                	
                  7

                
	 
      	
                  8.3

                	
                  Appropriation
      where insufficient moneys available

                	
                  7

                
	 
      	 
      	 
      
	
                  9.

                	
                  Changes
      in Law

                	
                  7

                
	 
      	
                  9.1

                	
                  Additional
      payments

                	
                  7

                
	 
      	
                  9.2

                	
                  Minimisation

                	
                  8

                
	 
      	
                  9.3

                	
                  Survival

                	
                  8

                
	 
      	
                  9.4

                	
                  Notification

                	
                  8

                
	 
      	 
      	 
      
	
                  10.

                	
                  Conditions
      Precedent

                	
                  8

                
	 
      	
                  10.1

                	
                  Conditions
      precedent to initial Drawdown Notice

                	
                  8

                
	 
      	
                  10.2

                	
                  Conditions
      precedent to each Redraw Advance

                	
                  9

                

        

      

    

    
      
         

      

      
        Page
(i)

        
          

        

      

      
         

      

    

    

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

         

    
      
        
          
            	
                    11.

                  	
                    Representations
      and Warranties

                  	
                    9

                  
	 
      	
                    11.1

                  	
                    Representations
      and warranties

                  	
                    9

                  
	 
      	
                    11.2

                  	
                    Reliance
      on representations and warranties

                  	
                    11

                  
	 
      	 
      	 
      
	
                    12.

                  	
                    Undertakings

                  	
                    11

                  
	 
      	
                    12.1

                  	
                    General
      undertakings

                  	
                    11

                  
	 
      	
                    12.2

                  	
                    Undertakings
      relating to Trust

                  	
                    12

                  
	 
      	
                    12.3

                  	
                    Term
      of undertakings

                  	
                    12

                  
	 
      	 
      	 
      
	
                    13.

                  	
                    Events
      of Default

                  	
                    12

                  
	 
      	
                    13.1

                  	
                    Events
      of Default

                  	
                    12

                  
	 
      	
                    13.2

                  	
                    Consequences

                  	
                    13

                  
	 
      	 
      	 
      
	
                    14.

                  	
                    Interest
      on Overdue Amounts

                  	
                    13

                  
	 
      	
                    14.1

                  	
                    Accrual

                  	
                    13

                  
	 
      	
                    14.2

                  	
                    Payment

                  	
                    13

                  
	 
      	 
      	 
      
	
                    15.

                  	
                    Control
      Accounts

                  	
                    13

                  
	 
      	 
      	 
      
	
                    16.

                  	
                    Waivers,
      Remedies Cumulative

                  	
                    13

                  
	 
      	 
      	 
      
	
                    17.

                  	
                    Severability
      of Provisions

                  	
                    14

                  
	 
      	 
      	 
      
	
                    18.

                  	
                    Survival
      of Representations

                  	
                    14

                  
	 
      	 
      	 
      
	
                    19.

                  	
                    Indemnity
      and Reimbursement Obligation

                  	
                    14

                  
	 
      	 
      	 
      
	
                    20.

                  	
                    Moratorium
      Legislation

                  	
                    14

                  
	 
      	 
      	 
      
	
                    21.

                  	
                    Consents
      and Opinions

                  	
                    14

                  
	 
      	 
      	 
      
	
                    22.

                  	
                    Assignments

                  	
                    15

                  
	 
      	 
      	 
      
	
                    23.

                  	
                    Notices

                  	
                    15

                  
	 
      	 
      	 
      
	
                    24.

                  	
                    Authorised
      Signatories

                  	
                    15

                  
	 
      	 
      	 
      
	
                    25.

                  	
                    Governing
      Law and Jurisdiction

                  	
                    15

                  
	 
      	 
      	 
      
	
                    26.

                  	
                    Counterparts

                  	
                    15

                  
	 
      	 
      	 
      
	
                    27.

                  	
                    Acknowledgement
      by Trustee

                  	
                    16

                  
	 
      	 
      	 
      
	
                    28.

                  	
                    Limited
      Recourse

                  	
                    16

                  
	 
      	
                    28.1

                  	
                    General

                  	
                    16

                  
	 
      	
                    28.2

                  	
                    Liability
      of Trustee limited to its right to indemnity

                  	
                    16

                  
	 
      	
                    28.3

                  	
                    Unrestricted
      remedies

                  	
                    17

                  
	 
      	
                    28.4

                  	
                    Restricted
      remedies

                  	
                    17

                  
	 
      	 
      	 
      
	
                    29.

                  	
                    Redraw
      Facility Provider's Obligations

                  	
                    17

                  
	 
      	 
      	 
      
	
                    30.

                  	
                    Successor
      Trustee

                  	
                    18

                  
	 
      	 
      	 
      
	
                    31.

                  	
                    Code
      of Banking Practice

                  	
                    18

                  
	 
      	 
      	 
      
	
                    ANNEXURE
      A

                  	
                    21

                  
	 
      	
                    DRAWDOWN
      NOTICE

                  	
                    21

                  
	 
      	 
      	 
      
	
                    ANNEXURE
      B

                  	
                    22

                  
	 
      	
                    VERIFICATION
      CERTIFICATE

                  	
                    22

                  

          

        

      

    

       

      
        
           

        

        
          Page
(ii)

          
            

          

        

        
           

        

      
  

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    
      
        
          
            
              
                	
                        Date

                      	
                        [*]

                      
	 
      	 
      
	
                        Parties

                      	 
      
	
                        1.            

                      	
                        [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);

                      
	 	 
	
                        2.            

                      	
                        Westpac Banking Corporation
      (ABN 33 007 457 141) of Level 20, 275 Kent
      Street, Sydney, New South Wales (the Redraw
      Facility Provider); and

                      
	 	 
	
                        3.            

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

                      
	 
      	 
      
	
                        Recitals

                      	 
      
	 
      	
                        The
      Trustee has requested the Redraw Facility Provider to provide the Trustee
      with a redraw facility under which loans of up to an aggregate amount
      equal to the Redraw Limit may be made
      available to the Trustee.

                      
	 
      	 
      

              

            

          

        

      

    

     

    IT
IS AGREED as follows.

    
       

      
        
          	
                  1.

                	
                  Definitions
      and Interpretation

                
	 	 

        

      

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In this
agreement the following definitions apply unless the context requires otherwise,
or unless otherwise defined.

     

    Available Redraw
Amount means at any time the amount, if positive, equal to the Redraw
Limit at that time minus:

     

    
      	
               
      

            	
              (a)

            	
              the
      Principal Outstanding at that time;
plus

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Carryover Redraw Charge Offs at that
time.

            

    

     

    Bank Bill
Rate means, in relation to a Reset Date, the Bank Bill Rate (as defined
in the Series Notice) on that Reset Date.

     

    Drawdown
Date means, in relation to a Redraw Advance, the Payment Date on which
the Redraw Advance is or is to be made under this agreement.

     

    Drawdown
Notice means a notice under clause 3.1.

     

    Event of
Default means any of the events specified in clause 13.

     

    Final Repayment
Date means the date on which the Term ends.

    
      
         

      

      
        Page
(1)

        
          

        

      

      
         

      

    

    

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    Master Trust
Deed means the Master Trust Deed between The Mortgage Company Pty Limited
and Westpac Securities Administration Limited as adopted by the Trustee dated 14
February 1997.

     

    Principal
Outstanding means, at any time, the total principal amount of all
outstanding Redraw Advances at that time less the Carryover Redraw Charge Offs
at that time.

     

    Redraw
Advance means any advance made or to be made under this
agreement.

     

    Redraw Limit
means $[10,000,000] or any other amount as agreed in writing between the
Redraw Facility Provider, the Trustee and the Trust Manager, as reduced or
cancelled under this agreement, provided that the Redraw Limit may not be
increased unless the Trust Manager has given a Rating Notification in relation
to the increase.

     

    Reset Date
means in relation to a Redraw Advance:

     

    
      	
               
      

            	
              (a)

            	
              the
      Drawdown Date for that Redraw Advance;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      Payment Date while that Redraw Advance is
  outstanding.

            

    

     

    Series
Notice means the Series [*] WST Trust Series Notice made or to be made
between (among others) the Trustee, the Trust Manager, Westpac Banking
Corporation and the Security Trustee.

     

    Term means
the period commencing on the date of this agreement and expiring on the earliest
of:

     

    
      	
               
      

            	
              (a)

            	
              the
      date on which the Notes are redeemed in full in accordance with the Master
      Trust Deed and the Series Notice;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      date declared by the Redraw Facility Provider under clause
      13.2(b);

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      date on which the Trustee enters into a redraw facility to replace this
      agreement with any other person to enable it to fund Redraw
      Shortfalls;

            

    

     

    
      	
               
      

            	
              (d)

            	
              at
      the election of the Redraw Facility Provider, the date on which Westpac
      Securitisation Management Pty Limited retires or is removed as Trust
      Manager under the Master Trust
Deed;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      date on which the Redraw Limit is cancelled in full by the Trustee under
      clause 5.1;

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      date which is one year after the Maturity Date;
  and

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      date on which the Redraw Limit is cancelled in full by the Redraw Facility
      Provider under clause 5.3.

            

    

     

    Trust
means the Series [*] WST Trust constituted under the Master Trust Deed on the
terms of the Series Notice.

     

    Trustee
means the trustee of the Trust at the date of this agreement or any person which
becomes a successor trustee under clause 24 of the Master Trust
Deed.

     

    
      	
              1.2

            	
              Master
      Trust Deed definitions

            

    

     

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

    
      
         

      

      
        Page
(2)

        
          

        

      

      
         

      

    

      

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    
      	
              1.3

            	
              Interpretation

            

    

     

    Clause
1.2 of the Master Trust Deed applies to this agreement as if set out in full,
except that references to this deed
are references to this
agreement 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 Redraw Facility Provider;
      and

            

    

     

    
      	
               
      

            	
              (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.

            

    

     

    
      	
              1.4

            	
              Determination,
      statement and certificate sufficient
evidence

            

    

     

    Except
where otherwise provided in this agreement any determination, statement or
certificate by the Redraw Facility Provider or an Authorised Signatory of the
Redraw Facility Provider provided for in this agreement is sufficient evidence
unless proven wrong.

     

    
      	
              1.5

            	
              Transaction
      Document

            

    

     

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

     

    
      	
              1.6

            	
              Limited
      to Trust

            

    

     

    The
rights and obligations of the parties under this agreement relate only to the
Trust, and do not relate to any other Trust (as defined in the Master Trust
Deed).  Without limitation, the Redraw Facility Provider has no
obligation under this agreement to provide financial accommodation to the
Trustee as trustee of any other such Trust.

    
       

      
        
          	
                  2.

                	
                  Purpose

                
	 	 

        

      

    

     

    The Trust
Manager directs to the Trustee to, and the Trustee shall, apply the proceeds of
each Redraw Advance to fund Redraw Shortfalls in relation to the Trust by paying
it to Westpac in accordance with clause 5.3 of the Series Notice, and for no
other purpose.

    
       

      
        
          	
                  3.

                	
                  Drawings

                
	 	 

        

      

    

     

    
      	
              3.1

            	
              Redraw
      Advance

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to this agreement, if on any Determination Date the Trust Manager
      determines that there is a Redraw Shortfall for that Determination Date
      the Trust Manager must direct the Trustee to, and the Trustee shall
      (subject to this agreement and the Series Notice), request a Redraw
      Advance by giving to the Redraw Facility Provider a Drawdown
      Notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      Drawdown Notice must be:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      writing;

            

    

    
      
         

      

      
        Page
(3)

        
          

        

      

      
         

      

    

    

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      or substantially in the form of Annexure
A;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              signed
      by an Authorised Signatory of the Trustee;
and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              given
      not later than 11.00 am (Sydney time) on the Remittance Date following
      that Collection Period.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      amount requested in a Drawdown Notice must be the lesser
    of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      relevant Redraw Shortfall; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      amount equal to the Available Redraw Amount (but taking account of all
      payments, appropriations and applications to be made under clause 5 of the
      Series Notice on or before the relevant Drawdown
  Date).

            

    

     

    
      	
              3.2

            	
              Making
      of Redraw Advances

            

    

     

    Subject
to the terms of this agreement, a Redraw Advance requested in a Drawdown Notice
shall be made available by the Redraw Facility Provider paying the proceeds of
that Redraw Advance to Westpac in accordance with clause 5.3(e) of the Series
Notice.

    
       

      
        
          	
                  4.

                	
                  Fees

                
	 	 

        

      

    

     

    
      	
              4.1

            	
              Availability
      fee

            

    

     

    
      	
               
      

            	
              (a)

            	
              An
      availability fee accrues at [*]% per annum on the daily amount of the
      Available Redraw Amount (if any) due from day to day from the date of this
      agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      availability fee is calculated on the actual number of days elapsed and a
      year of 365 days.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trust Manager directs the Trustee to, and the Trustee shall, pay to the
      Redraw Facility Provider any accrued availability fee in arrears
      on:

            

    

     

    
      	
               
      

            	
              (i)

            	
              each
      Payment Date; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              at
      the end of the Term.

            

    

     

    
      	
              4.2

            	
              Draw
      Fee

            

    

     

    
      	
               
      

            	
              (a)

            	
              A
      draw fee accrues due from day to day on the daily amount of each Redraw
      Advance at the rate equal to the sum of [*]% per annum or such
      other rate per cent per annum (in respect of which the Trust Manager has
      given a Rating Notification) and the Bank Bill Rate calculated as of that
      date (if that date is a Reset Date) or (otherwise) the Reset Date
      immediately before that date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      draw fee is calculated on the actual number of days elapsed and a year of
      365 days.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Subject
      to clause 4.3, Trust Manager directs the Trustee to, and the Trustee
      shall, pay to the Redraw Facility Provider any accrued draw fee in arrears
      on:

            

    

     

    
      	
               
      

            	
              (i)

            	
              each
      Payment Date; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              at
      the end of the Term.

            

    

    
      
         

      

      
        Page
(4)

        
          

        

      

      
         

      

    

     

    
      
        	
                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    
      	
              4.3

            	
              Payment
      of fees

            

    

     

    The
obligation of the Trustee to pay fees under clauses 4.1 and 4.2 is limited to
the amounts available for payment on the relevant date under clause 5.10(a)(vi)
of the Series Notice.

     

    
      	
              4.4

            	
              Capitalisation

            

    

     

    Any draw
fee payable under this clause 4 which is not paid when due will immediately be
capitalised.  The draw fee is payable on any capitalised amount at the
rate and in the manner referred to in this clause 4, even if the Term has
expired.

     

    
      	
              4.5

            	
              GST

            

    

     

    Neither
the availability fee (as described in clause 4.1) nor the draw margin specified
in this clause 4 are to be increased by reference to any goods and services tax
unless:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trustee, the Trust Manager and the Redraw Facility Provider otherwise
      agree (that agreement not to be unreasonably withheld);
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      increase will not result in a downgrading or withdrawal of the rating of
      any Notes.

            

    

    
       

      
        
          	
                  5.

                	
                  Cancellation
      of Redraw Limit

                
	 	 

        

      

    

     

    
      	
              5.1

            	
              During
      Term

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      giving not less than 5 Business Days irrevocable notice to the Redraw
      Facility Provider the Trustee may cancel all or part of the Redraw Limit
      during the Term.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      partial cancellation must be in a minimum of $100,000 and a whole multiple
      of $10,000 unless the Redraw Facility Provider agrees
      otherwise.

            

    

     

    
      	
              5.2

            	
              At
      end of Term

            

    

     

    At the
close of business (Sydney time) on the last day of the Term the Redraw Limit
will be cancelled.

     

    
      	
              5.3

            	
              Cancellation
      by Redraw Facility Provider

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Redraw Facility Provider may cancel all or part of the Redraw Limit during
      the Term immediately on giving notice to the Trustee, the Trust Manager
      and each Designated Rating Agency.  The Redraw Limit shall be
      reduced by the amount of that cancellation on that
  notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              On
      each Payment Date following that cancellation, the Trustee shall pay to
      the Redraw Facility Provider the lesser
of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      amount equal to the Principal Outstanding at that Payment Date less the
      Redraw Limit at that Payment Date (if positive);
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      amount available for distribution to the Redraw Facility Provider under
      clauses 5.10(a)(vi) and 5.13(a)(ii) of the Series
  Notice.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Repayments
      under paragraph (b) will be applied against Redraw Advances in
      chronological order of their Drawdown
Dates.

            

    

    
      
         

      

      
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              (d)

            	
              This
      clause does not affect the Redraw Facility Provider's rights under clause
      13 of this agreement or under clause 5.11(a)(ii)(A) of the Series
      Notice.

            

    

    
       

      
        
          	
                  6.

                	
                  Repayment

                
	 	 

        

      

    

     

    
      	
              6.1

            	
              Repayment
      of Redraw Advances

            

    

     

    The
Trustee shall repay the Principal Outstanding on each Payment Date and at the
end of the Term, to the extent that amounts are available for that purpose under
clause 5.13(a)(ii) of the Series Notice.  Those repayments will be
applied against Redraw Advances in chronological order of their Drawdown
Dates.

     

    
      	
              6.2

            	
              Final
      repayment

            

    

     

    If
following the Final Repayment Date, any Principal Outstanding or Carryover
Redraw Charge Off has not been repaid after the distribution of all Assets of
the Trust in accordance with the Series Notice, that Principal Outstanding or
Carryover Redraw Charge Off will be cancelled and the Trustee will have no
further obligation to pay that amount under this agreement.

    
       

      
        
          	
                  7.

                	
                  Prepayments

                
	 	 

        

      

    

     

    
      	
              7.1

            	
              Voluntary
      prepayments

            

    

     

    The
Trustee may prepay all or part of the Principal
Outstanding with the consent of the Redraw Facility Provider and on at least 5
Business Days' notice.  The Trustee shall prepay in accordance with
that notice.

     

    
      	
              7.2

            	
              Draw
      Fee

            

    

     

    When the
Trustee prepays any amount of the Principal Outstanding, it shall also pay any
draw fee accrued on that amount.

     

    
      	
              7.3

            	
              Limitation
      on prepayments

            

    

     

    The
Trustee may not prepay all or any part of the Principal Outstanding except as
set out in this agreement.

    
       

      
        
          	
                  8.

                	
                  Payments

                
	 	 

        

      

    

     

    
      	
              8.1

            	
              Manner

            

    

     

    The
Trustee shall make all payments under this agreement:

     

    
      	
               
      

            	
              (a)

            	
              by
      cheque, electronic funds transfer or other agreed method to the Redraw
      Facility Provider at its address for service of notices or by transfer of
      immediately available funds to the account specified by the Redraw
      Facility Provider and, in either case, by 4.00 pm (Sydney time) on the due
      date; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              without
      set-off, counterclaim or other deduction, except any compulsory deduction
      for Tax; and

            

    

    
      
         

      

      
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              (c)

            	
              in
      accordance with the directions of the Trust Manager, Master Trust Deed and
      the Series Notice.

            

    

     

    
      	
              8.2

            	
              Payment
      to be made on Business Day

            

    

     

    If any
payment is due on a day which is not a Business Day, the due date will be the
next Business Day.

     

    
      	
              8.3

            	
              Appropriation
      where insufficient moneys available

            

    

     

    Subject
to any express provision of this agreement, the Redraw Facility Provider may
appropriate amounts it receives as between principal, draw fees, interest and
other amounts then payable as it sees fit.  This will override any
appropriation made by the Trustee.

    
       

      
        
          	
                  9.

                	
                  Changes
      in Law

                
	 	 

        

      

    

     

    
      	
              9.1

            	
              Additional
      payments

            

    

     

    Whenever
the Redraw Facility Provider determines that:

     

    
      	
               
      

            	
              (a)

            	
              the
      effective cost to the Redraw Facility Provider of making, funding or
      maintaining any Redraw Advance or the Redraw Limit is increased in any
      way;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      amount paid or payable to the Redraw Facility Provider or received or
      receivable by the Redraw Facility Provider, or the effective return to the
      Redraw Facility Provider, under or in respect of this agreement is reduced
      in any way;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      return of the Redraw Facility Provider on the capital which is or becomes
      directly or indirectly allocated by the Redraw Facility Provider to any
      Redraw Advance or the Redraw Limit is reduced in any way;
    or

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      the extent any relevant law, official directive or request relates to or
      affects the Redraw Limit, any Redraw Advance or this agreement, the
      overall return on capital of the Redraw Facility Provider or any of its
      holding companies is reduced in any
way,

            

    

     

    as a
result of any change in, any making of or any change in the interpretation or
application by any Government Agency of, any law, official directive or request,
then:

     

    
      	
               
      

            	
              (e)

            	
              (when
      it has calculated the effect of the above and the amount to be charged to
      the Trustee under this clause) the Redraw Facility Provider shall promptly
      notify the Trust Manager and the Trustee;
and

            

    

     

    
      	
               
      

            	
              (f)

            	
              on
      the following Payment Date from time to time the Trustee shall, subject to
      clause 5 of the Series Notice, pay for the account of the Redraw Facility
      Provider the amount certified by an Authorised Signatory of the Redraw
      Facility Provider to be necessary to compensate the Redraw Facility
      Provider for the increased cost or the reduction (from the date of the
      notice).

            

    

     

    Without
limiting the above in any way, this clause applies:

     

    
      	
               
      

            	
              (g)

            	
              to
      any law, official directive or request with respect to Taxation (other
      than any Tax on the net income of any person) or reserve, liquidity,
      capital adequacy, special deposit or similar
  requirements;

            

    

    
      
         

      

      
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              (h)

            	
              to
      official directives or requests which do not have the force of law where
      it is the practice of responsible bankers or financial institutions in the
      country concerned to comply with them;
and

            

    

     

    
      	
               
      

            	
              (i)

            	
              where
      the increased cost or the reduction arises because the Redraw Facility
      Provider is restricted in its capacity to enter other transactions, is
      required to make a payment, or forgoes or earns reduced interest or other
      return on any capital or on any sum calculated by reference in any way to
      the amount of any Redraw Advance, the Redraw Limit or to any other amount
      paid or payable or received or receivable under this agreement or
      allocates capital to any such sum.

            

    

     

    
      	
              9.2

            	
              Minimisation

            

    

     

    
      	
               
      

            	
              (a)

            	
              (No
      defence)  If the Redraw Facility Provider has acted in
      good faith it will not be a defence that any cost, reduction or payment
      referred to in this clause could have been
  avoided.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Minimisation)  The
      Redraw Facility Provider shall use reasonable endeavours to minimise any
      cost, reduction or payment referred to in this clause with a view to
      enabling the Trust Manager to be able to give a Rating Notification in
      relation to any such cost, reduction or payment (although the Redraw
      Facility Provider's entitlement to any such cost, reduction or payment
      shall not depend on the Trust Manager giving a Rating Notification in
      relation to such cost, reduction or
payment).

            

    

     

    
      	
              9.3

            	
              Survival

            

    

     

    This
clause survives the repayment of any relevant Redraw Advance and the termination
of this agreement.

     

    
      	
              9.4

            	
              Notification

            

    

     

    The Trust
Manager will promptly notify each Designated Rating Agency of any amount payable
under this clause 9 from time to time.

    
       

      
        
          	
                  10.

                	
                  Conditions
      Precedent

                
	 	 

        

      

    

     

    
      	
              10.1

            	
              Conditions
      precedent to initial Drawdown
Notice

            

    

     

    The right
of the Trustee to give the initial Drawdown Notice and the obligations of the
Redraw Facility Provider under this agreement are subject to the condition
precedent that the Redraw Facility Provider receives all of the following in
form and substance satisfactory to the Redraw Facility Provider:

     

    
      	
               
      

            	
              (a)

            	
              (verification certificate)
      a certificate in relation to the Trustee given by a director of the
      Trustee substantially in the form of Annexure B with the attachments
      referred to and dated not earlier than 14 days before the first Drawdown
      Date;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Transaction
      Documents)  a certified copy of each duly executed and
      (where relevant) stamped Transaction
Document;

            

    

    
      
         

      

      
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              (c)

            	
              (Master Trust Deed conditions
      precedent)  evidence that the conditions precedent
      referred to in clause 13 of the Master Trust Deed have been
      satisfied;

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Security Trust
      Deed)  evidence that the Security Trust Deed has been or
      will be registered with each relevant Governmental Agency free from all
      prior Security Interests and third party rights and interests;
      and

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Notes)  evidence
      that the Notes have been issued.

            

    

     

    
      	
              10.2

            	
              Conditions
      precedent to each Redraw Advance

            

    

     

    The
obligations of the Redraw Facility Provider to make available each Redraw
Advance are subject to the further conditions precedent that:

     

    
      	
               
      

            	
              (a)

            	
              (no
      default)  no Event of Default subsists at the date of the
      relevant Drawdown Notice and the relevant Drawdown Date or will result
      from the provision of the Redraw Advance;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              (representations
      true)  the representations and warranties by the Trustee
      in this agreement are true as at the date of the relevant Drawdown Notice
      and the relevant Drawdown Date as though they had been made at that date
      in respect of the facts and circumstances then
  subsisting.

            

    

    
       

      
        
          	
                  11.

                	
                  Representations
      and Warranties

                
	 	 

        

      

    

     

    
      	
              11.1

            	
              Representations
      and warranties

            

    

     

    The
Trustee (in its capacity as trustee of the Trust) makes the following
representations and warranties (so far as they relate to the
Trust).

     

    
      	
               
      

            	
              (a)

            	
              (Status)  It is
      a corporation validly existing under the laws of the place of its
      incorporation specified in this
agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Power)  It has
      the power to enter into and perform its obligations under the Transaction
      Documents to which it is expressed to be a party, to carry out the
      transactions contemplated by those documents and to carry on its business
      as now conducted or contemplated.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Corporate
      authorisations)  It has taken all necessary corporate
      action to authorise the entry into and performance of the Transaction
      Documents to which it is expressed to be a party, and to carry out the
      transactions contemplated by those
documents.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Documents
      binding)  Each Transaction Document to which it is
      expressed to be a party is its valid and binding obligation enforceable in
      accordance with its terms, subject to any necessary stamping and
      registration and to laws, defences and principles of equity generally
      affecting creditors' rights.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Transactions
      permitted)  The execution and performance by it of the
      Transaction Documents to which it is expressed to be a party and each
      transaction contemplated under those documents do not violate in any
      respect a provision of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      law or treaty or a judgment, ruling, order or decree of a Government Body
      binding on it;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              its
      constitution or other constituent documents;
or

            

    

    
      
         

      

      
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              (iii)

            	
              any
      other document or agreement which is binding on it or its
      assets,

            

    

     

    and,
except as provided by the Transaction Documents, did not and will
not:

     

    
      	
               
      

            	
              (iv)

            	
              create
      or impose a Security Interest on any of its assets;
  or

            

    

     

    
      	
               
      

            	
              (v)

            	
              allow
      a person to accelerate or cancel an obligation with respect to any
      indebtedness in respect of financial accommodation, or constitute an event
      of default, cancellation event, prepayment event or similar event
      (whatever called) under an agreement relating to any such indebtedness,
      whether immediately or after notice or lapse of time or
    both.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Authorisations)  Each
      Authorisation which is required in relation
to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      execution, delivery and performance by it of the Transaction Documents to
      which it is expressed to be a party and the transactions contemplated by
      those documents;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      validity and enforceability of those documents;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              its
      business as now conducted or contemplated and which is
      material,

            

    

     

    has been
obtained or effected.  Each is in full force and effect.  It
has complied with each of them.  It has paid all applicable fees for
each of them.

     

    
      	
               
      

            	
              (g)

            	
              (No
      misrepresentation)  All information provided by it to the
      Redraw Facility Provider is true in all material respects at the date of
      this agreement or, if later, when
provided.

            

    

     

    
      	
               
      

            	
              (h)

            	
              (Agreements disclosed)  Each
      document or agreement to which it is a party and which is material to the
      Transaction Documents or which has the effect of varying a Transaction
      Document has been disclosed to the Redraw Facility Provider in
      writing.

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (j)

            	
              (Trust
      power)  It is empowered by the Master Trust
      Deed:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      enter into and perform the Transaction Documents to which it is expressed
      to be a party and to carry on the transactions contemplated by those
      documents; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      carry on the business of the Trust and to own Assets of the
      Trust,

            

    

     

    in its
capacity as trustee of the Trust.  There is no restriction on or
condition of its doing so.

     

    
      	
               
      

            	
              (k)

            	
              (Trust
      authorisations)  All necessary resolutions have been duly
      passed and all consents, approvals and other procedural matters have been
      obtained or attended to as required by the Master Trust Deed for it to
      enter into and perform the Transaction Documents to which it is expressed
      to be a party.

            

    

     

    
      	
               
      

            	
              (l)

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

            

    

     

    
      	
               
      

            	
              (m)

            	
              (Removal)  No
      notice has been given to it, and so far as it is aware no resolution has
      been passed or direction or notice has been given removing it as trustee
      of the Trust.

            

    

     

    
      	
               
      

            	
              (n)

            	
              (No
      resettlement)  Other than as permitted by the Transaction
      Documents, it has not taken any action that will cause the property of the
      Trust to be re-settled, set aside or transferred to any other
      trust.

            

    

    
      
         

      

      
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              (o)

            	
              (No
      termination)  It has not taken any action that will cause
      the Trust to be terminated, nor has it taken any action that will result
      in the vesting of the Assets of the
Trust.

            

    

     

    
      	
               
      

            	
              (p)

            	
              (Right of
      indemnity)  It has not taken any action which will limit
      its right of indemnity out of, and lien over, the Assets of the
      Trust.

            

    

     

    
      	
               
      

            	
              (q)

            	
              (Compliance with Master Trust
      Deed)  It has complied with its obligations and duties
      under the Master Trust Deed, the Series Notice and (to the best of its
      knowledge and belief) at law.  No one has alleged that it has
      not so complied.

            

    

     

    
      	
              11.2

            	
              Reliance
      on representations and warranties

            

    

     

    The
Trustee acknowledges that the Redraw Facility Provider has entered the
Transaction Documents in reliance on the representations and warranties in this
clause.

    
       

      
        
          	
                  12.

                	
                  Undertakings

                
	 	 

        

      

    

     

    
      	
              12.1

            	
              General
      undertakings

            

    

     

    Each of
the Trustee and the Trust Manager undertake to the Redraw Facility Provider as
follows in relation to the Trust, except to the extent that the Redraw Facility
Provider consents.

     

    
      	
               
      

            	
              (a)

            	
              (Authorisations)  It
      will ensure that each Authorisation required
  for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      execution, delivery and performance by it of the Transaction Documents to
      which it is expressed to be a party and the transactions contemplated by
      those documents;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      validity and enforceability of those
    documents;  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      carrying on by it of its business as
      now conducted or contemplated,

            

    

     

    is
obtained and promptly renewed and maintained in full force and
effect.  It will pay all applicable fees for them.  It will
provide copies promptly to the Redraw Facility Provider when they are obtained
or renewed.

     

    
      	
               
      

            	
              (b)

            	
              (Negative
      pledge)  It will not create or allow to exist a Security
      Interest over the Assets of the Trust other
  than:

            

    

     

    
      	
               
      

            	
              (i)

            	
              under
      the Transaction Documents; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      lien arising by operation of law in the ordinary course of day-to-day
      trading and not securing indebtedness in respect of financial
      accommodation where it duly pays the indebtedness secured by that lien
      other than indebtedness contested in good
faith.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Comply with
      obligations)  It will duly and punctually comply with its
      obligations under the Transaction
Documents.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Notice to Redraw Facility
      Provider)  It will notify the Redraw Facility Provider as
      soon as it becomes aware of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      Event of Default; and

            

    

    
      
         

      

      
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              (ii)

            	
              any
      proposal by a Government Agency to acquire compulsorily any Assets of the
      Trust.

            

    

     

    
      	
              12.2

            	
              Undertakings
      relating to Trust

            

    

     

    The
Trustee, as trustee of the Trust, undertakes to the Redraw Facility Provider as
follows, except to the extent that the Redraw Facility Provider
consents.

     

    
      
        	
              	
                (a)

              	
                (Amendment to Master Trust
      Deed)  It will not consent to any amendment to the Master
      Trust Deed, the Series Notice or any other Transaction Document that would
      change:

              

      

    

     

    
      	
               
      

            	
              (i)

            	
              the
      basis upon which the amount of any Redraw Advance to be made is
      calculated;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      entitlement of the Trustee to request any Redraw Advance;
    or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      basis of calculation or order of application of any amount to be paid or
      applied under clause 5 of the Series
Notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Resettlement)  It
      will not take any action that will result in a resettlement, setting aside
      or transfer of any asset of the Trust other than a transfer which complies
      with the Master Trust Deed, the Series Notice and the other Transaction
      Documents.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (No additional
      trustee)  It will act continuously as trustee of the
      Trust in accordance with the Master Trust Deed until the Trust has been
      terminated or until it has retired or been removed in accordance with the
      Master Trust Deed.

            

    

     

    
      	
              12.3

            	
              Term
      of undertakings

            

    

     

    Each
undertaking in this clause continues from the date of this agreement until all
moneys actually or contingently owing under this agreement are fully and finally
repaid.

    
       

      
        
          	
                  13.

                	
                  Events
      of Default

                
	 	 

        

      

    

     

    
      	
              13.1

            	
              Events
      of Default

            

    

     

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

     

    
      	
               
      

            	
              (a)

            	
              (Payments)  An
      amount is available for payment under clause 6 and the Trustee does not
      pay that amount within 10 Business Days of its due
  date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Insolvency
      Event)  An Insolvency Event
  occurs:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      relation to the Trust (as if it was a relevant
      corporation for the purposes of the definition of Insolvency
      Event); or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      relation to the Trustee, and a successor trustee of the Trust is not
      appointed within 30 days of that Insolvency
  Event.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Termination
      Date)  The Termination Date occurs in relation to the
      Trust.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Enforcement of Security Trust
      Deed)  An Event of Default (as defined in the Security
      Trust Deed) occurs and any action is taken to enforce the Security
      Interest under the Security Trust Deed over the Assets of the Trust
      (including appointing a receiver or receiver and manager or selling any of
      those Assets).

            

    

    
      
         

      

      
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              13.2

            	
              Consequences

            

    

     

    In
addition to any other rights provided by law or any Transaction Document, at any
time after an Event of Default (whether or not it is continuing) the Redraw
Facility Provider may do all or any of the following:

     

    
      	
               
      

            	
              (a)

            	
              by
      notice to the Trustee and the Trust Manager declare all moneys actually or
      contingently owing under this agreement immediately due
      and payable, and the Trustee will immediately pay the Principal
      Outstanding together with accrued interest and fees and all such other
      moneys; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              by
      notice to the Trustee and the Trust Manager cancel the Redraw Limit with
      effect from any date specified in that
notice.

            

    

    
       

      
        
          	
                  14.

                	
                  Interest
      on Overdue Amounts

                
	 	 

        

      

    

     

    
      	
              14.1

            	
              Accrual

            

    

     

    Interest
accrues on each unpaid amount which is due and payable by the Trustee under or
in respect of this agreement (including interest payable under this
clause).

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              at
      the rate determined by the Redraw Facility Provider to be the sum of 2%
      per annum plus the higher of:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Bank Bill Rate on the most recent Reset Date, plus [*]% per
      annum.

            

    

     

    
      	
              14.2

            	
              Payment

            

    

     

    The
Trustee shall, on the direction of the Trust Manager, pay interest accrued under
this clause on demand and on each Payment Date, to the extent that amounts are
available for that purpose under clause 5.10(a)(iii)(D) of the Series
Notice.

    
       

      
        
          	
                  15.

                	
                  Control
      Accounts

                
	 	 

        

      

    

     

    The
accounts kept by the Redraw Facility Provider constitute sufficient evidence,
unless proven wrong, of the amount at any time due from the Trustee under this
agreement.

    
       

      
        
          	
                  16.

                	
                  Waivers,
      Remedies Cumulative

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

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

            

    

    
      
         

      

      
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              (b)

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

            

    

    
      

       

      
        
          	
                  17.

                	
                  Severability
      of Provisions

                
	 	 

        

      

    

     

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

    
       

      
        
          	
                  18.

                	
                  Survival
      of Representations

                
	 	 

        

      

    

     

    All
representations and warranties in this agreement survive the execution and
delivery of this agreement and the provision of advances and
accommodation.

    
       

      
        
          	
                  19.

                	
                  Indemnity
      and Reimbursement Obligation

                
	 	 

        

      

    

     

    Unless
stated otherwise, each indemnity, reimbursement or similar obligation in this
agreement:

     

    
      	
               
      

            	
              (a)

            	
              is
      a continuing obligation;

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      a separate and independent
obligation;

            

    

     

    
      	
               
      

            	
              (c)

            	
              is
      payable on demand; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              survives
      termination or discharge of this
agreement.

            

    

    
       

      
        
          	
                  20.

                	
                  Moratorium
      Legislation

                
	 	 

        

      

    

     

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

     

    
      	
               
      

            	
              (a)

            	
              lessens,
      varies or affects in favour of the Trustee any obligation under a
      Transaction Document; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              delays,
      prevents or prejudicially affects the exercise by the Redraw Facility
      Provider of any right, power or remedy conferred by this
      agreement,

            

    

     

    is
excluded from this agreement.

    
       

      
        
          	
                  21.

                	
                  Consents
      and Opinions

                
	 	 

        

      

    

     

    Except
where expressly stated the Redraw Facility Provider may give or withhold, or
give conditionally, approvals and consents, may be satisfied or unsatisfied, may
form opinions, and may exercise its rights, powers and remedies, at its absolute
discretion.

    
      
         

      

      
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                  22.

                	
                  Assignments

                
	 	 

        

      

    

     

    Neither
party may assign or transfer any of its rights or obligations under this
agreement without the prior written consent of the other party, or if the rating
of the Notes would be withdrawn or reduced as a result of the
assignment.

    
       

      
        
          	
                  23.

                	
                  Notices

                
	 	 

        

      

    

     

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

     

    
      	
               
      

            	
              (a)

            	
              must
      be in writing;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              will
      be taken to be duly given or made:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (in
      the case of facsimile transmission) on receipt of a transmission report
      confirming successful transmission;
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,

            

    

     

    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 4.00 pm (local
time), it will be taken to have been duly given or made at the commencement of
business on the next day on which business is generally carried on in that
place.

    
       

      
        
          	
                  24.

                	
                  Authorised
      Signatories

                
	 	 

        

      

    

     

    The
Trustee irrevocably authorises the Redraw Facility Provider to rely on a
certificate by persons purporting to be its directors and/or secretaries as to
the identity and signatures of its Authorised Signatories.  The
Trustee warrants that those persons have been authorised to give notices and
communications under or in connection with this agreement.

    
       

      
        
          	
                  25.

                	
                  Governing
      Law and Jurisdiction

                
	 	 

        

      

    

     

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

    
       

      
        
          	
                  26.

                	
                  Counterparts

                
	 	 

        

      

    

     

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

    
      
         

      

      
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                  27.

                	
                  Acknowledgement
      by Trustee

                
	 	 

        

      

    

     

    The
Trustee confirms that:

     

    
      	
               
      

            	
              (a)

            	
              it
      has not entered into this agreement in reliance on, or as a result of, any
      statement or conduct of any kind of or on behalf of the Redraw Facility
      Provider (including any advice, warranty, representation or undertaking);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Redraw Facility Provider is not obliged to do anything (including disclose
      anything or give advice),

            

    

     

    except as
expressly set out in this agreement.

    
       

      
        
          	
                  28.

                	
                  Limited
      Recourse

                
	 	 

        

      

    

     

    
      	
              28.1

            	
              General

            

    

     

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

     

    
      	
              28.2

            	
              Liability
      of Trustee limited to its right to
indemnity

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (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 27 shall not apply to any obligation or
      liability of the Trustee to the extent that it is not satisfied because
      under a Transaction Document or by operation of law there is a reduction
      in the extent of the Trustee's indemnification out of the Assets of the
      Trust as a result of the Trustee's fraud, negligence or breach of
      trust.

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

    
      
         

      

      
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              (e)

            	
              No
      attorney, agent, receiver or receiver and manager appointed in accordance
      with this agreement 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.

            

    

     

    
      	
              28.3

            	
              Unrestricted
      remedies

            

    

     

    Nothing
in clause 27.2 limits the Redraw Facility Provider in:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              obtaining
      declaratory relief; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to its rights under the Security Trust
  Deed.

            

    

     

    
      	
              28.4

            	
              Restricted
      remedies

            

    

     

    Except as
provided in clause 27.3, the Redraw Facility Provider shall not:

     

    
      	
               
      

            	
              (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 the Redraw Facility Provider waives its
rights to make those applications and take those proceedings.

    
       

      
        
          	
                  29.

                	
                  Redraw
      Facility Provider's Obligations

                
	 	 

        

      

    

     

    The
Trustee shall have no recourse to the Redraw Facility Provider in relation to
this agreement beyond its terms, and the Redraw Facility Provider's obligations
under this agreement are separate from, and independent to, any obligations the
Redraw Facility Provider may have to the Trustee for any other reason (including
under any other Transaction Document).

    
      
         

      

      
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                Agreement

              	
                

              
	 
      

      

    

    
       

      
        
          	
                  30.

                	
                  Successor
      Trustee

                
	 	 

        

      

    

     

    The
Redraw Facility Provider shall do all things reasonably necessary to enable any
successor Trustee appointed under clause 24 of the Master Trust Deed to become
the Trustee under this agreement.

    
       

      
        
          	
                  31.

                	
                  Code
      of Banking Practice

                
	 	 

        

      

    

     

    The Code
of Banking Practice 2003, as amended in 2004, does not apply to this agreement
or any banking service provided under it.

    
      
         

      

      
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                Agreement

              	
                

              
	 
      

      

    

     

    EXECUTED in
Sydney.

     

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

    

    
      
        
          
            
              
                
                  
                    	
                            SIGNED on behalf
      of

                          	
                            )

                          	 
      
	
                            [*]

                          	
                            )

                          	 
      
	 
      	
                            )

                          	 
      
	
                            by
      its attorney

                          	
                            )

                          	 
      
	
                            in
      the presence of:

                          	
                            )

                          	 
      
	 
      	 
      	
                            Signature

                          
	 
      
	 
      	 
      	 
      
	
                            Witness

                          	 
      	
                            Print
      name

                          
	 
      
	 
      	 
      
	
                            Print
      name

                          	 
      

                  

                

              

            

          

        

      

    

           

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      SIGNED 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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                Agreement

              	
                

              
	 
      

      

    

    
    

    
      
        
          
            
              
                	
                        SIGNED 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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                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

     

    ANNEXURE
A

    
       

      DRAWDOWN
NOTICE

    

    
      
        	 	 
	 	 
	
                To:

              	
                [*]

              

      

    

     

    REDRAW
FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

     

    We refer
to the Redraw Facility Agreement dated
               20[*]
(the Facility
Agreement).

     

    Under
clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:

     

    
      	
              (1)

            	
              we
      wish to draw on [*]
      (the Drawdown
      Date);  [NOTE:  Date
      is to be a Business Day.]

            

    

     

    
      	
              (2)

            	
              the
      principal amount of the Redraw Advance is $[*];  [NOTE:  Amount
      to comply with the limits in clause
3.]

            

    

     

    
      	
              (3)

            	
              we
      request that the proceeds be remitted to account number[*] at [*];

            

    

     

    [NOTE:  The
account(s) to be completed only if funds not required in repayment of any
previous Redraw Advance(s).]

     

    
      	
              (4)

            	
              we
      represent and warrant that no Event of Default under the Facility
      Agreement, and no Event of Default as defined in the Security Trust Deed,
      subsists or will result from the drawing;
and

            

    

     

    
      	
              (5)

            	
              all
      representations and warranties under clause 11 of the Facility Agreement
      are true as though they had been made at the date of this Drawdown Notice
      and the Drawdown Date specified above in respect of the facts and
      circumstances then subsisting.

            

    

     

    Definitions
in the Facility Agreement apply in this Drawdown Notice.

     

    [*] as trustee of
the Series [*] WST Trust

     

    By:
                                 
[Authorised
Signatory]

     

    DATED
                               

    
      
         

      

      
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                Series
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                Agreement

              	
                

              
	 
      

      

    

     

    ANNEXURE
B

    
       

      VERIFICATION
CERTIFICATE

    

    
      
        
          
            	 	 
	 	 
	
                    To:

                  	
                    [*]

                  

          

        

      

    

     

    REDRAW
FACILITY AGREEMENT

     

    I [*]
am an [attorney
/ Authorised Signatory]
of [*]
(the Company).

     

    I refer
to the Redraw Facility Agreement (the Facility
Agreement) dated
               200[*]
between the Company as Trustee, [*]
and Westpac Securitisation Management Pty Limited.

     

    Definitions
in the Facility Agreement apply in this Certificate.

     

    I
CERTIFY as follows.

     

    
      	
              1.

            	
              Attached
      to this Certificate are complete and up to date copies
  of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              unless
      paragraph 2 below applies, the constitution of the Company (marked A);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      power of attorney granted by the Company for the execution of the Facility
      Agreement to which it is expressed to be a party (marked B).  That
      power of attorney has not been revoked or suspended by the Company and
      remains in full force and effect.

            

    

     

    
      	
              2.

            	
              If
      the constitution of the Company is not attached to this certificate, there
      has been no change to them since the Company last gave a copy of them to
      [*].

            

    

     

    
      	
              3.

            	
              The
      following are signatures of the Authorised Signatories of the Company and
      the persons who have been authorised to sign the Facility Agreement and to
      give notices and communications under or in connection with the Facility
      Agreement.  If no signatures are set out below, the Authorised
      Signatories with respect to the Facility Agreement have the same meaning
      as given in the Master Trust Deed.

            

    

     

    Authorised
Signatories

     

    
      
        
          
            
              
                	
                        Name

                      	 
      	
                        Position

                      	 
      	
                        Signature

                      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	 
      	
                        *

                      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	 
      	
                        *

                      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	
                          

                      	
                        *

                      	
                          

                      	 
      

              

            

          

        

      

    

     

    Signatories

     

    
      
        
          
            
              
                	
                        Name

                      	 
      	
                        Position

                      	 
      	
                        Signature

                      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	 
      	
                        *

                      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	 
      	
                        *

                      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                        *

                      	
                          

                      	
                        *

                      	
                          

                      	 
      

              

            

          

        

      

    

    
      
         

      

      
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                Series
      [*] WST Trust Redraw Facility

                Agreement

              	
                

              
	 
      

      

    

       

    
      
        
          
            	
                    Signed:

                  	 
      	 
      
	 
      	
                    [Attorney
      / Authorised Signatory]

                  	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                    Print
      name

                  	 
      

          

        

      

    

     

    DATED

    
      
         

      

      
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