Document:

Form of Security Trust Deed

 Exhibit 4.4 Form of Security Trust Deed 
  

			
		 	 Series [*] WST Trust Security
 Trust Deed
  
  

		
		 	 Westpac Securities Administration Limited
  
 (Chargor)
  
 P.T. Limited
  
 (Security Trustee)
  
 Westpac Securitisation Management Pty Limited
  
 (Trust Manager)
  
 [tba]
  
 (Note Trustee)

		 	  
  
 Allens Arthur Robinson
 Deutsche Bank Place
 Corner Hunter and Phillip Streets
 Sydney NSW 2000
 Tel 61 2 9230 4000
 Fax 61 2 9230 5333
 www.aar.com.au
  
 © Copyright Allens Arthur Robinson 2007

			
	 Series [*] WST Trust Security Trust Deed
  
	  	 

  

  

 Table of Contents 
  

							
	1.      	  	Definitions and interpretation	  	1
				
		  	1.1     	  	Definitions	  	1
				
		  	1.2	  	Master Trust Deed definitions and Trust Document amendments	  	5
				
		  	1.3	  	Interpretation	  	5
				
		  	1.4	  	Determination, statement and certificate sufficient evidence	  	5
				
		  	1.5	  	Document or agreement	  	6
				
		  	1.6	  	Rights and obligations of Mortgagees	  	6
				
		  	1.7	  	Transaction Document	  	6
				
		  	1.8	  	Chargor as trustee	  	6
			
	2.	  	Appointment of Security Trustee	  	6
				
		  	2.1	  	The Security Trustee	  	6
				
		  	2.2	  	Resolution of Conflicts	  	7
				
		  	2.3	  	Duration of Trust	  	7
				
		  	2.4	  	Covenant	  	7
			
	3.	  	Charge	  	7
				
		  	3.1	  	Charge	  	7
				
		  	3.2	  	Security	  	7
				
		  	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	  	8
				
		  	4.4	  	Crystallisation	  	8
				
		  	4.5	  	De-crystallisation	  	9
			
	5.	  	Covenants and warranties	  	10
				
		  	5.1	  	Covenant	  	10
				
		  	5.2	  	Negative covenants	  	10
				
		  	5.3	  	Representations and Warranties	  	11
				
		  	5.4	  	Trust Manager’s undertakings	  	11
			
	6.	  	Further assurances	  	12
				
		  	6.1	  	Further assurances	  	12
			
	7.	  	Note Trustee	  	12
				
		  	7.1	  	Capacity	  	12
				
		  	7.2	  	Exercise of rights	  	12
				
		  	7.3	  	Instructions or directions	  	12
				
		  	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	  	14

  

			
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	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	  	15
				
		  	9.5	  	Security Trustee must receive indemnity	  	16
				
		  	9.6	  	Limitation on rights of Mortgagees	  	16
				
		  	9.7	  	Immaterial waivers	  	16
				
		  	9.8	  	Acts pursuant to resolutions	  	17
				
		  	9.9	  	Overriding provision	  	17
			
	10.	  	Appointment of Receiver	  	17
				
		  	10.1	  	Appointment	  	17
				
		  	10.2	  	Agent of Chargor	  	18
				
		  	10.3	  	Receiver’s powers	  	18
				
		  	10.4	  	Receiver appointed after commencement of winding up	  	20
				
		  	10.5	  	Powers exercisable by the Security Trustee	  	20
				
		  	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	  	21
			
	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	  	22
			
	16.	  	Application of moneys received	  	23
				
		  	16.1	  	Priorities	  	23
				
		  	16.2	  	Moneys actually received	  	24
				
		  	16.3	  	Amounts contingently due	  	25
				
		  	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	  	26
			
	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	  	28

  

			
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	 	  	20.1	  	Expenses	  	28
				
		  	20.2	  	Indemnity	  	28
			
	21.     	  	Currency indemnity	  	29
			
	22.	  	Stamp duties	  	29
			
	23.	  	Interest on overdue amounts	  	29
				
		  	23.1    	  	Accrual	  	29
				
		  	23.2	  	Payment	  	29
				
		  	23.3	  	Rate	  	30
			
	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	  	32
				
		  	30.1	  	Approval of Trust Manager	  	32
				
		  	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	  	33
				
		  	31.3	  	Rights against Mortgaged Property preserved	  	34
				
		  	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	  	36
				
		  	38.3	  	Delegation	  	37
				
		  	38.4	  	Reliance on documents and experts	  	37
				
		  	38.5	  	Notice of transfer	  	37
				
		  	38.6	  	Notice of default	  	37

  

			
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	 	  	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	  	40
			
	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	  	43
				
		  	40.5	  	Quorum	  	44
				
		  	40.6	  	Adjournment	  	44
				
		  	40.7	  	Voting procedure	  	44
				
		  	40.8	  	Right to attend and speak	  	45
				
		  	40.9	  	Appointment of Proxies	  	45
				
		  	40.10	  	Corporate Representatives	  	46
				
		  	40.11	  	Rights of Representatives	  	46
				
		  	40.12	  	Extraordinary Resolutions	  	46
				
		  	40.13	  	Extraordinary Resolution binding on Mortgagees	  	47
				
		  	40.14	  	Minutes and records	  	47
				
		  	40.15	  	Written resolutions	  	48
				
		  	40.16	  	Further procedures for meetings	  	48
				
		  	40.17	  	Noteholder Mortgagees’ rights	  	48
			
	41.	  	Authorised Signatories	  	50
			
	42.	  	Governing law and jurisdiction	  	50
			
	43.	  	Counterparts	  	50
			
	44.	  	Set-off	  	50
			
	45.	  	Acknowledgement by Chargor	  	50
			
	46.	  	Information memorandum	  	50

  

			
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	 Date
  
	  	
	 	
	 Parties
  
	  	
	 	
	 1.    
	  	Westpac Securities Administration Limited (ABN 77 000 049 472) of Level 20, 275 Kent Street, Sydney, 2000, New South Wales, in its capacity as trustee of the Series [*] WST
Trust (the Chargor);
	 	
	 2.    
	  	P.T. Limited (ABN 42 000 001 007) of Level 7, 9 Castlereagh 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 20, 275 Kent Street, Sydney, 2000, New South Wales (the Trust Manager);
and
	 	
	 4.    
	  	[tba] (the 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 US$
Noteholder.
  

 IT IS AGREED as follows. 
  

	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. 

 

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

 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. 

 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. 
 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 US$ Noteholder, in relation to its rights under the Notes held by it; 

  

			
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	 	(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 US$ Noteholders) under the Transaction Documents; or 

  

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

 Note Trustee means Deutsche Bank Trust Company Americas, in its own capacity and as trustee for and on behalf of the US$ Noteholders from time to time. 
 Noteholder Mortgagees means, together: 
  

	 	(a)	the Note Trustee for and on behalf of the US$ Noteholders; and 

  

	 	(b)	each Registered Noteholder. 

 Notice of Creation of
Trust means the Notice of Creation of Trust dated on or about [*] issued under the Master Trust Deed in relation to the Trust. 
 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. 
 Registration Statement means the registration statement for the registration of the US$ Notes on Form S-3 (No. 333-32944) prepared by the Trust Manager in conformity with the requirements of the Securities Act of 1933 (as
amended) (the Securities Act) and the rules and regulations of the United States Securities and Exchange Commission (the Commission), filed with the Commission under the Securities Act and effective under the Securities
Act. 
 Relevant Trust means a trust other than the Trust, constituted in accordance with the Master Trust Deed, of which the
Chargor is a trustee. 
 Representative means: 
  

	 	(a)	in the case of a US$ 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 that Mortgagee.

  

			
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 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 the Series [*] WST Trust Series Notice between, among others, the Chargor, the Trust Manager, the Note Trustee and the Security Trustee. 
 Settlor means [Andrew Jinks]. 
 Trust means the trust known as the Series [*] 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 Chargor
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; 

  

	 	(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. 

  

			
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 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 US$ Noteholders under the Note Trust Deed and clause 7; and 

  

	 	(ii)	each other Mortgagee (other than a US$ 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)	Subject to clause 30, 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; 

  

	 	(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. 
  

			
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	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)	Subject to clause 9.4(d) and clause 9.5, 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. 
  

	1.8	Chargor 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: 

  

			
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	 	(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 the Security Trustee 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 US$ 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 if, in the Security
Trustee’s opinion, there is a conflict between the interests of the Class A Noteholders 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). 

  

	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 Chargor 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 as at the date of this deed which at the time of execution of this deed 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, Victoria or the Northern Territory and other than any money establishing the Trust which is situated in New South Wales.

  

	3.2	Security 

  

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

  

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

  

	3.3	Prospective liability 

 For the purpose of the
Corporations Act 2001 (Cth) (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. 
  

	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 (other than the charge created under this deed) 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 created under this deed 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: 
  

			
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	 	(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 (other than the charge created under this deed) 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 (Cth) and the Income Tax Assessment Act 1992 (Cth); 

  

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

  

	 	(C)	s260-5 of the Taxation Administration Act 1953 (Cth); 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 each Designated Rating Agency for each Class of Notes in writing of any such release. 
  

			
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	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. 

  

	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(e), the Noteholder Mortgagees) and without prior written confirmation from the Designated
Rating Agency of the then current rating for each Class of Notes in relation to the Trust and the Notes except as permitted by this deed, the Master Trust Deed or the Series Notice for the Trust: 
  

	 	(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 Agencies for each Class of Notes that it will not result in any reduction of the
ratings assigned to the Notes by the Designated Rating Agencies; 

  

			
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	 	(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 permitted by the Trust Documents; 

  

	 	(c)	(other activities) engage in any business or activity other than as contemplated in the Trust Documents; 

  

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

  

	 	(e)	(Security Interest) 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. 

  

	 	(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, the Notice of Creation of Trust and the Series Notice. 

  

	 	(f)	(Right of indemnity) Except as expressly provided in the Master Trust Deed or the Series Notice or statute the Chargor has not limited in any way, and the Chargor 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. 

  

			
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	6.	Further assurances 

  

	
	 

	6.1	Further assurances 

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

	 	(a)	to more satisfactorily 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. 
  

	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 US$ Noteholders from time to time under the Note Trust Deed. The Note Trustee shall have the same rights, protections, immunities, indemnities and liabilities afforded to or imposed on it under the
Note Trust Deed as if specifically set out in this deed. 
  

	7.2	Exercise of rights 

 Except as otherwise provided
in this deed and in the Note Trust Deed: 
  

	 	(a)	the rights, remedies and discretions of any US$ 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 those US$ Noteholders in accordance with the Note Trust Deed; and 

  

	 	(b)	the US$ Noteholders may only exercise enforcement rights in respect of the Mortgaged Property through the Note Trustee and only in accordance with this deed and the Note Trust 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 US$ Noteholders, or all US$ Noteholders of a Class, from time to time and need not inquire whether the Note Trustee or those US$
Noteholders have complied with any requirements under the Note Trust Deed or as to the reasonableness or otherwise of the Note Trustee. In accordance with clause 7.1 of the Note Trust Deed, the Note Trustee shall be entitled to receive the direction
of the holders of at least 75% of the aggregate Invested Amount of the US$ Notes of a Class before taking any action (including, without limitation, giving consents, approvals or directions) under this deed in respect of that Class of US$ Notes.

  

			
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	7.4	Payments 

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

	7.5	Notices 

 Any notice to be given to a US$
Noteholder under this deed may be given to the Note Trustee or the Principal Paying Agent on behalf of that US$ 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 Class A1 Payment Date or other Payment Date (as the case may be) 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 Mortgagees or, where the Mortgagee is
a US$ Noteholder, the Note Trustee on behalf of the US$ Noteholder, to whom the Secured Moneys relate). 

 Sub-clauses
(i) and (ii) above will not constitute Events of Default if the Secured Moneys which the Chargor failed to pay are subordinated to payments of amounts due to Class A Noteholders while any Secured Moneys remain owing: 
  

	 	(A)	to Class A Noteholders; or 

  

	 	(B)	to any other person, which rank in priority to amounts due to Class A Noteholders. 

  

	 	(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)  

  

			
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	 	(i)	All or any part of any Trust Document (other than the Basis Swap and the 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), 

 where that event has or will have an Adverse Effect. 
  

	 	(g)	(Trust) Without the prior consent of the Security Trustee (that consent, subject to clause 40.17(e), 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; or 

  

	 	(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; 

  

	 	(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). 
  

			
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	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 Voting 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 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 (or the Noteholders on whose behalf a Voting
Mortgagee is acting) 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. 

  

			
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 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. 
  

	 	(c)	If an Event of Default is a payment default in respect of the Class B Notes, as long as there are Class A Notes outstanding that rank prior to those Class B Notes, the Security
Trustee shall not take any action without the consent of the Class A Noteholders (which, shall include the Note Trustee on behalf of the US$ Noteholders, or the relevant US$ Noteholders, pursuant to the Note Trust Deed).

  

	 	(d)	If the Security Trustee becomes bound to take steps and/or proceed under this deed and it fails to do so within a reasonable time and such failure is continuing, the Voting
Mortgagees may exercise such powers as they determine by Extraordinary Resolution and then only if and to the extent the Voting Mortgagees are able to do so under Australian law and the Transaction Documents. 

  

	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 (or the Noteholders on whose behalf a Voting Mortgagee is acting) 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. 

In no event shall the Note Trustee be obligated to provide an indemnity to the Security Trustee under this clause 9.5. 
  

	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, and subject to clauses 9.4(d) and 9.5, no Mortgagee is entitled to enforce the Charge or 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, 

  

			
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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 reason 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 

  

	 	(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 of all or any of the Mortgaged Property; 

  

			
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	 	(b)	remove any Receiver; 

  

	 	(c)	appoint another Receiver in addition to or in place of a Receiver; and/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)	Any Receiver will be the agent of the Chargor in its capacity as trustee of the Trust only and 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-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) 

  

			
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	 	(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. 
  

	 	(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. 

  

			
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	 	(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. 
  

	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 

  

			
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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 arrears 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. 
  

	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 

  

			
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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; 

  

	 	(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. 

  

			
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	16.	Application of moneys received 

  

	
	 

	16.1	Priorities 

  

	 	(a)	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: 

  

	 	(i)	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 (iv)) payable to the Security Trustee or the Note Trustee under this deed; 

  

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

  

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

  

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

  

	 	(C)	the Receiver’s remuneration; 

  

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

  

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

  

	 	(A)	all Secured Moneys owing to the Support Facility Providers (including in connection with the Liquidity Facility Agreement, the Redraw Facility Agreement, the Basis Swap and the
Interest Rate Swap) but excluding moneys referred to in sub-paragraph (iv)(E); 

  

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

  

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

  

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

  

	 	(E)	all Secured Moneys owing to the Currency Swap Provider under or in connection with a Confirmation relating to any US$ Notes (but without double counting with payments under
sub-paragraph (iv)(B); 

  

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

  

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

  

	 	(vii)	seventh, to pay (pari passu and rateably) any amounts payable under clause 5.10(a)(viii) of the Series Notice; 

  

			
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	 	(viii)	eighth, 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;

  

	 	(ix)	ninth, to pay any surplus to the Chargor to be distributed in accordance with the Master Trust Deed and the Series Notice. 

  

	 	(b)	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. 

  

	 	(c)	For the purposes of determining the pro rata entitlements of Class A Noteholders to amounts available for distribution under paragraph (a) (but without limiting the
amounts actually available to be converted to the relevant currency at any time, or to be applied towards paying Class A Noteholders under paragraph (a)), the A$ Equivalent of the US$ denominated principal amount owed to the any US$ Noteholders
will be determined by the Trust Manager and notified to the Trustee as being the A$ amount equal to: 

  

	 	(i)	if the Currency Swap for the relevant US$ Notes is then in full force and effect, the A$ Exchange Rate multiplied by the aggregate Secured Moneys (in US$) of the relevant Class of
US$ Notes; or 

  

	 	(ii)	if the Currency Swap for the relevant US$ Notes is not then in full force and effect, the spot rate of exchange advised to the Security Trustee by the Trust Manager which is used
for calculation of amounts payable on the occurrence of an Early Termination Date under that Currency Swap (as defined in that Currency Swap) multiplied by the aggregate Secured Moneys (in US$) of the relevant Class of US$ Notes.

  

	 	(d)	Any amount to be paid to a Class of Noteholders must be made in A$ or US$, as applicable (based on the entitlements calculated under paragraph (c) in the case of US$
Noteholders). All amounts held in A$ must, to the extent required to be converted to US$ in respect of any Class of US$ Notes after the relevant Currency Swap has terminated, be converted to US$ at the available spot rate of exchange for acquiring
US$ in the spot foreign exchange market as at the time of conversion, provided that if, following that conversion and based on their respective entitlements, any Class of Noteholders would be entitled to an amount greater than their Secured Moneys
as at the relevant date of payment, the excess is to be applied (in the applicable currency) towards payment of the Secured Moneys of Mortgagees who rank equally within that Class of Noteholders. 

  

	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 US$ Noteholder, the Note Trustee. The credit
will date from the time of receipt. 
  

			
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	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 US$ 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. 

  

	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 a 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. 

  

			
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	 	(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)(ii), will be applied pari passu to pay all Secured
Moneys owing to the relevant US$ 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. 
  

	 	(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:

  

			
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	 	(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. 
  

	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. 
  

			
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	20.	Expenses, indemnity 

  

	
	 

	20.1	Expenses 

 In accordance with the Series Notice and
this deed, the Chargor, as trustee of the Trust, shall reimburse each Mortgagee or (where the Mortgagee is a US$ 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 

  

	 	(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 

 Subject to clause 16.1, 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 each
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 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 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. 
  

			
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	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 

  

	 	(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 for) 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 US$
Noteholders) by any 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 (or, where the payment relates to Class A1 Notes, each Class A1 Payment Date). That interest is payable in the currency of the unpaid amount on which it accrues.

  

			
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	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 Bank Bill Rate. 

  

	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: 
  

			
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	 	(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. 
  

	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 in its opinion 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. 
  

			
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	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: 
  

	 	(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 Agency; 

 

	 	(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 and in accordance with this deed, 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 and in accordance with this deed, 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 and each Designated Rating Agency, 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. 
  

			
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	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 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 Provider, 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. 

  

			
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	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 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 each 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. 

  

	 	(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 

  

			
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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, if it does act, it must act (with prior written notice to the
Noteholder Mortgagees) in the best interests of the Mortgagees in accordance with this deed. 

  

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

  

	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. 

  

			
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	 	(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, but only where permitted by the terms of that advice or
those statements. 

  

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

  

			
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	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.

  

	 	(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:

  

			
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	 	(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 

  

	 	(a)	Without limiting paragraph (b), each Mortgagee (other than the Note Trustee) 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: 

  

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

  

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

  

	 	(b)	The Note Trustee confirms that it has not: 

  

	 	(i)	made any investigations, analyses and decisions described in paragraph (a); and 

  

	 	(ii)	relied on the Security Trustee or any other Mortgagee in relation to any of the investigations, analyses and decisions set out in paragraph (a). 

  

	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 and any Paying Agent to provide any US$ Noteholder, 

 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 and
the Note Trustee need not do so. 
  

			
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	 	(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 the Chargor or 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 this 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. 

  

	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 

  

			
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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 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

  

			
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	 	(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) 

  

	 	(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; or 

  

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

  

	 	(b)	(Time and place) 

  

			
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	 	(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 US$ 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 US$ Noteholders in accordance with the terms of the Note Trust
Deed. 

  

	 	(iii)	The proviso in sub-paragraph (i) shall not apply if the US$ 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: 

 

	 	(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. 
  

			
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	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 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 a Representative or Representatives 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.

  

			
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	 	(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 US$ 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 US$ Noteholder under paragraph (e), it must provide evidence satisfactory to the Security Trustee that it is
authorised so to vote. 

  

	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 Voting 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 

  

			
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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. 
  

	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; 

  

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

  

	 	(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; 

 without the consent of that Mortgagee. 
  

	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 

  

			
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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. 

  

	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 

  

			
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	 	(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 US$
Noteholders or, as it determines on behalf of the US$ 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 interests of US$ Noteholders; and 

  

	 	(B)	respond promptly (and in any event within 15 Business Days) to the Security Trustee indicating whether the consent is granted or not (and if it does not reply within 15 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)	The Note Trustee shall not be liable for giving consent or not responding to the Security Trustee in the event it does not receive a response from the Noteholder Mortgagees under
paragraph (d)(i)(B) within 14 Business Days. 

  

	 	(g)	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, 

 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. 
  

			
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	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. 
  

	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 (other than the Trust Manager and the
Servicer) 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 (except
with respect to its own description) from any information memorandum, prospectus, 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 

  

			
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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:	    	)	    	  
	  	
		    		    	Signature	  	
			
	  
	    	  
	  	
	Witness	    		    	Print name	  	
			
	  
	    	Date signed:	  	
	Print name	    		    		  	
				
		    		    	Time signed:	  	
				
		    		    	Place signed:	  	
				
	SECURITY TRUSTEE	    		    		  	
				
	SIGNED SEALED and DELIVERED	    	)	    		  	
	on behalf of	    	)	    		  	
	P.T. LIMITED	    	)	    		  	
				
		    	)	    		  	
				
	by its attorney	    	)	    		  	
	in the presence of:	    	)	    	  
	  	
		    		    	Signature	  	
			
	  
	    	  
	  	
	Witness	    		    	Print name	  	
			
	  
	    	Date signed:	  	
	Print name	    		    		  	
				
		    		    	Time signed:	  	
				
		    		    	Place signed:	  	

  

			
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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:
	  	)	    	  
	  	
		  		    	Signature	  	
			
	  
	    	  
	  	
	 Witness
	  		    	Print name	  	
			
	  
	    	Date signed:	  	
	 Print name
	  		    		  	
				
		  		    	Time signed:	  	
				
		  		    	Place signed:	  	
				
	NOTE TRUSTEE	  		    		  	
				
	 SIGNED SEALED and DELIVERED by
	  	)	    		  	
				
	 [tba]:
	  	)	    		  	
			
	  
	    	  
	  	
	 Authorised Signatory
	  		    	Authorised Signatory	  	
			
	  
	    	  
	  	
	 Print name
	  		    	Print name	  	
				
	 Date signed:
	  		    	Date signed:	  	
				
	 Time signed:
	  		    	Time signed:	  	
				
	 Place signed:
	  		    	Place signed:	  	

  

			
	  	  	Page 53Form of Agency Agreement

 Exhibit 4.5 Form of Agency Agreement 
  
  
  
  
  
  
  
  
  
  
 Agency Agreement 
  
  
  
  
 Westpac Securities Administration Limited 
 (Trustee) 
 Westpac Securitisation Management
Pty Limited 
 (Trust Manager) 
 [tba] 
 (Note Trustee) 
 [tba] 
 (Principal Paying Agent) 
 [tba] 
 (Calculation Agent) 
 [tba] 
 (Note Registrar) 
 Allens Arthur Robinson 
 Deutsche Bank Place 
 Corner Hunter and Phillip Streets 
 Sydney NSW 2000 
 Tel 61 2 9230 4000 
 Fax 61 2 9230 5333

 www.aar.com.au 
  
  
 © Copyright Allens Arthur Robinson 2007 

			
	Agency Agreement	  	

  

 Table of Contents 
  

							
	1.	 	Definitions and Interpretation	  	2
		 	 1.1
	  	Definitions	  	2
		 	 1.2
	  	Definitions in Note Trust Deed	  	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	  	4
		 	 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 Calculation Agent as calculation agent	  	7
			
	6.	 	Duties of the Calculation Agent	  	8
			
	7.	 	Note Trustee	  	9
			
	8.	 	Early Redemption of US$ Notes	  	10
			
	9.	 	Pro Rata Redemption and Cancellation Of Notes	  	10
			
	10.	 	Notices to US$ Noteholders	  	11
			
	11.	 	Documents and Forms	  	11
			
	12.	 	Authentication	  	11
			
	13.	 	Indemnity	  	12
			
	14.	 	The Note Register	  	13
		 	 14.1
	  	Appointment of Note Registrar	  	13
		 	 14.2
	  	Details to be kept on the Note Register	  	13
		 	 14.3
	  	Payments of Principal and Interest	  	14
		 	 14.4
	  	Place of keeping Register, copies and access	  	14
		 	 14.5
	  	Details on Note Register conclusive	  	15
		 	 14.6
	  	Alteration of details on Note Register	  	15
		 	 14.7
	  	Rectification of Note Register	  	15

  

	
	Page (i)

			
	Agency Agreement	  	

  

							
		 	 14.8
	  	Correctness of Note Register	  	15
			
	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 US$ Noteholders	  	16
		 	 16.2
	  	Agency	  	16
		 	 16.3
	  	Identity	  	17
		 	 16.4
	  	No set-off	  	17
		 	 16.5
	  	Reliance	  	17
		 	 16.6
	  	Entitled to deal	  	17
		 	 16.7
	  	Consultation	  	18
		 	 16.8
	  	Duties	  	18
		 	 16.9
	  	Income Tax Returns	  	18
		 	 16.10
	  	Obligations of each Note Party	  	18
		 	 16.11
	  	European Union Tax Directive	  	18
		 	 16.12
	  	Know your customer	  	18
			
	17.	 	Changes in Paying Agents and Calculation Agent	  	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	  	21
		 	 17.6
	  	Successor to Calculation Agent	  	21
		 	 17.7
	  	Successor to Note Registrar	  	22
		 	 17.8
	  	Notice to US$ 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.	 	Assignment	  	24
			
	22.	 	Notices	  	24
		 	 22.1
	  	General	  	24
		 	 22.2
	  	Details	  	25
		 	 22.3
	  	Communication through Principal Paying Agent	  	26
			
	23.	 	Limited Recourse	  	26
		 	 23.1
	  	General	  	26
		 	 23.2
	  	Liability of Trustee limited to its right to indemnity	  	26
		 	 23.3
	  	Unrestricted remedies	  	27
		 	 23.4
	  	Restricted remedies	  	27
			
	24.	 	Counterparts	  	28

  

	
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	25.	 	Governing Law	  	28
			
	26.	 	Successor Trustee	  	28
			
	27.	 	Compliance with Regulation AB: Other “Servicing Function Participants”	  	28
		 	 27.1
	  	Intent of the Parties, Reasonableness	  	28
		 	 27.2
	  	Additional Representations and Warranties of Each Servicing Function Participant	  	29
		 	 27.3
	  	Information to be provided by Each Servicing Function Participant	  	30
		 	 27.4
	  	Report on Assessment of Compliance and Attestation	  	32
		 	 27.5
	  	Use of Subservicers and Subcontractors	  	33
		 	 27.6
	  	Indemnification; Remedies	  	34
		
	Schedule 1	  	40
		 	 Servicing Criteria To Be Addressed In Assessment Of Compliance
	  	40

  

	
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	 Date
  
	  	
	 	
	 Parties
  
	  	
	 	
	1.    	  	Westpac Securities Administration Limited (ABN 77 000 049 472) incorporated in New South Wales of Level 20, 275 Kent Street, Sydney, NSW, 2000 in its capacity as
trustee of the Series [*] WST Trust (the Trustee);
	 	
	2.    	  	Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) incorporated in the Australian Capital Territory of Level 20, 275 Kent Street, Sydney, NSW, 2000
as trust manager in relation to the Series [*] WST Trust (the Trust Manager);
	 	
	3.    	  	[tba] as principal paying agent for the US$ Notes described below (the Principal Paying Agent, which expression shall, wherever the context requires, include any
successor principal paying agent from time to time under this agreement and, except where the context otherwise requires, the Principal Paying Agent and any additional paying agent or paying agents are Paying Agents);
	 	
	4.    	  	[tba] as trustee for the US$ 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.    	  	[tba] as calculation agent in relation to the US$ Notes described below (the Calculation Agent, which expression shall, whenever the context requires, include any
successor calculation agent from time to time under this agreement); and
	 	
	6.    	  	[tba] as note registrar for the US$ Notes (the Note Registrar which expression shall, wherever the context requires, include any successor note registrar from time to
time under this agreement).
	 	
	 Recitals    
  
	  	
	 	
	A    	  	The Trustee proposes to issue [US$[*] of Class A1 mortgage backed floating rate notes (Class A1 Notes),] US$[*] Class A2 mortgage backed floating rate notes (Class A2
Notes and[, together with the Class A1 Notes,] the US$ Notes), A$[*] Class A3 mortgage backed floating rate notes and A$[*] Class B mortgage backed floating rate notes (Class B Notes) each with a Maturity Date
falling in [*].
	 	
	B    	  	The US$ Notes will be represented initially by one or more [Class A1 Book-Entry Notes and one or more] Class A2 Book-Entry Notes (the Book-Entry Notes).
	 	
	C    	  	The US$ 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

  

	
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	 	  	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 US$ Note Owner will receive a Definitive Note representing such US$ Note Owner’s interest in any US$ Note, except as provided in the Note Trust Deed.
	 	
	D    	  	The US$ Notes will be constituted by the Note Trust Deed, the Series Notice and the Master Trust Deed.
	 	
	E    	  	The US$ 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 US$ Notes and has entered into this agreement to provide for the terms and conditions of
that appointment.
	 	
	G    	  	 The Trustee wishes to appoint the Calculation Agent as its calculation agent in respect of the US$ 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. 
 EU Tax Directive means the European Union Council Directive 2003/48/EC on the taxation of savings
income which was adopted on 3 June 2003, or any law or regulation implementing or complying with, or introduced to conform with such directive. 
 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. 
 Note Party has the meaning given to that term in clause 16.2. 
 Notice of Creation of Trust means the Notice of Creation of Trust dated on or about [*] issued under the Master Trust Deed in relation to the Trust. 
 Paying Office means, in relation to a Paying Agent, the office of the Paying Agent specified in the relevant US$ Notes or otherwise under
this agreement or the Note Trust Deed as the office at which payments in respect of the relevant US$ 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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 Specified Office means, in relation to the Calculation Agent, the office of the
Calculation Agent specified under this Agreement as the office at which the Calculation Agent will carry out its duties under this agreement. 
 Trust means the trust known as the Series [*] WST Trust established under the Notice of Creation of Trust, the Master Trust Deed and the Series Notice. 
 US$ Note Owner means [a Class A1 Note Owner or] a Class A2 Note Owner. 
  

	1.2	Definitions in Note Trust Deed 

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

	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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	Agency Agreement	  	

  

	 	(b)	The rights and obligations of the parties under this agreement relate only to the Series [*] 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 US$ Notes in accordance with the Transaction Documents and the relevant 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)	subject to clause 7, 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 (New York time) on each [Class A1 Payment Date and 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 [Class A1 Payment Date or] Payment
Date [(as the case may be)] under the Series Notice in respect of the US$ Notes and the relevant Conditions. 
  

	3.2	Confirmation 

 Not later than 4.00 pm (Sydney time) on each
[Class A1 Determination Date and 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

  

	
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	Agency Agreement	  	

  

 
payable in respect of [Class A1 Notes on the Class A1 Payment Date following that Class A1 Determination Date or the amount of interest and principal payable
in respect of] Class A2 Notes on the Payment Date following that Determination Date [(as the case may be)]. 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 out of the funds they are holding on
behalf of the Trustee on each [Class A1 Payment Date the relevant amounts of principal and interest due in respect of the Class A1 Notes and on] each Payment Date the relevant amounts of principal and interest due in respect of Class A2 Notes in
accordance with the Series Notice and the relevant 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 US$ 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 that 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 of that payment or those
payments having been made 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 relevant 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 US$ Notes as provided in this clause 3. However, unless and until the full amount of any payment in respect of the US$ 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 Class A1 Payment Date or] a Payment Date the full amount of principal and interest then payable on any US$ Note in accordance
with the Series Notice and the relevant Conditions, but receives the full amount later, it shall: 

  

	 	(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

  

	
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	Agency Agreement	  	

  

	 	(ii)	as soon as practicable after such full receipt give due notice, in accordance with the relevant Condition 12, to US$ Noteholders that it has received the full amount.

  

	3.7	Notice of non-receipt 

 The Principal Paying Agent shall
immediately notify in writing by facsimile the other Paying Agents (if any), the Note Trustee, the Trustee, the Security Trustee, the Currency Swap Provider 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 relevant Conditions in respect of any US$ 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 US$ Noteholders all sums held by it for the payment of principal and interest with respect to the US$ Notes until all relevant sums are paid to the Note Trustee or those US$ 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 relevant 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 relevant Currency Swap, be paid by the
Currency Swap Provider on behalf of the Trustee in US$ to the account with the bank 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 US$ Noteholders for payment to the US$ Noteholders and, failing that payment within the designated periods of prescription specified in the relevant 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 [Class A1 Payment Date and] Payment Date, request confirmation from the 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. 

  

	
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	Agency Agreement	  	

  

	 	(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 [Class A1 Payment Date or] Payment Date [(as the case may be)] under the Series Notice and the relevant Conditions
to the Currency Swap Provider shall be a good discharge to the Trustee. 

  

	 	(d)	The Trustee shall not be liable for any act or omission or default of the 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 US$ Note becoming void under the relevant Conditions, the Principal Paying Agent shall repay to the Trustee
the amount paid to the Principal Paying Agent by or on behalf of the Trustee 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 Calculation Agent as calculation agent 

  

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

  

	 	(b)	It is acknowledged and agreed that: 

  

	 	(i)	the Calculation Agent 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 of the Calculation Agent which, had it been done or not done by the 

  

	
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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 Calculation Agent 

  

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

  

	 	(i)	perform such duties at its Specified Office in [*] as are set forth in this agreement and in the relevant 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 [One Month LIBOR for each Class A1 Coupon Period for the Class A1 Notes and Three Month] LIBOR for each Coupon Period for the Class A2 Notes, and calculate the relevant
Coupon and the Coupon Rate on the relevant US$ Notes, in the manner set out in the relevant Condition 4 and confirm with the Currency Swap Provider (using the contact details notified by the Currency Swap Provider to the Calculation Agent) that the
[One Month LIBOR or Three Month] LIBOR [(as the case may be]) determined under this agreement is the same as the [One Month LIBOR or the Three Month] LIBOR [(as the case may be)] determined by the Currency Swap Provider under the relevant Currency
Swap; 

  

	 	(iii)	notify the Trustee, the Trust Manager, the Note Trustee and the Paying Agents by telex or facsimile transmission on or as soon as possible after the first day of that [Class A1
Coupon Period or] Coupon Period [(as the case may be)], of each Coupon Rate and each Coupon so determined by it in relation to that [Class A1 Coupon Period or] Coupon Period [(as the case may be)], 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 each Class of US$ Notes and each Coupon for each [Class A1 Coupon Period or] Coupon Period [(as the case may be)] together with the relevant
[Class A1 Payment Date or] Payment Date [(as the case may be)], to be published (at the expense of the Trustee) in accordance with the provisions of the relevant Conditions 4 and 12, on or as soon as possible after the commencement of the relevant
[Class A1 Coupon Period or] Coupon Period [(as the case may be)] unless the Note Trustee otherwise agrees, provided that the Trustee and the Note Trustee shall use their reasonable endeavours to co-operate with the Calculation Agent in order to
effect that publication. 

  

	 	(b)	Each Coupon and relevant [Class A1 Payment Date or] Payment Date published under sub-paragraph (iv) may subsequently be amended (or appropriate alternative arrangements made by
way of adjustment) without notice to the relevant US$ Noteholders in the event of a shortening of the [Class A1 Coupon Period or] Coupon Period [(as the case may be)]. 

  

	
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	7.	Note Trustee 

  

	 	(a)	At any time after an Event of Default in respect of any US$ Notes has occurred, or at any time after Definitive Notes have not been issued when so required in accordance with the
relevant Conditions, the Note Trustee may: 

  

	 	(i)	by notice in writing to the Trustee, the Trust Manager, the Principal Paying Agent, the other Paying Agents, the Note Registrar, and the Calculation Agent require the Principal
Paying Agent, the other Paying Agents, the Note Registrar and the Calculation Agent either: 

  

					
	 (A)
	  	(1)	  	to act as Principal Paying Agent and Paying Agents, the Note Registrar and Calculation Agent 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; and
			
		  	(2)	  	hold all Definitive Notes, and all amounts, documents and records held by them in respect of the US$ Notes, on behalf of the Note Trustee; or
		
	 (B)
	  	to deliver up all Definitive Notes and all amounts, documents and records held by them in respect of the US$ Notes, to the Note Trustee or as the Note Trustee shall direct in that
notice, other than any documents or records which the relevant Paying Agent, the Note Registrar or Calculation Agent is obliged not to release by any law or regulation; and

  

	 	(ii)	by notice in writing to the Trustee require it to make (or arrange to be made) all subsequent payments in respect of the US$ 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 [Class A1 Payment Date or] Payment Date [(as the case may be)] under the Series Notice and the relevant Conditions to
the Note Trustee in accordance with paragraph (a) shall be a good discharge to the Trustee and the Trustee shall not be liable for any act or omission or default of the Note Trustee during the period it is required to make 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 Calculation Agent, the Note Registrar and the Principal Paying
Agent of any change in the Authorised Signatories of the Note Trustee. 

  

	 	(d)	If the Calculation Agent at any time for any reason does not determine the Coupon Rate or calculate the Coupon for a US$ Note, the Note Trustee shall do so and each such
determination or calculation shall be deemed to have been made by the Calculation Agent. 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. 

  

	
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	8.	Early Redemption of US$ Notes 

  

	 	(a)	If the Trustee intends to redeem the US$ Notes of a Class prior to their Maturity Date pursuant to the relevant Condition 5.13 (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, the Note Trustee and the relevant US$ Noteholders in accordance with the relevant Condition 5.13 and stating the date on which such
US$ 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 US$ Notes of the Class to be redeemed; 

  

	 	(B)	the amount of principal to be repaid in relation to those US$ Notes; and 

  

	 	(C)	the date on which the US$ Notes are to be redeemed; and 

  

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

  

	9.	Pro Rata Redemption and Cancellation Of Notes 

  

	 	(a)	If the Trustee is required to redeem some (but not all) of a Class of US$ Notes prior to their Maturity Date pursuant to the relevant Condition 5.1 the Trust Manager shall on each
Determination Date give prior written notice to the Calculation Agent, the Principal Paying Agent, the Note Registrar and the Note Trustee, as provided in the relevant 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 Invested Amount of the US$
Notes to be redeemed and the date on which such US$ Notes are to be redeemed. 

  

	 	(c)	The Trust Manager shall, on (or as soon as practicable after) each Determination Date in respect of the US$ Notes, calculate: 

  

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

  

	 	(ii)	the Invested Amount of each US$ Note on the first day of the next following [Class A1 Coupon Period or] Coupon Period [(as the case may be)] after deducting any principal due to be
made on the next Payment Date; and 

  

	 	(iii)	the Bond Factor for each Class of US$ Notes as of the Notice Date, 

 and shall forthwith notify or cause to be notified in writing to the Trustee, the Calculation Agent, the Note Trustee and the Principal Paying Agent 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. 
  

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

  

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

  

	 	(f)	If any US$ Notes are redeemed in whole or in part in accordance with the relevant Conditions and the Transaction Documents, the Principal Paying Agent will, if any Book-Entry Notes
are still outstanding in relation to those US$ 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 statement in writing setting out the aggregate Invested Amount and Stated Amount of US$ Notes which have been redeemed or the aggregate Invested Amount and Stated Amount of US$ 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 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 US$ Noteholders 

  

	 	(a)	At the request and expense of the Trustee, the Principal Paying Agent shall arrange for the delivery of all notices and the posting on the Note Trustee’s website of the
Noteholders Report (following receipt from the Trust Manager or the Trustee) to US$ Noteholders in accordance with the relevant Conditions. The Principal Paying Agent shall also deliver the Noteholders Report to a US$ Noteholder upon that US$
Noteholder’s written request. 

  

	 	(b)	The Principal Paying Agent shall promptly send to the Note Trustee one copy of the form of every notice given to US$ Noteholders in accordance with the relevant 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 relevant Conditions or the
Note Trust Deed to be available to US$ 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 Calculation Agent such documents as the Calculation Agent may reasonably require from the Trustee in order for the Calculation
Agent properly to fulfil its duties in respect of the US$ 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). 
  

	
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	Agency Agreement	  	

  

	13.	Indemnity 

  

	 	(a)	Subject to paragraph (b) and clause 23, the Trustee shall indemnify each Paying Agent, the Note Registrar and the Calculation Agent 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 Calculation Agent as a result of or in connection with the Paying Agent’s, the Note Registrar’s or Calculation Agent’s (as the case may be) appointment or the proper exercise of the
Paying Agent’s, Note Registrar’s or Calculation Agent’s powers and proper performance of the Paying Agent’s, Note Registrar’s or Calculation Agent’s (as the case may be) duties under this agreement and the Transaction
Documents or any document executed in connection with this agreement or any other Transaction Document, notwithstanding the resignation or removal of that Paying Agent, the Note Registrar or the Calculation Agent in accordance with clause 17
(including any liability in respect of payment of a cheque drawn by that Paying Agent or Calculation Agent (as the case may be) where the cheque is collected or sued upon or an attempt at collection 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 Calculation Agent (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 Calculation Agent (as the case may be) of the terms of this agreement or
from the Paying Agent’s, the Note Registrar’s or the Calculation Agent’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 Calculation Agent (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 Calculation Agent (as the case may be) becomes aware of the Expense provided, however, that any failure or delay to give such notice shall not deprive a party’s rights to be indemnified unless the Trustee is materially
prejudiced by such failure or delay; and 

  

	 	(iii)	if and whenever the Trustee or the Trust Manager so requires, the Paying Agent, the Note Registrar or the Calculation Agent (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 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 5.10 of the Series Notice on the Payment Date following demand; and 

  

	 	(iv)	survives termination or discharge of this agreement. 

  

	
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	Agency Agreement	  	

  

	 	(d)	None of the provisions of this agreement shall require the Calculation Agent, Note Registrar or the Paying Agent to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties under this agreement, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it. 

  

	 	(e)	Each of the Calculation Agent, Note Registrar and Paying Agent may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, approval or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties (unless a Responsible Officer
of the Calculation Agent, Note Registrar or Paying Agent (as the case may be) has actual notice to the contrary). 

  

	 	(f)	Each of the Calculation Agent, Note Registrar and Paying Agent may consult with counsel and rely on the advice or opinion of such counsel and shall be protected in respect of any
action taken or omitted to be taken by it in good faith and in reliance on such advice or opinion of counsel. 

  

	 	(g)	Neither the Calculation Agent, Note Registrar nor Paying Agent shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  

	 	(h)	Each of the Calculation Agent, Note Registrar and Paying Agent may execute any of the powers or perform any duties under this agreement either directly or by or through agents,
attorneys, custodians or nominees appointed with reasonable care, and shall not be responsible for any wilful misconduct or negligence on the part of any agent, attorney, custodian or nominee so appointed. 

  

	 	(i)	Neither the Calculation Agent, Note Registrar nor Paying Agent nor any of their respective officers, directors, employees or agents shall be liable for any action taken or omitted
to be taken under this agreement or in connection therewith except to the extent caused by the Calculation Agent’s, Note Registrar’s or Paying Agent’s fraud, negligence or wilful misconduct or bad faith. 

  

	14.	The Note Register 

  

	14.1	Appointment of Note Registrar 

 The Trustee appoints Deutsche
Bank Trust Company Americas to be the initial Note Registrar. Deutsche Bank Trust Company Americas 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; 

  

	
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	Agency Agreement	  	

  

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

  

	 	(c)	(Issue Dates) the Issue Dates for US$ Notes issued in relation to the Trust; 

  

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

  

	 	(e)	(Invested Amount) the Invested Amount of each US$ Note from time to time; 

  

	 	(f)	(Stated Amount) the Stated Amount of each US$ Note from time to time; 

  

	 	(g)	(details of Noteholders) the name and address of each US$ Noteholder; 

  

	 	(h)	(number of Notes) the number of Notes held by each US$ Noteholder; 

  

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

  

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

  

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

  

	 	(l)	(payments) a record of each payment in respect of the US$ 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 US$ Note shall be endorsed by the Note Registrar on the Note Register. In the case of payments of principal, the Invested Amount of the
relevant US$ 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 US$ Note is not paid in full (including Carryover Charge Offs and by reason of a deduction or
withholding) the Paying Agent shall enter such a shortfall in its records. 

  

	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 of the
Note Registrar; 

  

	
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	Agency Agreement	  	

  

	 	(c)	(inspection by US$ Noteholders) open for inspection by the Note Trustee or a US$ Noteholder during normal business hours of the Note Registrar but, in the case of a US$
Noteholder, only in respect of information relating to that US$ 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
US$ Notes and the Trustee shall be entitled to treat a US$ Noteholder as the absolute owner of US$ Notes and the Trustee shall not be bound or affected by any trust affecting the ownership of any US$ 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 US$ Noteholder by the US$ 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 agreement; 

  

	 	(c)	an entry wrongly exists in the Note Register; 

  

	 	(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 US$ 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. 
  

	
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	Agency Agreement	  	

  

	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 US$ 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 any US$ Noteholders or US$ 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 any US$ Noteholders or US$ Note Owners pursuant to or relating to the Note Trust Deed or this agreement, forward such communications to those US$ 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 US$ Noteholder or US$ Note Owner 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 of the Paying Agents, the Calculation Agent and the Note Registrar (including clause 7, each a Note Party) shall act solely for and as agent of the 

  

	
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	Agency Agreement	  	

  

 
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 any US$ 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 DTC as the holder of any US$ 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 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 US$ Note is no longer outstanding but Definitive Notes in respect of the relevant US$ 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 US$ 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 US$ Notes in respect of moneys payable by it under this agreement. 
  

	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 US$ 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 US$ Notes or from engaging or being interested in any contract or other financial or other transaction or arrangement 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 

  

	
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	Agency Agreement	  	

  

 
amounts of principal or interest on the US$ Notes for any profit made or fees or commissions received in connection with this agreement or any US$ 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 notify the Trustee and Trust Manager as soon as is reasonably practicable 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 relevant Conditions and in the US$ Notes and no implied duties or obligations (to the extent permitted by law) shall be read into this agreement or the US$ 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 US$ Noteholder such information as may be reasonably required to enable such US$ 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. 
  

	16.11	European Union Tax Directive 

  

	 	(a)	The obligations of the Principal Paying Agent or any other Paying Agent with respect to any US$ Notes under this agreement are subject to: 

  

	 	(i)	the provisions of the EU Tax Directive; and 

  

	 	(ii)	the “beneficial owner” (as defined in the EU Tax Directive) providing to that Paying Agent such information and documents (if any) required by that Paying Agent in order
for it to comply with the EU Tax Directive. 

  

	 	(b)	The Trustee authorises each Paying Agent to make mandatory disclosures required by the EU Tax Directive to be made to the competent authority of the member state of the European
Union of that Paying Agent. 

  

	16.12	Know your customer 

 The Trustee and the Trust Manager agree
to, and the US$ Noteholders may be requested to, provide any information and documents reasonably required by a Note Party for it to comply with any “know 

  

	
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your customer” or other identification checks or procedures under any law or regulation to the extent that such information is in the possession of, or
otherwise available to the Trustee, the Trust Manager or the US$ Noteholders (as the case may be). The Note Party may, to the extent required by law, decline to perform its affected obligations under the Transaction Documents to which it is a party
to the extent that such information and documents are not provided. 
  

	17.	Changes in Paying Agents and Calculation Agent 

  

	17.1	Removal 

 The Trustee (or the Trust Manager on its behalf
after advising the Trustee) may at any time: 
  

	 	(a)	with prior written notice to the Note Trustee appoint: 

  

	 	(i)	additional or alternative Paying Agents; or 

  

	 	(ii)	an alternative Calculation Agent; 

  

	 	(b)	subject to this clause 17, terminate the appointment of any Paying Agent or the Calculation Agent by giving written notice to that effect to each Designated Rating Agency, the Note
Trustee, the Calculation Agent (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 Calculation Agent (as the case may be): 

  

	 	(A)	an Insolvency Event has occurred in relation to the Paying Agent or Calculation Agent; 

  

	 	(B)	the Paying Agent or Calculation Agent has ceased its business; 

  

	 	(C)	the Paying Agent or Calculation Agent 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 US$ Notes. 

  

	17.2	Resignation 

 Subject to this clause 17, a Paying Agent or the
Calculation Agent 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 US$ 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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	Agency Agreement	  	

  

	 	(b)	if any Paying Agent or the Calculation Agent 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 Calculation Agent, then the relevant Paying Agent or Calculation Agent (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 United States or, if: 

  

	 	(i)	the EU Tax Directive is in force; and 

  

	 	(ii)	a Paying Agent accepts its appointment (such appointment made in accordance with clause 11(e) of the Note Trust Deed) on the express basis that it will act through an office in a
member country of the European Union that is not obliged to withhold or deduct tax pursuant to the EU Tax Directive (the EU Tax Directive Paying Agent), 

 no resignation by or termination of the appointment of the EU Tax Directive Paying Agent shall take effect unless and until a new EU Tax Directive Paying
Agent has been appointed; 
  

	 	(d)	no appointment or termination of the appointment of any Paying Agent shall take effect unless and until notice has been given to the US$ Noteholders in accordance with the relevant
Conditions; 

  

	 	(e)	no resignation by or termination of the appointment of the Calculation Agent shall take effect until a new Calculation Agent having its Specified Office in the United States 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 US$ 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. 
  

	
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	Agency Agreement	  	

  

	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, 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 Calculation Agent 

  

	 	(a)	On the execution by the Trustee, the Trust Manager and any successor Calculation Agent of an instrument effecting the appointment of that successor Calculation Agent, that successor
Calculation Agent 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 Calculation 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 Calculation Agent is appointed. 

  

	 	(b)	Any corporation: 

  

	 	(i)	into which the Calculation Agent is merged; 

  

	 	(ii)	with which the Calculation Agent is consolidated; 

  

	 	(iii)	resulting from any merger or consolidation to which the Calculation Agent is a party; 

  

	
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	Agency Agreement	  	

  

	 	(iv)	to which the Calculation 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 Calculation 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 Calculation Agent 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 US$ 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 Calculation Agent; 

  

	 	(b)	the appointment of a new Paying Agent, the Note Registrar or Calculation Agent; or 

  

	 	(c)	the resignation of any Paying Agent, the Note Registrar or Calculation Agent, 

 give to the US$ Noteholders notice of the termination, appointment or resignation in accordance with the relevant 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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	Agency Agreement	  	

  

	17.9	Change in Paying Office or Specified Office 

  

	 	(a)	If any Paying Agent proposes to change its 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 US$ Notes. 

  

	 	(b)	If the Calculation Agent proposes to change its Specified Office, 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 US$ 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 US$ Noteholders notice in accordance with the relevant 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. 

  

	18.	Fees and Expenses 

  

	 	(a)	The Trustee shall pay to the Principal Paying Agent during the period when any of the US$ 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 Calculation Agent during the period when any of the US$ Notes remain outstanding the fee separately agreed by the Calculation 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 Calculation Agent is terminated under this agreement, the
Calculation Agent must refund to the Trustee that proportion of the fee (if any) which relates to the period during which the Calculation Agent will not be the Calculation Agent. 

  

	 	(c)	 The Trustee shall pay to the Note Registrar during the period when any of the US$ Notes remain outstanding the fee separately agreed by the Note Registrar 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 Note Registrar is terminated under this agreement, the
Note Registrar must refund to the Trustee 

  

	
	Page 23

			
	Agency Agreement	  	

  

	 	 
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), (b) 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 Calculation Agent, 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 (in accordance with the Trustee’s directions) arrange for payment of commissions to the other Paying Agents and arrange for the reimbursement of their expenses incurred (as payable by the Trustee under paragraph (c)) 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.	Assignment 

 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 US$ Notes would be withdrawn or
reduced as a result of the assignment. 
  

	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; 

  

	
	Page 24

			
	Agency Agreement	  	

  

	 	(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 under this clause 22; 

  

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

	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 20 
 275 Kent Street 
 SYDNEY NSW 2000 

 

			
	 Tel:
	  	[*]
	 Fax:
	  	[*]
		
	Attention:	  	[*]

 The Trust Manager 
 WESTPAC SECURITISATION MANAGEMENT PTY LIMITED 
 Level 20 
 275 Kent Street 
 SYDNEY NSW 2000 
  

			
	 Tel:
	  	[*]
	 Fax:
	  	[*]
		
	Attention:	  	Securitisation Trust Manager
		
	[Copy to:	  	C/- Legal Counsel, New York Branch
		  	[*]]

  

	
	Page 25

			
	Agency Agreement	  	

  

			
	The Principal Paying Agent
	
	[tba]
		
	 Fax:
	  	
		
	Attention:	  	
	
	The Calculation Agent
	
	[tba]
		
	 Fax:
	  	
		
	Attention:	  	
	
	The Note Trustee
	
	[tba]
		
	 Fax:
	  	
		
	Attention:	  	
	
	The Note Registrar
	
	[tba]
		
	 Fax:
	  	
		
	Attention:	  	

  

	22.3	Communication through Principal Paying Agent 

 All
communications relating to this agreement between the Trustee and the Calculation Agent 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 

  

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

  

	
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	Agency Agreement	  	

  

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

  

	 	(c)	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. 

  

	 	(d)	It is acknowledged that the Trust Manager, the Servicer, the Currency Swap Provider, the Note Trustee, the Calculation Agent, 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 (c) to the extent to which the act or omission was caused or contributed to by any
failure by any Relevant Party or any other person who provides services in respect of the Trust (other than a person who has been delegated or appointed by the Trustee and for whom the Trustee is responsible under this agreement or the relevant
Transaction Documents, but excluding any Relevant Party) to fulfil its obligations relating to the Trust or by any other act or omission of a Relevant Party or any other person who provides services in respect of the Trust (other than a person who
has been delegated or appointed by the Trustee and for whom the Trustee is responsible under this agreement or the relevant Transaction Documents, but excluding any Relevant Party). 

  

	 	(e)	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 (c), 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 Calculation Agent 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 Calculation Agent or the Note Trustee shall: 
  

	 	(a)	(judgment) obtain a judgment for the payment of money or damages by the Trustee; 

  

	
	Page 27

			
	Agency Agreement	  	

  

	 	(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 Calculation Agent and the Note Trustee waives its rights to make those applications
and take those proceedings. 
  

	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 and the Calculation 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. 
  

	27.	Compliance with Regulation AB: Other “Servicing Function Participants” 

  

	27.1	Intent of the Parties, Reasonableness 

 The Principal Paying
Agent, the Note Registrar and the Calculation Agent (for purposes of this clause 27, each a Servicing Function Participant) and the Trust Manager acknowledge and agree that the purpose of this clause 27 is to facilitate compliance by
the Trust Manager with the provisions of Regulation AB and related rules and regulations of the Commission. 
 The Trust Manager shall not
exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the
Commission thereunder. Each Servicing Function Participant acknowledges that interpretations of the 

  

	
	Page 28

			
	Agency Agreement	  	

  

 
requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice of counsel, or otherwise, and agree to comply with requests made by the Trust Manager in good faith for delivery of information under these provisions on the basis of evolving
interpretations of Regulation AB. Each Servicing Function Participant shall cooperate fully with the Trust Manager to deliver to the Trust Manager (including any of its assignees or designees) any and all statements, reports, certifications, records
and any other information necessary in the good faith determination of the Trust Manager to permit the Trust Manager to comply with the provisions of Regulation AB, together with such disclosures relating to each Servicing Function Participant, any
Subservicer and the Purchased Receivables, or the servicing of the Purchased Receivables, reasonably believed by the Trust Manager to be necessary in order to effect such compliance. 
 The Trust Manager (including any of its assignees or designees) shall cooperate with each Servicing Function Participant by providing timely notice of
requests for information under these provisions and by reasonably limiting such requests to information required, in the Trust Manager’s reasonable judgment, to comply with Regulation AB. 
  

	27.2	Additional Representations and Warranties of Each Servicing Function Participant 

  

	 	(a)	Each Servicing Function Participant shall be deemed to represent to the Trust Manager, as of the date on which information is first provided to the Trust Manager under clause 27.3
that, except as disclosed in writing to the Trust Manager prior to such date: 

  

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

  

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

  

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

  

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

  

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

  

	 	(vi)	there are no material legal or governmental proceedings pending (or known to be contemplated) against such Servicing Function Participant or any Subservicer; and

  

	 	(vii)	 there are no affiliations, relationships or transactions relating to such Servicing Function Participant or any Subservicer with respect to the transactions 

  

	
	Page 29

			
	Agency Agreement	  	

  

	 	 
contemplated by this Agency Agreement or any other Transaction Document and any party thereto identified by the Trust Manager of a type described in
Item 1119 of Regulation AB. 

  

	 	(b)	If so requested by the Trust Manager on any date following the date on which information is first provided to the Trust Manager under clause 27.3, each Servicing Function
Participant shall, within five Business Days following such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this clause 27.2 or, if any such representation and warranty is not
accurate as of the date of such request, provide reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party. 

  

	27.3	Information to be provided by Each Servicing Function Participant 

  

	 	(a)	Each Servicing Function Participant shall: 

  

	 	(i)	within five Business Days following request by the Trust Manager, provide to the Trust Manager (or cause each Subservicer, if any, to provide), in writing and in form and substance
reasonably satisfactory to the Trust Manager, the information and materials specified in clause 27.2 and this clause 27.3, and 

  

	 	(ii)	as promptly as practicable following notice to or discovery by such Servicing Function Participant, provide to the Trust Manager (in writing and in form and substance reasonably
satisfactory to the Trust Manager) the information specified in paragraph (d) of this clause 27.3. 

  

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

  

	 	(i)	itself; and 

  

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

  

	 	(A)	a description of any material legal or governmental proceedings pending (or known to be contemplated) against such Servicing Function Participant and any Subservicer; and

  

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

  

	 	(1)	the sponsor; 

  

	 	(2)	the depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	
	Page 30

			
	Agency Agreement	  	

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	
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	Agency Agreement	  	

  

	27.4	Report on Assessment of Compliance and Attestation 

  

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

  

	 	(i)	deliver to the Trust Manager a report (in form and substance reasonably satisfactory to the Trust Manager) regarding such Servicing Function Participant’s assessment of
compliance with the Servicing Criteria during the immediately preceding financial year ended [30 September] as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the
Trust Manager and signed by an authorised officer of such Servicing Function Participant, and shall address each of the Servicing Criteria specified on a certification substantially in the form of schedule 1 to this Agency Agreement delivered to the
Trust Manager concurrently with the execution of this Agency Agreement; 

  

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

  

	 	(iii)	cause each Subservicer, if any, and each Subcontractor, if any, determined by such Servicing Function Participant pursuant to clause 27.6(b) to be “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Trust Manager an assessment of compliance and accountants’ attestation as and when provided in paragraphs (a) and (b) of this clause
27.4; and 

  

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

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

	 	(b)	 Each assessment of compliance provided by a Subservicer, if any, pursuant to this clause 27.4 shall address each of the Servicing Criteria specified on a
certification substantially in the form of schedule 1 to this Agency Agreement, delivered to the Trust Manager concurrently with the execution of this Agency Agreement or, in the case of a Subservicer, 

  

	
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	Agency Agreement	  	

  

	 	 
if any, subsequently appointed as such, on or prior to the date of such appointment. An assessment of compliance provided by a Subcontractor pursuant to
clause 27.4(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the relevant Servicing Function Participant pursuant to clause 27.5. 

  

	27.5	Use of Subservicers and Subcontractors 

 Each Servicing
Function Participant shall not hire or otherwise utilise the services of any Subservicer to fulfil any of the obligations of such Servicing Function Participant under this Agency Agreement or any other Transaction Document unless such Servicing
Function Participant complies with the provisions of paragraph (a) of this clause 27.5. Each Servicing Function Participant shall not hire or otherwise utilise the services of any Subcontractor, and shall not permit any Subservicer to hire or
otherwise utilise the services of any Subcontractor, to fulfil any of the obligations of such Servicing Function Participant under this Agency Agreement or any other Transaction Document unless such Servicing Function Participant complies with the
provisions of paragraph (b) of this clause 27.5. 
  

	 	(a)	It shall not be necessary for a Servicing Function Participant to seek the consent of the Trust Manager to the utilisation of any Subservicer. Each Servicing Function Participant
shall cause any Subservicer used by it (or by any Subservicer) for the benefit of the Trust Manager to comply with the provisions of this clause 27.5 and with clauses 27.2, 27.4 and 27.6 of this Agency Agreement to the same extent as if such
Subservicer were such Servicing Function Participant, and to provide the information required with respect to such Subservicer under clause 27.3(c) of this Agency Agreement. Each Servicing Function Participant shall be responsible for obtaining from
each Subservicer and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subservicer under clause 27.4 and any certification required to be delivered to the person that will be responsible
for signing the Sarbanes Certification under clause 18.5 as and when required to be delivered. 

  

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

 As a condition to the utilisation of any Subcontractor determined to be “participating in the servicing
function” within the meaning of Item 1122 of Regulation AB, each Servicing Function Participant shall cause any such Subcontractor used by such Servicing Function Participant (or by any Subservicer) for the benefit of the Trust Manager to
comply with the provisions of clauses 27.4 and 27.6 of this Agency Agreement to the same extent as if such Subcontractor were such Servicing Function Participant. Each Servicing Function Participant shall be responsible for obtaining from 

  

	
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each Subcontractor and delivering to the Trust Manager any assessment of compliance and attestation required to be delivered by such Subcontractor under
clause 27.4, in each case as and when required to be delivered. 
  

	27.6	Indemnification; Remedies 

  

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

  

					
	 (i)
	  	(A)	  	any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or other material provided in written or
electronic form under this clause 27 by or on behalf of such Servicing Function Participant, or provided under this clause 27 by or on behalf of any Subservicer or Subcontractor (collectively, the Servicing Function Participant Information);
or
			
		  	(B)	  	the omission or alleged omission to state in the Servicing Function Participant Information a material fact required to be stated in the Servicing Function Participant Information or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the Servicing
Function Participant Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Servicing Function Participant Information or any portion thereof is presented together
with or separately from such other information;

  

	 	(ii)	any failure by such Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other
material when and as required under this clause 27, including any failure by such Servicing Function Participant to identify pursuant to clause 27.5(b) any Subcontractor “participating in the servicing function” within the meaning of
Item 1122 of Regulation AB; or 

  

	
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	Agency Agreement	  	

  

	 	(iii)	any breach by such Servicing Function Participant of a representation or warranty set forth in clause 27.2(a) or in a writing furnished pursuant to clause 27.2(b) and made as of a
date prior to the Closing Date, to the extent that such breach is not cured by the Closing Date, or any breach by such Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 27.2(b) to the extent
made as of a date subsequent to the Closing Date. 

 In the case of any failure of performance described in sub-paragraph
(a)(ii) of this clause 27.6, the relevant Servicing Function Participant shall promptly reimburse the Trust Manager, and each person responsible for the preparation, execution or filing of any report required to be filed with the Commission with
respect to the transactions contemplated by the Agency Agreement, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such transactions, for all costs reasonably incurred by each
such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by such Servicing Function Participant, any Subservicer or any Subcontractor. 
  

					
	 (b)
	  	(i)	  	 Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter
or other material when and as required under this clause 27, or any breach by a Servicing Function Participant of a representation or warranty set forth in clause 27.2(b) or in a writing furnished pursuant to clause 27.2(b) and made as of a date
prior to the Closing Date, to the extent that such breach is not cured by the Closing Date, or any breach by a Servicing Function Participant of a representation or warranty in a writing furnished pursuant to clause 27.2(b) to the extent made as of
a date subsequent to the Closing Date, shall, except as provided in sub-paragraph (a), immediately and automatically, without notice or grace period, constitute a breach under this Agency Agreement and any other applicable Transaction Document, and
shall entitle the Trust Manager, in its sole discretion to terminate the rights and obligations of such Servicing Function Participant under this Agency Agreement and/or any other applicable Transaction Document without payment (notwithstanding
anything in this Agency Agreement or any other applicable Transaction Document to the contrary) of any compensation to such Servicing Function Participant; provided that to the extent that any provision of this Agency Agreement and/or any other
applicable Transaction Document expressly provides for the survival of certain rights or obligations following termination of such Servicing Function Participant, such provision shall be given effect.

			
		  	(ii)	  	 Any failure by a Servicing Function Participant, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter
when and as required under clause 27.4, including (except as provided below) any failure by a Servicing Function Participant to identify pursuant to clause 27.5(b) any Subcontractor “participating in the servicing function” within the
meaning of Item 1122 of Regulation AB, which continues unremedied for ten calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered shall constitute a breach with
respect to such

  

	
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	Agency Agreement	  	

  

					
		  		  	 Servicing Function Participant under this Agency Agreement and any other applicable Transaction Document, and shall entitle the Trust Manager, in its sole
discretion to terminate the rights and obligations of such Servicing Function Participant, under this Agency Agreement and/or any other applicable Transaction Document without payment (notwithstanding anything in any of the foregoing documents to
the contrary) of any compensation to such Servicing Function Participant; provided that to the extent that any provision of any of the foregoing documents expressly provides for the survival of certain rights or obligations following termination of
such Servicing Function Participant, such provision shall be given effect.

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

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

  

	
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	Agency Agreement	  	

  

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

					
	SIGNED on behalf of	 	)	 	
	WESTPAC SECURITIES	 	)	 	
	ADMINISTRATION LIMITED	 	)	 	
	 by its attorney
	 	)	 	
	 in the presence of:
	 	)	 	  
		 		 	Signature
			
	   	 		 	   
	Witness	 		 	Print name
			
	   	 		 	 
	Print name	 		 	

 TRUST MANAGER 
  

					
	SIGNED on behalf of	 	)	 	
	WESTPAC SECURITISATION	 	)	 	
	MANAGEMENT PTY LIMITED	 	)	 	
	 by its attorney
	 	)	 	
	 in the presence of:
	 	)	 	  
		 		 	Signature
			
	   	 		 	   
	Witness	 		 	Print name
			
	   	 		 	 
	Print name	 		 	

  

	
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	Agency Agreement	  	

  

 NOTE TRUSTEE 
  

					
	EXECUTED by	 	)	 	
	[tba]	 	)	 	
			
	   	 		 	   
	Authorised Signatory	 		 	Authorised Signatory
			
	   	 		 	   
	Print name	 		 	Print name

 PRINCIPAL PAYING AGENT 
  

					
	EXECUTED by	 	)	 	
	[tba]	 	)	 	
			
	   	 		 	   
	Authorised Signatory	 		 	Authorised Signatory
			
	   	 		 	   
	Print name	 		 	Print name

 CALCULATION AGENT 
  

					
	EXECUTED by	 	)	 	
	[tba]	 	)	 	
			
	   	 		 	   
	Authorised Signatory	 		 	Authorised Signatory
			
	   	 		 	   
	Print name	 		 	Print name

  

	
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	Agency Agreement	  	

  

 NOTE REGISTRAR 
  

					
	EXECUTED by	 	)	 	
	[tba]	 	)	 	
			
	   	 		 	   
	Authorised Signatory	 		 	Authorised Signatory
			
	   	 		 	   
	Print name	 		 	Print name

  

	
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	Agency Agreement	  	

  

 Schedule 1 
 Servicing Criteria To
Be Addressed In Assessment Of Compliance 

 The assessment of compliance to be delivered by [Westpac
Securitisation Administration Pty Limited] [Westpac Securitisation Management Pty Limited] [Westpac Banking Corporation] [Deutsche Bank Trust Company Americas] (in its various capacities] [The Mortgage Company Pty Limited] [P.T. Limited] [Currency
Swap Provider] [Name of Subservicer] [Name of Subcontractor] [Name of any Other Party Responsible For Servicing Function] shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”: 
  

					
	  	  	APPLICABLE
	SERVICING CRITERIA	  	SERVICING
	  	  	CRITERIA
	Reference	  	Criteria	  	  
	  	  	General Servicing Considerations	  	  
	 		 
	 1122(d)(1)(i)
  
	  	 Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
agreements.
  
	  	  
	 		 
	 1122(d)(1)(ii)
  
	  	 If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s
performance and compliance with such servicing activities.
  
	  	  
	 		 
	 1122(d)(1)(iii)
  
	  	 Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.
  
	  	  
	 		 
	 1122(d)(1)(iv)
  
	  	 A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in
the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
  
	  	  
	 		 
	  	  	 Cash Collection and Administration
  
	  	  
	 		 
	 1122(d)(2)(i)
  
	  	 Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing
accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
  
	  	  

  

	
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	Agency Agreement	  	

  

					
	  	  	APPLICABLE
	SERVICING CRITERIA	  	SERVICING
	  	  	CRITERIA
	Reference	  	Criteria	  	  
	 		 
	 1122(d)(2)(ii)
  
	  	 Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
  
	  	  
	 		 
	 1122(d)(2)(iii)
  
	  	 Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are
made, reviewed and approved as specified in the transaction agreements.
  
	  	  
	 		 
	 1122(d)(2)(iv)
  
	  	 The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately
maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
  
	  	  
	 		 
	 1122(d)(2)(v)
  
	  	 Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this
criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
  
	  	  
	 		 
	 1122(d)(2)(vi)
  
	  	 Unissued checks are safeguarded so as to prevent unauthorized access.
  
	  	  
	 		 
	 1122(d)(2)(vii)
  
	  	 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts,
including custodial accounts and related bank clearing accounts. These reconciliations (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction
agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original
identification, or such other number of days specified in the transaction agreements.
  
	  	  

  

	
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	Agency Agreement	  	

  

					
	  	  	APPLICABLE
	SERVICING CRITERIA	  	SERVICING
	  	  	CRITERIA
	Reference	  	Criteria	  	  
	 		 
	  	  	 Investor Remittances and Reporting
  
	  	  
	 		 
	 1122(d)(3)(i)

 
	  	 Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable
Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction
agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the
servicer.
  
	  	  
	 		 
	 1122(d)(3)(ii)
  
	  	 Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
agreements.
  
	  	  
	 		 
	 1122(d)(3)(iii)
  
	  	 Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified
in the transaction agreements.
  
	  	  
	 		 
	 1122(d)(3)(iv)
  
	  	 Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank
statements.
  
	  	  
	 		 
	  	  	 Pool Asset Administration
  
	  	  
	 		 
	 1122(d)(4)(i)
  
	  	 Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.
  
	  	  
	 		 
	 1122(d)(4)(ii)
  
	  	 Pool assets and related documents are safeguarded as required by the transaction agreements
  
	  	  
	 		 
	 1122(d)(4)(iii)
  
	  	 Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the
transaction agreements.
  
	  	  
	 		 
	 1122(d)(4)(iv)
  
	  	 Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are
posted to the servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in
accordance with the related pool asset documents.
  
	  	  

  

	
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	Agency Agreement	  	

  

					
	  	  	APPLICABLE
	SERVICING CRITERIA	  	SERVICING
	  	  	CRITERIA
	Reference	  	Criteria	  	  
	 		 
	 1122(d)(4)(v)

 
	  	 The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal
balance.
  
	  	  
	 		 
	 1122(d)(4)(vi)

 
	  	 Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved
by authorized personnel in accordance with the transaction agreements and related pool asset documents.
  
	  	  
	 		 
	 1122(d)(4)(vii)
  
	  	 Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as
applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.
  
	  	  
	 		 
	 1122(d)(4)(viii)
  
	  	 Records documenting collection efforts are maintained during the period a pool asset is delinquent in
accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets
including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).
  
	  	  
	 		 
	 1122(d)(4)(ix)

 
	  	 Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset
documents.
  
	  	  
	 		 
	 1122(d)(4)(x)

 
	  	 Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in
accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset
documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets or such other number of days specified in the transaction agreements.
  
	  	  

  

	
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	Agency Agreement	  	

  

					
	  	  	APPLICABLE
	SERVICING CRITERIA	  	SERVICING
	  	  	CRITERIA
	Reference	  	Criteria	  	  
	 		 
	 1122(d)(4)(xi)

 
	  	 Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated
on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
  
	  	  
	 		 
	 1122(d)(4)(xii)
  
	  	 Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged
to the obligor, unless the late payment was due to the obligor’s error or omission.
  
	  	  
	 		 
	 1122(d)(4)(xiii)
  
	  	 Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such
other number of days specified in the transaction agreements.
  
	  	  
	 		 
	 1122(d)(4)(xiv)
  
	  	 Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the
transaction agreements.
  
	  	  
	 		 
	 1122(d)(4)(xv)

 
	  	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of
Regulation AB, is maintained as set forth in the transaction agreements.
  
	  	  

 [SERVICER] 
 Date: 
 By: 
 Name: 
 FORM OF 10-K CERTIFICATION 
 [*] (the Asserting
Party) is responsible for assessing compliance as of September 30, 200[*] and for the period from [*], (the date of issuance of the Series [*] WST transaction subject to the requirements of Regulation AB) through September 30,
200[*] (the Reporting Period) with the servicing criteria set forth in Section 229.1122(d) of the Code of Federal Regulations (the CFR), except for criteria 229.1122(d) [insert 

  

	
	Page 44

			
	Agency Agreement	  	

  

 
section numbers in 229.1122(d) that are not applicable to the Asserting Party] in the CFR, which the Asserting Party has concluded are not applicable to the
servicing activities it performs with respect to the asset-backed securities transactions covered by this report (the Applicable Servicing Criteria). The transactions covered by this report include asset-backed securities transactions
for which the Asserting Party served as [*] that are backed by the same asset type backing the class of asset-backed securities of the Series [*] WST (including the Series [*] WST asset-backed securities transaction), that were completed on or after
[*], by Westpac Securitisation Management Pty Limited as depositor and that were registered with the SEC pursuant to the Securities Act of 1933 (the Platform). 
 The Asserting Party has assessed its compliance with the Applicable Servicing Criteria as of September 30, 200[*] and for the Reporting Period and has concluded that the Asserting Party has complied, in all
material respects, with the Applicable Servicing Criteria with respect to the Platform taken as a whole. 
 [*], an independent registered public accounting
firm, has issued an attestation report on the assessment of compliance with the Applicable Servicing Criteria as of September 30, 200[*] and for the Reporting Period as set forth in this assessment. 
 [NAME OF ASSERTING PARTY] 
 Date: 
 By: 
 Name: 
 Title: 
  

	
	Page 45

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