Document:

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                                  Exhibit 10.4

                          Interest Rate Swap Agreement

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(Multicurrency--Cross Border)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

               dated as of 12 March 2002
                           --------------------------------------

                                           Westpac Securities Admininstration
Westpac Banking Corporation                Limited ABN 77 000 049 472 as
ABN 33 007457 141                          trustee of the Series 2002-1G WST
("Party A")                           and  Trust ("Party B")
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have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. Obligations

(a)   General Conditions.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.

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(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:--

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) Deduction or Withholding for Tax.

      (i) Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                        2                           ISDA(R) 1992

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      (ii) Liability. If:--

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a) Basic Representations.

      (i) Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                       3                            ISDA(R) 1992

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(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4                            ISDA(R) 1992

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organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) Breach of Agreement. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) Credit Support Default.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document;

      (iv) Misrepresentation. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) Default under Specified Transaction. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) Cross Default. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                       5                            ISDA(R) 1992

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      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) Bankruptcy. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) Merger Without Assumption. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6                            ISDA(R) 1992

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Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

        (i) Illegality. Due to the adoption of, or any change in, any applicable
        law after the date on which a Transaction is entered into, or due to the
        promulgation of, or any change in, the interpretation by any court,
        tribunal or regulatory authority with competent jurisdiction of any
        applicable law after such date, it becomes unlawful (other than as a
        result of a breach by the party of Section 4(b)) for such party (which
        will be the Affected Party):--

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) Additional Termination Event. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7                            ISDA(R) 1992

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6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

      (i) Notice. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) Transfer to Avoid Termination Event. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) Right to Terminate. If:--

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8                            ISDA(R) 1992

<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) Effect of Designation.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d) Calculations.

      (i) Statement. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) Payment Date. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) Events of Default. If the Early Termination Date results from an Event
      of Default:--

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9                            ISDA(R) 1992

<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii) Termination Events. If the Early Termination Date results from a
      Termination Event:--

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties:--

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10                           ISDA(R) 1992

<PAGE>

7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For tbe purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                           ISDA(R) 1992

<PAGE>

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                           ISDA(R) 1992

<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                           ISDA(R) 1992

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                           ISDA(R) 1992

<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                           ISDA(R) 1992

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meanings specified in the Schedule.

                                       16                           ISDA(R) 1992

<PAGE>

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17                           ISDA(R) 1992

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.
<TABLE>
<CAPTION>

<S>                                          <C>

Westpac Securities Administration               Westpac Securitisation Management
Limited (ABN 77 000 049 472)                    Pty Limited (ABN 73 081709 211)
------------------------------------------      --------------------------------------
           (Name of Party)                              (Name of Party)

By: /s/ Robert George Hamilton                  By: /s/ G. P. D. Rennie
    --------------------------------------         -----------------------------------
    Name: Robert George Hamilton                Name: G. P. D. Rennie
    Title: Manager, Trustee Securitisation      Title: Attorney
    Date: 12 March 2002                         Date: 12 March 2002
</TABLE>

Westpac Banking Corporation
(ABN 33 007457 141)

By: /s/ G. P. D. Rennie
    ----------------------------------
    Name: G. P. D. Rennie
    Title: Attorney
    Date: 12 March 2002

By: /s/ Sonya Jenkins
    ----------------------------------
    Name: Sonya Jenkins
    Title: Attorney
    Date: 12 March 2002

                                       18                           ISDA(R) 1992

<PAGE>

                                    SCHEDULE

                                     to the

                              ISDA Master Agreement

                            dated as of 12 March 2002

                 between WESTPAC BANKING CORPORATION ("Party A")

                    WESTPAC SECURITIES ADMINISTRATION LIMITED
             as trustee of the Series 2002-1G WST Trust ("Party B")

                                       and

         WESTPAC SECURITISATION MANAGEMENT PTY LIMITED ("Trust Manager")

                                     Part 1

                             Termination Provisions

In this Agreement:-

(a)      "Specified Entity" is not applicable in relation to Party A and
         Party B.

(b)      The "Breach of Agreement", Credit Support Default" and
         "Misrepresentation" provisions of Section 5(a)(ii), (iii) and (iv) will
         not apply to Party A and Party B.

(c)      The "Default under Specified Transaction" and "Cross Default"
         provisions of Section 5(a)(v) and (vi) will not apply to Party A and
         Party B.

(d)      "Termination Currency" means Australian Dollars.

(e)      The "`Bankruptcy" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event has occurred in respect of the party". The occurrence
         of an Insolvency Event in respect of Party B in its personal capacity
         will not constitute an Event of Default provided that within thirty
         Business Days of that occurrence, Party A and Party B are able to
         procure the novation of this Agreement and all Transactions to a third
         party in respect of which the Designated Rating Agencies confirm that
         the novation will not cause a reduction or withdrawal of the rating of
         the Notes.

(f)      Section 5(a)(i) is amended to replace "third" with "tenth".

(g)      The "Merger Without Assumption" provisions of Section 5(a)(viii) will
         not apply to Party A and Party B. The provisions of Sections
         5(b)(ii)("Tax Event") and 5(b)(iii)("Tax Event Upon Merger") will not
         apply to Party A and Party B. The "Credit Event Upon Merger" provisions
         of Section 5(b)(iv) will not apply to Party A and Party B.

(h)      An "Additional Termination Event", set out in Part 5(i)(a) and (d) of
         this Schedule, will apply.

(i)      The "Automatic Early Termination" provision of Section 6(a) will not
         apply to Party A and Party B. Any event which, upon its occurrence,
         constitutes an Event of Default, is deemed not to be an essential term
         of the Transaction so that the occurrence of any Event of Default shall
         not be implied to constitute a repudiation of the Agreement. This does
         not in

                                                                          Page 1

<PAGE>

         any way restrict or limit the right of a Non-Defaulting Party under
         section 6(a) to terminate following an Event of Default.

(j)      In the  "Transfer to Avoid  Termination  Event"  provision  of Section
         6(b)(ii), after the words "another of its Offices or Affiliates" on
         the seventh line add "(in respect of which the Designated Rating
         Agencies confirm that the transfer will not cause a reduction or
         withdrawal of the rating of the Notes)".

(k)      Payments on Early Termination For the purpose of Section 6(e) of this
         Agreement:-

                  (i)      Subject to paragraphs a) and b) below, Loss will
                           apply

                  (ii)     The Second Method will apply

         a)       In respect of any Transaction that is described in its
                  Confirmation as a "Variable Rate Basis Swap", the Loss of each
                  party entitled to make a determination of its Loss under
                  Section 6(e) will be deemed to be zero; and

         b)       In respect of any Transaction that is, described in its
                  Confirmation as a "Fixed Rate Basis Swap", the Loss of each
                  party entitled to make a determination of its Loss under
                  Section 6(e) will be deemed to be that amount that would
                  result from the application of the "Market Quotation" payment
                  measure to the Transaction.

(l)      In the  "Transfer"  provision of Section 7, add at the end of paragraph
         (a) after the closing parenthesis following the word "Agreement";

         "provided, in respect of Party A, that such other entity is an entity
         in respect of which the Designated Rating Agencies confirm that the
         transfer will not cause a reduction or withdrawal of the rating of the
         Notes";

         and add a new paragraph (c);

         "(c)     Party B may transfer to a Successor Trustee (as defined below)
                  or to avoid an Illegality as specified in Section 5(b)(i)".

(m)      Add a new paragraph to Section 7, immediately below paragraph (c):

         In the event that a trustee is appointed as a successor to Party B
         under the Trust Deed ("Successor Trustee"), Party A undertakes that it
         shall (unless, at the time the Successor Trustee is so appointed, Party
         A is entitled to terminate the Transaction under Section 6, in which
         case it may) novate to the Successor Trustee the Transaction on the
         same terms or on other terms to be agreed between Party A, Party B and
         the Successor Trustee, and give written notice to the Designated Rating
         Agencies of such novation.

(n)      Add a new Section 2(f) Trustee Provisions:

         Party B enters into this Agreement in its capacity as Trustee of the
         Trust. Clause 33.16 of the Trust Deed applies to this Agreement as if
         set out in full. Clause 16 of the Security Trust Deed shall apply to
         govern Party A's priority to moneys received from the sale of Assets or
         other enforcement of the Charge under the Security Trust Deed (each as
         defined in the Security Trust Deed).

(o)      In the "Amendments" provision of Section 9(b) add at the end ",and
         notified in writing to the Designated Rating Agencies ".

                                                                          Page 2

<PAGE>

                                     Part 2

                               Tax Representations

(a)      Deduction or Withholding for Tax.  Section 2(d) is replaced with the
         following section:

         All payments under this Agreement will be made subject to deduction or
         withholding for or on account of any Tax. If a party is so required to
         deduct or withhold, then that party ("X") will:

           (i)    promptly notify the other party ("Y") of such requirement;

          (ii)    pay to the relevant authorities the full amount required to be
                  deducted or withheld promptly upon the earlier of
                  determining that such deduction or withholding is required or
                  receiving notice that such amount has been assessed against Y;

         (iii)    promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities;

          (iv)    pay to Y the amount Y would have received had no deduction or
                  withholding been required less the amount of the deduction or
                  withholding paid by X under Section 2(d)(ii).

(b)      Payer Tax Representation. For the purpose of Section 3(e), Party A and
         Party B make the following representation:-

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other
         party under this Agreement. In making this representation, it may rely
         on:-

          (i)    the accuracy of any representations made by the other party
                 pursuant to Section 3(f);

          (ii)   the satisfaction of the agreement of the other party contained
                 in Section 4(a)(i) or 4(a)(iii) of this Agreement and
                 the accuracy and effectiveness of any document provided by
                 the other party pursuant to Section 4(a)(i) or 4(a)(iii);
                 and

          (iii)  the satisfaction of the agreement of the other party
                 contained in Section 4(d),

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(c)      Payee Tax Representation. For the purpose of Section 3(f), Party A and
         Party B make the representation specified below:-

         "It is an Australian resident and does not derive the payments under
         this Agreement in part or whole in carrying on business in a country
         outside Australia at or through a permanent establishment of itself in
         that country".

                                                                          Page 3

<PAGE>

                                     Part 3

                            Documents to be delivered

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver to the other as soon as reasonably practicable following a request by
the other party, any document or certificate reasonably required by a party in
connection with its obligations to make a payment under this Agreement which
would enable that party to make the payment free from any deduction or
withholding for or on account of Tax or as would reduce the rate at which the
deduction or withholding for or on account of Tax is applied to that payment.

                                     Part 4

                                  Miscellaneous

(a)      Address for Notices.  For the purpose of Section 12(a):-

         Address for notices or communications to Party A to each of the
         following for all purposes:-

         Address          :        Financial Markets Operations
                                   Level 3, 255 Elizabeth Street
                                   Sydney  NSW  2000
         Attention        :        Senior Manager,  Global Derivative Operations
         Fax No           :        02 9283 1724

         Address for notices or communications to the Trust Manager:-

         Address          :        Group Securitisation
                                   Level 25, 60 Martin Place
                                   Sydney  NSW  2000
         Attention        :        Cameron Kelly
         Fax No           :        02 9226 1888

         Address for notices or communications to Party B:-

         Address          :        Westpac Securities Administration Limited
                                   4th Floor, 50 Pitt Street
                                   Sydney  NSW  2000
         Attention        :        Robert Hamilton
         Fax No           :        02 9220 4113

         For all purposes

(b)      Process Agent.   Party A and Party B do not appoint any Process Agents.

                                                                          Page 4

<PAGE>

(c)      Offices.  The provisions of Section 10(a) will not apply to this
         Agreement.

(d)      Multibranch Party.  Party A is not a Multibranch Party and Party B is
         not a Multibranch Party.

(e)      Calculation Agent.  The Calculation Agent is the Trust Manager, unless
         specified in a relevant Confirmation.

(f)      Credit Support Document. - Details of any Credit Support Document:-
         In relation to Party A: Nil
         In relation to Party B: Security Trust Deed

(g)      Credit Support Provider. - Nil.

(h)      Governing  Law. This Agreement is governed by and construed in
         accordance with the laws of the State of New South Wales, and Section
         13(b)(i) is deleted and replaced with the following: "submits to the
         non-exclusive jurisdiction of the courts of New South Wales and courts
         of appeal from them."

(i)      Netting of Payments. Section 2(c)(ii) of this Agreement will apply to
         net Transactions specified in the same Confirmation, and will not apply
         to net Transactions specified in different Confirmations.

(j)      "Affiliate"  will have the meaning  specified  in Section 14. For the
          purpose of Section 3(c), Party A is deemed not to have any Affiliates.

                                     Part 5

                                Other Provisions

(a)      The following definitions are incorporated into this Master Agreement \
         and any Confirmation:

         -        the 2000 ISDA Definitions (as published by the  International
                  Swaps and Derivatives  Association,  Inc.) (as amended
                  and supplemented from time to time)

         (known as the "ISDA Definitions").

(b)      In the event of any  inconsistency  between any two or more of the
         following  documents,  they shall take precedence over each
         other in the following descending order:

         (i)      any Confirmation;

         (ii)     the Schedule to the Master Agreement;

         (iii)    the other provisions of the Master Agreement;

         (iv)     the ISDA Definitions.

(c)      The parties acknowledge that telephone conversations between them may
         be recorded and each party consents to such recordings being used as
         evidence in court proceedings.

(d)      In Section 2(a)(i) add the following sentence:

              "Each payment will be by way of exchange for the corresponding
               payment or payments payable by the other party".

                                                                          Page 5

<PAGE>

(e)      A new Section 2(a)(iv) is inserted as follows:

         "(iv)    The condition precedent in Section 2(a)(iii)(1) does not apply
                  to a payment due to be made to a party if it has satisfied all
                  its payment and delivery obligations under Section 2(a)(i) and
                  has no future payment or delivery obligations, whether
                  absolute or contingent under Section 2(a)(i)."

(f)      The parties agree that, for the purpose of Section 2(b) of the
         Agreement, "Change of Account", any new account so designated shall be
         in the same tax jurisdiction as the original account.

(g)      Additional Representations: In Section 3 add the following immediately
          after paragraph (f):

         "(g)     Non Assignment. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over any of its
                  rights under any Transaction (other than, in respect of Party
                  B, the trusts created pursuant to the Trust Deed) and has not
                  given any charge over its assets, in the case of Party A, or
                  the assets of the Trust (other than as provided in the
                  Security Trust Deed), in the case of Party B.

         (h)      Contracting as principal. Each existing Transaction has been
                  entered into by Party A as principal and not otherwise and
                  each existing Transaction has been entered into by Party B in
                  its capacity as trustee of the Trust and not otherwise.

         Party B also  represents  to Party A (which  representations  will be
         deemed to be repeated by Party B on each date on which a Transaction
         is entered into) that:

         (i)      Trust Validly Created. The Trust has been validly created and
                  is in existence at the date of this Agreement.

         (ii)     Sole  Trustee.  Party B has been validly  appointed as trustee
                  of the Trust and is presently  the sole trustee of the
                  Trust.

         (iii)    No Proceedings to remove. No notice has been given to Party B
                  and to Party B's knowledge no resolution has been passed, or
                  direction or notice has been given, removing Party B as
                  trustee of the Trust.

         (iv)     Power. Party B has power under the Trust Deed to enter into
                  this Agreement and the Security Trust Deed in its capacity as
                  trustee of the Trust.

         (v)      Good Title. Party B is the owner of the assets of the Trust
                  and has power under the Trust Deed to mortgage or charge them
                  in the manner provided in the Security Trust Deed, and,
                  subject only to the Trust Deed, the Security Trust Deed and
                  any Security Interest (as defined in the Security Trust Deed)
                  permitted under the Security Trust Deed, those assets are free
                  from all other Security Interests."

(h)      Additional Covenant: In Section 4 add a new paragraph as follows:

         "(f)     Contracting as Principal. Party A will enter into all
                  Transactions as principal and not otherwise and Party B will
                  enter into all Transactions in its capacity as trustee of the
                  Trust and not otherwise."

(i)      (a)      In respect of any Transaction  that is described in its
                  Confirmation as a "Variable Rate Basis Swap", if at any time
                  Party A's short-term credit rating is downgraded

                                                                          Page 6

<PAGE>

                  below A-1 in the case of Standard & Poor's or A2 in the case
                  of Moody's Investors Service Inc. it must, within 3 days of
                  such downgrading (at its cost alone) either;

                  (i)      establish such collateralisation arrangements in
                           support of its obligations as are sufficient to allow
                           the Designated Rating Agencies to confirm that the
                           downgrade will not cause a reduction, withdrawal or
                           qualification of the rating of the Notes; or

                  (ii)     procure the novation of this Agreement to a
                           replacement Swap Provider acceptable to the
                           Designated  Rating Agencies.

                  The failure by Party A to establish the collateral
                  arrangements described in (i) above, or to procure the
                  novation of this Agreement as described in (ii) above will
                  constitute an Additional Termination Event. For the purposes
                  of this Additional Termination Event, Party A will be the
                  Affected Party.

         (b)      In respect of any  Transaction  that is described in its
                  Confirmation as a "Fixed Rate Basis Swap", if at any time
                  Party A's short-term credit rating is downgraded below A-1
                  in the case of Standard & Poor's or A2 in the case of
                  Moody's Investors Service Inc. Party A must, within 3 days
                  of such downgrading, pay to Party B the Swap Collateral
                  Amount (determined from time to time in accordance with
                  paragraph (c) below), which amount Party B must lodge in
                  Authorised Investments. For this purpose "Authorised
                  Investments" are cash, bank accepted bills of exchange rated
                  A-1+ by Standard & Poor's and P1 by Moody's Investors
                  Service Inc. or other forms of securities acceptable to the
                  Designated Rating Agencies. Following the initial payment of
                  a Swap Collateral Amount within 3 days of its downgrade,
                  Party A will be obliged to pay any subsequent Swap
                  Collateral Amount by each Payment Date in respect of which,
                  on the relevant Determination Date, a Swap Collateral Amount
                  is calculated as being payable in accordance with paragraph
                  (c) below.

                  If Party B determines that it will lodge the Swap Collateral
                  Amount in a cash account, Party B must as soon as is
                  practicable establish and maintain in the name of Party B an
                  account with a Bank having a short-term credit rating of A-1+
                  from Standard & Poor's and P-1 from Moody's Investors Services
                  Inc. or which otherwise satisfies the requirements of the
                  Designated Rating Agencies (the "Swap Collateral Account").

                  Party B may only make withdrawals from the Swap Collateral
                  Account or liquidate the Authorised Investments if directed to
                  do so by the Trust Manager and then only for the purpose of:

                  (i)      entering into a substitute swap;

                  (ii)     refunding to Party A the amount of any reduction in
                           the Swap Collateral  Amount as required to be held
                           under the calculation in paragraph (c) below;

                  (iii)    withdrawing any amount which has been incorrectly
                           deposited into the Collateral Account;

                                                                          Page 7

<PAGE>

                  (iv)     paying financial  institutions  duty, bank accounts
                           debit tax or their equivalent  payable in respect of
                           the Collateral Account; or

                  (v)      funding the amount of any payment due to be made by
                           Party A under this Agreement following the failure by
                           Party A to make that payment.

         (c)      For any Business Day, the "Swap Collateral Amount" in respect
                  of a Transaction will be either (1) the amount calculated by
                  Party A in accordance with sub-paragraphs (i) - (vi) below, or
                  (2) such other higher amount as is required by each Designated
                  Rating Agency to affirm the rating on the Notes.

                  For the purposes of alternative (1) above, the Swap Collateral
                  Amount will be calculated as follows:

                  (i)      A repricing profile of the loans to which the
                           Transaction relates will be run as  at the close of
                           business on the previous Business Day.

                  (ii)     The repricing duration (weighted average repricing
                           term) of the profile will be calculated using a 5%
                           constant prepayment rate and the spot mid-market zero
                           coupon yield curve, which is derived from the average
                           of the four major banks' mid-market inter-bank swap
                           curves.

                  (iii)    The implied volatility for the term derived in (ii)
                           above will be calculated using the Sydney Futures
                           Exchange futures strip.

                  (iv)     The forward one month mid-market zero curve plus 5
                           basis points will be derived.

                  (v)      A 99% degree of confidence will be applied to the
                           zero curve derived in (iv) above (i.e. 2.33 x
                           volatility).

                  (vi)     The profile run under (i) above will be marked-to-
                           market using the curve described in (v) above.

                  The difference between the market value of the outcome of step
                  (vi) and the Notional Value of the Transaction will represent
                  the Swap Collateral Amount. Step (vi) will be repeated on a
                  monthly basis (on each Determination Date for the Transaction)
                  following the first determination of the Swap Collateral
                  Amount.

         (d)      The failure by Party A to establish the collateral
                  arrangements described in (b) above will, at the discretion of
                  Party B, constitute an Additional Termination Event. For the
                  purposes of this Additional Termination Event, Party A will be
                  the Affected Party.

         (e)      If Party A has paid a Swap Collateral Amount to Party B in
                  accordance with paragraph (b) above and an Early Termination
                  Date is designated in respect of the Transaction to which that
                  Swap Collateral Amount relates, then notwithstanding any other
                  provision of this Agreement Party B will, as soon as is
                  practicable, repay that Swap Collateral Amount to Party A.

(j)      Confirmations.  Notwithstanding  the provisions of Section 9(e)(ii),
         each Confirmation in respect of a Swap Transaction which is
         confirmed by electronic messaging system, an exchange of telexes
         or an exchange of facsimiles will be further evidenced by an
         original

                                                                          Page 8

<PAGE>

         Confirmation signed by the parties, however any failure to sign an
         original Confirmation will not affect the validity or
         enforceability of any Swap Transaction.

(k)      Section 12 is amended as follows:-

         (i)      In Section 12(a), insert "and settlement instructions
                  requiring payment to an entity other than the original
                  counterparty" after "Section 5 or 6" in line 2.

         (ii)     Section 12(a)(iii) is replaced with:

                  "(iii)   if sent by facsimile transmission, on the date a
                           transmission report is produced by the machine from
                           which the facsimile was sent which indicates that the
                           facsimile was sent in its entirety to the facsimile
                           number of the recipient notified for the purpose of
                           this Section, unless the recipient notifies the
                           sender within one Local Business Day of the facsimile
                           being sent that the facsimile was not received in its
                           entirety and in legible form."

(l)      In Section 14, the definition of "Market Quotation" is replaced with:

                  ""Market Quotation" means, with respect to one or more
                  Terminated Transactions and a party making the determination,
                  an amount determined on the basis of quotations from Reference
                  Market-makers. Each quotation will take into account any
                  existing Credit Support Document with respect to the
                  obligations of such party.

                  Each quotation will be determined as the amount, if any,
                  that would be paid to such party (expressed as a negative
                  number) or by such party (expressed as a positive number)
                  in consideration of an agreement between such party and the
                  quoting Reference Market-maker to enter into a transaction
                  (the "Replacement Transaction") that would have the effect
                  of preserving for such party the economic equivalent of the
                  Future Obligations of both parties.

                  The Replacement Transaction would be subject to such
                  documentation as such party and the Reference Market-maker
                  may, in good faith, agree. The party making the
                  determination (or its agent) will request each Reference
                  Market-maker to provide its quotation to the extent
                  reasonably practicable as of the same day and time (without
                  regard to different time zones) on or as soon as reasonably
                  practicable after the relevant Early Termination Date. The
                  day and time as of which the quotation or quotations are to
                  be obtained will be selected in good faith by the party
                  obliged to make a determination under Section 6(e), and, if
                  each party is so obliged, after consultation with the
                  other.

                  If more than three quotations are provided, the Market
                  Quotation will be the arithmetic mean of the quotations,
                  without regard to the quotations having the highest and
                  lowest values. If exactly three such quotations are
                  provided, the Market Quotation will be the quotation
                  remaining after disregarding the highest and lowest
                  quotations. For this purpose, if more than one quotation
                  has the same highest value or lowest value, then one of
                  such quotations shall be disregarded. If fewer than three
                  quotations are provided, it will be deemed that the Market
                  Quotation in respect of such Terminated Transaction or
                  group of Terminated Transactions cannot be determined."

                                                                          Page 9

<PAGE>

(m)      In Section 14, add new definitions:

                  ""Future Obligations" means in respect of a Terminated
                  Transaction, all payment or delivery obligations (whether the
                  underlying obligation was absolute or contingent and assuming
                  the satisfaction of each applicable condition precedent) of a
                  party under Section 2(a)(i) in respect of a Terminated
                  Transaction or group of Terminated Transactions, that would,
                  but for the occurrence of the relevant Early Termination Date,
                  have been required after that date. (For this purpose, Unpaid
                  Amounts in respect of the Terminated Transaction or group of
                  Terminated Transactions are to be excluded but, without
                  limitation, any payment or delivery that would, but for the
                  relevant Early Termination Date, have been required (assuming
                  satisfaction of each applicable condition precedent) after
                  that Early Termination Date is to be included)."

                  "Trust Deed" means the Master Trust Deed dated 14 February
                  1997 and the Series 2002-1G WST Trust Series Notice dated on
                  or about the date of this Agreement between amongst others
                  Party B, Party A and the Trust Manager, and each of the
                  following expressions shall have the meanings given to them
                  in the Trust Deed:

                           "Designated Rating Agency"

                           "Insolvency Event"

                           "Note"

                           "Security Trust Deed"

                           "Swap Provider"

                           "Trust"

(n)      Any reference to a:

         (i)      "Swap  Transaction" in the 2000 ISDA  Definitions is deemed to
                  be a reference to a  "Transaction"  for the purpose of
                  interpreting this Agreement or any Confirmation; and

         (ii)     "Transaction" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purpose of
                  interpreting the 2000 ISDA Definitions.

(o)      The "September 1992 Australian Addendum No. 10 - (as amended in March
         1994) Netting of Schedule to Master Agreement of International Swaps
         and Derivatives Association, Inc." is deemed to be incorporated in this
         Agreement, except that in the event of any inconsistency between that
         addendum and this Schedule or any Confirmation, the Confirmation or
         this Schedule shall take precedence.

(p)      Trust Deed: The Parties  acknowledge and agree that for the purposes of
         the Trust Deed, this Agreement is a "Hedge  Agreement" and Party A is
         a "Swap Provider" and "Support Facility Provider".

(q)      Restricted Remedies

         Party A shall not, in connection with this Agreement:

         (a)      (judgment) obtain a judgement for the payment of money or
                  damages by Party B;

                                                                         Page 10

<PAGE>

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

         (c)     (winding up) apply for the winding up or dissolution of
                 Party B;

         (d)     (execution) levy or enforce any distress or other execution to,
                 on, or against any assets of Party B;

         (e)     (court appointed receiver) apply for the appointment by a court
                 of a receiver to any of the assets of Party B;

         (f)     (set-off or counterclaim) exercise or seek to exercise any
                 set-off or counterclaim against Party B;

         (g)     (administrator) appoint, or agree to the appointment, of any
                 administrator to Party B;

         or take proceedings for any of the above and Party A waives its right
         to make those applications and take those proceedings.

                                                                         Page 11

<PAGE>

<TABLE>

<S>                                                  <C>

To:         Westpac Securities Administration            Westpac Securitisation Management Pty
            Limited                                      Limited
            as trustee of the Series 2002-1G WST         Level 25
            Trust                                        60 Martin Place
            Level 25                                     Sydney  NSW  2000
            60 Martin Place                              AUSTRALIA
            Sydney  NSW  2000
            AUSTRALIA                                    Attention: Cameron Kelly

            Attention: Bob Hamilton

            Westpac Banking Corporation
            Level 4
            255 Elizabeth Street
            Sydney  NSW  2000
            AUSTRALIA

            Attention: Glenn Grainger
</TABLE>

CONFIRMATION - SERIES 2002-1G WST TRUST

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by Westpac Securities Administration Limited,
ABN 77 000 049 472 as trustee of the Series 2002-1G WST Trust (the "Series
Trust").

This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA
Master Agreement dated 12 March 2002, as amended, novated or supplemented from
time to time (the "Agreement"), between Westpac Banking Corporation ("Party A"),
Westpac Securities Administration Limited, ABN 77 000 049 472 as trustee of, the
Series Trust ("Party B") and Westpac Securitisation Management Pty. Limited, ABN
73 081 709 211 (the "Manager").

All provisions contained in the Agreement govern this Confirmation except as
expressly modified below. All other terms used and not defined in this
Confirmation have the meaning given in the Master Trust Deed ("Trust Deed")
between Party A, Party B and The Mortgage Company Pty Limited or the Series
2002-1G WST Trust Series Notice (the "Series Notice") between Party A, Party B,
the Manager and others.

<TABLE>

<S>                                          <C>

1.   Definitions

1.1  Variable Business Variable              The aggregate Housing Loan Principal balance of all
Home Loan Amount                             Variable Rate Home Loans as at the first day of each
                                             Collection Period, calculated on each Determination
                                             Date.

                                             The first Collection Period is the period from but
                                             excluding the Cut-Off Date to and including 5 June
                                             2002. The last Collection Period is the period from but
                                             excluding the last day of the previous Collection Period
                                             to and including) the Termination Date.

1.2  Variable Business Variable              A Variable Rate Home loan which is, on the first day of
Rate Home Loan                               that Collection Period, a Housing Loan subject to a
</TABLE>

                                                                               1

<PAGE>

<TABLE>

<S>                                            <C>
                                               variable rate of interest or is otherwise subject to a
                                               concessional introductory fixed rate of interest for 12
                                               months or less set at the discretion of Party A.

1.3  Collection Period                         Has the meaning given to it in the Series Notice

1.4  Currency of Exchange                      AUD

The terms of the Variable Business Variable Rate Basis Swap are as follows:

2.   Trade Date:                               4 March 2002

3.   Effective Date:                           Closing Date in respect of the Class A Notes

4.   Maturity Date:                            Payment Date falling in June 2033

5.   Termination Date:                         The earlier of:

                                               (a)  the date which is one month after the Notes
                                                    have been redeemed in full in accordance with
                                                    the Series Notice; or

                                               (b)  the date on which Party B enters into a swap
                                                    transaction, as previously notified to the
                                                    Designated Ratings Agency, and which the
                                                    Designated Ratings Agency has confirmed will
                                                    not cause a reduction in or withdrawal of the
                                                    rating of the Notes, to replace this Swap
                                                    Transaction, or

                                               (c)  Maturity Date

6.   Floating Amounts

         Floating Rate Payer:                  Party A

         Calculation Amount:                   The Variable Business Variable Home Loan Amount.

         Calculation                           Period From and including one Period End Date to and
                                               excluding the next Period End Date, commencing
                                               and including the First Period End Date to but
                                               excluding the Termination Date.

         Period End Dates                      The first day of each Collection Period

         First Period End Date                 Closing Date of Series 2002 1G

         Payment Dates:                        Each 5 June, 5 September, 5 December and 5 March,
                                               from and including 5 June 2002 to and including the
                                               Termination Date, subject to adjustment in accordance
                                               with the Applicable Business Day Convention

         Floating Rate Option:                 Bank Bill Rate plus the Spread

         Designated Maturity:                  90 days (except that Linear Interpolation between the
                                               Bank Bill Rate on the Closing Date and the Bank Bill
                                               Rate on the first Reset Date will apply in respect of the
                                               first Calculation Period)
</TABLE>

                                                                               2

<PAGE>

<TABLE>
<CAPTION>

<S>     <C>                          <C>
        Spread:                      1.20 percent per annum for Payment Dates from and including 5
                                     June 2002 to and including 5 June 2009 and 1.36 per cent per
                                     annum from and excluding 5 June 2009 to the Termination Date
                                     provided that if the Step Up Margin on the Class A Notes reverts
                                     to 0.0 per cent per annum on any payment date under Clause 4.10
                                     of the Series Notice then the Spread will revert to 1.20 per
                                     cent per annum on and from the corresponding Payment Date for
                                     this Swap Transaction.

        Floating Rate Day Count      Actual/365
        Fraction:

        Applicable Business Day
        Convention

        - Period End Dates           Not applicable

        - Payment Date               Following Business Day Convention

        - Termination Date           Following Business Day Convention

        Business Days                Sydney, London, New York

        Reset Dates:                 Each Period End Date, from and including the First Period End Date

        Compounding:                 Inapplicable

7.      Variable Rate Amounts:

        Variable Rate Payer:         Party B

        Calculation Amount:          The Variable Business Variable Home Loan Amount

        Calculation Period           From and  including one Period End Date to and excluding the next
                                     Period End Date, commencing and including the First Period End Date
                                     to but excluding the Termination Date.

        Period End Dates             The first day of each Collection Period

        First Period End Date        Closing Date of Series 2002 1G

        Payment Dates:               Each 5 June, 5 September, 5 December and 5 March, from and
                                     including 5 June 2002 to and including the Termination Date,
                                     subject to adjustment in accordance with the Applicable
                                     Business Day Convention

        Floating Rate Option:        The Weighted Average Variable Housing Rate,  payable  quarterly in
                                     arrears, defined as:

                                                     (SIGMA)/n/ (VOLi x VHRi)
                                                     ------------------------
                                                        (SIGMA)/n/ (AVOL)

                                     Where

                                     VOLi  =   the  Housing  Loan  Principal  balance  of  each
                                               Variable  Business  Variable  Rate
</TABLE>

                                                                               3

<PAGE>

<TABLE>
<CAPTION>

<S>     <C>                          <C>
                                               Home Loan on each day of the Collection Period

                                     VHRi  =   the interest rate applied to each Variable Rate
                                               Home Loan as at each day (n) during the
                                               Collection Period
                                     AVOL  =   the aggregate Variable Rate Home Loan balance
                                               as at each day (n) during the Collection
                                               Period ending
                                     n     =   each day in the Collection Period.

        Variable Rate Day Count      Actual / 365
        Fraction:

        Applicable Business Day
        Convention

        - Period End Dates           Not applicable

        - Payment Date               Following Business Day Convention

        - Termination Date           Following Business Day Convention

        Business Days                Sydney, London, New York

        Reset Dates:                 Each Period End Date, from and including the First
                                     Period End Date

        Compounding:                 Inapplicable

8.      Exchanges

Initial and Final Exchange:

        Party A Initial and Final    Nil
        Exchange Amount:

        Party B Initial and Final    Nil
        Exchange Amount:

Exchange on each Payment Date        The Party A Calculation Amount and the Party B
                                     Calculation Amount are netted as specified in the
                                     Schedule.

9.      Account Details:

Payments to Party A

Account for payments in A$:          The account notified in writing by Party A to Party B in
                                     accordance with Part 5 of the Schedule to the Agreement

Payments to Party B

Account for payments in A$:          The account notified in writing by Party B to Party A in
                                     accordance with Part 5 of the Schedule to the Agreement

10.     Offices:                     In accordance with Part 5 of the Schedule to the Agreement
</TABLE>

                                                                               4

<PAGE>

11.  Other: Trustee Provisions
     -------------------------

(a)  Subject to paragraph 11(b), but despite any other provision of this
     Agreement, the liability of Party B to Party A under or in connection with
     any Party B Swap Payment or any other unpaid amount of any previous Party B
     Swap Payment is limited to the total amount available for distribution to
     Party A under clause 6 of the Series Notice.

(b)  (i)    Nothing in paragraph 11(a) limits the liability of Party B for any
            loss, cost or expense suffered or incurred by Party A arising from
            Party B's fraud or gross negligence under or in connection with this
            Agreement.

     (ii)   Failure by Party B to make all or any part of any Party B Swap
            Payment:

         .  is, subject to Section 5(a), an Event of Default; and
         .  does not of itself constitute fraud or gross negligence on its part

Please confirm your acceptance of this Swap Transaction by signing and returning
this Confirmation to us by facsimile.

Executed documents will follow by mail.

                                                                               5

<PAGE>

<TABLE>
<CAPTION>

<S>                                                    <C>
Confirmed as at the date first written                 Confirmed as at the date first written above:
above:

SIGNED for and on behalf of                            SIGNED for and on behalf of
WESTPAC SECURITIES                                     WESTPAC SECURITISATION MANAGEMENT
ADMINISTRATION LIMITED, ABN 77                         PTY. LIMITED, ABN 73 081 709 211
000 049 472
as trustee of the Series 2002-1G WST
Trust

By: /s/ Robert George Hamilton                         By: /s/ G.P.D. Rennie
        (Authorised Officer)                              (Authorised Officer)

Name: Robert George Hamilton                           Name: G.P.D. Rennie

Title: Manager, Trustee Securitisation                 Title: Attorney

Confirmed as at the date first written
above:

SIGNED for and on behalf of
WESTPAC BANKING CORPORATION,
ABN 33 007 457 141

By: /s/ Mark Putnam                                    By: /s/ G.P.D. Rennie
 (Authorised Officer)                                    (Authorised Officer)

Name: Mark Putnam                                      Name G.P.D. Rennie
      Head of ALM
</TABLE>

                                                                               6

<PAGE>

<TABLE>

<S>         <C>                                            <C>
To:         Westpac Securities Administration              Westpac Securitisation Management Pty
            Limited                                        Limited
            as trustee of the Series 2002-1G WST           Level 25
            Trust                                          60 Martin Place
            Level 25                                       Sydney  NSW  2000
            60 Martin Place                                AUSTRALIA
            Sydney  NSW  2000
            AUSTRALIA                                      Attention: Cameron Kelly

            Attention: Bob Hamilton

            Westpac Banking Corporation
            Level 4
            255 Elizabeth Street
            Sydney NSW 2000
            AUSTRALIA

            Attention: Glenn Grainger
</TABLE>

CONFIRMATION - SERIES 2002-1G WST TRUST

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by Westpac Securities Administration Limited,
ABN 77 000 049 472 as trustee of the Series 2002-1G WST Trust (the "Series
Trust").

This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated 12 March 2002, as amended, novated or supplemented from time to
time (the "Agreement"), between Westpac Banking Corporation ("Party A"), Westpac
Securities Administration Limited, ABN 77 000 049 472 as trustee of the Series
Trust ("Party B") and Westpac Securitisation Management Pty. Limited, ABN 73 081
709 211 (the "Manager").

All provisions contained in the Agreement govern this Confirmation except as
expressly modified below. All other terms used and not defined in this
Confirmation have the meaning given in the Master Trust Deed ("Trust Deed")
between Party A, Party B and The Mortgage Company Pty Limited or the Series
2002-1G WST Trust Series Notice (the "Series Notice") between Party A, Party B,
the Manager and others.

<TABLE>

<S>                                  <C>
1.    Description of the Transaction

1.    1.1 New Business Fixed Home       The aggregate Housing Loan Principal balance of all
      Loan Amount                       New Business Fixed Rate Home Loans as at the first
                                        day of each Collection Period, calculated on each
                                        Determination Date.

                                        The first Collection Period is the period from but
                                        excluding the Cut-Off Date to and including 5 June
                                        2009. The last Collection Period is the period from but
                                        excluding the last day of the previous Collection Period
                                        to and including) the Termination Date.

1.2 New Business Fixed Rate             A Housing Loan which was (a) earning a variable rate of
Home Loan                               interest or a concessionary fixed rate of interest for 12
</TABLE>

                                                                               1

<PAGE>

<TABLE>

<S>                                  <C>
                                        months or less as at Cut Off Date and is, on the first day
                                        of that Collection Period, a Housing Loan subject to a
                                        fixed rate of interest (other than a loan subject to a
                                        concessional introductory fixed rate of interest for 12
                                        months or less) with a fixed rate period commencing
                                        after the Cut Off Date or (b) earning a fixed rate of
                                        interest (other than a loan subject to a concessionary
                                        fixed rate of interest for 12 months or less) as at Cut Off
                                        and is, on the first day of that Collection Period, a
                                        Housing Loan subject to a new fixed rate of interest
                                        (other than a loan subject to a concessional introductory
                                        fixed rate of interest for 12 months or less) with a fixed
                                        rate period commencing after the Cut Off Date.

1.3 Collection Period                   Has the meaning given to it in the Series Notice

1.4 Currency of Exchange                AUD

The terms of the particular Transaction to which this Confirmation relates are
specified below:

2.  Trade Date:                         4 March 2002

3.  Effective Date:                     Issue Date in respect of the Class A Notes

4.  Maturity Date                       Payment Date falling in June 2033

5.  Termination Date:                   The earlier of:

                                        (a)   the date which is one month after the Notes
                                              have been redeemed in full in accordance with
                                              the Series Notice; or

                                        (b)   the date on which Party B enters into a swap
                                              transaction, as previously notified to the
                                              Designated Ratings Agency, and which the
                                              Designated Ratings Agency has confirmed will
                                              not cause a reduction in or withdrawal of the
                                              rating of the Notes, to replace this Swap
                                              Transaction, or

                                        (c)   Maturity Date

6.  Floating Amounts

         Floating Rate Payer:           Party A

         Calculation Amount:            New Business Fixed Home Loan Amount

         Calculation Period             From and including one Period End Date to and
                                        excluding the next Period End Date, commencing and
                                        including the First Period End Date to but excluding
                                        the Termination Date.

         Period End Dates               The first day of each Collection Period

         First Period End Date          Closing Date of Series 2002 1G

         Payment Dates:                 Each 5 June, 5 September, 5 December and 5 March,
                                        from and including 5 June 2002 to and  including the
                                        Termination Date, subject to adjustment in accordance
                                        with the Applicable Business Day Convention
</TABLE>

                                                                               2

<PAGE>
<TABLE>
<CAPTION>

         <S>                            <C>
         Floating Rate Option:          Bank Bill Rate plus the Spread

         Designated Maturity:           90 days (except that Linear Interpolation between the Bank Bill
                                        ate on the Closing Date and the Bank Bill Rate on the first
                                        Reset Date will apply in respect of the first Calculation Period)

         Spread:                        1.10 percent per annum for Payment Dates from and including 5
                                        June 2002 to and including 5 June 2009 and 1.26 per cent per
                                        annum from and excluding 5 June 2009 to the Termination Date
                                        provided that if the Step Up Margin on the Class A Notes reverts
                                        to 0.0 per cent per annum on any payment date under Clause 4.10
                                        of the Series Notice then the Spread will revert to 1.10 per
                                        cent per annum on and from the corresponding Payment Date for
                                        this Swap Transaction.

         Floating Rate Day Count        Actual / 365
         Fraction:

         Applicable Business Day
         Convention

         - Period End Dates             Not applicable

         - Payment Date                 Following Business Day Convention

         - Termination Date             Following Business Day Convention

         Business Days                  Sydney, London, New York

         Reset Dates:                   Each Period End Date, from and including the First Period End Date

         Compounding:                   Inapplicable

7.       Fixed Rate Amounts :

         Fixed Rate Payer:              Party B

         Calculation Amount:            New Business Fixed Home Loan Amount

         Calculation Period             From and including one Period End Date to and excluding the next Period
                                        End Date, commencing and including the First Period End Date to but
                                        excluding the Termination Date.

         Period End Dates               The first day of each Collection Period

         First Period End Date          Closing Date of Series 2002 1G

         Payment Dates:                 Each 5 June, 5 September, 5 December and 5 March, from and
                                        including 5 June 2002 to and  including the Termination Date,
                                        subject to adjustment in accordance with the Applicable Business
                                        Day Convention

         Fixed Rate:                    The Weighted Average Customer Rate,  payable  quarterly in arrears
                                        where the Weighted Average Customer Rate is defined as:
</TABLE>

                                                                               3

<PAGE>

<TABLE>
<CAPTION>

         <S>                            <C>
                                                                  (SIGMA)/n/ (VOLi x CRi)
                                                                  -----------------------
                                                                   (SIGMA)/n/ (AVOL)

                                        Where

                                        VOLi     =   the Housing Loan Principal  balance of each New
                                                     Business Fixed Rate Home Loan on each day of
                                                     the Collection Period

                                        CRi     =    the interest rate applied to each New Business
                                                     Fixed Rate Home Loan on each day (n) during
                                                     the Collection Period ending

                                        AVOL     =   the aggregate New Business  Fixed Rate Home Loan
                                                     balance as at each day (n) during the
                                                     Collection Period

                                        n        =   each day in the Collection Period.

         Fixed Rate Day Count           Actual / 365
         Fraction:

         Applicable Business Day
         Convention

         - Period End Dates             Not applicable

         - Payment Date                 Following Business Day Convention

         - Termination Date             Following Business Day Convention

         Business Days                  Sydney, London, New York

         Reset Dates:                   Each Period End Date, from and including the First Period End Date

         Compounding:                   Inapplicable

8. Exchanges

Initial and Final Exchange:

         Party A Initial and FInal      Nil
         Exchange Amount:

         Party B Initial and Final      Nil
         Exchange Amount:

Exchange on each Payment Date           The Party A Calculation Amount and the Party B Calculation Amount are
                                        netted as specified in the Schedule.

9. Account Details:

Payments to Party A

Account for payments in A$:             The account notified in writing by Party A to Party B in
                                        accordance with Part 5 of the Schedule to the Agreement
Payments to Party B
</TABLE>

                                                                               4

<PAGE>

<TABLE>
<CAPTION>

<S>                                     <C>
Account for payments in A$:             The account notified in writing by Party B to Party A in
                                        accordance with Part 5 of the Schedule to the Agreement

10. Offices:                            In accordance with Part 5 of the Schedule to the Agreement
</TABLE>

11. Other: Trustee Provisions
    -------------------------

(a)  Subject to paragraph 11(b), but despite any other provision of this
     Agreement, the liability of Party B to Party A under or in connection with
     any Party B Swap Payment or any other unpaid amount of any previous Party B
     Swap Payment is limited to the total amount available for distribution to
     Party A under clause 6 of the Series Notice.

(b)  (i)  Nothing in paragraph 11(a) limits the liability of Party B for any
          loss, cost or expense suffered or incurred by Party A arising from
          Party B's fraud or gross negligence under or in connection with this
          Agreement.

     (ii) Failure by Party B to make all or any part of any Party B Swap
          Payment:
          . is, subject to Section 5(a), an Event of Default; and
          . does not of itself constitute fraud or gross negligence on its part

Executed documents will follow by mail.

Yours sincerely

                                                                               5

<PAGE>

<TABLE>
<CAPTION>
<S>                                                    <C>
Confirmed as at the date first written                 Confirmed as at the date first written above:
above:

SIGNED for and on behalf of                            SIGNED for and on behalf of
WESTPAC SECURITIES                                     WESTPAC SECURITISATION MANAGEMENT
ADMINISTRATION LIMITED, ABN 77                         PTY. LIMITED, ABN 73 081
000 049 472                                            709 211
as trustee of the Series 2002-1G WST
Trust

By: /s/ Robert George Hamilton                         By: /s/ G.P.D. Rennie
         (Authorised Officer)                            (Authorised Officer)

Name: Robert George Hamilton                           Name: G.P.D. Rennie

Title: Manager, Trustee Securitisation                 Title: Attorney

Confirmed as at the date first written
above:

SIGNED for and on behalf of
WESTPAC BANKING CORPORATION,
ABN 33 007 457 141

By: /s/ Mark Putnam                                    By: /s/ G.P.D. Rennie
  (Authorised Officer)                                   (Authorised Officer)

Name: Mark Putnam                                      Name: G.P.D. Rennie
      Head of ALM
</TABLE>

                                                                               6

<PAGE>

<TABLE>
<CAPTION>

<S>         <C>                                           <C>
To:         Westpac Securities Administration             Westpac Securitisation Management Pty
            Limited                                       Limited
            as trustee of the Series 2002-1G WST          Level 25
            Trust                                         60 Martin Place
            Level 25                                      Sydney  NSW  2000
            60 Martin Place                               AUSTRALIA
            Sydney  NSW  2000
            AUSTRALIA                                     Attention: Cameron Kelly

            Attention: Bob Hamilton

            Westpac Banking Corporation
            Level 4
            255 Elizabeth Street
            Sydney  NSW  2000
            AUSTRALIA

            Attention: Glenn Grainger
</TABLE>

CONFIRMATION - SERIES 2002-1G WST TRUST

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by Westpac Securities Administration Limited,
ABN 77 000 049 472 as trustee of the Series 2002-1G WST Trust (the "Series
Trust").

This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated 12 March 2002, as amended, novated or supplemented from time to
time (the "Agreement"), between Westpac Banking Corporation ("Party A"), Westpac
Securities Administration Limited, ABN 77 000 049 472 as trustee of, the Series
Trust ("Party B") and Westpac Securitisation Management Pty. Limited, ABN 73 081
709 211 (the "Manager").

All provisions contained in the Agreement govern this Confirmation except as
expressly modified below. All other terms used and not defined in this
Confirmation have the meaning given in the Master Trust Deed ("Trust Deed")
between Party A, Party B and The Mortgage Company Pty Limited or the Series
2002-1G WST Trust Series Notice (the "Series Notice") between Party A, Party B,
the Manager and others.

<TABLE>
<CAPTION>
<S>                                     <C>
1.       Description of the Transaction

1.       1.1 Existing Business Fixed       The aggregate Housing Loan Principal balance of all Existing
         Home Loan Amount                  Business Fixed Rate Home Loans as at the first day of each
                                           Collection Period, calculated on each Determination Date.

                                           The first Collection Period is the period from but excluding the
                                           Cut-Off Date to and including 5 June 2002. The last Collection
                                           Period is the period from but excluding the last day of the
                                           previous Collection Period to and including) the Termination Date.

1.2      Existing Business Fixed Rate      A Housing Loan which was earning a fixed rate of interest
         Home Loan                         (excluding a concessionary fixed rate of interest for 12 month or
                                           less) as at Cut Off Date and is, on the
</TABLE>

                                                                               1

<PAGE>

<TABLE>
<CAPTION>

<S>                                        <C>
                                           first day of that Collection Period, a Housing Loan subject to a fixed
                                           rate of interest (other than a loan subject to a concessional
                                           introductory fixed rate of interest for 12 months or less) with a
                                           fixed rate period commencing on or prior to Cut Off Date.

1.3 Collection Period                      Has the meaning given to it in the Series Notice

1.4 Currency of Exchange                   AUD

The terms of the Existing Business Fixed Rate Basis Swap are as follows:

2.       Trade Date:                       4 March 2002

3.       Effective Date:                   Issue Date in respect of the Class A Notes

4.       Maturity Date                     Payment Date falling in June 2033

5.       Termination Date:                 The earlier of:

                                           (a) the date  which is one month  after  the Notes  have been
                                               redeemed in full in accordance with the Series Notice; or

                                           (b) the date on which Party B enters into a swap transaction, as
                                               previously notified to the Designated Ratings Agency, and
                                               which the Designated Ratings Agency has confirmed will
                                               not cause a reduction in or withdrawal of the rating
                                               of the Notes, to replace this Swap Transaction, or

                                           (c) Maturity Date

6.       Floating Amounts

           Floating Rate Payer:            Party A

           Calculation Amount:             Existing Business Fixed Home Loan Amount

           Calculation Period              From and including one Period End Date to and excluding the
                                           next Period End Date, commencing and including the First Period
                                           End Date to but excluding the Termination Date.

           Period End Dates                The first day of each Collection Period

           First Period End Date           Closing Date of Series 2002 1G

           Payment Dates:                  Each 5 June, 5 September, 5 December and 5 March, from and including
                                           5 June 2002 to and including the Termination Date, subject to
                                           adjustment in accordance with the Applicable Business Day Convention

           Floating Rate Option:           Bank Bill Rate plus the Spread

           Designated Maturity:            90 days [(except that Linear Interpolation between the Bank Bill
                                           Rate on the Closing Date and the Bank Bill Rate on the first
                                           Reset Date will apply in respect of the first Calculation Period)]
</TABLE>

                                                                               2

<PAGE>

<TABLE>

<S>                                        <C>
         Spread:                           1.10 percent per annum for Payment Dates from and
                                           including 5 June 2002 to and including 5 June 2009
                                           and 1.26 per cent per annum from and excluding 5
                                           June 2009 to the Termination Date provided that if the
                                           Step Up Margin on the Class A Notes reverts to 0.0
                                           per cent per annum on any payment date under
                                           Clause 4.10 of the Series Notice then the Spread will
                                           revert to 1.10 per cent per annum on and from the
                                           corresponding Payment Date for this Swap
                                           Transaction.

         Floating Rate Day Count           Actual / 365
         Fraction:

         Applicable Business Day
         Convention

         - Period End Dates                Not applicable

         - Payment Date                    Following Business Day Convention

         - Termination Date                Following Business Day Convention

         Business Days                     Sydney, London, New York

         Reset Dates:                      Each Period End Date, from and including the First
                                           Period End Date

         Compounding:                      Inapplicable

7.  Fixed Rate Amounts :

         Fixed Rate Payer:                 Party B

         Calculation Amount:               Existing Business Fixed Home Loan Amount

         Calculation Period                From and including one Period End Date to and
                                           excluding the next Period End Date, commencing and
                                           including the First Period End Date to but excluding
                                           the Termination Date.

         Period End Dates                  The first day of each Collection Period

         First Period End Date             Closing Date of Series 2002 1G

         Fixed Rate:                       The Weighted Average Customer Rate, payable
                                           quarterly in arrears where the Weighted Average
                                           Customer Rate is defined as:

                                                          (SIGMA)n (VOLi x CRi)
                                                          ---------------------
                                                             (SIGMA)n (AVOL)

                                           Where

                                           VOLi =   the Housing Loan Principal balance of
                                                    each Existing Business Fixed Rate
                                                    Home Loan on each day of the
                                                    Collection Period

                                           CRi  =   the interest rate applied to each Existing
                                                    Business Fixed Rate Home Loan on
</TABLE>

                                                                               3

<PAGE>

<TABLE>

<S>                                        <C>
                                                     each day (n) during the Collection Period
                                           AVOL  =   the aggregate Existing Business Fixed
                                                     Rate Home Loan balance as at each day
                                                     (n) during the Collection Period.

                                           n     =   each day in the Collection Period.

         Payment Dates:                    Each 5 June, 5 September, 5 December and 5 March,
                                           from and including 5 June 2002 to and including the
                                           Termination Date, subject to adjustment in accordance
                                           with the Applicable Business Day Convention

         Fixed Rate Day Count              Actual / 365
         Fraction:

         Applicable Business Day
         Convention

         - Period End Dates                Not applicable

         - Payment Date                    Following Business Day Convention

         - Termination Date                Following Business Day Convention

         Business Days                     Sydney, London, New York

         Reset Dates:                      Each Period End Date, from and including the First
                                           Period End Date

         Compounding:                      Inapplicable

8.  Exchanges

Initial and Final Exchange:

         Party A Initial and Final         Nil
         Exchange Amount:

         Party B Initial and Final         Nil
         Exchange Amount:

Exchange on each Payment Date              The Party A Calculation Amount and the Party B
                                           Calculation Amount are netted as specified in the
                                           Schedule.

9.  Account Details:

Payments to Party A

Account for payments in A$:                The account notified in writing by Party A to Party B in
                                           accordance with Part 5 of the Schedule to the
                                           Agreement
Payments to Party B

Account for payments in A$:                The account notified in writing by Party B to Party A in
                                           accordance with Part 5 of the Schedule to the
                                           Agreement

10. Offices:                               In accordance with Part 5 of the Schedule to the
                                           Agreement
</TABLE>

                                                                               4

<PAGE>

11.  Other: Trustee Provisions
     -------------------------

(a)  Subject to paragraph 11(b), but despite any other provision of this
     Agreement, the liability of Party B to Party A under or in connection with
     any Party B Swap Payment or any other unpaid amount of any previous Party B
     Swap Payment is limited to the total amount available for distribution to
     Party A under clause 6 of the Series Notice.

(b)  (i)  Nothing in paragraph 11(a) limits the liability of Party B for any
          loss, cost or expense suffered or incurred by Party A arising from
          Party B's fraud or gross negligence under or in connection with this
          Agreement.

     (ii) Failure by Party B to make all or any part of any Party B Swap
          Payment:
         . is, subject to Section 5(a), an Event of Default; and
         . does not of itself constitute fraud or gross negligence on its part

Please confirm your acceptance of this Swap Transaction by signing and returning
this Confirmation to us by facsimile.

Executed documents will follow by mail.

                                                                               5

<PAGE>

<TABLE>
<CAPTION>

<S>                                            <C>
Confirmed as at the date first written         Confirmed as at the date first written above:
above:

SIGNED for and on behalf of                    SIGNED for and on behalf of
WESTPAC SECURITIES                             WESTPAC SECURITISATION MANAGEMENT
ADMINISTRATION LIMITED, ABN 77                 PTY. LIMITED, ABN 73 081 709 211
000 049 472
as trustee of the Series 2002-1G WST
Trust

By: /s/ Robert George Hamilton                 By: /s/ G.P.D. Rennie
         (Authorised Officer)                     (Authorised Officer)

Name: Robert George Hamilton                   Name:  G.P.D. Rennie

Title: Manager, Trustee Securitisation         Title:  Attorney

Confirmed as at the date first written
above:

SIGNED for and on behalf of
WESTPAC BANKING CORPORATION,
ABN 33 007 457 141

By: /s/ Mark Putnam                            By: /s/ G.P.D. Rennie
 (Authorised Officer)                             (Authorised Officer)

Name: Mark Putnam                              Name: G.P.D. Rennie
      Head of ALM

</TABLE>

                                                                               6<PAGE>

                                  Exhibit 10.5

                             Westpac Currency Swap

<PAGE>

(Multicurrency--Cross Border)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

               dated as of 12 March 2002
                           --------------------------------------

                                           Westpac Securities Administration
Westpac Banking Corporation                Limited ABN 77 000 049 472 as
ABN 33 000 457 141                          trustee of the Series 2002-1G WST
("Party A")                           and  Trust ("Party B")
-------------------------------------      -------------------------------------

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. Obligations

(a)   General Conditions.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.

<PAGE>

(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:--

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) Deduction or Withholding for Tax.

      (i) Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                        2                           ISDA(R) 1992

<PAGE>

      (ii) Liability. If:--

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a) Basic Representations.

      (i) Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                       3                            ISDA(R) 1992

<PAGE>

(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4                            ISDA(R) 1992

<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) Breach of Agreement. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) Credit Support Default.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document;

      (iv) Misrepresentation. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) Default under Specified Transaction. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) Cross Default. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                       5                            ISDA(R) 1992

<PAGE>

      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) Bankruptcy. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) Merger Without Assumption. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6                            ISDA(R) 1992

<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

        (i) Illegality. Due to the adoption of, or any change in, any applicable
        law after the date on which a Transaction is entered into, or due to the
        promulgation of, or any change in, the interpretation by any court,
        tribunal or regulatory authority with competent jurisdiction of any
        applicable law after such date, it becomes unlawful (other than as a
        result of a breach by the party of Section 4(b)) for such party (which
        will be the Affected Party):--

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) Additional Termination Event. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7                            ISDA(R) 1992

<PAGE>

6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

      (i) Notice. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) Transfer to Avoid Termination Event. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) Right to Terminate. If:--

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8                            ISDA(R) 1992

<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c) Effect of Designation.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d) Calculations.

      (i) Statement. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) Payment Date. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) Events of Default. If the Early Termination Date results from an Event
      of Default:--

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9                            ISDA(R) 1992

<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii) Termination Events. If the Early Termination Date results from a
      Termination Event:--

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties:--

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10                           ISDA(R) 1992

<PAGE>

7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For tbe purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                           ISDA(R) 1992

<PAGE>

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                           ISDA(R) 1992

<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                           ISDA(R) 1992

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                           ISDA(R) 1992

<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                           ISDA(R) 1992

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meanings specified in the Schedule.

                                       16                           ISDA(R) 1992

<PAGE>

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17                           ISDA(R) 1992

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

Westpac Securities Administration         Westpac Securitisation Management
Limited (ABN 77 000 049 472)              Pty Limited (ABN 73 081 709 211)
--------------------------------------    --------------------------------------
           (Name of Party)                           (Name of Party)

By: /s/ Robert George Hamilton            By: /s/ G. P. D. Rennie
    ----------------------------------        ----------------------------------
    Name: Robert George Hamilton              Name: G. P. D. Rennie
    Title: Manager, Trustee                   Title: Attorney
             Securitisation                   Date: 12 March 2002
    Date: 12 March 2002

Westpac Banking Corporation               Citibank, N.A.
(ABN 33 007 457 141)

By: /s/ John Lowrey                       By: /s/ Thomas E. O'Callaghan
    ----------------------------------        ----------------------------------
    Name: John Lowrey                         Name: Thomas E. O'Callaghan
    Title: Tier 3 Attorney                    Title: General Counsel
    Date: 12 March 2002                       Date: 12 March 2002

                                       18                           ISDA(R) 1992

<PAGE>

Westpac Cross Currency Swap

                                    SCHEDULE

                                     to the

                                Master Agreement

                               dated 12 March 2002

between Westpac Banking Corporation (ABN 33 007 457 141) ("Westpac" and
"Party A")

and Westpac Securities Administration Limited (ABN 77 000 049 472) in its
capacity as trustee of the Series 2002-1G WST Trust ("Party B")

and Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) (the
"Trust Manager")

and Citibank, N.A. ("Citibank" and the "Standby Swap Provider")

Part 1: Termination Provision
<TABLE>
<S>     <C>      <C>                       <C>                 <C>

        (a) "Specified Entity" in relation to:

            (i)   Party A, is not applicable; and

            (ii)  Party B, is not applicable.

        (b) (i)   The following provisions of Section 5 will not apply to Party A:

                  Section 5(a)(ii)           Section 5(a)(v)     Section 5(b)(iv)
                  Section 5(a)(iii)          Section 5(a)(vi)
                  Section 5(a)(iv)           Section 5(b)(iii)

            (ii)  The following provisions of Section 5 will not apply to Party B:

                  Section 5(a)(ii)           Section 5(a)(v)     Section 5(b)(iii)
                  Section 5(a)(iii)          Section 5(a)(vi)    Section 5(b)(iv)
                  Section 5(a)(iv)           Section 5(a)(viii)

            (iii) Replace Section 5(a)(i) and insert:

                  "(i)     Failure to Pay or Deliver. Failure by the
                           party to make, when due, any payment under
                           this Agreement or delivery under Section
                           2(a)(i) or 2(e) required to be made by it if
                           such failure is not remedied at or before
                           10.00am on the tenth Local Business Day after
                           notice of such failure is given to the
                           party";

            (iv)  Section 5(b)(ii) will not apply to Party A as the
                  Affected Party (subject to Part 5(4)(ii) of this
                  Schedule).

            (v)   The "Bankruptcy" provisions of Section 5(a)(vii) are
                  replaced by "An Insolvency Event (as defined in the
                  Master Trust Deed) has occurred in respect of the party.
                  In relation to Party A, the events described in the
                  definition of Insolvency Event shall apply to it as if
                  Party A were a relevant corporation referred to in that
                  definition. The occurrence of an Insolvency Event in
                  respect of Party B in its personal capacity will not
                  constitute an
</TABLE>

<PAGE>

                  Event of Default provided that within thirty Business Days of
                  that occurrence, Party B procures the novation of this
                  Agreement and all Transactions to a third party in respect of
                  which the Designated Rating Agencies confirm that the novation
                  will not cause a reduction or withdrawal of the rating of the
                  Notes and Party A agrees that it will execute such a novation
                  agreement in standard ISDA form applicable in the A$ markets".

            (vi)  The application of Section 5(b)(i) will be restricted as
                  set out in Part 5(4) of this Schedule.

     (c)    The "Automatic Early Termination" provisions in Section 6(a) will
            not apply to Party A nor Party B.

     (d)    "Payment on Early Termination". For the purposes of Section 6(e) of
            this Agreement:

            (i)   Market Quotation will apply; and

            (ii)  the Second Method will apply.

     (e)    "Termination Currency" means US Dollars.

     (f)    "Additional Termination Event" means the occurrence of any of the
            following:

            (i)   Party B is entitled to issue a notice to redeem all of the
                  Class A Notes (in accordance with the Conditions of the Class
                  A Notes) for reasons of taxation, in which case Party A shall
                  be the Affected Party for the purposes of Section 6(b)(iv) of
                  this Agreement and Party B shall be the Affected Party for the
                  purposes of Section 6(e)(ii)(1) of this Agreement; or

            (ii)  an Event of Default (as defined in the Security Trust Deed)
                  occurs and an Extraordinary Resolution of the Voting
                  Mortgagees (as defined in the Security Trust Deed) is passed
                  directing the Security Trustee to exercise rights under clause
                  9 of the Security Trust Deed, in which case Party B shall be
                  the Affected Party.

                                                                          Page 2

<PAGE>

Part 2:  Tax Representations

     (a)    Payer Tax Representations. For the purpose of Section 3(e) of this
            Agreement, Party A and Party B each make the following
            representation:

            It is not required by any applicable law, as modified by the
            practice of any relevant government revenue authority, of any
            Relevant Jurisdiction to make any deduction or withholding for or on
            account of any Tax from any payment (other than interest under
            Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it
            to the other party under this Agreement. In making this
            representation, it may rely on:

            (i)   the accuracy of any representation made by the other party
                  pursuant to Section 3(f) of this Agreement;

            (ii)  the satisfaction of the agreement contained in Section 4(a)(i)
                  or 4(a)(iii) of this Agreement and the accuracy and
                  effectiveness of any document provided by the other party
                  pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement;
                  and

            (iii) the satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

            provided that it shall not be a breach of this representation
            where reliance is placed on clause (ii) and the other party does
            not deliver a form or document under Section 4(a)(iii) by reason
            of material prejudice to its legal or commercial position.

     (b)    Payee Tax Representations. For the purpose of Section 3(f) of this
            Agreement:

            (i)   Party B and Westpac as Party A, each makes the following
                  representation:

                  It is an Australian resident and does not derive the
                  payments under this Agreement in part or whole in carrying
                  on business in a country outside Australia at or through a
                  permanent establishment of itself in that country.

            (ii)  Citibank as Standby Swap Provider and (on and from the
                  Novation Date) as Party A represents that it is an "eligible
                  contract participant" under the U.S. Commodity Exchange Act.

                                                                          Page 3

<PAGE>

Westpac Cross Currency Swap

Part 3.  Documents To Be Delivered

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents as applicable:

(a)  Tax Forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                  <C>
Party required to deliver document     Form/Document/Certificate            Date by which document to be
                                                                            delivered
---------------------------------------------------------------------------------------------------------------

Party A and Party B                    Any document or certificate          As soon as reasonably practicable
                                       reasonably required or reasonably    following the earlier of (a) the
                                       requested by a party in connection   relevant party learning that such
                                       with its obligations to make a       document or certificate is
                                       payment under this Agreement which   required and (b) a request by
                                       would enable that party to make      other party.
                                       the payment free from any
                                       deduction or withholding for or on
                                       account of Tax or as would reduce
                                       the rate at which deduction or
                                       withholding for or on account of
                                       Tax is applied to that payment as
                                       requested by Party A with respect
                                       to any payments received by
                                       Party B.
---------------------------------------------------------------------------------------------------------------

(b)  Other documents to be delivered are:
---------------------------------------------------------------------------------------------------------------
Party required to deliver document     Form/Document/Certificate            Date by which document to be
                                                                            delivered
---------------------------------------------------------------------------------------------------------------
Party A, Party B and the Standby       A legal opinion as to the validity   The date of this Agreement.
Swap Provider                          and enforceability of that party's
                                       obligations under this Agreement
                                       in form and substance reasonably
                                       acceptable to the other party.
---------------------------------------------------------------------------------------------------------------
Party A, Party B and the Standby       A list of the authorised             On the execution of this
Swap provider                          signatories for a party and          Agreement, and if requested by
                                       evidence satisfactory in form and    the other party, on the execution
                                       substance to the other party of      of any Confirmation but only if
                                       the authority of the authorised      the evidence of the authority,
                                       signatories of the party to          incumbency and specimen signature
                                       execute this Agreement and any       of any person executing the
---------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                          Page 4

<PAGE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                  <C>
Party required to deliver document     Form/Document/Certificate            Date by which document to be
                                                                            delivered
---------------------------------------------------------------------------------------------------------------
                                       Confirmation on behalf of the        Confirmation has changed from
                                       party.                               that previously delivered.
---------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                        Page 5

<PAGE>

Westpac Cross Currency Swap

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------

Party required to deliver document     Form/Document/Certificate            Date by which document to be
                                                                            delivered
---------------------------------------------------------------------------------------------------------------
<S>                                  <C>                                    <C>
Party B                                A certified copy of the Security     The date of this Agreement
                                       Trust Deed, Master Trust Deed,
                                       Series Notice and Note Trust Deed
                                       (including Conditions of Class A
                                       Notes).

                                       For the purposes of this and the
                                       following clause a copy of a
                                       document is taken to be certified
                                       if a director or an Authorised
                                       Signatory of Party B, or a person
                                       authorised to execute this
                                       Agreement or a Confirmation on
                                       behalf of Party B or a solicitor
                                       acting for Party B has certified
                                       it to  be a true and complete copy
                                       of the document of which it
                                       purports to be a copy.
---------------------------------------------------------------------------------------------------------------

Party B                                (Without limiting any obligation     Promptly after any such document
                                       Party B may have under the terms     is entered into.
                                       of the Security Trust Deed to
                                       notify Party A of amendments) a
                                       certified copy of any document
                                       that amends in any way the terms
                                       of the Security Trust Deed.
---------------------------------------------------------------------------------------------------------------
</TABLE>

Other than the legal opinions referred to above, all documents delivered under
this Part 3(b) are covered by the representation in Section 3(d) of this
Agreement.

                                                                          Page 6

<PAGE>

Westpac Cross Currency Swap

Part 4:  Miscellaneous

        (a)       Addresses for Notices. For the purpose of Section 12(a) of
                  this Agreement:

                  Party A:

                  Address:          Financial Markets Operations
                                    Level 3, 255 Elizabeth Street
                                    Sydney NSW 2000

                  Attention:        Senior Manager, Global Derivative Operations
                  Telex No:         AA178147 Answerback:  WBCTRS

                  Facsimile No:     61 2 9283 1724

                  Party B:

                  Address:          4th Floor
                                    50 Pitt Street
                                    Sydney NSW 2000

                  Attention:        Robert Hamilton
                  Facsimile No:     02 9220 4113

                  And a copy to the Trust Manager to the address below.

                  Trust Manager:

                  Address:          Level 25
                                    60 Martin Place
                                    Sydney NSW 2000

                  Attention:        Cameron Kelly

                  Facsimile No:     02 9226 1888

                  Standby Swap Provider:

                  Address:          Level 24, Citigroup Centre
                                    2 Park Street
                                    Sydney  NSW  2000

                  Attention:        Treasure Confirmation Unit Head
                  Telex No:         AA24164  Answerback:  CITINAT
                  Facsimile No:     61 2 8225 5206
                  Telephone No:     61 2 8225 2134

        (b)       Process Agent. For the purpose of Section 13(c) of this
                  Agreement:

                  Party A appoints as its Process Agent:      Not applicable.
                  Party B appoints as its Process Agent:      Not applicable.
                  The Standby Swap Provider appoints as its
                  Process Agent:                              Not applicable.

        (c)       Offices. The provisions of Section 10(a) will apply to Party A

                                                                          Page 7

<PAGE>

        (d)       Multibranch Party. For the purpose of Section 10(c) of this
                  Agreement:

                  Party A is not a Multibranch Party.
                  Party B is not a Multibranch Party.

        (e)       Calculation Agent. The Calculation Agent is Party A (unless
                  otherwise specified in a Confirmation in relation to the
                  relevant Transaction).

        (f)       Credit Support Document. Details of any Credit Support
                  Document:

                  (i)    Party A: Nil.

                  (ii)   Party B: The Security Trust Deed.

        (g)       Credit Support Provider.

                  (i)    In relation to Party A: Nil.

                  (ii)   In relation to Party B: Nil.

        (h)       Governing Law. This Agreement will be governed by and
                  construed in accordance with the laws of the State of New
                  South Wales and section 13(b)(i) is replaced by "submits to
                  the non-exclusive jurisdiction of the courts of New South
                  Wales and courts of appeal from them".

        (i)       Jurisdiction. In the second line of section 13(b), the words",
                  the Standby Swap Provider and the Trust Manager" are inserted
                  after the words "each party".

        (j)       Netting of Payments. Subparagraph (ii) of Section 2(c) of this
                  Agreement will apply.

        (k)       "Affiliate" will have the meaning specified in Section 14 of
                  this Agreement. The words "or Affiliates" are deleted where
                  they appear in the first paragraph of Section 6(b)(ii).

                                                                          Page 8

<PAGE>

Westpac Cross Currency Swap

Part 5:  Other Provisions

(1)      Payments:  In Section 2:

         (i)      In Section 2(a)(i) add the following sentence:

                        "Each payment will be by way of exchange for the
                        corresponding payment or payments payable by the other
                        party";

         (ii)     In Section 2(a)(ii) insert immediately after the words "freely
                  transferable funds" the following words:

                        ", free of any set-off, counterclaim, deduction or
                        withholding (except as expressly provided in this
                        Agreement),"

         (iii)    Insert new paragraph (iv) in Section 2(a) immediately after
                  Section 2(a)(iii) as follows:

                  "(iv)    Where:

                          (1)      payments are due pursuant to Section 2(a)(i)
                                   by Party A to Party B (the "Party A Payment")
                                   and by Party B to Party A (the "Party B
                                   Payment) on the same day

                          then Party A's obligation to make the Party A payment
                          will be subject to the condition precedent (which will
                          be an "applicable condition precedent" for the purpose
                          of Section 2(a)(iii)(3)) that Party A first receives
                          either:

                          (2)       the Party B payment; or

                          (3)      confirmation from Party B's bank that it
                                   holds irrevocable instructions to effect
                                   payment of the Party B payment and that funds
                                   are available to make that payment,

                          except in the case of the Initial Exchanges in respect
                          of the currency swap Transaction applicable to the
                          Class A Notes, in which case Party A will waive this
                          condition;"

         (iv)     add the following new sentence to Section 2(b):

                  "Party B may, for example, reasonably object if the change of
                  account would materially prejudice Class A Noteholders
                  including, without limitation, any prejudice arising from any
                  liability to deduct or withhold any Tax as a result of such a
                  change of account."

         (v)      Delete the word "if" at the beginning of Section 2(d)(i)(4)
                  and insert the following words instead:

                  "if and only if X is Party A and";

         (vi)     In Section 2(d)(ii) insert the words "(if and only if Y is
                  Party A)" after the word "then" at the beginning of the last
                  paragraph.

                                                                          Page 9

<PAGE>

         (vii)    add the following new Section 2(f):

                  (f)     Payment Instructions.

                  (i)     Party B authorises and instructs Party A to make
                          payment of any amount due from Party A to Party B
                          hereunder by paying that amount direct to the
                          Principal Paying Agent to the account specified in
                          writing by the Principal Paying Agent to Party A and
                          to Party B. On payment of any such amount by Party A
                          to the Principal Paying Agent, Party A's obligation
                          shall be fully discharged in respect of that payment.

                  (ii)    Party A authorises and instructs Party B to make
                          payment of any amount denominated in Australian
                          dollars due from Party B to Party A to such account in
                          Sydney as is specified by Party A from time to time.

(2)      Additional Representations:  In Section 3 add the following immediately
         after paragraph (f):

         "(g)     Non Assignment. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over (other than,
                  in respect of Party B, the trusts created under the Master
                  Trust Deed and the Series Notice) or given any charge over any
                  of its rights under this Agreement or any Transaction (except
                  in respect of Party B, for the security interest created under
                  the Security Trust Deed).

         (h)      Contracting as Principal. Each existing Transaction has been
                  entered into by Party A as principal and not otherwise and
                  each existing Transaction has been entered into by Party B in
                  its capacity as trustee of the Trust and not otherwise.

         (i)      Absent a written agreement between the parties that expressly
                  imposes affirmative obligations to the contrary for that
                  Transaction:

                  (A)     Non-Reliance. It is acting for its own account, and it
                          has made its own independent decisions to enter into
                          that Transaction and as to whether that Transaction is
                          appropriate or proper for it based upon its own
                          judgment and upon advice from the Trust Manager and
                          such advisors as it has deemed necessary. It is not
                          relying on any communication (written or oral) of the
                          other party as investment advice or as a
                          recommendation to enter into that Transaction; it
                          being understood that information and explanations
                          related to the terms and conditions of a Transaction
                          shall not be considered investment advice or a
                          recommendation to enter into that Transaction. It has
                          not received from the other party any assurance or
                          guarantee as to the expected results of that
                          Transaction;

                  (B)     Evaluation and Understanding. It is capable of
                          evaluating and understanding (on its own behalf or
                          through independent professional advice including
                          advice from the Trust Manager), and understands and
                          accepts the terms, conditions and risks of that
                          Transaction. It is also capable of assuming, and
                          assumes, the financial and other risks of that
                          Transaction;

                  (C)     Status of Parties. The other party is not acting as a
                          fiduciary or an advisor for it in respect of that
                          Transaction;

                                                                         Page 10

<PAGE>

         (j)      Party B represents and warrants on a continuing basis:

                  (A)     Trust Validly Created. The Trust has been validly
                          created and is in existence.

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

                  (C)     No Proceedings to Remove. No notice has been given to
                          it and to its knowledge no resolution has been passed,
                          and no direction or notice has been given, removing it
                          as trustee of the Trust.

                  (D)     Power. It has power to enter into this Agreement and
                          the Credit Support Document in its capacity as trustee
                          of the Trust.

                  (E)     Good Title. It is the owner in equity of the assets of
                          the Trust and has power to mortgage or charge them in
                          the manner provided in the Credit Support Document and
                          subject only to the Credit Support Document and any
                          Security Interest permitted under the Credit Support
                          Document, those assets are free of all other Security
                          Interests."

(3)      Additional Covenant:  In Section 4 add a new paragraph as follows:

         "(f)     Contracting as principal. Party A will enter into all
                  Transactions as principal and not otherwise and Party B will
                  enter into all Transactions in its capacity as trustee of the
                  Trust and not otherwise".

(4)      Amendment to Section 6.  In section 6 make the following amendments:

         (i)      Section 6(a) is amended by deleting the words "all outstanding
                  Transactions" where they appear and inserting instead the
                  words "the Relevant Swap Transaction".

         (ii)     Add a new section 6(aa):

                  "(aa)    Restricted Termination Rights.

                  (I)     Termination by Party B: Party B must not designate an
                          Early Termination Date without the prior written
                          consent of the Note Trustee.

                  (II)    Consultation regarding timing: Each Party may only
                          designate an Early Termination Date following prior
                          consultation with the other Party as to the timing of
                          the Early Termination Date. Subject to its duties
                          under the Master Trust Deed and the Series Notice,
                          Party B may exercise any rights in its capacity as
                          holder of the Purchased Receivables only on the
                          instructions of the Note Trustee and only after
                          consultation between Party A and the Note Trustee.
                          Party B may only designate an Early Termination Date
                          at the direction of the Trust Manager.

                  (III)   Party A's limited rights in relation to Tax Event:
                          Notwithstanding Part 1(b)(iv) of this Schedule, Party
                          A may designate an Early Termination Date if it is an
                          Affected Party following a Tax Event but only if the
                          Note Trustee is satisfied that the Noteholders will be
                          paid in full all principal and interest outstanding on
                          the Class A Notes.

                                                                         Page 11

<PAGE>

                  (IV)    Illegality: The parties agree that the imposition by
                          any Agency of an Australian jurisdiction of any
                          exchange controls, restrictions or prohibitions will
                          not constitute an Illegality for the purposes of
                          Section 5(b)(i) and Party A will not be entitled to
                          designate an Early Termination Date, and in those
                          circumstances, payments by Party B in accordance with
                          section 2(f) will continue to be proper performance of
                          its payment obligation and Party A's obligations will
                          be unaffected, to the extent of Party B's payments
                          under section 2(f).

                  (V)     Transfer where Party B does not gross-up. If any
                          payment by Party B to Party A under this Agreement is,
                          or is likely to be, made subject to any deduction or
                          withholding on account of Tax, Party B will endeavour
                          to procure the substitution as principal obligor under
                          this Agreement, in respect of each Affected
                          Transaction of Party B, a party incorporated in
                          another jurisdiction approved by Party A and the Note
                          Trustee, and in respect of which the Designated Rating
                          Agencies confirm that the substitution will not cause
                          a reduction or withdrawal of the rating of the Class A
                          Notes."

         (iii)    In section 6(b)(ii), add the words "so long as the transfer in
                  respect of that Transaction would not lead to a rating
                  downgrade of any rated debt of Party B that is secured under
                  the Security Trust Deed" after the words "ceases to exist" at
                  the end of the first paragraph.

         (iv)     In section 6(e), delete the sentence "The amount, if any,
                  payable in respect of an Early Termination Date and determined
                  pursuant to this Section will be subject to any Set-off." at
                  the end of the first paragraph.

(5)      In section 9, add the following new paragraphs:

         "(h)     Further Assurances. Each party shall, upon request by the
                  other party (the "requesting party") at the expense of the
                  requesting party, perform all such acts and execute all such
                  agreements, assurances and other documents and instruments as
                  the requesting party reasonably requires and which are within
                  the powers of that party to assure and confirm the rights and
                  powers afforded, created or intended to be afforded or
                  created, under or in relation to this Agreement and each
                  Transaction or other dealing which occurs under or is
                  contemplated by it and in respect of which the Designated
                  Rating Agencies confirm will not cause a reduction or
                  withdrawal of the rating of the Class A Notes.

         (i)      Recorded Conversation.  Each party:

                  (A)     consents to the recording of the telephone
                          conversations of trading and marketing personnel of
                          that party and its Affiliates in connection with this
                          Agreement or any potential Transaction; and

                  (B)     agrees to obtain any necessary consent of, and give
                          notice of such recording to, such personnel of it and
                          its Affiliates.

         (j)      ISDA Definitions: This Agreement, each Confirmation and each
                  Transaction are subject to the 2000 ISDA Definitions (as
                  published by the International Swaps and

                                                                         Page 12

<PAGE>

                  Derivatives Association, Inc.) (as amended and supplemented
                  from time to time) (the "ISDA Definitions"), and will be
                  governed in all respects by any provisions set forth in the
                  ISDA Definitions, without regard to any amendments to the ISDA
                  Definitions made after the date of this Agreement. The ISDA
                  Definitions are incorporated by reference in, and shall be
                  deemed to be part of, this Agreement and each Confirmation.

         (k)      Inconsistency: In the event of any inconsistency between any
                  two or more of the following documents, they shall take
                  precedence over each other in the following descending order:

                  (i)     any Confirmation;

                  (ii)    this Schedule and "Paragraph 11 - Elections and
                          Variables" to the ISDA Credit Support Annex (as
                          applicable);

                  (iii)   the ISDA Definitions;

                  (iv)    the printed form of ISDA Master Agreement and ISDA
                          Credit Support Annex (as applicable)."

(6)      (i)      Facsimile Transmissions:  Replace Section 12(a)(iii) with:

                  "(iii)  if sent by facsimile, on production of a transmission
                          report by the machine from which the facsimile was
                          sent which indicates that the facsimile was sent in
                          its entirety to the facsimile number of the recipient
                          notified for the purpose of this Section unless the
                          recipient notifies the sender within 24 hours of the
                          facsimile being sent that the facsimile was not
                          received in its entirety in legible form."

         (ii)     In Section 12(a), insert "and settlement instructions"
                  after "Section 5 or 6" in line 2;

         (iii)    Insert an additional Section 12(a)(vi):

                  "(vi)   if sent by ordinary mail, on the third (seventh, if
                          posted to or from a place outside Australia) day after
                          posting."

(7)      Definitions:  In section 14:

                  (i)     add a new paragraph

                          "Unless otherwise defined in this Agreement, terms
                          defined in the Security Trust Deed (either expressly
                          or by incorporation by reference) have the same
                          meaning where used in this Agreement."

                  (ii)    Insert the following definitions in alphabetical order
                          in Section 14.

                          "Initial Exchange" in relation to a currency swap
                          Transaction has the meaning given in the Confirmation
                          for that currency swap Transaction."

                          "Joint Rating" means, in relation to a Designated
                          Rating Agency, the highest possible jointly supported
                          short term credit rating or long term credit rating,
                          as applicable, that can be determined in relation to
                          Party A and the Standby Swap Provider by that
                          Designated Rating Agency in accordance with its
                          approach to jointly supported obligations, provided
                          that if either Party A or the Standby Swap

                                                                         Page 13

<PAGE>

                  Provider has a long term credit rating of less than BBB from
                  S&P the Joint Rating from S&P will be the credit rating (from
                  S&P) of the other party.

                  "Novation Date" means the date upon which the obligations of
                  Westpac as Party A under this Agreement and each Transaction
                  are novated to the Standby Swap Provider pursuant to Part
                  5(11)(c).

                  "Prescribed Rating Period" means in relation to the Joint
                  Ratings determined by the Designated Rating Agencies:

                  (a)     a period of 30 Business Days from the date of
                          determination of the relevant credit rating where any
                          Joint Rating immediately after that determination is
                          less than the relevant Prescribed Rating but greater
                          than or equal to a short term credit rating of A1 by
                          S&P and long term credit ratings of A by S&P and A3 by
                          Moody's, as the case may be; and

                  (b)     a period of 5 Business Days from the date of
                          determination of the relevant credit rating where any
                          Joint Rating immediately after that determination is
                          less than a short term credit rating of A-1 by S&P and
                          P-1 by Moody's and less than a long term credit rating
                          of A by S&P and A3 by Moody's.

                  "Prescribed Ratings" means a short term credit rating of A-1+
                  by S&P and a short term credit rating of P-1 by Moody's or a
                  long term credit rating of AA- by S&P and a long term credit
                  rating of A2 by Moody's.

                  "Relevant Swap Transaction" means, in relation to Class A
                  Notes, each Transaction which is a Currency Swap for Class A
                  Notes only.

                  "Security Trust Deed" means the Series 2002-1G WST Trust
                  Security Trust Deed dated on or about the date of this
                  Agreement between Party B as chargor, Perpetual Trustee
                  Company Limited as security trustee, the Trust Manager and
                  Citicorp Trustee Company Limited as note trustee.

        (iii)     Swap Transaction.  Any reference to a:

                  (a)     "Swap Transaction" in the 2000 ISDA Definitions is
                          deemed to be a reference to a "Transaction" for the
                          purpose of interpreting this Agreement or any
                          Confirmation; and

                  (b)     "Transaction" in this Agreement or any Confirmation is
                          deemed to be a reference to a "Swap Transaction" for
                          the purpose of interpreting the 2000 ISDA Definitions.

        (iv)      In the definition of "Market Quotation", on line 1 on page 16
                  of this Agreement, replace the words "been required after that
                  date." with:

                  "been required after that date and, in respect of each
                  Terminated Transaction which is a Relevant Swap Transaction,
                  on the basis that the Housing Loan Principal as defined in
                  Series Notice referred to in the Terminated Transaction will
                  thereafter have an amortisation schedule based on a constant
                  prepayment rate per annum ("CPR") equal to:

                  (a)     25%, if the Replacement Transaction is calculated
                          within one year of the Effective Date of the
                          Terminated Transaction; or

                                                                         Page 14

<PAGE>

                  (b)     if the Replacement Transaction is calculated later
                          than one year after the Effective Date of the
                          Terminated Transaction, the arithmetic mean of the
                          following:

                          (I)      the four CPRs most recently published prior
                                   to the relevant quotation on Bloomberg
                                   monitor service in respect of the Class of
                                   Notes applicable to the Terminated
                                   Transaction (based on data provided to
                                   Bloomberg by the Trust Manager);

                          (II)     the forecast CPR provided to the party making
                                   the determination (or its agent) by Party A
                                   for the remaining life of the Class of Notes
                                   applicable to the Terminated Transaction;

                          (III)    the forecast CPR provided to the party making
                                   the determination (or its agent) by the
                                   Standby Swap Provider for the remaining life
                                   of the Class of Notes applicable to the
                                   Terminated Transaction;

                          (IV)     the forecast CPR provided to the party making
                                   the determination (or its agent) by the Trust
                                   Manager for the remaining life of the Class
                                   of Notes applicable to the Terminated
                                   Transaction,

                          without regard to the CPRs having the highest and
                          lowest values (unless fewer than three CPRs are
                          provided under subparagraphs (II), (III) and (IV)
                          collectively, in which case all CPRs will be taken
                          into account in the calculation of the arithmetic
                          mean). For this purpose, if more than one CPR has the
                          same highest value or lowest value, then one of such
                          CPRs shall be disregarded.

(8)      Other Provisions

         Insert the following Sections 15, 16, 17, 18 and 19 after Section 14:

         "15.     Segregation

                  The liability of Party B under this Agreement is several and
                  is separate in respect of each Relevant Swap Transaction. The
                  failure of Party B to perform its obligations in respect of
                  any Relevant Swap Transaction shall not release Party B from
                  its obligations under this Agreement or under any other
                  Relevant Swap Transaction in respect of any other Notes issued
                  by Party B. Nothing in this Agreement affects the respective
                  priority rankings of claims against the Mortgaged Property of
                  Party B under the Security Trust Deed. Without limiting the
                  generality of the foregoing, the provisions of this Agreement
                  shall have effect separately and severally in respect of each
                  Relevant Swap Transaction and shall be enforceable by or
                  against Party B as though a separate agreement applied between
                  Party A and Party B for each Relevant Swap Transaction, so
                  that (among other things):

                  (i)     this Agreement together with each Confirmation
                          relating to a Relevant Swap Transaction will form a
                          single separate agreement between Party A and Party B
                          and references to the respective obligations
                          (including references to payment obligations generally
                          and in the context of provisions for the netting of
                          payments and the calculation of amounts due on early
                          termination) of Party A and Party B shall be construed
                          accordingly

                                                                         Page 15

<PAGE>

                          as a several reference to each mutual set of
                          obligations arising under each such separate agreement
                          between Party A and Party B;

                  (ii)    representations made and agreements entered into by
                          the parties under this Agreement are made and entered
                          separately and severally by Party B in respect of each
                          Relevant Swap Transaction and may be enforced by Party
                          B against Party A separately and severally in respect
                          of each Relevant Swap Transaction;

                  (iii)   rights of termination, and obligations and
                          entitlements consequent upon termination, only accrue
                          to Party A against Party B separately and severally in
                          respect of each Relevant Swap Transaction, and only
                          accrue to Party B against Party A separately and
                          severally in respect of each Relevant Swap
                          Transaction; and

                  (iv)    the occurrence of an Event of Default or Termination
                          Event in respect of a Relevant Swap Transaction does
                          not in itself constitute an Event of Default or
                          Termination Event in respect of any other Relevant
                          Swap Transaction.

         16.      Recourse

                  Party B enters into this Agreement in its capacity as Trustee
                  of the Trust, and Clause 3.3(b) of the Series Notice applies
                  to this Agreement as if set out in full. Clause 16 of the
                  Security Trust Deed shall apply to govern Party A's priority
                  to moneys received from the sale of Assets or other
                  enforcement of the Charge under the Security Trust Deed.

                  This Section 16:

                  (i)     applies even though any other provision of this
                          Agreement is not made subject to it; and

                  (ii)    overrides any other provision of this Agreement which
                          is inconsistent with it.

         17.      The Trust Manager

                  Party A acknowledges that the Trust Manager will, at the
                  request of Party B, perform the day to day management of the
                  Trust on the terms and conditions of the Master Trust Deed and
                  Series Notice. Unless expressly advised to the contrary in
                  writing by Party B from time to time, any rights or
                  obligations of Party B under this Agreement may be exercised
                  or satisfied (as the case may be) by the Trust Manager on
                  behalf of Party B and Party A is not obliged to enquire as to
                  the authority of the Trust Manager to take such action on
                  behalf of Party B. Except where the context otherwise
                  requires, references in this Agreement to a "party" to this
                  Agreement are to Party A or Party B.

         18.      Trust Deed

                  The parties acknowledge and agree that, for the purposes of
                  the Master Trust Deed and Trust Documents, this Agreement is a
                  "Hedge Agreement" and Party A is a "Swap Provider" and
                  "Support Facility Provider".

                                                                         Page 16

<PAGE>

         19.      Replacement Currency Swap

                  (a)     If this Agreement is terminated, Party B may, at the
                          direction of the Trust Manager, enter into one or more
                          currency swaps which replace the Transactions under
                          this Agreement (collectively a "Replacement Currency
                          Swap") but only on the condition that the Settlement
                          Amount payable (if any) by Party B to Party A upon
                          termination of this Agreement will be paid in full
                          when due in accordance with the Series Notice and this
                          Agreement, and in respect of which the Designated
                          Rating Agencies confirm that the replacement will not
                          cause a reduction or withdrawal of the rating of the
                          Class A Notes.

                  (b)     If the condition in section 19(a) is satisfied, Party
                          B may enter into the Replacement Currency Swap and if
                          it does so it must direct the Replacement Currency
                          Swap provider to pay any upfront premium to enter into
                          the Replacement Currency Swap due to Party B directly
                          to party A in satisfaction of and to the extent of
                          Party B's obligation to pay the Settlement Amount to
                          Party A as referred to in section 19(a), and to the
                          extent that such premium is not greater than or equal
                          to the Settlement Amount, the balance may be satisfied
                          by Party B as a Trust Expense (as defined in the
                          Series Notice).

                  (c)     The obligations of Party B (and the rights of Party A)
                          under this section 19 constitute separate and
                          independent obligations of Party B (and rights of
                          Party A) and shall survive the termination of this
                          Agreement.

                  (d)     If a Settlement Amount is payable by Party A to Party
                          B upon termination of this Agreement, Party B may
                          direct Party A to pay all or part of that amount (but
                          not any greater amount) to the extent required to the
                          Replacement Currency Swap provider in satisfaction of
                          and to the extent of Party B's obligation to pay any
                          upfront premium to the Replacement Currency Swap
                          provider to enter into the Replacement Currency Swap."

(9)      Ratings Downgrade

         (a)      (Downgrade): If, as a result of the reduction or withdrawal of
                  the credit rating of Party A or the Standby Swap Provider a
                  Joint Rating is less than the relevant Prescribed Rating,
                  Party A must by the expiry of the Prescribed Rating Period in
                  relation to the credit ratings assigned by the Designated
                  Rating Agencies to Party A and the Standby Swap Provider at
                  that time (or such greater period as is agreed to in writing
                  by each Designated Rating Agency), at its cost alone and at
                  its election:

                  (i)     provided that the short term Joint Rating by each of
                          S&P and Moody's is greater than or equal to A-1 and
                          P-1, respectively, or the long term Joint Rating by
                          each of S&P and Moody's is greater than or equal to A
                          and A2, respectively, transfer Eligible Credit Support
                          in accordance with the Credit Support Annex in an
                          amount equal to the Collateral Amount as defined in
                          Part 5(9)(b); or

                                                                         Page 17

<PAGE>

                  (ii)    enter into, and procure that the Standby Swap Provider
                          enters into, an agreement novating Party A's and/or
                          the Standby Swap Providers' rights and obligations
                          under this Agreement and each Transaction to a
                          replacement counterparty acceptable to the Manager and
                          the Standby Swap Provider and which each Designated
                          Rating Agency confirms in writing will not result in a
                          reduction, qualification or withdrawal of the credit
                          ratings then assigned by them to the Class A Notes; or

                  (iii)   enter into, or procure that the Standby Swap Provider
                          enters into, such other arrangements in respect of
                          each Transaction which each Designated Rating Agency
                          confirms in writing will not result in a reduction,
                          qualification or withdrawal of the credit ratings then
                          assigned by it to the Class A Notes.

                  Notwithstanding that Party A has elected to satisfy its
                  obligations pursuant to this Part 5(9)(a) in a particular
                  manner, it may subsequently and from time to time vary the
                  manner in which it satisfies its obligations pursuant to this
                  Part 5(9)(a) (but will not be entitled to any additional grace
                  period in relation to such a variation).

         (b)      (Collateral Amount): For the purpose of this Part 5(9) the
                  "Collateral Amount" will be an amount equal to the greater of
                  the following:

                  (i)               zero;

                  (ii)              CCR; and

                  (iii)       an amount acceptable to Moody's and sufficient to
                              maintain the credit rating assigned to the Class A
                              Notes by Moody's immediately prior to the review
                              of the Joint Rating.

                  Where:

                  CCR = CR x 1.030

                  CR = MTM + VB

                  MTM means the aggregate mark-to-market value (whether positive
                  or negative) of each Transaction determined in accordance with
                  Part 5(9)(c) no earlier than 3 Business Days prior to the date
                  that the Collateral Amount is lodged.

                  VB means the volatility buffer, being the value calculated by
                  multiplying the Relevant Calculation Amount as at the most
                  recent Payment Date by the relevant percentage obtained from
                  the following table:

<TABLE>
<CAPTION>
                        ------------------------------------------------------------------------------------
                        Party A's and the    Where the period      Where the period     Where the period
                        Standby Swap         between the date of   between the date of  between the date
                        Provider's jointly   recalculation and     recalculation and    of recalculation
                        supported long term  the Final Maturity    the Final Maturity   and the Final
                        credit rating by S&P Date is less than or  Date is greater      Maturity Date is
                                             equal to 5 years      than 5 years and     greater than 10
                                                                   less than or equal   years
                                                                   to 10 years
                        ------------------------------------------------------------------------------------
<S>                                          <C>                   <C>                  <C>
                        A+                   1.05                  1.75                 3.0
                        ------------------------------------------------------------------------------------
                        A                    1.35                  2.45                 4.5
                        ------------------------------------------------------------------------------------
                        A-                   1.5                   3.15                 6
                        ------------------------------------------------------------------------------------
</TABLE>

                                                                         Page 18

<PAGE>

         (c)      (Mark to Market Value): Party A must calculate the
                  mark-to-market value of each Transaction by obtaining 2 bids
                  from counterparties with the Prescribed Ratings willing to
                  provide each Transaction in the absence of Party A. The
                  mark-to-market value may be a positive or a negative amount. A
                  bid has a negative value if the payment to be made is from the
                  counterparty to Party A and has a positive value if the
                  payment to be made is from Party A to the counterparty. The
                  mark-to-market value is the higher of the bids (on the basis
                  that any bid of a positive value is higher than any bid of a
                  negative value).

         (d)      (Recalculation): Party A must recalculate the Collateral
                  Amount (including the CCR and the mark-to-market value) on
                  each Valuation Date. If:

                  (i)     the Value on such Valuation Date of all Eligible
                          Credit Support held by the Transferee is less than the
                          recalculated Collateral Amount, the difference is the
                          Delivery Amount in relation to that Valuation Date; or

                  (ii)    the Value on such Valuation Date of all Eligible
                          Credit Support held by the Transferee is greater than
                          the recalculated Collateral Amount, the difference is
                          the Return Amount in relation to that Valuation Date.

         (e)      (Definitions): For the purposes of this Part 5(9) "Delivery
                  Amount", "Eligible Credit Support", "Return Amount",
                  "Transferee", "Value" and "Valuation Date" have the same
                  meaning as in the Credit Support Annex.

(10)     Transfer

         Notwithstanding the provisions of Section 7, Westpac as Party A may
         transfer all its rights powers and privileges and all its unperformed
         and future obligations under this Agreement and each Transaction to any
         of its Affiliates (in this Part 5(10), the "Transferee") by delivering
         to the Standby Swap Provider, Party B and the Trust Manager a notice
         expressed to be given under this provision signed by both Westpac as
         Party A and the Transferee. Upon delivery of those documents to
         Party B:

         (a)      (Party A's rights terminate): Westpac's rights powers
                  privileges and obligations as Party A under this Agreement and
                  each Transaction terminate;

         (b)      (Transfer and Assumption): Westpac's will be taken to have
                  transferred its rights powers and privileges under this
                  Agreement and each Transaction to the Transferee and the
                  Transferee will be taken to have assumed obligations
                  equivalent to those Party A had under this Agreement and each
                  Transaction;

         (c)      (Release): Party B will be taken to have released Westpac as
                  Party A from all its unperformed and future obligations under
                  this Agreement and each Transaction; and

         (d)      (Documents): this Agreement and the Confirmation relating to
                  each Transaction shall be construed as if the Transferee was a
                  party to it in place of Westpac as Party A.

         A Transferee may utilise this provision as Party A. A transfer under
         this Part 5(10) will be of no force or effect until each Designated
         Rating Agency confirms in writing that such transfer will not result in
         a reduction, qualification or withdrawal of the credit ratings then

                                                                         Page 19

<PAGE>

         assigned by them to the Class A Notes and until the Standby Swap
         Provider has given its written consent to such a transfer (such consent
         not to be withheld).

(11)     Standby Swap Provider

         (a)      (Commitment): Notwithstanding any other provision in this
                  Agreement to the contrary, if Westpac as Party A fails to:

                  (i)     make, when due, any payment required to be made by it
                          to Party B under a Transaction; or

                  (ii)    comply with any obligation under Part 5(9) within the
                          required period, then:

                  (iii)   as soon as practicable following such failure but, in
                          relation to a failure to pay under a Transaction, in
                          any event no later than 11.00 am (New York time) on
                          the due date for such payment or, in relation to a
                          failure to comply with an obligation under Part 5(9),
                          no later than the Business Day following the due date
                          for compliance with such obligation, Party B must
                          notify Westpac as Party A and the Standby Swap
                          Provider in writing of such failure and:

                          (A)      the amount of the defaulted payment and the
                                   basis of calculation of the defaulted
                                   payment; or

                          (B)      details of the failure to comply with the
                                   obligation under Part 5(9), as the case may
                                   be; and

                  (iv)    as soon as reasonably practicable after its receipt of
                          such notice (and in any event, in relation to a
                          failure to pay under a Transaction, no later than 1.30
                          pm (New York time) on the due date for such payment,
                          and, in relation to a failure to comply with an
                          obligation under Part 5(9), no later than 3 Business
                          Days after the failure to comply with such obligation,
                          provided, in each case, that notice has been given by
                          Party B by the required times in accordance with Part
                          5(11)(a)(iii)) the Standby Swap Provider must:

                          (A)      in relation to a failure to pay under a
                                   Transaction, pay to Party B the amount then
                                   owing by Westpac as Party A to Party B under
                                   that Transaction by depositing such amount
                                   into the Collections Account in cleared
                                   funds; and

                          (B)      in relation to a failure to comply with an
                                   obligation under Part 5(9), satisfy the
                                   obligations of Westpac as Party A under Part
                                   5(9); and

                  (v)     Party B acknowledges that a payment made by the
                          Standby Swap Provider in full compliance with Part
                          5(11)(a)(iv)(A) will fully satisfy and discharge the
                          obligation of Party A to make that payment.

         (b)      (Reimbursement): If on any day the Standby Swap Provider:

                  (i)     makes a payment pursuant to Part 5(11)(a)(iv)(A),
                          Westpac as Party A must by 2.00 pm (New York time) on
                          the next following Business Day (or

                                                                         Page 20

<PAGE>

                          such other time as the Standby Swap Provider may agree
                          in writing) pay to the Standby Swap Provider an amount
                          equal to that payment by depositing such amount into
                          the account which the Standby Swap Provider nominates
                          for this purpose in cleared funds; or

                  (ii)    satisfies the obligations of Westpac as Party A
                          pursuant to Part 5(11)(a)(iv)(B), Westpac as Party A
                          must:

                            (A)    within 3 Business Days, fulfill its
                                   obligations under Part 5(9) such that
                                   any Eligible Credit Support transferred
                                   by the Standby Swap Provider pursuant to
                                   Part 5(9)(a)(i) or any other arrangement
                                   made by the Standby Swap Provider
                                   pursuant to Part 5(9)(a)(iii) is
                                   returned to the Standby Swap Provider or
                                   will cease (but Westpac as Party A will
                                   have no obligations to the Standby Swap
                                   Provider under this Part 5(11)(b)(ii)(A)
                                   in relation to any novation pursuant to
                                   Part 5(9)(a)(ii)); and

                          (B)      upon demand by the Standby Swap Provider,
                                   indemnify the Standby Swap Provider from and
                                   against any other cost or liability incurred
                                   by the Standby Swap Provider in satisfying
                                   those obligations.

                  Each of the Standby Swap Provider and Party B acknowledges
                  that a payment made by Westpac as Party A in full compliance
                  with Part 5(11)(b)(i) will fully satisfy and discharge the
                  obligation of Party A to make that payment.

         (c)      (Novation):  If:

                  (i)     Westpac as Party A defaults in its payment obligations
                          under Part 5(11)(b)(i) or (b)(ii)(B) for reasons other
                          than solely a technical, computer or similar error
                          outside the control of Party A and such default is not
                          remedied on or before one Business Day after such
                          failure; or

                  (ii)    Westpac as Party A fails to fulfill its obligations
                          under Part 5(11)(b)(ii)(A), then:

                  (iii)   Westpac's rights, powers, privileges and obligations
                          as Party A under this Agreement and each Transaction
                          terminate other than its rights, powers, privileges
                          and obligations pursuant to Part 5(11)(d);

                  (iv)    subject to Part 5(11)(c)(vi), Westpac will be taken to
                          have transferred its rights powers and privileges as
                          Party A under this Agreement and each Transaction to
                          the Standby Swap Provider and the Standby Swap
                          Provider will be taken to have assumed obligations
                          equivalent to those that Westpac as Party A had under
                          this Agreement and each Transaction;

                  (v)     Party B and the Standby Swap Provider will be taken to
                          have released Westpac as Party A from all its
                          unperformed and future obligations under this
                          Agreement and each Transaction other than its present
                          and future obligations pursuant to Part 5(11)(d);

                                                                         Page 21

<PAGE>

                  (vi)    this Agreement and the Confirmation relating to each
                          Transaction shall be construed as if the Standby Swap
                          Provider was a party to it in place of Party A except
                          that:

                          (A)      references to "Westpac as Party A" will not
                                   apply to the Standby Swap Provider
                                   as Party A;

                          (B)      references to any jointly supported credit
                                   rating of Party A and the Standby Swap
                                   Provider will be deemed to be references to
                                   the relevant credit rating of the Standby
                                   Swap Provider;

                          (C)      without limiting Part 5(11)(c)(vi)(A), this
                                   Part 5(11) will not apply to the Standby Swap
                                   Provider as Party A;

                          (D)      the Standby Swap Provider must (if it has not
                                   already done so) satisfy the obligations of
                                   Party A under Part 5(9)(a) within 10 Business
                                   Days of the Novation Date on the basis that
                                   any Eligible Credit Support transferred by
                                   Westpac as Party A will be dealt with in
                                   accordance with the provisions of Paragraph
                                   11(h)(vi) of the Credit Support Annex, and
                                   any other arrangements made by Westpac as
                                   Party A pursuant to Part 5(9)(a)(iii) will
                                   cease (but such arrangements will only cease
                                   upon compliance by the Standby Swap Provider
                                   with its obligations under this Part
                                   5(11)(c)(vi)(D) and otherwise, where
                                   applicable, in accordance with the terms of
                                   such arrangements).

         (d)      (Termination Payment): Following novation under Part 5(11)(c),
                  Westpac as Party A must pay the Standby Swap Provider or the
                  Standby Swap Provider must pay Westpac as Party A an amount
                  (the "Novation Settlement Amount") being:

                  (i)     in the case of payment by Westpac as Party A to the
                          Standby Swap Provider, an amount equal to the amount
                          (if any) that would be payable by Party A to Party B;
                          and

                  (ii)    in the case of payment by the Standby Swap Provider to
                          Westpac as Party A, an amount equal to the amount (if
                          any) that would be payable by Party B to Party A,

                  if each Transaction had been terminated, calculated and
                  payable in accordance with Sections 6(d) and (e) on the basis
                  that:

                  (i)     the Novation Date is the Early Termination Date and
                          the Novation Settlement Amount is due and payable on
                          the day that notice of the amount payable is
                          effective;

                  (ii)    the Early Termination Date has resulted from an Event
                          of Default in respect of which Party A is the
                          Defaulting Party;

                  (iii)   all calculations and determinations which would have
                          been done by Party B are done by the Standby Swap
                          Provider and all calculations and determinations that
                          would have been done by Party A are done by Westpac;

                                                                         Page 22

<PAGE>

                  (iv)    a reference to Unpaid Amounts owing to Party B is a
                          reference to such amounts payable by Party A to the
                          Standby Swap Provider pursuant to Part 5(11)(b) and
                          (e) and there are no Unpaid Amounts owing to Party A;

                  (v)     without limiting the foregoing, for the purposes of
                          the definition of "Market Quotation" in Section 14
                          each Reference Market-maker would be required, upon
                          entering into a Replacement Transaction, to fulfill
                          the obligations of Party A under Part 5(9)(a) and to
                          comply with Section 2(d) as amended by Part (5)(1)(e);
                          and

                  (vi)    the Termination Currency is U.S. Dollars.

         (e)      (Default Interest): If Westpac as Party A defaults in the
                  performance of any payment obligations under Part 5(11)(b) or
                  Part 5(11)(d), it must pay interest (before as well as after
                  judgment) on the overdue amount to the Standby Swap Provider
                  on demand in the same currency as such overdue amount, for the
                  period from (and including) the original due date for payment
                  to (but excluding) the date of actual payment, at the Default
                  Rate. Such interest will be calculated on the basis of daily
                  compounding and the actual number of days elapsed.

         (f)      (Irrevocable Notice): If the Standby Swap Provider satisfies
                  the obligations of Westpac as Party A under Part
                  5(11)(a)(iv)(B) by transferring Eligible Credit Support on
                  behalf of Westpac as Party A pursuant to Part 5(9)(a), Westpac
                  as Party A must promptly provide an irrevocable notice to
                  Party B (copied to the Standby Swap Provider) directing Party
                  B that any such Eligible Credit Support, and any Distribution
                  or Interest Amount (as those terms are defined in the Credit
                  Support Annex) with respect to such Eligible Credit Support,
                  is to be returned or paid to the Standby Swap Provider and not
                  to Westpac as Party A.

                                                                         Page 23

<PAGE>

Westpac Cross Currency Swap

Paragraph 11.  Elections and Variables

(a)      Base Currency and Eligible Currency.

         (i)      "Base Currency" means United States Dollars.

         (ii)     "Eligible Currency" means the Base Currency and any other
                  currency agreed from time to time between Party A, Party B,
                  the Standby Swap Provider and each Designated Rating Agency.

(b)      Credit Support Obligations.

         (i)      Delivery Amount, Return Amount and Credit Support Amount.

                  (A)      "Delivery Amount" for a Valuation Date means the
                           amount of Eligible Credit Support calculated in
                           accordance with Part 5(9)(b) of the Schedule to the
                           Agreement for that Valuation Date.

                  (B)      "Return Amount" for a Valuation Date means the amount
                           of Eligible Credit Support calculated in accordance
                           with Part 5(9)(b) of the Schedule to the Agreement
                           for that Valuation Date.

                  (C) "Credit Support Amount" has the meaning given in
                      Paragraph 10.

         (ii)     Eligible Credit Support. The following items will qualify as
                  "Eligible Credit Support" for Party A:
<TABLE>
<CAPTION>

                                                                                                   Valuation
                                                                                                   Percentage

<S>                                                                                                   <C>
                  (A)     negotiable debt obligations issued by the U.S. Treasury Department          98%
                          having a remaining maturity of not more than one year
                  (B)     negotiable debt obligations issued by the U.S. Treasury Department          95%
                          having a remaining maturity of more than one year but not more than
                          five years
                  (C)     negotiable debt obligations issued by the U.S. Treasury Department          93%
                          having a remaining maturity of more than five years but not more than
                          ten years
                  (D)     negotiable debt obligations issued by the U.S. Treasury Department          90%
                          having a remaining maturity of more than ten years
                  (E)     Agency Securities having a remaining maturity of not more than one          97%
                          year

                  (F)     Agency Securities having a remaining maturity of more than one year         94%
                          but not more than five years

</TABLE>

                                                                         Page 24

<PAGE>

<TABLE>
<S>                                                                                                   <C>

                  (G)     Agency Securities having a remaining maturity of more than five years       92%
                          but not more than ten years

                  (H)     Agency Securities having a remaining maturity of more than ten years.       89%

                  (I)     cash in an Eligible Currency.                                               100%

                  (J)     other Eligible Credit Support and Valuation Percentage agreed by the
                          parties and acceptable to each Rating Agency
</TABLE>

                  Notwithstanding the foregoing to the contrary, the Valuation
                  Percentage with respect to all Eligible Credit Support shall
                  be deemed to be 100% with respect to a Valuation Date which is
                  an Early Termination Date.

                  "Agency Securities" means negotiable debt obligations which
                  are fully guaranteed as to both principal and interest by the
                  Federal National Mortgage Association, the Government National
                  Mortgage Corporation or the Federal Home Loan Mortgage
                  Corporation and which have been assigned a short term credit
                  rating of A-1+ by S&P, but exclude: (i) interest only and
                  principal only securities; and (ii) collateralized mortgage
                  obligations, real estate mortgage investment conduits and
                  similar derivative securities.

         (iii)    Thresholds.

                  (A)     "Minimum Transfer Amount" means, with respect to both
                          Party A and Party B: US$100,000.

                  (B)     Rounding. The Delivery Amount and the Return Amount
                          will be rounded up and down respectively to the
                          nearest integral multiple of US $10,000.

(c)      Valuation and Timing.

         (i)      "Valuation Agent" means Party A.

         (ii)     "Valuation Date" means the last Business Day of each week and,
                  at the option of either Party A or the Standby Swap Provider,
                  any Business Day between Valuation Dates.

         (iii)    "Valuation Time" means the close of business on the Business
                  Day before the Valuation Date; provided that the calculations
                  of Value and Exposure will be made as of approximately the
                  same time on the same date.

         (iv)     "Notification Time" means 11.00 a.m. New York time on the
                  second Business Day after the Valuation Date.

(d)      Exchange Date.  "Exchange Date" has the meaning specified in
         Paragraph 3(c)(ii).

                                                                        Page  25

<PAGE>

(e)      Dispute Resolution.

         (i)      "Resolution Time" means 11.00 am New York time.

         (ii)     Value. For the purpose of Paragraphs 4(a)(4)(i)(C) and
                  4(a)(4)(ii), the Value of the outstanding Credit Support
                  Balance or of any transfer of Eligible Credit Support or
                  Equivalent Credit Support, as the case may be, will be
                  calculated as follows:

                  Any disputes over the Value of all or any portion of the
                  outstanding Credit Support Balance or of any transfer of
                  Eligible Credit Support or Equivalent Credit Support will be
                  resolved by the Valuation Agent seeking three mid-market
                  quotations as of the relevant Valuation Date or date of
                  transfer from leading dealers in the relevant market for the
                  securities or other property in question. The Value in each
                  such case will be the arithmetic mean of the quotations
                  received by the Valuation Agent.

         (iii)    Alternative.  The provisions of Paragraph 4 will apply.

(f)      Distributions and Interest Amount.

         (i)      Interest Rate. The "Interest Rate", in respect of Eligible
                  Security which is denominated in US$, for any day means the
                  Federal Funds Overnight Rate. For the purposes hereof,
                  "Federal Funds Overnight Rate" means, for any day, an interest
                  rate per annum equal to the rate published as the Federal
                  Funds Effective Rate that appears on Telerate Page 118 for
                  such day. The "Interest Rate" in respect of Eligible Security
                  denominated in any other Eligible Currency means the rate as
                  agreed between the parties.

         (ii)     Transfer of Interest Amount. The Transfer of Interest Amount
                  will be made monthly on the second Business Day of each
                  calendar month.

         (iii)    Alternative to Interest Amount. The provisions of Paragraph
                  5(c)(ii) will apply.

(g)      Addresses for Transfers

         Party A:

         In respect of cash transferred in accordance with Paragraph 3(a):

         Chase Manhattan Bank, New York (Swift Code CHASUS33) ABA 021 000 021
         a/c Westpac Banking Corporation, New York (Swift Code WPACUS33)
         a/c 001-1-910452

         In respect of securities to be transferred in accordance with
         Paragraph 3(a):

         As notified in writing by Party A to the other parties to this
         agreement from time to time

         Party B:

         In respect of cash transferred in accordance with Paragraph 3(a):

         As notified in writing by Party B to the other parties to this
         agreement from time to time

                                                                         Page 26

<PAGE>

         In respect of securities to be transferred in accordance with Paragraph
         3(a):

         As notified in writing by Party B to the other parties to this
         agreement from time to time

(h)      Other Provisions

         (i)      All demands, specifications and notices under this Annex will
                  be made pursuant to Section 12 of the Agreement; provided,
                  that any such demand, specification or notice may be made by
                  telephone ("Telephone Notice") between duly authorised
                  employees of each party if such Telephone Notice is confirmed
                  by a subsequent written instruction (which may be delivered
                  via facsimile) by the close of business of the same day that
                  such Telephone Notice is given.

         (ii)     Party B's expenses

                  Subject to Section 15 of the Agreement, Party B agrees to pay
                  Party A's costs and expenses in relation to or caused by any
                  breach by Party B of its obligations under this Annex. Party A
                  acknowledges and agrees that its obligations under this Annex
                  will not be affected by a failure by Party B to comply with
                  its obligations under this paragraph (h)(ii).

         (iii)    No trial by jury

                  Each party waives, to the fullest extent permitted by
                  applicable law, any right it may have to a trial by jury in
                  respect of any suit, action or proceeding relating to this
                  Annex.

         (iv)     Transferor and Transferee In this Annex:

                  (a)      "Transferor" means only Party A; and
                  (b)      "Transferee" means only Party B.

         (v)      Dispute Resolution

                  Paragraph 4(a)(4)(i) is amended by:
                  (A)     replacing the word "Exposure" with the words "the
                          Delivery Amount or the Return Amount, as the case may
                          be" in the first paragraph of Paragraph 4(a)(4)(i);

                  (B)     adding the word "and" at the end of Paragraph
                          4(a)(4)(i)(A) and deleting Paragraph 4(a)(4)(i)(B).

(vi)     Rights in Relation to Swap Provider's Eligible Credit Support Following
         Novation

                  (A)     The Transferee will hold any Eligible Credit Support
                          transferred to or received by the Transferee from
                          Westpac as Party A (or from the Standby Swap Provider
                          on behalf of Westpac as Party A but not from the
                          Standby Swap Provider in its capacity as Party A)
                          hereunder on trust for the benefit of:

                                                                         Page 27

<PAGE>

                           (1)      itself as trustee of the Trust, to be
                                    applied in satisfaction of the obligations
                                    of Westpac as Party A to the Transferee as
                                    trustee of the Trust (other than pursuant to
                                    Paragraph 11(h)(vi)(B)); and

                           (2)      the Standby Swap Provider, to be applied in
                                    satisfaction of the obligations of Westpac
                                    as Party A to the Standby Swap Provider
                                    pursuant to Parts 5(11)(d) and (e) of the
                                    Schedule to this Agreement,

                          in accordance with the provisions of this Paragraph
                          11(h)(vi), and Paragraph 5(a) is varied accordingly.

                  (B)     Westpac as Party A covenants in favour of the
                          Transferee that it will duly and punctually pay to the
                          Transferee:

                           (1)      all its obligations to the Standby Swap
                                    Provider pursuant to Parts 5(11)(d) and (e)
                                    of the Schedule to this Agreement; and

                           (2)      all its present and future obligations to
                                    the Standby Swap Provider under Paragraph
                                    11(h)(vi) of the credit support annex to the
                                    ISDA Master Agreement between Citibank as
                                    Party A, Westpac Securities Administration
                                    Limited as Party B and others, dated on or
                                    about the date of this Agreement,

                          as and when the same fall due for payment.
                          Notwithstanding the foregoing, every payment by
                          Westpac as Party A, or the Transferee in accordance
                          with Paragraph 11(h)(vi)(C)(2)(b), to the Standby Swap
                          Provider will operate as a payment by Westpac as Party
                          A to the Transferee in satisfaction of Westpac's
                          obligations as Party A pursuant to this Paragraph
                          11(h)(vi)(B). The Transferee will hold the benefit of
                          its rights under this Paragraph 11(h)(vi)(B) on trust
                          for the Standby Swap Provider in accordance with the
                          provisions of this Paragraph 11(h)(vi).

                  (C)     The Transferee must deal with all Eligible Credit
                          Support transferred to or received by the Transferee
                          from Westpac as Party A (or from the Standby Swap
                          Provider on behalf of Westpac as Party A but not from
                          the Standby Swap Provider in its capacity as Party A)
                          hereunder:

                           (1)      prior to the Novation Date, in accordance
                                    with the provisions of this Agreement other
                                    than this Paragraph 11(h)(vi);

                           (2)      on or after the Novation Date:

                                   (a)      until the date upon which the
                                            Standby Swap Provider has initially
                                            fulfilled its obligations as Party A
                                            pursuant to Part 5(9)(a) of the
                                            Schedule to this Agreement, such
                                            Eligible Credit Support must be held
                                            by the Transferee in accordance with
                                            Paragraph 11(h)(vi)(E);

                                   (b)      on or after the date upon which the
                                            Standby Swap Provider has initially
                                            fulfilled its obligations as Party A
                                            pursuant to Part 5(9)(a) of the
                                            Schedule to this Agreement and until

                                                                         Page 28

<PAGE>

                                            Westpac as Party A has paid in full
                                            all of its obligations to the
                                            Standby Swap Provider pursuant to
                                            Parts 5(11)(d) and (e) of the
                                            Schedule to this Agreement, the
                                            Transferee must, upon the
                                            instructions of the Standby Swap
                                            Provider, transfer such Eligible
                                            Credit Support to the Standby Swap
                                            Provider in satisfaction of
                                            Westpac's obligations as Party A to
                                            the Standby Swap Provider pursuant
                                            to Parts 5(11)(d) and (e) of the
                                            Schedule to this Agreement as and
                                            when these are due and payable until
                                            all such obligations have been paid
                                            in full; and

                                   (c)      on or after the date upon which the
                                            Standby Swap Provider has initially
                                            fulfilled its obligations as Party A
                                            pursuant to Part 5(9)(a) of the
                                            Schedule to this Agreement and
                                            Westpac as Party A has paid in full
                                            all its obligations to the Standby
                                            Swap Provider pursuant to Parts
                                            5(11)(d) and (e) of the Schedule to
                                            this Agreement and no amounts are or
                                            thereafter may become payable in
                                            respect to such obligations, the
                                            Transferee must transfer to Westpac
                                            as Party A all such Eligible Credit
                                            Support and the Interest Amount in
                                            relation to such Eligible Credit
                                            Support, if any.

                  (D)     Westpac as Party A releases the Transferee from any
                          liability incurred by the Transferee in complying with
                          the instructions of the Standby Swap Provider pursuant
                          to Paragraph 11(h)(vi)(C)(2)(b) and the Standby Swap
                          Provider indemnifies the Transferee from and against
                          any cost or liability incurred by the Transferee in
                          complying with such instructions. The Standby Swap
                          Provider acknowledges and agrees that the Transferee
                          may not, and is not required, to transfer any Eligible
                          Credit Support pursuant to Paragraph
                          11(h)(vi)(C)(2)(b) except upon the directions of the
                          Standby Swap Provider and in accordance with this
                          Paragraph 11(h)(vi).

                  (E)     The Transferee must ensure that any Eligible Credit
                          Support transferred to or received by the Transferee
                          from Westpac as Party A is held separately from, and
                          is not co-mingled with other property of the
                          Transferee, including Eligible Credit Support
                          transferred to or received by the Transferee from the
                          Standby Swap Provider as Party A.

                  (F)     This paragraph 11(h)(vi) applies notwithstanding any
                          other provision of this Agreement.

         (vii)    Return Amounts

                  If under this Agreement a Novation Date has occurred, each
                  obligation of the Transferee under Paragraphs 2, 4 and 5(c) is
                  subject to the condition precedent that the Standby Swap
                  Provider, in its discretion, has consented to the transfer
                  unless Westpac as Party A has paid in full all its Obligations
                  to the Standby Swap Provider pursuant to Sections 24(d) and
                  (e) of the Agreement and no amounts are or thereafter may
                  become payable with respect to such obligations.

                                                                        Page  29

<PAGE>

         (viii)   Demand and Notices

                  All demands, specifications and notices to Party A under this
                  Annex will be made to:

                  Jonathan Byrne
                  Westpac Banking Corporation
                  Level 5, 255 Elizabeth Street
                  Sydney NSW 2000
                  Phone:   612 9284 8179
                  Fax:     612 9284 8126
                  Email:   jbyrne@westpac.com.au

                                                                         Page 30

<PAGE>

<TABLE>
<S>       <C>                                           <C>
To:       Westpac Securities Administration             Westpac Securitisation Management Pty
          Limited                                       Limited
          as trustee of the Series 2002-1G              Level 25
          WST Trust                                     60 Martin Place
          Level 25                                      Sydney  NSW  2000
          60 Martin Place                               AUSTRALIA
          Sydney  NSW  2000
          AUSTRALIA                                     Attention: Cameron Kelly

          Attention: Bob Hamilton

          Westpac Banking Corporation
          Level 3, 255 Elizabeth Street
          Sydney NSW 2000

          Attention: Senior Manager, Global
          Derivative Operations
</TABLE>

CONFIRMATION - SERIES 2002-1G WST TRUST

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by Westpac Securities Administration Limited,
ABN 77 000 049 472 as trustee of the Series 2002-1G WST Trust (the "Trust").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of 12 March 2002 as amended, novated or supplemented
from time to time (the "Agreement"), between Westpac Banking Corporation, ABN 33
007 457 141 ("Party A"), Westpac Securities Administration Limited, ABN 77 000
049 472 as trustee of, the Series Trust ("Party B") and Westpac Securitisation
Management Pty. Limited, ABN 73 081 709 211 (the "Manager"), Citibank N.A, (the
"Standby Swap Provider").

All provisions contained in the Agreement govern this Confirmation except as
expressly modified below. All other terms used and not defined in this
Confirmation have the meaning given in the Master Trust Deed ("Trust Deed")
between Party B and The Mortgage Company Pty Limited and the Series 2002-1G WST
Trust Series Notice (the "Series Notice") between Party A, Party B, the Manager
and others.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

<TABLE>

<S>                                                     <C>
1.   Our Reference:

2.   Trade Date:                                        12 March 2002

3.   Effective Date:                                    14 March 2002

4.   Termination Date:                                  The earlier of:

                                                        (a)  the date which is one month after the Class
                                                             A Notes have been redeemed in full in
                                                             accordance with the Series Notice; or

                                                        (b)  the date on which Party B enters into a
                                                             swap transaction, as previously notified to
                                                             the Designated Ratings Agency, and which
                                                             the Designated Ratings Agency has
                                                             confirmed will not cause a reduction in or
</TABLE>

                                                                               1

<PAGE>

<TABLE>

<S>                                                <C>
                                                        withdrawal of the rating of the Class A
                                                        Notes, to replace this Swap Transaction, or

                                                   (c)  Maturity Date

5.   Maturity Date                                 Payment Date falling in June 2033

6.   Floating Amounts

     US$ Floating Rate Payer:                      Party A

     Calculation Amount:                           One half of the aggregate Invested Amount of
                                                   the Class A Notes as at the first day of each
                                                   Calculation Period

     Calculation Period:                           From and including one Period End Date to and
                                                   excluding the next Period End Date,
                                                   commencing on and including the Effective
                                                   Date to but excluding the Termination Date.

     Period End Date:                              Each Payment Date

     Payment Dates:                                Each 5 June, 5 September, 5 December and 5
                                                   March, from and including 5 June 2002 to and
                                                   including the Termination Date, subject to
                                                   adjustment in accordance with the Applicable
                                                   Business Day Convention

     Floating Rate Option:                         USD-LIBOR-BBA (except that references to
                                                   "London Banking Days" in section 7.1(w)(xvii)
                                                   Annex to the 2000 ISDA Definitions will be
                                                   replaced with references to "Business Days" as
                                                   that expression is defined in the Note Conditions)
                                                   plus the Spread

     Designated Maturity:                          Three months (except that Linear Interpolation
                                                   using two and three months will apply in respect
                                                   of the first Calculation Period)

     Spread:                                       0.16 percent per annum for Payment Dates from
                                                   and including 5 June 2002 to and including  5
                                                   June 2009 and 0.32 per cent per annum from
                                                   and excluding 5 June 2009 to the Termination
                                                   Date provided that if the Step Up Margin on the
                                                   Class A Notes reverts to 0.0 per cent per annum
                                                   on any payment date under Clause 4.10 of the
                                                   Series Notice then the Spread will revert to 0.16
                                                   per cent per annum on and from the
                                                   corresponding Payment Date for this Swap
                                                   Transaction.

     Floating Rate Day Count Fraction:             Actual/360

     Applicable Business Day Convention

     - Period End Dates                            Not applicable

     - Payment Date                                Following Business Day Convention

     - Termination Date                            Following Business Day Convention

     Business Days                                 Sydney, London, New York
</TABLE>

                                                                               2

<PAGE>

<TABLE>

<S>                                      <C>
Reset Dates:                             Two Business Days prior to each Period End
                                         Date except the First Reset Date

First Reset Date:                        Two Business Days prior to the Effective Date

Compounding:                             Inapplicable

A$ Floating Rate Payer:                  Party B

Calculation Amount:                      The A$ Equivalent of the Calculation Amount
                                         pursuant to the US$ Floating Rate Payer

Calculation Period                       From and including one Period End Date to and
                                         excluding the next Period End Date, commencing
                                         and including the Effective Date to but excluding
                                         the Termination Date.

Period End Dates                         Each Payment Date

Payment Dates:                           Each 5 June, 5 September, 5 December and 5
                                         March, from and including 5 June 2002 to and
                                         including the Termination Date, subject to
                                         adjustment in accordance with the Applicable
                                         Business Day Convention

Floating Rate Option:                    Bank Bill Rate plus the Spread

Designated Maturity:                     90 days (except that Linear Interpolation using
                                         two and three months will apply in respect of the
                                         first Calculation Period)

Spread:                                  0.3275 per cent per annum for Payment Dates
                                         from and including 5 June 2002 to and including
                                         the 5 June 2009 and 0.4875 per cent per annum
                                         from and excluding 5 June 2009 to the
                                         Termination Date provided that if the Step Up
                                         Margin on the Class A Notes reverts to 0.0 per
                                         cent per annum on any payment date under
                                         Clause 4.10 of the Series Notice then the Spread
                                         will revert to 0.3275 per cent per annum on
                                         and from the corresponding Payment Date for this
                                         Swap Transaction.

Floating Rate Day Count Fraction:        Actual/365

Applicable Business Day Convention

- Period End Dates                       Not applicable

- Payment Date                           Following Business Day Convention

- Termination Date                       Following Business Day Convention

Business Days                            Sydney, London, New York

Reset Dates:                             Each Period End Date, except the First Reset
                                         Date

First Reset Date:                        Effective Date

Compounding:                             Inapplicable
</TABLE>

                                                                               3

<PAGE>

<TABLE>

<S>                                             <C>
7.   Exchanges

     Initial Exchange:

     Initial Exchange Date:                     14 March 2002

     Party A Initial Exchange Amount:           The A$ Equivalent of the Party B Initial Exchange
                                                Amount, being A$1,072,870,601.81

     Party B Initial Exchange Amount:           One half of the Initial Invested Amount of the
                                                Class A Notes on the Issue Date, being
                                                US$558,000,000

                                                Notwithstanding anything to the contrary in the
                                                Agreement, Party A must pay the Party A Initial
                                                Exchange Amount to Party B by 11.00am
                                                (Sydney time) on the Initial Exchange Date and
                                                Party B must pay Party A the Party B Initial
                                                Exchange Amount (or procure the payment to
                                                Party A of the Party B Initial Exchange Amount)
                                                by 9.00am (New York time) on the Initial
                                                Exchange Date.

     Periodic Exchange:

     Periodic Exchange Date:                    Each Payment Date (other than the Final
                                                Exchange Date)

     Party A Periodic Exchange Amount:          In respect of a Periodic Exchange Date means
                                                the US$ Equivalent of one half of the amount of
                                                principal in A$ available to be paid by Party B
                                                under the Series Notice in respect of the Class A
                                                Notes in relation to the Payment Date occurring
                                                on that Periodic Exchange Date

     Party B Periodic Exchange Amount:          In respect of a Periodic Exchange Date means
                                                one half of the amount available to be paid by
                                                Party B under the Series Notice in respect of the
                                                Class A Notes in A$ in relation to the Payment
                                                Date occurring on that Periodic Exchange Date

     Final Exchange:

     Final Exchange Date:                       Termination Date

     Party  A Final Exchange Amount:            The US$ Equivalent of one half of the amount
                                                available to be paid by Party B under the Series
                                                Notice in respect of the Class A Notes in A$ in
                                                relation to the Payment Date which is the Final
                                                Exchange Date

     Party B Final Exchange Amount:             One half of the amount available to be paid by
                                                Party B under the Series Notice in respect of the
                                                Class A Notes in A$ in relation to the Quarterly
                                                Distribution Date which is the Final Exchange
                                                Date

8.   Exchange Rates:

     For the purpose of the definitions of "A$
</TABLE>

                                                                               4

<PAGE>

<TABLE>

<S>                                                       <C>
     Equivalent" and "US$ Equivalent":

     US$ Exchange Rate:                                   US$1.00 = A$1.92270717169775

     A$ Exchange Rate:                                    A$1.00 = US$0.5201

9.   Account Details:

     Payments to Party A

     Account for payments in US$:                         The account notified in writing by Part
                                                          A to Party B in accordance with Part 5(1)(vii)
                                                          of the Schedule to the Agreement

     Account for payments in A$:                          The account notified in writing by Party A to Party
                                                          B in accordance with Part 5(1)(vii) of the
                                                          Schedule to the Agreement

     Payments to Party B

     Account for payments in US$:                         The account notified in writing by the Principal
                                                          Paying Agent to Party A in accordance with
                                                          Part 5(1)(vii) of the Schedule to the Agreement

     Account for payments in A$:                          The account notified in writing by Party B to Party
                                                          A in accordance with Part 5(1)(vii) of the
                                                          Schedule to the Agreement

10.  Offices:                                             The Office of Westpac (on and from the Novation
                                                          Date) as Party A is Sydney.

                                                          The Office of Party B for each Transaction is New
                                                          York.
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of each Transaction to which this Confirmation relates by signing and
returning this Confirmation to us by facsimile today.

Executed documents will follow by mail.

Yours sincerely

/s/ John Lowrey

Westpac Banking Corporation

Tier 3 Attorney

                                                                               5

<PAGE>

<TABLE>
<CAPTION>

Confirmed as at the date first written                 Confirmed as at the date first written above:
above:
                                                    <C>
SIGNED for and on behalf of                            SIGNED for and on behalf of
WESTPAC SECURITIES                                     WESTPAC SECURITISATION MANAGEMENT
ADMINISTRATION LIMITED, ABN 77                         PTY. LIMITED, ABN 73 081 709 211
000 049 472
as trustee of the Series 2002-1G WST Trust

By: /s/ Robert George Hamilton                         By: /s/ G.P.D. Rennie
     (Authorised Officer)                                   (G.P.D. Rennie)

Name: Robert George Hamilton                             (Authorised Officer)

Title: Manager, Trustee Securitisation                 Name:

                                                       Title: Attorney

Confirmed as at the date first written
above:

SIGNED for and on behalf of
Citibank N.A., NY Branch

By: /s/ Thomas E. O'Callaghan
        (Authorised Officer)

Name: Thomas E. O'Callaghan

Title:  General Counsel

</TABLE>

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