Document:

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                                   Exhibit 4.2

                                 Series Notice

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                                                        Series 2002-1G WST Trust
                                                                   Series Notice

                                       Westpac Securities Administration Limited
                                                                       (Trustee)

                                   Westpac Securitisation Management Pty Limited
                                                                 (Trust Manager)

                                                     Westpac Banking Corporation
                                                               (Approved Seller)

                                                   Citibank, N.A., London Branch
                                                                  (Note Trustee)

                                                     Westpac Banking Corporation

                                                                      (Servicer)

                                                The Mortgage Company Pty Limited

                                                                           (TMC)

                                               Perpetual Trustee Company Limited

                                                              (Security Trustee)

                                                          Allens Arthur Robinson
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                            Tel  61  2 9230 4000
                                                            Fax  61  2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2002

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Series 2002-1G WST Trust Series Notice                    Allens Arthur Robinson

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Table of Contents

1.   Introduction and Trust Manager                                           1

     1.1   Introduction                                                       1
     1.2   Trust Manager                                                      1

2.   Direction and Trust Back                                                 2

3.   Definitions and Interpretation                                           2

     3.1   Definitions                                                        2
     3.2   Interpretation                                                    25
     3.3   Limitation of liability of the Trustee                            25
     3.4   Knowledge of Trustee                                              27

4.   Notes                                                                   27

     4.1   Conditions of Notes                                               27
     4.2   Summary of conditions of Notes                                    27
     4.3   Issue of Notes                                                    29
     4.4   Trustee's Covenant to Noteholders                                 30
     4.5   Repayment of Notes on Payment Dates                               30
     4.6   Final Redemption                                                  30
     4.7   Period During Which Interest Accrues                              31
     4.8   Calculation of Interest                                           31
     4.9   Aggregate receipts                                                32
     4.10  Redemption on or after Step-Up Margin Date                        32

5.   Redraw Funding Securities                                               33

     5.1   Note Issue Direction for RFS                                      33
     5.2   Conditions to Note Issue Direction                                33
     5.3   Terms of Note Issue Direction                                     33
     5.4   Conversion of RFS                                                 34
     5.5   Master Trust Deed definitions                                     34

6.   Cashflow Allocation Methodology                                         35

     6.1   General                                                           35
     6.2   Determination Date - Calculations                                 35
     6.3   Redraws                                                           36
     6.4   Determination Date - Payment Shortfall                            37
     6.5   Determination Date - Liquidity Shortfall                          37
     6.6   Allocating Liquidation Losses                                     37
     6.7   Insurance claims                                                  38
     6.8   Remittance Date                                                   38
     6.9   Payment - Purchase Price adjustment                               38
     6.10  Total Payments                                                    38
     6.11  Excess Available Income - reimbursement of Charge Offs
           and Principal Draw                                                40
     6.12  Excess Collections Distribution                                   41
     6.13  Initial Principal Distributions                                   41
     6.14  Principal Payments - Sequential Method                            41
     6.15  Principal Payments - Serial Method prior to third
           anniversary (procedure 1)                                         42

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     6.16  Principal Payments - Serial Method after third
           anniversary (procedure 2)                                         44
     6.17  Remaining Liquidity Shortfall                                     45
     6.18  Charge Offs                                                       46
     6.19  Payments into US$ Account                                         46
     6.20  Payments out of US$ Account                                       47
     6.21  Prepayment Costs and Prepayment Benefits                          47
     6.22  Rounding of amounts                                               48
     6.23  Bond Factors                                                      48
     6.24  Trust Manager's Report                                            48
     6.25  Prescription                                                      48
     6.26  Replacement of Currency Swap                                      48

7.   Master Trust Deed                                                       49

     7.1   Completion of details in relation to Master Trust Deed            49
     7.2   Amendments to Master Trust Deed                                   50

8.   Transfer of Purchased Receivables - Top Ups                             50

9.   Transfers to Warehouse Trust                                            50

10.  Application of Threshold Rate                                           51

     10.1  Calculation of Threshold Rate                                     51
     10.2  Setting Threshold Rate                                            51
     10.3  Trustee Setting Threshold Rate                                    51

11.  Beneficiary                                                             52

     11.1  Issue of Units                                                    52
     11.2  Residual Capital Unit                                             52
     11.3  Residual Income Unit                                              52
     11.4  Register                                                          53
     11.5  Transfer of Units                                                 53
     11.6  Limit on rights                                                   54

12.  Title Perfection Events                                                 54

13.  Additional Receivable Product Features                                  54

14.  WST Warehouse Trust #1                                                  54

     14.1  Direction under Warehouse Series Notice                           54
     14.2  Direction                                                         54

15.  Servicer Representations                                                55

16.  Warehouse Trustee Representations                                       56

17.  TMC Warranty                                                            57

18.  Note Trustee                                                            57

     18.1  Capacity                                                          57
     18.2  Exercise of rights                                                58
     18.3  Representation and warranty                                       58
     18.4  Payments                                                          58

19.  Westpac Undertakings                                                    58

     19.1  Set Off                                                           58

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     19.2  Notice of actions                                                 58
     19.3  Notification of Trust                                             58

20.  Redemption                                                              59

21.  Changes to Portfolio of Receivables before the Cut-Off Date             59

22.  Credit Support transferred by Currency Swap Providers                   59

23.  Governing Law And Jurisdiction                                          60

24.  Amendment to Note Trust Deed                                            60

SCHEDULE                                                                     65

ANNEXURE A                                                                   66

     SERIES 2002-1G WST TRUST AMENDMENTS TO MASTER TRUST DEED                66

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1.    Introduction and Trust Manager

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1.1   Introduction

      This Series Notice is issued on 12 March 2002 by Westpac Securitisation
      Management Pty Limited (ABN 73 081 709 211) of Level 25, 60 Martin Place,
      Sydney, New South Wales as manager (Trust Manager) under the Master Trust
      Deed (as defined below). It is issued pursuant and subject to the Master
      Trust Deed dated 14 February 1997 (the Master Trust Deed) between The
      Mortgage Company Pty Limited (ABN 86 070 968 302) of Level 25, 60 Martin
      Place, Sydney, New South Wales and Westpac Securities Administration
      Limited (ABN 77 000 049 472) of Level 4, 50 Pitt Street, Sydney, New South
      Wales as trustee of the Series 2002-1G WST Trust (the Trustee).

      Each party to this Series Notice agrees to be bound by the Transaction
      Documents as amended by this Series Notice in the capacity set out with
      respect to them in this Series Notice or the Master Trust Deed.

      Westpac Banking Corporation (ABN 33 007 457 141) (in its capacity as
      Servicer under the Servicing Agreement, Servicer) agrees to service the
      Purchased Receivables and Purchased Receivable Securities in accordance
      with the Servicing Agreement.

      Citibank, N.A., London Branch (the Note Trustee) has agreed to act as note
      trustee in relation to Notes issued by the Trust under the Note Trust Deed
      and in accordance with this Series Notice.

      Perpetual Trustee Company Limited (ABN 42 000 001 007) (the Security
      Trustee) has agreed to act as security trustee for the Mortgagees under
      the Security Trust Deed.

1.2   Trust Manager

      (a)   The Master Trust Deed is amended for the purpose of the Series
            2002-1G WST Trust so that all references to Trust Manager will be
            taken to be references to Westpac Securitisation Management Pty
            Limited of Level 25, 60 Martin Place, Sydney, New South Wales, and
            each party agrees that:

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

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

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

      (b)   Westpac Securitisation Management Pty Limited will comply with all
            obligations of the Trust Manager in relation to the Series 2002-1G
            WST Trust as named as such in the Master Trust Deed.

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2.    Direction and Trust Back

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      (a)   A Trust Back, entitled Westpac 2002-1G Trust Back, is created in
            relation to Other Secured Liabilities secured by the Purchased
            Receivable Securities.

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

3.    Definitions and Interpretation

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3.1   Definitions

      Unless otherwise defined in this Series Notice, words and phrases defined
      in the Master Trust Deed have the same meaning where used in this Series
      Notice.

      In this Series Notice, and for the purposes of the definitions in the
      Master Trust Deed, the following terms have the following meanings unless
      the contrary intention appears. These definitions apply only in relation
      to the Series 2002-1G WST Trust, and do not apply to any Other Trust.

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

      (a)   on a daily basis at the applicable rate set out in the Confirmation
            relating to the Class A Notes (being AUD-BBR-BBSW, as defined in the
            ISDA Definitions, as at the first day of the Coupon Period ending on
            (but excluding) that Payment Date with a designated maturity of 90
            days plus the Spread);

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

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

      A$ Equivalent means:

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

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

      A$ Exchange Rate means, on any date, the rate of exchange (set as at the
      commencement of a Currency Swap) applicable under that Currency Swap for
      the exchange of United States dollars for Australian dollars.

      Accrued Interest Adjustment means in relation to an Approved Seller, all:

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

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

      Agency Agreement means the Agency Agreement dated on or about the date of
      this Series Notice between the Trustee, the Trust Manager, the Note
      Trustee, the Principal Paying Agent and the Agent Bank.

      Agent Bank means the person appointed as agent bank under the Agency
      Agreement from time to time.

      Application for Notes means an application for Registered Notes in the
      form of schedule 1 to the Master Trust Deed or in such other form as may
      from time to time be agreed between the Trustee and the Trust Manager.

      Approved Seller means Westpac Banking Corporation (ARBN 007 457 141) or,
      other than in clauses 8.1, 8.2, 8.3, 8.5(b), 8.6, 8.7, 8.11, 8.12, 11, 33
      and 37 of the Master Trust Deed, the Trustee in its capacity as trustee of
      the WST Warehouse Trust #1.

      Arrears subsist in relation to a Purchased Receivable if the Obligor under
      that Purchased Receivable fails to pay any amount due under that Purchased
      Receivable on the day it was due. Delayed payments arising from payment
      holidays based on early repayments (agreed in writing by Westpac), or from
      maternity or paternity leave repayment reductions, which are granted by
      Westpac or the Servicer will not, by themselves, lead to a Purchased
      Receivable being in Arrears.

      Asset means any Loan, Mortgage or Related Security specified in each Sale
      Notice which is to be acquired in favour of the Trust, or any Authorised
      Investment acquired by the Trust.

      Authorised Signatory means:

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

      (b)   in relation to the Principal Paying Agent, any duly authorised
            officer of Citibank, N.A., London Branch, and any other duly
            authorised person of Citibank, N.A., London Branch; and

      (c)   in relation to the Agent Bank, any duly authorised officer of
            Citibank, N.A., London Branch, and any other duly authorised person
            of Citibank, N.A., London Branch.

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

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

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

            (i)   any amount received or due to be received by or on behalf of
                  the Trustee in relation to that Collection Period on or by the
                  Payment Date immediately following the end of that Collection
                  Period with respect to net receipts under any Hedge Agreement
                  (other than the Currency Swap);

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

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

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

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

      but excluding interest credited to a Support Facility Collateral Account
      and any amount payable by the Trustee under clause 6.26.

      Available Liquidity Amount means at any time the Liquidity Limit at that
      time less the Liquidity Outstandings at that time, if positive.

      Average Quarterly Percentage means, at any date, the sum of Quarterly
      Percentages for the four full Collection Periods preceding that date,
      divided by four.

      Bank means:

      (a)   for the purposes of paragraph (a) of the definition of Business Day
            and the definition of US$ Account:

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

            (ii)  an authorised person permitted to accept deposits or an exempt
                  person under the Financial Services and Markets Act 2000 (UK);
                  or

            (iii) a banking institution or trust company organised or doing
                  business under the laws of the United States or any state
                  thereof; and

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

      Bank Bill Rate on any date means the rate calculated by taking the rates
      quoted on the Reuters Screen BBSW Page at approximately 10.00 am, Sydney
      time, on that date for each Reference Bank so quoting (but not fewer than
      five) as being the mean buying and selling rate for a bill (which for the
      purpose of this definition means a bill of exchange of the type specified
      for the purpose of quoting on the Reuters Screen BBSW Page) having a tenor
      of 90 days eliminating the highest and lowest mean rates and taking the
      average of the remaining mean rates and then (if necessary) rounding the
      resultant figure upwards to four decimal places. If on any date fewer than
      five Reference Banks have quoted rates on the Reuters Screen BBSW Page,
      the rate for that date shall be calculated as above by taking the rates

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      otherwise quoted by five of the Reference Banks on application by the
      parties for such a bill of the same tenor. If in respect of any date the
      rate for that date cannot be determined in accordance with the foregoing
      procedures then the rate for that date shall mean such rate as is agreed
      between the Trust Manager and Westpac Banking Corporation having regard to
      comparable indices then available, PROVIDED THAT on the first day of any
      first Coupon Period as it relates to a Class of Notes the Bank Bill Rate
      shall be an interpolated rate calculated with reference to the tenor of
      the relevant period.

      Basis Swap means, in relation to the master agreement dated on or about
      the date of this Series Notice made between the Trustee as trustee of the
      Trust, the Trust Manager and Westpac, on the terms of the ISDA Master
      Agreement (with amendments thereto), each Transaction (as defined in that
      agreement) entered into in accordance with that agreement in relation to
      the interest rate risk arising from a Receivable which is subject to
      either a variable rate set, as permitted by the relevant Receivable
      Agreement, at the discretion of Westpac, or a concessionary introductory
      fixed rate of 12 months or less as determined by Westpac.

      Beneficiary means, in relation to the Trust, each holder of a Unit (as
      defined in clause 11).

      Bond Factor means the Class A Bond Factor, the Class B Bond Factor, the
      RFS Class A Bond Factor or the RFS Bond Factor.

      Book-Entry Note means a book-entry note issued or to be issued by the
      Trustee in registered form under clause 3.1 of the Note Trust Deed
      representing Class A Notes, substantially in the form of schedule 1 to the
      Note Trust Deed.

      Business Day means any day, other than a Saturday, Sunday or public
      holiday, on which Banks are open for business (including dealings in
      foreign currency generally) in London, New York and Sydney.

      Carryover Charge Off means, in relation to the Trust at any time, a
      Carryover Class A Charge Off, a Carryover Class B Charge Off, a Carryover
      RFS Charge Off, a Carryover RFS Class A Charge Off or a Carryover Redraw
      Charge Off.

      Carryover Class A Charge Off means, on any Determination Date in relation
      to a Class A Note, the aggregate of Class A Charge Offs in relation to
      that Class A Note prior to that Determination Date and which have not been
      reinstated under clauses 6.11(a)(ii)(C) and 6.20(b)(ii).

      Carryover Class B Charge Off means, on any Determination Date in relation
      to a Class B Note, the aggregate of Class B Charge Offs in relation to
      that Class B Note prior to that Determination Date and which have not been
      reinstated under clause 6.11(a)(iii).

      Carryover Redraw Charge Off means, on any Determination Date, the
      aggregate of Redraw Charge Offs prior to that Determination Date and which
      have not been reinstated under clause 6.11(a)(ii)(D).

      Carryover RFS Charge Off means, on any Determination Date in relation to
      an RFS, the aggregate of RFS Charge Offs in relation to that RFS prior to
      that Determination Date and which have not been reinstated under clause
      6.11(a)(ii)(A).

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      Carryover RFS Class A Charge Off means, on any Determination Date in
      relation to an RFS Class A Note, the aggregate of Class A RFS Charge Offs
      in relation to that RFS Class A Note prior to that Determination Date and
      which have not been reinstated under clause 6.11(a)(ii)(B).

      Class A Bond Factor means, on a Determination Date, the aggregate of the
      Class A Invested Amounts for all Class A Notes for that Determination Date
      less all Class A Principal Payments to be made on the next Payment Date
      divided by the aggregate Class A Initial Invested Amount for all Class A
      Notes, expressed to seven decimal places.

      Class B Bond Factor means, on a Determination Date, the aggregate of the
      Class B Invested Amounts for all Class B Notes for that Determination Date
      less all Class B Principal Payments to be made on the next Payment Date
      divided by the aggregate Class B Initial Invested Amount for all Class B
      Notes, expressed to seven decimal places.

      Class A Charge Off means, in relation to a Class A Note, the amount of any
      reduction in the Class A Stated Amount for that Note under clause 6.18.

      Class B Charge Off means, in relation to a Class B Note, the amount of any
      reduction in the Class B Stated Amount for that Note under clause 6.18.

      Class A Coupon means all interest accrued on the Class A Notes in respect
      of a Coupon Period in accordance with clause 4.8, and for the purposes of
      clause 6.10 includes any amounts payable by the Trustee to the relevant
      Noteholder (in that capacity) by way of damages or penalties.

      Class B Coupon means all interest accrued on the Class B Notes in respect
      of a Coupon Period in accordance with clause 4.8, and for the purposes of
      clause 6.10 includes any amounts payable by the Trustee to the relevant
      Noteholder (in that capacity) by way of damages or penalties.

      Class A Forex Percentage means, on any date the A$ Equivalent of the Class
      A Stated Amounts at that date divided by the sum of the A$ Equivalent of
      the Class A Stated Amounts and the RFS Class A Stated Amounts, as at that
      date, expressed as a percentage.

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

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

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

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

      Class A Note means a Note issued as a Class A Note by the Trustee with the
      characteristics of a Class A Note under this Series Notice and includes
      any Book-Entry Note (or any part or interest in it) and any Definitive
      Note, but does not include any RFS Class A Note.

      Class A Noteholder means a Noteholder who holds a Class A Note.

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

      Class B Noteholder means a Noteholder who holds a Class B Note.

      Class A Percentage means, on a Determination Date, the sum of the
      aggregate of:

      (a)   the A$ Equivalent of the Class A Stated Amounts;

      (b)   the RFS Class A Stated Amounts; and

      (c)   the Redraw Limit,

      in each case for the preceding Determination Date as a percentage of the
      sum of the A$ Equivalent of the Total Stated Amount, the RFS Class A
      Stated Amounts and the Redraw Limit calculated as at the preceding
      Determination Date.

      Class B Percentage means, on a Determination Date, the aggregate of the
      Class B Stated Amounts for the preceding Determination Date as a
      percentage of the sum of the A$ Equivalent of the Total Stated Amount, RFS
      Class A Stated Amounts and the Redraw Limit calculated as at the preceding
      Determination Date.

      Class A Principal Payment means each payment to the Class A Noteholders
      under clause 6.20(b)(iii).

      Class B Principal Payment means each payment to the Class B Noteholders
      under clause 6.14 (a)(iii), 6.15(a)(C) and 6.16(a)(C).

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

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

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

      (c)   Carryover Class A Charge Offs (if any) made in relation to that
            Class A Note to the extent not reinstated under clause 6.11 before
            that Determination Date; less

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

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

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

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

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

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

      (c)   Carryover Class B Charge Offs (if any) made in relation to that
            Class B Note to the extent not reinstated under clause 6.11 before
            that Determination Date; less

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

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

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

      Clearstream, Luxembourg means Clearstream, Luxembourg Banking, societe
      anonyme, a limited liability company incorporated in the Kingdom of
      Luxembourg.

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

      Closing Date means, in relation to the Trust, 14 March 2002.

      Collection Account means, in relation to the Trust, the Australian dollar
      account, number 032024 339195, with Westpac at 60 Martin Place, Sydney,
      New South Wales, or any other account opened and maintained by the Trustee
      with an Approved Bank under clause 27 of the Master Trust Deed.

      Collection Period means, in relation to a Payment Date, the period from
      (and including) the twenty-first day of the Quarter preceding the Quarter
      in which the Payment Date occurs to (and including) the twentieth day of
      the Quarter in which the Payment Date occurs. The first Collection Period
      is the period from (but excluding) the Cut-Off Date to (and including) 20
      May 2002. The last Collection Period is the period from (but excluding)
      the last day of the previous Collection Period to (and including) the
      Termination Date of the Trust.

      Collections means, in relation to the Trust for a period, Finance Charge
      Collections and Gross Principal Collections for that period.

      Common Depositary means Cede & Co. as depositary for DTC, or any other
      common depositary for DTC or any other Clearing Agency appointed from time
      to time to hold any Book-Entry Note.

      Conditions means the Conditions for the Class A Notes in the form set out
      in schedule 3 to the Note Trust Deed (but, so long as the Class A Notes
      are represented by Book-Entry Notes, with the deletion of any provisions
      which are applicable only to the Definitive Notes), as the same may from
      time to time be modified in accordance with this Series Notice. Any
      reference in this Series Notice to a particular numbered Condition shall
      be construed accordingly.

      Confirmation means, in respect of a Currency Swap, any Confirmation (as
      defined in the Currency Swap).

      Coupon means a Class A Coupon, Class B Coupon, an RFS Class A Coupon or
      RFS Coupon.

      Coupon Determination Date means:

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

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

      Coupon Payment Date means, for the purposes of the Master Trust Deed, each
      Payment Date.

      Coupon Period means:

      (a)   in relation to the first Coupon Period of an RFS, the period
            commencing on (and including) the issue date of that RFS and ending
            on (but excluding) the next Payment Date;

      (b)   in relation to the final Coupon Period of an RFS, the period
            commencing on (and including) the Payment Date immediately preceding
            the date of conversion of that RFS under clause 5.4 and ending on
            (but excluding) that date of conversion;

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

      (d)   in relation to the first Coupon Period of any RFS Class A Note, the
            period commencing on (and including) the date on which that RFS
            Class A Note converts from an RFS under clause 5.4 and ending on
            (but excluding) the first Payment Date following that date;

      (e)   in relation to the final Coupon Period, the period commencing on
            (and including) the Payment Date prior to the Maturity Date and
            ending on (but excluding) the Maturity Date; and

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

      Coupon Rate means, in relation to:

      (a)   a Note (other than a Registered Note) and a Coupon Period, LIBOR in
            relation to that Coupon Period; and

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

      plus:

      (c)   in all cases, the relevant Margin for the relevant Note; and

      (d)   in the case of a Class A Note or an RFS Class A Note at any time on
            or after the Step-Up Margin Date, the Step-Up Margin (if any).

      Currency Swap means, in relation to each master agreement dated on or
      about the date of this Series Notice between the Trustee as trustee of the
      Trust, the Trust Manager and each Currency Swap Provider, on the terms of
      the ISDA Master Agreement (with

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      amendments thereto), each Transaction (as defined in that agreement)
      entered into in accordance with that agreement under which the relevant
      Currency Swap Provider agrees to pay certain amounts in US$ to the Trustee
      in exchange for certain amounts in A$ or any other Hedge Agreement on
      similar terms which, if entered into, will not result in the downgrading
      of, or withdrawal of rating for, any Notes.

      Currency Swap Provider means:

      (a)   initially, Citibank, N.A. and Westpac; and

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

      Cut-Off Date means the date specified in the Sale Notice as the Cut-Off
      Date.

      Day Count Fraction means, for the purpose of the Currency Swap, the basis
      for the calculation of interest on Class A Notes set out in Clause
      4.8(a)(iii).

      Dealer Agreement means the Underwriting Agreement, the Subscription
      Agreement or an RFS Dealer Agreement.

      Definitive Note means a note in definitive form issued or to be issued in
      respect of Class A Notes under, and in the circumstances specified in,
      clause 3.3 of the Note Trust Deed, and includes any replacement for a
      Definitive Note issued under Condition 11.

      Designated Maturity means, for the purpose of the Currency Swap, three
      months.

      Designated Rating Agency means:

      (a)   in the case of Class A Notes, S&P and Moody's;

      (b)   in the case of Class B Notes, S&P;

      (c)   in the case of RFSs and RFS Class A Notes, S&P and Moody's or as
            otherwise determined by the Trust Manager and advised to the
            Trustee.

      Determination Date means, in relation to the Trust for a Collection
      Period, the date which is four Business Days prior to the Payment Date
      following the end of that Collection Period.

      DTC means the Depository Trust Company.

      Eligibility Criteria means the criteria set out in the schedule to this
      Series Notice.

      Enforcement Expenses means the costs and expenses incurred by Westpac or
      the Servicer in connection with the enforcement of any Purchased
      Receivables or the related Receivable Rights referred to in clause 7.2(a)
      of the Servicing Agreement.

      Euroclear means Euroclear Bank S.A./N.V. as operator of the Euroclear
      System.

      Excess Available Income means, for a Collection Period, the amount (if
      any) by which the Total Available Funds for the Collection Period exceeds
      the Total Payments for the Collection Period.

      Excess Collections Distribution means, in relation to a Collection Period,
      the amount (if any) by which the Excess Available Income for that
      Collection Period exceeds the amounts applied under clause 6.11 on the
      Determination Date relating to that Collection Period.

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      Exchange Act means the Securities Exchange Act of 1934 of the United
      States of America.

      Finance Charge Collections means, for a Collection Period, the aggregate
      of:

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

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

            (ii)  any payments by Westpac to the Trustee on the repurchase of a
                  Purchased Receivable under the Master Trust Deed during that
                  Collection Period which are attributable to interest;

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

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

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

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

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

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

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

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

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

      less:

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

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

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

      Finance Charge Loss means, for a Collection Period, the amount of all
      Liquidation Losses referred to in clause 6.6(a).

      Government Charges means, for any Collection Period, the aggregate of all
      amounts collected by Westpac (whether in its capacity as Servicer or
      otherwise) in respect of the Purchased Receivables and the related
      Receivable Rights representing financial institutions duty, bank accounts
      debit tax or similar Taxes.

      Gross Principal Collections means, for a Collection Period, the aggregate
      of:

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

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

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

            (ii)  any payments by Westpac to the Trustee on the repurchase of a
                  Purchased Receivable under the Master Trust Deed during that
                  Collection Period which are attributable to principal;

            (iii) any payments by the Trustee (as trustee of a Warehouse Trust)
                  on the purchase by that Warehouse Trust of any Assets of the
                  Trust which are attributable to principal;

            (iv)  any Prepayment Costs applied towards Prepayment Benefits under
                  clause 6.21(a); and

            (v)   any Prepayment Benefit Shortfall paid by Westpac to the Trust
                  under clause 6.21(c);

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

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

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

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

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

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

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

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

      (f)   for the purposes of clause 6.11 only, any amount of Excess Available
            Income to be applied to pay a Principal Charge Off or a Carryover
            Charge Off;

      (g)   any amount received by or on behalf of the Trustee during that
            Collection Period as proceeds from the issue of any RFS to the
            extent not applied to reimburse amounts drawn under the Redraw
            Facility;

      (h)   any Excess Available Income to be applied under clause 6.11(a)(iv)
            to Principal Draws made on a previous Payment Date; and

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

      but excludes any amount payable by the Trustee under clause 6.26.

      Hedge Agreement in relation to the Trust includes the Basis Swap, any
      Interest Rate Swap or (notwithstanding the definition of Hedge Agreement
      in the Master Trust Deed) the Currency Swap.

      Housing Loan Principal means, in relation to a Purchased Receivable, the
      principal amount of that Purchased Receivable from time to time.

      Income Percentage means, in relation to the holder of a Residual Income
      Unit (as defined in clause 11) at any time, the subscription price paid by
      that person for that Residual Income Unit divided by the total
      subscription prices of all Residual Income Units recorded in the Register
      maintained under clause 11 at that time, expressed as a percentage.

      Information Memorandum means the Prospectus dated 8 March 2002 relating to
      the Trust and the Notes.

      Initial Invested Amount means, in respect of a Note, the amount stated as
      the Initial Invested Amount for that Note in clause 4.2(e).

      Initial Principal Distribution means any distribution of Principal
      Collections in accordance with clause 6.13.

      Initial Subordinated Percentage means 1.1517%.

      Interest Rate Swap means, in relation to the master agreement dated on or
      about the date of this Series Notice made between the Trustee as trustee
      of the Trust, the Trust

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      Manager and Westpac Banking Corporation, on the terms of the ISDA Master
      Agreement (with amendments thereto), each Transaction (as defined in that
      agreement) entered into in accordance with that agreement in relation to
      the interest rate risk arising from a Receivable which is a Fixed Option
      Home Loan or which is otherwise subject to a fixed rate of interest (other
      than a Receivable subject to a concessional introductory fixed rate of
      interest for 12 months or less).

      Invested Amount means, on any day in relation to a Note, the Initial
      Invested Amount of that Note minus the aggregate of Principal Payments
      made or to be made in respect of the Note on or before that date.

      ISDA Definitions means the 2000 Definitions published by the International
      Swaps and Derivatives Association, Inc.

      LIBOR means, in relation to any Coupon Period, the rate of interest
      determined by the Agent Bank on the basis of the following paragraphs.

      On each Coupon Determination Date, the Agent Bank will determine the rate
      "USD-LIBOR-BBA" as the applicable Floating Rate Option under the ISDA
      Definitions being the rate applicable to any Coupon Period for three-month
      deposits in US dollars which appears on the Telerate Page 3750 as of 11.00
      a.m., London time, on the Coupon Determination Date. If such rate does not
      appear on the Telerate Page 3750, the rate for that Coupon Period will be
      determined as if "USD-LIBOR-Reference Banks" were the applicable Floating
      Rate Option under the ISDA Definitions. Provided that on the first day of
      the first Coupon Period USD-LIBOR-BBA shall be an interpolated rate
      calculated with reference to the period from (and including) the Closing
      Date to (but excluding) the first Payment Date.

      Lead Manager means:

      (a)   in relation to the Underwriting Agreement, any Manager;

      (b)   in relation to the Subscription Agreement, any Manager; and

      (c)   in relation to an RFS Dealer Agreement, any person identified as a
            "Lead Manager" in that RFS Dealer Agreement for the purposes of this
            Series Notice.

      Liquidity Facility Agreement means, in relation to the Trust, the
      agreement so entitled dated on or about the date of this Series Notice
      between the Trustee, the Trust Manager and the Liquidity Facility
      Provider.

      Liquidity Facility Provider means, in relation to the Trust, Westpac
      Banking Corporation.

      Liquidation Loss means, for a Collection Period in relation to a Purchased
      Receivable which is being enforced, the amount (if any) by which the
      Unpaid Balance of the Purchased Receivable (together with the Enforcement
      Expenses relating to the Purchased Receivable and the related Receivable
      Rights) exceeds the Liquidation Proceeds in relation to the Purchased
      Receivable.

      Liquidation Proceeds means, in relation to a Purchased Receivable and the
      related Receivable Rights which have been or are being enforced, all
      amounts recovered, or determined by the Servicer as likely to be
      recovered, in respect of the enforcement of the

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      Purchased Receivable and the related Receivable Rights (but does not
      include the proceeds of any Mortgage Insurance Policy).

      Liquidity Draw means a drawing under the Liquidity Facility.

      Liquidity Limit means the commitment of the Liquidity Facility Provider
      under the Liquidity Facility, as varied from time to time.

      Liquidity Outstandings means, at any time, the total principal amount of
      all outstanding Liquidity Draws at that time.

      Liquidity Shortfall means, in relation to a Collection Period, the amount
      (if any) by which the Total Payments for the Collection Period exceed the
      aggregate of the Available Income and any Principal Draws for the
      Collection Period.

      Manager means:

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

      (b)   in relation to the Subscription Agreement, any person identified as
            a "Panel Member" in the Subscription Agreement for the purposes of
            this Series Notice; and

      (c)   in relation to an RFS Dealer Agreement, any person identified as a
            "Manager" in that RFS Dealer Agreement for the purposes of this
            Series Notice.

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

      Maturity Date means, in relation to a Note, the Maturity Date for that
      Note specified in clause 4.2(i).

      Mortgage includes any Mortgage originated by Westpac which is transferred
      to the Trustee by the Warehouse Trustee (as Approved Seller) from the
      Warehouse Trust.

      Mortgage Insurer means GE Capital Mortgage Insurance Corporation
      (Australia) Pty Limited.

      Mortgage Shortfall means, in relation to a Purchased Receivable, the
      amount (if a positive number) equal to the Principal Loss for that
      Purchased Receivable minus the aggregate of:

      (a)   the total amount recovered and recoverable in respect of that
            Purchased Receivable under the Mortgage Insurance Policies,
            determined to be attributable to principal under clause 6.7(b); and

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

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      For the purposes of:

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

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

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

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

      Note means a Class A Note, a Class B Note, an RFS Class A Note or an RFS
      referred to in clauses 4 and 5, and includes:

      (a)   the Conditions relating to a Class A Note; and

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

      Note Acknowledgement means an acknowledgement of the registration of a
      person as the holder of a Registered Note in the form set out in schedule
      2 to the Master Trust Deed or in such other form as may from time to time
      be agreed between the Trustee and the Trust Manager.

      Note Transfer means a transfer and acceptance of Registered Notes
      materially in the form of schedule 4 to the Master Trust Deed or in such
      other form as may from time to time be agreed between the Trustee and the
      Trust Manager.

      Noteholder means, at any time, the person who:

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

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

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

      except that for the purposes of payments in respect of Book-Entry Notes,
      the right to those payments shall be vested, as against the Trustee and
      the Note Trustee in respect of the Trust, by payment to the Clearing
      Agency in accordance with and subject to their respective Conditions and
      the provisions of this Series Notice and the Note Trust Deed. The words
      holder and holders shall (where appropriate) be construed accordingly.

      Note Party means the Agent Bank, each Paying Agent and the Note Registrar.

      Note Registrar means Citibank, N.A., London Office or any successor note
      registrar approved in writing by the Note Trustee and appointed under the
      Agency Agreement.

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      Note Register means the register kept by the Note Registrar to provide for
      the registration and transfer of Class A Notes under the Note Trust Deed.

      Note Trust Deed means the deed so entitled dated on or about the date of
      this Series Notice between the Trustee, the Trust Manager and the Note
      Trustee.

      Note Trustee means Citicorp Trustee Company Limited.

      Notice Date means, in relation to a Collection Period, the date which is
      the Business Day prior to the Payment Date following the end of that
      Collection Period.

      Notice of Creation of Trust means the Notice of Creation of Trust dated 4
      March 2002 issued under the Master Trust Deed in relation to the Trust.

      Other Trust means any Trust (as defined in the Master Trust Deed) other
      than the Trust.

      Paying Agent means any person appointed as a Paying Agent under the Agency
      Agreement, including the Principal Paying Agent.

      Payment Date, in relation to a Note, has the meaning given in relation to
      that Note in clause 4.2(h).

      Payment Shortfall means, in relation to a Collection Period, the amount
      (if any) by which the Total Payments for that Collection Period exceed the
      Available Income for that Collection Period.

      Prepayment Benefit means, on the early discharge of a Purchased Receivable
      which is a Housing Loan bearing a fixed rate of interest (other than a
      Receivable subject to a concessionary rate of interest for 12 months or
      less), the amount (if any) credited to the relevant Obligor's loan account
      by Westpac by means of a reduction in the Housing Loan Principal of that
      Purchased Receivable, in accordance with the relevant Receivable
      Agreement.

      Prepayment Benefit Shortfall means, in relation to a Collection Period,
      the amount by which the total of all Prepayment Benefits for that
      Collection Period exceeds the total of all Prepayment Costs for that
      Collection Period.

      Prepayment Calculation Adjustment means, in relation to a Purchased
      Receivable, any amount credited to the Obligor by Westpac under that
      Purchased Receivable to reflect an interest adjustment resulting from a
      change in computer systems.

      Prepayment Cost means, on the early discharge of a Purchased Receivable
      which is a Housing Loan bearing a fixed rate of interest (other than a
      Receivable subject to a concessionary rate of interest for 12 months or
      less), the amount (if any) owed by the relevant Obligor and collected by
      Westpac, in accordance with the relevant Receivable Agreement.

      Prepayment Cost Surplus means, in relation to a Collection Period, the
      amount by which the total of all Prepayment Costs for that Collection
      Period exceeds the total of all Prepayment Benefits for that Collection
      Period.

      Principal Charge Off means, in relation to any Collection Period, the
      aggregate of all Mortgage Shortfalls for that Collection Period.

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      Principal Collections means, for a Collection Period:

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

      (b)   any amounts deducted by or paid to Westpac under clause 6.3(a) to
            reimburse Redraws funded by Westpac during that Collection Period
            for which Westpac has not previously been reimbursed.

      Principal Draw means, for a Collection Period, the amount calculated under
      clause 6.4 in relation to that Collection Period.

      Principal Entitlement means, in relation to a Note for the purposes of the
      Master Trust Deed on any date, the Stated Amount of that Note at that
      date.

      Principal Loss means, for a Collection Period in relation to a Purchased
      Receivable, the amount of any Liquidation Loss for that Purchased
      Receivable for that Collection Period referred to in clause 6.6(b).

      Principal Outstanding has the meaning given in the Redraw Facility
      Agreement.

      Principal Paying Agent means Citibank, N.A., London Branch, or any
      successor as Principal Paying Agent under the Agency Agreement.

      Principal Payment means a Class A Principal Payment, a Class B Principal
      Payment, an RFS Class A Principal Payment or an RFS Principal Payment.

      Principal Repayment Date means, in relation to a Note for the purposes of
      the Master Trust Deed, the Maturity Date for that Note and each date on
      which the Invested Amount or Stated Amount is reduced under this Series
      Notice.

      Property Restoration Expenses means costs and expenses incurred by or on
      behalf of the Trustee, or by the Servicer under the Servicing Agreement,
      in repairing, maintaining or restoring to an appropriate state of repair
      and condition any Mortgaged Property, in exercise of a power conferred on
      the mortgagee under the Purchased Receivable and Relevant Documents
      relating thereto.

      Purchased Receivable means each Loan specified in the Sale Notice
      (including any Redraw in respect of that Loan), unless the Trustee has
      ceased to have an interest in that Loan.

      Purchased Receivable Security means each Mortgage specified in the Sale
      Notice, unless the Trustee has ceased to have an interest in that
      Mortgage.

      Quarter means each three month period in a year which period begins on 1
      February, 1 May, 1 August or 1 November.

      Quarterly Percentage means, for a Collection Period, the aggregate Housing
      Loan Principal of all Purchased Receivables which are in Arrears for more
      than 60 consecutive days as at close of business on the last day of that
      Collection Period, expressed as a percentage of the aggregate Housing Loan
      Principal of all Purchased Receivables as at close of business on the last
      day of that Collection Period.

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      Receivable means, in relation to the Trust, the rights of the relevant
      Approved Seller or the Trustee (as the case may require) under or in
      respect of Loans constituted upon acceptance of Westpac's standard Loan
      Offer for:

      (a)   a Premium Option Home Loan;

      (b)   a Basic Option Home Loan;

      (c)   a Fixed Options Home Loan;

      (d)   a Special Offer Fixed Options Home Loan;

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

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

      (g)   a Fixed Rate Investment Property Loan;

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

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

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

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

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

      Record Date means:

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

      (ii)  with respect to the Payment Date for any Book-Entry Note, close of
            business on the second Business Day before that Payment Date; and

      (iii) with respect to the Payment Date for any Definitive Note, the last
            day of the calendar month before that Payment Date.

      Recovery means any amount received by Westpac or the Servicer under or in
      respect of a Purchased Receivable and the related Receivable Rights at any
      time after a Finance Charge Loss or Principal Loss has arisen in respect
      of that Purchased Receivable (other than any amount received under a
      Mortgage Insurance Policy), provided that amount is not otherwise payable
      to an insurer under a Mortgage Insurance Policy.

      Redraw means, in relation to any Collection Period, an amount provided to
      an Obligor by Westpac under a Purchased Receivable in respect of any
      principal prepayments previously made to the Obligor's loan account in
      accordance with the terms of the Obligor's Purchased Receivable.

      Redraw Charge Off means the amount of any reduction in the Principal
      Outstanding under the Redraw Facility Agreement under clause 6.18(b)(iv)
      of this Series Notice.

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      Redraw Facility Agreement means, in relation to the Trust, the agreement
      so entitled dated on or about the date of this Series Notice between the
      Trustee, the Trust Manager and the Redraw Facility Provider.

      Redraw Facility Provider means, in relation to the Trust, Westpac Banking
      Corporation.

      Redraw Limit means the Redraw Limit as defined in the Redraw Facility
      Agreement.

      Redraw Shortfall means, on each Determination Date, the aggregate of
      Redraws made prior to that Determination Date which remain outstanding
      after applying Gross Principal Collections towards reimbursement of those
      Redraws under clause 6.3.

      Reference Bank means any financial institution authorised to quote on the
      Reuters Screen BBSW Page.

      Registered Note means an RFS, an RFS Class A Note or a Class B Note.

      Registered Note Payment Date means a Payment Date for a Registered Note.

      Registered Noteholder means a person who is a Noteholder in relation to a
      Registered Note.

      Remaining Liquidity Shortfall means, in relation to a Collection Period,
      the amount (if any) by which the Liquidity Shortfall (if any) for that
      Collection Period exceeds the Available Liquidity Amount for that
      Collection Period.

      Remittance Date means, in relation to a Collection Period, the date which
      is two Business Days prior to the Payment Date following the end of that
      Collection Period.

      RFS means a debt security issued by the Trustee as trustee of the Trust
      under clause 5.

      RFS Bond Factor means, on a Determination Date, for each RFS Series, the
      RFS Invested Amount less any RFS Principal Payments to be made on the next
      Payment Date divided by the aggregate RFS Initial Invested Amount for all
      RFSs, expressed to seven decimal places.

      RFS Charge Off means the amount of any reduction in the RFS Stated Amount
      under clause 6.18(b)(iii).

      RFS Class A Bond Factor means, on a Determination Date, for all
      outstanding RFS Class A Notes, the RFS Class A Invested Amount less any
      RFS Class A Principal Payments to be made on the next Payment Date divided
      by the aggregate RFS Class A Initial Invested Amount for all RFS Class A
      Notes, expressed to seven decimal places.

      RFS Class A Charge Off means the amount of any reduction in the RFS Class
      A Stated Amount under clause 6.18(b)(ii).

      RFS Class A Coupon means all interest on the RFS Class A Notes in respect
      of a Coupon Period in accordance with clause 4.8, and for the purposes of
      clause 6.10 includes any amounts payable by the Trustee to the relevant
      Noteholder (in that capacity) by way of damages or penalties.

      RFS Class A Forex Percentage means, on any date, 100% minus the Class A
      Forex Percentage as at that date, expressed as a percentage.

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

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

      RFS Class A Note means any RFS which is converted to a Class A Note under
      clause 5.4.

      RFS Class A Principal Payment means each payment to the holder of an RFS
      Class A Note under clause 6.15(B)(2) or 6.16(B)(2).

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

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

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

      (c)   Carryover RFS Class A Charge Offs (if any) made in relation to that
            RFS Class A Notes to the extent not reinstated under clause 6.11
            before that Determination Date; less

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

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

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

      RFS Coupon means all interest accrued on the RFSs in respect of a Coupon
      Period in accordance with clause 4.8, and for the purposes of clause 6.10
      includes any amounts payable by the Trustee to the relevant Noteholder (in
      that capacity) by way of damages or penalties.

      RFS Dealer Agreement means, in relation to any RFSs, any dealer agreement
      which may be entered into by the Trustee, the Trust Manager and any other
      person from time to time in relation to subscription for those RFSs.

      RFS Initial Invested Amount means, in relation to any RFS, the Initial
      Invested Amount of that RFS.

      RFS Invested Amount means, at any time, the Invested Amount of that RFS at
      that time.

      RFS Principal Payment means each payment to the holders of an RFS under
      clause 6.13(a)(iv).

      RFS Series means a tranche of RFSs with the same issue date, maturity date
      and series number.

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

      (a)   the RFS Initial Invested Amount for that RFS; less

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

      (c)   Carryover RFS Charge Offs (if any) made in relation to that RFS to
            the extent not reinstated under clause 6.11 before that
            Determination Date; less

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

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

      (f)   the amount (if any) of the Excess Available Income applied in
            reinstating the Stated Amount of that RFS under clause 6.11(a)(ii)
            on that Determination Date.

      Sale Notice means any Sale Notice (as defined in the Master Trust Deed)
      which may be given by Westpac or the Warehouse Trustee to the Trustee as
      trustee of the Trust after the date of execution of this Series Notice and
      which is subsequently accepted by the Trustee.

      Security Trust Deed means the security trust deed dated 4 March 2002
      between the Trustee, the Trust Manager, the Note Trustee and the Security
      Trustee.

      Security Trustee means Perpetual Trustee Company Limited (ABN 42 000 001
      007).

      Servicer Downgrade means a downgrade of the long term rating of either the
      Servicer or its holding company (if any):

      (a)   below BBB by S&P; or

      (b)   below Baa2 by Moody's.

      Servicer's Report means each report to be prepared by the Servicer under
      clause 6.5 of the Servicing Agreement.

      Servicing Agreement means the agreement so entitled dated on or about the
      date of this Series Notice between, among others, the Trustee and the
      Servicer.

      Servicing Fee means the fee payable under clause 7.1(c) of this Series
      Notice and clause 7.1 of the Servicing Agreement.

      Spread, in relation to any amount to be paid under a Currency Swap, has
      the meaning given in that Currency Swap in respect of payments by the
      Trustee under that Currency Swap.

      Stated Amount means a Class A Stated Amount, a Class B Stated Amount, an
      RFS Class A Stated Amount or an RFS Stated Amount.

      Step-Up Margin means 0.16% per annum, subject to clause 4.10.

      Step-Up Margin Date means the first Payment Date on or after the seventh
      anniversary of the Closing Date.

      Stock Exchange means the London Stock Exchange plc.

      Subordinated Percentage means, at any time, the aggregate of the Class B
      Stated Amounts divided by the sum of:

      (a)   the A$ Equivalent of the Total Stated Amount at that time;

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      (b)   the Redraw Limit at that time;

      (c)   the aggregate of the RFS Stated Amounts at that time; and

      (d)   the aggregate of the RFS Class A Stated Amounts at that time.

      Subscription Agreement means the Subscription Agreement dated on or about
      the date of this Series Notice between the Trustee, the Trust Manager,
      Westpac and others in relation to subscription for Class B Notes.

      Support Facility Collateral Account means, in relation to a Support
      Facility, each Collateral Account as defined in that Support Facility.

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

      Threshold Rate means, at any time, the minimum rate of interest that must
      be set on all Purchased Receivables where permitted under the relevant
      Receivable Agreement which will be sufficient (assuming that all relevant
      parties comply with their obligations at all times under the Transaction
      Documents, the Purchased Receivables and the related Receivable Rights),
      when aggregated with the income produced by the rate of interest on all
      other Purchased Receivables, to ensure that the Trustee will have
      available to it sufficient Collections to enable it to comply with its
      obligations under the Transaction Documents relating to the Trust as they
      fall due (including the repayment of any Principal Draws by the Maturity
      Date of all Notes and the payment of all A$ denominated amounts to each
      Currency Swap Provider under the relevant Currency Swap necessary to
      enable the Trustee to pay all Coupons due on Class A Notes from time to
      time).

      Title Perfection Event means, in relation to the Trust, the events set out
      in clause 12.

      Total Available Funds means, for a Collection Period, the aggregate of:

      (a)   the Available Income for that Collection Period;

      (b)   any Principal Draw which the Trustee is required to allocate under
            clause 6.13(a)(ii) on or before the Payment Date for that Collection
            Period; and

      (c)   any Liquidity Draw which the Trustee is required to make under
            clause 6.5 on or before the Payment Date for that Collection Period.

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

      (a)   all Carryover Class A Charge Offs for all Class A Notes (other than
            RFS Class A Notes) as at that date;

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

      (c)   the US$ Equivalent of all Carryover RFS Charge Offs for all RFSs as
            at that date; and

      (d)   the US$ Equivalent of all Carryover RFS Class A Charge Offs for all
            RFS Class A Charge Offs as at that date.

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

      (a)   all Initial Invested Amounts of all Class A Notes; and

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      (b)   the US$ Equivalent of all Initial Invested Amounts of all Registered
            Notes,

      at that time.

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

      (a)   all Invested Amounts of all Class A Notes; and

      (b)   the US$ Equivalent of all Invested Amounts of all Registered Notes,

      at that time.

      Total Payments means, in relation to a Collection Period, all amounts paid
      by the Trustee under clause 6.10 in relation to that Collection Period.

      Total Stated Amount means, at any time, the sum of the aggregate of the
      Class A Stated Amounts and the aggregate of the US$ Equivalent of the
      Class B Stated Amounts at that time.

      Transaction Document means each Transaction Document (as defined in the
      Master Trust Deed) which relates to the Trust and includes:

      (a)   each Dealer Agreement;

      (b)   the Note Trust Deed; and

      (c)   the Agency Agreement.

      Trust means the Series 2002-1G WST Trust constituted under the Master
      Trust Deed and the Notice of Creation of Trust.

      Trust Expenses means, in relation to a Collection Period (and in the
      following order of priority):

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

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

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

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

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

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

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

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

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

      all of the amounts in paragraphs (a) to (i) (inclusive) being Expenses for
      the purposes of the Master Trust Deed.

      Trust Manager's Report means a report in the form agreed by the Trustee
      and the Trust Manager from time to time.

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      Underwriting Agreement means the Underwriting Agreement dated on or about
      the date of this Series Notice between the Trustee, the Trust Manager,
      Westpac and others in relation to subscription for Class A Notes.

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

      US$ Equivalent means:

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

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

      US$ Exchange Rate means, on any date, the rate of exchange (set as at the
      commencement of a Currency Swap) applicable under that Currency Swap for
      the exchange of Australian dollars for United States dollars.

      Warehouse Investment Agreement means:

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

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

      Warehouse Investor has the meaning given to that term in a Warehouse
      Investment Agreement.

      Warehouse Trust means the WST Warehouse Trust #1.

      Warehouse Trustee means Westpac Securities Administration Limited as
      trustee of the Warehouse Trust.

      Westpac Remittance Rating means a short term rating of A-1+ from S&P and
      P-1 from Moody's.

3.2   Interpretation

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

3.3   Limitation of liability of the Trustee

      (a)   General

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

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

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

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

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

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

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

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                  has exercised reasonable care in the selection and supervision
                  of such a person.

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

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

3.4   Knowledge of Trustee

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

4.    Notes

--------------------------------------------------------------------------------

4.1   Conditions of Notes

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

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

4.2   Summary of conditions of Notes

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

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

                                                (i)    Class A Notes

                                                (ii)   Class B Notes

                                                (iii)  any RFS Series

                                                (iv)   any RFS Class A Notes

      (b)   Total Initial Invested              Class A Notes - US$1,116,000,000
            Amount of each Class of
            Notes:                              Class B Notes - A$25,000,000

                                                RFS Series - aggregate of the
                                                Initial Invested Amounts of the
                                                RFSs at the relevant issue date

                                                RFS Class A Notes - the
                                                aggregate of the Initial
                                                Invested Amounts of the relevant
                                                RFS Class A Notes

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      (c)   Manner and order in                 As set out in clause 6
            which principal and
            interest is to be paid on
            Notes:

      (d)   Margin:                             (i)    in relation to a Note,
                                                       the margin expressed as a
                                                       percentage per annum
                                                       notified by the Trust
                                                       Manager to the Trustee as
                                                       applying to that Note:

                                                (ii)   in the case of Class A
                                                       Notes, 0.16%;

                                                (iii)  in the case of Class B
                                                       Notes, 0.48%;

                                                (iv)   in the case of any RFSs,
                                                       on the relevant issue
                                                       date of those RFSs as
                                                       inscribed in the Register
                                                       in relation to those
                                                       RFSs;

                                                (v)    in the case of any RFS
                                                       Class A Note, the Margin
                                                       for Class A Notes plus
                                                       the Spread, as inscribed
                                                       in the Register in
                                                       relation to that RFS
                                                       Class A Note.

      (e)   Initial Invested Amount:

                                                (i)    Class A Notes -
                                                       denominated with an
                                                       Initial Invested Amount
                                                       of US$100,000;

                                                (ii)   Class B Notes -
                                                       denominated with an
                                                       Initial Invested Amount
                                                       of A$10,000;

                                                (iii)  RFS Series - A$10,000 or
                                                       such other amount
                                                       notified by the Trust
                                                       Manager to the Trustee as
                                                       applying to the RFS
                                                       Series at the relevant
                                                       issue date in accordance
                                                       with clause 5.

      (f)   Rating:                             (i)    Class A Notes - AAA long
                                                       term credit rating from
                                                       S&P and Aaa long term
                                                       credit rating from
                                                       Moody's;

                                                (ii)   Class B Notes - AA- long
                                                       term credit rating from
                                                       S&P;

                                                (iii)  RFSs and RFS Class A
                                                       Notes - such rating (if
                                                       any) notified by the

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                                                       Trust Manager to the
                                                       Trustee as approved by
                                                       the Designated Rating
                                                       Agency for the RFSs as
                                                       applying to the RFS
                                                       Series at the relevant
                                                       issue date in accordance
                                                       with clause 5.

      (g)   Issue Price:                        (i)    Class A Notes - issued at
                                                       par value;

                                                (ii)   Class B Notes - issued at
                                                       par value;

                                                (iii)  RFS Series - issued at
                                                       par value, at a premium
                                                       or at a discount, as
                                                       notified by the Trust
                                                       Manager to the Trustee to
                                                       the RFS Series at the
                                                       relevant issue date in
                                                       accordance with clause 5.

      (h)   Payment Dates:                      (i)    Class A Notes - the 5th
                                                       day of each of March,
                                                       June, September and
                                                       December (New York time).

                                                (ii)   Class B Notes, RFSs and
                                                       RFS Class A Notes - the
                                                       5th day of each of March,
                                                       June, September and
                                                       December (Sydney time).

                                                (iii)  If in either case that
                                                       day is not a Business Day
                                                       then the Payment Date
                                                       will be the first
                                                       Business Day (Sydney
                                                       time, London time or New
                                                       York time, as the case
                                                       may be) following that
                                                       day. The first Payment
                                                       Date for the Class A
                                                       Notes will be 5 June 2002
                                                       (New York time). The
                                                       first Payment Date for
                                                       the Class B Notes will be
                                                       5 June 2002 (Sydney
                                                       time).

      (i)   Maturity Date:                      Class A Notes, Class B Notes,
                                                RFSs and RFS Class A Notes: The
                                                Payment Date falling in June
                                                2033.

4.3   Issue of Notes

      (a)   Registered Notes must be issued in minimum parcels or subscriptions
            which have an aggregate Initial Invested Amount of A$500,000,
            (disregarding any amount payable to the extent to which it is to be
            paid out of money lent by the person offering the Registered Notes
            or an associate (as defined in Division 2 of Part 2.1 of

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      the Corporations Act)) or must otherwise constitute an issue that need not
      be disclosed under Part 6D.2 of the Corporations Act.

      (b)   Class A Notes must be issued in amounts, or on terms, that their
            offer for subscription and their issue will comply with:

            (i)   the Financial Services and Markets Act 2000 (UK) and all
                  regulations made under or in relation to that Act and the
                  Public Offers of Securities Regulations 1995, as amended; and

            (ii)  the United States Securities Act of 1933, the United States
                  Securities Exchange Act of 1934, all regulations made under or
                  in relation to them, and all other laws or regulations of any
                  jurisdiction of the United States of America regulating the
                  Offer or issue of, or subscription for, Notes.

4.4   Trustee's Covenant to Noteholders

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

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

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

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

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

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

4.5   Repayment of Notes on Payment Dates

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

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

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

4.6   Final Redemption

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

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

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

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

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

4.7   Period During Which Interest Accrues

      Each Note bears interest calculated and payable in arrear in accordance
      with this Series Notice from:

      (a)   in the case of Class A Notes or Class B Notes, the Closing Date;

      (b)   in the case of an RFS, the date on which it is issued; and

      (c)   in the case of an RFS Class A Note, the date on which it converts
            from an RFS under clause 5.4,

      to the date upon which that Note is finally redeemed under clause 4.6.

4.8   Calculation of Interest

      (a)   Subject to paragraph (b), interest payable on each Note in respect
            of each Coupon Period is calculated:

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

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

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

            and shall accrue due from day to day.

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

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

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

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

                  (B)   the Stated Amount of that Class A Note has been reduced
                        to zero.

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

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

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4.9   Aggregate receipts

      Notwithstanding anything in clauses 6.13 to 6.20 (inclusive), no
      Noteholder will be entitled to receive aggregate principal under any of
      those clauses on any Note in excess of the Stated Amount for that Note.

4.10  Redemption on or after Step-Up Margin Date

      Without limiting clause 8.9(d) of the Master Trust Deed, on any Payment
      Date on or after the Step-Up Margin Date the Trustee shall, if so directed
      by the Trust Manager on or before the date which is 3 Business Days before
      that Payment Date, repay :

      (a)   the whole of the Invested Amount of the Notes together with any
            accrued interest in relation to those Notes; or

      (b)   with the approval of an Extraordinary Resolution of Noteholders, the
            whole of the Stated Amount of the Notes together with any accrued
            interest in relation to those Notes,

      subject to the following conditions:

      (c)   the Trust Manager having provided not more than 60 nor less than 30
            days' prior written notice to:

            (i)   each relevant Noteholder; and

            (ii)  each Designated Rating Agency,

            of the Trust Manager's intention to direct the Trustee to redeem the
            relevant Notes under this clause;

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

      (e)   the Trustee having sufficient cash to make such repayment and all
            other payments senior to the Notes set out in clauses 6.13(a) and
            6.14(a) or 6.16(a) (as the case may be). The Trustee may:

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

                  (A)   in the case of performing Receivables, their Unpaid
                        Balance; or

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

                  in order to raise such cash; and

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

      (f)   the Trustee retaining such amount as the Trust Manager or the
            Trustee reasonably determines, after consultation with the Note
            Trustee, will be necessary to satisfy any outstanding or anticipated
            Trust Expenses, payment to any Noteholder in respect of a Note,
            payment under the Liquidity Facility Agreement, payment under

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            the Redraw Facility Agreement or payment to any Swap Provider under
            a Hedge Agreement; and

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

      If the Trustee or the Trust Manager has sought the approval referred to in
      paragraph (b) and that approval has been refused, then from (and
      including) the Payment Date following that refusal the Step-Up Margin
      shall be 0%.

      Repayment in accordance with paragraph (a) or (b) shall be a full
      satisfaction of the Trustee's obligations under the Notes.

5.    Redraw Funding Securities

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5.1   Note Issue Direction for RFS

      If, on a Determination Date, either:

      (a)   (i)  Gross Principal Collections for the Collection Period preceding
                 that Determination Date; plus

            (ii)  all amounts available to be drawn by the Trustee under the
                  Redraw Facility in accordance with clause 6.3 for that
                  Collection Period,

            are insufficient to fund Redraws for that Collection Period in
            accordance with this Series Notice; or

      (b)   the Principal Outstanding divided by the Redraw Limit (as defined in
            the Redraw Facility), expressed as a percentage, is equal to or
            greater than 90% of the Redraw Limit,

      then the Trust Manager may give the Trustee a Note Issue Direction to
      issue a series of redraw funding securities (RFS Series) in accordance
      with clause 13 of the Master Trust Deed and this clause 5.

5.2   Conditions to Note Issue Direction

      The Trust Manager must not give a Note Issue Direction under clause 5.1
      unless it has received written confirmation from the Designated Rating
      Agency that the issue of the RFSs would not result in a downgrading or
      withdrawal of a rating of any Note then outstanding.

5.3   Terms of Note Issue Direction

      A Note Issue Direction given under clause 5.1:

      (a)   must be given no later than the Business Day before the proposed
            issue date of the relevant RFSs, or any other date agreed by the
            Trustee and the Trust Manager; and

      (b)   must specify the Margin, the aggregate Initial Invested Amount,
            Initial Invested Amount, rating, issue price and Maturity Date of
            the relevant RFSs (in each case containing the relevant information
            specified in clause 4.2).

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5.4   Conversion of RFS

      If, on the fifth Determination Date following the date on which an RFS
      Series was issued, the RFS Stated Amount for all RFSs comprised in that
      RFS Series has not been fully and finally reduced to zero, each of those
      RFSs:

      (a)   will convert to an RFS Class A Note for each Coupon Period after the
            Payment Date following that Determination Date;

      (b)   will cease to be treated as an RFS in any respect;

      (c)   will:

            (i)   have an Initial Invested Amount equal to the RFS Initial
                  Invested Amount of that Note when it was an RFS;

            (ii)  have an Invested Amount equal to the RFS Invested Amount of
                  that Note when it was an RFS at the date of conversion;

            (iii) have a Stated Amount equal to the RFS Stated Amount of that
                  Note when it was an RFS at the date of conversion;

            (iv)  be denominated in Australian dollars;

            (v)   receive all payments of principal and interest denominated in
                  Australian dollars;

            (vi)  have a Coupon Rate calculated by reference to the Bank Bill
                  Rate, not LIBOR;

            (vii) be a registered instrument, not a bearer instrument;

            (viii) have a Margin as set out in clause 4.2(d)(v); and

            (ix)  have a Step-Up Margin (if applicable) as stated in the
                  definition of Coupon Rate.

5.5   Master Trust Deed definitions

      Subject to this Series Notice:

      (a)   each RFS is a Note;

      (b)   each RFS Series is a Class, and

      (c)   all RFS Class A Notes outstanding on any date are a Class,

      for the purposes of the Master Trust Deed.

6.    Cashflow Allocation Methodology

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6.1   General

      Collections and other amounts credited to the Collection Account will be
      allocated by the Trust Manager, and paid by the Trustee as directed by the
      Trust Manager, as set out in this clause 6.

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6.2   Determination Date - Calculations

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

            (i)        the Available Income;

            (ii)       the Total Available Funds;

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

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

            (v)        the Redraw Shortfall;

            (vi)       the Trust Expenses;

            (vii)      the Subordinated Percentage;

            (viii)     the Initial Subordinated Percentage;

            (ix)       the Total Payments;

            (x)        the Payment Shortfall (if any);

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

            (xii)      the Gross Principal Collections;

            (xiii)     the Principal Collections;

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

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

            (xvi)      the Liquidity Shortfall (if any);

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

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

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

            (xx)       the Class A Percentage and the Class B Percentage;

            (xxi)      the Class A Bond Factor, the Class B Bond Factor, the RFS
                       Class A Bond Factor and the RFS Bond Factor for each RFS
                       Series;

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

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

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

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

            (xxvi)     total Prepayment Costs (if any);

            (xxvii)    total Prepayment Benefits (if any);

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

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

            (xxx)      the Quarterly Percentage;

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

            (xxxii)    LIBOR, as at the first day of the Coupon Period ending
                       before that Determination Date as calculated by the Agent
                       Bank; and

            (xxxiii)   all other calculations necessary for the Trustee to make
                       allocations and distributions under this clause 6 and the
                       Conditions.

      (b)   The Trust Manager must:

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

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

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

                       (A)    6.10 and 6.11;

                       (B)    6.14, 6.15 or 6.16 (as the case may be); and

                       (C)    6.17 (if relevant).

      (c)   Any amount to be paid to the Currency Swap Providers under the
            clauses referred to in sub-paragraph (b)(iii) may be divided between
            the Currency Swap Providers as agreed by the Trustee, the Trust
            Manager and the Currency Swap Providers. The obligations of the
            Currency Swap Providers under the Currency Swaps are joint and
            several, and for the purpose of the clauses referred to in
            sub-paragraph (b)(iii) a payment by the Trustee to one Currency Swap
            Provider shall be taken to be a payment to both.

6.3   Redraws

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

      (b)   The Servicer will, at the end of each Collection Period, notify the
            Trust Manager of the amounts calculated by the Servicer under
            clauses 6.2(a)(iv) and 6.2(a)(v).

      (c)   If the Trust Manager determines on any Determination Date that there
            is a Redraw Shortfall, the Trust Manager must on that date direct
            the Trustee to make a

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            drawing under the Redraw Facility on or before the Payment Date
            following that Determination Date equal to the amount which the
            Trustee is permitted to draw under clause 3.1(c) of the Redraw
            Facility.

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

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

6.4   Determination Date - Payment Shortfall

      If the Trust Manager determines on any Determination Date that there is a
      Payment Shortfall for the relevant Collection Period the Trust Manager
      must direct the Trustee to pay out of Principal Collections, as an Initial
      Principal Distribution under clause 6.13, an amount (the Principal Draw)
      equal to the lesser of:

      (a)   the Payment Shortfall; and

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

6.5   Determination Date - Liquidity Shortfall

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

      (b)   The Trustee must, if so directed by the Trust Manager but subject to
            the terms of the Liquidity Facility Agreement, make that Liquidity
            Draw and have the proceeds of the Liquidity Draw deposited into the
            Collection Account on or before 11.00 am (Sydney time) on the
            Payment Date. The Trust Manager must deal with the amount so
            deposited in accordance with this clause 6.

6.6   Allocating Liquidation Losses

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

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

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

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

6.7   Insurance claims

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

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

6.8   Remittance Date

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

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

            (i)   apply amounts credited to the Collection Account in making
                  payments in discharge of the Trustee's obligations under this
                  clause 6; and

            (ii)  make the applications and reinstatements required or
                  contemplated by this clause 6,

            in each case, under and in accordance with this clause 6.

6.9   Payment - Purchase Price adjustment

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

6.10  Total Payments

      (a)   Subject to paragraph (b) and clause 6.17, on each Payment Date, and
            based on the calculations and instructions provided to it by the
            Trust Manager under clause 6.2(b), the Trustee must pay out of Total
            Available Funds, in relation to the Collection Period ending
            immediately before that Payment Date, the following amounts in the
            following order of priority:

            (i)   first, in relation to the first Collection Period, an amount
                  equal to any Accrued Interest Adjustment required to be paid
                  to the Approved Sellers

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                  (the Trustee acknowledges and agrees that it has no
                  entitlement to the moneys comprising the Accrued Interest
                  Adjustment);

            (ii)  second, Trust Expenses which have been incurred prior to that
                  Payment Date and which have not previously been paid or
                  reimbursed under an application of this clause 6.10 (in the
                  order of priority set out in the definition of Trust
                  Expenses);

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

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

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

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

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

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

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

                  (A)   the RFS Coupon on all RFSs at that date;

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

                  (C)   the RFS Class A Coupon on all RFS Class A Notes at that
                        date;

                  (D)   any fee payable by the Trustee under the Redraw Facility
                        Agreement; and

            (vi)  sixth, the payment to the Class B Noteholders of the Class B
                  Coupon as at that date.

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

      (c)   For the purposes of sub-paragraph 6.10(a)(ii), if any Trust Expenses
            are, or are to be, denominated in US$, the Trustee may, at the
            direction of the Trust Manager, convert those Trust Expenses to US$.
            Neither the Trustee nor the Trust Manager will be liable to any
            person with respect to any such conversion.

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6.11  Excess Available Income - reimbursement of Charge Offs and Principal Draw

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

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

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

                  (A)   as a payment to the holders of the RFSs in or towards
                        reinstating the Stated Amount of the RFSs, to the extent
                        of any Carryover RFS Charge Offs;

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

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

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

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

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

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

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

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6.12  Excess Collections Distribution

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

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

6.13  Initial Principal Distributions

      (a)   Subject to paragraph (b), on each Payment Date, and based on the
            calculations and instructions provided to it by the Trust Manager
            under clause 6.2(b), the Trustee must distribute out of Principal
            Collections, in relation to the Collection Period ending immediately
            before that Payment Date, the following amounts in the following
            order of priority:

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

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

            (iii) third, to allocate to Total Available Funds any Principal Draw
                  calculated in accordance with clause 6.4; and

            (iv)  fourth, to repay all amounts outstanding under each RFS Series
                  in the following order of priority:

                  (A)   first, pari passu against outstanding RFSs at that
                        Payment Date from the RFS Series with the oldest issue
                        date at that Payment Date, until those RFSs are repaid
                        in full;

                  (B)   second, pari passu the balance against outstanding RFSs
                        at that Payment Date from the RFS Series with the next
                        oldest issue date at that Payment Date, until those RFSs
                        are repaid in full; and

                  (C)   thereafter, pari passu the balance against outstanding
                        RFSs under further applications of paragraph (B) until
                        either all RFSs are repaid in full or there are no
                        further amounts available for distribution under this
                        clause 6.13.

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

6.14  Principal Payments - Sequential Method

      (a)   If on any Determination Date neither clause 6.15 nor clause 6.16
            applies, the Trustee must (subject to paragraph (b)), based on the
            instructions given to it by the Trust Manager, on the Payment Date
            following that Determination Date, pay out of Principal Collections
            for the Collection Period ending immediately before that

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            Payment Date the following amounts in the following order of
            priority (the Sequential Method):

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

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

                  (A)   as a payment, denominated in Australian dollars, to the
                        Currency Swap Providers under any Confirmations relating
                        to the Class A Notes, of an amount equal to the lesser
                        of:

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

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

                  (B)   as a payment, denominated in Australian dollars, to the
                        RFS Class A Noteholders an amount equal to the lesser
                        of:

                        (1)   the RFS Class A Forex Percentage of the amount
                              available for distribution under this subparagraph
                              (ii) after all Initial Principal Distributions;
                              and

                        (2)   the RFS Class A Stated Amounts for all RFS Class A
                              Notes; and

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

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

                  (B)   the Class B Stated Amounts for all Class B Notes.

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

6.15  Principal Payments - Serial Method prior to third anniversary (procedure
      1)

      (a)   If on any Determination Date:

            (i)   the Subordinated Percentage at the previous Determination Date
                  was greater than or equal to twice the Initial Subordinated
                  Percentage; and

            (ii)  that Determination Date occurs on or before the third
                  anniversary of the first Payment Date; and

            (iii) the Total Invested Amount as at that Determination Date, as a
                  percentage of the Total Initial Invested Amount, is greater
                  than or equal to 10%; and

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

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                  (A)   does not exceed 2% and the Total Carryover Charge Off on
                        that Determination Date does not exceed 30% of the US$
                        Equivalent of the Class B Initial Invested Amount; or

                  (B)   does not exceed 4% and the Total Carryover Charge Off on
                        that Determination Date does not exceed 10% of the US$
                        Equivalent of the Class B Initial Invested Amount; and

            (v)   the US$ Equivalent of the Stated Amounts of all Class B Notes
                  as at that Determination Date exceeds the aggregate of:

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

                  (B)   the US$ Equivalent of the Invested Amount of all RFS
                        Class A Notes,

                  as at that Determination Date multiplied by 0.25%,

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

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

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

                        (1)   as a payment, denominated in Australian dollars,
                              to the Currency Swap Providers under any
                              Confirmations relating to the Class A Notes, of an
                              amount equal to the lesser of:

                              (a)   the Class A Forex Percentage of the sum of:

                                    (i)   the Class A Percentage of Principal
                                          Collections remaining after all
                                          Initial Principal Distributions; and

                                    (ii)  50% of the Class B Percentage of those
                                          Principal Collections; and

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

                        (2)   as a payment denominated in Australian dollars to
                              the RFS Class A Noteholders of an amount equal to
                              the lesser of:

                              (a)   RFS Class A Forex percentage of the sum of:

                                    (i)   the Class A Percentage of Principal
                                          Collections remaining after all
                                          Initial Principal Distributions; and

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                                    (ii)  50% of the Class B Percentage of those
                                          Principal Collections; and

                              (b)   the RFS Class A Stated Amounts for all RFS
                                    Class A Notes; and

                  (E)   third, as a payment to the Class B Noteholders of an
                        amount equal to 50% of the Class B Percentage of those
                        Principal Collections remaining after all Initial
                        Principal Distributions.

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

6.16  Principal Payments - Serial Method after third anniversary (procedure 2)

      (a)   If on any Determination Date:

            (i)   the Subordinated Percentage at the previous Determination Date
                  was greater than or equal to twice the Initial Subordinated
                  Percentage; and

            (ii)  that Determination Date occurs after the third anniversary of
                  the first Payment Date; and

            (iii) the Total Invested Amount as at that Determination Date, as a
                  percentage of the Total Initial Invested Amount, is greater
                  than or equal to 10%; and

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

                  (A)   does not exceed 2% and the Total Carryover Charge Off on
                        that Determination Date does not exceed 30% of the US$
                        Equivalent of the Class B Initial Invested Amount; or

                  (B)   does not exceed 4% and the Total Carryover Charge Off on
                        that Determination Date does not exceed 10% of the US$
                        Equivalent of the Class B Initial Invested Amount; and

            (v)   the US$ Equivalent of the Stated Amount of Class B Notes as at
                  that Determination Date exceeds the aggregate of:

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

                  (B)   the US$ Equivalent of the Invested Amount of all RFS
                        Class A Notes,

                  as at that Determination Date, multiplied by 0.25%,

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

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

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

                        (1)   as a payment, denominated in Australian dollars,
                              to the Currency Swap Providers under any
                              Confirmations relating to the Class A Notes, of an
                              amount equal to the lesser of:

                        (a)   the Class A Forex Percentage of the Class A
                              Percentage of Principal Collections remaining
                              after all Initial Principal Distributions; and

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

                        (2)   as a payment, denominated in Australian dollars to
                              the RFS Class A Noteholders, of an amount equal to
                              the lesser of:

                        (a)   the RFS Class A Forex Percentage of the Class A
                              Percentage of those Principal Collections
                              remaining after all Initial Principal
                              Distributions; and

                        (b)   the RFS Class A Stated Amounts for all RFS Class A
                              Notes; and

                  (C)   third, as a payment to the Class B Noteholders of an
                        amount equal to the Class B Percentage of those
                        Principal Collections.

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

6.17  Remaining Liquidity Shortfall

      (a)   If there is a Remaining Liquidity Shortfall for a Collection Period,
            the Trust Manager on behalf of the Trustee shall reduce the A$ Class
            A Coupon Amount, the Class B Coupon and Coupons payable with respect
            to RFSs and RFS Class A Notes, in each case in relation to that
            Collection Period, as follows:

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

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

                  (A)   the A$ Class A Coupon Amount payable to the Currency
                        Swap Providers;

                  (B)   the RFS Coupon;

                  (C)   the RFS Class A Coupon; and

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

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

      (b)   If there is any reduction in the A$ Class A Coupon Amount payable to
            a Currency Swap Provider on a Payment Date under clause 6.17(a)
            above, the Trust Manager on behalf of the Trustee shall on that
            Payment Date reduce the Class A Coupon for that Payment Date by the
            same proportion as the reduction in the A$ Class A Coupon Amount.

6.18  Charge Offs

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

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

      (b)   if the Class B Stated Amount is zero and any amount of that excess
            has not been applied under paragraph (a), reduce pari passu and
            rateably as between themselves (based on the Stated Amount of the
            RFSs, the Principal Outstanding, the Stated Amount of the RFS Class
            A Notes and the A$ Equivalent of the Stated Amount of the Class A
            Notes):

            (i)   the Class A Stated Amount on each of the Class A Notes by the
                  US$ Equivalent of the balance of that excess which is
                  attributable to each Class A Note until the Class A Stated
                  Amount of that Class A Note is zero (Class A Charge Offs);

            (ii)  the RFS Class A Stated Amount on each of the RFS Class A Notes
                  by the balance of that excess which is attributable to each
                  RFS Class A Note until the RFS Class A Stated Amount of that
                  RFS Class A Note is zero (RFS Class A Charge Offs);

            (iii) the RFS Stated Amount on each of the RFSs by the balance of
                  that excess which is attributable to each RFS until the RFS
                  Stated Amount is zero (RFS Charge Offs); and

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

6.19  Payments into US$ Account

      (a)   The Trustee shall direct each Currency Swap Provider to pay all
            amounts denominated in US$ payable to the Trustee by that Currency
            Swap Provider under

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            the relevant Currency Swap into the US$ Account or to the Principal
            Paying Agent under the Agency Agreement on behalf of the Trustee.

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

6.20  Payments out of US$ Account

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

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

            (i)   under clause 6.10(a)(v)(B), will be paid pari passu in
                  relation to Class A Notes as payments of Coupon on those Class
                  A Notes;

            (ii)  under clause 6.11(a)(ii)(C), will be paid pari passu in
                  relation to Class A Notes in or towards reinstating the Stated
                  Amount of those Class A Notes, to the extent of the Carryover
                  Class A Charge Offs;

            (iii) under clause 6.14(a)(ii), 6.15(B)(1) or 6.16(B)(1), will be
                  paid pari passu to Class A Noteholders as Class A Principal
                  Payments until the Class A Stated Amounts have been reduced to
                  zero;

            (iv)  in relation to Trust Expenses, under clause 6.10 will be paid
                  to the relevant recipient of those Trust Expenses.

6.21  Prepayment Costs and Prepayment Benefits

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

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

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

      (b)   On each Payment Date, and based on the calculations and instructions
            provided to it by the Trust Manager under clause 6.2(b), the Trustee
            shall pay to Westpac an amount equal to the Prepayment Cost Surplus
            (if any) for the Collection Period on that Payment Date to the
            extent received by or on behalf of the Trustee.

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

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            Prepayment Benefit Shortfall. That amount will be treated as a Gross
            Principal Collection.

6.22  Rounding of amounts

      In making the calculations required or contemplated by this clause 6, the
      Trust Manager shall round calculations to four decimal places, except that
      all monetary amounts shall be rounded down to the nearest cent (or, in the
      case of payments to a Currency Swap Provider under clause 6, half a cent
      being rounded upwards) or as otherwise required in this Series Notice.

6.23  Bond Factors

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

6.24  Trust Manager's Report

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

6.25  Prescription

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

6.26  Replacement of Currency Swap

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

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

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7.    Master Trust Deed

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7.1   Completion of details in relation to Master Trust Deed

      (a)   (Trust Manager fee)

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

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

            (ii)  at the rate of 0.01% per annum or as otherwise agreed by the
                  Trust Manager and the Trustee from time to time; and

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

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

      (b)   (Trustee fee)

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

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

            (ii)  at the rate of 0.03% per annum or as otherwise agreed by the
                  Trust Manager and the Trustee from time to time; and

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

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

      (c)   (Servicing fee)

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

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

            (ii)  at the rate of 0.25% per annum or as otherwise agreed by the
                  Trust Manager, the Trustee and the Servicer from time to time;
                  and

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

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

      (d)   (First Collection Period)

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            For the purpose of this clause 7.1, the first Collection Period will
            commence on (and include) the Closing Date.

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

            None of the above fees in this clause 7.1 are to be increased by
            reference to any applicable goods and services tax unless:

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

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

7.2   Amendments to Master Trust Deed

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

8.    Transfer of Purchased Receivables - Top Ups

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

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

      (c)   If Westpac is advised by the Trust Manager that there are not
            sufficient funds available under any Warehouse Investment Agreements
            to enable transfers to be made under paragraph (a), Westpac (whether
            in its capacity as Servicer or otherwise) will not allow any Obligor
            to increase the principal balance of any Purchased Receivable until
            sufficient funds are available under a Warehouse Investment
            Agreement.

9.    Transfers to Warehouse Trust

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

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

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

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

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

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

      The Trustee must comply with that direction.

10.   Application of Threshold Rate

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10.1  Calculation of Threshold Rate

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

      (a)   the earlier of:

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

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

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

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

10.2  Setting Threshold Rate

      If Westpac is notified of a Threshold Rate under clause 10.1, it will, in
      its capacity as Servicer, not more than 7 Business Days following the date
      on which the Basis Swap is terminated, ensure that the interest rate
      payable on each Purchased Receivable which is subject to a variable rate
      set, as permitted by the relevant Receivable Agreement, at the discretion
      of Westpac is not less than the Threshold Rate, and immediately notify the
      Trustee when it has done so.

10.3  Trustee Setting Threshold Rate

      If the Trustee does not receive notice from the Servicer under clause 10.2
      within 7 Business Days following the date on which the Basis Swap is
      terminated, the Trustee shall immediately exercise its rights and powers
      under the Transaction Documents, including,

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      without limitation, taking action against the Servicer, to ensure that the
      interest rate payable on each Purchased Receivable which is subject to a
      variable rate set, as permitted by the Receivable Agreement, is not less
      than the Threshold Rate.

11.   Beneficiary

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11.1  Issue of Units

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

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

            (ii)  such numbers of residual income units (each, a Residual Income
                  Unit) as the Trustee may issue from time to time in accordance
                  with this clause 11.1.

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

      (b)   The Trustee must, on payment by the relevant Beneficiary of the
            issue price of the Unit specified below, issue a Unit by registering
            that Beneficiary's name in the register kept under this clause 11. A
            failure by the Trustee to issue a Unit does not affect the
            Beneficiary's rights as beneficiary of the Trust under the Master
            Trust Deed and this Series Notice.

11.2  Residual Capital Unit

      (a)   The holder of the Residual Capital Unit is Westpac.

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

      (c)   The beneficial interest held by the holder of the Residual Capital
            Unit is limited to the Trust and each Asset of the Trust (other than
            any Asset of the Trust held on trust for the holders of Residual
            Income Units under clause 11.3) subject to and in accordance with
            the Master Trust Deed and this Series Notice.

      (d)   The holder of the Residual Capital Unit has no right to receive
            distributions in respect of the Trust other than the right to
            receive on the termination of the Trust the entire beneficial
            interest of the Trust subject to rights of holders of Residual
            Income Unit. The Residual Capital Unit may not be redeemed at any
            other time or in any other way.

      (e)   The Residual Capital Unit is not transferable.

11.3  Residual Income Unit

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

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

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

      (d)   The holder of the Residual Income Unit has the right to receive
            distributions in respect of the Trust under the Master Trust Deed
            and this Series Notice only to the extent that Net Income is
            available for distribution under the Master Trust Deed and this
            Series Notice.

      (e)   Each Residual Income Unit is transferable in accordance with clause
            11.5.

11.4  Register

      (a)   The entitlement of any person to a Unit will be evidenced by
            registration in the register maintained under this clause 11.4 (the
            Unit Register).

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

            (i)   The name and address of the holder of each Unit.

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

            (iii) The date on which the holder of a Unit ceases to be registered
                  as the holder of that Unit.

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

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

      (c)   The holder of a Unit shall promptly notify the Trustee of any change
            of name or address and the Trustee will alter the Unit Register
            accordingly.

      (d)   Without limiting clause 11.1, the interest of any holder in a Unit
            will be constituted by registration in the Unit Register.

11.5  Transfer of Units

      (a)   (i)   The holder of a Unit may transfer the Unit by instrument in
                  writing in any form approved by the Trustee. No fee will be
                  charged on the transfer of a Unit.

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

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

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

      (c)   The Trustee must notify the Designated Rating Agency for each Class
            of Notes and the Trust Manager of any transfer of units under this
            clause 11.5.

11.6  Limit on rights

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

12.   Title Perfection Events

--------------------------------------------------------------------------------

      Each of the following is a Title Perfection Event.

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

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

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

13.   Additional Receivable Product Features

--------------------------------------------------------------------------------

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

14.   WST Warehouse Trust #1

--------------------------------------------------------------------------------

14.1  Direction under Warehouse Series Notice

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

14.2  Direction

      The Trust Manager directs the Warehouse Trustee:

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

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

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

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      (d)   the proposed date of disposal is 14 March 2002; and

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

15.   Servicer Representations

--------------------------------------------------------------------------------

      The Servicer makes the following representations and warranties for the
      benefit of the Trustee in relation to the Sale Notice referred to in
      clause 14 and the Receivables, Receivable Rights and Related Securities
      referred to in that Sale Notice.

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

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

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

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

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

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

      (g)   (Relevant Documents) The Servicer holds in its possession or control
            all Relevant Documents that relate to the Receivables and the
            related Receivable

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            Securities which are specified in that Sale Notice necessary to
            enforce the provisions of and the security created by the relevant
            Receivable Securities.

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

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

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

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

16.   Warehouse Trustee Representations

--------------------------------------------------------------------------------

      The Warehouse Trustee makes the following representations and warranties
      for the benefit of the Trustee in relation to the Sale Notice referred to
      in clause 14 and the Receivables, Receivable Rights and Related Securities
      referred to in that Sale Notice.

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

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

      (c)   (Set Off) The Warehouse Trustee has not done anything, during the
            period within which the Warehouse Trustee was trustee of the
            Receivables and the related

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            Receivable Rights specified in that Sale Notice, which would render,
            once equitably assigned to the Trustee, any Receivable or Receivable
            Right which is specified in that Sale Notice subject to any right of
            rescission, set off, counterclaim or similar defence, nor to render
            any Receivable or Receivable Right which is specified in that Sale
            Notice subject to, or affected by, any interest off-set arrangement
            or right.

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

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

17.   TMC Warranty

--------------------------------------------------------------------------------

      TMC represents and warrants for the benefit of the Trustee in relation to
      the Sale Notice referred to in clause 14 and the Receivables, Receivable
      Rights and Related Securities referred to in that Sale Notice, that each
      relevant Receivable referred to in the Sale Notice and each Receivable
      Security and Related Security has been serviced by TMC in accordance with:

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

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

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

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

      (e)   the Servicing Agreement Series 1998-1G Amendment Agreement dated 10
            June 1998,

      from the time of its transfer from Westpac to the Series 1997-1 WST Trust,
      the Series 1997-2 WST Trust, the Series 1997-3 WST Trust, the Series
      1997-4E WST Trust or the Series 1998-1G WST Trust (as the case may be)
      until the time at which TMC ceased to be the servicer of that Receivable,
      Receivable Security or Related Security under the TMC Servicing Agreement.
      That servicing includes, without limitation, ensuring compliance with the
      Consumer Credit code in connection with servicing the Receivables and
      Receivable Securities where failure to do so would have an Adverse Effect.

18.   Note Trustee

--------------------------------------------------------------------------------

18.1  Capacity

      The Note Trustee is a party to this Series Notice in its capacity as
      trustee for the Noteholders from time to time under the Note Trust Deed.

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18.2  Exercise of rights

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

      (b)   The Class A Noteholders may only exercise enforcement rights in
            respect of the Mortgaged Property through the Note Trustee and only
            in accordance with the terms of the Transaction Documents.

18.3  Representation and warranty

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

18.4  Payments

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

19.   Westpac Undertakings

--------------------------------------------------------------------------------

19.1  Set Off

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

19.2  Notice of actions

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

19.3  Notification of Trust

      If the Trustee is notified of an Action under clause 19.2, the Trust
      Manager (failing which the Trustee) must notify the relevant court or
      tribunal of the Trustee's interest in the relevant Receivables or
      Receivable Securities, unless Westpac (as Approved Seller), the Trust
      Manager and the Trustee agree that to do so might prejudice Westpac's
      ability successfully to defend or prosecute the Action (as the case may
      be).

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20.   Redemption

--------------------------------------------------------------------------------

      (a)   For the purposes of clause 8.9 of the Master Trust Deed and the
            relevant Condition 5.15(A), the Trustee may only redeem Class A
            Notes under Condition 5.15(A) at the direction of the Trust Manager.

      (b)   The Trust Manager may give a direction under paragraph (a) in its
            absolute discretion in accordance with Condition 5.15(A), except
            that the Trust Manager may only give that direction to the extent
            that funds are available under the relevant Warehouse Investment
            Agreement to acquire the Purchased Receivables to enable redemption
            of the Class A Notes.

      (c)   The Trust Manager may not direct the Trustee to make an offer under
            clause 8.9 of the Master Trust Deed where the amount of that offer
            is such that approval by Extraordinary Resolution of Noteholders
            would be required under Condition 5.15(A)(b), unless that approval
            has been obtained.

21.   Changes to Portfolio of Receivables before the Cut-Off Date

--------------------------------------------------------------------------------

      An Approved Seller may at any time before the Cut-Off Date add a
      Receivable to, or remove a Receivable from, the Portfolio of Receivables,
      provided that:

      (a)   the Approved Seller:

            (i)   notifies the Trustee and Trust Manager in writing of that
                  addition or removal; and

            (ii)  provides the Trustee and Trust Manager with a revised form of
                  Annexure A to the Note Issue Direction that reflects that
                  addition or removal,

            within 5 Business Days (but, in any event, before the Cut-Off Date);
            and

      (b)   the addition or removal (when taken together with all other
            additions and removals under this clause) does not result in a
            change of more than 5% in any of the characteristics of the
            Portfolio of Receivables described in the Information Memorandum.

22.   Credit Support transferred by Currency Swap Providers

--------------------------------------------------------------------------------

      Each of the Beneficiaries and Noteholders acknowledges and agrees that:

      (a)   the Trustee will hold any collateral transferred to it by a Currency
            Swap Provider, in support of that Currency Swap Provider's
            obligations under the relevant Currency Swap, on trust on the terms
            set out in the master agreement between the Trustee, that Currency
            Swap Provider and others; and

      (b)   the Trustee may deal with any collateral referred to in paragraph
            (a), notwithstanding that it is also the trustee of the Trust and
            notwithstanding the terms of the Trust.

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23.   Governing Law And Jurisdiction

--------------------------------------------------------------------------------

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

24.   Amendment to Note Trust Deed

--------------------------------------------------------------------------------

      Condition 6.5 (Payments on Business Days) of Schedule 3 of the Note Trust
      Deed is amended by deleting the first sentence and replacing it with the
      following sentence: "If the due date for payment of any amount of
      principal or Interest in respect of any Class A Note is not a Business Day
      then payment will not be made until the next succeeding Business Day and
      the holder thereof shall be entitled to further interest or other payment
      in respect of that delay."

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EXECUTED as a deed.

Each attorney executing this Series Notice states that he or she has no notice
of revocation or suspension of his or her power of attorney.

TRUSTEE/WAREHOUSE TRUSTEE

SIGNED SEALED and DELIVERED                )
on behalf of                               )
WESTPAC SECURITIES                         )
ADMINISTRATION LIMITED                     )
by its attorney                            )
in the presence of:                        )       /s/ Robert George Hamilton
                                                   -----------------------------
                                                   Signature

/s/ Stuart Lawrance                                Robert George Hamilton
--------------------------------------------       -----------------------------
Witness                                            Print name

Stuart Lawrance
--------------------------------------------
Print name

TRUST MANAGER

SIGNED SEALED and DELIVERED                )
on behalf of                               )
WESTPAC SECURITISATION                     )
MANAGEMENT PTY LIMITED                     )
by its attorney                            )
in the presence of:                        )       /s/ G.P.D. Rennie
                                                   -----------------------------
                                                   Signature

/s/ Stuart Lawrance                                G.P.D. Rennie
--------------------------------------------       -----------------------------
Witness                                            Print name

Stuart Lawrance
--------------------------------------------
Print name

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TMC

SIGNED SEALED and DELIVERED                 )
on behalf of                                )
THE MORTGAGE COMPANY PTY                    )
LIMITED
by its attorney                             )
in the presence of:                         )      /s/ Andrew Carriline
                                                   -----------------------------
                                                   Signature

/s/ Rachelle Hall                                  Andrew Carriline
---------------------------------------------      -----------------------------
Witness                                            Print name

Rachelle Hall
---------------------------------------------
Print name

SERVICER

SIGNED SEALED and DELIVERED                 )
on behalf of                                )
WESTPAC BANKING CORPORATION                 )
by its attorneys                            )
in the presence of:                         )      /s/ G.P.D. Rennie
                                                   -----------------------------
                                                   Signature

/s/ Stuart Lawrance                                G.P.D. Rennie
---------------------------------------------      -----------------------------
Witness                                            Print name

Stuart Lawrance                                    /s/ Sonya Jenkins
---------------------------------------------      -----------------------------
Print name                                         Signature

                                                   Sonya Jenkins
                                                   -----------------------------
                                                   Print name

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AN APPROVED SELLER/WAREHOUSE INVESTOR

SIGNED SEALED and DELIVERED           )
on behalf of                          )
WESTPAC BANKING CORPORATION           )
by its attorneys                      )
in the presence of:                   )            /s/ G.P.D. Rennie
                                                   -----------------------------
                                                   Signature

/s/ Stuart Lawrance                                G.P.D. Rennie
---------------------------------------            -----------------------------
Witness                                            Print name

Stuart Lawrance                                    /s/ Sonya Jenkins
---------------------------------------            -----------------------------
Print name                                         Signature

                                                   Sonya Jenkins
                                                   -----------------------------
                                                   Print name

NOTE TRUSTEE

SIGNED SEALED and DELIVERED by        )            12th March 2002
CITIBANK, N.A., LONDON BRANCH         )

/s/ Mark O'Hare                                    /s/ Georgia Mitchell
---------------------------------------            -----------------------------
Authorised Signatory                               Authorised Signatory

Mark O'Hare                                        Georgia Mitchell
---------------------------------------            -----------------------------
Print name                                         Print name

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SECURITY TRUSTEE

SIGNED SEALED and DELIVERED                 )
on behalf of                                )
PERPETUAL TRUSTEE COMPANY                   )
LIMITED                                     )
by its attorney                             )
in the presence of:                         )   /s/ Mark Dickenson
                                                -----------------------------
                                                Signature

/s/ Stuart Lawrance                             Mark Dickenson
---------------------------------------------   -----------------------------
Witness                                         Print name

Stuart Lawrance
---------------------------------------------
Print name

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SCHEDULE

An Eligible Receivable means a Loan which, as at the Cut-Off Date for that Loan:

(a)   is denominated and payable only in Australian dollars in Australia;

(b)   is secured by a Receivable Security that constitutes a first ranking
      mortgage over land situated in Australia which is or will be registered
      under the Real Property Legislation, or where a Receivable Security is
      not, or will not be when registered, a first ranking mortgage, the
      relevant Sale Notice includes an offer in relation to all prior ranking
      registered mortgages;

(c)   is secured by a Receivable Security over a Mortgaged Property which has
      erected on it a residential dwelling;

(d)   has an LVR (as defined below) less than or equal to 95%;

(e)   was approved and originated by Westpac in the ordinary course of its
      business;

(f)   under which the relevant Obligor does not owe more than $750,000;

(g)   the relevant Obligor in respect of which was required to repay the
      Receivable within 30 years of the Cut-Off Date;

(h)   is not in Arrears for more than 30 consecutive days;

(i)   the sale of an equitable interest in, or the sale of an equitable interest
      in any related Receivable Security, does not contravene or conflict with
      any law;

(j)   together with the related Receivable Security, has been or will be
      stamped, or has been taken by the relevant stamp duties authority to be
      stamped, with all applicable duty;

(k)   is subject to the terms and conditions of Westpac's standard Loan Offer
      for the loan products referred to in the definition of Receivable in the
      Series Notice, or any similar loan product, however named, the product
      features of which comply with clause 13;

(l)   is not governed or regulated by the Credit Act 1984 (NSW) (or the
      corresponding legislation for any other Australian jurisdiction) or any
      rural, primary production, moratorium or mediation legislation, other than
      the Consumer Credit Legislation;

(m)   is not a Loan with an interest only payment type and a bullet principal
      repayment at the end of the interest only period; and

(n)   the relevant Obligor in respect of which is a resident of Australia.

For the purpose of this schedule:

LVR means the outstanding amount of the Loan, plus any other amount secured by
any Mortgage for that Loan (other than any Other Secured Liabilities owed to any
Approved Seller), at the date of determination divided by the aggregate value of
the Mortgaged Property subject to the related Mortgages for that Loan, expressed
as a percentage.

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ANNEXURE A

SERIES 2002-1G WST TRUST
AMENDMENTS TO MASTER TRUST DEED

--------------------------------------------------------------------------------

GENERAL

      (a)   All references in the Master Trust Deed to the wilful default of the
            Trustee in each of clauses 8.4(f), 8.4(g), 8.4(h), 24.1(c), 24.8,
            24.10(a), 33.9, 33.10, 33.12(b), 33.13, 33.14(a), 33.14(b),
            33.14(c), 33.17(b), 33.17(c), 33.17(d), 33.17(e), 33.18(h) and in
            Schedule 2 are replaced by the words breach of trust and in clause
            12.1(l) the words wilful default are deleted.

      (b)   The words "memorandum or articles of association" in clause 32.1(e)
            of the Master Trust Deed and the words "memorandum and articles of
            association" in paragraph 1(a) of Schedule 6 to the Master Trust
            Deed are deleted and replaced with the word "constitution".

      (c)   All references in the Master Trust Deed to the Corporations Law are
            replaced by the words Corporations Act.

CLAUSE 1.1 - Approved Bank

      The definition of Approved Bank in clause 1.1 of the Master Trust Deed is
      deleted and replaced with the following definition.

      "Approved Bank means:

      (a)   a Bank which has a short term rating of at least A-1+ from S&P and
            P-1 from Moody's; or

      (b)   in relation to a Trust, any bank or financial institution which is
            specified to be an Approved Bank in the relevant Series Notice,

      but means Westpac Banking Corporation for so long as it has a short term
      rating of A-1 or better from S&P and P-1 or better from Moody's."

CLAUSE 1.1 - Authorised Investment

      For the purposes of the definition of Authorised Investment in clause 1.1
      of the Master Trust Deed:

      (a)   each of the investments in paragraphs (d), (e), (f) of that
            definition and (h) must have a rating of AAA (long term) or A-1+
            (short term) (as the case may be) from S&P and a rating of Aaa (long
            term) or P-1 (short term) (as the case may be) from Moody's to be an
            Authorised Investment for the Trust; and

      (b)   paragraph (h) is deleted and replaced with the following:

            "any other assets of a class of assets that are both:

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            (i)   included within the definition of pool of mortgages in the
                  Duties Act 1997 of New South Wales; and

            (ii)  included within the definition of pool of mortgages in the
                  Duties Act 2000 of Victoria."; and

      (c)   the final paragraph is deleted and replaced with the following:

            "(In paragraphs (b) - (g) inclusive of this definition, expressions
            shall be construed and, if necessary read down, so that the Notes in
            relation to any Trust constitute mortgage-backed securities for the
            purposes of both the Duties Act 1997 of New South Wales and the
            Duties Act 2000 of Victoria.)"

CLAUSE 1.1 - Bank

      The existing definition of Bank in clause 1.1 of the Master Trust Deed is
      deleted and replaced with the following definition.

      "Bank means:

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

      (b)   where any Transaction Document requires money to be deposited by the
            Trustee outside Australia, a corporation authorised by the banking
            legislation of the relevant jurisdiction to carry on the general
            business of banking in that jurisdiction."

CLAUSE 1.1 - Expenses

      For the purposes of the definition of Expenses in clause 1.1 of the Master
      Trust Deed, a new paragraph (o) is inserted as follows and the existing
      paragraph (o) becomes paragraph (b).

      "(o) any fees and expenses payable to any Stock Exchange or DTC from time
      to time by the Trustee;"

      CLAUSE 1.1 - Extraordinary Resolution

      For the purposes of the definition of Extraordinary Resolution in clause
      1.1 of the Master Trust Deed, that definition is deleted and the following
      definition is inserted.

      "Extraordinary Resolution in relation to:

      (a)   the Registered Noteholders means, subject to the provisions of the
            Security Trust Deed:

            (i)   a resolution passed at a meeting of the Registered Noteholders
                  duly convened and held in accordance with the provisions
                  contained in clause 17 by a majority consisting of not less
                  than 75% of the votes able to be cast by the Registered
                  Noteholders cast (by show of hands or poll, as the case may
                  be); or

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            (ii)  a resolution in writing under clause 17.15 signed by all the
                  Registered Noteholders;

      (b)   all Noteholders means, subject to the provisions of the Security
            Trust Deed a resolution passed by Registered Noteholders duly
            convened and held in accordance with the provisions contained in
            clause 17 and by Class A Noteholders in accordance with the Note
            Trust Deed by a majority consisting of not less than 75% calculated
            as follows:

            (A x I) + (U)
            -------------
                   T

            Where:  A = the percentage of Registered Noteholders voting in
                        favour of the resolution;

                    I = the US$ Equivalent of the Invested Amount of all
                        Registered Notes;

                    U = the aggregate Invested Amount of the Class A Noteholders
                        who voted in favour of the resolution

                    T = the Total Invested Amount.

CLAUSE 1.1 - Insolvency Event

      For the purposes of the definition of Insolvency Event in clause 1.1 of
      the Master Trust Deed:

      (a)   the word "Westpac" is inserted after the words "a Servicer,"; and

      (b)   the following words are inserted at the end of paragraph (c) of the
            definition:

            ", and for the avoidance of doubt an inability of the Trustee in its
            capacity as trustee of the Trust to pay its debts does not include:

            (i)   the Trustee making any drawing under a Support Facility in
                  accordance with the Transaction Documents; or

            (ii)  until the Class A Notes are repaid in full, the Trustee making
                  any Class B Charge Off or failing to pay the full amount of
                  any Class B Coupon."

CLAUSE 1.1 - Termination Date

      For the purpose of the definition of Termination Date in clause 1.1 of the
      Master Trust Deed, the words "and the Trustee and the Trust Manager agree
      that no further Notes are proposed to be issued by the Trustee in relation
      to that Trust" are inserted at the end of paragraph (c)(i) of that
      definition.

CLAUSE 1.1 - Taxation Act

      For the purposes of the definition of Taxation Act in clause 1.1 of the
      Master Trust Deed, the words "and the Income Tax Assessment Act 1997
      (Commonwealth)" are inserted at the end of that definition.

CLAUSE 1.2

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      For the purposes of clause 1.2 of the Master Trust Deed, a new paragraph
      is inserted as follows.

      "(q)  Except as otherwise provided, a reference to any time is a reference
            to Sydney time."

CLAUSE 2.1

      For the purposes of clause 2.1 of the Master Trust Deed, the words "and
      the relevant Series Notice" are inserted at the end of that clause.

CLAUSE 3.4

      Clause 3.4 of the Master Trust Deed is deleted and replaced with the
      following new Clause 3.4.

      "Each Trust shall continue until, and shall terminate on the later of:

            (i)   its respective Termination Date;

            (ii)  the date on which the provisions of clause 3.5 have been
                  satisfied; and

            (iii) the date on which the Trustee ceases to hold any Trust Back
                  Assets in relation to that Trust."

CLAUSE 8.3(b) - Sale Notice

      For the purposes of clause 8.3(b) of the Master Trust Deed, a Sale Notice
      given by Westpac or the Warehouse Trustee in relation to the Trust may be
      given at any time on the same day as the day on which the Expiry Time
      falls.

CLAUSE 8.5(a) - Conditions precedent to purchase

      For the purposes of clause 8.5(a) of the Master Trust Deed, the following
      is a condition precedent to the giving of the Sale Notice.

      (Certified copies) Except to the extent previously provided to the Trustee
      (in its capacity as trustee of any Trust), certified copies of the forms
      of each Mortgage Insurance Policy, and the forms of the Receivable
      Agreements, relating to the Purchased Receivables.

CLAUSE 8.6 - Representations and warranties

      For the purposes of clause 8.6 of the Master Trust Deed, Westpac, in its
      capacity as an Approved Seller, makes the following representations and
      warranties in relation to the Sale Notice given by it and the Receivables
      and Receivable Rights referred to in that Sale Notice.

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

      (b)   (Quality of Title) It is the sole, legal and beneficial owner of the
            Receivables and the related Receivable Rights specified in the Sale
            Notice. Those Receivables and the related Receivable Rights,
            together with the interest of Westpac under the Relevant Documents,
            are owned by it free and clear of any Security Interest (other than
            any Security Interest arising solely as the result of any action
            taken by the Trustee).

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

      (d)   (Receivable Securities) Each Receivable, Receivable Security and
            Related Security which is specified in the Sale Notice is valid,
            binding and enforceable against the relevant Obligor(s) in all
            material respects except to the extent that it is affected by laws
            relating to creditors rights generally, or doctrines of equity.

      (e)   (Set Off) Once equitably assigned to the Trustee, no Receivable or
            Receivable Right which is specified in the Sale Notice will be
            subject to any right of rescission, set off, counterclaim or similar
            defence. No Receivable or Receivable Right which is specified in
            that Sale Notice is subject to, or affected by, any interest off-set
            arrangement or right.

      (f)   (Compliance with Laws) At the time each Receivable and Receivable
            Security which is specified in the Sale Notice and each Related
            Security was entered into it complied in all material respects with
            applicable laws, including, without limitation, where the Consumer
            Credit Legislation applies, the Consumer Credit Legislation.

      (g)   (Ownership) In relation to each Receivable Security which is
            specified in the Sale Notice the relevant Obligor(s) is or are the
            sole legal owner of the relevant Mortgaged Property and registered
            as the sole proprietor(s) of the relevant Mortgaged Property.

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

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

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

      (k)   (No void transactions) The assignment of the Receivables and
            Receivable Rights which are specified in the Sale Notice will not be
            held by a court to be an undervalue transfer, a fraudulent
            conveyance, or a voidable preference under any law relating to
            insolvency.

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

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

      (n)   (Solvency) Westpac is solvent.

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

      (p)   (Interest rate) Except as may be provided in a Receivable Agreement
            or Receivable Security which is specified in the Sale Notice, and
            subject to applicable laws, the interest rate for each such
            Receivable is not subject to any limitation, no consent, additional
            memoranda or other writing is required from the relevant Obligor to
            give effect to a change in that rate and any change in that rate
            will be effective on notice being given to the that Obligor in
            accordance with the terms of the relevant Receivable or Receivable
            Security.

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

      Westpac also makes the following representations and warranties in
      relation to the Receivables and Receivable Rights referred to in the Sale
      Notice given by the Warehouse Trustee:

      (i)   (Sale to earlier Series) Those Receivables and Receivable Rights
            were assigned by Westpac to either the Series 1997-1 WST Trust, the
            Series 1997-2, the Series 1997-3 WST Trust, the Series 1997-4E WST
            Trust, the Series 1998-1G WST Trust or the Series 1999-1G WST Trust.

      (ii)  (Representations and Warranties) At the time of those assignments
            Westpac gave the same representations and warranties to the trustee
            of the Series 1997-1 WST Trust, the Series 1997-2 WST Trust, the
            Series 1997-3 WST Trust, the Series 1997-4E WST Trust, the Series
            1998-1G WST Trust or the Series 1999-1G WST Trust, as the case may
            be, in relation to those Receivables and Receivable Rights as it has
            given to the Trustee in relation to the Sale Notice given by Westpac
            to the Trustee. The only difference is that in relation to the sale
            to the trustee of the Series 1997-1 WST Trust Westpac did not
            represent and warrant that on transfer to the trustee of the Series
            1997-1 WST Trust of equitable title to a Purchased Receivable, the
            Trustee will have the benefit of the relevant Mortgage Insurance
            Policy for that

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            Receivable. That representation and warranty is given by the
            Servicer in clause 16(d) of this Series Notice.

CLAUSE 8.9(c) - First Right of Refusal

      Clause 8.9(c) of the Master Trust Deed is deleted and replaced with the
      following new clause 8.9(c).

      "(i)  As soon as practical after the date (in this clause 8.9(c), the
            Termination Event Date) on which an event referred to in
            sub-paragraph (i) or sub-paragraph (ii) of paragraph (c) of the
            definition of Termination Date occurs, the Trust Manager directs the
            Trustee to offer (by written notice to the Approved Seller)
            irrevocably to extinguish in favour of the Approved Seller, or if
            the Trustee has perfected its title, to assign to the Approved
            Seller, its entire right, title and interest in and to the Purchased
            Receivables, and related Receivable Rights (if any) in consideration
            of the payment to the Trustee by the Approved Seller in relation to
            the Trust of the Fair Market Value of the Purchased Receivables.

      (ii)  During the 180 day period after the Termination Event Date, the
            Trustee must not sell any Purchased Receivables and the related
            Receivable Rights for an amount less than their Fair Market Value.

      (iii) The Approved Seller may accept or reject that offer in its
            discretion.

      (iv)  The Trustee will not sell or deal with the relevant Purchased
            Receivables and related Receivable Rights except in accordance with
            paragraph (c)(i) unless the Approved Seller has failed to accept the
            offer referred to in paragraph (c)(i) within 180 days after the
            occurrence of the Termination Event Date by paying to the Trustee,
            within 180 days, the purchase price referred to in paragraph (c)(i)
            for all of those Purchased Receivables and related Receivable
            Rights."

CLAUSE 8.9(d) - Clean Up Offer

      For the purposes of clause 8.9(d) of the Master Trust Deed, the term "(i)"
      is inserted after "sub-paragraph" in the second line of sub-paragraph (ii)
      and the following provisions apply.

      (a)   On any Determination Date on which the aggregate Housing Loan
            Principal of a Portfolio of Receivables for Purchased Receivables
            expressed as a percentage of the Housing Loan Principal of those
            Purchased Receivables at the Cut-Off Date, is less than 10%, the
            Trust Manager may:

            (i)   as manager of the Trust, direct the Trustee to offer to sell
                  the Portfolio of Receivables to a Warehouse Trust in
                  accordance with clause 7 of the Master Trust Deed and any
                  relevant Series Notice; and

            (ii)  as manager of that Warehouse Trust, direct the Trustee (as
                  trustee of that Warehouse Trust), to acquire orally or by
                  conduct the Portfolio of Receivables in accordance with clause
                  7 of the Master Trust Deed and any relevant Series Notice.

      (b)   The Trustee as trustee of the Trust will do all things reasonably
            necessary to give effect to the disposal of the Portfolio of
            Receivables to that Warehouse Trust in accordance with the Master
            Trust Deed and any relevant Series Notice.

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      (c)   The Trust Manager may only give the direction referred to in
            sub-paragraph (i) to the extent that funds are available under the
            relevant Warehouse Investment Agreement to acquire the Purchased
            Receivables.

CLAUSE 10 - NOTES

      For the purposes of the Trust, clause 10 in the Master Trust Deed is
      deleted and the provisions of that clause 10 are as follows.

      10.1  Acknowledgement of indebtedness

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

            (a)   each entry in the Register for the Trust in respect of a
                  Registered Note relating to the Trust; and

            (b)   in relation to each Class A Note relating to the Trust, that
                  Class A Note,

            constitutes an independent and separate acknowledgement to the
            relevant Noteholder by the Trustee of its indebtedness as trustee of
            the Trust for the Invested Amount of that Note together with the
            other rights given to Noteholders under the Master Trust Deed, the
            Series Notice and the Security Trust Deed, and (in relation to an
            Class A Note) the Note Trust Deed and the relevant Conditions.

      10.2  Legal nature of Notes

            (a)   Registered Notes will be in the form of inscribed stock, and
                  the Trustee's obligations in relation to the Notes and under
                  the Master Trust and this Series Notice in respect of those
                  Notes (including any obligation to pay interest or principal)
                  will become effective on inscription in the Register for the
                  Trust under the Master Trust and this Series Notice of the
                  details for those Notes.

            (b)   Class A Notes will be in registered form in respect of
                  Book-Entry Notes and will be in registered form in respect of
                  Definitive Notes.

      10.3  Terms of Notes

            (a)   All Notes issued by the Trustee as trustee of the Trust shall
                  be issued with the benefit of, and subject to, the Master
                  Trust Deed, this Series Notice and the Security Trust Deed
                  and, in relation to Class A Notes, the Note Trust Deed and the
                  relevant Conditions.

            (b)   This Series Notice is binding on the Trust Manager, the
                  Trustee, the Note Trustee and the Noteholders.

      10.4  Interest and Principal Entitlement of Noteholders

            Subject to the Master Trust Deed, this Series Notice and the
            Security Trust Deed and, in relation to Class A Notes, the Note
            Trust Deed and the relevant Conditions (and, in particular, subject
            to any such provisions which provide for principal losses to be
            charged off against any Notes), the Trustee as trustee of the Trust
            shall in respect of the Notes issued by it in that capacity pay or
            cause to be paid to the Noteholders (as relevant) of those Notes:

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            (a)   (interest) their Coupon on each Coupon Payment Date; and

            (b)   (principal) their Principal Entitlement on each Principal
                  Repayment Date.

      10.5  Notes not invalid if issued in breach

            No Note shall be invalid or unenforceable on the ground that it was
            issued in breach of the Master Trust Deed, this Series Notice or any
            other Transaction Document.

      10.6  Location of Registered Notes

            The property in Registered Notes shall for all purposes be regarded
            as situated at the place where the Register is located on which
            those Registered Notes are recorded.

      10.7  No discrimination between Noteholders

            There shall not be any discrimination or preference between Notes
            within the same Class, or the corresponding Noteholders, in relation
            to a Trust by reason of the time of issue of Notes or for any other
            reason, subject only to the Series Notice relating to the Notes and
            the terms of the Security Trust Deed (if any) relating to the Trust.

      10.8  Note Register

            In the event that any Definitive Notes are issued in registered
            form, the Trustee (or if the Trustee fails to do so, the Trust
            Manager on behalf of the Trustee) will appoint a person to operate
            and maintain a register of those notes in accordance with standard
            United States practice and law.

CLAUSE 12.4 - FURTHER LIMIT ON INTEREST OF NOTEHOLDERS

      For the purposes of the Trust, clause 12.4 in the Master Trust Deed is
      deleted and the provisions of that clause 12.4 are as follows.

      A Noteholder in relation to the Trust shall only be a creditor of the
      Trustee in its capacity as trustee of that Trust to the extent of the
      Notes held by that Noteholder (or, in the case of a Warehouse Facility
      Provider, their rights under the relevant Warehouse Facility Agreement)
      and shall not be entitled to any beneficial or, subject to the Security
      Trust Deed, other interest in the Trust.

CLAUSES 13.1 AND 13.6(a) - NOTE ISSUE DIRECTION

         (a)      For the purposes of clause 13.1 of the Master Trust Deed, the
                  Note Issue Direction for the Notes may be issued by the Trust
                  Manager on or at any time prior to the Note Issue Date for the
                  Notes.

         (b)      For the purposes of clause 13.6(a) of the Master Trust Deed,
                  the certification by the Trust Manager may occur on or at any
                  time prior to the Note Issue Date for the Notes.

CLAUSE 13.1(b) - CONDITIONS PRECEDENT TO DIRECTION

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      For the purposes of clause 13.1(b) of the Master Trust Deed, the following
      is a condition precedent to the issue of a Note Issue Direction in
      relation to proposed Purchased Receivables.

      (Power of Attorney) Original execution copies of powers of attorney duly
      executed and delivered by Westpac in registrable form in each Australian
      jurisdiction appointing certain specified officers of the Trustee as its
      attorney for the purposes of enabling the Trustee to perfect its title to
      those purchased Receivables.

CLAUSE 13.6(b)

      For the purposes of clause 13.6(b) of the Master Trust Deed, insert the
      words "or 7.7(c) (as the case maybe)" after "clause 13.8(g)" in the last
      line.

CLAUSE 13.7 - DEALER AGREEMENT

      The Trustee will enter into the Dealer Agreement.

CLAUSE 13.8

      For the purposes of clause 13.8 of the Master Trust Deed, insert a new
      paragraph (g) as follows.

      "(g)  (transfer of benefit of Receivables) subject to payment of the
            amount referred to in paragraph (e), hold automatically by virtue of
            this deed and without any further act or instrument or other thing
            being done or brought into existence, the benefit of the Portfolio
            of Receivables referred to in the corresponding Note Issue Direction
            with effect from the Note Issue Date as trustee of the relevant
            Trust (together with the benefit with effect from the Note Issue
            Date of all Receivables, Related Securities, Support Facilities and
            other rights and entitlements relating to the Portfolio of
            Receivables)."

CLAUSE 13.9 - ACTION FOLLOWING NOTE ISSUE DIRECTION

      For the purposes of the Trust, clause 13.9 in the Master Trust Deed is
      deleted and the provisions of that clause 13.9 are as follows.

      As soon as practicable after a Note Issue Date for a Trust:

      (a)   in relation to Registered Notes only:

            (i)   (enter details in the Register) the Trustee shall enter into
                  the Register for that Trust in accordance with clause 16 the
                  information required under clause 16.1;

            (ii)  (issue Note Acknowledgement) the Trustee shall issue a Note
                  Acknowledgement to each Registered Noteholder in respect of
                  its holding of Registered Notes; and

            (iii) (issue Marked Note Transfers) if requested by a Registered
                  Noteholder in its Application for Notes, the Trustee shall
                  issue a Marked Note Transfer to the Registered Noteholder; and

      (b)   in relation to Class A Notes only, the Trustee shall issue those
            Class A Notes in accordance with the Note Trust Deed and this Series
            Notice.

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CLAUSES 14, 15, 16 AND 17

      For the purposes of the Trust, clauses 14, 15, 16 and 17 in the Master
      Trust Deed are deleted and the provisions of those clauses 14, 15, 16 and
      17 are as follows.

      14.   TRANSFERS OF NOTES

      14.1  No restrictions on transfer of Notes

      Subject to the Master Trust Deed and this Series Notice, there shall be no
      restriction on the transfer of Notes.

      14.2  Minimum transfer

      (a)   A Registered Noteholder must not transfer any Registered Notes held
            by it unless:

            (i)   the amount payable by the transferee for those Registered
                  Notes is not less than A$500,000; or

            (ii)  the offer or invitation to the transferee by the Registered
                  Noteholder in relation to the Registered Notes is an excluded
                  offer or an excluded invitation for the purposes of the
                  Corporations Act.

      (b)   A Noteholder must not transfer any Class A Notes except in
            accordance with the provisions of the Financial Services and Markets
            Act 2000 (UK) and all regulations made under or in relation to that
            Act and the Public Offers of Securities Regulations 1995 (as
            amended) and in accordance with the provisions of clause 3.6 of the
            Note Trust Deed.

      (c)   None of the Trustee, the Trust Manager, the Note Trustee, the
            Servicer or an Approved Seller is liable to any Noteholder in
            relation to a breach by that Noteholder of paragraph (b).

      14.3  Form of transfer

      Every transfer of Registered Notes shall be effected by a Note Transfer.

      14.4  Execution of Note Transfer

      Every Note Transfer shall be duly completed and executed by the transferor
      and transferee.

      14.5  Stamping of Note Transfer

      Every Note Transfer lodged with the Trustee shall be duly stamped (if
      applicable).

      14.6  Delivery of Note Transfer to Trustee

      Every Note Transfer shall be delivered to the Trustee together with the
      Note Acknowledgement to which it relates for registration.

      14.7  Registration of Transferee as Registered Noteholder

      Subject to this clause 14, the Trustee shall on receipt of a Note Transfer
      enter the transferee in the Register as the holder of the Registered Notes
      which are the subject of the Note Transfer.

      14.8  Trustee entitled to refuse to register Registered transfer

      The Trustee may refuse to register any Note Transfer which would result
      in:

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      (a)   (breach) a contravention of or failure to observe:

            (i)   (Master Trust Deed) the terms of the Master Trust Deed;

            (ii)  (Series Notice) this Series Notice;

            (iii) (Security Trust Deed) the Security Trust Deed; or

            (iv)  (the Law) any law of an Australian Jurisdiction; or

      (b)   (requires registration) an obligation to procure registration of any
            of the above with, or the approval of any of the above by, any
            Government Agency.

      14.9  Refusal to register absolute

      The Trustee shall not be bound to give any reason for refusing to register
      any Note Transfer and its decision shall be final, conclusive and binding.
      If the Trustee refuses to register a Note Transfer it shall as soon as
      practicable (and in no event later than 7 days after the date the Note
      Transfer was lodged with it) send to the transferor and the transferee
      notice of such refusal.

      14.10 No fee for registration of a Note Transfer

      No fee shall be charged for the registration of any Note Transfer.

      14.11 Taking effect of Note Transfers

      (a)   (Note Transfer not effective until registration) A Note Transfer
            shall not take effect until registered by the Trustee and until the
            transferee is entered in the Register as the holder of the
            Registered Notes which are the subject of the Note Transfer, the
            transferor shall remain the holder of those Registered Notes.

      (b)   (Transfer received when Register closed) When a Note Transfer is
            received by the Trustee during any period when the Register is
            closed for any purpose, the Trustee shall not register the Note
            Transfer until the next Business Day on which that Register is
            reopened.

      14.12 Rights and obligations of transferee

      Subject to the Master Trust Deed and this Series Notice, a transferee of
      Registered Notes on being noted in the Register as the holder of the
      Registered Notes shall have the following rights and obligations:

      (a)   (those of the transferor) all the rights and the obligations which
            the transferor previously had; and

      (b)   (those under Master Trust Deed) all the rights and obligations of a
            Noteholder as provided by the Master Trust Deed and this Series
            Notice as if the transferee was originally a party to the Master
            Trust Deed and this Series Notice.

      14.13 Payments to transferee

      Subject to the Master Trust Deed (including clause 35.1 of the Master
      Trust Deed), on the entry of a transferee of Registered Notes in the
      Register the transferee shall become entitled to receive any payments then
      due or which may become due to the holder of the relevant Registered Notes
      (including whether or not the entitlement to payment wholly or partly

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      arose or accrued prior to the transfer and the Trustee shall be discharged
      for any such payment made to the transferee).

      14.14 Transmission of entitlements

      (a)   (Election) Any person becoming entitled to Registered Notes as a
            result of the death, mental incapacity or bankruptcy of a Registered
            Noteholder may, on producing such evidence as the Trustee requires
            of their entitlement, elect to be either registered as the
            Registered Noteholder or to transfer the Registered Notes in the
            manner specified in this clause.

      (b)   (Method of election) If an entitled person elects to be registered
            as the Registered Noteholder, the person shall deliver to the
            Trustee a notice in writing to this effect signed by the person. If
            the person elects to have another person registered he or she shall
            execute a Note Transfer in relation to the Registered Notes in
            favour of that person. All the provisions of the Master Trust Deed
            and this Series Notice relating to the transfer of Registered Notes
            and the registration of Note Transfers shall be applicable to any
            such notice or Note Transfer as if the death, mental incapacity or
            bankruptcy of the Registered Noteholder had not occurred and the
            notice or Note Transfer was a Note Transfer executed by the
            Registered Noteholder.

      (c)   (Discharge) A person entitled to Registered Notes under this clause
            shall be entitled to receive and may give a good discharge for all
            moneys payable in respect of such Registered Notes but, except as
            otherwise provided by the Master Trust Deed and this Series Notice,
            shall not be entitled to any of the rights or privileges of a
            Registered Noteholder unless and until the person is entered in the
            Register as the holder of those Registered Notes.

      14.15 Marked Note Transfer

      (a)   (Entitlement to marking) A Registered Noteholder may from time to
            time request the Trustee to provide the Registered Noteholder with a
            Marked Note Transfer.

      (b)   (Marking) The Registered Noteholder shall deliver a Note Transfer to
            the Trustee and the Trustee shall mark the Note Transfer in such
            manner as agreed from time to time by the Trustee and the Trust
            Manager and issue the same to the Registered Noteholder.

      (c)   (Trustee will not register transfer) Until the expiry of 90 days (or
            any substitute period as the Trustee and Trust Manager agree from
            time to time and as advised to Registered Noteholders) from the date
            on which the Note Transfer was marked, the Trustee shall not
            register any transfer of Registered Notes relating to the Marked
            Note Transfer otherwise than on that Marked Note Transfer.

      (d)   (No extension by closing of Register) The period referred to in
            sub-paragraph (c) shall not be extended by the closing of the
            Register for any purpose.

      (e)   (Delivery) A Marked Note Transfer shall be issued to a Registered
            Noteholder by personal delivery at the time the Registered
            Noteholder attends the offices of the

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            Trustee (or such other place nominated by the Trustee) for the
            marking of the Note Transfer by the Trustee.

      14.16 Reliance on documents

      The Trustee shall be entitled to accept and assume the authenticity and
      genuineness of any Note Transfer or other document produced to it to be
      duly executed. The Trustee shall not be bound to enquire into the
      authenticity or genuineness of any Note Transfer or other document, nor
      shall it incur any liability for registering any Note Transfer which is
      subsequently discovered to be a forgery or otherwise defective, unless the
      Trustee had actual notice of such forgery or defect at the time of
      registration of such Note Transfer.

      14.17 Specimen signatures

      The Trustee may (but need not) require each Registered Noteholder to
      submit specimen signatures (and in the case of a corporation may require
      those signatures to be authenticated by the secretary or director of such
      Registered Noteholder) of persons authorised to execute Note Transfers on
      behalf of such Registered Noteholder and shall be entitled to assume
      (until notified to the contrary) that such authority has not been revoked.

      14.18 Notes lodged with Austraclear

      If Registered Notes are lodged into the Austraclear System, the Trustee
      shall enter Austraclear in the Register as the holder of those Registered
      Notes. While those Registered Notes remain in the Austraclear System:

      (a)   all payments and notices required of the Trustee and the Trust
            Manager in relation to those Registered Notes will be directed to
            Austraclear; and

      (b)   all dealings (including transfers) and payments in relation to those
            Registered Notes within the Austraclear System will be governed by
            the Austraclear Regulations and need not comply with this clause 14
            to the extent of any inconsistency.

      15.   NOTE ACKNOWLEDGEMENT

      15.1  Issue of Note Acknowledgement

      When a person has been entered in the Register as the holder of Registered
      Notes, as soon as practicable (and in any event no later than 5 Business
      Days or such shorter period specified in the relevant Series Notice or as
      otherwise agreed by the Trustee with the person or the Trust Manager)
      thereafter, the Trustee shall issue a Note Acknowledgement to that person
      in respect of those Registered Notes. If the person has been entered into
      the Register under a Note Transfer and the transferor continues to retain
      a holding of Registered Notes, the Trustee shall within the same period
      stated above issue to the transferor a Note Acknowledgement in respect of
      that retained holding of Registered Notes. No certificates will be issued
      in respect of Registered Notes.

      15.2  Note Acknowledgement not certificate of title

      A Note Acknowledgement shall not be a certificate of title as to
      Registered Notes and the Register shall be the only conclusive evidence of
      the ownership of Registered Notes and the entitlements under them. A Note
      Acknowledgement cannot be pledged or deposited as

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      security nor can a Registered Note be transferred by delivery of only a
      Note Acknowledgement.

      15.3  Execution of Note Acknowledgement

      Each Note Acknowledgement shall be signed on behalf of the Trustee
      manually, or in facsimile by mechanical or electronic means, by any
      Authorised Signatory of the Trustee. If any Authorised Signatory of the
      Trustee whose signature appears on a Note Acknowledgement dies or
      otherwise ceases to be an Authorised Signatory before the Note
      Acknowledgement has been issued, the Trustee may nevertheless issue the
      Note Acknowledgement.

      15.4  More than one Note Acknowledgement

      If a Registered Noteholder wishes to receive more than one Note
      Acknowledgement it shall return its Note Acknowledgement to the Trustee
      and at the same time request in writing the issue of a specified number of
      separate Note Acknowledgements. Subject to clause 10.5, the Trustee shall
      then cancel the original Note Acknowledgement and issue in lieu separate
      Note Acknowledgements. A fee prescribed by the Trustee (not exceeding $10
      for each Note Acknowledgement) shall be paid by the Registered Noteholder
      to the Trustee.

      15.5  Worn out, defaced or lost Note Acknowledgement

      If any Note Acknowledgement is worn out or defaced then on production to
      the Trustee it may cancel the same and may issue a new Note
      Acknowledgement. If any Note Acknowledgement is lost or destroyed then on
      proof to the satisfaction of the Trustee, and on such indemnity as the
      Trustee may consider adequate having been given, a new Note
      Acknowledgement shall be given to the person entitled to such lost or
      destroyed Note Acknowledgement. An entry as to the issue of the new Note
      Acknowledgement and of the indemnity (if any) shall be made in the
      Register. A fee prescribed by the Trustee (not exceeding $10) shall be
      paid by the person requesting the new Note Acknowledgement to the Trustee.

      15.6  Joint holdings

      If a single parcel of Registered Notes is held by more than one person,
      only the person whose name stands first in the Register in relation to
      that parcel of Registered Notes shall be entitled to:

      (a)   be issued the relevant Note Acknowledgement and, if applicable, a
            Marked Note Transfer;

      (b)   be given any notices; and

      (c)   be paid any moneys due in respect of such Registered Notes.

      15.7  Delivery of Note Acknowledgement

      A Note Acknowledgement may be sent to the relevant Registered Noteholder
      by mail or by personal delivery to the Registered Noteholder's address
      appearing in the Register and the Note Acknowledgement so sent shall be at
      the risk of that Registered Noteholder.

      16.   THE REGISTER

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      16.1  Details to be kept on Register

      The Trustee shall keep or cause to be kept a register with respect to the
      Trust, on which shall be entered the following information relating to the
      Trust:

      (a)   (name) the name of the Trust;

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

      (c)   (Note Issue Dates) the Note Issue Dates for Registered Notes issued
            in relation to the Trust;

      (d)   (Conversion Date) the date on which each RFS was converted to an RFS
            Class A Note under clause 5.4 of this Series Notice;

      (e)   (Initial Invested Amount) the total Initial Invested Amount of
            Registered Notes issued on each Note Issue Date;

      (f)   (Invested Amount) the Invested Amount of each Registered Note or
            Class of Registered Notes from time to time;

      (g)   (Stated Amount) the Stated Amount of each Registered Note or Class
            of Registered Notes from time to time;

      (h)   (Series) details of relevant Classes of Registered Notes;

      (i)   (details of Registered Noteholders) the name and address of each
            Registered Noteholder;

      (j)   (number of Registered Notes) the number of Registered Notes held by
            each Registered Noteholder;

      (k)   (Note Acknowledgement) the serial number of each Note
            Acknowledgement issued to each Registered Noteholder;

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

      (m)   (date of cessation) the date on which a person ceased to be a
            Registered Noteholder;

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

      (o)   (details) where applicable, Payment Dates, Principal Repayment
            Dates, Maturity Dates, Margin and Step-Up Margin on the Notes;

      (p)   (payments) a record of each payment in respect of the Registered
            Notes in relation to the Trust; and

      (q)   (tax file number) a record that the Trustee has (or has not)
            received the tax file number for each Registered Noteholder; and

      (r)   (additional information) such other information as:

            (i)   is required by this Series Notice;

            (ii)  the Trustee considers necessary or desirable; or

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            (iii) the Trust Manager reasonably requires.

      16.2  Asset register

      The Trustee shall keep or cause to be kept an asset register with respect
      to the Trust, in which shall be entered the Authorised Investments and
      other Assets of the Trust (other than Purchased Receivables and the
      related Receivable Rights) entered into the relevant asset register on an
      individual basis.

      16.3  Place of keeping Register, copies and access

      The Register shall be:

      (a)   (place kept) kept at the Trustee's principal office in Sydney or at
            such place as the Trustee and the Trust Manager may agree;

      (b)   (access to Trust Manager and Auditor) open to the Trust Manager and
            the Auditor of the Trust to which it relates to inspect during
            normal business hours;

      (c)   (inspection by Registered Noteholders) open for inspection by a
            Registered Noteholder during normal business hours but only in
            respect of information relating to that Registered Noteholder; and

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

      16.4  Details on Register conclusive

      (a)   (Reliance on Register) The Trustee shall be entitled to rely on the
            Register in clause 16.1 as being a correct, complete and conclusive
            record of the matters set out in it at any time and whether or not
            the information shown in the Register is inconsistent with any other
            document, matter or thing.

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

      (c)   (Register not to be signed) The Trustee shall ensure that it does
            not sign or otherwise execute any entry in a Register.

      16.5  Closing of Register

      The Trustee may:

      (a)   without prior notice to the Noteholders close the Register in clause
            16.1:

            (i)   in relation to all Notes (other than with respect to the
                  conversion of RFSs under clause 5.4), each period from the
                  close of business (Sydney time) on the Business Day preceding
                  each Payment Date to close of business on that Payment Date;

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            (ii)  in relation to the conversion of RFSs under clause 5.4, each
                  period from the close of business (Sydney time) on the day
                  which is 5 Business Days before the proposed conversion date
                  to close of business on that conversion date; or

            (iii) when required for the Auditor to conduct any audit in relation
                  to the Trust; or

      (b)   with prior notice to each Noteholder who holds a Registered Note,
            close the Register for other periods not exceeding 30 days (or such
            other period of time as agreed between the Trustee and the Trust
            Manager, with the approval of an Extraordinary Resolution of
            Registered Noteholders) in aggregate in any calendar year.

      16.6  Alteration of details on Register

      On the Trustee being notified of any change of name or address or payment
      or other details of a Registered Noteholder by the Registered Noteholder,
      the Trustee shall alter the Register accordingly as soon as reasonably
      practicable (and in any event within 5 Business Days of receipt of that
      notice).

      16.7  Certification of Register

      If:

      (a)   an entry is omitted from the Register;

      (b)   an entry is made in the Register otherwise than in accordance with
            the Master Trust Deed or this Series Notice;

      (c)   an entry wrongly exists in the Register;

      (d)   there is an error, omission, misdescription or defect in any entry
            in the Register; or

      (e)   default is made or unnecessary delay takes place in entering in the
            Register that any person has ceased to be the holder of Registered
            Notes,

      the Trustee shall rectify the same upon becoming aware of it.

      16.8  Correctness of Register

      Neither the Trust Manager nor the Trustee shall be liable for any mistake
      in the Register or in any purported copy except to the extent that the
      mistake is attributable to its fraud, negligence or breach of trust.

      16.9  Trust Manager must provide information

      The Trust Manager must provide the Trustee and any person appointed in
      accordance with clause 21.4 with such information as the Trustee may
      reasonably require to maintain the Register.

      16.10 Third party registrar

      The Trustee may cause the Register to be maintained by a third party on
      its behalf and require that person to discharge the Trustee's obligations
      under the Master Trust Deed and this Series Notice in relation to the
      Register.

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      17.   DETERMINATIONS BY NOTEHOLDERS

      17.1  Class A Noteholders

      (a)   Any proposal requiring the consent of Class A Noteholders will be
            determined in accordance with the Note Trust Deed.

      (b)   The provisions of this clause 17, other than this clause 17.1, shall
            not apply to Class A Notes.

      17.2  Convening of meetings by Trustee and Trust Manager

      (a)   The Trustee or the Trust Manager may at any time convene a meeting
            of the Registered Noteholders or Class of Registered Noteholders.

      (b)   Registered Noteholders or a Class of Registered Noteholders holding
            in aggregate not less than 20% of the Invested Amounts of all
            Registered Notes or in that Class, may at any time convene a meeting
            of the Registered Noteholders or Class, as the case may be.

      17.3  Notice of meetings

      (a)   (Period of notice) Subject to clause 17.3(b) at least 7 days' notice
            (inclusive of the day on which the notice is given and of the day on
            which the meeting is held) of a meeting of all Registered
            Noteholders or any Class of Registered Noteholders of a Trust shall
            be given to the relevant Registered Noteholders of the Trust.

      (b)   (Short notice) Notwithstanding clause 17.3(a), if it is so agreed by
            a majority in number of the Registered Noteholders or the Class (as
            the case may be) having the right to attend and vote at the meeting,
            being a majority that together hold at least 95% of the then
            outstanding Registered Notes or the Class, a resolution may be
            proposed and passed at a meeting of which less than 7 days' notice
            has been given.

      (c)   (Failure to give notice) The accidental omission to give notice to
            or the non-receipt of notice by any Registered Noteholder shall not
            invalidate the proceedings at any meeting.

      (d)   (Copies) A copy of a notice convening a meeting shall be given by
            the Trustee or the Trust Manager convening the meeting to the other,
            and also to the Beneficiary and the Designated Rating Agencies.
            Failure to give such a notice in accordance with this clause shall
            invalidate the meeting unless the party who has not received the
            notice waives the invalidation.

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

      (f)   (Contents of a notice) Notice of a meeting of Registered Noteholders
            shall specify:

            (i)   (time etc) the day, time and place of the proposed meeting;

            (ii)  (agenda) the agenda of the business to be transacted at the
                  meeting;

            (iii) (proposed resolution) the terms of any proposed resolution;

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            (iv)  (closing of Register) that the persons appointed to maintain
                  the relevant Register for the purpose of determining those
                  entitled to attend may not register any Registered Note
                  Transfer in the period of 2 Business Days prior to the
                  meeting;

            (v)   (appointment of proxies) that appointments of proxies must be
                  lodged no later than 24 hours prior to the time fixed for the
                  meeting; and

            (v)   (additional information) such additional information as the
                  person giving the notice thinks fit.

      17.4  Chairman

      The Trustee may nominate a person to be chairman of a meeting which has
      been convened by the Trustee or the Trust Manager. The chairman need not
      be a Registered Noteholder and may be a representative of the Trustee. If
      such a person is not present or is present but unwilling to act, then the
      Registered Noteholders present may choose a Noteholder to be the chairman.

      17.5  Quorum

      At any meeting any two or more persons present in person being Registered
      Noteholders holding, or Representatives holding or representing, in the
      aggregate not less than 75% of the Invested Amounts of all Registered
      Notes or constituting the Class (as the case may be) and then outstanding
      shall form a quorum for the transaction of business and no business (other
      than the choosing of a chairman) shall be transacted at any meeting unless
      the requisite quorum is present at the commencement of business.

      17.6  Adjournment

      (a)   (Quorum not present) If within 15 minutes from the time appointed
            for any meeting a quorum is not present, the meeting shall stand
            adjourned (unless the Trustee agrees that it be dissolved) for such
            period, not being less than 7 days nor more than 42 days, as may be
            appointed by the chairman. At such adjourned meeting two or more
            persons present in person being Registered Noteholders holding, or
            being Representatives holding or representing, in the aggregate not
            less than 50% of the Invested Amounts of all Registered Notes or
            constituting the Class (as the case may be) and then outstanding
            (whatever the Registered Notes so held or represented) shall form a
            quorum and shall have the power to pass any resolution and to decide
            on all matters which could properly have been dealt with at the
            meetings from which the adjournment took place had a quorum been
            present at such meeting.

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

      (c)   (Notice of adjourned meeting) At least 5 days' notice of any meeting
            adjourned through want of a quorum shall be given in the same manner
            as for the original meeting and such notice shall state the quorum
            required at such adjourned

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            meeting. It shall not, however, otherwise be necessary to give any
            notice of an adjourned meeting.

      17.7  Voting procedure

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

      (b)   (Declaration) At any meeting, unless a poll is (before or on the
            declaration of the result of the show of hands) demanded, a
            declaration by the chairman that a resolution has been carried by a
            particular majority or lost or not carried by any particular
            majority is conclusive evidence of the fact without proof of the
            number or proportion of the votes recorded in favour of or against
            such resolution.

      (c)   (Poll) If at any meeting a poll is demanded by the chairman, the
            Trustee or the Trust Manager or by one or more persons being
            Registered Noteholders holding, or being Representatives holding or
            representing, in aggregate not less than 2% of the Registered Notes
            or constituting the Class (as the case may be) and then outstanding,
            it shall be taken in such manner and (subject to this clause) either
            at once or after such an adjournment as the chairman directs and the
            result of such poll shall be deemed to be the resolution of the
            meeting at which the poll was demanded as at the date of the taking
            of the poll. The demand for a poll shall not prevent the continuance
            of the meeting for the transaction of any business other than the
            question on which the poll has been demanded. The demand for a poll
            may be withdrawn.

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

      (e)   (Votes) Subject to clause 17.7(a), at any meeting:

            (i)   on a show of hands, every person present being a Registered
                  Noteholder holding, or being a Representative holding or
                  representing, then outstanding Registered Notes shall have one
                  vote; and

            (ii)  on a poll, every person present shall have one vote for each
                  Registered Note then outstanding that he or she holds or in
                  respect of which he or she is a Representative as stated in
                  the relevant Register at the date the notices are dispatched
                  to Registered Noteholders for the meeting.

            Any person entitled to more than one vote need not use all his or
            her votes or cast all his or her votes to which he or she is
            entitled in the same way.

      17.8  Right to attend and speak

      The Trustee, the Trust Manager and the relevant Beneficiary (through their
      respective representatives) and their respective financial and legal
      advisers shall be entitled to attend and speak at any meeting of the
      Registered Noteholders or any Class (as the case may be).

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      No person shall otherwise be entitled to attend or vote at any meeting of
      the Registered Noteholders or any Class (as the case may be) unless he or
      she holds outstanding Registered Notes or is a Representative holding or
      representing such Registered Notes.

      17.9  Appointment of proxies

      (a)   (Requirements) Each instrument appointing a proxy shall be in
            writing and, together (if so required by the Trustee) with proof
            satisfactory to the Trustee of its due execution, shall be deposited
            at the registered office of the Trustee or at such other place as
            the Trustee shall designate or approve not less than 24 hours before
            the time appointed for holding the meeting or adjourned meeting at
            which the named proxy proposes to vote and in default, the
            instrument or proxy shall be treated as invalid unless the chairman
            of the meeting decides otherwise before such meeting or adjourned
            meeting proceeds to business. A notarially certified copy proof (if
            applicable) of due execution shall if required by the Trustee be
            produced by the proxy at the meeting or adjourned meeting but the
            Trustee shall not be obliged to investigate or be concerned with the
            validity of, or the authority of, the proxy named in any such
            instrument. Any person may act as a proxy whether or not that person
            is a Registered Noteholder.

      (b)   (Proxy remains valid) Any vote given in accordance with the terms of
            an instrument of proxy conforming with clause 17.9(a) shall be valid
            notwithstanding the previous death or insanity of the principal,
            revocation or amendment of the proxy or of any of the Registered
            Noteholder's instructions under which it was executed, so long as no
            intimation in writing of such death, insanity, revocation or
            amendment is received by the Trustee at its registered office or by
            the chairman of the meeting in each case not less than 24 hours
            before the commencement of the meeting or adjourned meeting at which
            the proxy is used.

      17.10 Corporate representatives

      A person authorised under section 250D of the Corporations Act by a
      Registered Noteholder being a body corporate to act for it at any meeting
      shall, in accordance with his or her authority until his or her authority
      is revoked by the body corporate concerned, be entitled to exercise the
      same powers on behalf of that body corporate as that body corporate could
      exercise if it were an individual Registered Noteholder and shall be
      entitled to produce evidence of his or her authority to act at any time
      before the time appointed for the holding of or at the meeting or
      adjourned meeting or for the taking of a poll at which he proposes to
      vote.

      17.11 Rights of Representatives

      A Representative of a Registered Noteholder shall have the right to demand
      or join in demanding a poll and shall (except and to the extent to which
      the Representative is specially directed to vote for or against any
      proposal) have power generally to act at a meeting for the Registered
      Noteholder. The Trustee, the Trust Manager and any officer of the Trustee
      and the Trust Manager may be appointed a Representative.

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      17.12 Powers of a meeting of Registered Noteholders

      (a)   (Powers) Subject to the Security Trust Deed, a meeting of the
            Registered Noteholders shall, without prejudice to any rights or
            powers conferred on other persons by the Transaction Documents, only
            have power exercisable by Extraordinary Resolution:

            (i)   to sanction any action that the Trustee, the Trust Manager or
                  the relevant Servicer proposes to take to enforce the
                  provisions of any Transaction Document;

            (ii)  to sanction any proposal by the Trust Manager, the Trustee or
                  the relevant Servicer for any modification, abrogation,
                  variation or compromise of, or arrangement in respect of, the
                  rights of the Registered Noteholders against the Trustee, the
                  Trust Manager, an Approved Seller or the relevant Servicer
                  whether such rights arise under any Transaction Document or
                  otherwise;

            (iii) to sanction the exchange or substitution of Registered Notes
                  for or the conversion of Registered Notes into, other
                  obligations or securities of the Trustee or any other body
                  corporate formed or to be formed;

            (iv)  under clause 36.2 of the Master Trust Deed, to consent to any
                  alteration, addition or modification of any Transaction
                  Document which shall be proposed by the Trustee or the Trust
                  Manager;

            (v)   to discharge or exonerate the Trustee, the Trust Manager, an
                  Approved Seller or the relevant Servicer from any liability in
                  respect of any act or omission for which it may become
                  responsible under any Transaction Document;

            (vi)  to authorise the Trustee, the Trust Manager, the relevant
                  Servicer or any other person to concur in and execute and do
                  all such documents, acts and things as may be necessary to
                  carry out and give effect to any Extraordinary Resolution; and

            (vii) to exercise any other power expressly granted under a Series
                  Notice.

      (b)   (No power) A meeting of the Registered Noteholders shall not have
            power to, nor shall any resolution submitted to the meeting propose
            or have the effect of:

            (i)   removing the Servicer or the Trust Manager from office;

            (ii)  interfering with the management of the Trust;

            (iii) winding up or terminating the Trust (except as contemplated by
                  clause 17.12(a)(vii));

            (iv)  altering the Authorised Investments of the Trust;

            (v)   amending any Transaction Document (except as contemplated by
                  clause 17.12(a)); or

            (vi)  altering the Coupon Payment Dates, Principal Payment Dates,
                  Coupons, Principal Entitlements or the other terms of the
                  Series Notice (subject to clause 17.12(a)(iii)).

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      17.13 Extraordinary Resolution binding on Registered Noteholders

      An Extraordinary Resolution passed at a meeting of the Registered
      Noteholders or of any Class duly convened and held in accordance with this
      deed shall be binding on all the Registered Noteholders or of the Class
      whether or not present at such meeting. Each of the Registered Noteholders
      or of the Class (as the case may be), the Trustee and the Trust Manager
      shall be bound to give effect to that resolution accordingly.

      17.14 Minutes and records

      Minutes of all resolutions and proceedings at every meeting of the
      Registered Noteholders of a Trust or any Class (as the case may be) shall
      be made and duly entered in the books to be from time to time provided for
      that purpose by the Trustee and any such minutes purporting to be signed
      by the chairman of the meeting at which such resolutions were passed or
      proceedings transacted or by the chairman of the next succeeding meeting
      of the Registered Noteholders or of the Class (as the case may be) shall
      be conclusive evidence of those matters and until the contrary is proved
      every such meeting in respect of the proceedings of which minutes have
      been made and signed shall be deemed to have been duly convened and held
      and all resolutions passed or proceedings transacted at such meeting to
      have been duly passed and transacted.

      17.15 Written resolutions

      Notwithstanding the preceding provisions of this clause 17, a resolution
      of the Registered Noteholders or any Class (including an Extraordinary
      Resolution) may be passed, without any meeting or previous notice being
      required, by an instrument or instruments in writing which has or have:

      (a)   in the case of a resolution (including an Extraordinary Resolution)
            of the Registered Noteholders or any Class, been signed by all
            Registered Noteholders or the Class (as the case may be); and

      (b)   any such instrument shall be effective on presentation to the
            Trustee for entry in the records referred to in clause 17.14.

      17.16 Further procedures for meetings

      Subject to all other provisions contained in this deed, the Trustee may
      without the consent of the Registered Noteholders or any Class prescribe
      such further regulations regarding the holding of meetings of the
      Registered Noteholders or any Class of Registered Noteholders and
      attendance and voting at such meetings as the Trustee may with the
      agreement of the Trust Manager determine including particularly (but
      without prejudice to the generality of the above) such regulations and
      requirements as the Trustee thinks reasonable:

      (a)   (entitlement to vote) so as to satisfy itself that persons who
            purport to attend or vote at any meeting of the Registered
            Noteholders or any Class of Registered Noteholders are entitled to
            do so in accordance with this deed; and

      (b)   (forms of Representative) as to the form of appointment of a
            Representative,

      but the Trustee may not decrease the percentage of Registered Noteholders
      required to pass an Extraordinary Resolution or an ordinary resolution.

CLAUSE 18.3 - NOTE ISSUANCE

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      For the purpose of clause 18.3(a) of the Master Trust Deed (but subject to
      the conditions contained in clause 18.3 of the Master Trust Deed), the
      Trust Manager has the following additional express powers:

      (a)   to negotiate with any Lead Manager and any Manager in relation to
            the issue of relevant Notes;

      (b)   to invite bids from any Lead Manager or Manager for relevant Notes
            on behalf of the Trustee; and

      (c)   to accept any such bid on behalf of the Trustee.

CLAUSE 18.9 - ACCOUNTING FOR MONEYS RECEIVED

      For the purposes of clause 18.9(a) of the Master Trust Deed, the Trust
      Manager will pay to the Trustee, within 5 Business Days of receipt, all
      moneys coming into its hand belonging to the Trust or payable to the Trust
      by the Trust Manager.

CLAUSE 18.10 - REUTERS

      The Trust Manager will, on or promptly after each Notice Date, prepare and
      arrange for the publication on Reuters Screen page WST/SEC16 to WST/SEC17
      (or another similar electronic reporting service, in the case of Class A
      Notes approved by the Note Trustee and notified to Class A Noteholders) of
      summary pool performance data for that Trust in a format similar to that
      used by other mortgage-backed securities or asset-backed securities (as
      the case may be) in the Australian market in relation to the Registered
      Notes, and in the London market in relation to Class A Notes. In the case
      of the Class A Notes, this includes:

      (a)   details of the Class A Notes (including the then Stated Amount,
            Coupon Rate, relevant Coupon, the relevant Payment Date, the Initial
            Invested Amount and the then Invested Amount);

      (b)   the Class A Bond Factor; and

      (c)   statistics relating to Arrears on Purchased Receivables.

CLAUSE 21.2

      For the purposes of clause 21.2 of the Master Trust Deed, the following
      new paragraphs (v) to (z) are inserted and the existing paragraph (v)
      becomes paragraph (aa).

      (v)   (clearing systems) to lodge Notes, or arrange for Notes to be
            lodged, with DTC, or a depository for DTC;

      (w)   (currency conversion) convert currencies on such terms and
            conditions as the Trust Manager thinks fit and that are acceptable
            to the Trustee acting reasonably;

      (x)   (stock exchange) list and maintain the listing of the Notes on any
            stock exchange;

      (y)   (Note Trustee) appoint a note trustee in respect of a relevant
            Trust;

      (z)   (Paying Agents) appoint paying agents in respect of a relevant
            Trust; and"

CLAUSE 24.11 - Outgoing Trustee to retain lien

      For the purposes of clause 24.11 of the Master Trust Deed, the term
      "24.8(c)" in line two is replaced with "24.9(c)".

--------------------------------------------------------------------------------
                                                                         Page 90

<PAGE>

Series 2002-1G WST Trust Series Notice                    Allens Arthur Robinson

--------------------------------------------------------------------------------

CLAUSE 29.2 - Location and inspection of books

      For the purposes of clause 29.2 of the Master Trust Deed, the words "the
      Note Trustee," are inserted immediately after the words "and shall be open
      to the inspection of".

CLAUSE 33.14

      For the purposes of clause 33.14 of the Master Trust Deed, insert a new
      paragraph (f) as follows:

      "(f)  (for acts of Note Registrar) for any act, omission or default of any
            Note Registrar appointed under the relevant Agency Agreement or Note
            Trust Deed, in relation to its duties and obligations under the
            relevant Agency Agreement or Note Trust Deed, except where the Note
            Registrar is the Trustee."

CLAUSE 34.2 - NOTICES TO NOTEHOLDERS

      (a)   A notice, request or other communication by the Trustee, the Trust
            Manager or a Servicer to Registered Noteholders shall be deemed to
            be duly given or made by:

            (i)   an advertisement placed on a Business Day in The Australian
                  Financial Review (or other nationally distributed newspaper);
                  or

            (ii)  mail, postage prepaid, to the address of the Registered
                  Noteholders as shown on the Register. Any notice so mailed
                  shall be conclusively presumed to have been duly given whether
                  or not the Registered Noteholder actually receives the notice.

      (b)   A notice, request or other communication by the Trustee, the Trust
            Manager, the Note Trustee or a Servicer to Class A Noteholders shall
            be deemed to be duly given or made if given or made in accordance
            with the relevant Condition 12.

CLAUSE 35 - PAYMENTS GENERALLY

      35.1  Payments to Noteholders

      (a)   Any payment made by or on behalf of the Trustee in respect of any
            Registered Note shall be made to the person whose name is, on the
            Record Date, entered in the Register as the registered owner of the
            relevant Registered Note (or in the case of joint registered owners,
            to the person whose name first appears in the Register).

      (b)   Any payment by or on behalf of the Trustee in respect of any Class A
            Note shall be made in accordance with the Note Trust Deed and the
            Agency Agreement.

      35.2  Payment Methods - Registered Notes

      Any moneys payable by the Trustee, the Trust Manager or the Servicer to a
      Registered Noteholder or to a Beneficiary under the Master Trust Deed and
      this Series Notice shall be paid by the Trustee in Sydney or if the
      Trustee elects may be paid by:

      (a)   (cheque) crossed not negotiable cheque in favour of the Registered
            Noteholder or the Beneficiary (as the case may be) and despatched by
            post to the address of the Registered Noteholder shown in the
            Register on the Record Date or to the address of the Beneficiary for
            the purposes of clause 34;

      (b)   (electronic transfer) electronic transfer through Austraclear;

--------------------------------------------------------------------------------
                                                                         Page 91

<PAGE>

Series 2002-1G WST Trust Series Notice                    Allens Arthur Robinson

--------------------------------------------------------------------------------

      (c)   (direct payment) by direct transfer to a designated account of the
            Registered Noteholder or the Beneficiary held with a bank or other
            financial institution in Australia; or

      (d)   (other agreed manner) any other manner specified by the Registered
            Noteholder or the Beneficiary (as the case may be) and agreed to by
            the Trust Manager and the Trustee.

      35.3  Payment to be made on Business Day

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

      35.4  Payment good discharge

      (a)   There is a full satisfaction of the moneys payable under a
            Registered Note, and a good discharge to the Trustee, the Trust
            Manager or the Servicer (as the case may be) in relation to that
            Registered Note, when the cheque is despatched by post in accordance
            with clause 35.2(a) or, if not posted, delivered to the Registered
            Noteholder or as directed by the Registered Noteholder. None of the
            Trustee, the Trust Manager or the Servicer shall be responsible for
            any moneys which are not credited to the bank account of a
            Registered Noteholder or a Beneficiary if the Trustee's bank has
            been instructed to effect the direct transfer referred to in clause
            35.2(c).

      (b)   There is a full satisfaction of the moneys payable under a Class A
            Note, and a good discharge to the Trustee, the Trust Manager or the
            Servicer (as the case may be) in relation to that Class A Note, when
            so provided under the Note Trust Deed.

      35.5  Trust Manager to arrange payments

      The Trustee will:

      (a)   prepare or cause to be prepared all cheques which are to be issued
            to Registered Noteholders and to Beneficiaries and stamp the same as
            required by law; or

      (b)   otherwise arrange payments under clause 35.20.

      The Trustee will sign (by autographical, mechanical or other means)
      cheques for despatch on the day on which they ought to be despatched.

      35.6  Valid receipts

      The receipt of the Trustee for any moneys shall exonerate the person
      paying the same from all liability to make any further enquiry. Every such
      receipt shall as to the moneys paid or expressed to be received in such
      receipt, effectually discharge the person paying such moneys from such
      liability or enquiry and from being concerned to see to the application or
      being answerable or accountable or any loss or misapplication of such
      moneys.

      35.7  Taxation

      (a)   (Net payments) Subject to this clause, payments in respect of the
            Notes shall be made free and clear of, and without deduction for, or
            by reference to, any present or future Taxes of any Australian
            Jurisdiction unless required by law.

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                                                                         Page 92

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Series 2002-1G WST Trust Series Notice                    Allens Arthur Robinson

--------------------------------------------------------------------------------

      (b)   (Interest Withholding Tax - Registered Notes) The Trustee or any
            person making payments on behalf of the Trustee will be obliged to
            deduct interest withholding tax imposed by the Commonwealth of
            Australia from payments of interest in respect of the Registered
            Notes to non-residents of the Commonwealth of Australia not carrying
            on business in the Commonwealth of Australia at or through a
            permanent establishment and to residents of the Commonwealth of
            Australia carrying on business at or through a permanent
            establishment outside the Commonwealth of Australia (Interest
            Withholding Tax) unless a certificate pursuant to Section 221YM of
            the Taxation Act is produced to the Trustee not later than close of
            business on the tenth Business Day immediately preceding the
            relevant payment date. The Trustee, or any person making any
            payments on behalf of the Trustee, is entitled to deduct Interest
            Withholding Tax in relation to payments on any Registered Notes.

      (c)   (Interest Withholding Tax - Class A Notes) Payments on Class A Notes
            by or on behalf of the Trustee will be made subject to deduction for
            any Interest Withholding Tax and all other withholdings and
            deductions referred to in Condition 7 of the Class A Notes.

      (d)   (Tax file number or Australian Business Number) The Trustee or any
            person making payments on behalf of the Trustee may deduct tax on
            interest payments to a Noteholder at the rate required by the
            Taxation Act or the Taxation Administration Act 1953 (Cth) (as the
            case may be) unless the Trustee receives written notice of the
            Noteholder's tax file number, Australian Business Number or evidence
            of any exemption the Noteholder may have from the need to advise the
            Trustee of its tax file number or Australian Business Number if
            applicable. The tax file number or Australian Business Number or
            appropriate evidence (as the case may be) must be received by the
            Trustee not less than 10 days prior to the relevant interest payment
            date.

--------------------------------------------------------------------------------
                                                                         Page 93<PAGE>

                                   Exhibit 4.3

                                 Note Trust Deed

<PAGE>

                                                                 Note Trust Deed

                                       Westpac Securities Administration Limited
                                                                    (as Trustee)

                                   Westpac Securitisation Management Pty Limited
                                                             (the Trust Manager)

                                                   Citibank, N.A., London Branch
                                                                  (Note Trustee)

                                                   Citibank, N.A., London Branch
                                                        (Principal Paying Agent)

                                                          Allens Arthur Robinson
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                            Tel  61  2 9230 4000
                                                            Fax  61  2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2002

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

Cross Reference Table(1)

--------------------------------------------------------------------------------

Trust Indenture Act Section        Clause

--------------------------------------------------------------------------------

310   (a)(1)                       23.6
      (a)(2)                       23.1(d)
      (a)(3)                       23.6
      (a)(4)                       22.2(b)
      (a)(5)                       NA(2)
      (b)                          23.6
      (c)                          23.6, 23.1
                                   NA
--------------------------------------------------------------------------------

311   (a)                          13.1
      (b)                          13.1
      (c)                          NA
--------------------------------------------------------------------------------

312   (a)                          31.1, 31.2(a)
      (b)                          31.2(b)
      (c)                          31.2(c)
--------------------------------------------------------------------------------

313   (a)                          31.3
      (b)(1)                       31.3
      (b)(2)                       NA
      (c)                          31.4
      (d)                          31.3
--------------------------------------------------------------------------------

314   (a)(1)                       31.5
      (a)(2)                       31.5
      (a)(3)                       31.5
      (a)(4)                       11.1(i)
      (b)                          11.1(j)
      (c)                          32.1(a)
      (d)                          32.1(b)
      (e)                          32.1(c)
      (f)                          32.1(a)
--------------------------------------------------------------------------------

315   (a)                          13.2(b)
      (b)                          13.3
      (c)                          13.2(a)
      (d)                          13.2(c), (d)
      (e)                          32.2
--------------------------------------------------------------------------------

316   (a)(1)                       32.3
      (a)(2)                       NA
      (b)                          32.4
--------------------------------------------------------------------------------

317   (a)(1)                       6.1
      (a)(2)                       2.5
--------------------------------------------------------------------------------
                                                                        Page (i)

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      (b)                          NA
--------------------------------------------------------------------------------

318   (a)                          32.5
--------------------------------------------------------------------------------

Notes:

1.    This Cross Reference Table shall not, for any purpose, be deemed to be
      part of this deed.

2.    NA means not applicable.
--------------------------------------------------------------------------------
                                                                       Page (ii)

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

Table of Contents

1.    Definitions and Interpretation                                       1
      1.1   Definitions and Interpretation                                 1
      1.2   Definitions in Master Trust Deed, Series Notice and Conditions 4
      1.3   Incorporation by reference                                     4
      1.4   Interpretation                                                 4
      1.5   Determination, statement and certificate sufficient evidence   5
      1.6   Document or agreement                                          5
      1.7   Transaction Document                                           5
      1.8   Trustee as trustee                                             5
      1.9   Obligations of the Trustee                                     5

2.    Payments on Class A Notes                                            5
      2.1   Principal amount                                               5
      2.2   Covenant to repay                                              5
      2.3   Deemed payment                                                 6
      2.4   Following Event of Default                                     6
      2.5   Requirements of Paying Agent                                   7
      2.6   Certification                                                  8
      2.7   Determinations                                                 8

3.    Form of, Issue of and Duties and Taxes on, Class A Notes             8
      3.1   Issue of Book-Entry Notes                                      8
      3.2   Form of Book-Entry Notes                                       8
      3.3   Definitive Notes                                              10
      3.4   Stamp and Other Taxes                                         11
      3.5   Indemnity for non-issue                                       11
      3.6   Note Register and Note Registrar                              11

4.    Covenant of compliance                                              12

5.    Cancellation of Class A Notes                                       13
      5.1   Cancellation                                                  13
      5.2   Records                                                       13

6.    Enforcement                                                         13
      6.1   Actions following Event of Default                            13
      6.2   Evidence of default                                           13
      6.3   Overdue interest                                              14
      6.4   Restrictions on enforcement                                   14

7.    Proceedings                                                         15
      7.1   Acting only on direction                                      15
      7.2   Security Trustee acting                                       15
      7.3   Note Trustee alone entitled to act                            15
      7.4   Available amounts                                             15
      7.5   Conflict of interests                                         16

8.    Notice of Payment                                                   16
--------------------------------------------------------------------------------
                                                                      Page (iii)

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

9.    Investment by Note Trustee                                          16

10.   Partial Payments                                                    16

11.   Covenants by the Trustee and Trust Manager                          17
      11.1  Covenants by the Trustee and Trust Manager                    17

12.   Remuneration of Note Trustee                                        20
      12.1  Fee                                                           20
      12.2  Additional Remuneration                                       20
      12.3  Costs, expenses                                               20
      12.4  Overdue rate                                                  21
      12.5  Continuing obligation                                         21

13.   Note Trustee                                                        21
      13.1  Preferential Collection of Claims Against Trustee             21
      13.2  Duties of Note Trustee                                        21
      13.3  Obligations of Note Trustee                                   22
      13.4  Notice of Defaults                                            22
      13.5  Rights of Note Trustee                                        22

14.   Note Trustee's Liability                                            29

15.   Delegation by Note Trustee                                          30

16.   Employment of Agent by Note Trustee                                 30

17.   Note Trustee Contracting with Trustee                               30

18.   Waiver                                                              31

19.   Amendment                                                           31
      19.1  Approval                                                      31
      19.2  Resolution of Class A Noteholders                             32
      19.3  Distribution of amendments                                    32
      19.4  Amendments binding                                            32
      19.5  Conformity with TIA                                           32

20.   Class A Noteholders                                                 33
      20.1  Absolute Owner                                                33
      20.2  Clearing Agency Certificate                                   34

21.   Currency Indemnity                                                  34

22.   New Note Trustees                                                   35
      22.1  Appointment by Trustee                                        35
      22.2  Appointment by Note Trustee                                   35
      22.3  Notice                                                        36

23.   Note Trustee's Retirement and Removal                               36
      23.1  Removal by Trustee                                            36
      23.2  Removal by Class A Noteholders                                37
      23.3  Resignation                                                   37
      23.4  Rating Agencies confirmation                                  37
      23.5  Trust Corporation                                             37
--------------------------------------------------------------------------------
                                                                       Page (iv)

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      23.6  Successor to Note Trustee                                     37
      23.7  Eligibility; Disqualification                                 38

24.   Note Trustee's Powers Additional                                    38

25.   Severability of Provisions                                          38

26.   Notices                                                             38
      26.1  General                                                       38
      26.2  Details                                                       39

27.   Governing Law and Jurisdiction                                      40

28.   Counterparts                                                        40

29.   Limited Recourse                                                    40
      29.1  General                                                       40
      29.2  Liability of Trustee limited to its right to indemnity        40
      29.3  Unrestricted remedies                                         41
      29.4  Restricted remedies                                           42

30.   Successor Trustee                                                   42

31.   Class A Noteholders' Lists and Reports                              42
      31.1  Provision of information                                      42
      31.2  Preservation of Information; Communications to Class A
            Noteholders                                                   43
      31.3  Reports by Note Trustee                                       43
      31.4  Notices to Class A Noteholders; Waiver                        43
      31.5  Reports by Trustee                                            44

32.   Trust Indenture Act - Miscellaneous                                 44
      32.1  Compliance Certificates and Opinions, etc                     44
      32.2  Undertaking for Costs                                         46
      32.3  Exclusion of section 316                                      46
      32.4  Unconditional Rights of Class A Noteholders to Receive
            Principal and Interest                                        46
      32.5  Conflict with Trust Indenture Act                             47

33.   Consent of Class A Noteholders                                      47
      33.1  General                                                       47
      33.2  Special Written Approvals                                     47
      33.3  Requirement for writing                                       48

34.   Information memorandum                                              49

SCHEDULE 1                                                                52
      Form  Of Book-Entry Note                                            52
      Assignment                                                          57

SCHEDULE 2                                                                58
      Information to be contained in Noteholders Report                   58

SCHEDULE 3                                                                60
      Terms and Conditions of the Class A Notes                           60

--------------------------------------------------------------------------------
                                                                        Page (v)

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

Date                             5 March 2002
----------

Parties
----------

1.          Westpac Securities Administration Limited (ABN 77 000 049 472)
            incorporated in New South Wales of Level 4, 50 Pitt Street, Sydney
            in its capacity as trustee of the Series 2002-1G WST Trust (the
            Trustee);

2.          Westpac Securitisation Management Pty Limited (ABN 73 081 709 211)
            incorporated in the Australian Capital Territory of Level 25, 60
            Martin Place, Sydney as trust manager in relation to the Series
            2002-1G WST Trust (the Trust Manager);

3.          Citibank, N.A., London Branch acting through its office at Cottons
            Centre, Hays Lane, London SE1 2QT (Note Trustee), which expression
            shall, wherever the context requires, include any other person or
            company for the time being a trustee under this deed or trustees of
            this deed; and

4.          Citibank, N.A., London Branch acting through its office at 5
            Carmelite Street, London EC4Y 0PA (the Principal Paying Agent),
            which expression shall wherever the context requires, include any
            successor principal paying agent from time to time appointed under
            the Agency Agreement.

Recitals
----------
A           The Trustee has resolved at the direction of the Trust Manager to
            issue US$1,116,000,000 of mortgage backed floating rate notes due
            2033 comprising US$1,116,000,000 Class A Notes, those Class A Notes
            to be constituted and secured in the manner provided in this deed
            and the other Transaction Documents.

B           The Note Trustee has agreed to act as trustee for the Class A
            Noteholders under this deed.

IT IS AGREED as follows.

1.    Definitions and Interpretation
-------------------------------------------------------------------------------
1.1   Definitions and Interpretation

      The following definitions apply unless the context requires otherwise.

      Class A Note Owner means, with respect to a Book-Entry Note, the person
      who is the beneficial owner of such Book-Entry Note, as reflected on the
      books of the Clearing Agency,

-------------------------------------------------------------------------------
                                                                          Page 1

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      or on the books of a person maintaining an account with such Clearing
      Agency (directly as a Clearing Agency Participant or as an indirect
      participant, in each case in accordance with the rules of such Clearing
      Agency).

      Clearing Agency Participant means a broker, dealer, bank, other financial
      institution or other person for whom from time to time a Clearing Agency
      effects book-entry transfers and pledges of securities deposited with the
      Clearing Agency.

      Corporate Trust Office means the principal office of the Note Trustee at
      which at any particular time its corporate trust business is administered,
      which at the date of the execution of this deed is Cottons Centre, Hays
      Lane, London SE1 2QT, or at such other address as the Note Trustee may
      designate by notice to the Trust Manager, Class A Noteholders and the
      Trustee or the principal corporate trust office of any successor Note
      Trustee.

      Event of Default means, in respect of a Class A Note, any of the events
      described in Condition 9.

      Exchange Act means the Securities Exchange Act of 1934 of the United
      States of America, as amended.

      Independent means, in relation to a person, that the person:

      (a)   is independent of the Trustee, the Trust Manager, the Servicer, any
            Approved Seller and any of their Associates;

      (b)   does not have any direct financial interest or any material indirect
            financial interest (other than less than 5% of the outstanding
            amount of any publicly traded security) in any person referred to in
            paragraph (a); and

      (c)   is not an officer, employee, promoter, underwriter, trustee,
            partner, director or person performing similar functions of any
            person referred to in paragraph (a).

      Independent Certificate means, in relation to any person, a certificate or
      opinion from that person where that person must be Independent, which
      opinion or certificate states that the signer has read the definition of
      Independent in this deed and that the signer is Independent within the
      meaning of that definition.

      Issuer Order and Issuer Request means a written order or request signed in
      the name of the Trustee by any one of its Authorised Signatories and
      delivered to the Note Trustee.

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

      Note Depository Agreement means the agreement among Trustee, Note Trustee
      and The Depository Trust Company, as the initial Clearing Agency, dated as
      of the Closing Date, relating to the Class A Notes, as the same may be
      amended or supplemented from time to time.

      Noteholders Report means the report to be delivered by the Trust Manager,
      on behalf of the Trustee, in accordance with clause 11.1(1) containing the
      information set out in Schedule 2.

--------------------------------------------------------------------------------
                                                                          Page 2

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      Officer's Certificate means a certificate signed by any Authorised
      Signatory of the Trustee or the Trust Manager on behalf of the Trustee,
      under the circumstances described in, and otherwise complying with, the
      applicable requirements of section 314 of the TIA.

      Opinion of Counsel means one or more written opinions of reputable legal
      counsel who may, except as otherwise expressly provided in this deed, be
      employees of or counsel to the Trustee or the Trust Manager on behalf of
      the Trustee and who shall be satisfactory to the Trustee or the Note
      Trustee, as applicable, and which opinion or opinions shall be addressed
      to the Trustee or the Note Trustee, as applicable, and shall be in form
      and substance satisfactory to the Trustee and the Note Trustee, as
      applicable.

      Paying Agent means any institution, including where the context permits
      the Principal Paying Agent, at its office (for so long as required for
      interest under the Class A Notes to be exempt from interest withholding
      tax under section 128F of the Income Tax Assessment Act 1936 (Cth))
      outside of Australia:

      (a)   initially appointed as Paying Agent by the Trustee under the Agency
            Agreement; or

      (b)   as may, with the prior written approval of, and on terms previously
            approved in writing by, the Note Trustee (that approval not to be
            unreasonably withheld or delayed) from time to time be appointed by
            the Trustee in relation to the Class A Notes,

      in each case (except in the case of the initial Principal Paying Agent)
      where notice of the appointment has been given to the Class A Noteholders
      under this deed and in accordance with Condition 12.

      Responsible Officer means, with respect to the Note Trustee, any of its
      officers, including any Vice President, Assistant Vice President,
      Assistant Treasurer, Assistant Secretary, or any other of its officers
      customarily performing functions similar to those performed by any of them
      and, with respect to a particular matter, any other officer to whom such
      matter is referred because of such officer's knowledge of and familiarity
      with the particular subject.

      Series Notice means:

      (a)   the draft of the Series 2002-1G WST Trust Series Notice dated 21
            February 2002 (being document number S0110827487v7) between, among
            others, the Trustee, the Trust Manager, the Note Trustee and Westpac
            Banking Corporation (including in its capacity as Servicer); or

      (b)   once executed, the executed Series 2002-1G WST Trust Series Notice
            in or substantially in the form of that draft.

      TIA means the Trust Indenture Act of 1939 of the United States of America,
      as amended.

      Trust Account means the Collection Account, the US$ Account or any other
      account maintained by or on behalf of the Trustee in relation to the
      Trust.

      Trust Corporation means any person eligible for appointment as a trustee
      under an indenture to be qualified pursuant to the TIA, as set forth in
      Section 310 of the TIA, which shall include Citibank, N.A., London Branch,
      for so long as it complies with such section.

--------------------------------------------------------------------------------
                                                                          Page 3

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

1.2   Definitions in Master Trust Deed, Series Notice and Conditions

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

      (b)   No change to the Master Trust Deed or any other document (including
            the order of payment set out in the Series Notice) after the date of
            this deed will change the meaning of terms used in this deed or
            adversely affect the rights of the Note Trustee or any Class A
            Noteholder under this deed unless the Note Trustee has agreed in
            writing to the changes under this deed.

1.3   Incorporation by reference

      Where this deed refers to a provision of the TIA, the provision is
      incorporated by reference in and made part of this deed. The following
      terms used in the TIA have the following meaning in this deed.

      Commission means the Securities and Exchange Commission of the United
      States of America.

      indenture securities means the Class A Notes.

      indenture security holder means a Class A Noteholder.

      indenture to be qualified means the Note Trust Deed.

      indenture trustee or institutional trustee means the Note Trustee.

      obligor on the indenture securities means the Trustee.

      Any other term which is used in this deed in respect of a section or
      provision of the TIA and which is defined in the TIA, defined in the TIA
      by reference to another statute or defined by or in any rule of or issued
      by the Commission, will have the meaning assigned to them by such
      definitions.

1.4   Interpretation

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

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

      (b)   an Event of Default subsists until it has been waived in writing by
            the Note Trustee;

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

      (d)   all references to costs or charges or expenses include any value
            added tax or similar tax charged or chargeable in respect of the
            charge or expense.

--------------------------------------------------------------------------------
                                                                          Page 4

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

1.5   Determination, statement and certificate sufficient evidence

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

1.6   Document or agreement

      A reference to:

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

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

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

1.7   Transaction Document

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

1.8   Trustee as trustee

      In this deed, except where provided to the contrary:

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

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

1.9   Obligations of the Trustee

      (a)   A reference to the Trustee in each of clauses 3.6 other than the
            first sentence, 5, 11.1(i), 11.1(j), 31.1, 31.5 and 32.1 is a
            reference to the Trust Manager on behalf of the Trustee and, failing
            action by the Trust Manager in accordance with the relevant clause
            (including any requirement to take such action within a specified
            time), the Trustee.

      (b)   The Trustee shall not be liable for any act or omission by the Trust
            Manager where it is acting on behalf of the Trust Manager under
            sub-paragraph (a).

2.    Payments on Class A Notes
------------------------------------------------------------------------------

2.1   Principal amount

      The aggregate principal amount of the Class A Notes is limited to
      US$1,116,000,000.

2.2   Covenant to repay

      (a)   The Trustee covenants with the Note Trustee that the Trustee will,
            in accordance with the terms of the Class A Notes (including the
            Conditions) and the Transaction

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            Documents (and subject to the terms of the Transaction Documents and
            the Conditions, including clause 29 of this deed and Condition 6)
            on:

            (i)   the Maturity Date of the Class A Notes; or

            (ii)  each earlier date as the Class A Notes, or any of them, may
                  become repayable (whether in full or in part),

            pay or procure to be paid unconditionally to or to the order of the
            Note Trustee in US$ in London for immediate value the principal
            amount of the Class A Notes repayable, or in the case of a partial
            payment of the Class A Notes, the principal amount payable, subject
            to and in accordance with the terms of the Class A Notes (including
            the Conditions).

      (b)   Subject to clause 2.3 and to the terms of the Class A Notes
            (including the Conditions) and the Transaction Documents, until any
            payment as well after as before any judgment or other order of a
            court of competent jurisdiction the Trustee shall pay or procure to
            be paid unconditionally to or to the order of the Note Trustee:

            (i)   any interest, at the respective rates calculated from time to
                  time, in accordance with and on the dates provided for in the
                  Conditions; and

            (ii)  principal payable at the times and in the amounts as may be
                  determined in accordance with Condition 5.

      (c)   The Note Trustee shall hold the benefit of the covenant in this
            clause 2.2, and all other rights of the Class A Noteholders under
            the Class A Notes, on trust for the benefit of the Class A
            Noteholders.

2.3   Deemed payment

      (a)   Any payment of principal or interest in respect of Class A Notes to
            or to the account of the Principal Paying Agent in the manner
            provided in clause 3 of the Agency Agreement shall satisfy the
            covenant in relation to the Class A Notes by the Trustee in this
            clause 2 to the extent of that payment.

      (b)   Payment by the Trustee of its payment obligations on each Payment
            Date under the Series Notice and the Conditions to the Principal
            Paying Agent shall discharge the Trustee of those payment
            obligations.

      (c)   The Trustee shall not be liable for any act or omission or default
            of the Principal Paying Agent under this deed.

2.4   Following Event of Default

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

            (i)   by notice in writing to the Trustee, the Trust Manager, the
                  Principal Paying Agent, the other Paying Agents and the Agent
                  Bank require the Principal

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                  Paying Agent, the other Paying Agents and the Agent Bank under
                  the Agency Agreement either:

                  (A)  (1)    to act as Principal Paying Agent and Paying Agents
                              and Agent Bank respectively of the Note Trustee in
                              relation to payments to be made by or on behalf of
                              the Note Trustee under the provisions of this deed
                              on the terms of the Agency Agreement except that
                              the Note Trustee's liability under any provisions
                              of the Agency Agreement for the indemnification of
                              the Paying Agents and Agent Bank shall be limited
                              to any amount for the time being held by the Note
                              Trustee on the trusts of this deed and which is
                              available to be applied by the Note Trustee under
                              this deed; and

                        (2)   hold all Definitive Notes, and all amounts,
                              documents and records held by them in respect of
                              the Class A Notes, on behalf of the Note Trustee;
                              or

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

            (ii)  by notice in writing to the Trustee require it to make all
                  subsequent payments in respect of the Class A Notes to the
                  order of the Note Trustee and not to the Principal Paying
                  Agent and, with effect from the issue of that notice to the
                  Trustee and until that notice is withdrawn clause 2.3 shall
                  not apply.

      (b)   The payment by the Trustee of its payment obligations on each
            Payment Date under the Series Notice and the Conditions to the Note
            Trustee in accordance with paragraph (b) shall be a good discharge
            to the Trustee.

      (c)   The Trustee shall not be liable for any act or omission or default
            of the Note Trustee during the period it is required to make
            payments in respect of the Class A Notes to the Note Trustee under
            paragraph (b).

2.5   Requirements of Paying Agent

      The Trustee will cause each Paying Agent to execute and deliver to the
      Note Trustee an instrument in which that Paying Agent shall agree with the
      Note Trustee, subject to the provisions of this Clause, that such Paying
      Agent shall:

      (a)   hold in trust for the Note Trustee and the Class A Noteholders all
            sums held by that Paying Agent for the payment of principal and
            interest with respect to the Class A Notes until all relevant sums
            are paid to the Note Trustee or the Class A Noteholders or otherwise
            disposed of as provided in this deed; and

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      (b)   immediately notify by telex or facsimile the Note Trustee, the
            Trustee, the Security Trustee and the Trust Manager if the full
            amount of any payment of principal or interest required to be made
            by the Series Notice and Conditions in respect of the Class A Notes
            is not unconditionally received by it or to its order in accordance
            with the Agency Agreement.

2.6   Certification

      For the purposes of any redemption of Class A Notes under Condition 5 the
      Note Trustee may rely upon an Officer's Certificate from the Trust Manager
      on behalf of the Trustee certifying or stating, the opinion of each person
      signing that Officer's Certificate as to the following matters:

      (a)   the fair value (within 90 days of such release) of the property or
            securities to be released from the Security Trust Deed;

      (b)   that the proposed release will not impair the security under the
            Security Trust Deed in contravention of the provisions of the
            Security Trust Deed or this deed; and

      (c)   that the Trustee will be in a position to discharge all its
            liabilities in respect of the relevant Class A Notes and any amounts
            required under the Security Trust Deed to be paid in priority to or
            pari passu with those Class A Notes,

      and that Officer's Certificate shall be conclusive and binding on the
      Trustee, the Note Trustee and the holders of those Class A Notes.

2.7   Determinations

      If the Trust Manager does not at any time for any reason determine a
      Principal Payment, the Invested Amount, the Stated Amount or the Bond
      Factor applicable to any Class A Notes in accordance with Condition 5(m),
      the Principal Payment, Invested Amount, the Stated Amount and the Bond
      Factor may be determined by the Note Trustee in accordance with Conditions
      5(i) and 5(m) (but based on the information in its possession) and each
      such determination or calculation shall be deemed to have been made by the
      Trust Manager, and the Note Trustee shall have no liability in respect
      thereof other than as a result of the gross negligence or wilful default
      of the Note Trustee.

3.    Form of, Issue of and Duties and Taxes on, Class A Notes
------------------------------------------------------------------------------
3.1   Issue of Book-Entry Notes

      (a)   The Class A Notes shall on issue be represented by Book-Entry Notes.

      (b)   Each Book-Entry Note must be signed manually or by facsimile by an
            Authorised Signatory of the Trustee on behalf of the Trustee and
            must be manually authenticated by an Authorised Signatory of the
            Principal Paying Agent.

3.2   Form of Book-Entry Notes

      (a)   The Book-Entry Notes shall be typed in the form or substantially in
            the form set out in schedule 1.

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      (b)   The procedures relating to the exchange, authentication, delivery,
            surrender, cancellation, presentation, marking up or down of any of
            the Book-Entry Note (or part of the Book-Entry Note and any other
            matters to be carried out by the relevant parties upon exchange (in
            whole or part) of any Class A Note shall be made in accordance with
            the provisions of the relevant terms of the Book-Entry Notes and the
            normal practice of the Common Depositary, the Principal Paying Agent
            and the rules and procedures of the Clearing Agency from time to
            time.

      (c)   The Book-Entry Notes shall be in an aggregate principal amount of
            US$1,116,000,000.

      (d)   The Trustee shall procure that, prior to the issue and delivery of
            any Book-Entry Note, that Book-Entry Note will be authenticated
            manually by an Authorised Signatory of the Principal Paying Agent
            and no Book-Entry Note shall be valid for any purpose unless and
            until so authenticated. A Book-Entry Note so executed and
            authenticated shall be binding and valid obligations of the Trustee.
            Until a Book-Entry Note (or part of a Book-Entry Note) has been
            exchanged pursuant to this deed, it (or that part) shall in all
            respects be entitled to the same benefits as a Definitive Note. Each
            Book-Entry Note shall be subject to this deed except that the
            registered owner of a Book-Entry Note shall be the only person
            entitled to receive payments from the Principal Paying Agent of
            principal or interest in relation to it.

      (e)   The Class A Notes upon original issue will be issued in the form of
            typewritten Notes representing the Book-Entry Notes. The Trustee
            shall, on the date of this deed, deliver or arrange the delivery on
            its behalf to the Principal Paying Agent, as agent for the Clearing
            Agency, of the Book-Entry Notes. The Book-Entry Notes shall
            initially be registered on the Note Register in the name of the
            Common Depositary as nominee of the Clearing Agency, and no Class A
            Note Owner will receive a Definitive Note representing such Class A
            Note Owner's interest in such Class A Note, except as provided in
            clause 3.3.

      (f)   Whenever a notice or other communication to the Class A Noteholders
            is required under this deed, unless and until Definitive Notes shall
            have been issued to Class A Note Owners pursuant to clause 3.3, the
            Note Trustee shall give all such notices and communications
            specified herein to be given to Class A Noteholders to the Clearing
            Agency, and shall have no obligation to the Class A Note Owners.

      (g)   Unless and until the Definitive Notes have been issued to an Class A
            Note Owner pursuant to clause 3.3:

            (i)   the provisions of this clause shall be in full force and
                  effect;

            (ii)  the Note Registrar, the Trustee, the Trust Manager, each
                  Paying Agent and the Note Trustee shall be entitled to deal
                  with the Clearing Agency for all purposes of this deed
                  (including the payment of principal of and interest on the
                  Class A Notes and the giving of instructions or directions
                  hereunder) as the sole holder of the Class A Notes, and shall
                  have no obligation to any Class A Note Owners;

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            (iii) to the extent that the provisions of this clause conflict with
                  any other provisions of this deed, the provisions of this
                  clause shall prevail;

            (iv)  the rights of Class A Note Owners shall be exercised only
                  through the Clearing Agency and shall be limited to those
                  established by law and agreements between such Class A Note
                  Owners and the Clearing Agency and/or the Clearing Agency
                  Participants. Pursuant to the Note Depository Agreement,
                  unless and until Definitive Notes are issued pursuant to
                  clause 3.3, the initial Clearing Agency will make book-entry
                  transfers among the Clearing Agency Participants and receive
                  and transmit payments of principal and interest on the Class A
                  Notes to such Clearing Agency Participants; and

            (v)   whenever this deed requires or permits actions to be taken
                  based upon instructions or directions of Class A Note Owners
                  evidencing a specific percentage of all Invested Amounts of
                  all Class A Notes, the Clearing Agency shall be deemed to
                  represent such percentage only to the extent that it has
                  received instructions to such effect from Class A Note Owners
                  and/or Clearing Agency Participants owning or representing,
                  respectively, such required percentage of the beneficial
                  interest in the Class A Notes and has delivered such
                  instructions to the Principal Paying Agent.

3.3   Definitive Notes

      If:

            (a)   the Trust Manager advises the Principal Paying Agent in
                  writing that the Clearing Agency is no longer willing or able
                  properly to discharge its responsibilities with respect to the
                  Class A Notes or the Clearing Agency or its successor and the
                  Trust Manager is unable to locate a qualified successor;

            (b)   the Trustee, at the direction of the Trust Manager (at the
                  Trust Manager's option) advises the Principal Paying Agent in
                  writing that the book-entry system through the Clearing Agency
                  is or is to be terminated; or

            (c)   after the occurrence of an Event of Default, the Class A Note
                  Owners representing beneficial interests aggregating to at
                  least a majority of the aggregate Invested Amount of the Class
                  A Notes advise the Trustee through the Clearing Agency in
                  writing that the continuation of a book entry system through
                  the Clearing Agency is no longer in the best interests of the
                  Class A Note Owners,

      then the Principal Paying Agent shall notify all of the appropriate Class
      A Note Owners and the Trustee of the occurrence of any such event and of
      the availability of Definitive Notes to such Class A Note Owners
      requesting the same. Upon the surrender of the Book-Entry Notes to the
      Trustee by the Clearing Agency, and the delivery by the Clearing Agency of
      the relevant registration instructions to the Trustee, the Trustee (with
      the assistance of the Trust Manager) shall execute and procure the
      Principal Paying Agent to authenticate the Definitive Notes in accordance
      with the instructions of the Clearing Agency.

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      The Definitive Notes will be serially numbered and shall be typewritten,
      printed, lithographed or engraved or produced by any combination of these
      methods (with or without steel engraved borders), all as determined by the
      Authorised Signatories executing such Definitive Notes, as evidenced by
      their execution of such Definitive Notes.

      Neither the Note Registrar nor the Trustee shall be liable for any delay
      in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions.

3.4   Stamp and Other Taxes

      The Trustee will pay any stamp and other duties and Taxes payable in
      Australia, the United Kingdom, Belgium, Luxembourg or the United States on
      or in connection with:

      (a)   the execution of the Transaction Documents;

      (b)   the constitution and original issue and delivery of the Class A
            Notes; and

      (c)   any action taken by the Note Trustee or (where permitted under this
            deed so to do), the Clearing Agency, or any Class A Note Owner to
            enforce the provisions of the Class A Notes or the Transaction
            Documents.

3.5   Indemnity for non-issue

      If the Trustee is required to issue, or procure the issue of, Definitive
      Notes following an event specified in clause 3.3 but fails to do so within
      30 days of delivery to the Trustee of the Book-Entry Notes in accordance
      with clause 3.3 then the Trustee shall, subject to clause 29.2, indemnify
      the Note Trustee, the Class A Noteholders and Class A Note Owners, and
      keep them indemnified, against any loss or damage incurred by any of them
      if the amount received by the Note Trustee, the Class A Noteholders or
      Class A Note Owners is less than the amount that would have been received
      had Definitive Notes been issued. If and for so long as the Trustee
      discharges its obligations under this indemnity, the breach by the Trustee
      of the provisions of clause 3.3 shall be deemed to be cured. The Trust
      Manager must promptly advise the Trustee if it becomes actually aware of
      the occurrence of the relevant event and the Trustee shall promptly notify
      the Note Trustee in writing of the relevant event.

3.6   Note Register and Note Registrar

      (a)   The Trustee shall keep or cause to be kept the Note Register in
            which, subject to such reasonable regulations as it may prescribe,
            the Trustee shall provide for the registration of the Class A Notes
            and the registration of transfers of Class A Notes. The Note
            Registrar will be responsible for registering the Notes and all
            transfers of Class A Notes as herein provided. The Trustee may, with
            the prior written consent of the Note Trustee (such consent not to
            be unreasonably withheld or delayed), appoint another person as Note
            Registrar. Upon any resignation or removal of any Note Registrar
            under the Agency Agreement, the Trustee with the assistance of and
            at the direction of, the Trust Manager shall promptly appoint a
            successor or, if it elects not to make such an appointment, itself
            assume the duties of the Note Registrar, subject to the prior
            written consent of the Note Trustee.

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      (b)   Upon surrender for registration of transfer of any Class A Note at
            the office or agency of the Trustee to be maintained as provided in
            clause 11.1, if the requirements of Section 8-401(a) of the Uniform
            Commercial Code of New York (the UCC) are met the Trustee shall
            execute and upon its written request the Principal Paying Agent
            shall authenticate and the Class A Noteholder shall obtain from the
            Note Trustee, in the name of the designated transferee or
            transferees, one or more new Class A Notes, in any authorised
            denominations, and a like aggregate principal amount.

      (c)   At the option of the Class A Noteholder, Class A Notes may be
            exchanged for other Class A Notes in any authorised denominations,
            and a like aggregate principal amount, upon surrender of the Class A
            Notes to be exchanged at such office or agency. Whenever any Class A
            Notes are so surrendered for exchange, if the requirements of
            Section 8-401(a) of the UCC are met the Trustee shall execute and
            upon its written request the Principal Paying Agent shall
            authenticate and the Class A Noteholder shall obtain from the Note
            Trustee, the Class A Notes which the Class A Noteholder making the
            exchange is entitled to receive.

      (d)   Every Class A Note presented or surrendered for registration of
            transfer or exchange shall be (i) duly endorsed by, or be
            accompanied by a written instrument of transfer in a form
            satisfactory to the Note Registrar duly executed by, the Class A
            Noteholder thereof or such Class A Noteholder's attorney duly
            authorised in writing, with such signature guaranteed by an
            "eligible guarantor institution" meeting the requirements of the
            Note Registrar which requirements include membership or
            participation of Securities Transfer Agents Medallion Program
            (Stamp) or such other "signature guarantee program" as may be
            determined by the Note Registrar in addition to, or in substitution
            for, Stamp, all in accordance with the Exchange Act, and (ii)
            accompanied by such other documents as the Note Registrar may
            require.

      (e)   No Service charge shall be made to an Class A Noteholder for any
            registration of transfer or exchange of Class A Notes, but the
            Trustee may require payment of a sum sufficient to cover any tax or
            other governmental charge that may be imposed in connection with any
            registration of transfer or exchange of Class A Notes.

      (f)   The preceding provisions of this section notwithstanding, the
            Trustee shall not be required to make and the Note Registrar need
            not register transfers or exchanges of Class A Notes selected for
            redemption or of any Class A Note for a period of 30 days preceding
            the due date for any payment with respect to the Class A Note.

4.    Covenant of compliance
------------------------------------------------------------------------------

      The Trustee covenants with the Note Trustee that it will comply with and
      perform and observe all provisions of the Transaction Documents which are
      expressed to be binding on it for the benefit of the Note Trustee or any
      Class A Noteholder. The Conditions shall be binding on the Trustee, the
      Note Trustee and the Class A Noteholders. The Note Trustee is entitled to
      enforce the obligations of the Trustee under the Class A Notes and the

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      Conditions as if the same were set out and contained in this deed (which
      shall be read and construed as one document with the Class A Notes).

5.    Cancellation of Class A Notes
------------------------------------------------------------------------------

5.1   Cancellation

      The Trustee shall procure that all Class A Notes:

      (a)   which have been surrendered for payment, registration of transfer,
            exchange or redemption; or

      (b)   in the case of any Definitive Note, which, being mutilated or
            defaced, have been surrendered and replaced under Condition 11,

      shall forthwith be cancelled by or on behalf of the Trustee.

5.2   Records

      The Trustee shall procure that:

      (a)   the Principal Paying Agent and the Note Registrar, between them,
            keep a full and complete record of all Class A Notes and of their
            redemption, payment, exchange or cancellation (as the case may be)
            and of all replacement Class A Notes, issued in substitution for
            lost, stolen, mutilated, defaced or destroyed Definitive Notes; and

      (b)   such records shall be made available to the Note Trustee at all
            reasonable times.

6.    Enforcement
------------------------------------------------------------------------------

6.1   Actions following Event of Default

      At any time while an Event of Default is subsisting the Note Trustee may
      (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
      Conditions 9 and 10) and, subject to the Note Trustee being indemnified
      and/or secured to its satisfaction, shall if instructed to do so by an
      Extraordinary Resolution of the Class A Noteholders, at its discretion and
      without further notice take any action available to it to direct the
      Security Trustee to:

            (a)   institute any proceedings against the Trustee which are
                  permitted under the Transaction Documents;

            (b)   enforce the security created under the Security Trust Deed
                  (including anything set out in clause 8.2 of the Security
                  Trust Deed); and

            (c)   enforce repayment of the Class A Notes together with accrued
                  interest and any other moneys payable to the Note Trustee, the
                  Class A Noteholders or under the Transaction Documents.

6.2   Evidence of default

      If the Security Trustee or the Note Trustee takes any action against the
      Trustee to enforce any of the provisions of any Class A Notes or this
      deed, proof that as regards any Class A Note, the Trustee has not paid any
      principal or interest due in respect of that Class A Note

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      shall (unless the contrary is proved) be sufficient evidence that the
      Trustee has not paid that principal or interest on all other Class A Notes
      in respect of which the relevant payment is then due.

6.3   Overdue interest

      The rates of interest payable in respect of any Class A Note which has
      become due and repayable in full and which has not been repaid shall be
      calculated at three-monthly intervals, commencing on the expiry of the
      Coupon Period for the Class A Note during which the Class A Note became
      due and repayable in accordance with the provisions of Condition 4 except
      that no notices need be given to Class A Noteholders, in relation to that
      interest.

6.4   Restrictions on enforcement

      (a)   If any of the Class A Notes remain outstanding and are due and
            payable otherwise than by reason of a default in payment of any
            amount due on the Class A Notes, the Note Trustee must not vote
            under the Security Trust Deed to, or otherwise direct the Security
            Trustee to, dispose of the Mortgaged Property unless either:

            (i)   a sufficient amount would be realised to discharge in full all
                  amounts owing to the Class A Noteholders and any other amounts
                  payable by the Trustee ranking in priority to or pari passu
                  with the Class A Notes; or

            (ii)  the Note Trustee is of the opinion, reached after considering
                  at any time and from time to time the advice of a merchant
                  bank or other financial adviser selected by the Note Trustee,
                  that the cash flow receivable by the Trustee (or the Security
                  Trustee under the Security Trust Deed) will not (or that there
                  is a significant risk that it will not) be sufficient, having
                  regard to any other relevant actual, contingent or prospective
                  liabilities of the Trustee, to discharge in full in due course
                  all the amounts referred to in paragraph (i).

      (b)   Neither the Note Trustee nor the Security Trustee will be liable for
            any decline in the value, nor any loss realised upon any sale or
            other dispositions made under the Security Trust Deed, of any
            Mortgaged Property or any other property which is charged to the
            Security Trustee by any other person in respect of or relating to
            the obligations of the Trustee or any third party in respect of the
            Trustee or the Class A Notes or relating in any way to the Mortgaged
            Property. Without limitation, neither the Note Trustee nor the
            Security Trustee shall be liable for any such decline or loss
            directly or indirectly arising from its acting, or failing to act,
            as a consequence of an opinion reached by it in good faith based on
            advice received by it in accordance with paragraph (a).

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7.    Proceedings
------------------------------------------------------------------------------

7.1   Acting only on direction

      (a)   Subject to paragraph (b), the Note Trustee shall not be bound to
            vote under the Security Trust Deed, or otherwise direct the Security
            Trustee under the Security Trust Deed, or take any proceedings,
            actions or steps under, or any other proceedings pursuant to or in
            connection with, the Security Trust Deed, this deed, or any Class A
            Notes, unless directed or requested to do so in writing by holders
            of at least 75% of the aggregate Invested Amount of Class A Notes
            and then only if the Note Trustee is indemnified and/or secured to
            its satisfaction against all actions, proceedings, claims and
            demands to which it may render itself liable and all costs, charges,
            damages and expenses (including, without limitation, all legal fees
            and expenses properly incurred and any value added or similar tax
            applicable thereto) which it may incur by so doing; or

      (b)   The Note Trustee shall be protected with respect to any action taken
            or omitted to be taken by it in good faith in accordance with the
            direction of the holders of the required aggregate Invested Amount
            of the Class A Notes in accordance with this deed relating to the
            time, method and place of conducting any proceeding for any remedy
            available to, or exercising any trust or power conferred upon it,
            under this deed.

7.2   Security Trustee acting

      Only the Security Trustee may enforce the provisions of the Security Trust
      Deed and neither the Note Trustee nor any holder of a Class A Note is
      entitled to proceed directly against the Trustee to enforce the
      performance of any of the provisions of the Security Trust Deed, or the
      Class A Notes (including the Conditions).

7.3   Note Trustee alone entitled to act

      Only the Note Trustee may:

      (a)   direct the Security Trustee to enforce the security created pursuant
            to the Security Trust Deed; or

      (b)   enforce the provisions of this deed, or the Class A Notes (including
            the Conditions),

      and no Class A Noteholder is entitled to take any of the above actions or
      to proceed directly against the Trustee to enforce the performance of any
      of the provisions of this deed or the Class A Notes (including the
      Conditions).

7.4   Available amounts

      For the purpose of Condition 5.14 the Note Trustee shall be deemed not to
      be satisfied that the Trustee will be in a position to discharge the
      liabilities referred in those Conditions unless, either:

      (a)   the Trustee will have available to it sufficient cash in the
            Collection Account and sufficient Authorised Investments which will
            mature on or before the relevant

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            Payment Date after making any other payments or provisions having
            priority in order of application under the applicable provisions of
            the Security Trust Deed; or

      (b)   the Trustee has entered into a legally binding contract with an
            entity either whose long term unsecured and unguaranteed debt is
            rated AA- by S&P and Aa3 by Moody's or whose short term unsecured
            and unguaranteed debt securities are rated A-1 by S&P and P-1 from
            Moody's to provide sufficient cash on or before the relevant Payment
            Date to enable the Trustee to discharge the relevant liabilities.

7.5   Conflict of interests

      The Note Trustee shall, with respect to all the powers, trusts,
      authorities, duties and discretions vested in it by the Transaction
      Documents, except where expressly provided otherwise, have regard solely
      to the interests of the Class A Noteholders.

8.    Notice of Payment
------------------------------------------------------------------------------

      The Note Trustee shall give notice to the relevant Class A Noteholders in
      accordance with Condition 12 of the day fixed for any payment to them of
      amounts received by the Note Trustee under clause 16 of the Security Trust
      Deed. Those payments may be made in accordance with Condition 6 as
      appropriate (in the case of Definitive Notes) or in the name of the
      nominee of the Clearing Agency by wire transfer in immediately available
      funds to an account designated by such nominee to the order of the
      registered holder of the Class A Note (in the case of any Book-Entry Note)
      and payment of those amounts by the Note Trustee to the Principal Paying
      Agent for that purpose shall be a good discharge to the Note Trustee.

9.    Investment by Note Trustee
------------------------------------------------------------------------------

      Any amount which, under the trusts of this Deed ought to or may be
      invested by the Note Trustee, may be invested in the name or under the
      control of the Note Trustee in any Authorised Investments and the Note
      Trustee may at any time or times vary any Authorised Investments into
      other Authorised Investments and shall not be responsible for any loss due
      to depreciation in value or otherwise resulting from any Authorised
      Investments made by it.

10.   Partial Payments
------------------------------------------------------------------------------

      In the case of Definitive Notes, on any payment of amounts received by or
      on behalf of the Note Trustee under clause 16 of the Security Trust Deed
      (other than the payment in full against surrender of a Definitive Note)
      the Definitive Note in respect of which such payment is made shall be
      produced to the Note Trustee or the Paying Agent by or through whom such
      payment is made and the Note Trustee shall or shall cause the Paying Agent
      to enface on the Definitive Note a memorandum of the amount and the date
      of payment, but the Note Trustee may in any particular case dispense with
      that production and enfacement upon such indemnity and/or security being
      given to the Note Trustee by the recipient of the payment as the Note
      Trustee considers sufficient.

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11.   Covenants by the Trustee and Trust Manager
------------------------------------------------------------------------------

11.1  Covenants by the Trustee and Trust Manager

      Each of the Trustee and the Trust Manager undertakes to the Note Trustee,
      for itself and on behalf of the Class A Noteholders as follows in relation
      to the Trust for so long as any of the Class A Notes remain outstanding
      (except to the extent that the Note Trustee otherwise consents).

      (a)   (Master Trust Deed covenants) It will comply with its covenants in
            clause 18, 22 or 29 of the Master Trust Deed (as the case may be).

      (b)   (Transaction Documents):

            (i)   It will ensure that it complies with its obligations under the
                  Transaction Documents.

            (ii)  It will use its best endeavours to procure that each other
                  party to a Transaction Document complies with and performs its
                  obligations under that Transaction Document.

      (c)   (Information) It will give to the Note Trustee a copy of any
            information relating to the Trust that the Note Trustee reasonably
            requests in connection with the exercise and performance of its
            powers and obligations under this deed.

      (d)   (Notify Events of Default)

            (i)   It will promptly notify the Note Trustee in writing if, to the
                  knowledge of its officers who are responsible for the
                  administration of the Trust, it becomes actually aware of the
                  occurrence of an Event of Default, Trustee's Default, Servicer
                  Transfer Event, Title Perfection Event or Trust Manager's
                  Default including full details (to the extent known, without
                  making any enquiry) of that Event of Default, Trustee's
                  Default, Servicer Transfer Event, Title Perfection Event or
                  Trust Manager's Default (as the case may be).

            (ii)  The Trustee will provide the Note Trustee with a certificate
                  signed by an Authorised Signatory of the Trustee on each
                  anniversary of this deed, and at any other time within 14 days
                  of request by the Note Trustee, confirming:

                  (A)   whether or not any Event of Default is subsisting of
                        which it is actually aware;

                  (B)   any other matter which is required to be notified to the
                        Note Trustee under the Transaction Documents and which
                        has not previously been so notified; and

                  (C)   that the Trustee has complied with its obligations under
                        this deed.

      (e)   (Listing) It will use its best endeavours to:

            (i)   obtain and maintain the listing of the Class A Notes on the
                  Official List of the UK Listing Authority (the Official List),
                  and the admission of the Class A Notes to trading by the Stock
                  Exchange (including compliance with the continuing obligations
                  applicable to the Trustee by virtue of the

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                  admission of the Class A Notes to the Official List and to
                  trading by the Stock Exchange) or, if it is unable to do so
                  having used best endeavours, use best endeavours to obtain and
                  maintain a quotation or listing of the Class A Notes on or by
                  any other stock exchange or exchanges, securities market or
                  markets, competent listing authority or authorities and/or
                  quotation system or systems as the Trust Manager (with the
                  prior written approval of the Note Trustee, that approval not
                  to be unreasonably withheld or delayed) decides and following
                  that quotation or listing enter into a deed supplemental to
                  this Trust Deed to effect such consequential amendments to
                  this deed necessary to comply with the requirements of any
                  such stock exchange or exchanges, securities market or
                  markets, competent listing authority or authorities and/or
                  quotation system or systems; and

            (ii)  procure that there will at all times be furnished to the UK
                  Listing Authority (or to any other relevant stock exchange or
                  exchanges, securities market or markets, competent listing
                  authority or authorities and/or quotation system or systems)
                  any information which the UK Listing Authority or other
                  relevant stock exchange or exchanges, securities market or
                  markets, competent listing authority or authorities and/or
                  quotation system or systems, as the case may be, may require
                  to be furnished in accordance with its requirements.

      (f)   (Maintenance of Office or Agency) The Trustee will maintain in the
            Borough of Manhattan, The City of New York and in London, an office
            or agency where Class A Notes may be surrendered for registration of
            transfer or exchange, and where notices and demands to or upon the
            Trustee in respect of the Class A Notes and this deed may be served.
            The Trustee hereby initially appoints the Principal Paying Agent to
            serve as its agent for the foregoing purposes. The Principal Paying
            Agent shall act solely for, and as agent of, the Trustee and shall
            not have any obligations towards or relationship or agency or trust
            with any other person in respect of its appointment under this
            sub-paragraph (f). The Trustee will give prompt written notice to
            the Note Trustee of the location, and of any change in the location,
            of any such office or agency. If at any time the Trustee shall fail
            to maintain any such office or agency or shall fail to furnish the
            Note Trustee with the address thereof, such surrenders, notices and
            demands may be made or served at the Corporate Trust Office, and the
            Trustee hereby appoints the Note Trustee as its agent to receive all
            such surrenders, notices and demands. If the conclusions of the
            ECOFIN Council Meeting of 26-27 November, 2000 are implemented, the
            Trustee will appoint and maintain a Paying Agent in a member state
            of the European Union that will not be obliged to withhold or deduct
            tax pursuant to any directive introduced to implement such
            conclusions.

      (g)   (Agent Bank) It will procure that, so long as any of the Class A
            Notes remain outstanding, there will at all times be an Agent Bank.

      (h)   (Change to Paying Agents or Agent Bank) It will give notice to the
            Class A Noteholders in accordance with the Agency Agreement and
            Condition 12 of:

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            (i)   any appointment, resignation or removal of any Paying Agent
                  (other than the appointment of the initial Principal Paying
                  Agent) or Agent Bank;

            (ii)  any change to any Paying Agent's Paying Office (as defined in
                  the Agency Agreement); or

            (iii) any change to the Agent Bank's Specified Office (as defined in
                  the Agency Agreement).

      (i)   (Notices) It will promptly give to the Note Trustee, or ensure that
            the Note Trustee receives, two copies of the form of every notice
            given to the Class A Noteholders in accordance with Condition 12.

      (j)   (Annual Statement as to Compliance) The Trustee will deliver to the
            Note Trustee, within 120 days after the end of each fiscal year of
            the Trust (commencing on 30 June 2002), and otherwise in compliance
            with the requirements of section 314(a)(4) of the TIA, an Officer's
            Certificate stating that:

            (i)   a review of the activities of the Trustee in respect of the
                  Trust during such year and of performance under the
                  Transaction Documents has been made under supervision of the
                  person signing the Officer's Certificate (the Signatory); and

            (ii)  to the best of the knowledge of the Signatory, based on the
                  review referred to in paragraph (i), the Trustee has complied
                  with all conditions and covenants under the Transaction
                  Documents throughout the relevant year, or, if there has been
                  a default in the compliance of any such condition or covenant,
                  specifying each such default known to the Signatory of the
                  nature and status of the default.

                  For the purposes of this clause 11.2(j) compliance shall be
                  determined without regard to any period of grace or
                  requirement of notice under the Transaction Documents.

      (k)   (Opinions as to Trust Estate) On the Closing Date, the Trustee shall
            furnish to the Note Trustee an Opinion of Counsel (who may be of
            counsel for the Trustee) either stating that in the opinion of such
            counsel the Security Trust Deed and any other requisite documents
            has been properly recorded and filed so as to make effective the
            Security Interest intended to be created by the Security Trust Deed,
            and reciting the details of such action, or stating that in the
            opinion of such counsel no such action is necessary to make such
            Security Interest effective.

            Within 120 days after the end of each fiscal year commencing on 30
            June 2002 the Trustee shall furnish to the Note Trustee an Opinion
            of Counsel (who may be of counsel for the Trustee) either stating
            that in the opinion of such counsel such action has been taken with
            respect to the recording, filing, re-recording, and refiling of the
            Security Trust Deed and any other requisite documents as is
            necessary to maintain the Security Interest created by the Security
            Trust Deed, and reciting the details of such action, or stating that
            in the opinion of such counsel no such action is necessary to
            maintain such Security Interest.

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      (l)   (i)   The Trustee (or the Trust Manager on its behalf) shall deliver
                  to the Principal Paying Agent on each Collection Determination
                  Date the Noteholders Report for the related Collection Period,
                  with written instructions for the Principal Paying Agent to
                  forward the Noteholders Report to each Class A Noteholder.

            (ii)  Each Noteholder Report shall contain the information set out
                  in Schedule 2.

12.   Remuneration of Note Trustee
------------------------------------------------------------------------------

12.1  Fee

      The Trustee shall pay to the Note Trustee a fee as agreed in a separate
      fee letter between them.

12.2  Additional Remuneration

      If the Note Trustee gives a notice under Condition 10 or it undertakes
      duties which it in its absolute discretion considers expedient or
      necessary under this deed, or which the Trustee requests it to undertake
      and which duties the Note Trustee, the Trust Manager and the Trustee agree
      to be of an exceptional nature or otherwise outside the scope of the
      normal duties of the Note Trustee under this deed, the Trustee shall pay
      to the Note Trustee any additional remuneration as they agree.

12.3  Costs, expenses

      (a)   The Trustee shall also reimburse, pay or discharge all reasonable
            costs, charges, liabilities and expenses (including, without
            limitation, legal fees and expenses properly incurred and any value
            added or similar tax applicable thereto) and any stamp and other
            Taxes or duties paid by the Note Trustee in connection with properly
            undertaking its duties under the Transaction Documents and in
            connection with any legal proceedings brought by the Note Trustee to
            enforce any obligation under this deed or the Class A Notes. The
            Note Trustee shall not be reimbursed for any overhead or general
            operating expenses incurred by the Note Trustee.

      (b)   Subject to clause 29 and without prejudice to the right of indemnity
            by law given to trustees, the Trustee indemnifies the Note Trustee
            and every other person properly appointed by it under this deed from
            and against all liabilities, losses, damages, costs, expenses
            (including, without limitation, legal fees and expenses properly
            incurred and any value added or similar tax applicable thereto),
            actions, proceedings, claims and demands incurred by or made against
            it or him in the execution of the trusts of this deed or of their
            powers or in respect of any matter or thing done or omitted in any
            way relating to this deed (other than arising from any breach of
            trust, fraud, wilful default or negligence by the Note Trustee or
            that person).

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

12.4 Overdue rate

      All sums payable by the Trustee under clause 12.3 shall be payable by the
      Trustee on the next Payment Date in the order set out in the Series Notice
      or (if applicable) the Security Trust Deed and shall carry interest at the
      rate of LIBOR from the due date. Any amount payable shall carry interest
      at that rate from the due date to the date of actual payment.

12.5  Continuing obligation

      Unless otherwise specifically stated in any discharge relating to this
      deed the provisions of this clause shall continue in full force and effect
      notwithstanding such discharge.

13.   Note Trustee
------------------------------------------------------------------------------

13.1  Preferential Collection of Claims Against Trustee

      The Note Trustee shall comply with section 311(a) of the TIA, excluding
      any creditor relationship listed in section 311(b) of the TIA. A Note
      Trustee who has resigned or been removed shall be subject to section
      311(a) of TIA to the extent required by the TIA.

13.2  Duties of Note Trustee

      (a)   If an Event of Default has occurred and is subsisting, of which a
            Responsible Officer of the Note Trustee has actual knowledge, the
            Note Trustee shall exercise the rights and powers vested in it by
            this deed and use the same degree of care and skill in their
            exercise as a prudent person would exercise or use under the
            circumstances in the conduct of such person's own affairs.

      (b)   Except while an Event of Default subsists:

            (i)   the Note Trustee undertakes to perform such duties and only
                  such duties as are specifically set forth in this deed and no
                  implied covenants or obligations shall be read into this deed
                  against the Note Trustee; and

            (ii)  in the absence of bad faith on its part, the Note Trustee may
                  conclusively rely, as to the truth of the statements and the
                  correctness of the opinions expressed therein, upon
                  certificates or opinions furnished to the Note Trustee and
                  conforming to the requirements of this deed; however, the Note
                  Trustee shall examine the certificates and opinions to
                  determine

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                  whether or not they appear on their face to conform to the
                  requirements of this deed.

      (c)   The Note Trustee may not be relieved from liability for its own
            negligent action, its own negligent failure to act or its own wilful
            misconduct, except that:

            (i)   this paragraph does not limit the effect of paragraph (a) of
                  this clause; and

            (ii)  the Note Trustee shall not be liable for any error of judgment
                  made in good faith by a Responsible Officer unless it is
                  proved that the Note Trustee was negligent in ascertaining the
                  pertinent facts.

      (d)   Section 315(d)(3) of the TIA is expressly excluded by this deed.

13.3  Obligations of Note Trustee

      The Note Trustee represents and warrants that it is duly qualified to
      assume its obligations under this deed and has obtained all necessary
      approvals required to perform its obligations under this deed.

13.4  Notice of Defaults

      (a)   If an Event of Default occurs and is subsisting and the Note Trustee
            is actually aware of that Event of Default, the Note Trustee shall
            mail to each Class A Noteholder notice of the Event of Default
            within 90 days after becoming so aware.

      (b)   Except in the case of a default in payment of principal of or
            interest on any Class A Note (including payments pursuant to the
            mandatory redemption provisions of that Class A Note), the Note
            Trustee may withhold the notice referred to in paragraph (a) if and
            so long as the board of directors, the executive committee or a
            trust committee of its directors in good faith determines that
            withholding the notice is in the interest of Class A Noteholders.

13.5  Rights of Note Trustee

      (a)   The Note Trustee may conclusively rely on any document believed by
            it to be genuine and to have been signed or presented by the proper
            person. The Note Trustee need not investigate any fact or matter
            stated in such document and shall not be responsible for the
            accuracy and/or completeness of any information supplied to it by
            the Trustee, the Trust Manager or any other person in connection
            with any of the Transaction Documents and shall not (save as
            otherwise provided herein) be liable or responsible for any losses
            to any person, howsoever caused, as a result of taking or omitting
            to take any action whatsoever in relation to any such documents, or
            otherwise.

      (b)   Before the Note Trustee acts or refrains from acting, it may in its
            absolute discretion require an Officer's Certificate or an Opinion
            of Counsel. The Note Trustee shall not be liable for any action it
            takes, suffers or omits to take in good faith in reliance on the
            Officer's Certificate or Opinion of Counsel.

      (c)   No provision of this deed shall require the Note Trustee to expend
            or risk its own funds or otherwise incur financial liability in the
            performance of any of its duties

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            hereunder or in the exercise of any of its rights or powers, if it
            shall have reasonable grounds to believe that repayment of such
            funds or indemnity and/or security satisfactory to it against such
            risk or liability is not assured to it.

      (d)   The Note Trustee shall not be responsible for and makes no
            representation as to the validity or adequacy of this deed or the
            Class A Notes, shall not be accountable for the Trustee's use of the
            proceeds from the Class A Notes, and shall not be responsible for
            any statement of the Trustee in this deed or in any document issued
            in connection with the sale of the Class A Notes or in the Class A
            Notes.

      (e)   The Note Trustee may in relation to this deed act on the advice or
            opinion of or any information obtained from any lawyer, valuer,
            accountant, banker, broker, credit-rating agency, lead manager or
            other expert whether obtained by the Trustee, the Note Trustee, the
            Trust Manager, the Servicer or otherwise and (provided, in the case
            of lawyers, etc. retained by the Note Trustee, that the Note Trustee
            exercises reasonable care in selecting those lawyers, etc.) shall
            not be liable to any party for any liability, loss, damage, cost,
            expense, action, proceedings, claims or demands, howsoever and by
            whomsoever incurred, as a result thereof.

      (f)   Any advice, opinion or information including but not limited to
            advice, opinion or information from any lawyer, valuer, accountant,
            banker, broker, credit-rating agency or lead manager, whether
            obtained by the Trustee, the Note Trustee, the Trust Manager, the
            Servicer or otherwise, may be sent or obtained by letter, telex,
            telegram, e-mail, facsimile transmission or cable and the Note
            Trustee shall not be liable for acting on any such advice, opinion
            or information purporting to be conveyed by any such letter, telex,
            telegram, e-mail, facsimile transmission or cable although the same
            shall contain some error or shall not be authentic.

      (g)   The Note Trustee may call for and shall be at liberty to accept as
            sufficient evidence of any fact or matter or the expediency of any
            transaction or thing a certificate signed by an Authorised Signatory
            of the Trustee or the Trust Manager (as the case may be) and the
            Note Trustee shall not be bound in any such case to call for further
            evidence or be responsible for any loss that may be occasioned by
            the Note Trustee acting on that certificate.

      (h)   The Note Trustee is at liberty to hold or to place this deed and any
            other documents relating to this deed in any part of the world
            (other than Australia) with any banker or banking company or company
            whose business includes undertaking the safe custody of documents or
            lawyer or firm of lawyers reasonably considered by the Note Trustee
            in its absolute discretion to be of good repute and neither the Note
            Trustee nor the Security Trustee shall be responsible for or
            required to insure against any loss incurred in connection with any
            such deposit and may pay all sums required to be paid on account of
            or in respect of any such deposit.

      (i)   The Note Trustee shall not be responsible for the application of the
            proceeds of the issue of any of the Class A Notes by the Trustee or
            any moneys borrowed by the Trustee under any Transaction Document or
            the exchange of any Book-Entry Note for any other Book-Entry Note or
            Definitive Note, as the case may be.

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      (j)   The Note Trustee shall not be bound to give notice to any person of
            the execution of this deed or any of the Transaction Documents or
            any transaction contemplated hereby or thereby or to take any steps
            to ascertain whether any Event of Default has happened and, until it
            has actual knowledge or express notice to the contrary, the Note
            Trustee is entitled to assume that no Event of Default has happened
            and that the Trustee and each other party to any Relevant Document
            is observing and performing all the obligations on its part
            contained in the Class A Notes and under this deed or, as the case
            may be, the Security Trust Deed or any other Transaction Document to
            which it is a party.

      (k)   Save as expressly otherwise provided in this deed or the Transaction
            Documents, the Note Trustee shall have absolute and uncontrolled
            discretion as to the exercise of the discretions vested in the Note
            Trustee by this deed and the Transaction Documents (the exercise of
            which as between the Note Trustee and the Class A Noteholders) shall
            be conclusive and binding on the Class A Noteholders but whenever
            the Note Trustee is under the provisions of this deed or the
            Transaction Documents bound to act at the request or direction of
            the Class A Noteholders, or any of them, the Note Trustee shall
            nevertheless not be so bound unless first indemnified and/or secured
            to its satisfaction against all actions, proceedings, claims and
            demands to which it may render itself liable and all costs, charges,
            damages, expenses (including, without limitation, legal fees and
            expenses and any value added or similar tax applicable thereto) and
            liabilities which it may incur by so doing.

      (l)   Any consent or approval given by the Note Trustee for the purpose of
            this deed, the Conditions and any Transaction Document may be given
            on any terms and subject to any conditions as the Note Trustee in
            its absolute discretion thinks fit and despite anything to the
            contrary contained in this deed, any Transaction Document or the
            Conditions may be given retrospectively.

      (m)   The Note Trustee shall not (unless and to the extent ordered so to
            do by a court of competent jurisdiction) be required to disclose to
            any Class A Noteholder or any Mortgagee, any confidential financial,
            price sensitive or other information made available to the Note
            Trustee by the Trustee or any other person in connection with the
            trusts of this deed and no Class A Noteholder shall be entitled to
            take any action to obtain from the Note Trustee any such
            information.

      (n)   Where it is necessary or desirable for any purpose in connection
            with this deed to convert any sum from one currency to another it
            shall (unless otherwise provided by this deed or required by law) be
            converted at the rate or rates, in accordance with the method and as
            at the date for the determination of the rate of exchange, as may be
            agreed in writing by the Note Trustee in consultation with the
            Trustee and the Trust Manager as relevant and any rate, method and
            date so agreed shall be binding on the Trustee, the Class A
            Noteholders.

      (o)   The Note Trustee may certify whether or not any of the events set
            out in paragraphs (b) to (e) of Condition 9 or any breach under
            clause 8 of the Security Trust Deed is in its opinion materially
            prejudicial to the interests of the relevant Class A

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            Noteholders and may certify, in relation to the event set out in
            paragraph (a) of Condition 9 in relation to any payment of interest
            on the Class A Notes that the Trustee had, on the due date for
            payment of the amount of interest in question, sufficient cash to
            pay, in accordance with the provisions of the Series Notice or the
            Security Trust Deed, all interest (after payment of all sums which
            are permitted under the Series Notice or the Security Trust Deed to
            be paid in priority to or pari passu with them) and that certificate
            shall be conclusive and binding upon the Trustee, the Class A
            Noteholders. The Note Trustee shall have no liability to the
            Trustee, any Class A Noteholder or any other person in relation to
            any such certificate or in relation to any delay or omission in
            providing certificate. In giving any certificate relating to
            paragraph (a) of Condition 9, the Note Trustee may rely, without
            incurring any liability for so doing, on any determination made by
            any independent accountants of recognised standing in Australia and
            any such determination shall be conclusive and binding on the
            Trustee and the Class A Noteholders.

      (p)   The Note Trustee shall not be bound to take any steps to ascertain
            whether any event, condition or act, the happening of which would
            cause a right or remedy to become exercisable by the Note Trustee
            under this deed or by the Trustee under any of the Transaction
            Documents has happened or to monitor or supervise the observance and
            performance by the Trustee or any of the other parties thereto of
            their respective obligations thereunder and, until it shall have
            actual knowledge or express notice to the contrary the Note Trustee
            shall be entitled to assume that no such event, condition or act has
            happened and that the Trustee and each of the other parties thereto
            are observing and performing all their respective obligations
            thereunder.

      (q)   The Note Trustee shall not be responsible for recitals, statements,
            warranties or representations of any party contained in any
            Transaction Document or other document entered into in connection
            with it and shall assume its accuracy and correctness and its
            execution, legality, effectiveness, adequacy, genuineness, validity
            or enforceability or admissibility in evidence of that agreement or
            other document or any security constituted by them, and the Note
            Trustee may accept without enquiry, requisition or objection all
            title as the Trustee may have to any of the Mortgaged Property or as
            any other person may have to any other security charged from time to
            time to the Note Trustee and shall not be bound to investigate or
            make any enquiry in the title of the Trustee to any of the Mortgaged
            Property or the title of any other person to any other security
            charged from time to time to the Note Trustee whether or not any
            default or failure is or was known to the Note Trustee or might be,
            or might have been, discovered upon examination inquiry or
            investigation and whether or not capable of remedy. Notwithstanding
            the generality of the foregoing each Class A Noteholder is solely
            responsible for making its own independent appraisal of and
            investigation into the financial condition, creditworthiness,
            condition, affairs, status and nature of the Trustee and the Note
            Trustee shall not at any time have any responsibility for the same
            and no Class A Noteholder shall rely on the Note Trustee in that
            respect.

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      (r)   The Note Trustee shall not be liable for any failure, omission or
            defect in or filing or procuring registration or filing of or
            otherwise protecting or perfecting the Security Trust Deed or the
            Mortgaged Property or any other security or failure to call for or
            delivery of documents of title to the Mortgaged Property or any
            other security or to require any further assurances in relation to
            any property or assets comprised in the Mortgaged Property or any
            other security.

      (s)   The Note Trustee shall not be obliged (whether or not directed to do
            so by the Class A Noteholders) to direct the Security Trustee to
            perfect legal title to any Purchased Receivable Security if, in the
            sole opinion of the Note Trustee, that perfection would or might
            result in the Note Trustee becoming liable to or incurring any
            obligation to any Borrower under a Purchased Receivable Security
            and, in its sole opinion, there is or would be insufficient cash to
            discharge, in accordance with the provisions of the Security Trust
            Deed, that liability or obligations as and when they arise.
            Notwithstanding the generality of the foregoing, the Note Trustee
            shall have no responsibility or liability for the payment of any
            fees for the registration of any Receivable Security in Australia or
            for any related legal, administrative or other fees, costs and
            expenses (including, but not limited to, any proper disbursements
            and any value added tax).

      (t)   The Note Trustee shall, as regards all the powers, trusts,
            authorities, duties and discretions vested in it by this deed, the
            Transaction Documents or the Class A Notes (including the
            Conditions), except where expressly provided otherwise have regard
            solely to the interests of the Class A Noteholders.

      (u)   Without prejudice to the provisions of any Transaction Document, the
            Note Trustee shall not be under any obligation to insure any of the
            Mortgaged Property (or any other property) or any deeds or documents
            of title or other evidence relating to that property and shall not
            be responsible for any loss, expense or liability which may be
            suffered as a result of the lack of or inadequacy of any that
            insurance.

      (v)   The Note Trustee shall not be responsible for any loss, expense or
            liability occasioned to the Mortgaged Property or any other property
            or in respect of all or any of the moneys which may stand to the
            credit of the Collection Account, from time to time however caused
            (including any bank, broker, depositary, warehouseman or other
            intermediary or any clearing system or its operator acting in
            accordance with or contrary to the terms of any of the Transaction
            Documents or otherwise), unless that loss is occasioned by the
            wilful neglect or misconduct or fraud, or breach of trust of the
            Note Trustee.

      (w)   The Note Trustee has no responsibility whatsoever to the Trustee or
            any Class A Noteholder as regards any deficiency or additional
            payment, as the case may be, which might arise because the Note
            Trustee or the Trustee is subject to any Tax in respect of the
            Mortgaged Property, the Security Trust Deed or any other security or
            any income or any proceeds from them.

      (x)   No provision of this deed requires the Note Trustee to do anything
            which may be illegal or contrary to applicable law or regulation or
            expend or risk its own funds or otherwise incur any financial
            liability in the performance of any of its duties, or in

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            the exercise of any of its rights or powers, if it has reasonable
            grounds to believe that repayment of those funds or adequate
            indemnity against that risk or liability is not assured to it.
            Without limitation nothing contained in this deed imposes any
            obligation on the Note Trustee to make any further advance to a
            Borrower or to borrow any moneys under a Transaction Document or to
            maintain, protect or preserve any moneys standing to the credit of
            the Collection Account.

      (y)   The Note Trustee is not responsible for the genuineness, validity,
            effectiveness, sufficiency or suitability of any of the Transaction
            Documents or any of the Mortgages, Charges or other documents
            entered into in connection with them or any Mortgage Insurance
            Policy or any other document or any obligation or rights created or
            purported to be created by them or under them or any Security
            Interest or the priority constituted by or purported to be
            constituted by or pursuant to that Security Interest, nor shall it
            be responsible or liable to any person because of any invalidity of
            any provision of those documents or the unenforceability of those
            documents, whether arising from statute, law or decision of any
            court and (without limitation) the Note Trustee shall not be
            responsible for or have any duty to make any investigation in
            respect of or in any way be liable whatsoever for:

            (i)   the nature, status, creditworthiness or solvency of any
                  Borrower or any other person or entity who has at any time
                  provided any security or support whether by way of Guarantee,
                  Security Interest or otherwise in respect of any advance made
                  to any Borrower;

            (ii)  the execution, legality, validity, adequacy, admissibility in
                  evidence or enforceability of any Mortgage or Loan or any
                  other document entered into in connection with them;

            (iii) the title, ownership, value, sufficiency or existence of any
                  Land, Mortgaged Property, or any Mortgage Insurance Policy;

            (iv)  the registration, filing, protection or perfection of any
                  Mortgage or the priority of the security created under a
                  Mortgage whether in respect of any initial advance or any
                  subsequent advance or any other sums or liabilities;

            (v)   the scope or accuracy of any representations, warranties or
                  statements made by or on behalf of any Borrower in any
                  application for any advance or in any Mortgage or Loan or in
                  any document entered into in connection with them;

            (vi)  the performance or observance by any Borrower or any other
                  person of any provisions of any Mortgage or Loan or in any
                  document entered into in connection with them or the
                  fulfilment or satisfaction of any conditions contained in them
                  or relating to them or as to the existence or occurrence at
                  any time of any default, event of default or similar event
                  contained in them or any waiver or consent which has at any
                  time been granted in relation to any of the above;

            (vii) the existence, accuracy or sufficiency of any legal or other
                  opinions, searches, reports, certificates, valuations or
                  investigations delivered or obtained or required to be
                  delivered or

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                  obtained at any time in connection with any Mortgage or Loan;

           (viii) the title of the Trustee to any Mortgage, Loan or other
                  Mortgaged Property;

            (ix)  the suitability, adequacy or sufficiency of any guidelines
                  under which Loans are entered into or compliance with those
                  guidelines or compliance with any applicable criteria for any
                  further advances or the legality or ability or enforceability
                  of the advances or the priority of the Mortgage in relation to
                  the advances;

            (x)   the compliance of the provisions and contents of and the
                  manner and formalities applicable to the execution of the
                  Mortgages and Loans and any documents connected with them or
                  the making of any advance intended to be secured by them or
                  with any applicable laws or regulations (including Consumer
                  Credit Legislation);

            (xi)  the failure by any Approved Seller, the Trustee, the Servicer
                  or the Trust Manager to obtain or comply with any
                  Authorisation in connection with the origination, sale,
                  purchase or administration of any of the Mortgages or Loans or
                  the making of any advances in connection with them or the
                  failure to effect or procure registration of or to give notice
                  to any person in relation to or otherwise protect the security
                  created or purported to be created by or pursuant to any of
                  the Mortgages or Loans or other documents entered into in
                  connection with them;

            (xii) the failure to call for delivery of documents of title to or
                  require any transfers, legal mortgages, charges or other
                  further assurances in relation to any of the assets the
                  subject matter of any of the Transaction Documents or any
                  other document;

           (xiii) any accounts, books, records or files maintained by any
                  Approved Seller, the Servicer, the Trustee, the Trust Manager
                  or any other person in respect of any of the Mortgages or
                  Loans; or

            (xiv) any other matter or thing relating to or in any way connected
                  with any Mortgage or Loans or any document entered into in
                  connection with them whether or not similar to the above.

      (z)   The Note Trustee is not liable or responsible for any loss, cost,
            damages, expenses or inconvenience which may result from anything
            done or omitted to be done by it in accordance with the provisions
            of this deed, any Transaction Document or any other document or as a
            consequence of or in connection with it being held or treated as, or
            being deemed to be, a creditor, for the purposes of the Consumer
            Credit Legislation, in respect of any of the Mortgages.

      (aa)  In connection with any proposed modification, waiver, authorisation
            or determination permitted by this deed, the Note Trustee shall not
            have regard to the consequences thereof for individual Class A
            Noteholders resulting from their being for any purpose domiciled or
            resident in, or otherwise connected with, or subject to, the
            jurisdiction of any particular territory.

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      (bb)  The Note Trustee shall have no responsibility for the maintenance of
            any rating of the Class A Notes by a Designated Rating Agency or any
            other credit-rating agency or any other person.

      (cc)  The Note Trustee has no liability whatsoever for any loss, cost,
            damage or expenses directly or indirectly suffered or incurred by
            the Trustee, any Class A Noteholder or any other person as a result
            of the delivery by the Note Trustee of a certificate, or the
            omission by it to deliver a certificate, to the Trustee as to
            material prejudice pursuant to Condition 9 on the basis of an
            opinion formed by it in good faith.

      (dd)  The Note Trustee shall be under no obligation to monitor or
            supervise the functions of the Servicer from time to time under the
            terms of the Servicing Agreement or any other person under any other
            Transaction Document, including and is entitled, in the absence of
            actual knowledge of a breach of duty or obligation, to assume that
            the Servicer is properly performing its obligations in accordance
            with the provisions of the Servicing Agreement or that any other
            person is properly performing its obligations in accordance with
            each other Transaction Document, as the case may be.

      (ee)  The Note Trustee acknowledges that the Trust Manager is responsible,
            under the Series Notice, for calculating all amounts referred to in
            clause 6.2 of the Series Notice (other than calculations required to
            be made by the Agent Bank under the Agency Agreement) and the Note
            Trustee has no liability in respect of these calculations other than
            as a result of the negligence, bad faith or wilful default of the
            Note Trustee.

      (ff)  The Note Trustee shall not be liable to the Trustee, or any Class A
            Noteholder by reason of having accepted as valid or not having
            rejected any Definitive Note purporting to be such and subsequently
            found to be forged or not authentic and the Note Trustee may call
            for and shall be at liberty to accept and place full reliance on as
            sufficient evidence of the facts stated therein a certificate or
            letter of confirmation certified as true and accurate and signed on
            behalf of the Common Depositary or any common depositary for them or
            any person as the Note Trustee reasonably considers appropriate, or
            any form of record made by any of them to the effect that at any
            particular time or through any particular period any particular
            person is, was, or will be, shown in its records as entitled to a
            particular number of Class A Notes.

14.   Note Trustee's Liability
------------------------------------------------------------------------------

      Nothing in this deed shall in any case in which the Note Trustee has
      failed to show the degree of care and diligence required of it as trustee
      having regard to the provisions of this deed conferring on it any powers,
      authorities or discretions exempt the Note Trustee from or indemnify it
      against any liability for breach of trust or any liability which by virtue
      of any rule of law would otherwise attach to it in respect of any wilful
      misconduct, negligence, default, breach of duty or breach of trust of
      which it may be guilty in relation to its duties under this deed.

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15.   Delegation by Note Trustee
------------------------------------------------------------------------------

      (a)   The Note Trustee may whenever it thinks fit delegate by power of
            attorney or otherwise to any person or persons for any period
            (whether exceeding one year or not) or indefinitely all or any of
            the trusts, powers and authorities vested in the Note Trustee by
            this deed and that delegation may be made upon any terms and subject
            to any conditions (including power to sub-delegate) and subject to
            any regulations as the Note Trustee may in the interests of the
            Class A Noteholders think fit.

      (b)   If the Note Trustee exercises reasonable care in the selection of a
            delegate under paragraph (a), the Note Trustee shall not be in any
            way responsible for any loss incurred by reason of any misconduct or
            default on the part of any delegate or sub-delegate. The Note
            Trustee must within a reasonable time prior to any delegation or any
            renewal, extension or termination of any delegation give notice of
            it to the Trustee.

16.   Employment of Agent by Note Trustee
------------------------------------------------------------------------------

      The Note Trustee may in the conduct of the trusts of this deed instead of
      acting personally employ and pay an agent, whether being a lawyer or other
      professional person, to transact or concur in transacting any business and
      to do or concur in doing all acts required to be done in connection with
      the trusts of this deed. If the Note Trustee exercises reasonable care in
      the selection of that agent, the Note Trustee shall not in any way be
      responsible for any loss incurred by reason of any misconduct or default
      on the part of that agent.

      Any trustee of this deed which is a lawyer, accountant, broker or other
      person engaged in any profession or business is entitled to charge and be
      paid all usual professional and other charges for business transacted and
      acts done by him or his firm in connection with the trusts of this deed
      and also his reasonable charges in addition to disbursements for all other
      work and business done and all time spent by him or his firm in connection
      with matters arising in connection with this deed. Those charges will be
      for the account of the Note Trustee who shall be reimbursed by the Trustee
      under clause 12.

17.   Note Trustee Contracting with Trustee
------------------------------------------------------------------------------

      Neither the Note Trustee nor any director or officer of a corporation
      acting as a trustee under this deed, nor the Security Trustee, is by
      reason of its or their fiduciary position in any way precluded from
      entering into or being interested in any contract or financial or other
      transaction or arrangement with the Trustee or any other party to any of
      the Transaction Documents or any person or body corporate associated with
      the Trustee including any contract, transaction or arrangement of a
      banking or insurance nature or any contract, transaction or arrangement in
      relation to the making of loans or the provision of financial facilities
      to or the purchase, placing or underwriting of or subscribing or procuring
      subscriptions for or otherwise acquiring holding or dealing with the Class
      A Notes, or any of them, or any other bonds, stocks, shares, debenture
      stock, debentures, notes or other

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      securities of the Trustee or any other party to any of the Transaction
      Documents or any related person or body corporate or from accepting or
      holding the trusteeship of any other trust deed constituting or securing
      any other securities issued by or relating to the Trustee or any other
      party to any of the Transaction Documents or any related person or body
      corporate or any other office of profit under the Trustee or any other
      party to any of the Transaction Documents or any related person or body
      corporate and shall be entitled to retain and shall not be in any way
      liable to account for any profit made or share of brokerage or commission
      or remuneration or other benefit received or in connection with any of
      those arrangements.

18.   Waiver
------------------------------------------------------------------------------

      (a)   The Note Trustee may without prejudice to its rights in respect of
            any subsequent breach, condition, event or act from time to time and
            at any time (but only if, and in so far as, in its sole opinion the
            interests of any of the Class A Noteholders are not materially
            prejudiced), waive or authorise on any terms and subject to any
            conditions as it sees fit and proper:

            (i)   any breach or proposed breach by the Trustee of any of the
                  covenants or provisions contained in this deed or in the Class
                  A Notes (including the Conditions) or any other Transaction
                  Document; or

            (ii)  determine that any condition, event or act which constitutes,
                  or which with the giving of notice, the lapse of time or the
                  issue of a certificate would constitute, but for that
                  determination, an Event of Default shall not, or shall not
                  subject to specified conditions, be so treated for the
                  purposes of this deed,

            but the Note Trustee shall not exercise any powers conferred on it
            by this clause in contravention of any express direction given in
            writing by holders of Class A Notes representing at least 75% of the
            aggregate Invested Amount of the Class A Notes or by a request under
            Condition 10(d). No direction or request shall affect any waiver,
            authorisation or determination previously given or made.

      (b)   Any waiver, authorisation or determination under this clause is
            binding on the Class A Noteholders and if, but only if, the Note
            Trustee so requires, shall be notified by the Trustee to the Class A
            Noteholders in accordance with Condition 12 as soon as practicable.

19.   Amendment
------------------------------------------------------------------------------

19.1  Approval

      The Note Trustee, the Trust Manager and the Trustee may, following giving
      notice to each Designated Rating Agency, by way of supplemental deed
      alter, add to or modify this deed (including this clause 19), the
      Conditions (other than the proviso in clause 33.2 or any provision of this
      deed or the Conditions referred to in that proviso) and this clause or any
      Transaction Document so long as that alteration, addition or modification
      is:

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

      (b)   in the opinion of the Note Trustee necessary to comply with the
            provisions of any law or regulation or with the requirements of any
            Government Authority;

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

      (d)   in the opinion of the Note Trustee neither materially prejudicial
            nor likely to be prejudicial to the interest of the Class A
            Noteholders as a whole or,

      and in the manner, and to the extent, permitted by the Transaction
      Documents.

19.2  Resolution of Class A Noteholders

      Where in the opinion of the Note Trustee a proposed alteration, addition
      or modification to this deed, other than an alteration, addition or
      modification referred to in clause 19.1, is materially prejudicial or
      likely to be materially prejudicial to the interest of Class A Noteholders
      as a whole or any class of Class A Noteholders, the Note Trustee, the
      Trust Manager and the Trustee may make that alteration, addition or
      modification if the same is sanctioned in writing by holders of at least
      75% of the aggregate Invested Amount of the Class A Notes.

19.3  Distribution of amendments

      The Trust Manager shall distribute to all Class A Noteholders a copy of
      any amendments made under clause 19.1 or 19.2 under Condition 12 as soon
      as reasonably practicable after the amendment has been made.

19.4  Amendments binding

      Any amendment under this clause is binding on the Class A Noteholders.

19.5  Conformity with TIA

      For so long as this deed shall be qualified under the TIA, every amendment
      of this deed executed pursuant to this clause 19 shall conform to the
      requirements of the TIA as then in effect.

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20.   Class A Noteholders
------------------------------------------------------------------------------

20.1  Absolute Owner

      (a)   The Trustee, the Trust Manager, the Security Trustee, the Note
            Trustee and any Paying Agent may treat the registered holders of any
            Definitive Note as the absolute owner of that Definitive Note
            (whether or not that Definitive Note is overdue and despite any
            notation or notice of ownership or writing on it or any notice of
            previous loss or theft of it or trust or other interest in it) for
            the purpose of making payment and for all purposes and none of the
            Trustee, the Trust Manager, the Security Trustee, the Note Trustee
            or the Paying Agents is affected by any notice to the contrary.

      (b)   So long as the Class A Notes, or any of them, are represented by a
            Book-Entry Note, the Trustee, the Trust Manager, the Note Trustee
            and any Paying Agent may treat the person for the time being shown
            in the records of the Clearing Agency as the holder of any Class A
            Note as the absolute owner of that Class A Note and the Trustee, the
            Trust Manager, the Note Trustee and the Paying Agents are not
            affected by any notice to the contrary, but without prejudice to the
            entitlement of the registered holder of the Book-Entry Note to be
            paid principal and interest on the Book-Entry Note in accordance
            with its terms. Such person shall have no claim directly against the
            Trustee in respect of payment due on the Class A Notes for so long
            as the Class A Notes are represented by a Book-Entry Note and the
            relevant obligations of the Trustee will be discharged by payment to
            the registered holder of the Book-Entry Note in respect of each
            amount so paid.

      (c)   Any payments by the Trustee to the registered holder of a Book-
            Entry Note or to an owner of a Class A Note under this clause will
            be a good discharge of the Trustee's payment obligations in respect
            thereto.

      (d)   All payments made to the owner of an Class A Note under this clause
            (or, in the case of a Book-Entry Note, to or to the order of the
            registered holder of that Book-Entry Note) shall be valid and, to
            the extent of the sums so paid, effective to satisfy and discharge
            the liability for the moneys payable upon those Class A Notes.

      (e)   Any instalment of interest or principal, payable on any Class A Note
            which is punctually paid or duly provided for by the Trustee to the
            Paying Agent on the applicable Payment Date or Maturity Date shall
            be paid to the person in whose name such Class A Note is registered
            on the Record Date, by cheque mailed first-class, postage prepaid,
            to such person's address as it appears on the Note Register on such
            Record Date, except that, unless Definitive Notes have been issued
            pursuant to clause 3.3, with respect to Class A Notes registered on
            the Record Date in the name of the nominee of the Clearing Agency
            (initially, such nominee to be Cede & Co.), payment will be made by
            wire transfer in immediately available funds to the account
            designated by such nominee and except for the final instalment of
            principal payable with respect to such Class A Note on a Payment
            Date or Maturity Date and except for the redemption for any Class A
            Note called for redemption pursuant to Condition 5 which shall be
            payable as provided in paragraph (f).

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      (f)   The principal of each Class A Note shall be payable on each Payment
            Date and the Maturity Date as set forth in the Conditions. The
            Principal Paying Agent shall notify the person in whose name a Class
            A Note is registered at the close of business on the Record Date
            preceding the Payment Date on which the Trustee expects that the
            final instalment of principal of and interest on such Class A Note
            will be paid. Such notice shall be mailed or transmitted by
            facsimile prior to such final Maturity Date and shall specify that
            such final instalment will be payable only upon presentation and
            surrender of such Class A Note and shall specify the place where
            such Class A Note may be presented and surrendered for payment of
            such instalment. Notices in connection with redemptions of Class A
            Notes shall be mailed to the Class A Noteholders as provided in
            clause 31.4.

20.2  Clearing Agency Certificate

      The Trustee, the Trust Manager and the Note Trustee may call for and shall
      be at liberty to accept and place full reliance on as sufficient evidence
      a certificate or letter or confirmation signed on behalf of any Clearing
      Agency or any form of record made by either of them to the effect that at
      any particular time or throughout any particular period any particular
      person is, was, or will be, shown in its records as entitled to a
      particular interest in a Book-Entry Note.

21.   Currency Indemnity
------------------------------------------------------------------------------

      Subject to this deed, the Trustee indemnifies the Note Trustee and the
      Class A Noteholders and keeps them indemnified against:

      (a)   any loss or damage incurred by any of them arising from the
            non-payment by the Trustee of any US$ amount due to the Note Trustee
            or the relevant Class A Noteholders under this deed or the relevant
            Class A Notes by reason of any variation in the rates of exchange
            between those used for the purposes of calculating the amount due
            under a judgment or order in respect of that payment, which amount
            is expressed in a currency other than US$, and under which the Note
            Trustee, the Class A Noteholders do not have an option to have that
            judgment or order expressed in US$, and those prevailing at the date
            of actual payment by the Trustee; and

      (b)   any deficiency arising or resulting from any variation in rates of
            exchange between:

            (i)   the date (if any) as of which the non-US$ currency equivalent
                  of the US$ amounts due or contingently due under this deed
                  (other than this clause) or in respect of the relevant Class A
                  Notes is calculated for the purposes of any bankruptcy,
                  insolvency or liquidation of the Trustee; and

            (ii)  the final date for ascertaining the amount of claims in that
                  bankruptcy, insolvency or liquidation provided that in that
                  bankruptcy, insolvency or liquidation claims are required to
                  be made in a currency other than US$.

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            The amount of that deficiency shall not be reduced by any variation
            in rates of exchange occurring between that final date and the date
            of any distribution of assets in connection with that bankruptcy,
            insolvency or liquidation.

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

22.   New Note Trustees
------------------------------------------------------------------------------

22.1  Appointment by Trustee

      The Trustee may on the recommendation of the Trust Manager at any time
      appoint a new note trustee of this deed who has previously been approved
      in writing by holders of at least 75% of the aggregate Invested Amount of
      the Class A Notes. One or more persons may hold office as note trustee or
      note trustees of this deed but that note trustee or note trustees must be
      or include a Trust Corporation. Whenever there are more than two note
      trustees of this deed the majority of those note trustees are competent to
      execute and exercise all the duties, powers, trusts, authorities and
      discretions vested in the Note Trustee by this deed if a Trust Corporation
      is included in that majority.

22.2  Appointment by Note Trustee

      (a)   The Note Trustee may, on 30 days prior written notice to the Trustee
            and Trust Manager, appoint any person established or resident in any
            jurisdiction (whether a Trust Corporation or not) to act either as a
            separate note trustee or as a co-note trustee jointly with the Note
            Trustee:

            (i)   if the Note Trustee considers that appointment to be in the
                  interests of the Class A Noteholders;

            (ii)  for the purposes of conforming to any legal requirements,
                  restrictions or conditions in any jurisdiction in which any
                  particular act or acts is or are to be performed; or

            (iii) for the purposes of obtaining a judgment in any jurisdiction
                  or the enforcement in any jurisdiction of either a judgment
                  already obtained or any of the provisions of this deed against
                  the Trustee.

      (b)   Subject to the provisions of this deed, a person appointed under
            paragraph (a) has all trusts, powers, authorities and discretions
            (not exceeding those conferred on the Note Trustee by this deed) and
            all duties and obligations conferred or imposed by the instrument of
            appointment. All rights, powers, duties and obligations conferred

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            or imposed upon the Note Trustee shall be conferred or imposed upon
            and exercised or performed by the Note Trustee and such separate
            note trustee or co-trustee jointly (it being understood that such
            separate trustee or co-trustee is not authorised to act separately
            without the Note Trustee joining in such act), except to the extent
            that under any law of any jurisdiction in which any particular act
            or acts are to be performed the Note Trustee shall be incompetent or
            unqualified to perform such act or acts, in which event such rights,
            powers, duties and obligations shall be exercised and performed
            singly by such separate trustee or co-trustee, but solely at the
            direction of the Note Trustee.

      (c)   The Note Trustee may remove any person appointed under this clause.
            The reasonable remuneration of any person appointed under this
            clause together with any costs, charges and expenses properly
            incurred by it in performing its function as note trustee or co-note
            trustee will be costs, charges and expenses incurred by the Note
            Trustee under this deed.

22.3  Notice

      (a)   The Trustee or the Trust Manager on its behalf shall notify the
            Principal Paying Agent and the Class A Noteholders in writing of any
            appointment of a new note trustee or any retirement or removal of an
            existing note trustee of this deed as soon as practicable after
            becoming aware of that appointment, retirement or removal.

      (b)   The Trustee or the Trust Manager on its behalf shall notify each
            Designated Rating Agency in writing of any appointment of a new note
            trustee or its retirement or removal as soon as practicable.

23.   Note Trustee's Retirement and Removal
------------------------------------------------------------------------------

23.1  Removal by Trustee

      The Trustee (or the Trust Manager on its behalf after advising the
      Trustee) may at any time terminate the appointment of the Note Trustee by
      giving written notice to that effect to each Designated Rating Agency and
      the Note Trustee with effect immediately on that notice, if any of the
      following occurs in relation to the Note Trustee:

      (a)   an Insolvency Event has occurred in relation to the Note Trustee;

      (b)   the Note Trustee has ceased its business (subject only to clause
            23.6(b));

      (c)   the Note Trustee has failed to remedy, within fourteen days after
            written notice by the Trustee or Trust Manager, any material breach
            of this deed on the part of the Note Trustee; or

      (d)   the Note Trustee fails to satisfy any obligation imposed on it under
            the TIA with respect to the Trust or this deed or comply with clause
            23.6.

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Note Trust Deed                                           Allens Arthur Robinson
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23.2  Removal by Class A Noteholders

      The Class A Noteholders may resolve by written consent of the holders of
      at least 75% of the aggregate Invested Amount of Class A Notes to require
      the Trustee (or the Trust Manager on its behalf) to remove the Note
      Trustee or note trustees for the time being of this deed.

23.3  Resignation

      Subject to this clause 23, the Note Trustee may resign its appointment
      under this deed at any time by giving to the Trustee, the Trust Manager
      and each Designated Rating Agency not less than 3 months written notice to
      that effect, which notice shall expire not less than 30 days before nor 30
      days after any due date for payment of any Class A Notes.

23.4  Rating Agencies confirmation

      Any resignation or removal of the Note Trustee and appointment of a
      successor note trustee will not become effective until acceptance of the
      appointment by that successor note trustee and confirmation by the
      Designated Rating Agencies that such appointment will not cause a
      downgrading, qualification or withdrawal of the then current ratings of
      the Class A Notes.

23.5  Trust Corporation

      The Trustee undertakes that if the only Note Trustee which is a Trust
      Corporation retires or is removed it will use its best endeavours to
      appoint a new note trustee of this deed which is a Trust Corporation as
      soon as reasonably practicable. The retirement or removal of any Note
      Trustee shall not become effective until a successor Note Trustee which is
      a Trust Corporation is appointed.

23.6  Successor to Note Trustee

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

      (b)   Any corporation:

            (i)   into which the Note Trustee is merged;

            (ii)  with which the Note Trustee is consolidated;

            (iii) resulting from any merger or consolidation to which the Note
                  Trustee is a party;

            (iv)  to which the Note Trustee sells or otherwise transfers all or
                  substantially all the assets of its corporate trust business,

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

23.7  Eligibility; Disqualification

      (a)   The Note Trustee shall at all times satisfy the requirements of
            section 310(a) of the TIA.

      (b)   The Note Trustee shall have a combined capital and surplus (as those
            terms are used in the TIA) of at least US$50,000,000 as set forth in
            its most recent published annual report of condition.

      (c)   The Note Trustee shall comply with section 310(b) of the TIA
            provided that any indenture or indentures under which other
            securities of the Trustee are outstanding shall be excluded from the
            operation of section 310(b)(1) of the TIA for the purposes of
            paragraph (b) if the requirements for such exclusion set out in
            section 310(b)(1) of the TIA are met.

24.   Note Trustee's Powers Additional
------------------------------------------------------------------------------

      The powers conferred upon the Note Trustee by this deed shall be in
      addition to any powers which may from time to time be vested in the Note
      Trustee by the general law or as a holder of any of the Class A Notes.

25.   Severability of Provisions
------------------------------------------------------------------------------

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

26.   Notices
------------------------------------------------------------------------------

26.1  General

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

      (a)   must be in writing;

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

      (c)   will be taken to be duly given or made:

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Note Trust Deed                                           Allens Arthur Robinson
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            (i)   (in the case of delivery in person or by post) when delivered,
                  received or left at the address of the recipient shown in
                  clause 26.2 or to any other address which it may have notified
                  by the recipient to the sender;

            (ii)  (in the case of facsimile transmission) on receipt of a
                  transmission report confirming successful transmission to the
                  number shown in clause 26.2 or any other number notified by
                  the recipient to the sender under this clause 26; and

            (iii) (in the case of a telex) on receipt by the sender of the
                  answerback code of the recipient at the end of transmission to
                  the number shown in clause 26.2 or any other number notified
                  by the recipient to the sender under this clause 26,

            but if delivery or receipt is on a day on which business is not
            generally carried on in the place to which the communication is sent
            or is later than 4.00 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.

26.2  Details

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

      The Trustee

      WESTPAC SECURITIES ADMINISTRATION LIMITED

      Level 4, Endeavour House
      50 Pitt Street
      SYDNEY  NSW  2000

      Tel:        612 9260 7010
      Fax:        612 9220 4113

      Attention:  Trustee Securitisation Manager

      The Trust Manager

      WESTPAC SECURITISATION MANAGEMENT PTY LIMITED

      Level 6
      60 Martin Place
      SYDNEY  NSW  2000

      Tel:        612 9284 9369
      Fax:        612 9284 8295

      Attention:  Securitisation Trust Manager

      Copy to:    Martin Morgado
                  C/- Westpac Banking Corporation
                  575 Fifth Avenue
                  39th Floor
                  New York  N.Y.  10023

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Note Trust Deed                                           Allens Arthur Robinson
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      The Principal Paying Agent

      CITIBANK, N.A., LONDON BRANCH

      5 Carmelite Street
      London

      EC4Y 0PA

      Fax:        44 207 508 8373

      Attention:  Agency & Trust

      The Note Trustee

      CITIBANK, N.A., LONDON BRANCH

      Cottons Centre
      Hays Lane

      London SE1 2QT

      Fax:        44 207 500 5877

      Attention:  Agency & Trust

27.   Governing Law and Jurisdiction
------------------------------------------------------------------------------

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

28.   Counterparts
------------------------------------------------------------------------------

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

29.   Limited Recourse
------------------------------------------------------------------------------

29.1  General

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

29.2  Liability of Trustee limited to its right to indemnity

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

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

      (c)   The provisions of this clause 29 shall not apply to any obligation
            or liability of the Trustee to the extent that it is not satisfied
            because under a Transaction Document or by operation of law there is
            a reduction in the extent of the Trustee's indemnification out of
            the Assets of the Trust as a result of the Trustee's fraud,
            negligence or breach of trust.

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

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

29.3  Unrestricted remedies

      Nothing in clause 29.2 limits any party (other than the Trustee) in:

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

      (b)   obtaining declaratory relief; or

      (c)   in relation to its rights under the Security Trust Deed.

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Note Trust Deed                                           Allens Arthur Robinson
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29.4  Restricted remedies

      Except as provided in clauses 29.2 and 29.3, no Paying Agent shall:

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

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

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

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

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

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

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

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

30.   Successor Trustee
------------------------------------------------------------------------------

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

31.   Class A Noteholders' Lists and Reports
------------------------------------------------------------------------------

31.1  Provision of information

      The Trustee will furnish or cause to be furnished to the Note Trustee:

      (a)   every six months (with the first six month period commencing on the
            Closing Date) (each such date being a Notice Date), a list, in such
            form as the Note Trustee may reasonably require, of the names and
            addresses of the Class A Noteholders as of the Record Date
            immediately preceding that Notice Date; and

      (b)   at such other times as the Note Trustee may request in writing,
            within 30 days after receipt by the Trustee of any such request, a
            list of similar form and content as of a date not more than 10 days
            prior to the time such list is furnished,

      provided that so long as:

      (c)   the Note Trustee is the Note Registrar; or

      (d)   the Class A Notes are Book-Entry Notes,

      no such list shall be required to be furnished.

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Note Trust Deed                                           Allens Arthur Robinson
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31.2  Preservation of Information; Communications to Class A Noteholders

      (a)   The Note Trustee shall preserve, in as current a form as is
            reasonably practicable, the names and addresses of the Class A
            Noteholders contained in the most recent list (if any) furnished to
            the Note Trustee as provided in clause 31.1 and, so long as it
            continues to act as Note Registrar, the names and addresses of Class
            A Noteholders received by the Note Trustee in its capacity as Note
            Registrar. The Trustee may destroy any list furnished to it as
            provided in such clause 31.1 upon receipt of a new list so
            furnished.

      (b)   Class A Noteholders may communicate pursuant to section 312(b) of
            the TIA with other Class A Noteholders with respect to their rights
            under this Deed or under the Class A Notes.

      (c)   The Trustee, Note Trustee and Note Registrar shall have the
            protection of section 312(c) of the TIA.

31.3  Reports by Note Trustee

      If required by section 313(a) of the TIA, within 60 days after each 30
      June, beginning with 30 June 2002, the Note Trustee shall mail to each
      Class A Noteholder and the Trustee as required by section 313(c) of the
      TIA a brief report dated as of such date that complies with section 313(a)
      of the TIA. The Note Trustee also shall comply with section 313(b) of the
      TIA. A copy of each report at the time of its mailing to Class A
      Noteholders shall be filed by the Note Trustee with the Commission and
      each stock exchange, competent listing authority and/or quotation system,
      if any, on or by which the Class A Notes are then listed. The Trust
      Manager on behalf of the Trustee shall notify the Note Trustee in writing
      if and when the Class A Notes are listed on or by any stock exchange,
      competent listing authority and/or quotation system.

31.4  Notices to Class A Noteholders; Waiver

      Where this deed provides for notice to Class A Noteholders of any event,
      such notice shall be sufficiently given (unless otherwise herein expressly
      provided) if in writing and mailed, first-class, postage prepaid to each
      Class A Noteholder affected by such event, at his or her address as it
      appears on the Note Register, not later than the latest date, and not
      earlier than the earliest date, prescribed for the giving of such notice.
      In any case where notice to Class A Noteholders is given by mail, neither
      the failure to mail such notice nor any defect in any notice so mailed to
      any particular Class A Noteholder shall affect the sufficiency of such
      notice with respect to other Class A Noteholders, and any notice that is
      mailed in the manner herein provided shall conclusively be presumed to
      have been duly given.

      Where this deed provides for notice in any manner, such notice may be
      waived in writing by any person entitled to receive such notice, either
      before or after the event, and such waiver shall be the equivalent of such
      notice. Waivers of notice by Class A Noteholders shall be filed with the
      Note Trustee but such filing shall not be a condition precedent to the
      validity of any action taken in reliance upon such a waiver.

      In case, by reason of the suspension of regular mail services as a result
      of a strike, work stoppage or similar activity, it shall be impractical to
      mail notice of any event to Class A

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Note Trust Deed                                           Allens Arthur Robinson
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      Noteholders when such notice is required to be given pursuant to any
      provision of this deed, then any manner of giving such notice as the
      Trustee shall direct the Note Trustee shall be deemed to be a sufficient
      giving of such notice.

31.5  Reports by Trustee

      The Trustee shall:

      (a)   file with the Note Trustee, within 15 days after the Trustee is
            required to file the same with the Commission, copies in English of
            the annual reports and of the information, documents and other
            reports (or copies of such portions of any of the foregoing as the
            Commission may from time to time by rules and regulations prescribe)
            which the Trustee may be required to file with the Commission
            pursuant to section 13 or 15(d) of the Securities Exchange Act of
            1934, as amended;

      (b)   file with the Note Trustee and the Commission in accordance with
            rules and regulations prescribed from time to time by the Commission
            such additional information, documents and reports with respect to
            compliance by the Trustee with the conditions and covenants of this
            deed as may be required from time to time by such rules and
            regulations; and

      (c)   supply to the Note Trustee (and the Note Trustee shall transmit by
            mail to all Class A Noteholders described in section 313(c) of the
            TIA) such summaries of any information, documents and reports
            required to be filed by the Trustee pursuant to clauses (a) and (b)
            of this clause 31.5 as may be required by rules and regulations
            prescribed from time to time by the Commission.

32.   Trust Indenture Act - Miscellaneous
------------------------------------------------------------------------------

32.1  Compliance Certificates and Opinions, etc

      (a)   Upon any application or request by the Trustee to the Note Trustee
            to take any action under any provision of this deed, the Trustee
            shall furnish to the Note Trustee:

            (i)   an Officer's Certificate stating that all conditions
                  precedent, if any, provided for in this deed relating to the
                  proposed action have been complied with;

            (ii)  an Opinion of Counsel stating that in the opinion of such
                  counsel all such conditions precedent, if any, have been
                  complied with; and

            (iii) (if required by the TIA) an Independent Certificate from a
                  firm of certified public accountants meeting the applicable
                  requirements of section 314(c)(3) of the TIA, except that, in
                  the case of any such application or request as to which the
                  furnishing of such documents is specifically required by any
                  provision of this deed, no additional certificate or opinion
                  need be furnished.

      (b)   (i)   Prior to the deposit of any property or securities with the
                  Trustee that is to be made the basis for the release of any
                  property or securities subject to the Security Interest
                  created by the Security Trust Deed, the Trustee shall, in

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                  addition to any obligation imposed in clause 32.1(a) or
                  elsewhere in this deed, furnish to the Note Trustee an
                  Officer's Certificate certifying or stating the opinion of
                  each person signing such certificate as to the fair value
                  (within 90 days of such deposit) of the property or securities
                  to be so deposited.

            (ii)  Whenever any property or securities are to be released from
                  the Security Interest created by the Security Trust Deed, the
                  Trustee shall also furnish to the Note Trustee an Officer's
                  Certificate certifying or stating the opinion of each person
                  signing such certificate as to the fair value (within 90 days
                  of such release) of the property or securities proposed to be
                  released and stating that in the opinion of such person the
                  proposed release will not impair the security under the
                  Security Trust Deed in contravention of the provisions of the
                  Security Trust Deed or this deed.

            (iii) Whenever the Trustee is required to furnish to the Note
                  Trustee an Officer's Certificate certifying or stating the
                  opinion of any signer thereof as to the matters described in
                  paragraphs (i) and (ii), the Trustee shall also furnish to the
                  Note Trustee an Independent Certificate as to the same matters
                  if the fair value of the property or securities and of all
                  other property or securities deposited or released from the
                  Security Interest created by the Security Trust Deed since the
                  commencement of the then current calendar year, as set forth
                  in the certificate required by clause (ii) and this clause
                  (iii), equals 10% or more of the Total Invested Amount of the
                  Notes, but such certificate need not be furnished in the case
                  of any release of property or securities if the fair value
                  thereof as set forth in the related Officer's Certificate is
                  less than US$25,000 or less than one percent of the then Total
                  Invested Amount of the Notes.

                  Notwithstanding any other provision of this clause, the
                  Trustee may:

                  (A)   collect, liquidate, sell or otherwise dispose of
                        Receivables or other Assets of the Trust as and to the
                        extent permitted or required by the Transaction
                        Documents; and

                  (B)   make cash payments out of the Collection Account or the
                        US$ Account as and to the extent permitted or required
                        by the Transaction Documents.

      (c)   Every Officer's Certificate or opinion with respect to compliance
            with a condition or covenant provided for in this deed shall
            include:

            (i)   a statement that each signatory of such certificate or opinion
                  has read or has caused to be read such covenant or condition
                  and the definitions herein relating thereto;

            (ii)  a brief statement as to the nature and scope of the
                  examination or investigation upon which the statements or
                  opinions contained in such certificate or opinion are based;

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            (iii) a statement that, in the opinion of each such signatory, such
                  signatory has made such examination or investigation as is
                  necessary to enable such signatory to express an informed
                  opinion as to whether or not such covenant or condition has
                  been complied with; and

            (iv)  a statement as to whether, in the opinion of each such
                  signatory such condition or covenant has been complied with.

32.2  Undertaking for Costs

      (a)   Subject to paragraph (b), all parties to this deed agree, and each
            Class A Noteholder by such Class A Noteholder's acceptance thereof
            shall be deemed to have agreed, that any court may in its discretion
            require, in any suit for the enforcement of any right or remedy
            under this deed, or in any suit against the Note Trustee for any
            action taken, suffered or omitted by it as the Note Trustee, the
            filing by any party litigant in such suit of an undertaking to pay
            the costs of such suit, and that such court may in its discretion
            assess reasonable costs, including reasonable attorneys' fees,
            against any party litigant in such suit, having due regard to the
            merits and good faith of the claims or defences made by such party
            litigant.

      (b)   The provisions of this clause shall not apply to:

            (i)   any suit instituted by the Note Trustee;

            (ii)  any suit instituted by any Class A Noteholder, or group of
                  Class A Noteholders in each case holding in the aggregate more
                  than 10% of the aggregate Invested Amount of the Class A
                  Notes; or

            (iii) any suit instituted by any Class A Noteholder for the
                  enforcement of the payment of principal or interest on any
                  Class A Note on or after the respective due dates expressed in
                  such Class A Note and in this deed (or, in the case of final
                  redemption of a Class A Note, on or after the Final Maturity
                  Date).

32.3  Exclusion of section 316

      (a)   Section 316(a)(1) of the TIA is expressly excluded by this deed.

      (b)   For the purposes of section 316(a)(2) of the TIA in determining
            whether any Class A Noteholders have concurred in any relevant
            direction or consent, Notes owned by the Trustee or by any Associate
            of the Trustee, shall be disregarded, except that for the purposes
            of determining whether the Note Trustee shall be protected in
            relying on any such direction or consent, only Class A Notes which
            the Note Trustee knows are so owned shall be so disregarded.

32.4  Unconditional Rights of Class A Noteholders to Receive Principal and
      Interest

      Notwithstanding any other provisions in this deed, any Class A Noteholder
      shall have the right, which is absolute and unconditional, to receive
      payment of the principal of and interest, if any, on such Class A Note on
      or after the respective due dates thereof expressed in such Class A Note
      or in this deed (or, in the case of final redemption of a Class A Note, on
      or after the Final Maturity Date) and to institute suit for the
      enforcement of any such

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      payment, and such right shall not be impaired without the consent of such
      Class A Noteholder, except to the extent that the institution or
      prosecution thereof or the entry of judgment therein would, under
      applicable law, result in the surrender, impairment, waiver, or loss of
      the Security Interest created by the Security Trust Deed upon any property
      subject to such Security Interest.

32.5  Conflict with Trust Indenture Act

      If any provision hereof limits, qualifies or conflicts with another
      provision hereof that is required to be included in this indenture by any
      of the provisions of the Trust Indenture Act, such required provision
      shall prevail.

      The provisions of section 310 to 317 (inclusive) of the TIA that impose
      duties on any person (including the provisions automatically deemed
      included herein unless expressly excluded by this deed) are a part of and
      govern this deed, whether or not contained herein.

33.   Consent of Class A Noteholders
------------------------------------------------------------------------------

33.1  General

      Except as expressly provided in elsewhere in this deed or in clause 33.2
      below, any action that may be taken by the Class A Noteholders under this
      deed may be taken by registered holders of not less than a majority of the
      aggregate Invested Amount of Class A Notes.

33.2  Special Written Approvals

      (a)   The following matters are only capable of being effected by the
            approval in writing of holders of at least 75% of the aggregate
            Invested Amount of the Class A Notes, namely:

            (i)   modification of the date fixed for final maturity of the Class
                  A Notes;

            (ii)  reduction or cancellation of the principal payable on the
                  Class A Notes or any alteration of the date or priority of
                  redemption of the Class A Notes;

            (iii) alteration of the amount of interest payable on any class of
                  the Class A Notes or modification of the method of calculating
                  the amount of interest payable on the Class A Notes or
                  modification of the date of payment of or interest payable on
                  the Class A Notes;

            (iv)  alteration of the currency in which payments under the Class A
                  Notes are to be made;

            (v)   altering the required percentage of aggregate Invested Amount
                  required to consent or take any action of the Class A Notes;

            (vi)  alteration of this sub-paragraph.

      (b)   The Noteholders shall in addition to the powers given under this
            deed have the following powers if approval is given by holders of at
            least 75% of the aggregate Invested Amount of the Class A Notes:

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            (i)   power to sanction any compromise or arrangement proposed to be
                  made between the Trustee and the Class A Noteholders;

            (ii)  power to sanction any abrogation, modification, compromise or
                  arrangement in respect of the rights of the Class A
                  Noteholders or the Class B Noteholders, as the case may be,
                  against the Trustee or against any of its property or against
                  any other person whether such rights shall arise under these
                  presents, any of the Notes or otherwise;

            (iii) power to assent to any modification of the provisions
                  contained in these presents, the Class A Notes (including the
                  Conditions) or the provisions of any of the Relevant Documents
                  which shall be proposed by the Trustee or the Note Trustee;

            (iv)  power to give any authority or sanction which under the
                  provisions of these presents or the Class A Notes (including
                  the Conditions) is required to be given by, in writing by
                  holders of at least 75% of the aggregate Invested Amount of
                  the Class A Notes;

            (v)   power to approve of a person to be appointed a trustee and
                  power to remove any trustee or trustees for the time being
                  under this deed;

            (vi)  power to discharge or exonerate the Note Trustee from all
                  liability in respect of any act or omission for which the Note
                  Trustee may have become responsible under this deed or under
                  the Class A Notes;

            (vii) power to authorise the Note Trustee to concur in and execute
                  and do all such deeds, instruments, acts and things as may be
                  necessary to carry out and give effect to the approval in
                  writing by holders of at least 75% of the aggregate Invested
                  Amount of the Class A Notes;

           (viii) power to sanction any scheme or proposal for the exchange or
                  sale of the Class A Notes for, or the conversion of the Class
                  A Notes into, or the cancellation of the Class A Notes in
                  consideration of shares, stock, notes, bonds' debentures,
                  debenture stock and/or other obligations and/or securities of
                  the Trustee or of any other company formed or to be formed, or
                  for or into or in consideration of cash, or partly for or into
                  or in consideration of such shares, stock, notes, bonds,
                  debenture stock and/or other obligations and/or securities as
                  aforesaid and partly for or into or in consideration of cash.

33.3  Requirement for writing

      Except as expressly provided elsewhere in this deed, all notices and
      consents from Class A Noteholders and Class A Note Owners shall be
      delivered in writing. Any solicitation of such notices or consent shall be
      in writing and be delivered by the Trustee, Trust Manager or Note Trustee,
      as applicable, seeking such notice or consent form the Class A Noteholders
      or Class A Note Owners to the Principal Paying Agent, who shall deliver
      the foregoing to the appropriate Class A Noteholders or Class A Note
      Owners. With respect to any solicitation of approval of Class A
      Noteholders, the record date for determining Class A Noteholders

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      with respect to such solicitation shall be the date upon which the
      Principal Paying Agent distributes such notices or solicitation to the
      Class A Noteholders.

34.   Information memorandum
------------------------------------------------------------------------------

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

EXECUTED as a deed.

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

TRUSTEE

 SIGNED SEALED and DELIVERED      )
 on behalf of                     )
 WESTPAC SECURITIES               )
 ADMINISTRATION LIMITED           )
 by its attorney                  )
 in the presence of:              )  /s/ A. Johnson
                                     -------------------------------
                                     Signature

 /s/ John Hopkins                    A. Johnson
 ----------------------------------  -------------------------------
 Witness                             Print name

 John Hopkins                        Date signed:  6th March 2002
 ----------------------------------
 Print name
                                     Time signed:  17:40

                                     Place signed:  Westpac Banking
                                     Corporation
                                     63 St. Mary Axe
                                     London EC3A 8LE

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

TRUST MANAGER

 SIGNED SEALED and DELIVERED      )
 on behalf of                     )
 WESTPAC SECURITISATION           )
 MANAGEMENT PTY LIMITED           )
 by its attorney                  )
 in the presence of:              )  /s/ A. Johnson
                                     -------------------------------
                                     Signature

 /s/ John Hopkins                    A. Johnson
 ----------------------------------  -------------------------------
 Witness                             Print name

 John Hopkins                        Date signed:  6th March 2002
 ----------------------------------
 Print name

                                     Time signed:  17:39

                                     Place signed:  Westpac Banking
                                     Corporation
                                     63 St. Mary Axe
                                     London EC3A 8LE

NOTE TRUSTEE

 SIGNED SEALED and DELIVERED by   )
 CITIBANK, N.A., LONDON BRANCH:   )

 /s/ Mark O'Hare                     /s/ David J. Mares
 ----------------------------------  -------------------------------
 Authorised Signatory                Authorised Signatory

 Mark O'Hare                         David J. Mares
 ----------------------------------  -------------------------------
 Print name                          Print name

 Date signed:  5th March 2002        Date signed:  5th March 2002

 Time signed:  6:10 p.m.             Time signed:  6:12 p.m.

 Place signed:  Citibank N.A.        Place signed:  Citibank N.A.
                Cottons Centre                      Cottons Centre
                Hays Lane                           Hays Lane
                London SE1 2QT                      London SE1 2QT

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

PRINCIPAL PAYING AGENT

 SIGNED SEALED and DELIVERED by   )
 CITIBANK, N.A., LONDON BRANCH:   )

 /s/ Mark O'Hare                     /s/ David J. Mares
 ----------------------------------  -------------------------------
 Authorised Signatory                Authorised Signatory

 Mark O'Hare                         David. J. Mares
 ----------------------------------  -------------------------------
 Print name                          Print name

 Date signed:  5th March 2002        Date signed:  5th March 2002

 Time signed:  6:11 p.m.             Time signed:  6:13 p.m.

 Place signed:  Citibank N.A.        Place signed:  Citibank N.A.
                Cottons Centre                      Cottons Centre
                Hays Lane                           Hays Lane
                London SE1 2QT                      London SE1 2QT

--------------------------------------------------------------------------------
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Note Trust Deed                                           Allens Arthur Robinson
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SCHEDULE 1

Form Of Book-Entry Note
------------------------------------------------------------------------------

REGISTERED                    CUSIP No
No. R-                        ISIN No.
                              Common Code

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    WESTPAC SECURITIES ADMINISTRATION LIMITED
                              (ABN 77 000 049 472)

   (a limited liability company incorporated under the law of New South Wales,
                                  Australia)

           in its capacity as trustee of the Series 2002-1G WST Trust

                                 BOOK-ENTRY NOTE

                                  representing

                                  US$[number]**

               Class A Mortgage Backed Floating Rate Notes Due [*]

This Note is a Book-Entry Note without principal or interest in respect of a
duly authorised issue of Notes of Westpac Securities Administration Limited in
its capacity as trustee of the Series 2002-1G WST Trust (the "Trust") (the
"Issuer"), designated as specified in the title above (the "Notes"), in an
initial aggregate principal amount of

                                [ ]** (US$ [ ])**

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 14
February 1997 between the Issuer and The Mortgage Company Pty Limited (ABN 86
070 968 302), by a Series Notice (the "Series Notice") dated [*] 2002 between
(among others) the Issuer, Citibank, N.A., London Branch (the note trustee for
the time being referred to as the "Note Trustee") as trustee for the holders for
the time being of the Class A Notes (the "Class A Noteholders") and Westpac
Securitisation Management Pty Limited (ABN 73 081 709 211) (the "Trust
Manager"), and by these Conditions; (b) issued subject to a Note Trust Deed
dated [*] 2002 (the "Note Trust Deed")

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Note Trust Deed                                           Allens Arthur Robinson
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between the Issuer, the Trust Manager and the Note Trustee; (c) secured by a
Security Trust Deed (the "Security Trust Deed") dated [*] 2002 between the
Issuer, the Trust Manager, the Note Trustee and Perpetual Trustee Company
Limited (ABN 42 000 001 007) (the "Security Trustee", which expression shall
include its successor for the time being as security trustee under the Security
Trust Deed); and (d) having the benefit of an Agency Agreement dated [*] 2002
(the "Agency Agreement") and made between the Issuer, the Trust Manager, the
Note Trustee and Citibank, N.A., London Branch, in its capacities as principal
paying agent (the "Principal Paying Agent"), agent bank (the "Agent Bank") and
note registrar (the "Note Registrar"). References to the Conditions (or to any
particular numbered Condition) shall be to the Terms and Conditions of the Class
A Notes set out in Schedule 3 to the Note Trust Deed but with the deletion of
those provisions which are applicable only to Class A Notes in definitive form.
Terms and expressions defined in the Note Trust Deed and the Conditions shall,
save as expressly stated otherwise, bear the same meanings when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Book-Entry Note will be exchangeable in whole at the offices of
the Principal Paying Agent at 5 Carmelite Street, London EC4Y 0PA (or such other
place outside Australia and any of its respective territories and possessions
and other areas subject to jurisdictions as the Note Trustee may agree) for
Definitive Notes and the Issuer shall execute and procure that the Principal
Paying Agent authenticates and delivers in full exchange for this Book-Entry
Note, Definitive Notes in aggregate principal amount equal to the Amount of all
Class A Notes represented by this Book-Entry Note. The Issuer is not obliged to
issue Definitive Notes until 30 days after the occurrence of an event set out in
clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Trust, subject to this Book-Entry
Note and subject to and in accordance with the Conditions and the Note Trust
Deed promises to pay to Cede & Co., or registered assigns of this Book-Entry
Note the principal sum of US$[words]** (US$[number])** or such lesser amount as
may from time to time be represented by this Book-Entry Note (or such part of
that amount as may become repayable under the Conditions, the Series Notice and
the Note Trust Deed) on such date(s) that principal sum (or any part of it)
becomes repayable in accordance with the Conditions, the Series Notice and the
Note Trust Deed and to pay interest in arrear on each Payment Date (as defined
in Condition 4) on the Invested Amount (as defined in Condition 5(a)) of this
Book-Entry Note at rates determined in accordance with Condition 4 and all
subject to and in accordance with the certification requirements described in
this Book-Entry Note, the Conditions, the Series Notice and the Note Trust Deed,
which shall be binding on the registered holder of this Book-Entry Note (as if
references in the Conditions to the Notes and the Noteholders were references to
this Book-Entry Note and the registered holder of this Book-Entry Note
respectively and as if the same had been set out in this Book-Entry Note in full
with all necessary changes, except as otherwise provided in this Book-Entry
Note).

Payments of interest on this Note due and payable on each Payment Date, together
with the instalment of principal, if any, shall be payable to the nominee of the
Common Depositary (initially, such nominee to be Cede & Co.). No payment of
interest or principal may be made by the Issuer or any Paying Agent in the
Commonwealth of Australia or its possessions or into a bank account or to an
address in the Commonwealth of Australia. Each of the persons appearing from
time to time in the records of DTC, as the holder of a beneficial interest in a
Class A Note will be entitled to receive any payment so made in respect of that
Class A Note in accordance with the respective rules and

--------------------------------------------------------------------------------
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

procedures of DTC. Such persons will have no claim directly against the Issuer
in respect of payments due on the Class A Notes which must be made by the holder
of this Book-Entry Note, for so long as this Book-Entry Note is outstanding.

On any payment of principal and/or interest on the Class A Notes as set out
above details of that payment shall be endorsed by or on behalf of the Issuer
in the Note Register and, in the case of payments of principal, the Invested
Amount of the Class A Notes shall be reduced for all purposes by the amount
so paid and endorsed in the Note Register.  Any such record shall be prima
facie evidence that the payment in question has been made.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by the
Clearing Agency and the Clearing Agency will deliver the relevant registration
instructions to the Trustee. Definitive Notes shall be executed by the Trustee
and authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The Definitive Notes to be issued on that exchange will be in registered form
each in the denomination of US$100,000 or integral multiples thereof. If the
Issuer fails to meet its obligations to issue Definitive Notes, this shall be
without prejudice to the Issuer's obligations with respect to the Notes under
the Note Trust Deed, the Master Trust Deed, the Series Notice and this
Book-Entry Note.

On an exchange of this Book-Entry Note, this Book-Entry Note shall be
surrendered to the Principal Paying Agent.

This Book-Entry Note shall not become valid for any purpose unless and until the
Certificate of Authentication attached has been signed by an Authorised
Signatory of the Principal Paying Agent (as defined in the Series Notice).

This Book-Entry Note is governed by, and shall be construed in accordance with,
the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Book-Entry Note to be signed [manually/in
facsimile] by a person duly authorised on its behalf

WESTPAC SECURITIES ADMINISTRATION LIMITED

By:
      ------------------------------
      Authorised Signatory

IMPORTANT NOTES:

(a)   The Class A Notes do not represent deposits or other liabilities of
      Westpac Banking Corporation, (ABN 33 007 457 141 ("Westpac") or associates
      of Westpac.

(b)   The holding of Class A Notes is subject to investment risk, including
      possible delays in repayment and loss of income and principal invested.

(c)   Neither Westpac nor any associate of Westpac in any way stands behind the
      capital value and/or performance of the Class A Notes or the assets of the
      Trust except to the limited extent provided in the Series Notice, the
      Master Trust Deed, the Note Trust Deed and the other documents for the
      Trust.

--------------------------------------------------------------------------------
                                                                         Page 54

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

(d)   None of Westpac (including in its capacity as Servicer on behalf of the
      Issuer), the Issuer or the Trust Manager guarantees the payment of
      interest or the repayment of principal due on the Class A Notes.

(e)   None of the obligations of the Issuer or the Trust Manager are guaranteed
      in any way by Westpac or any associate of Westpac.

(f)   The Issuer's liability to make payments in respect of the Class A Notes is
      limited to its right of indemnity from the assets of Trust from time to
      time available to make such payments under the Master Trust Deed and
      Series Notice. All claims against the Issuer in relation to the Class A
      Notes can be enforced against the Issuer only to the extent to which it
      can be satisfied out of the assets of the Trust out of which the Issuer is
      actually indemnified for the liability except in the case of (and to the
      extent of) any fraud, negligence or breach of trust on the part of the
      Issuer.

(g)   The Noteholder is required to accept any distribution of moneys under the
      Security Trust Deed in full and final satisfaction of all moneys owing to
      it, and any debt represented by any shortfall that exists after any such
      final distribution is extinguished.

--------------------------------------------------------------------------------
                                                                         Page 55

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

                          CERTIFICATE OF AUTHENTICATION

This Book-Entry Note is authenticated by Citibank, N.A., London Branch and until
so authenticated shall not be valid for any purpose.

Citibank, N.A., London Branch
as Principal Paying Agent

--------------------------------------------------------------------------------
                                                                         Page 56

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

Assignment
------------------------------------------------------------------------------

Social Security or taxpayer I.D. or other identifying number of assignee

------------------------------------------------------------------------

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

------------------------------------------------------------------------

attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

Dated:
            ------------------      ------------------------------
                                    Signature Guaranteed:

Dated:
            ------------------      ------------------------------
                                    Signatures must be guaranteed by an
                                    "eligible guarantor institution" meeting
                                    the requirements of the Note Registrar,
                                    which requirements include membership or
                                    participation in STAMP or such other
                                    "signature guarantee program" as may be
                                    determined by the Note Registrar in
                                    addition to, or in substitution for,
                                    STAMP, all in accordance with the
                                    Securities Exchange Act of 1934, as
                                    amended.

*     NOTE: The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

--------------------------------------------------------------------------------
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

SCHEDULE 2

Information to be contained in Noteholders Report

-------------------------------------------------------------------------------
(i)      the Invested Amount and the Stated Amount of each Class of Notes;

(ii)     the Interest Payments and principal distributions on each Class of
         Notes;

(iii)    the Available Income;

(iv)     the Total Available Funds;

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

(vi)     the Redraw Shortfall;

(vii)    the Subordinated Percentage;

(viii)   the Initial Subordinated Percentage;

(ix)     the Payment Shortfall (if any);

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

(xi)     the Gross Principal Collections;

(xii)    the Principal Collections;

(xiii)   the Liquidity Shortfall (if any);

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

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

(xvi)    the Class A Percentage and the Class B Percentage;

(xvii)   the Class A Bond Factor, the Class B Bond Factor, the RFS Class A Bond
         Factor and the RFS Bond Factor for each RFS Series (The "Bond Factor"
         with respect to a Class of Notes is the Initial Invested Amount of such
         Class less all principal payments on such Class divided by the Initial
         Invested Amount of such Class);

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

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

(xx)     if required, the Threshold Rate at that Collection Determination Date;

(xxi)    the Quarterly Percentage;

(xxii)   LIBOR, as at the first day of the related Interest Period ending
         immediately after that Collection Determination Date as calculated by
         the Agent Bank;

(xxiii)  scheduled and unscheduled payments of principal on the Housing Loans;

--------------------------------------------------------------------------------
                                                                         Page 58

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

(xxiv)   aggregate Balances Outstanding of Fixed Rate Housing Loans and
         aggregate Balances Outstanding of Variable Rate Housing Loans; and

(xxv)    delinquency statistics with respect to the Housing Loans.

--------------------------------------------------------------------------------
                                                                         Page 59

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

SCHEDULE 3

Terms and Conditions of the Class A Notes
-------------------------------------------------------------------------------

The following, subject to amendments, are the terms and conditions of the Class
A Notes, substantially as they will appear on the reverse of the Class A Notes.
Class A Notes in definitive registered form will only be issued in certain
circumstances. While the Class A Notes remain in book-entry form, the same terms
and conditions govern them, except to the extent that they are appropriate only
to the Class A Notes in definitive registered form. For a summary of the
provisions relating to the Class A Notes in book-entry form, see "Description of
the Class A Notes - Book-Entry Registration" in the prospectus supplement.

The issue of US$1,116,000,000 Class A Mortgage Backed Floating Rate Notes due
2033 (the "Class A Notes") of Westpac Securities Administration Limited in its
capacity as trustee of the Series 2002-1G WST Trust (the "Trust"), in such
capacity (the "Issuer Trustee") was authorized by resolutions of the Board of
Directors of the Issuer Trustee passed on December 17, 2002. These Notes,
together with A$25,000,000 Class B Mortgage Backed Floating Rate Notes due 2033
(the "Class B Notes" and, together with the Class A Notes, the "Notes") of the
Issuer Trustee are (a) issued subject to a Master Trust Deed (the "Master Trust
Deed") dated 14th February 1997 between the Issuer Trustee and The Mortgage
Company Pty Limited, acceded to by Westpac Securitisation Management Pty Limited
(the "Trust Manager"), by a Series Notice (the "Series Notice") dated on or
about March 12, 2002 between (among others) the Issuer Trustee, Citibank, N.A.,
London Branch, (the note trustee for the time being, referred to as the "Note
Trustee") as trustee for the holders for the time being of the Class A Notes
(the "Class A Noteholders", and together with the holders for the time being of
the Class B Notes (the "Class B Noteholders"), the "Noteholders") and the Trust
Manager, and by these terms and conditions (the "Class A Conditions"); (b)
issued subject to a note trust deed dated on or about March 12, 2002 (the "Note
Trust Deed") between the Issuer Trustee, the Trust Manager and the Note Trustee;
and (c) secured by a Security Trust Deed (the "Security Trust Deed") dated on or
about March 11, 2002 between the Issuer Trustee, the Trust Manager, the Note
Trustee and Perpetual Trustee Company Limited (ABN 42 000 001 007) (the security
trustee for the time being, referred to as the "Security Trustee").

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Series Notice, the Security
Trust Deed and the Note Trust Deed. Certain words and expressions used herein
have the meanings defined in those documents. In accordance with an agency
agreement (the "Agency Agreement") dated on or about March 12, 2002 between the
Issuer Trustee, the Trust Manager, the Note Trustee and Citibank, N.A., London
Branch, as principal paying agent (the "Principal Paying Agent", which
expression includes its successors as principal paying agent under the Agency
Agreement), as note registrar (the "Note Registrar", which expression includes
its successors as note registrar under the Agency Agreement) and as agent bank
(the "Agent Bank", which expression includes its successors as Agent Bank under
the Agency Agreement), and under which further paying agents may be appointed
(together with the Principal Paying Agent, the "Paying Agents", which expression
includes the successors of each paying agent as such under the Agency

--------------------------------------------------------------------------------
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

Agreement and any additional paying agents appointed), payments in respect of
the Class A Notes will be made by the Paying Agents and the Agent Bank will make
the determinations specified in the Agency Agreement. The Class A Noteholders
will be entitled (directly or indirectly) to the benefit of, will be bound by,
and will be deemed to have notice of, all the provisions of the Master Trust
Deed, the Series Notice, the Security Trust Deed, the Note Trust Deed and the
servicing agreement (the "Servicing Agreement") dated on or about March 12, 2002
between the Issuer Trustee, the Trust Manager and Westpac Banking Corporation
("Westpac") both in its capacity as an approved seller and as servicer (and in
its capacity as servicer, together with any substitute or successor servicer,
the "Servicer") (together with the Currency Swap Agreements (as defined below),
those documents the "Relevant Documents" and, together with certain other
transaction documents defined as such in the Series Notice, the "Transaction
Documents"). Copies of the Transaction Documents are available for inspection at
the principal office of the Principal Paying Agent, being at the date hereof 5
Carmelite Street, London, EC4Y 0PA, United Kingdom.

In connection with the issue of the Class A Notes, the Issuer Trustee has
entered into an ISDA master interest rate and currency exchange agreement dated
on or about March 12, 2002 with Westpac Banking Corporation (in such capacity,
the "Interest Rate Swap Provider") together with three confirmations relating
thereto dated on or about March 12, 2002 (the "Variable Rate Basis Swap" and the
"Fixed Rate Basis Swaps", respectively and, collectively, the "Interest Rate
Swaps"). The Issuer Trustee has also entered into ISDA master interest rate and
currency exchange agreements dated on or about March 12, 2002 with each of
Citibank, N.A., and Westpac Banking Corporation (each, in such capacity, a
"Currency Swap Provider", and together with the Interest Rate Swap Provider, the
"Swap Providers") together with a confirmation relating to each such agreement
dated March 12, 2002 in respect of two distinct swap transactions relating to
the Class A Notes (each, a "Currency Swap", and together the "Currency Swaps").

1.    Form, Denomination and Title
------------------------------------------------------------------------------

      The Class A Notes will be issued in registered form, without interest
      coupons, in minimum denominations of US$100,000 and integral multiples
      thereof. The Class A Notes will be represented by one or more typewritten
      fully registered book-entry notes (each, a "Book-Entry Note" and
      collectively, the "Book-Entry Notes") registered in the name of Cede & Co.
      ("Cede") as nominee of The Depository Trust Company ("DTC"). Beneficial
      interests in the Book-Entry Notes will be shown on, and transfers thereof
      will be effected only through, records maintained by DTC and its
      participants. Euroclear Bank S.A./N.V., as operator of the Euroclear
      System ("Euroclear") and Clearstream, Luxembourg Banking, societe anonyme
      ("Clearstream, Luxembourg"), may hold interests in the Book-Entry Notes on
      behalf of persons who have accounts with Euroclear and Clearstream,
      Luxembourg through accounts maintained in the names of Euroclear or
      Clearstream, Luxembourg, or in the names of their respective depositories,
      with DTC.

      If the Issuer Trustee is obliged to issue Definitive Notes under clause
      3.3 of the Note Trust Deed, interests in the applicable Book-Entry Note
      will be transferred to the beneficial owners thereof in the form of
      registered Definitive Notes, without interest coupons, in the
      denominations set forth above. A Definitive Note will be issued to each
      Noteholder in respect of its registered holding or holdings of Class A
      Notes against delivery by such Noteholders of a written order containing

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                                                                         Page 61

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

      instructions and such other information as the Issuer Trustee and the Note
      Registrar may require to complete, execute and deliver such Definitive
      Notes. In such circumstances, the Issuer Trustee will cause sufficient
      Definitive Notes to be executed and delivered to the Note Registrar for
      completion, authentication and dispatch to the relevant Noteholders.

2.    Status, Security and Relationship between the Class A Notes, the
      Class B Notes, the RFSs and the RFS Class A Notes
------------------------------------------------------------------------------

      The Class A Notes are secured by a first ranking floating charge over all
      of the assets of the Trust (which include, among other things, the Loans
      (as defined below) and the Mortgages (as defined below) and related
      securities) (as more particularly described in the Security Trust Deed)
      and rank pari passu and rateably without any preference or priority among
      themselves.

      The Class A Notes are constituted by the Master Trust Deed, the Note Trust
      Deed and the Series Notice and are secured by the same security as secures
      the Class B Notes but the Class A Notes will rank in priority to the Class
      B Notes in the event of the security being enforced and in respect of
      principal and interest (as set out in Class A Conditions 4 and 5).

      The proceeds of the issue of the Class A Notes and the Class B Notes are
      to be used by the Issuer Trustee to purchase an equitable interest in
      certain housing loans (the "Loans") and certain related mortgages (the
      "Mortgages") from Westpac or Westpac Securities Administration Limited in
      its capacity as trustee of certain other trusts (each a "WST Seller").

      In the event that the security for the Class A Notes is enforced and the
      proceeds of such enforcement are insufficient, after payment of all other
      claims ranking in priority to or pari passu with the Class A Notes under
      the Security Trust Deed, to pay in full all principal and interest and
      other amounts whatsoever due in respect of the Class A Notes, then the
      Class A Noteholders shall have no further claim against the Issuer Trustee
      in respect of any such unpaid amounts.

      The net proceeds of realisation of the assets of the Trust may be
      insufficient to pay all amounts due to the Noteholders. Save in certain
      limited circumstances the other assets of the Issuer Trustee will not be
      available for payment of any shortfall arising and all claims in respect
      of such shortfall shall be extinguished (see further Class A Condition
      15). None of the Servicer, the Trust Manager, the Seller Trustee, Westpac,
      the Note Trustee or the Security Trustee has any obligation to any
      Noteholder for payment of any amount by the Issuer Trustee in respect of
      the Notes.

      The Issuer Trustee may from time to time issue debt securities ("RFSs")
      constituted under the Master Trust Deed and the Series Notice to fund
      amounts redrawn by relevant borrowers under the Loans (up to the scheduled
      amortised principal of the Loans) from time to time ("Redraws"). RFSs
      will, on issue, rank pari passu and prior to enforcement of the security
      relating to the RFSs and the Class A Notes rateably without any preference
      or priority with the Class A Notes in relation to payment of interest, but
      ahead of the Class A Notes in relation to principal. Upon enforcement of
      the security relating to the RFSs and the Class A Notes, all moneys owing
      to the holders of the RFSs and the holders of the Class A Notes will
      (subject to amounts being available for such payment) be paid pari passu.

      If, by the fifth Collection Determination Date (as defined in Class A
      Condition 5) following the issue of an RFS, the RFS has not been redeemed,
      it shall convert to an RFS Class A Note (each, an "RFS Class A Note" and,
      together the "RFS Class A Notes"). RFS Class A Notes rank pari passu

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      and rateably without preference or priority with Class A Notes in relation
      to both interest and principal. RFSs and RFS Class A Notes are registered,
      Australian-traded instruments denominated in Australian dollars ("A$") and
      sold to Australian investors only and for the avoidance of doubt are not
      fungible with the Class A Notes.

      The Note Trust Deed contains provisions requiring the Note Trustee to have
      regard solely to the interests of the Class A Noteholders as regards all
      the powers, trusts, authorities, duties and discretions of the Note
      Trustee (except where expressly provided otherwise).

      The Security Trust Deed contains provisions requiring the Security Trustee
      to give priority to the interests of the Class A Noteholders and the
      holders of RFSs (if any) and RFS Class A Notes (if any), if there is a
      conflict between the interests of such Noteholders and any other Voting
      Mortgagee (as defined below).

3.    Covenants of the Issuer Trustee
------------------------------------------------------------------------------

      So long as any of the Class A Notes remains outstanding, the Issuer
      Trustee has made certain covenants for the benefit of Class A Noteholders
      which are set out in the Master Trust Deed.

      These covenants are as follows:

      (a)   The Issuer Trustee shall act continuously as trustee of the Trust
            until the Trust is terminated as provided by the Master Trust Deed
            or the Issuer Trustee has retired or been removed from office in the
            manner provided under the Master Trust Deed.

      (b)   The Issuer Trustee shall:

            (i)   act honestly and in good faith in the performance of its
                  duties and in the exercise of its discretions under the Master
                  Trust Deed;

            (ii)  subject to the Master Trust Deed, exercise such diligence and
                  prudence as a prudent person of business would exercise in
                  performing its express functions and in exercising its
                  discretions under the Master Trust Deed, having regard to the
                  interests of the Class A Noteholders and other creditors and
                  beneficiaries of the Trust;

            (iii) use its best endeavours to carry on and conduct its business
                  in so far as it relates to the Master Trust Deed in a proper
                  and efficient manner;

            (iv)  keep, or ensure that the Trust Manager keeps, accounting
                  records which correctly record and explain all amounts paid
                  and received by the Issuer Trustee;

            (v)   keep the Trust separate from each other trust which is
                  constituted under the Master Trust Deed and account for assets
                  and liabilities of the Trust separately from those of other
                  trusts constituted under the Master Trust Deed; and

            (vi)  do everything and take all such actions which are necessary
                  (including obtaining all appropriate authorisations) to ensure
                  that it is able to exercise all its powers and remedies and
                  perform all its obligations under the Master

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                  Trust Deed, the Transaction Documents and all other deeds,
                  agreements and other arrangements entered into by the Issuer
                  Trustee under the Master Trust Deed.

      (c)   Except as provided in the Master Trust Deed, the Issuer Trustee
            shall not, nor shall it permit any of its officers to, sell,
            mortgage, charge or otherwise encumber or part with possession of
            any asset of the Trust (the "Trust Assets").

      (d)   The Issuer Trustee's officers, employees, agents, attorneys,
            delegates and sub-delegates shall duly observe and perform the
            covenants and obligations of the Master Trust Deed in the same
            manner as is required of the Issuer Trustee, and the Issuer Trustee
            agrees to indemnify the Trust Manager for its own benefit or for the
            benefit of the Trust against any loss or damage that the Trust, the
            Trust Manager, the Servicer, the Class A Noteholders, the Class B
            Noteholders, the Beneficiaries (as defined in the Master Trust Deed)
            the holders of RFSs (if any) and the holders of RFS Class A Notes
            (if any) or other creditors incur or sustain in connection with, or
            arising out of, any breach or default by such officers, employees,
            agents, delegates and persons in the observance or performance of
            any such covenant or obligation, to the extent that the Issuer
            Trustee would have been liable if that breach or default had been
            the Issuer Trustee's own act or omission.

      (e)   The Issuer Trustee will open and operate certain bank accounts in
            accordance with the Master Trust Deed and the Series Notice.

      (f)   Subject to the Master Trust Deed and any Transaction Document to
            which it is a party, the Issuer Trustee shall act on all directions
            given to it by the Trust Manager in accordance with the terms of the
            Master Trust Deed.

      (g)   The Issuer Trustee shall properly perform the functions which are
            necessary for it to perform under all Transaction Documents in
            respect of the Trust.

4.    Interest
------------------------------------------------------------------------------

4.1   Payment Dates

      Each Class A Note bears interest on its Invested Amount (as defined below)
      from and including March 14, 2002 or such later date as may be agreed
      between the Issuer Trustee and the Managers for the issue of the Class A
      Notes (the "Closing Date"). Interest in respect of the Class A Notes will
      be payable quarterly in arrear on the 5th day falling in June 2002 in
      respect of the period from (and including) the Closing Date to (but
      excluding) that date, and thereafter on each March 5, June 5, September 5
      and December 5 (each such date a "Payment Date" and each three month
      period beginning on each of February 1, May 1, August 1 and November 1 a
      "Quarter"). If any Payment Date would otherwise fall on a day which is not
      a Business Day (as defined below), it shall be postponed to the next day
      which is a Business Day (as defined below).

      "Business Day" in this Class A Condition 4 and in Class A Conditions 5 and
      9 below means any day (London time) other than a Saturday, Sunday or
      public holiday on which banks are open for business (including dealings in
      foreign currency generally) in London, Sydney and New York City.

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      The period beginning on (and including) the Closing Date and ending on
      (but excluding) the first Payment Date and each successive period
      beginning on (and including) a Payment Date and ending on (but excluding)
      the next Payment Date is called an "Interest Period". Interest payable on
      a Class A Note in respect of any Interest Period or any other period will
      be calculated on the basis of the actual number of days elapsed and a 360
      day year.

      Interest shall cease to accrue on any Class A Note from (and including):

      (a)   the date on which the Stated Amount (as defined in Class A Condition
            5(a)) of that Class A Note is reduced to zero; or

      (b)   if the Stated Amount on the due date for redemption is not zero, the
            due date for redemption of the Class A Note, unless, upon due
            presentation, payment of principal due is improperly withheld or
            refused, following which interest shall continue to accrue on the
            Invested Amount of the Class A Note at the rate from time to time
            applicable to the Class A Notes until the moneys in respect of that
            Class A Note have been received by the Note Trustee or the Principal
            Paying Agent and notice to that effect is given in accordance with
            Class A Condition 12, or the Stated Amount of that Class A Note has
            been reduced to zero.

4.2   Interest Rate

      The rate of interest applicable from time to time to the Class A Notes
      (the "Interest Rate") will be determined by the Agent Bank on the basis of
      the following paragraphs.

      On the second London banking day before the beginning of each Interest
      Period (each an "Interest Determination Date"), the Agent Bank will
      determine the rate "USD-LIBOR-BBA" as an applicable Floating Rate Option
      under the Definitions of the International Swaps and Derivatives
      Association, Inc. ("ISDA") (the "ISDA Definitions") being the rate
      applicable to any Interest Period for three-month deposits in US Dollars
      which appears on the Telerate Page 3750 as of 11:00 A.M. London time, on
      the Interest Determination Date. If such rate does not appear on the
      Telerate Page 3750, the rate for the Interest Period will be determined as
      if the Issuer Trustee and Agent Bank had specified "USD-LIBOR-Reference
      Banks" as the applicable Floating Rate Option under the ISDA Definitions.
      "USD-LIBOR-Reference Banks" means that the rate for an Interest Period
      will be determined on the basis of the rates at which deposits in US
      Dollars are offered by the Reference Banks (being four major banks chosen
      by the Agent Bank in the London interbank market) at approximately 11:00
      A.M., London time, on the Interest Determination Date to prime banks in
      the London interbank market for a period of three months commencing on the
      first day of the Interest Period and in a Representative Amount (as
      defined in the ISDA Definitions). The Agent Bank will request the
      principal London office of each of the Reference Banks to provide a
      quotation of its rate. If at least two such quotations are provided, the
      rate for that Interest Period will be the arithmetic mean of the
      quotations. If fewer than two quotations are provided as requested, the
      rate for that Interest Period will be the arithmetic mean of the rates
      quoted by major banks in New York City, selected by the Agent Bank, at
      approximately 11:00 A.M., New York City time, on that Interest
      Determination Date for loans in US Dollars to leading European banks for a
      period of three months commencing on the first day of the Interest Period
      and in a Representative Amount, provided that on the first day of the
      first Interest Period USD-LIBOR-BBA shall be an interpolated rate

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      calculated with reference to the period from (and including) the Closing
      Date to (but excluding) the first Interest Payment Date.

      The Interest Rate applicable to the Class A Notes for such Interest Period
      shall be the aggregate of (i) such Interest Rate or arithmetic mean as
      determined by the Agent Bank and (ii) the margin of 0.16% applicable to
      the Class A Notes on or before the Payment Date in June 2009 (the "Step-Up
      Margin Date"), and 0.32% after the Step-Up Margin Date, subject to
      Condition 5.15(C).

      There is no maximum or minimum Interest Rate.

4.3   Determination of Interest Rate and Calculation of Interest

      The Agent Bank will, as soon as practicable after 11.00 am (London time)
      on each Interest Determination Date, determine the Interest Rate
      applicable to, and calculate the amount of interest payable (the
      "Interest") for the immediately succeeding Interest Period. The Interest
      is calculated by applying the Interest Rate for the Class A Notes to the
      Invested Amount (as defined in Class A Condition 5(a)) of the Class A Note
      on the first day of the next Interest Period, multiplying such product by
      the actual number of days in the relevant Interest Period and dividing by
      360 and rounding the resultant figure down to the nearest cent (half a
      cent being rounded upwards). The determination of the Interest Rate and
      the Interest by the Agent Bank shall (in the absence of manifest error) be
      final and binding upon all parties.

4.4   Notification and Publication of Interest Rate and Interest

      The Agent Bank will cause the Interest Rate and the Interest applicable to
      each Class A Note for each Interest Period and the relevant Payment Date
      to be notified to the Issuer Trustee, the Trust Manager, the Note Trustee,
      the Paying Agents, and, for so long as the Class A Notes are listed on the
      Official List of the London Stock Exchange Limited (the "London Stock
      Exchange"), the London Stock Exchange, and will cause the same to be
      published in accordance with Class A Condition 12 on or as soon as
      possible after the date of commencement of the relevant Interest Period.
      The Interest and the relevant Payment Date so published may subsequently
      be amended (or appropriate alternative arrangements made by way of
      adjustment) without notice in the event of a shortening of the Interest
      Period.

4.5   Determination or Calculation by the Note Trustee

      If the Agent Bank at any time for any reason does not determine the
      Interest Rate or calculate the Interest for a Class A Note, the Note
      Trustee shall do so and each such determination or calculation shall be
      deemed to have been made by the Agent Bank. In doing so, the Note Trustee
      shall apply the foregoing provisions of this Condition, with any necessary
      consequential amendments, to the extent that, in its opinion, it can do
      so, and, in all other respects it shall do so in such a manner as it
      shall, in its absolute discretion, deem fair and reasonable in all the
      circumstances.

4.6   Agent Bank

      The Issuer Trustee will procure that, so long as any of the Class A Notes
      remains outstanding, there will at all times be an Agent Bank. The Issuer
      Trustee reserves the right

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      at any time to terminate the appointment of the Agent Bank. Notice of that
      termination will be given to the Class A Noteholders. If any person is
      unable or unwilling to continue to act as the Agent Bank, or if the
      appointment of the Agent Bank is terminated, the Issuer Trustee will, with
      the approval of the Note Trustee, appoint a successor Agent Bank to act as
      such in its place, provided that neither the resignation nor removal of
      the Agent Bank shall take effect until a successor approved by the Note
      Trustee has been appointed.

5.    Redemption and Purchase
------------------------------------------------------------------------------

5.1   Mandatory Redemption in Part from Principal Collections and Apportionment
      of Principal Collections between the Class A Notes, the Class B Notes, the
      RFS Class A Notes and the RFSs

      The Class A Notes shall be subject to mandatory redemption in part on any
      Payment Date if on that date there are any Principal Collections (as
      defined below) available to be distributed in relation to such Class A
      Notes. The principal amount so redeemable in respect of each Class A Note
      prior to enforcement of the Security Trust Deed (each a "Principal
      Payment") on any Payment Date shall be the amount available for payment as
      set out in Class A Condition 5(b) on the day which is four Business Days
      prior to the Payment Date (the "Collection Determination Date") preceding
      that Payment Date multiplied by the Invested Amount of the applicable
      Class A Note over the total Invested Amount of all Class A Notes then
      outstanding (rounded to the nearest cent with half a cent being rounded
      upwards); provided always that no Principal Payment on a Class A Note on
      any date may exceed the amount equal to the Invested Amount of that Class
      A Note at that date less amounts charged off as at that date, or to be
      charged off on the following Payment Date, as described in Class A
      Condition 5(c) (that reduced amount being the "Stated Amount" of that
      Class A Note).

      The "Invested Amount" of a Class A Note is equal to the Initial Invested
      Amount (as defined herein) of such Class A Note less all payments
      previously made in respect of principal in respect of such Class A Note.
      The "Initial Invested Amount" of a Class A Note is its principal balance
      at the date of its issuance.

      "Principal Collections" means, in respect of a Collection Period (as
      defined below) and as applicable on any Collection Determination Date, the
      aggregate of:

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

      (b)   all other amounts received by or on behalf of the Issuer Trustee in
            respect of principal under the Loans and the Mortgages during that
            Collection Period including:

            (i)   any amounts recovered from the enforcement of Loans and
                  Mortgages (other than under a mortgage insurance policy), on
                  account of principal;

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            (ii)  any payments by Westpac to the Issuer Trustee on the
                  repurchase of a Loan under the Master Trust Deed during that
                  Collection Period which are attributable to principal;

            (iii) any payments by Westpac Securities Administration Limited (in
                  its capacity as trustee of any other trust established under
                  the Master Trust Deed) (the "WST Purchaser") on the purchase
                  by the WST Purchaser of any assets of the Trust which are
                  attributable to principal;

            (iv)  any Prepayment Costs (as defined in the Series Notice) applied
                  towards Prepayment Benefits (as defined in the Series Notice)
                  under the Series Notice; and

            (v)   any Prepayment Benefit Shortfall (as defined in the Series
                  Notice) paid by Westpac to the Trust under the Series Notice;

      (c)   all amounts received by or on behalf of the Issuer Trustee during
            that Collection Period from any provider of a Support Facility (as
            defined in the Series Notice) (other than the Currency Swap) under
            that Support Facility and which the Trust Manager determines should
            be accounted for to reduce any principal loss on a Loan, being the
            total amount outstanding under a Loan after applying all proceeds
            from the enforcement of the Loan and related Mortgages (a
            "Liquidation Loss") to the extent that Liquidation Loss is
            attributable to principal;

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

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

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

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

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

            in each case, which are determined by the Trust Manager to be in
            respect of principal payable under the Loans and the Mortgages;

      (e)   any amounts in the nature of principal received by or on behalf of
            the Issuer Trustee during that Collection Period pursuant to the
            sale of any asset comprised in the Trust (including any amount
            received by the Issuer Trustee on the issue of Notes and which was
            not used to purchase Loans or Mortgages, and which the Trust Manager
            determines is surplus to the requirements of the Trust);

      (f)   (for the purposes of clause 6.11 of the Series Notice only) any
            amount of Excess Available Income (as defined in the Series Notice)
            to be applied to pay a Principal Charge Off or a Carryover Charge
            Off (as defined in the Series Notice);

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      (g)   any amount received by or on behalf of the Issuer Trustee during
            that Collection Period as proceeds from the issue of any RFS to the
            extent not applied to reimburse amounts drawn under the Redraw
            Facility dated on or about March 12, 2002 between the Issuer
            Trustee, the Trust Manager and Westpac (the "Redraw Facility");

      (h)   any Excess Available Income to be applied to Principal Draws (as
            defined in the Series Notice) made on a previous Payment Date;

      (i)   any Prepayment Calculation Adjustment (as defined in the Series
            Notice) for that Collection Period;

      less any amounts deducted by or paid to Westpac to reimburse Redraws
      funded by Westpac for which Westpac has not previously been reimbursed. A
      premium receivable by the Issuer Trustee on the entry into a replacement
      Currency Swap under clause 6.26 of the Series Notice is not treated as a
      Principal Collection.

      "Collection Period" means, in relation to a Payment Date, the period from
      (and including) the twenty-first day of the Quarter (as defined below)
      preceding the Quarter in which the Payment Date occurs to (and including)
      the twentieth day of the Quarter in which the Payment Date occurs. The
      first Collection Period is the period from (but excluding) February 15,
      2002 (the "Cut-Off Date") to (and including) May 20, 2002. The last
      Collection Period is the period from (but excluding) the last day of the
      previous Collection Period to (and including) the termination date of the
      Trust.

5.2   Initial Principal Distributions

      Principal Collections will be distributed as follows on each Payment Date
      before any payments in respect of the Notes:

      (a)   first, to repay any Redraws provided by Westpac in relation to Loans
            to the extent that Westpac has not previously been reimbursed in
            relation to those Redraws;

      (b)   second, to repay all principal outstanding under the Redraw Facility
            on that Payment Date;

      (c)   third, to allocate to Total Available Funds any Principal Draw (as
            defined in the Series Notice); and

      (d)   fourth, to repay pari passu and rateably all amounts outstanding
            under the RFSs (if any).

5.3   Principal Allocation Method

      On each Collection Determination Date, the Trust Manager will determine
      the aggregate of the Class B Stated Amounts divided by the sum of (i) the
      aggregate of (A) the A$ Equivalent of the Class A Stated Amounts and (B)
      the Class B Stated Amounts at that time, plus (ii) the Redraw Limit at
      that time, plus (iii) the aggregate of the RFS Stated Amounts at that
      time, plus (iv) the aggregate of the RFS Class A Stated Amounts at that
      time (the "Subordinated Percentage"). The Trust Manager will calculate the
      Subordinated Percentage so as to determine the appropriate principal
      distribution methodology to apply for that Collection Period, as described
      below.

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5.4   Applicability of Serial Method 1

      If, on any Collection Determination Date:

      (a)   the Subordinated Percentage at the previous Collection Determination
            Date was greater than or equal to twice the Initial Subordinated
            Percentage;

      (b)   that Collection Determination Date occurs on or before the third
            anniversary of the first Payment Date;

      (c)   the Total Invested Amount as at that Collection Determination Date
            as a percentage of the Total Initial Invested Amount, is greater
            than or equal to 10%;

      (d)   the Average Quarterly Percentage as at that Collection Determination
            Date:

            (i)   does not exceed 2% and the Total Carryover Charge Off on that
                  Collection Determination Date does not exceed 30% of the US$
                  Equivalent of the Class B Initial Invested Amount; or

            (ii)  does not exceed 4% and the Total Carryover Charge Off on such
                  Collection Determination Date does not exceed 10% of the US$
                  Equivalent of the Class B Initial Invested Amount; and

      (e)   the US$ Equivalent of the Stated Amounts of all Class B Notes as at
            that Collection Determination Date exceeds 0.25% of the sum of (x)
            the Initial Invested Amounts of all Class A Notes, (y) the US$
            Equivalent of the Initial Invested Amounts of all Class B Notes and
            (z) the US$ Equivalent of the Invested Amounts of all RFS Class A
            Notes (if any);

      then Principal Collections will be allocated serially in accordance with
      Serial Method 1 set out in paragraph 5.5 below.

5.5   Serial Method 1

      On any Collection Determination Date, if the Trust Manager determines that
      Serial Method 1 should apply, the Issuer Trustee (based on instructions
      from the Trust Manager) will pay out of Principal Collections for the
      relevant Collection Period which remain after the Initial Principal
      Distributions, on the Payment Date following that Collection Determination
      Date the following amounts in the following priority:

      (a)   first pari passu and rateably between themselves:

            (i)   as a payment, denominated in A$, to the Currency Swap
                  Providers under the relevant swap confirmations relating to
                  the Class A Notes of an amount equal to the lesser of:

                  (A)   the Class A Forex Percentage of the sum of:

                        (1)   the Class A Percentage of Principal Collections
                              remaining after all Initial Principal
                              Distributions; and

                        (2)   50% of the Class B Percentage of those Principal
                              Collections; and

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

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            (ii)  as a payment denominated in A$ to the holders of the RFS Class
                  A Notes (if any) of an amount equal to the lesser of:

                  (A)   the RFS Class A Forex percentage of the sum of:

                        (1)   the Class A Percentage of Principal Collections
                              remaining after all Initial Principal
                              Distributions; and

                        (2)   50% of the Class B Percentage of those Principal
                              Collections; and

                  (B)   the RFS Class A Stated Amounts for all RFS Class A Notes
                        (if any); and

      (b)   second, as a payment, denominated in A$, to the holders of the Class
            B Notes of an amount equal to 50% of the Class B Percentage of those
            Principal Collections remaining after all Initial Principal
            Distributions.

5.6   Applicability of Serial Method 2

      If, on any Collection Determination Date:

      (a)   the Subordinated Percentage at the previous Collection Determination
            Date was greater than or equal to twice the Initial Subordinated
            Percentage;

      (b)   that Collection Determination Date occurs after the third
            anniversary of the first Payment Date;

      (c)   the Total Invested Amount as at that Collection Determination Date,
            as a percentage of the Total Initial Invested Amount, is greater
            than or equal to 10%;

      (d)   the Average Quarterly Percentage as at the Collection Determination
            Date:

            (i)   does not exceed 2% and the Total Carryover Charge Off on that
                  Collection Determination Date does not exceed 30% of the US$
                  Equivalent of the Class B Initial Invested Amount; or

            (ii)  does not exceed 4% and the Total Carryover Charge Off on that
                  Collection Determination Date does not exceed 10% of the US$
                  Equivalent of the Class B Initial Invested Amount; and

      (e)   the US$ Equivalent of the Stated Amount of the Class B Notes as at
            that Collection Determination Date exceeds 0.25% of the sum of (x)
            the Initial Invested Amounts of all Class A Notes, (y) the US$
            Equivalent of the Initial Invested Amounts of all Class B Notes and
            (z) the US$ Equivalent of the Invested Amounts of all RFS Class A
            Notes (if any);

      then Principal Collects will be allocated serially in accordance with
      Serial Method 2 set out in paragraph 5.7 below.

5.7   Serial Method 2

      On any Collection Determination Date, if the Trust Manager determines that
      Serial Method 2 shall apply, the Issuer Trustee (based on instructions
      from the Trust Manager) will pay out of Principal Collections for the
      relevant Collection Period which remain after the Initial

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      Principal Distributions on the Payment Date following that Collection
      Determination Date in the following amounts in the following priority:

      (a)   first, pari passu and rateably between themselves:

            (i)   as a payment, denominated in A$, to the Currency Swap
                  Providers under the relevant swap confirmations relating to
                  the Class A Notes of an amount equal to the lesser of:

                  (A)   the Class A Forex Percentage of the Class A Percentage
                        of Principal Collections remaining after all Initial
                        Principal Distributions; and

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

            (ii)  as a payment denominated in A$ to the holders of the RFS Class
                  A Notes (if any) of an amount equal to the lesser of:

                  (A)   the RFS Class A Forex Percentage of the Class A
                        Percentage of those Principal Collections remaining
                        after all Initial Principal Distributions; and

                  (B)   the RFS Class A Stated Amounts for all RFS Class A Notes
                        (if any); and

      (b)   second as a payment, denominated in A$, to the holders of the Class
            B Notes of an amount equal to the Class B Percentage of those
            Principal Collections.

5.8   Sequential Method

      On any Collection Determination Date, if the Trust Manager determines that
      neither Serial Method 1 nor Serial Method 2 (set out in Conditions 5.4 to
      5.7 above) applies, the Issuer Trustee (based on instructions from the
      Trust Manager) will pay out of Principal Collections for the relevant
      Collection Period which remain after the Initial Principal Distributions
      the following amounts in the following priority:

      (a)   first pari passu and rateably between themselves:

            (i)   as a payment, denominated in A$, to the Currency Swap
                  Providers under the relevant swap confirmations relating to
                  the Class A Notes of an amount equal to the lesser of:

                  (A)   the Class A Forex Percentage of the amount available for
                        distribution under this paragraph (a) after all Initial
                        Principal Distributions; and

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

            (ii)  as a payment, denominated in A$, to the holders of the RFS
                  Class A Notes (if any) of an amount equal to the lesser of:

                  (A)   the RFS Class A Forex Percentage of the amount available
                        for distribution under this paragraph (a) after all
                        Initial Principal Distributions; and

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                  (B)   the RFS Class A Stated Amounts for all RFS Class A Notes
                        (if any); and

      (b)   second, as a payment, denominated in A$, to the holders of the Class
            B Notes of an amount equal to the lesser of:

            (i)   the amount available for distribution under this paragraph (b)
                  after the application of paragraph (a); and

            (i)   the Class B Stated Amounts for all Class B Notes.

5.9   General

      No amount of principal will be paid to a Noteholder in excess of the
      Stated Amount applicable to the Notes held by that Noteholder.

5.10  Distribution of Excess Available Income

      On each Collection Determination Date Excess Available Income for the
      Collection Period relating to that Collection Determination Date will be
      applied in the following order of priority:

      (a)   to reimburse Principal Charge Offs for that Collection Period;

      (b)   pari passu and rateably between themselves (based on the Stated
            Amount of the RFSs (if any), the Stated Amount of the RFS Class A
            Notes (if any), the Principal Outstanding under the Redraw Facility
            and the A$ Equivalent of the Stated Amount of the Class A Notes):

            (i)   as a payment to the RFSs (if any) in or towards reinstating
                  the Stated Amount of the RFSs, to the extent of any Carryover
                  RFS Charge Offs;

            (ii)  as a payment to the RFS Class A Notes (if any) in or towards
                  reinstating the Stated Amount of the RFS Class A Notes, to the
                  extent of any Carryover RFS Class A Charge Offs;

            (iii) as a payment to the Currency Swap Providers under the relevant
                  swap confirmations relating to the Class A Notes, of the A$
                  Equivalent of any Carryover Class A Charge Offs; and

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

      (c)   (as a payment, denominated in A$, to the holders of the Class B
            Notes of the A$ Equivalent of any Carryover Class B Charge Offs; and

      (d)   to all Principal Draws which have not been repaid as at that Payment
            Date.

      Any amount to be paid pursuant to paragraphs (b) and (c) will be paid on
      the Payment Date immediately following the Collection Determination Date.

5.11  US$ Account

      The Issuer Trustee shall direct the Currency Swap Providers to pay all
      amounts denominated in US$ payable to the Issuer Trustee by the Currency
      Swap Providers under the Currency Swaps into the US$ Account or to the
      Principal Paying Agent under the

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      Agency Agreement on behalf of the Issuer Trustee. The Issuer Trustee shall
      pay all such amounts as follows, and in accordance with the Note Trust
      Deed and the Agency Agreement:

      (a)   under Class A Condition 4, pari passu in relation to the Class A
            Notes as payments of Interest on those Class A Notes;

      (b)   under Class A Condition 5.10(b)(iii), pari passu in relation to the
            Class A Notes in or towards reinstating the Stated Amount of those
            Class A Notes, to the extent of the Carryover Class A Charge Offs;
            and

      (c)   under Class A Conditions 5.5 (a)(i), 5.7(a)(i) and 5.8(a)(i) pari
            passu in relation to the Class A Notes as Class A Principal Payments
            until the Class A Stated Amounts have been reduced to zero.

5.12  Charge Offs

      If the Principal Charge Offs (as defined in the Series Notice) for any
      Collection Period exceed the Excess Available Income (as defined in the
      Series Notice) calculated on the Collection Determination Date for that
      Collection Period, the Trust Manager must, on and with effect from the
      Payment Date immediately following the end of the Collection Period:

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

      (b)   if the Class B Stated Amount is zero and any amount of that excess
            has not been applied under paragraph (i), reduce pari passu and
            rateably as between themselves (based on the Stated Amount of the
            RFSs (if any), the Principal Outstanding under the Redraw Facility,
            the Stated Amount of the RFS Class A Notes (if any) and the A$
            Equivalent of the Stated Amount of the Class A Notes):

            (i)   the Class A Stated Amount on each of the Class A Notes by the
                  US$ Equivalent of the balance of that excess which is
                  attributable to each Class A Note until the Class A Stated
                  Amount of that Class A Note is zero;

            (ii)  the RFS Class A Stated Amount on each of the RFS Class A Notes
                  (if any) by the balance of that excess which is attributable
                  to each RFS Class A Note until the RFS Class A Stated Amount
                  of that RFS Class A Note is zero;

            (iii) the RFS Stated Amount on each of the RFSs (if any) by the
                  balance of that excess which is attributable to each RFS until
                  the RFS Stated Amount is zero: and

            (iv)  the principal outstanding under the Redraw Facility by the
                  balance of that excess until the Principal Outstanding is
                  zero.

5.13  Calculation of Principal Payments, Stated Amount and Bond Factor

      (a)   On each Collection Determination Date, the Trust Manager shall
            determine:

            (i)   the amount of any Principal Payment in respect of each Class A
                  Note on the Payment Date following that Collection
                  Determination Date;

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            (ii)  the Stated Amount and Invested Amount of each Class A Note as
                  of the first day of the next following Interest Period (after
                  deducting any Principal Payment due to be made in respect of
                  each Class A Note on the next Payment Date); and

            (iii) the fraction in respect of each Class A Note expressed as a
                  decimal to the seventh point (the "Bond Factor" of which the
                  numerator is the aggregate of the Invested Amount of all Class
                  A Notes at that date less all Principal Payments to be made on
                  the following Payment Date, and the denominator is the Initial
                  Invested Amount of the Class A Notes.

      (b)   The Trust Manager will notify in writing the Note Trustee, the
            Principal Paying Agent, the Agent Bank and (for so long as the Class
            A Notes are listed on the London Stock Exchange) the London Stock
            Exchange by not later than the Collection Determination Date
            immediately preceding the relevant Payment Date of each
            determination of a Principal Payment, Invested Amount, Stated Amount
            and Bond Factor and will immediately cause details of each of those
            determinations to be published in accordance with Condition 12. If
            no Principal Payment is due to be made on the Class A Notes on any
            Payment Date a notice to this effect will be given to the Class A
            Noteholders in accordance with Class A Condition 12.

      (c)   If the Trust Manager does not at any time for any reason determine a
            Principal Payment, the Invested Amount, the Stated Amount or the
            Bond Factor applicable to Class A Notes in accordance with this
            paragraph, the Principal Payment, Invested Amount, the Stated Amount
            and the Bond Factor shall be determined by the Note Trustee in
            accordance with this paragraph and paragraph (a) above (but based on
            the information in its possession) and each such determination or
            calculation shall be deemed to have been made by the Trust Manager.

      (d)   The Trust Manager will deliver to the Principal Paying Agent a
            quarterly servicing report as set forth in clause 11 of the Note
            Trust Deed.

5.14  Redemption for Taxation or Other Reasons

      If the Trust Manager satisfies the Issuer Trustee and the Note Trustee
      immediately prior to giving the notice referred to below that either (i)
      on the next Payment Date the Issuer Trustee would be required to deduct or
      withhold from any payment of principal or interest (or corresponding A$
      payment under a Currency Swap) in respect of the Class A Notes any amount
      for or on account of any present or future taxes, duties, assessments or
      governmental charges of whatever nature imposed, levied, collected,
      withheld or assessed by the Commonwealth of Australia or any of its
      political sub-divisions or any of its authorities or (ii) the total amount
      payable in respect of interest in relation to the Loans for a Collection
      Period ceases to be receivable (whether or not actually received) by the
      Issuer Trustee during such Collection Period by reason of any present or
      future taxes, duties, assessments or governmental charges of whatever
      nature imposed, levied, collected, withheld or assessed by the
      Commonwealth of Australia or any of its political sub-divisions or any of
      its authorities, the Issuer Trustee must, when so directed by the Trust
      Manager (at any time at the Trust Manager's option) (provided that the
      Issuer Trustee will be in a position on such Payment Date to discharge
      (and will so certify to the Issuer Trustee and Note Trustee) all its
      liabilities in respect of the Class A Notes and any amounts required under
      the Security Trust

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      Deed to be paid in priority to or pari passu with the Class A Notes), upon
      having given not more than 60 nor less than 30 days' notice to the Class A
      Noteholders in accordance with Class A Condition 12 redeem all, but not
      some only, of the Class A Notes at their Invested Amount (or at the option
      of the holders of 75% of the aggregate Invested Amount of Class A Notes at
      the time, at their Stated Amount), together with accrued interest to the
      date of redemption on any subsequent Payment Date, provided that the
      holders of 75% of the aggregate Invested Amount of Class A Notes at the
      time may elect, and shall notify, in writing, the Issuer Trustee and the
      Trust Manager, that they do not require the Issuer Trustee to redeem the
      Class A Notes in the circumstances described above.

5.15  Optional Redemption in whole

      (A)   On any Payment Date, and upon giving no more than 60 nor less than
            30 days' notice to the Note Trustee and the Security Trustee, on
            which the aggregate principal outstanding of the Loans is less than
            10% of the aggregate principal outstanding of the Loans at the
            Cut-Off Date, the Issuer Trustee may redeem all (but not some only)
            of the Notes by repaying:

            (a)   the whole of the Invested Amount of the Notes together with
                  any accrued interest in relation to those Notes; or

            (b)   with the approval of an Extraordinary Resolution of
                  Noteholders, the whole of the Stated Amount of the Notes
                  together with any accrued interest in relation to those Notes.

      (B)   On any Payment Date on or after the Step-Up Margin Date the Issuer
            Trustee shall, if so directed by the Trust Manager on or before the
            date which is 3 Business Days before the Payment Date, repay:

            (a)   the whole of the Invested Amount of the Notes together with
                  any accrued interest in relation to those Notes; or

            (b)   with the approval of an Extraordinary Resolution of
                  Noteholders, the whole of the Stated Amount of the Notes
                  together with any accrued interest in relation to those Notes,

            subject to the following conditions:

            (c)   the Trust Manager having provided no more than 60 nor less
                  than 30 days' prior written notice to:

                  (i)   each relevant Noteholder; and

                  (ii)  each designated rating agency,

                  of the Trust Manager's intention to direct the Issuer Trustee
                  to redeem the relevant Notes under this Condition;

            (d)   the Trust Manager receiving from the designated rating
                  agencies written confirmation that the repayment will not have
                  a detrimental impact on the rating of any other Notes;

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            (e)   the Issuer Trustee having sufficient cash to make such
                  repayment and all other payments senior to the Notes set out
                  in Conditions 5.2 and 5.7 or 5.8 (as the case may be). The
                  Issuer Trustee may:

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

                        (A)   in the case of performing Receivables, their
                              Unpaid Balance; or

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

                        in order to raise such cash; and

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

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

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

      (C)   If the Issuer Trustee or the Trust Manager has sought the approval
            referred to in Condition 5.15(B)(b) and that approval has been
            refused, then from (and including) the Payment Date following that
            refusal the margin on the Class A Notes under Condition 4.2 shall be
            0.16%.

      (D)   Repayment in accordance with Condition 5.15(A)(a), 5.15(A)(b),
            5.15(B)(a) or 5.15(B)(b) shall be a full satisfaction of the Issuer
            Trustee's obligations under the Notes.

5.16  Redemption on Maturity

      If not otherwise redeemed, the Class A Notes will be redeemed at their
      Stated Amount on the Payment Date falling in June, 2033.

5.17  Cancellation

      All Class A Notes redeemed in full pursuant to the foregoing provisions
      will be cancelled forthwith, and may not be resold or reissued.

5.18  Certification

      For the purposes of any redemption made pursuant to this Condition 5 the
      Note Trustee may rely upon an officer's certificate under the Note Trust
      Deed from the Trust Manager on

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      behalf of the Issuer Trustee certifying or stating the opinion of each
      person signing such certificate as:

      (a)   to the fair value (within 90 days of such release) of the property
            or securities proposed to be released from the Security Trust Deed;

      (b)   that in the opinion of such person the proposed release will not
            impair the security under the Security Trust Deed in contravention
            of the provisions of the Security Trust Deed or the Note Trust Deed;
            and

      (c)   that the Issuer Trustee will be in a position to discharge all its
            liabilities in respect of the relevant Class A Notes and any amounts
            required under the Security Trust Deed to be paid in priority to or
            pari passu with those Class A Notes,

      and such officer's certificate shall be conclusive and binding on the
      Issuer Trustee, the Note Trustee and the holders of those Class A Notes.

5.19  Purchases

      The Issuer Trustee may not purchase any Class A Notes at any time.

6.    Payments
------------------------------------------------------------------------------

6.1   Method of Payment

      Any instalment of interest or principal, payable on any Class A Note which
      is punctually paid or duly provided for by the Issuer Trustee to the
      Principal Paying Agent on the applicable Payment Date or Maturity Date
      shall be paid to the person in whose name such Class A Note is registered
      on the Record Date, by cheque mailed first-class, postage prepaid, to such
      person's address as it appears on the Note Register on such Record Date,
      except that, unless Definitive Notes have been issued pursuant to clause
      3.3 of the Note Trust Deed, with respect to Class A Notes registered on
      the Record Date in the name of the nominee of DTC (initially, such nominee
      to be Cede & Co.), payment will be made by wire transfer in immediately
      available funds to the account designated by such nominee and except for
      the final instalment of principal payable with respect to such Class A
      Note on a Payment Date or Maturity Date.

6.2   Initial Principal Paying Agent

      The initial Principal Paying Agent is Citibank, N.A., London Branch, at
      its office, at 5 Carmelite Street, London, EC4Y 0PA, United Kingdom.

6.3   Paying Agents

      The Issuer Trustee (or the Trust Manager on its behalf after advising the
      Issuer Trustee thereof) may at any time (with the previous written
      approval of the Note Trustee) vary or terminate the appointment of any
      Paying Agent and appoint additional or other Paying Agents, provided that
      it will at all times maintain a Paying Agent having a specified office in
      London and in New York City. In addition, the Issuer Trustee will procure
      that, if the conclusions of the ECOFIN Council Meeting of 26-27 November,
      2000 are implemented, there will at all times be a Paying Agent (or the
      Principal Paying Agent) with a Specified

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      Office in a member state of the European Union that will not be obliged to
      withhold or deduct tax pursuant to any directive introduced to implement
      such conclusions. Notice of any such termination or appointment and of any
      change in the office through which any Paying Agent will act will be given
      in accordance with Class A Condition 12.

6.4   Due date for redemption

      If the due date for redemption in full of a Class A Note is not a Payment
      Date, the interest accrued in respect of the period from the preceding
      Payment Date (or from the Closing Date as the case may be) shall be
      payable only against presentation or surrender of the relevant Class A
      Note.

6.5   Payments on Business Days

      If the due date for payment of any amount of principal or Interest in
      respect of any Class A Note is not a Business Day then payment will not be
      made until the next succeeding Business Day and the holder thereof shall
      not be entitled to any further interest or other payment in respect of
      that delay. In this Condition 6 the expression "Business Day" means any
      day (other than a Saturday, Sunday or a public holiday) on which banks are
      open for business (including dealings in foreign currency generally) in
      London, Sydney and New York City.

6.6   Interest

      If Interest is not paid in respect of a Class A Note on the date when due
      and payable (other than because the due date is not a Business Day), that
      unpaid Interest shall itself bear interest at the Interest Rate applicable
      from time to time to the Class A Notes until the unpaid interest, and
      interest on it, is available for payment and notice of that availability
      has been duly given in accordance with Class A Condition 12.

7.    Taxation
------------------------------------------------------------------------------

      All payments in respect of the Class A Notes will be made without
      withholding or deduction for, or on account of, any present or future
      taxes, duties or charges of whatsoever nature unless the Issuer Trustee or
      any Paying Agent is required by applicable law to make any such payment in
      respect of the Class A Notes subject to any withholding or deduction for,
      or on account of, any present or future taxes, duties or charges of
      whatsoever nature. In that event the Issuer Trustee or that Paying Agent
      (as the case may be) shall make such payment after such withholding or
      deduction has been made and shall account to the relevant authorities for
      the amount so required to be withheld or deducted. Neither the Issuer
      Trustee nor any Paying Agent will be obliged to make any additional
      payments to Class A Noteholders in respect of that withholding or
      deduction.

8.    Prescription
------------------------------------------------------------------------------

      A Class A Note shall become void in its entirety unless surrendered for
      payment within ten years of the Relevant Date in respect of any payment
      thereon the effect of which would be to

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      reduce the Stated Amount of that Class A Note to zero. After the date on
      which a Class A Note becomes void in its entirety, no claim may be made in
      respect of it.

      As used in these Conditions, the "Relevant Date" means the date on which a
      payment first becomes due but, if the full amount of the money payable has
      not been received by the Principal Paying Agent or the Note Trustee on or
      prior to that date, it means the date on which, the full amount of such
      money having been so received, notice to that effect is duly given in
      accordance with Class A Condition 12.

9.    Events of Default
------------------------------------------------------------------------------

      Each of the following is an "Event of Default":

      (a)   the Issuer Trustee fails to pay:

            (i)   any interest within 10 Business Days of the Payment Date on
                  which the interest was due to be paid to Class A Noteholders,
                  Class B Noteholders or holders of RFSs or holders of RFS Class
                  A Notes, or

            (ii)  any other amount owing to Class A Noteholders, Class B
                  Noteholders or holders of RFSs or holders of RFS Class A Notes
                  or any other Mortgagee (as defined in the Security Trust Deed)
                  within 10 Business Days of the due date for payment (or within
                  any applicable grace period agreed in writing with the
                  Mortgagee or where the Mortgagee is a Noteholder, with the
                  Note Trustee).

      (b)   the Issuer Trustee fails to perform or observe any other provisions
            (other than an obligation referred to in paragraph (a)) of a
            Transaction Document (other than the Underwriting Agreement) where
            such failure will have a material and adverse affect on the amount
            of any payment to be made to any Noteholder, or will materially and
            adversely affect the timing of such payment, and that default (if in
            the opinion of the Security Trustee capable of remedy (that opinion,
            being subject to the approval of the Class B Noteholders and the
            Note Trustee on behalf of the Class A Noteholders (together, the
            "Noteholder Mortgagees") in accordance with the provisions of the
            Security Trust Deed) is not remedied within 30 days (or such longer
            period as may be specified in the notice, that longer period having
            been approved by the Noteholder Mortgagees, for so long as amounts
            outstanding under the Class A Notes and the Class B Notes are 75% of
            the Secured Money) after written notice from the Security Trustee
            requiring the failure to be remedied.

      (c)   any of the following occurs in relation to the Issuer Trustee (in
            its personal capacity or as Trustee of the Trust):

            (i)   an administrator of the Issuer Trustee is appointed; or

            (i)   (ii)  except for the purpose of a solvent reconstruction or
                  amalgamation:

                  (A)   an application or an order is made, proceedings are
                        commenced, a resolution is passed or proposed in a
                        notice of meeting or an application

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                        to a court or other steps (other than frivolous or
                        vexatious applications, proceedings, notices and steps)
                        are taken for:

                        (1)   the winding up, dissolution or administration of
                              the Issuer Trustee; or

                        (2)   the Issuer Trustee entering into an arrangement,
                              compromise or composition with or assignment for
                              the benefit of its creditors or a class of them;
                              or

                  (B)   the Issuer Trustee ceases, suspends or threatens to
                        cease or suspend the conduct of all or substantially all
                        of its business or disposes of or threatens to dispose
                        of substantially all of its assets; or

            (ii)  the Issuer Trustee is, or under applicable legislation is
                  taken to be, unable to pay its debts (other than as the result
                  of a failure to pay a debt or claim the subject of a good
                  faith dispute) or stops or suspends or threatens to stop or
                  suspend payment of all or a class of its debts (except, where
                  this occurs in relation to another trust of which it is the
                  trustee); or

            (iv)  a receiver, receiver and manager or administrator is appointed
                  (by the Issuer Trustee or by any other person) to all or
                  substantially all of the assets and undertaking of the Issuer
                  Trustee or any part thereof (except, in the case of the Issuer
                  Trustee where this occurs in relation to another trust of
                  which it is the trustee); or

            (v)   anything analogous to an event referred to in paragraphs (i)
                  to (iv) (inclusive) or having substantially similar effect,
                  occurs with respect to the Issuer Trustee;

      (d)   the charge created by the Security Trust Deed is not or ceases to be
            a first ranking charge over the Trust Assets, or any other
            obligation of the Issuer Trustee (other than as mandatorily
            preferred by law) ranks ahead of or pari passu with any of the
            moneys secured by the Security Trust Deed;

      (e)   any security interest over the Trust Assets is enforced;

      (f)   all or any part of any Transaction Document, other than the Redraw
            Facility or the Basis Swap (each as defined in the Series Notice),
            is terminated or is or becomes void, illegal, invalid, unenforceable
            or of limited force and effect, or a party becomes entitled to
            terminate, rescind or avoid all or part of any Transaction Document
            (other than the Redraw Facility or the Basis Swap); or

      (g)   without the prior consent of the Security Trustee (that consent, in
            accordance with the provisions of the Security Trust Deed, being
            subject to the prior written consent of the Noteholder Mortgagees in
            accordance with the provisions of the Security Trust Deed), (i) the
            Trust is wound up, or the Issuer Trustee is required to wind up the
            Trust under the Master Trust Deed or applicable law, or the winding
            up of the Trust commences; (ii) the Trust is held or is conceded by
            the Issuer Trustee not to have been constituted or to have been
            imperfectly constituted; or (iii) unless another trustee is
            appointed to the Trust under the Relevant Documents, the Issuer

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            Trustee ceases to be authorized under the Trust to hold the property
            of the Trust in its name and to perform its obligations under the
            Relevant Documents.

      In the event that the security constituted by the Security Trust Deed
      becomes enforceable following an event of default under the Notes any
      funds resulting from the realization of such security shall be applied in
      accordance with the order of priority of payments as stated in the
      Security Trust Deed.

10.   Enforcement
------------------------------------------------------------------------------

      (a)   At any time after an Event of Default occurs, the Security Trustee
            may, with the prior written consent of the Noteholder Mortgagees in
            accordance with the provisions of the Security Trust Deed and shall,
            if so directed by (a) the Noteholder Mortgagees alone, where the
            Noteholder Mortgagees are the only Voting Mortgagees, or otherwise
            (b) an Extraordinary Resolution (being 75% of votes capable of being
            cast by Voting Mortgagees present or in person or by proxy of the
            relevant meeting or a written resolution signed by all Voting
            Mortgagees) of the Voting Mortgagees (which includes the Note
            Trustee on behalf of the Class A Noteholders, but not the Class A
            Noteholders themselves), and, subject to the Note Trustee being
            indemnified and/or secured to its satisfaction, declare the Class A
            Notes immediately due and payable and enforce the Security Trust
            Deed. If an Extraordinary Resolution of Voting Mortgagees referred
            to in sub-paragraph (b) above elects not to direct the Security
            Trustee to enforce the Security Trust Deed, in circumstances where
            the Security Trustee could enforce, the Noteholder Mortgagees may
            nonetheless, and the Note Trustee as a Noteholder Mortgagee, shall
            at the direction of the Class A Noteholders, direct the Security
            Trustee to enforce the Security Trust Deed on behalf of the
            Noteholders.

            "Voting Mortgagee" means:

            (a)   for so long as the amounts outstanding under the Class A Notes
                  and the Class B Notes are 75% or more of all amounts secured
                  by the Security Trust Deed, the Note Trustee and the
                  Noteholder Mortgagees; and

            (b)   at any other time:

                  (i)   the Note Trustee, acting on behalf of the Class A
                        Noteholders under the Note Trust Deed and the Security
                        Trust Deed: and

                  (ii)  each other Mortgagee under the Security Trust Deed
                        (other than the Class A Noteholders).

            Any reference to the Noteholder Mortgagees while they are the only
            Voting Mortgagees or where their consent is required under the
            Security Trust Deed in relation to a direction or act of the
            Security Trustee, means Noteholder Mortgagees representing more than
            50% of the aggregate Invested Amount of the Class A Notes and the
            Class B Notes.

            Subject to being indemnified in accordance with the Security Trust
            Deed, the Security Trustee shall take all action necessary to give
            effect to any direction by the Noteholder Mortgagees where they are
            the only Voting Mortgagees or to any

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            Extraordinary Resolution of the Voting Mortgagees and shall comply
            with all directions given by the Note Trustee where it is the only
            Voting Mortgagee or contained in or given pursuant to any
            Extraordinary Resolution of the Voting Mortgagees in accordance with
            the Security Trust Deed.

            No Class A Noteholder is entitled to enforce the Security Trust Deed
            or to appoint or cause to be appointed a receiver to any of the
            assets secured by the Security Trust Deed or otherwise to exercise
            any power conferred by the terms of any applicable law on chargees
            except as provided in the Security Trust Deed.

      (b)   If any of the Class A Notes remains outstanding and are due and
            payable otherwise than by reason of a default in payment of any
            amount due on the Class A Notes, the Note Trustee must not vote
            under the Security Trust Deed to, or otherwise direct the Security
            Trustee to, dispose of the Mortgaged Property unless either:

            (i)   a sufficient amount would be realised to discharge in full all
                  amounts owing to the Class A Noteholders and any other amounts
                  payable by the Issuer Trustee ranking in priority to or pari
                  passu with the Class A Notes; or

            (ii)  the Note Trustee is of the opinion, reached after considering
                  at any time and from time to time the advice of a merchant
                  bank or other financial adviser selected by the Note Trustee,
                  in its absolute discretion, that the cash flow receivable by
                  the Issuer Trustee (or the Security Trustee under the Security
                  Trust Deed) will not (or that there is a significant risk that
                  it will not) be sufficient, having regard to any other
                  relevant actual, contingent or prospective liabilities of the
                  Issuer Trustee, to discharge in full in due course all the
                  amounts referred to in paragraph (i).

      (c)   Neither the Note Trustee nor the Security Trustee will be liable for
            any decline in the value, nor any loss realised upon any sale or
            other dispositions made under the Security Trust Deed, of any
            Mortgaged Property or any other property which is charged to the
            Security Trustee by any other person in respect of or relating to
            the obligations of the Issuer Trustee or any third party in respect
            of the Issuer Trustee or the Class A Notes or relating in any way to
            the Mortgaged Property. Without limitation, neither the Note Trustee
            nor the Security Trustee shall be liable for any such decline or
            loss directly or indirectly arising from its acting, or failing to
            act, as a consequence of an opinion reached by it.

      (d)   The Note Trustee shall not be bound to vote under the Security Trust
            Deed, or otherwise direct the Security Trustee under the Security
            Trust Deed or to take any proceedings, actions or steps under, or
            any other proceedings pursuant to or in connection with the Security
            Trust Deed, the Note Trust Deed, any Class A Notes, unless directed
            or requested to do so by Noteholders holding at least 75% of the
            aggregate Invested Amount of Class A Notes at the time; and then
            only if the Note Trustee is indemnified and/or secured to its
            satisfaction against all actions, proceedings, claims and demands to
            which it may render itself liable and all costs, charges, damages
            and expenses (including, without limitation, all legal fees and
            expenses properly incurred and any value added or similar tax
            applicable thereto) which it may incur by so doing.

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      (e)   Only the Security Trustee may enforce the security created pursuant
            to the provisions of the Security Trust Deed and neither the Note
            Trustee nor any holder of a Class A Note is entitled to proceed
            directly against the Issuer Trustee to enforce the performance of
            any of the provisions of the Security Trust Deed, the Class A Notes
            (including these Class A Conditions).

      (f)   The rights, remedies and discretions of the Class A Noteholders
            under the Security Trust Deed including all rights to vote or give
            instructions or consent can only be exercised by the Note Trustee on
            behalf of the Class A Noteholders in accordance with the Security
            Trust Deed. The Security Trustee may rely on any instructions or
            directions given to it by the Note Trustee as being given on behalf
            of the Class A Noteholders from time to time and need not enquire
            whether the Note Trustee or the Noteholders from time to time have
            complied with any requirements under the Note Trust Deed or as to
            the reasonableness or otherwise of the Note Trustee. The Security
            Trustee is not obliged to take any action, give any consent or
            waiver or make any determination under the Security Trust Deed
            without being directed to do so by the Note Trustee or the Voting
            Mortgagees in accordance with the Security Trust Deed.

            Upon enforcement of the security created by the Security Trust Deed,
            the net proceeds thereof may be insufficient to pay all amounts due
            on redemption to the Noteholders. The proceeds from enforcement
            (which will not include amounts required by law to be paid to the
            holder of any prior ranking security interest, the proceeds of or
            amounts credited to the collateral account under the Liquidity
            Facility Agreement (as defined in the Master Trust Deed) and payable
            to the Liquidity Facility Provider (as defined in the Master Trust
            Deed) and the proceeds of cash collateral lodged with and payable to
            a Swap Provider or other provider of a Support Facility (as defined
            in the Master Trust Deed)) will be applied in the order of priority
            as set out in the Security Trust Deed. Any claims of Noteholders
            remaining after realization of the security and application of the
            proceeds as aforesaid shall, except in certain limited
            circumstances, be extinguished.

11.   Replacements of Class A Notes
------------------------------------------------------------------------------

      If any Class A Note is lost, stolen, mutilated, defaced or destroyed, it
      may be replaced at the specified office of the Principal Paying Agent upon
      payment by the claimant of the expenses incurred in connection with that
      replacement and on such terms as to evidence and indemnity as the Issuer
      Trustee may reasonably require. Mutilated or defaced Class A Notes must be
      surrendered before replacements will be issued.

12.   Notices
------------------------------------------------------------------------------

      All notices, other than notices given in accordance with the following
      paragraph, to Class A Noteholders shall be deemed given if in writing and
      mailed, first-class, postage prepaid to each Class A Noteholder, at his or
      her address as it appears on the Note Register, not later than the latest
      date, and not earlier than the earliest date, prescribed for the giving of
      such

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      notice. In any case where notice to Class A Noteholders is given by mail,
      neither the failure to mail such notice nor any defect in any notice so
      mailed to any particular Class A Noteholder shall affect the sufficiency
      of such notice with respect to other Class A Noteholders, and any notice
      that is mailed in the manner herein provided shall conclusively be
      presumed to have been duly given.

      A notice may be waived in writing by the relevant Class A Noteholder,
      either before or after the event, and such waiver shall be the equivalent
      of such notice. Waivers of notice by Class A Noteholders shall be filed
      with the Note Trustee but such filing shall not be a condition precedent
      to the validity of any action taken in reliance upon such a waiver.

      Any such notice shall be deemed to have been given on the date such notice
      is deposited in the mail.

      In case, by reason of the suspension of regular mail services as a result
      of a strike, work stoppage or similar activity, it shall be impractical to
      mail notice of any event to Class A Noteholders when such notice is
      required to be given, then any manner of giving such notice as the Trustee
      shall direct the Note Trustee shall be deemed to be a sufficient giving of
      such notice.

      Any notice specifying a Payment Date, an Interest Rate, Interest payable,
      a Principal Payment (or the absence of a Principal Payment), an Invested
      Amount, a Stated Amount or a Bond Factor shall be deemed to have been duly
      given if the information contained in such notice appears on the relevant
      page of the Reuters Screen or such other similar electronic reporting
      service as may be approved by the Note Trustee and notified to Class A
      Noteholders (the "Relevant Screen"). Any such notice shall be deemed to
      have been given on the first date on which such information appeared on
      the Relevant Screen. If it is impossible or impracticable to give notice
      in accordance with this paragraph then notice of the matters referred to
      in this Condition shall be given in accordance with the preceding
      paragraph.

      The Principal Paying Agent shall deliver a quarterly servicing report for
      each Collection Period to each Class A Noteholder on the Notice date
      relating to such Collection Period in the method provided in the first
      paragraph of this Condition 12.

13.   Meetings of Voting Mortgagees and Votes of Class A Noteholders;
      Modifications; Consents; Waiver
------------------------------------------------------------------------------

      The Security Trust Deed contains provisions for convening meetings of the
      Voting Mortgagees to, inter alia, enable the Voting Mortgagees to direct
      or consent to the Security Trustee taking or not taking certain actions
      under the Security Trust Deed, for example to enable the Voting Mortgagees
      to direct the Security Trustee to enforce the Security Trust Deed.

      For so long as the amounts outstanding under the Notes are 75% or more of
      all amounts secured by the Security Trust Deed, the Note Trustee may
      direct the Security Trustee to do any act or thing which the Security
      Trustee is required to do, or may only do, at the direction of an
      Extraordinary Resolution of the Voting Mortgagees.

      Neither the Security Trustee nor the Trust Manager may call a meeting of
      Voting Mortgagees without the Noteholder Mortgagees' consent, if the
      amounts outstanding under the Class A Notes and the Class B Notes are 75%
      or more of all amounts secured by the Security Trust Deed.

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Note Trust Deed                                           Allens Arthur Robinson
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      The Note Trust Deed contains provisions for the Class A Noteholders to
      consider any matter affecting their interests. In general, the holders of
      a majority of the aggregate Invested Amount of the Class A Notes may take
      or consent to any action permitted to be taken by Class A Noteholders
      under the Note Trust Deed. Notwithstanding the foregoing, the consent of
      holders of 75% of the aggregate Invested Amount of the Class A Notes shall
      be required to (i) direct the Note Trustee to direct the Security Trustee
      to enforce the security under the Note Trust Deed, (ii) override any
      waiver by the Note Trustee of a breach of any provisions of the
      Transaction Documents or an Event of Default, (iii) alter, add, or modify
      the terms and conditions of the Class A Notes or the provisions of any of
      the Transaction Documents if such alteration, addition or modification is,
      in the sole opinion of the Note Trustee, in its absolute discretion,
      materially prejudicial or likely to be materially prejudicial to the Class
      A Noteholders as a whole or the Class A Noteholders, which shall include
      any modification to the date of maturity of the Class A Notes or a
      modification which would have the effect of postponing any day for payment
      of interest in respect of any Class A Notes, reducing or cancelling the
      amount of principal payable in respect of any Class A Notes or the rate of
      interest applicable to any Class A Notes or altering the percentage of the
      aggregate Invested Amount required to consent to any action or altering
      the currency of payment of any Class A Notes or an alteration of the date
      or priority of redemption of the Class A Notes (any such modification
      being referred to below as a "Basic Terms Modification"). Any action taken
      by the requisite percentage of the Invested Amount of the Class A
      Noteholders shall be binding on all Class A Noteholders (both present and
      future).

      Pursuant to the terms of the Note Trust Deed, the Note Trustee may agree,
      in its absolute discretion, without the consent of the Class A
      Noteholders, among other things, (i) to any modification (except a Basic
      Terms Modification) of, or to the waiver or authorisation of any breach or
      proposed breach of the Class A Notes (including these Conditions), or any
      of the Transaction Documents which is not, in the sole opinion of the Note
      Trustee, in its absolute discretion, materially prejudicial to the
      interests of the Class A Noteholders or (ii) to any modification of the
      Class A Notes (including these Conditions, or any of the Transaction
      Documents which, in the Note Trustee's sole opinion, is to correct a
      manifest error or is of a formal, minor or technical nature. The Note
      Trustee may also, without the consent of the Class A Noteholders,
      determine, in its absolute discretion, that any Event of Default or any
      condition, event or act which with the giving of notice and/or lapse of
      time and/or the issue of a certificate would constitute an Event of
      Default shall not, or shall not subject to specified conditions, be
      treated as such. Any such modification, waiver, authorisation or
      determination shall be binding on the Class B Noteholders and, unless the
      Note Trustee agrees otherwise, any such modification shall be notified to
      the Class A Noteholders in accordance with Class A Condition 12 as soon as
      practicable thereafter.

14.   Indemnification and Exoneration of the Note Trustee and the Security
      Trustee
------------------------------------------------------------------------------

      The Note Trust Deed contains provisions for the indemnification of the
      Note Trustee and for its relief from responsibility, including provisions
      relieving it from taking proceedings to realise the security and to obtain
      repayment of the Class A Notes unless indemnified and/or secured to its
      satisfaction. Each of the Note Trustee and the Security Trustee is
      entitled to

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Note Trust Deed                                           Allens Arthur Robinson
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      enter into business transactions with the Issuer Trustee and/or any other
      party to the Relevant Documents without accounting for any profit
      resulting from such transactions. Neither the Security Trustee nor the
      Note Trustee will be responsible for any loss, expense or liability which
      may be suffered as a result of any assets secured by the Security Trust
      Deed, Mortgaged Property or any deeds or documents of title thereto, being
      uninsured or inadequately insured or being held by or to the order of the
      Servicer or any of its affiliates or by clearing organisations or their
      operators or by any person on behalf of the Note Trustee.

      The Security Trust Deed contains provisions for the indemnification of the
      Security Trustee by the Issuer Trustee and for its relief from
      responsibility, including provisions relieving it from taking any action
      in relation to the enforcement of the Security Trust Deed unless it is
      indemnified to its satisfaction. The Security Trustee has no liability
      under the Security Trust Deed, any other Transaction Document, any Note,
      the Notice of Creation of Trust or any Mortgage Insurance Policy other
      than to the extent to which the liability is able to be satisfied out of
      the property held by it on trust under the Security Trust Deed and it is
      actually indemnified for the liability, except to the extent to which it
      is not satisfied because there is a reduction in the extent of the
      Security Trustee's indemnification as a result of its fraud, negligence or
      willful default.

15.   Limitation of liability of the Issuer Trustee
------------------------------------------------------------------------------

15.1  General

      Clause 33 of the Master Trust Deed applies to the obligations and
      liabilities of the Issuer Trustee in relation to this Class A Note.

15.2  Liability of Trustee limited to its right of indemnity

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

      (b)   None of the Note Trustee or the Class A Noteholders may take action
            against the Issuer 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 Issuer Trustee or prove in any liquidation,
            administration or arrangements of or affecting the Issuer Trustee.

      (c)   The provisions of this Condition 15 shall not apply to any
            obligation or liability of the Issuer 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 Issuer

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Note Trust Deed                                           Allens Arthur Robinson
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            Trustee's indemnification out of the Trust Assets as a result of the
            Issuer Trustee's fraud, negligence or breach of trust.

      (d)   It is acknowledged that the Trust Manager, the Servicer, each Paying
            Agent, the Agent Bank and the Note Trustee (each a "Relevant Party")
            are responsible under the Transaction Documents for performing a
            variety of obligations relating to the Trust. No act or omission of
            the Issuer Trustee (including any related failure to satisfy its
            obligations under this Class A Note or a Transaction Document) will
            be considered fraud, negligence or breach of trust of the Issuer
            Trustee for the purpose of sub-paragraph (iii) of this Condition 15
            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 Issuer Trustee and for whom
            the Issuer Trustee is responsible under the Transaction Documents,
            other than a 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 Issuer
            Trustee and for whom the Issuer Trustee is responsible under the
            Transaction Documents, other than a Relevant Party).

      (e)   No attorney, agent, receiver or receiver and manager appointed in
            accordance with a Transaction Document (including without limitation
            a Relevant Party) has authority to act on behalf of the Issuer
            Trustee in a way which exposes the Issuer 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 Issuer
            Trustee for the purpose of sub-paragraph (iii), if the Issuer
            Trustee has exercised reasonable care in the selection and
            supervision of such a person.

16.   Governing Law
------------------------------------------------------------------------------

      The Class A Notes and the Relevant Documents are governed by, and shall be
      construed in accordance with, the laws of New South Wales, Australia.

17.   Summary of Provisions Relating to the Class A Notes While in Book Entry
      Form
------------------------------------------------------------------------------

      The Class A Notes will initially be represented by typewritten book-entry
      notes (the Book-Entry Class A Notes"), without coupons, in the principal
      amount of US$1,116,000,000. The Book-Entry Class A Notes will be deposited
      with the Common Depositary for DTC on or about the Closing Date. Upon
      deposit of the Book-Entry Class A Notes with the Common Depositary, DTC
      will credit each investor in the Class A Notes with a principal amount of
      Class A Notes for which it has subscribed and paid.

      The Book-Entry Class A Note will be exchangeable for definitive Class A
      Notes in certain circumstances described below.

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                                                                         Page 88

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Note Trust Deed                                           Allens Arthur Robinson
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      Each person who is shown in the Note Register as the holder of a
      particular principal amount of Class A Notes will be entitled to be
      treated by the Issuer Trustee and the Note Trustee as a holder of such
      principal amount of Class A Notes and the expression "Class A Noteholder"
      shall be construed accordingly, but without prejudice to the entitlement
      of the holder of the Book-Entry Class A Note to be paid principal and
      interest thereon in accordance with its terms. Such persons shall have no
      claim directly against the Issuer Trustee in respect of payment due on the
      Class A Notes for so long as the Class A Notes are represented by a
      Book-Entry Class A Note and the relevant obligations of the Issuer Trustee
      will be discharged by payment to the registered holder of the Book-Entry
      Class A Note in respect of each amount so paid.

17.1  Payments

      Interest and principal on each Book-Entry Class A Note will be payable by
      the Principal Paying Agent to the Common Depository provided that no
      payment of interest may be made by the Issuer Trustee or any Paying Agent
      in the Commonwealth of Australia or its possessions or into a bank account
      or to an address in the Commonwealth of Australia or its possessions.

      Each of the persons appearing from time to time as the beneficial owner of
      a Class A Note will be entitled to receive any payment so made in respect
      of that Class A Note in accordance with the respective rules and
      procedures of DTC. Such persons will have no claim directly against the
      Issuer Trustee in respect of payments due on the Class A Notes which shall
      be made by the holder of the relevant Book-Entry Class A Note, for so long
      as such Book-Entry Class A Note is outstanding.

      A record of each payment made on a Book-Entry Class A Note, distinguishing
      between any payment of principal and any payment of interest, will be
      recorded in the Note Register by the Note Registrar and such record shall
      be prima facie evidence that the payment in question has been made.

17.2  Exchange

      The Book-Entry Class A Note will be exchangeable for definitive Class A
      Notes only if:

      (a)   the Trust Manager advises the Principal Paying Agent, the Note
            Registrar and the Note Trustee in writing that the Clearing Agency
            is no longer willing or able properly to discharge its
            responsibilities with respect to the Class A Notes or the Clearing
            Agency ceases to carry on business, and the Trust Manager is unable
            to located a qualified successor;

      (b)   the Issuer Trustee, at the direction of the Trust Manager (at the
            Trust Manager's option) advises the Principal Paying Agent, the Note
            Registrar and the Note Trustee in writing that the book entry system
            through the Clearing Agency is or is to be terminated; or

      (c)   after the occurrence of an Event of Default, Class A Noteholders
            representing beneficial interests aggregating to at least a majority
            of the aggregate Invested Amount of the Class A Notes (or the Note
            Trustee on behalf of such Class A Noteholders) advise the Principal
            Paying Agent and Issuer Trustee through the Clearing Agency in
            writing that

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                                                                         Page 89

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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

            the continuation of a book entry system through the Clearing Agency
            is no longer in the best interest of the Note Owners,

      then the Principal Paying Agent shall notify all Class A Note Owners and
      the Issuer Trustee of the occurrence of any such event and of the
      availability of Definitive Notes to Class A Note Owners requesting the
      same. Upon the surrender of the Book-Entry Notes to the Issuer Trustee by
      the Clearing Agency, and the delivery by the Clearing Agency of the
      relevant registration instructions to the Issuer Trustee, the Issuer
      Trustee shall execute and procure the Note Registrar to authenticate the
      Definitive Notes in accordance with the instructions of the Clearing
      Agency.

17.3  Notices

      So long as the Notes are represented by the Book-Entry Class A Note and
      the same is/are held on behalf of the Clearing Agency, notices to Class A
      Noteholders may be given by delivery of the relevant notice to the
      Clearing Agency for communication by them to entitled account holders in
      substitution for delivery to each Class A Noteholder as required by the
      Class A Conditions.

17.4  Cancellation

      Cancellation of any Class A Note required by the Class A Conditions will
      be effected by reduction in the principal amount of the relevant
      Book-Entry Class A Note.

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                                                                         Page 90

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