Document:

<PAGE>

                                  Exhibit 4.4

                              Security Trust Deed

<PAGE>

                                                        Series 2002-1G WST Trust
                                                             Security Trust Deed

                                       Westpac Securities Administration Limited
                                                                       (Chargor)

                                               Perpetual Trustee Company Limited
                                                              (Security Trustee)

                                   Westpac Securitisation Management Pty Limited
                                                                 (Trust Manager)

                                                   Citibank, N.A., London Branch
                                                                  (Note 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 Security Trust
Deed                                                      Allens Arthur Robinson
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<TABLE>
<CAPTION>
Table of Contents

<S>      <C>                                                                          <C>
1.       Definitions and interpretation                                                2
         1.1      Definitions                                                          2
         1.2      Master Trust Deed definitions and Trust Document amendments          5
         1.3      Interpretation                                                       5
         1.4      Determination, statement and certificate sufficient evidence         6
         1.5      Document or agreement                                                6
         1.6      Rights and obligations of Mortgagees                                 6
         1.7      Transaction Document                                                 6
         1.8      Trustee as trustee                                                   7

2.       Appointment of Security Trustee                                               7
         2.1      The Security Trustee                                                 7
         2.2      Resolution of Conflicts                                              7
         2.3      Duration of Trust                                                    8
         2.4      Covenant8

3.       Charge                                                                        8
         3.1      Charge                                                               8
         3.2      Security                                                             8
         3.3      Prospective liability                                                8

4.       Nature of charge                                                              8
         4.1      Priority                                                             8
         4.2      Nature of Charge                                                     8
         4.3      Dealing with Mortgaged Property                                      9
         4.4      Crystallisation                                                      9
         4.5      De-crystallisation                                                  10

5.       Covenants and warranties                                                     10
         5.1      Covenant                                                            10
         5.2      Negative covenants                                                  11
         5.3      Representations and Warranties                                      11
         5.4      Trust Manager's undertakings                                        12

6.       Further assurances                                                           12
         6.1      Further assurances                                                  12

7.       Note Trustee                                                                 13
         7.1      Capacity                                                            13
         7.2      Exercise of rights                                                  13
         7.3      Instructions or directions                                          13
         7.4      Payments                                                            13
         7.5      Notices                                                             13

8.       Events of Default                                                            13
         8.1      Events of Default                                                   13
         8.2      Rights of the Security Trustee upon Event of Default                14
         8.3      Notify Events of Default                                            15
</TABLE>

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                                                                        Page (i)

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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<TABLE>
<CAPTION>
<S>      <C>                                                                          <C>
9.       Enforcement                                                                  15
         9.1      Power to enforce                                                    15
         9.2      No obligation to enforce                                            15
         9.3      Obligation to convene meeting                                       15
         9.4      Security Trustee to act in accordance with directions               16
         9.5      Security Trustee must receive indemnity                             16
         9.6      Limitation on rights of Mortgagees                                  16
         9.7      Immaterial waivers                                                  17
         9.8      Acts pursuant to resolutions                                        17
         9.9      Overriding provision                                                17

10.      Appointment of Receiver                                                      18
         10.1     Appointment                                                         18
         10.2     Agent of Chargor                                                    18
         10.3     Receiver's powers                                                   18
         10.4     Receiver appointed after commencement of winding up                 21
         10.5     Powers exercisable by the Security Trustee                          21
         10.6     Withdrawal                                                          21

11.      Remuneration of Security Trustee                                             21
         11.1     Costs                                                               21
         11.2     Fee                                                                 21
         11.3     Cessation of Fee                                                    21

12.      Power of Attorney                                                            22

13.      Completion of blank securities                                               22

14.      Performance of Chargor's obligations                                         22

15.      Statutory powers                                                             22
         15.1     Powers in augmentation                                              22
         15.2     Notice not required                                                 23

16.      Application of moneys received                                               23
         16.1     Priorities                                                          23
         16.2     Moneys actually received                                            24
         16.3     Amounts contingently due                                            24
         16.4     Notice of subsequent Security Interests                             25
         16.5     Satisfaction of debts                                               25
         16.6     Payments into US$ Account                                           25
         16.7     Payments out of US$ Account                                         25
         16.8     Excluded amounts                                                    25

17.      Other Security Interests over Mortgaged Property                             26

18.      Protection of Mortgagees, Receiver and Attorney                              26

19.      Protection of third parties                                                  27
         19.1     No enquiry                                                          27
         19.2     Receipt                                                             27

20.      Expenses, indemnity                                                          27
</TABLE>

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                                                                       Page (ii)

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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<TABLE>
<CAPTION>
<S>      <C>                                                                          <C>
         20.1     Expenses                                                            27
         20.2     Indemnity                                                           28

21.      Currency indemnity                                                           28

22.      Stamp duties                                                                 29

23.      Interest on overdue amounts                                                  29
         23.1     Accrual                                                             29
         23.2     Payment                                                             29
         23.3     Rate                                                                29

24.      Certificate as to amount of Secured Moneys, etc.                             30

25.      Survival of representations                                                  30

26.      Indemnity and reimbursement obligations                                      30

27.      Continuing security                                                          30

28.      Other securities                                                             30

29.      Discharge of the Charge                                                      31
         29.1     Release                                                             31
         29.2     Contingent liabilities                                              31
         29.3     Charge reinstated                                                   31

30.      Amendment                                                                    31
         30.1     Approval of Trust Manager                                           31
         30.2     Extraordinary Resolution of Voting Mortgagees                       32
         30.3     Distribution of amendments                                          32

31.      Limited recourse                                                             32
         31.1     General                                                             32
         31.2     Liability of Chargor limited to its right to indemnity              32
         31.3     Rights against Mortgaged Property preserved                         33
         31.4     Unrestricted remedies                                               34
         31.5     Restricted remedies                                                 34

32.      Waivers, remedies cumulative                                                 34

33.      Consents and opinion                                                         35

34.      Severability of provisions                                                   35

35.      Moratorium legislation                                                       35

36.      Assignments                                                                  35

37.      Notices                                                                      36

38.      Relationship of Mortgagees to Security Trustee                               36
         38.1     Instructions; extent of discretion                                  36
         38.2     No obligation to investigate authority                              37
         38.3     Delegation                                                          37
         38.4     Reliance on documents and experts                                   37
         38.5     Notice of transfer                                                  37
         38.6     Notice of default                                                   37
</TABLE>

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                                                                      Page (iii)

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Deed                                                      Allens Arthur Robinson
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<TABLE>
<CAPTION>
<S>      <C>                                                                          <C>
         38.7     Security Trustee as Mortgagee                                       38
         38.8     Indemnity to Security Trustee                                       38
         38.9     Independent investigation                                           39
         38.10    No monitoring                                                       39
         38.11    Information                                                         39
         38.12    Conflicts                                                           40
         38.13    No Liability                                                        40
         38.14    Security Trustee liability                                          41

39.      Retirement and removal of Security Trustee                                   41
         39.1     Retirement                                                          41
         39.2     Removal                                                             41
         39.3     Replacement                                                         42

40.      Meetings of Mortgagees                                                       42
         40.1     Limitation on Security Trustee's powers                             42
         40.2     Convening of meetings                                               42
         40.3     Notice of meetings                                                  43
         40.4     Chairman                                                            44
         40.5     Quorum                                                              44
         40.6     Adjournment                                                         44
         40.7     Voting procedure                                                    45
         40.8     Right to attend and speak                                           46
         40.9     Appointment of Proxies                                              46
         40.10    Corporate Representatives                                           46
         40.11    Rights of Representatives                                           47
         40.12    Extraordinary Resolutions                                           47
         40.13    Extraordinary Resolution binding on Mortgagees                      48
         40.14    Minutes and records                                                 48
         40.15    Written resolutions                                                 48
         40.16    Further procedures for meetings                                     49
         40.17    Noteholder Mortgagees' rights                                       49

41.      Authorised Signatories                                                       50

42.      Governing law and jurisdiction                                               50

43.      Counterparts                                                                 50

44.      Set-off                                                                      50

45.      Acknowledgement by chargor                                                   51

46.      Information memorandum                                                       51
</TABLE>

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                                                                       Page (iv)

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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Date                                   4 March 2002
-----------

Parties
-----------

         1.       Westpac Securities Administration Limited (ABN 77 000 049 472)
                  of Level 4, 50 Pitt Street, Sydney, New South Wales, in its
                  capacity as trustee of the Series 2002-1G WST Trust (the
                  Chargor);

         2.       Perpetual Trustee Company Limited (ABN 42 000 001 007) of
                  Level 7, 39 Hunter Street, Sydney, New South Wales (the
                  Security Trustee, which expression includes its successor for
                  the time being as security trustee under this deed);

         3.       Westpac Securitisation Management Pty Limited (ABN 73 081 709
                  211) of Level 25, 60 Martin Place, Sydney, New South Wales
                  (the Trust Manager); and

         4.       Citibank, N.A., London Branch of 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 note trustee under the Note Trust Deed).

Recitals
-----------

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

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

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

         D        The Note Trustee enters into this deed for itself and as
                  trustee for and on behalf of each Class A Noteholder.
--------------------------------------------------------------------------------

IT IS AGREED as follows.

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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1.       Definitions and interpretation
--------------------------------------------------------------------------------

1.1      Definitions

         The following definitions apply unless the context requires otherwise.

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

         Charge means the charge created by this deed.

         Chargor's Indemnity means:

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

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

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

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

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

         Extraordinary Resolution in relation to the Voting Mortgagees means:

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

         (b)      a resolution in writing pursuant to clause 40.15 signed by all
                  the Voting Mortgagees or all of the class of Voting Mortgagees
                  (as the case may be).

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

         (a)      to pay or to purchase;

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

         (c)      to indemnify against the consequences of default in the
                  payment of; or

         (d)      to be responsible otherwise for,

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

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Series 2002-1G WST Trust Security Trust
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         Liquidation includes receivership, compromise, arrangement,
         amalgamation, administration, reconstruction, winding up, dissolution,
         assignment for the benefit of creditors, bankruptcy or death.

         Master Trust Deed means the Master Trust Deed for the WST Trusts dated
         14 February 1997 between the Chargor as Trustee and the Trust Manager.

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

         Mortgagee means:

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

         (b)      any Class A Noteholder, in relation to its rights under the
                  Notes held by it;

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

         (d)      any Approved Seller in relation to any relevant Accrued
                  Interest Adjustment;

         (e)      Westpac in relation to any Redraws;

         (f)      the Trust Manager in relation to its rights as Trust Manager
                  under the Trust Documents for the Trust;

         (g)      the Servicer in relation to its rights as Servicer under the
                  Trust Documents for the Trust;

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

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

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

         Note Trustee means Citicorp Trustee Company Limited, in its own
         capacity and as trustee for and on behalf of the Class A Noteholders
         from time to time.

         Noteholder Mortgagees means, together:

         (a)      the Note Trustee for and on behalf of the Class A Noteholders;
                  and

         (b)      each Class B Noteholder.

         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.

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

         (a)      by this deed or any Collateral Security; or

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

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

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Series 2002-1G WST Trust Security Trust
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         Relevant Trust means a trust other than the Trust, constituted under
         the Master Trust Deed, of which the Chargor is a trustee.

         Representative means:

         (a)      in the case of a Class A Noteholder, the Note Trustee (as its
                  representative);

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

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

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

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

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

         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 Chargor, the Trust Manager, the
                  Note Trustee and the Security Trustee; or

         (b)      once executed, the executed Series 2002-1G WST Trust Series
                  Notice in or substantially in the form of that draft.

         Settlor means Andrew Jinks.

         Trust means the trust known as the Series 2002-1G WST Trust established
         under the Notice of Creation of Trust, the Master Trust Deed and the
         Series Notice.

         Trust Assets means the Assets of the Trust from time to time as defined
         in the Master Trust Deed, and includes the rights of the Trustee under
         the Trust Documents in respect of the Trust and under the Collection
         Account and the US$ Account.

         Trust Document means each of:

         (a)      this deed;

         (b)      the Master Trust Deed;

         (c)      the Series Notice;

         (d)      the Notice of Creation of Trust;

         (e)      the Servicing Agreement in respect of the Trust;

         (f)      each Note;

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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         (g)      each Support Facility for the Trust;

         (h)      the Agency Agreement; and

         (i)      the Note Trust Deed.

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

         Vesting Date means the day preceding the earliest of:

         (a)      the 80th anniversary of the date of this deed;

         (b)      the 21st anniversary of the date of the death of the last
                  survivor of the lineal descendants of King George V living on
                  the date of this deed; and

         (c)      the day after the Charge Release Date.

         Voting Mortgagee means:

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

         (b)      at any other time (subject to clause 40.17):

                  (i)      the Note Trustee, acting on behalf of the Class A
                           Noteholders under the Note Trust Deed and clause 7;
                           and

                  (ii)     each other Mortgagee (other than a Class A
                           Noteholder).

1.2      Master Trust Deed definitions and Trust Document amendments

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

         (b)      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
                  Security Trustee under this deed unless the Security Trustee
                  (subject to clause 40.17(d), with the prior written consent of
                  the Noteholder Mortgagees) has agreed in writing to the
                  changes.

1.3      Interpretation

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

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

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                                                                          Page 5

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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         (b)      an Event of Default subsists until it has been waived in
                  writing by the Security Trustee;

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

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

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

                  (ii)     is in accordance with an instruction or direction
                           from the Note Trustee or the Voting Mortgagees.

1.4      Determination, statement and certificate sufficient evidence

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

1.5      Document or agreement

         A reference to:

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

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

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

1.6      Rights and obligations of Mortgagees

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

         (b)      No Mortgagee is entitled to enforce this deed or any
                  Collateral Security other than through the Security Trustee.

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

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

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

1.7      Transaction Document

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

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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1.8      Trustee as trustee

         In this deed, except where provided to the contrary:

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

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

2.       Appointment of Security Trustee
--------------------------------------------------------------------------------

2.1      The Security Trustee

         The Security Trustee:

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

         (b)      acknowledges and declares that it:

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

                  (ii)     will hold the benefit of the Charge, the Mortgaged
                           Property and the benefit of each of the Trust
                           Documents to which it is a party,

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

2.2      Resolution of Conflicts

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

         (b)      Subject to the provisions of this deed (other than paragraph
                  (a)), the Security Trustee must give priority to the interests
                  only of the Class A Noteholders, the holders of the RFSs and
                  the holders of the RFS Class A Notes if, in the Security
                  Trustee's opinion, there is a conflict between the interests
                  of the Class A Noteholders, the holders of the RFSs and the
                  holders of the RFS Class A Notes and the interests of the
                  Class B Noteholders or the other persons entitled to the
                  benefit of the Charge.

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

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Series 2002-1G WST Trust Security Trust
Deed                                                      Allens Arthur Robinson
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2.3      Duration of Trust

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

2.4      Covenant

         The Security Trustee covenants for the benefit of Westpac that it will
         comply with clause 8.4(l)(i) of the Master Trust Deed in relation to
         any Receivable Security which the Trustee or Westpac has notified to
         the Security Trustee is affected by a Trust Back.

3.       Charge
--------------------------------------------------------------------------------

3.1      Charge

(a)               Subject to paragraph (b), the Chargor charges to the Security
                  Trustee, for the Security Trustee and as trustee for the
                  Mortgagees all of the present and future Trust Assets and
                  undertaking of the Trust.

(b)               The Charge does not charge any Trust Assets which are owned by
                  the Trustee as at the date of this deed which are, or are
                  taken under the applicable stamp duties legislation of the
                  relevant jurisdiction to be, situated in any State or
                  Territory of Australia other than the Australian Capital
                  Territory or the Northern Territory.

3.2      Security

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

         (b)      This deed is given in consideration of the Security Trustee
                  and the Mortgagees entering the Trust Documents and for other
                  valuable consideration received.

3.3      Prospective liability

         For the purpose of the Corporations Act the maximum prospective
         liability (as defined in the Corporations Act) secured by this deed at
         any time is A$1,000,000,000,000 or its equivalent and the total amount
         recoverable under this deed is limited to A$1,000,000,000,000.

4.       Nature of charge
--------------------------------------------------------------------------------

4.1      Priority

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

4.2      Nature of Charge

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

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Deed                                                      Allens Arthur Robinson
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4.3      Dealing with Mortgaged Property

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

                  (i)      create or allow to exist any Security Interest over
                           any Mortgaged Property; or

                  (ii)     in any other way:

                           (A)      dispose of;

                           (B)      create or allow any interest in; or

                           (C)      part with possession of,

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

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

4.4      Crystallisation

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

         (a)      in respect of any asset:

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

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

                           (A)      creates or allows any Security Interest
                                    over;

                           (B)      sells, leases or otherwise disposes of;

                           (C)      creates or allows any interest in; or

                           (D)      parts with possession of,

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

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

                           (A)      s218 or s255 of the Income Tax Assessment
                                    Act 1936;

                           (B)      s74 of the Sales Tax Assessment Act 1992;

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                           (C)      s260-5 of the Taxation Administration Act
                                    1953; or

                           (D)      any similar legislation,

                           which will affect that asset; or

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

         (b)      in respect of all the Mortgaged Property:

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

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

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

4.5      De-crystallisation

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

5.       Covenants and warranties
--------------------------------------------------------------------------------

5.1      Covenant

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

         (b)      The Chargor shall use its best endeavours to ensure that no
                  Event of Default occurs.

         (c)      The Chargor will ensure that it complies with its material
                  obligations under the Trust Documents.

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

                  (i)      the identity, and notice details of, each Mortgagee
                           and Beneficiary; and

                  (ii)     the Secured Moneys owing to each Mortgagee.

         (e)      The Chargor shall cause this deed to be lodged for
                  registration with the Australian Securities and Investments
                  Commission before it issues a Note.

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5.2      Negative covenants

         The Chargor shall not do, nor shall the Trust Manager direct the
         Chargor to do, any of the following without the prior written consent
         of the Security Trustee (and, subject to clause 40.17(d), the
         Noteholder Mortgagees) and without prior written confirmation from the
         Designated Rating Agency of the rating for each class of Notes in
         relation to the Trust and the Notes except as permitted by this deed or
         the Master Trust Deed:

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

                  (i)      the Notes;

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

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

                  (iv)     Financial Indebtedness when the Chargor has received
                           written confirmation from the Designated Rating
                           Agency for each Class of Notes that it will not
                           result in any reduction of the rating assigned to the
                           Notes by the Designated Rating Agencies;

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

         (c)      (other activities) not engage in any business or activity
                  other than as contemplated in the Trust Documents;

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

         (e)      (Security Interest) not create any other Security Interest
                  over the Mortgaged Property.

5.3      Representations and Warranties

         The Chargor makes the following representations and warranties.

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

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

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

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

         (e)      (Master Trust Deed) The Trust is constituted pursuant to the
                  Master Trust Deed.

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

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

5.4      Trust Manager's undertakings

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

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

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

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

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

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

                  (ii)     the Secured Moneys owing to each Support Facility
                           Provider.

6.       Further assurances
--------------------------------------------------------------------------------

6.1      Further assurances

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

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

         (b)      to aid in the execution or exercise of any Power,

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

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7.       Note Trustee
--------------------------------------------------------------------------------

7.1      Capacity

         The Note Trustee is a party to this deed in its capacity as trustee for
         and on behalf of the Class A Noteholders from time to time under the
         Note Trust Deed.

7.2      Exercise of rights

         (a)      The rights, remedies and discretions of the Class A
                  Noteholders under this deed including all rights to vote or
                  give instructions or consent to the Security Trustee and to
                  enforce any undertakings or warranties under this deed, may
                  only be exercised by the Note Trustee on behalf of 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 this deed.

7.3      Instructions or directions

         The Security Trustee may rely on any instructions or directions given
         to it in writing by the Note Trustee as being given on behalf of all
         Class A Noteholders from time to time and need not inquire whether the
         Note Trustee or the Class A 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.

7.4      Payments

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

7.5      Notices

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

8.       Events of Default
--------------------------------------------------------------------------------

8.1      Events of Default

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

         (a)      (Failure to pay) The Chargor fails to pay:

                  (i)      any Coupon within 10 Business Days of the Payment
                           Date on which the Coupon was due to be paid, together
                           with all interest accrued and payable on that Coupon;
                           and

                  (ii)     any other Secured Moneys, within 10 Business Days of
                           the due date for payment (or within any applicable
                           grace period agreed in writing with the

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                           Mortgagee, or where the Mortgagee is a Class A
                           Noteholder the Note Trustee, to whom the Secured
                           Moneys relate).

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

         (c)      (Insolvency) An Insolvency Event occurs in relation to the
                  Chargor.

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

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

         (f)      (Vitiation of Trust Documents)

                  (i)      All or any part of any Trust Document (other than the
                           Basis Swap and Redraw Facility) is terminated or is
                           or becomes void, illegal, invalid, unenforceable or
                           of limited force and effect; or

                  (ii)     a party becomes entitled to terminate, rescind or
                           avoid all or part of any Trust Document (other than
                           the Basis Swap and Redraw Facility).

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

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

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

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

8.2      Rights of the Security Trustee upon Event of Default

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

         (a)      declare the Charge immediately enforceable;

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         (b)      declare the Secured Moneys immediately due and payable;

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

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

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

8.3      Notify Events of Default

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

9.       Enforcement
--------------------------------------------------------------------------------

9.1      Power to enforce

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

9.2      No obligation to enforce

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

9.3      Obligation to convene meeting

         Following the Security Trustee becoming actually aware of the
         occurrence of an Event of Default in accordance with Clause 38.6, it
         shall, subject to clause 9.7, promptly convene a meeting of the Voting
         Mortgagees in accordance with this deed, at which it shall seek
         directions from the Voting Mortgagees by way of an Extraordinary
         Resolution of the Voting Mortgagees (or a written resolution signed by
         all Voting Mortgagees) regarding the action it

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         should take as a result of that Event of Default including whether to
         do any of the things referred to in clauses 8.2(a) to (d) inclusive.

9.4      Security Trustee to act in accordance with directions

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

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

                  (i)      this deed; and

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

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

9.5      Security Trustee must receive indemnity

         If:

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

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

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

9.6      Limitation on rights of Mortgagees

         Subject to this deed, the powers, rights and remedies conferred on the
         Security Trustee by this deed are exercisable by the Security Trustee
         only, and no Mortgagee is entitled without the written consent of the
         Security Trustee to exercise the same or any of them. Without limiting
         the generality of the foregoing, no Mortgagee is entitled to enforce
         the Charge or

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         the provisions of this deed or to appoint or cause to be appointed a
         Receiver to any of the Mortgaged Property or otherwise to exercise any
         power conferred by the terms of any applicable law on charges except as
         provided in this deed.

9.7      Immaterial waivers

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

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

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

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

9.8      Acts pursuant to resolutions

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

9.9      Overriding provision

         Notwithstanding any other provision of this deed:

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

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         (b)      the Security Trustee will not be under any obligation to
                  advance or use its own funds for the payment of any costs,
                  expenses or liabilities, except in respect of its own fraud,
                  negligence or breach of trust.

10.      Appointment of Receiver
--------------------------------------------------------------------------------

10.1     Appointment

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

         (a)      appoint any person or any 2 or more persons jointly or
                  severally or both to be a receiver or receiver and manager of
                  all or any of the Mortgaged Property;

         (b)      remove any Receiver;

         (c)      appoint another Receiver in addition to or in place of a
                  Receiver; or

         (d)      fix or vary the remuneration of a Receiver.

10.2     Agent of Chargor

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

         (b)      (i)      Any Receiver will be the agent of the Chargor in its
                           capacity as trustee of the Trust only; and

                  (ii)     notwithstanding anything else in this deed or at law,
                           the Chargor in its personal capacity is not
                           responsible for any negligent act or negligent
                           omission of the Receiver.

10.3     Receiver's powers

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

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

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

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

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

         (e)      (Maintain and improve the Mortgaged Property) He may do
                  anything to maintain, protect or improve any of the Mortgaged
                  Property or to obtain income or returns from any of the
                  Mortgaged Property (including by development, sub-

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         division, construction, alteration, or repair, of any property or by
         pulling down, dismantling or scrapping, any property).

         (f)      (Raise money) He may:

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

                  (ii)     give Guarantees; and

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

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

         (h)      (Sell)

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

                  (ii)     Without limitation, any sale may be made:

                           (A)      by public auction, private treaty or tender;

                           (B)      for cash or on credit;

                           (C)      in one lot or in parcels;

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

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

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

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

         (j)      (Sever fixtures) He may sever fixtures.

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

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

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

         (n)      (Perform and enforce agreements) He may:

                  (i)      perform or enforce;

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

                  (iii)    obtain the benefit in other ways of,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

         (cc)     (Insure) He may take out insurance.

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

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

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

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10.4     Receiver appointed after commencement of winding up

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

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

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

10.5     Powers exercisable by the Security Trustee

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

10.6     Withdrawal

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

11.      Remuneration of Security Trustee
--------------------------------------------------------------------------------

11.1     Costs

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

11.2     Fee

         (a)      The Security Trustee shall be entitled to a quarterly fee from
                  the proceeds of the Mortgaged Property at the rate agreed from
                  time to time by the Chargor, the Security Trustee and the
                  Trust Manager. This fee shall accrue from day to day.

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

11.3     Cessation of Fee

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

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12.      Power of Attorney
--------------------------------------------------------------------------------

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

                  (i)      the Chargor is obliged to do under or in relation to
                           any Trust Document; or

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

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

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

                  (ii)     delegate his powers (including delegation).

         (c)      No Attorney appointed under this deed may act inconsistently
                  with this deed or any other Trust Document.

13.      Completion of blank securities
--------------------------------------------------------------------------------

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

14.      Performance of Chargor's obligations
--------------------------------------------------------------------------------

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

15.      Statutory powers
--------------------------------------------------------------------------------

15.1     Powers in augmentation

         The powers conferred on a mortgagee by law:

         (a)      are in addition to the Powers conferred by this deed;

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

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

15.2     Notice not required

         To the extent permitted by law:

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

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

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

16.      Application of moneys received
--------------------------------------------------------------------------------

16.1     Priorities

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

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

         (b)      second, to pay (pari passu and rateably):

                  (i)      any fees and other expenses due to the Security
                           Trustee, the Note Trustee, the Paying Agents, the
                           Agent Bank or the Note Registrar;

                  (ii)     any fees, and unpaid Expenses, due to the Chargor;
                           and

                  (iii)    the Receiver's remuneration;

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

         (d)      fourth, to pay (pari passu and rateably):

                  (i)      all Secured Moneys owing to the Support Facility
                           Providers (other than the Currency Swap Provider);

                  (ii)     all Secured Moneys owing to the holders of RFSs (if
                           any);

                  (iii)    all Secured Moneys owing to the holders of RFS Class
                           A Notes (if any);

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

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

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

                  (vii)    all Secured Moneys owing to the Currency Swap
                           Provider under a Confirmation relating to Class A
                           Notes (but without double counting with payments
                           under sub-paragraph (iv));

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

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

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

         (h)      eighth, to pay any surplus to the Chargor to be distributed in
                  accordance with the Master Trust Deed.

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

16.2     Moneys actually received

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

16.3     Amounts contingently due

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

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

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

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16.4     Notice of subsequent Security Interests

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

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

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

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

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

                  (iii)    moneys to be applied towards the Secured Moneys under
                           clause 16.1,

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

16.5     Satisfaction of debts

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

16.6     Payments into US$ Account

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

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

16.7     Payments out of US$ Account

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

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

16.8     Excluded amounts

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

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

         (b)      Any of:

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

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

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

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

17.      Other Security Interests over Mortgaged Property
--------------------------------------------------------------------------------

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

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

18.      Protection of Mortgagees, Receiver and Attorney
--------------------------------------------------------------------------------

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

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

         (b)      for any loss (including consequential loss) which results,

         except where it arises from fraud or wilful default on the part of any
         Mortgagee, Receiver or Attorney.

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19.      Protection of third parties
--------------------------------------------------------------------------------

19.1     No enquiry

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

         (a)      is bound to enquire:

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

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

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

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

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

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

         In this clause a Dealing is:

         (a)      any payment or any delivery or handing over of an asset to; or

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

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

19.2     Receipt

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

20.      Expenses, indemnity
--------------------------------------------------------------------------------

20.1     Expenses

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

         (a)      any consent, agreement, approval, waiver or amendment under or
                  in relation to the Trust Documents; and

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

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

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

20.2     Indemnity

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

         (a)      the occurrence of any Event of Default; or

         (b)      any exercise or attempted exercise of any Power or any failure
                  to exercise any Power.

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

21.      Currency indemnity
--------------------------------------------------------------------------------

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

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

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

22.      Stamp duties
--------------------------------------------------------------------------------

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

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

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

23.      Interest on overdue amounts
--------------------------------------------------------------------------------

23.1     Accrual

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

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

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

         (c)      at the rate provided in clause 23.3,

         except where the Trust Document provides otherwise.

23.2     Payment

         The Chargor shall pay interest accrued under this clause on demand by
         the Security Trustee and on each Payment Date. That interest is payable
         in the currency of the unpaid amount on which it accrues.

23.3     Rate

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

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

         (b)      the sum of 2% and the Three Month Bank Bill Rate.

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24.      Certificate as to amount of Secured Moneys, etc.
--------------------------------------------------------------------------------

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

         (a)      as to the amount of Secured Moneys stated in the certificate;

         (b)      that a person specified in that certificate is a Mortgagee;

         (c)      that a document specified in that certificate is a Trust
                  Document; and

         (d)      that the Security Trustee is of the opinion stated in the
                  certificate.

25.      Survival of representations
--------------------------------------------------------------------------------

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

26.      Indemnity and reimbursement obligations
--------------------------------------------------------------------------------

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

         (a)      is a continuing obligation;

         (b)      is a separate and independent obligation;

         (c)      is payable on demand;

         (d)      survives termination or discharge of the Trust Document; and

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

27.      Continuing security
--------------------------------------------------------------------------------

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

28.      Other securities
--------------------------------------------------------------------------------

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

         (a)      any other Security Interest; or

         (b)      any judgment, right or remedy against any person,

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

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29.      Discharge of the Charge
--------------------------------------------------------------------------------

29.1     Release

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

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

         (b)      all the obligations of the Chargor under the Trust Documents
                  have been performed, observed and fulfilled,

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

29.2     Contingent liabilities

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

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

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

29.3     Charge reinstated

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

30.      Amendment
--------------------------------------------------------------------------------

30.1     Approval of Trust Manager

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

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

         (d)      in the opinion of the Security Trustee neither prejudicial nor
                  likely to be prejudicial to the interest of the Mortgagees as
                  a whole or any class of Mortgagee.

30.2     Extraordinary Resolution of Voting Mortgagees

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

30.3     Distribution of amendments

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

31.      Limited recourse
--------------------------------------------------------------------------------

31.1     General

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

31.2     Liability of Chargor limited to its right to indemnity

         (a)      The Chargor enters into this deed only in its capacity as
                  trustee of the Trust and in no other capacity. Subject to this
                  clause 31.2, the Trust Manager and the Security Trustee may
                  enforce their rights against the Chargor, in any way arising
                  in respect of this deed or the Trust, however a liability
                  arising under or in connection with this deed or the Trust can
                  be enforced against the Chargor only to the extent to which it
                  can be satisfied out of the Mortgaged Property out of which
                  the Chargor is actually indemnified for the liability. This
                  limitation of the Chargor's liability applies

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                  despite any other provision of this deed and extends to all
                  liabilities and obligations of the Chargor in any way
                  connected with any representation, warranty, conduct,
                  omission, agreement or transaction related to this deed or the
                  Trust.

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

         (c)      The provisions of this clause 31.2 shall not apply to any
                  obligation or liability of the Chargor to the extent that it
                  is not satisfied because under a Trust Document or by
                  operation of law there is a reduction in the extent of the
                  Chargor's indemnification out of the Trust Assets as a result
                  of the Chargor's fraud, negligence or breach of trust.

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

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

31.3     Rights against Mortgaged Property preserved

         The Mortgaged Property shall secure to the Security Trustee, and the
         Security Trustee shall have recourse to the Mortgaged Property for, all
         of the liabilities of the Chargor to the Mortgagees under the Trust
         Documents notwithstanding that at general law, under statute

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         or under the Master Trust Deed the Chargor has not properly incurred
         such liability as Chargor or does not have a right of indemnity in
         relation to that liability from the Mortgaged Property or has failed to
         execute that degree of care, diligence and prudence required of a
         trustee (including, without limiting the generality of the foregoing
         any fraud, negligence or breach of trust).

31.4     Unrestricted remedies

         Nothing in clause 31.2 limits a Voting Mortgagee in:

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

         (b)      obtaining declaratory relief.

31.5     Restricted remedies

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

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

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

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

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

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

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

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

32.      Waivers, remedies cumulative
--------------------------------------------------------------------------------

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

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

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33.      Consents and opinion
--------------------------------------------------------------------------------

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

34.      Severability of provisions
--------------------------------------------------------------------------------

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

         (b)      Without limiting the generality of paragraph (a):

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

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

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

35.      Moratorium legislation
--------------------------------------------------------------------------------

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

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

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

         is excluded from this deed and any Collateral Security.

36.      Assignments
--------------------------------------------------------------------------------

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

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         (b)      The Chargor may only assign or transfer any of its rights or
                  obligations under this deed or any Collateral Security with
                  the prior written consent of the Security Trustee (and,
                  subject to clause 40.17(d), the Noteholder Mortgagees) and if
                  prior notice has been given to each Designated Rating Agency
                  and the rating assigned to each Class of Notes is not thereby
                  affected.

37.      Notices
--------------------------------------------------------------------------------

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

                  (i)      must be in writing;

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

                  (iii)    will be taken to be duly given or made:

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

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

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

38.      Relationship of Mortgagees to Security Trustee
--------------------------------------------------------------------------------

38.1     Instructions; extent of discretion

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

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

         (c)      In the absence of an Extraordinary Resolution of the Voting
                  Mortgagees, the Security Trustee need not act but may act
                  (with prior written notice to the Noteholder Mortgagees) in
                  the best interests of the Mortgagees.

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

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38.2     No obligation to investigate authority

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

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

38.3     Delegation

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

38.4     Reliance on documents and experts

         The Security Trustee may rely on:

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

         (b)      advice and statements of lawyers, accountants, bankers and
                  other consultants and experts, whether or not retained by it.

38.5     Notice of transfer

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

38.6     Notice of default

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

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

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                  the Security Trustee who have day to day responsibility for
                  the administration of the security trust established by this
                  deed.

38.7     Security Trustee as Mortgagee

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

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

38.8     Indemnity to Security Trustee

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

                  (i)      the Trust Documents; or

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

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

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

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

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

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

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

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

                  (ii)     any consent to be named in a Registration Statement;

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

                  (iv)     any inaccuracy in any representation or warranty made
                           or deemed to have been made by the Chargor under the
                           Trust Documents; or

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

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

38.9     Independent investigation

         Each Mortgagee confirms that it has made and will continue to make,
         independently and without reliance on the Security Trustee or any other
         Mortgagee (including the Trust Manager) and based on the Trust
         Documents, agreements and information which it regards appropriate:

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

         (b)      its own analyses and decisions whether to take or not take
                  action under any Trust Document.

38.10    No monitoring

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

38.11    Information

         (a)      The Chargor authorises:

                  (i)      the Security Trustee to provide any Voting Mortgagee;
                           and

                  (ii)     the Note Trustee to provide any Class A Noteholder,

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

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

38.12    Conflicts

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

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

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

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

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

38.13    No Liability

         Without limitation the Security Trustee shall not be liable for:

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

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

         (c)      any loss, expense or liability which may be suffered as a
                  result of any assets secured by 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 operator or by any person on
                  behalf of the Note Trustee.

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38.14    Security Trustee liability

         Notwithstanding any other provision of this deed, the Security Trustee
         will have no liability under or in connection with this deed or any
         other Trust Document (whether to any Mortgagee, the Chargor, the Trust
         Manager or any other person) other than to the extent to which the
         liability is able to be satisfied in accordance with this deed out of
         the property of the Trust Fund from which the Security Trustee is
         actually indemnified for the liability. This limitation will not apply
         to a liability of the Security Trustee to the extent that it is not
         satisfied because, under this deed or by operation of law, there is a
         reduction in the extent of the Security Trustee's indemnification as a
         result of the Security Trustee's fraud, negligence or wilful default.
         Nothing in this clause 38.14 or any similar provision in any other
         Trust Document limits or adversely affects the powers of the Security
         Trustee, any Receiver or Attorney in respect of the Charge or the
         Mortgaged Property.

39.      Retirement and removal of Security Trustee
--------------------------------------------------------------------------------

39.1     Retirement

         Subject to any Trust Document to which the Security Trustee is a party,
         and subject also to the appointment of a successor Security Trustee as
         provided in this clause and confirmation from the Designating Rating
         Agency that the resignation and appointment of a successor would not
         cause a withdrawal, downgrade or qualification of the ratings of any
         Notes, the Security Trustee may retire at any time upon giving not less
         than three months' notice (or such shorter period as the parties may
         agree) in writing to the Chargor, the Trust Manager, the Note Trustee
         and each Designated Rating Agency without assigning any reason and
         without being responsible for any costs occasioned by such retirement.

39.2     Removal

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

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

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

                  (ii)     the cessation by the Security Trustee of its
                           business;

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

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

                           (A)      a change in fifty one per cent (or such
                                    other percentage the Trust Manager may in
                                    its absolute discretion determine shall
                                    constitute a change in the effective control
                                    of the Security Trustee) of the shareholding
                                    of the Security Trustee existing at the date
                                    of this

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                                    deed (whether occurring at one time or
                                    through a series of succession of transfers
                                    or issues of shares);

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

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

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

39.3     Replacement

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

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

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

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

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

40.      Meetings of Mortgagees
--------------------------------------------------------------------------------

40.1     Limitation on Security Trustee's powers

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

40.2     Convening of meetings

         (a)      (Generally)

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

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

                           (A)      by the Chargor; and

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

         (b)      (Time and place)

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

                  (ii)     Upon receiving notice of a meeting of the Voting
                           Mortgagees, the Note Trustee shall as soon as
                           practicable notify the Class A Noteholders in
                           accordance with the terms of the Note Trust Deed.

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

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

40.3     Notice of meetings

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

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

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

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

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

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                  (i)      the day, time and place of the proposed meeting; and

                  (ii)     the nature of the resolutions to be proposed.

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

40.4     Chairman

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

40.5     Quorum

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

40.6     Adjournment

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

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

         (c)      (Notice of adjourned meeting) At least 5 days' notice of any
                  meeting adjourned through want of a quorum shall be given in
                  the same manner as of an original meeting and such notice
                  shall state the quorum required at such adjourned

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                  meeting. It shall not, however, otherwise be necessary to give
                  any notice of an adjourned meeting.

40.7     Voting procedure

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

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

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

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

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

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

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

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

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40.8     Right to attend and speak

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

40.9     Appointment of Proxies

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

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

40.10    Corporate Representatives

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

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40.11    Rights of Representatives

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

40.12    Extraordinary Resolutions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                  (iii)    alter the amount of any payment of any part of the
                           Secured Moneys.

40.13    Extraordinary Resolution binding on Mortgagees

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

40.14    Minutes and records

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

40.15    Written resolutions

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

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

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

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40.16    Further procedures for meetings

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

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

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

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

40.17    Noteholder Mortgagees' rights

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

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

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

                  (i)      if the Noteholder Mortgagees are not the only Voting
                           Mortgagee; and

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

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

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

                  (i)      the Noteholder Mortgagees must:

                           (A)      not unreasonably withhold that consent, the
                                    Note Trustee as a Noteholder Mortgagee
                                    giving due consideration to the interest of
                                    Class A Noteholders; and

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                           (B)      respond promptly (and in any event within 5
                                    Business Days) to the Security Trustee
                                    indicating whether the consent is granted or
                                    not (and if it does not reply within 5
                                    Business Days its consent shall be taken to
                                    have been given); and

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

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

         (f)      Any reference to the Noteholder Mortgagees where:

                  (i)      they are the only Voting Mortgagees; or

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

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

41.      Authorised Signatories
--------------------------------------------------------------------------------

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

42.      Governing law and jurisdiction
--------------------------------------------------------------------------------

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

43.      Counterparts
--------------------------------------------------------------------------------

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

44.      Set-off
--------------------------------------------------------------------------------

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

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45.      Acknowledgement by chargor
--------------------------------------------------------------------------------

         The Chargor confirms that:

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

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

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

46.      Information memorandum
--------------------------------------------------------------------------------

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

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EXECUTED as a deed.

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

CHARGOR

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                        Date signed: 4 March 2002
------------------------------------
Print name
                                       Time signed: 4:12 p.m.

                                       Place signed: Sydney

SECURITY TRUSTEE

SIGNED SEALED and DELIVERED        )
on behalf of                       )
PERPETUAL TRUSTEE COMPANY          )
LIMITED                            )
by its attorney                    )
in the presence of:                )   /s/ Richard Lovell
                                       -----------------------------------------
                                       Signature

/s/ Stuart Lawrance                    Richard Lovell
------------------------------------   -----------------------------------------
Witness                                Print name

Stuart Lawrance                        Date signed: 4 March 2002
------------------------------------
Print name
                                       Time signed: 6:00 p.m.

                                       Place signed: Sydney

--------------------------------------------------------------------------------
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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                        Date signed: 4th March 2002
------------------------------------
Print name
                                       Time signed: 4:12 p.m.

                                       Place signed: Sydney

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: 4th March                 Date signed: 4th March 2002

Time signed: 6:14 p.m.                 Time signed: 6:15 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

--------------------------------------------------------------------------------
                                                                         Page 53<PAGE>

                                   Exhibit 4.5

                                Agency Agreement

<PAGE>

                                                                Agency Agreement

                                       Westpac Securities Administration Limited
                                                                       (Trustee)

                                   Westpac Securitisation Management Pty Limited
                                                                 (Trust Manager)

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

                                                   Citibank, N.A., London Branch
                                                        (Principal Paying Agent)

                                                   Citibank, N.A., London Branch
                                                                    (Agent Bank)

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

                                                          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>

Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Table of Contents

<S>      <C>              <C>                                                         <C>
1.       Definitions and Interpretation                                                2
         1.1              Definitions                                                  2
         1.2              Note Trust Deed definitions                                  3
         1.3              Interpretation                                               3
         1.4              Document or agreement                                        3
         1.5              Transaction Document                                         3
         1.6              Trustee as trustee                                           3

2.       Appointment of Paying Agents                                                  4

3.       Payment                                                                       4
         3.1              Payment by Trustee                                           4
         3.2              Confirmation                                                 5
         3.3              Payments by Paying Agents                                    5
         3.4              Method of Payment - Book-Entry Notes                         5
         3.5              Method of payment - Definitive Notes                         5
         3.6              Late payment                                                 5
         3.7              Notice of non-receipt                                        6
         3.8              Agency                                                       6
         3.9              Reimbursement                                                6
         3.10             Method of payment                                            6
         3.11             No fee                                                       7

4.       Repayment                                                                     7

5.       Appointment of the Agent Bank as Reference Agent                              7

6.       Duties of the Agent Bank                                                      8

7.       Note Trustee                                                                  9

8.       Early Redemption of Class A Notes                                            10

9.       Pro Rata Redemption, Purchases And Cancellation Of Notes                     10

10.      Notices to Class A Noteholders                                               12

11.      Documents and Forms                                                          12

12.      Authentication                                                               12

13.      Indemnity                                                                    12

14.      The Note Register                                                            14
         14.1             Appointment of Note Registrar                               14
         14.2             Details to be kept on the Note Register                     14
         14.3             Payments of Principal and Interest                          14
         14.4             Place of keeping Register, copies and access                15
         14.5             Details on Note Register conclusive                         15
         14.6             Alteration of details on Note Register                      15
         14.7             Rectification of Note Register                              15
</TABLE>

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

<S>      <C>              <C>                                                         <C>
         14.8             Correctness of Note Register                                16

15.      Changes of Note Registrar                                                    16
         15.1             Removal                                                     16
         15.2             Resignation                                                 16
         15.3             Limitation                                                  16

16.      General                                                                      16
         16.1             Communications to Class A Noteholders                       16
         16.2             Agency                                                      17
         16.3             Identity                                                    17
         16.4             No set-off                                                  17
         16.5             Reliance                                                    18
         16.6             Entitled to deal                                            18
         16.7             Consultation                                                18
         16.8             Duties                                                      18
         16.9             Income Tax Returns                                          18
         16.10            Obligations of each Note Party                              18

17.      Changes in Paying Agents and Agent Bank                                      19
         17.1             Removal                                                     19
         17.2             Resignation                                                 19
         17.3             Limitation                                                  19
         17.4             Delivery of amounts                                         20
         17.5             Successor to Principal Paying Agent                         20
         17.6             Successor to Agent Bank                                     21
         17.7             Successor to Note Registrar                                 22
         17.8             Notice to Class A Noteholders                               22
         17.9             Change in Paying Office or Specified Office                 23

18.      Fees and Expenses                                                            23

19.      Waivers, Remedies Cumulative                                                 24

20.      Severability of Provisions                                                   24

21.      Assignments                                                                  24

22.      Notices                                                                      25
         22.1             General                                                     25
         22.2             Details                                                     25
         22.3             Communication through Principal Paying Agent                27

23.      Limited Recourse                                                             27
         23.1             General                                                     27
         23.2             Liability of Trustee limited to its right to indemnity      27
         23.3             Unrestricted remedies                                       28
         23.4             Restricted remedies                                         28

24.      Counterparts                                                                 29

25.      Governing Law                                                                29

26.      Successor Trustee                                                            29
</TABLE>

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                                                                         Page ii

<PAGE>

Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

Date                                  12 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 5
                  Carmelite Street, London EC4Y 0PA as principal paying agent
                  for the Class A Notes described below (the Principal Paying
                  Agent, which expression shall, wherever the context requires,
                  include any successor principal paying agent from time to time
                  and, except where the context otherwise requires, the
                  Principal Paying Agent and any additional paying agent or
                  paying agents are Paying Agents);

         4.       Citibank, N.A., London Branch acting through its office at
                  Cottons Centre, Hays Lane, London SE1 2QT as trustee for the
                  Class A Noteholders (the Note Trustee, which expression shall,
                  wherever the context requires, include any other trustee or
                  trustees from time to time under the Note Trust Deed);

         5.       Citibank, N.A., London Branch acting through its office at 5
                  Carmelite Street, London EC4Y 0PA as reference agent in
                  relation to the Class A Notes described below (the Agent Bank,
                  which expression shall, whenever the context requires, include
                  any successor reference agent from time to time); and

         6.       Citibank, N.A., London Branch acting through its office at 5
                  Carmelite Street, London EC4Y 0PA as note registrar for the
                  Class A Notes (the Note Registrar which expression shall,
                  wherever the context requires, include any successor note
                  registrar from time to time).

Recitals
-------------

         A        The Trustee proposes to issue US$1,116,000,000 of mortgage
                  backed floating rate notes due 2033 comprising
                  US$1,116,000,000 Class A Notes (Class A Notes).

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         B        The Class A Notes will be represented initially by one or more
                  book-entry notes (the Book-Entry Notes).

         C        The Class A Notes, upon original issue, will be issued in the
                  form of typewritten Book-Entry Notes representing the
                  Book-Entry Notes. The Trustee shall, on the date of this deed,
                  deliver or arrange the delivery on its behalf of the
                  Book-Entry Notes to the Principal Paying Agent. The Book-Entry
                  Notes shall initially be registered on the Note Register in
                  the name of Cede & Co., as nominee of DTC as Clearing Agency,
                  and no 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 the Note Trust Deed.

         D        The Class A Notes will be constituted by the Note Trust Deed,
                  the Series Notice and the Master Trust Deed.

         E        The Class A Notes will be secured on the terms of the Security
                  Trust Deed.

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

         G        The Trustee wishes to appoint the Agent Bank as its reference
                  agent in respect of the Class A Notes and has entered into
                  this agreement to provide for the terms and conditions of that
                  appointment.

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

IT IS AGREED as follows.

1.       Definitions and Interpretation
--------------------------------------------------------------------------------

1.1      Definitions

         The following definitions apply unless the context requires otherwise.

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

         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.

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

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

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

         Trust means the trust known as the Series 2002-1G WST Trust established
         under the Notice of Creation of Trust, the Master Trust Deed and the
         Series Notice.

1.2      Note Trust Deed definitions

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

1.3      Interpretation

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

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

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

1.4      Document or agreement

         A reference to:

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

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

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

1.5      Transaction Document

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

1.6      Trustee as trustee

         (a)      In this agreement, except where provided to the contrary:

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

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

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                                                                          Page 3

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

         (b)      The rights and obligations of the parties under this agreement
                  relate only to the Series 2002-1G WST Trust, and do not relate
                  to any other Trust (as defined in the Master Trust Deed).

2.       Appointment of Paying Agents
--------------------------------------------------------------------------------

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

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

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

         It is acknowledged and agreed that:

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

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

3.       Payment
--------------------------------------------------------------------------------

3.1      Payment by Trustee

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

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                                                                          Page 4

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

3.2      Confirmation

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

3.3      Payments by Paying Agents

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

3.4      Method of Payment - Book-Entry Notes

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

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

3.5      Method of payment - Definitive Notes

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

3.6      Late payment

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

         (b)      If the Principal Paying Agent has not received on a Payment
                  Date the full amount of principal and interest then payable on
                  any Class A Note in accordance with the Series Notice and the
                  Conditions, but receives the full amount later, it shall:

--------------------------------------------------------------------------------
                                                                          Page 5

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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

                  (ii)     as soon as practicable after such full receipt give
                           due notice, in accordance with Condition 12 (unless
                           the Note Trustee agrees otherwise), to Class A
                           Noteholders that it has received the full amount.

3.7      Notice of non-receipt

         The Principal Paying Agent shall immediately notify by telex or
         facsimile (if appropriate) the other Paying Agents (if any), 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 the Conditions in respect of the Class A Notes
         is not unconditionally received by it or to its order in accordance
         with this agreement.

3.8      Agency

         The Principal Paying Agent shall hold as agent for the Note Trustee and
         the Class A Noteholders all sums held by it 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 in accordance with the Note Trust Deed.

3.9      Reimbursement

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

3.10     Method of payment

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

--------------------------------------------------------------------------------
                                                                          Page 6

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

                  Principal Paying Agent that the Principal Paying Agent has
                  paid the relevant amount to DTC. The Principal Paying Agent
                  will countersign and promptly return any such confirmation
                  requested by the Trustee.

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

         (c)      The payment by the Trustee of its A$ payment obligations on
                  each Payment Date under the Series Notice and the Conditions
                  to the Currency Swap Providers shall be a good discharge to
                  the Trustee.

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

3.11     No fee

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

4.       Repayment
--------------------------------------------------------------------------------

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

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

5.       Appointment of the Agent Bank as Reference Agent
--------------------------------------------------------------------------------

         (a)      The Trustee (and, for the purposes of clause 7 only, the Note
                  Trustee) appoints the Agent Bank as its reference agent in
                  respect of the Class A Notes upon the terms and conditions set
                  forth in this agreement and the Agent Bank accepts that
                  appointment.

         (b)      It is acknowledged and agreed that:

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

--------------------------------------------------------------------------------
                                                                          Page 7

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

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

6.       Duties of the Agent Bank
--------------------------------------------------------------------------------

         (a)      The Agent Bank shall in relation to the Class A Notes until
                  their final maturity or such earlier date on which the Class A
                  Notes are due and payable in full and in either case until the
                  Trustee has paid all amounts in relation to the Class A Notes
                  to the Principal Paying Agent or, if applicable, the Note
                  Trustee:

                  (i)      perform such duties at its Specified Offices in
                           London as are set forth in this agreement and in the
                           Conditions and any other duties which are reasonably
                           incidental at the request of the Trustee, the Trust
                           Manager, the Note Trustee or the Principal Paying
                           Agent;

                  (ii)     determine LIBOR for each Coupon Period, and calculate
                           the relevant Coupon on Class A Notes, in the manner
                           set out in Condition 4 and confirm with the Currency
                           Swap Providers that the LIBOR as determined under
                           this agreement is the same as LIBOR determined by the
                           Currency Swap Providers under the related Currency
                           Swap;

                  (iii)    notify the Trustee, the Trust Manager, the Note
                           Trustee, the Paying Agents and the London Stock
                           Exchange and any other stock exchange, competent
                           listing authority and/or quotation system on which
                           the Class A Note are listed, quoted or traded (for so
                           long as the Class A Notes are listed, quoted and/or
                           traded on or by the London Stock Exchange or such
                           other stock exchange, competent listing authority
                           and/or quotation system) by telex or facsimile
                           transmission on or as soon as possible after the
                           first day of that Coupon Period, of the Coupon Rate
                           and the Coupon so determined by it in relation to
                           that Coupon Period, specifying to the Trustee the
                           rates upon which they are based and (where relevant)
                           the names of the banks quoting those rates; and

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

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                                                                          Page 8

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

         (b)      The Coupon and relevant Payment Date published under
                  sub-paragraph (iv) may subsequently be amended (or appropriate
                  alternative arrangements made by way of adjustment) without
                  notice to Class A Noteholders in the event of a shortening of
                  the Interest Period.

7.       Note Trustee
--------------------------------------------------------------------------------

         (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, the Note Registrar, and the Agent Bank
                           require the Principal Paying Agent, the other Paying
                           Agents, the Note Registrar and the Agent Bank either:

                           (A) (1)  to act as Principal Paying Agent and
                                    Paying Agents, the Note Registrar and Agent
                                    Bank respectively of the Note Trustee on the
                                    terms of this agreement in relation to
                                    payments to be made by or on behalf of the
                                    Note Trustee under the terms of the Note
                                    Trust Deed, except that the Note Trustee's
                                    liability under any provisions of this
                                    agreement for the indemnification of the
                                    Paying Agents, the Note Registrar and Agent
                                    Bank shall be limited to any amount for the
                                    time being held by the Note Trustee on the
                                    trusts of the Note Trust Deed and which is
                                    available to be applied by the Note Trustee
                                    for that purpose; 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, the Note Registrar 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 (or arrange to be made) 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
                           of the Note Trust Deed 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 (a) shall be a good
                  discharge to the Trustee and the Trustee shall not be

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                                                                          Page 9

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

                  liable for any act or omission or default of the Note Trustee
                  during the period it is required to make payment to the Note
                  Trustee under paragraph (a).

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

         (d)      If the Agent Bank at any time for any reason does not
                  determine the Coupon Rate or calculate the Coupon 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 provisions of clause 6, with any necessary consequential
                  amendments, to the extent that, in its opinion, it can do so,
                  and, in all other respects it shall do so in such a manner as
                  it shall deem fair and reasonable in all the circumstances.

8.       Early Redemption of Class A Notes
--------------------------------------------------------------------------------

         (a)      If the Trustee intends to redeem all (but not some only) of
                  the Class A Notes prior to their Maturity Date pursuant to
                  Condition 5.15 (which it may only do at the direction of the
                  Trust Manager), the Trust Manager shall give not less than 5
                  days' prior written notice to the Principal Paying Agent and
                  the Note Trustee before giving the requisite period of notice
                  to the relevant Class A Noteholders in accordance with
                  Condition 5.15 and stating the date on which such Class A
                  Notes are to be redeemed.

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

                  (i)      notify DTC of the proposed redemption, specifying:

                           (A)      the aggregate Invested Amount of the Class A
                                    Notes to be redeemed;

                           (B)      the amount of principal to be repaid in
                                    relation to the Class A Notes; and

                           (C)      the date on which the Class A Notes are to
                                    be redeemed; and

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

9.       Pro Rata Redemption, Purchases And Cancellation Of Notes
--------------------------------------------------------------------------------

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

         (b)      On receipt of a notice under paragraph (a), the Principal
                  Paying Agent shall notify DTC of the proposed redemption,
                  specifying in each case the aggregate principal

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                                                                         Page 10

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Agency Agreement                                          Allens Arthur Robinson
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                  amount of the Class A Notes to be redeemed and the date on
                  which such Class A Notes are to be redeemed.

         (c)      For so long as the Class A Notes are listed, quoted and/or
                  traded on or by the London Stock Exchange or any other stock
                  exchange, competent listing authority and/or quotation system,
                  the Trust Manager on behalf of the Trustee shall ensure that
                  notice of the matters referred to in paragraph (a) is provided
                  to the London Stock Exchange and any other stock exchange,
                  competent listing authority and/or quotation system on or by
                  which the Class A Notes are from time to time listed, quoted
                  and/or traded (if required).

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

                  (i)      the amount of principal to be repaid in respect of
                           each Class A Note due on the Payment Date next
                           following that Determination Date;

                  (ii)     the Invested Amount of each Class A Note on the first
                           day of the next following Coupon Period (after
                           deducting any principal due to be made on the next
                           Payment Date); and

                  (iii)    the Bond Factor for the Class A Notes as of the
                           Notice Date,

                  and shall forthwith notify or cause to be notified in writing
                  to the Trustee, the Agent Bank, the Note Trustee, the
                  Principal Paying Agent and (for so long as the Class A Notes
                  are listed, quoted and/or traded on or by the London Stock
                  Exchange or any other stock exchange, competent listing
                  authority and/or quotation system) the London Stock Exchange
                  and such other stock exchange, competent listing authority
                  and/or quotation system of each of those determinations in
                  accordance with the Series Notice. On receipt of that notice,
                  the Principal Paying Agent shall give a copy of that notice to
                  DTC in accordance with the requirements of the Note Depository
                  Agreement.

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

         (f)      If no principal is due to be repaid on the Class A Notes on
                  any Payment Date, the Trust Manager shall give notice or shall
                  cause a notice to this effect to be given to the Class A
                  Noteholders in accordance with Condition 12.

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

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                  in writing, issue a destruction certificate forthwith to the
                  Note Trustee and shall send a copy of that certificate to the
                  Trustee, the Trust Manager and the Note Trustee.

10.      Notices to Class A Noteholders
--------------------------------------------------------------------------------

         (a)      At the request and expense of the Trustee, the Principal
                  Paying Agent shall arrange for the delivery of all notices and
                  the Noteholders Report to Class A Noteholders in accordance
                  with the Conditions.

         (b)      The Principal Paying Agent shall promptly send to the Note
                  Trustee one copy of the form of every notice given to Class A
                  Noteholders in accordance with the Conditions.

11.      Documents and Forms
--------------------------------------------------------------------------------

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

         (b)      The Trust Manager and the Trustee shall provide to the Agent
                  Bank such documents as the Agent Bank may reasonably require
                  from the Trustee in order for the Agent Bank properly to
                  fulfil its duties in respect of the Class A Notes.

12.      Authentication
--------------------------------------------------------------------------------

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

13.      Indemnity
--------------------------------------------------------------------------------

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

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                  is made after the amount in respect of which it is paid has
                  been returned to the Trustee under clause 4).

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

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

                  (ii)     if the Paying Agent, the Note Registrar or the Agent
                           Bank (as the case may be) gives notice of the Expense
                           to the Trustee and the Trust Manager as soon as the
                           Paying Agent, the Note Registrar or the Agent Bank
                           (as the case may be) becomes aware of the Expense;
                           and

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

         (c)      Each of the Agent Bank, the Note Registrar and the Paying
                  Agents severally indemnifies the Trustee and the Trust Manager
                  against any Expense which the Trustee or the Trust Manager (as
                  the case may be) may incur or which may be made against it as
                  a result of a breach by the Agent Bank, the Note Registrar or
                  the Paying Agent (as the case may be) of the terms of this
                  agreement or its own fraud, wilful misconduct, negligence or
                  bad faith or that of its directors, officers or employees or
                  servants, including any failure to obtain and maintain in
                  existence any Authorisation required by it for the assumption,
                  exercise and performance of its powers and duties under this
                  agreement provided always that, notwithstanding the foregoing,
                  under no circumstances will any of the Agent Bank, the Note
                  Registrar or the Paying Agents be liable to the Trustee and/or
                  the Trust Manager or any other person for any consequential
                  loss (being loss of business, goodwill, opportunity or profit,
                  and for the avoidance of doubt the liability of the Trustee to
                  pay any Coupon on a Note under clause 6.10 of the Series
                  Notice does not constitute a consequential loss) howsoever
                  incurred or arising, even if advised of the possibility of
                  such loss or damage.

         (d)      Each indemnity, reimbursement or similar obligation in this
                  clause:

                  (i)      is a continuing obligation;

                  (ii)     is a separate and independent obligation;

                  (iii)    is payable under clause 6.10 of the Series Notice on
                           the Payment Date following demand; and

                  (iv)     survives termination or discharge of this agreement.

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14.      The Note Register
--------------------------------------------------------------------------------

14.1     Appointment of Note Registrar

         The Trustee appoints Citibank, N.A., London Branch to be the initial
         Note Registrar. Citibank, N.A., London Branch accepts that appointment.

14.2     Details to be kept on the Note Register

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

         (a)      (name) the name of the Trust;

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

         (c)      (Issue Dates) the Issue Dates for Class A Notes issued in
                  relation to the Trust;

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

         (e)      (Invested Amount) the Invested Amount of each Class A Note
                  from time to time;

         (f)      (Stated Amount) the Stated Amount of each Class A Note from
                  time to time;

         (g)      (details of Noteholders) the name and address of each Class A
                  Noteholder;

         (h)      (number of Notes) the number of Notes held by each Class A
                  Noteholder;

         (i)      (date of entry) the date on which a person was entered as the
                  holder of Class A Notes;

         (j)      (date of cessation) the date on which a person ceased to be a
                  Class A Noteholder;

         (k)      (account) the account to which any payments due to a Class A
                  Noteholder are to be made (if applicable);

         (l)      (payments) a record of each payment in respect of the Class A
                  Notes; and

         (m)      (additional information) such other information as:

                  (i)      is required by the Series Notice;

                  (ii)     the Note Registrar considers necessary or desirable;
                           or

                  (iii)    the Trust Manager or the Trustee reasonably requires.

14.3     Payments of Principal and Interest

         (a)      Any payment of principal or interest on any Class A Note shall
                  be endorsed by the Note Registrar on the Note Register. 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 on the Note Register. Any such record
                  shall be prima facie evidence that the payment in question has
                  been made.

         (b)      If the amount of principal or interest (as the case may be)
                  due for payment on any Class A Note is not paid in full
                  (including Carryover Charge Offs and by reason of a

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                  deduction or withholding) the Note Registrar shall endorse a
                  record of that shortfall on the Note Register.

14.4     Place of keeping Register, copies and access

         The Note Register shall be:

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

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

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

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

14.5     Details on Note Register conclusive

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

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

14.6     Alteration of details on Note Register

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

14.7     Rectification of Note Register

         If:

         (a)      an entry is omitted from the Note Register;

         (b)      an entry is made in the Note Register otherwise than in
                  accordance with this deed;

         (c)      an entry wrongly exists in the Note Register;

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

         (e)      default is made or unnecessary delay takes place in entering
                  in the Note Register that any person has ceased to be the
                  holder of Class A Notes,

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

14.8     Correctness of Note Register

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

15.      Changes of Note Registrar
--------------------------------------------------------------------------------

15.1     Removal

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

15.2     Resignation

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

15.3     Limitation

         Despite clauses 15.1 and 15.2:

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

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

16.      General
--------------------------------------------------------------------------------

16.1     Communications to Class A Noteholders

         The Principal Paying Agent shall, upon receipt from the Trustee, Trust
         Manager, Security Trustee or Note Trustee of any communication to be
         delivered to Class A Noteholders or Class A Note Owners, including any
         communications pursuant to clauses 3.3, 7.1 18(a), 22.1, 23.2 or
         32.2(b) of the Note Trust Deed or any other solicitation of notice from
         or consent of the Class A Noteholders or Note Owners pursuant to or
         relating to the Note

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         Trust Deed or this agreement, forward such communications to the Class
         A Noteholders, along with instructions that the responses relating to
         such communications be returned to the Principal Paying Agent. Such
         communication shall include the date upon which the response to such
         solicitation shall be delivered (the Response Date). The Principal
         Paying Agent shall treat any Noteholder who has not delivered its
         response as of the Response Date as having withheld its consent to the
         proposed action. The Principal Paying Agent shall notify the Trustee,
         Trust Manager and Note Trustee in writing of the results of any such
         solicitations of consent.

16.2     Agency

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

16.3     Identity

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

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

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

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

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

16.4     No set-off

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

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16.5     Reliance

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

16.6     Entitled to deal

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

16.7     Consultation

         Each Note Party may consult as to legal matters with lawyers selected
         by it, who may be employees of or lawyers to the Trustee, the Trust
         Manager or the relevant Paying Agent. Where that consultation is likely
         to give rise to significant Expenses (as that term is defined in clause
         13), the relevant Note Party shall where reasonably practical notify
         the Trustee and Trust Manager 10 days prior to that consultation.

16.8     Duties

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

16.9     Income Tax Returns

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

16.10    Obligations of each Note Party

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

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17.      Changes in Paying Agents and Agent Bank
--------------------------------------------------------------------------------

17.1     Removal

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

         (a)      with the prior written approval of the Note Trustee appoint:

                  (i)      additional or alternative Paying Agents; or

                  (ii)     an alternative Agent Bank;

         (b)      subject to this clause 17, terminate the appointment of any
                  Paying Agent or the Agent Bank by giving written notice to
                  that effect to each Designated Rating Agency, the Note
                  Trustee, the Agent Bank (if its appointment is to be
                  terminated), the Principal Paying Agent and (if different) the
                  Paying Agent whose appointment is to be terminated:

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

                           (A)      an Insolvency Event has occurred in relation
                                    to the Paying Agent or Agent Bank;

                           (B)      the Paying Agent or Agent Bank has ceased
                                    its business;

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

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

17.2     Resignation

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

17.3     Limitation

         Despite clauses 17.1 and 17.2:

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

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

         (c)      no resignation by or termination of the appointment of any
                  Paying Agent shall take effect if as a result of that
                  resignation or termination there would cease to be a Paying
                  Agent which has a Paying Office in the City of New York and
                  London and, 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 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;

         (d)      no appointment or termination of the appointment of any Paying
                  Agent shall take effect unless and until notice has been given
                  to the Class A Noteholders in accordance with the Conditions;

         (e)      no resignation by or termination of the appointment of the
                  Agent Bank shall take effect until a new Agent Bank having its
                  Specified Office in London has been appointed; and

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

17.4     Delivery of amounts

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

17.5     Successor to Principal Paying Agent

         (a)      On the execution by the Trustee, the Trust Manager and any
                  successor Principal Paying Agent of an instrument effecting
                  the appointment of that successor Principal Paying Agent, that
                  successor Principal Paying Agent shall, without any further
                  act, deed or conveyance, become vested with all the authority,
                  rights, powers, trusts,

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                  immunities, duties and obligations of its predecessor with
                  effect as if originally named as Principal Paying Agent in
                  this agreement and that predecessor, on payment to it of the
                  pro rata proportion of its administration fee and
                  disbursements then unpaid (if any), shall have no further
                  liabilities under this agreement, except for any accrued
                  liabilities arising from or relating to any act or omission
                  occurring prior to the date on which the successor Principal
                  Paying Agent is appointed.

         (b)      Any corporation:

                  (i)      into which the Principal Paying Agent is merged;

                  (ii)     with which the Principal Paying Agent is
                           consolidated;

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

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

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

17.6     Successor to Agent Bank

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

         (b)      Any corporation:

                  (i)      into which the Agent Bank is merged;

                  (ii)     with which the Agent Bank is consolidated;

                  (iii)    resulting from any merger or consolidation to which
                           the Agent Bank is a party;

                  (iv)     to which the Agent Bank sells or otherwise transfers
                           all or substantially all the assets of its corporate
                           trust business,

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective and to the
                  extent permitted by applicable law, become the

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Agency Agreement                                          Allens Arthur Robinson
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                  successor Agent Bank under this agreement without the
                  execution or filing of any agreement or document or any
                  further act on the part of the parties to this agreement,
                  unless otherwise required by the Trustee or the Trust Manager,
                  and after that effective date all references in this agreement
                  to the Agent Bank shall be references to that corporation.

17.7     Successor to Note Registrar

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

         (b)      Any corporation:

                  (i)      into which the Note Registrar is merged;

                  (ii)     with which the Note Registrar is consolidated;

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

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

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

17.8     Notice to Class A Noteholders

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

         (a)      the termination of the appointment of any Paying Agent, the
                  Note Registrar or the Agent Bank;

         (b)      the appointment of a new Paying Agent, the Note Registrar or
                  Agent Bank; or

         (c)      the resignation of any Paying Agent, the Note Registrar or
                  Agent Bank,

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

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17.9     Change in Paying Office or Specified Office

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

         (b)      If the Agent Bank proposes to change its Specified Office
                  (which must be in London), it must give to the Trustee, the
                  Trust Manager and the Note Trustee, not less than 30 days'
                  prior written notice of that change, giving the address of the
                  new Specified Office and stating the date on which the change
                  is to take effect. No change of specified office may occur
                  within the period between 30 days before and 30 days after any
                  due date for payment of any Class A Notes.

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

         (d)      Despite any other provision of this agreement, no Paying
                  Office may be located in Australia.

18.      Fees and Expenses
--------------------------------------------------------------------------------

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

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

         (c)      The Trustee shall pay to the Note Registrar during the period
                  when any of the Class A Notes remain outstanding the fee
                  separately agreed by the Note Registrar and the

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Agency Agreement                                          Allens Arthur Robinson
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                  Trustee, together with any out-of-pocket expenses reasonably
                  incurred (including any legal fees and expenses and any
                  applicable value added or similar tax thereon). If the
                  appointment of the Note Registrar is terminated under this
                  agreement, the Note Registrar must refund to the Trustee that
                  proportion of the fee (if any) which relates to the period
                  during which the Note Registrar will not be the Note
                  Registrar.

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

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

19.      Waivers, Remedies Cumulative
--------------------------------------------------------------------------------

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

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

20.      Severability of Provisions
--------------------------------------------------------------------------------

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

21.      Assignments
--------------------------------------------------------------------------------

         Subject to the Transaction Documents, no party may assign or transfer
         any of its rights or obligations under this agreement without the prior
         written consent of the other parties, or if the rating of the Class A
         Notes would be withdrawn or reduced as a result of the assignment.

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                                                                         Page 24

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Agency Agreement                                          Allens Arthur Robinson
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22.      Notices
--------------------------------------------------------------------------------

22.1     General

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

         (a)      must be in writing;

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

         (c)      will be taken to be duly given or made:

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

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

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

                  but if delivery or receipt is on a day on which business is
                  not generally carried on in the place to which the
                  communication is sent or is later than 4.00 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.
22.2     Details

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

         The Trustee

         WESTPAC SECURITIES ADMINISTRATION LIMITED

         Level 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

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Agency Agreement                                          Allens Arthur Robinson
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         Tel:              612 9226 3212
         Fax:              612 9226 1732

         Attention:        Securitisation Trust Manager

         Copy to:          Lewis E Love, Jr
                           C/- Westpac Banking Corporation
                           575 Fifth Avenue
                           39th Floor
                           New York  N.Y.  10023

         The Principal Paying Agent

         CITIBANK, N.A., LONDON BRANCH

         5 Carmelite Street
         London  EC4Y 0PA

         Fax:              44 (0)207 508 8373

         Attention:        Agency & Trust

         The Agent Bank

         CITIBANK, N.A., LONDON BRANCH

         5 Carmelite Street
         London  EC4Y 0PA

         Fax:              44 (0)207 508 8373

         Attention:        Agency & Trust

         The Note Trustee

         CITIBANK, N.A., LONDON BRANCH

         Cottons Centre
         Hays Lane
         London SE1 2QT

         Fax:              44 (0)207 500 5877

         Attention:        Agency & Trust

         The Note Registrar

         CITIBANK, N.A., LONDON BRANCH

         5 Carmelite Street
         London  EC4Y 0PA

         Fax:              44 (0)207 508 8373

         Attention:        Agency & Trust

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Agency Agreement                                          Allens Arthur Robinson
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22.3     Communication through Principal Paying Agent

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

23.      Limited Recourse
--------------------------------------------------------------------------------

23.1     General

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

23.2     Liability of Trustee limited to its right to indemnity

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

                  (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 similar person to the Trustee or
                           prove in any liquidation, administration or
                           arrangement of or affecting the Trustee.

                  (iii)    The provisions of this clause 23 shall not apply to
                           any obligation or liability of the Trustee to the
                           extent that it is not satisfied because under a
                           Transaction Document or by operation of law there is
                           a reduction in the extent of the Trustee's
                           indemnification out of the Assets of the Trust, as a
                           result of the Trustee's fraud, negligence or breach
                           of trust.

                  (iv)     It is acknowledged that the Trust Manager, the
                           Servicer, the Currency Swap Providers, the Note
                           Trustee, the Agent Bank, the Principal Paying Agent,
                           the Note Registrar and the Paying Agents (each a
                           Relevant Party) are responsible under this agreement
                           and the other Transaction Documents for performing a
                           variety of obligations relating to the Trust. No act
                           or omission of the Trustee (including any related
                           failure to satisfy its obligations under this
                           agreement) will be considered fraud, negligence or
                           breach of trust of the Trustee for the purpose of
                           sub-paragraph (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 agreement or the

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                                                                         Page 27

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                           relevant Transaction Documents, but excluding any
                           Relevant Party) to fulfil its obligations relating to
                           the Trust or by any other act or omission of a
                           Relevant Party or any other person who provides
                           services in respect of the Trust (other than a person
                           who has been delegated or appointed by the Trustee
                           and for whom the Trustee is responsible under this
                           agreement or the relevant Transaction Documents, but
                           excluding any Relevant Party).

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

23.3     Unrestricted remedies

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

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

         (b)      obtaining declaratory relief; or

         (c)      in relation to its rights under the Security Trust Deed.

23.4     Restricted remedies

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

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

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

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

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

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

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

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

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

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                                                                         Page 28

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

24.      Counterparts
--------------------------------------------------------------------------------

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

25.      Governing Law
--------------------------------------------------------------------------------

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

26.      Successor Trustee
--------------------------------------------------------------------------------

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

EXECUTED in London.

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

TRUSTEE

SIGNED on behalf of                            )
WESTPAC SECURITIES ADMINISTRATION LIMITED      )
                                               )
by its attorney                                )
in the presence of:                            )   /s/ ROBERT GEORGE HAMILTON
                                                   -----------------------------
                                                   Signature

/s/ STUART LAWRANCE                                Robert George Hamilton
-------------------------------                    -----------------------------
Witness                                            Print name

Stuart Lawrance
-------------------------------
Print name

--------------------------------------------------------------------------------
                                                                         Page 29

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

TRUST MANAGER

SIGNED 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

NOTE TRUSTEE

                                                  12th March 2002
EXECUTED by                                    )
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

PRINCIPAL PAYING AGENT

                                                  12th March 2002
EXECUTED by                                    )
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

--------------------------------------------------------------------------------
                                                                         Page 30

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Agency Agreement                                          Allens Arthur Robinson
--------------------------------------------------------------------------------

AGENT BANK

                                                  12th March 2002
EXECUTED by                                    )
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

NOTE REGISTRAR

                                                  12th March 2002
EXECUTED by                                    )
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

--------------------------------------------------------------------------------
                                                                         Page 31

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