Document:

Agency Agreement

 EXHIBIT 4.5 
  
 Agency Agreement 
  
 Westpac Securities Administration Limited 
  
 (Trustee) 
  
 Westpac Securitisation Management Pty Limited 
  
 (Trust Manager) 
  
 Deutsche Bank Trust Company Americas

  
 (Note Trustee) 
  
 Deutsche Bank Trust Company Americas 
  
 (Principal Paying Agent) 
  
 Deutsche Bank Trust Company Americas 
  
 (Calculation Agent) 
  
 Deutsche Bank Trust Company Americas 
  
 (Note Registrar)  
  

 Allens Arthur Robinson 
 The Chifley Tower 
 2 Chifley Square 
 Sydney NSW 2000 
 Australia 
 Tel 61 2 9230 4000 
 Fax 61 2 9230 5333 
  
 © Copyright Allens Arthur Robinson 2005 
  

			
	Agency Agreement	  	

  

 Table of Contents 
  

							
	 1.
	 	Definitions and Interpretation	  	2
	 	 	 1.1
	  	Definitions	  	2
	 	 	 1.2
	  	Definitions in Note Trust Deed	  	3
	 	 	 1.3
	  	Interpretation	  	3
	 	 	 1.4
	  	Document or agreement	  	3
	 	 	 1.5
	  	Transaction Document	  	3
	 	 	 1.6
	  	Trustee as trustee	  	3
			
	 2.
	 	Appointment of Paying Agents	  	4
			
	 3.
	 	Payment	  	4
	 	 	 3.1
	  	Payment by Trustee	  	4
	 	 	 3.2
	  	Confirmation	  	4
	 	 	 3.3
	  	Payments by Paying Agents	  	5
	 	 	 3.4
	  	Method of Payment – Book Entry Notes	  	5
	 	 	 3.5
	  	Method of payment – Definitive Notes	  	5
	 	 	 3.6
	  	Late payment	  	5
	 	 	 3.7
	  	Notice of non-receipt	  	6
	 	 	 3.8
	  	Agency	  	6
	 	 	 3.9
	  	Reimbursement	  	6
	 	 	 3.10
	  	Method of payment	  	6
	 	 	 3.11
	  	No fee	  	7
			
	 4.
	 	Repayment	  	7
			
	 5.
	 	Appointment of the Calculation Agent as calculation agent	  	7
			
	 6.
	 	Duties of the Calculation Agent	  	8
			
	 7.
	 	Note Trustee	  	8
			
	 8.
	 	Early Redemption of Class A1 Notes	  	9
			
	 9.
	 	Pro Rata Redemption and Cancellation Of Notes	  	10
			
	 10.
	 	Notices to Class A1 Noteholders	  	11
			
	 11.
	 	Documents and Forms	  	11
			
	 12.
	 	Authentication	  	11
			
	 13.
	 	Indemnity	  	11
			
	 14.
	 	The Note Register	  	13
	 	 	 14.1
	  	Appointment of Note Registrar	  	13
	 	 	 14.2
	  	Details to be kept on the Note Register	  	13
	 	 	 14.3
	  	Payments of Principal and Interest	  	14
	 	 	 14.4
	  	Place of keeping Register, copies and access	  	14
	 	 	 14.5
	  	Details on Note Register conclusive	  	15
	 	 	 14.6
	  	Alteration of details on Note Register	  	15
	 	 	 14.7
	  	Rectification of Note Register	  	15

  

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	Agency Agreement	  	

  

							
	 	 	 14.8
	  	Correctness of Note Register	  	15
			
	 15.
	 	Changes of Note Registrar	  	15
	 	 	 15.1
	  	Removal	  	15
	 	 	 15.2
	  	Resignation	  	16
	 	 	 15.3
	  	Limitation	  	16
			
	 16.
	 	General	  	16
	 	 	 16.1
	  	Communications to Class A1 Noteholders	  	16
	 	 	 16.2
	  	Agency	  	16
	 	 	 16.3
	  	Identity	  	17
	 	 	 16.4
	  	No set-off	  	17
	 	 	 16.5
	  	Reliance	  	17
	 	 	 16.6
	  	Entitled to deal	  	17
	 	 	 16.7
	  	Consultation	  	17
	 	 	 16.8
	  	Duties	  	18
	 	 	 16.9
	  	Income Tax Returns	  	18
	 	 	 16.10
	  	Obligations of each Note Party	  	18
			
	 17.
	 	Changes in Paying Agents and Calculation Agent	  	18
	 	 	 17.1
	  	Removal	  	18
	 	 	 17.2
	  	Resignation	  	19
	 	 	 17.3
	  	Limitation	  	19
	 	 	 17.4
	  	Delivery of amounts	  	20
	 	 	 17.5
	  	Successor to Principal Paying Agent	  	20
	 	 	 17.6
	  	Successor to Calculation Agent	  	20
	 	 	 17.7
	  	Successor to Note Registrar	  	21
	 	 	 17.8
	  	Notice to Class A1 Noteholders	  	22
	 	 	 17.9
	  	Change in Paying Office or Specified Office	  	22
			
	 18.
	 	Fees and Expenses	  	22
			
	 19.
	 	Waivers, Remedies Cumulative	  	23
			
	 20.
	 	Severability of Provisions	  	23
			
	 21.
	 	Assignment	  	24
			
	 22.
	 	Notices	  	24
	 	 	 22.1
	  	General	  	24
	 	 	 22.2
	  	Details	  	24
	 	 	 22.3
	  	Communication through Principal Paying Agent	  	26
			
	 23.
	 	Limited Recourse	  	26
	 	 	 23.1
	  	General	  	26
	 	 	 23.2
	  	Liability of Trustee limited to its right to indemnity	  	26
	 	 	 23.3
	  	Unrestricted remedies	  	27
	 	 	 23.4
	  	Restricted remedies	  	27
			
	 24.
	 	Counterparts	  	27
			
	 25.
	 	Governing Law	  	28
			
	 26.
	 	Successor Trustee	  	28

  

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	Agency Agreement	  	

  

			
	 Date
	  	February 4, 2005
		
	 Parties
	  	 
		
	 1.
	  	Westpac Securities Administration Limited (ABN 77 000 049 472) incorporated in New South Wales of Level 15, The Chifley Tower, 2 Chifley Square, Sydney in its capacity as trustee of
the Series 2005-1G WST Trust (the Trustee);
		
	 2.
	  	Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) incorporated in the Australian Capital Territory of Level 25, 60 Martin Place, Sydney as trust manager in relation to
the Series 2005-1G WST Trust (the Trust Manager);
		
	 3.
	  	Deutsche Bank Trust Company Americas acting through its office at 1761 East St. Andrew Place, Santa Ana, California 92705-4934 as principal paying agent for the Class A1 Notes
described below (the Principal Paying Agent, which expression shall, wherever the context requires, include any successor principal paying agent from time to time under this agreement and, except where the context otherwise requires,
the Principal Paying Agent and any additional paying agent or paying agents are Paying Agents);
		
	 4.
	  	Deutsche Bank Trust Company Americas acting through its office at 1761 East St. Andrew Place, Santa Ana, California 92705-4934 as trustee for the Class A1 Noteholders (the Note
Trustee, which expression shall, wherever the context requires, include any other trustee or trustees from time to time under the Note Trust Deed);
		
	 5.
	  	Deutsche Bank Trust Company Americas acting through its office at 1761 East St. Andrew Place, Santa Ana, California 92705-4934 as calculation agent in relation to the Class A1 Notes
described below (the Calculation Agent, which expression shall, whenever the context requires, include any successor calculation agent from time to time under this agreement); and
		
	 6.
	  	Deutsche Bank Trust Company Americas acting through its office at 1761 East St. Andrew Place, Santa Ana, California 92705-4934 as note registrar for the Class A1 Notes (the Note
Registrar which expression shall, wherever the context requires, include any successor note registrar from time to time under this agreement).

  

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	Agency Agreement	  	

  

 Recitals 
  

	 	A	The Trustee proposes to issue US$1,100,000,000 of Class A1 mortgage backed floating rate notes (Class A1 Notes), A$500,000,000 Class A2 mortgage backed floating rate
notes (Class A2 Notes) and A$27,500,000 Class B mortgage backed floating rate notes due 2036 (Class B Notes) each with a Maturity Date falling in 2036. 

  

	 	B	The Class A1 Notes will be represented initially by one or more book-entry notes (the Book-Entry Notes). 

  

	 	C	The Class A1 Notes, upon original issue, will be issued in the form of typewritten Book-Entry Notes representing the Book-Entry Notes. The Trustee shall, on the date of this deed,
deliver or arrange the delivery on its behalf of the Book-Entry Notes to the Principal Paying Agent. The Book-Entry Notes shall initially be registered on the Note Register in the name of Cede & Co., as nominee of DTC as Clearing Agency, and no
Class A1 Note Owner will receive a Definitive Note representing such Class A1 Note Owner’s interest in such Class A1 Note, except as provided in the Note Trust Deed. 

  

	 	D	The Class A1 Notes will be constituted by the Note Trust Deed, the Series Notice and the Master Trust Deed. 

  

	 	E	The Class A1 Notes will be secured on the terms of the Security Trust Deed. 

  

	 	F	The Trustee wishes to appoint the Principal Paying Agent as principal paying agent in respect of the Class A1 Notes and has entered into this agreement to provide for the terms and
conditions of that appointment. 

  

	 	G	The Trustee wishes to appoint the Calculation Agent as its calculation agent in respect of the Class A1 Notes and has entered into this agreement to provide for the terms and
conditions of that appointment. 

  
 IT IS AGREED as follows. 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

  
 The following definitions apply unless the context requires otherwise. 
  
 Master Trust Deed means the Master Trust Deed for the WST Trusts dated 14 February 1997 between the Trustee as
trustee and The Mortgage Company Pty Limited. 
  
 Notice of
Creation of Trust means the Notice of Creation of Trust dated on or about 3 February 2005 issued under the Master Trust Deed in relation to the Trust. 
  

Paying Office means, in relation to a Paying Agent, the office of the Paying Agent specified in the Class A1 Notes or otherwise under
this agreement or the Note Trust Deed as the office at which payments in respect of the Class A1 Notes will be made as changed from time to time in accordance with this agreement. 
  

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	Agency Agreement	  	

  

 Series Notice means the Series Notice dated on or about the date of this agreement
relating to the Trust. 
  
 Specified Office means,
in relation to the Calculation Agent, the office of the Calculation Agent specified under this Agreement as the office at which the Calculation Agent will carry out its duties under this agreement. 
  
 Trust means the trust known as the Series 2005-1G WST Trust
established under the Notice of Creation of Trust, the Master Trust Deed and the Series Notice. 
  

	1.2	Definitions in Note Trust Deed 

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

	1.3	Interpretation 

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

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

  

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

  

	1.4	Document or agreement 

  
 A reference to: 
  

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

  

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

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

	1.5	Transaction Document 

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

	1.6	Trustee as trustee 

  

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

  

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

  

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

  

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	 	(b)	The rights and obligations of the parties under this agreement relate only to the Series 2005-1G WST Trust, and do not relate to any other Trust (as defined in the Master Trust
Deed). 

  

	2.	Appointment of Paying Agents 

  

	 	(a)	Subject to the terms of this agreement, the Trustee (and, for the purposes of clause 7 only, the Note Trustee) appoints the Principal Paying Agent as its principal paying agent, and
each other Paying Agent as its paying agent, for making payments in respect of the Class A1 Notes in accordance with the Transaction Documents and the Conditions at their respective Paying Offices. The Principal Paying Agent, and each other Paying
Agent appointed under this agreement, accepts that appointment. 

  

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

  

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

  
 It is acknowledged and agreed that: 
  

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

  

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

  

	3.	Payment 

  

	3.1	Payment by Trustee 

  
 The Trustee shall, not later than 10.00 am (New York time) on each Payment Date in accordance with clause 3.9, and subject to the Transaction Documents
and the Conditions, pay to or to the order of, or procure payment to or to the order of, the Principal Paying Agent the amount in immediately available US$ funds as may be required (after taking account of any cash then held by the Principal Paying
Agent and available for the purpose) to be made on that Payment Date under the Series Notice in respect of the Class A1 Notes and the Conditions. 
  

	3.2	Confirmation 

  
 Not later than 4.00 pm (Sydney time) on each Determination Date, the Trust Manager on behalf of the Trustee shall notify, or procure notification to, the
Principal Paying Agent and the Note Trustee in writing of the amount of interest and principal payable in respect of the Class A1 Notes on the Payment Date following that Determination Date. The Trustee or the Trust Manager on its behalf 

  

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shall also forward to the Principal Paying Agent at that time confirmation that the payments provided for in clause 3.1 will be made unconditionally.

  

	3.3	Payments by Paying Agents 

  
 Subject to payment being duly made as provided in clause 3.1 (or to the Principal Paying Agent otherwise being satisfied that the payment will be duly
made on the due date), and subject to clause 7, the Paying Agents shall pay or cause to be paid out of the funds they are holding on behalf of the Trustee on each Payment Date the relevant amounts of principal and interest due in respect of the
Class A1 Notes in accordance with the Series Notice and the Conditions. 
  

	3.4	Method of Payment – Book Entry Notes 

  

	 	(a)	The Principal Paying Agent shall cause all payments of principal or interest (as the case may be) due in respect of Class A1 Notes represented by a Book-Entry Note to be made to DTC
for credit to the account of the persons appearing from time to time in the records of DTC as account holder with respect to that Book-Entry Note. 

  

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

  

	3.5	Method of payment – Definitive Notes 

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

	3.6	Late payment 

  

	 	(a)	If any payment under clause 3.1 is made late but otherwise in accordance with the provisions of this agreement, each Paying Agent shall make payments required to be made by it in
respect of the Class A1 Notes as provided in this clause 3. However, unless and until the full amount of any payment in respect of the Class A1 Notes required to be made under the Transaction Documents has been made under clause 3.1 to or to the
order of the Principal Paying Agent, no Paying Agents shall be bound to make a payment under clause 3 except to the extent that non-payment is caused by fraud, wilful misconduct, negligence or bad faith on the part of that Paying Agent or of any of
its directors, officers, employees or servants. 

  

	 	(b)	If the Principal Paying Agent has not received on a Payment Date the full amount of principal and interest then payable on any Class A1 Note in accordance with the Series Notice and
the Conditions, but receives the full amount later, it shall: 

  

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

  

	 	(ii)	as soon as practicable after such full receipt give due notice, in accordance with Condition 12, to Class A1 Noteholders that it has received the full amount.

  

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	3.7	Notice of non-receipt 

  
 The Principal Paying Agent shall immediately notify in writing by facsimile the other Paying Agents (if any), the Note Trustee, the Trustee, the Security
Trustee, the Currency Swap Provider and the Trust Manager if the full amount of any payment of principal or interest required to be made by the Series Notice and the Conditions in respect of the Class A1 Notes is not unconditionally received by it
or to its order in accordance with this agreement. 
  

	3.8	Agency 

  
 The Principal Paying Agent shall hold as agent for the Note Trustee and the Class A1 Noteholders all sums held by it for the payment of principal and
interest with respect to the Class A1 Notes until all relevant sums are paid to the Note Trustee or the Class A1 Noteholders or otherwise disposed of in accordance with the Note Trust Deed. 
  

	3.9	Reimbursement 

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

	3.10	Method of payment 

  

	 	(a)	All sums payable by the Trustee to the Principal Paying Agent under this agreement shall, unless otherwise provided and subject to the Currency Swap, be paid by the Currency Swap
Provider on behalf of the Trustee in US$ to the account with the bank as the Principal Paying Agent may from time to time notify in writing to the Trustee and the Note Trustee. Those sums shall be held by the Principal Paying Agent as agent for the
Class A1 Noteholders for payment to the Class A1 Noteholders and, failing that payment within the designated periods of prescription specified in Condition 8, or upon the bankruptcy, insolvency, winding up or liquidation of the Principal Paying
Agent or default being made by the Principal Paying Agent in the payment of any amounts in respect of principal or interest in accordance with this agreement, for repayment to the Trustee (subject to clause 4). On repayment in full in accordance
with clause 4 to the Trustee all liabilities of the Principal Paying Agent with respect to those moneys shall cease. The Trustee may, promptly after each Payment Date, request confirmation from the Principal Paying Agent that the Principal Paying
Agent has paid the relevant amount to DTC. The Principal Paying Agent will countersign and promptly return any such confirmation requested by the Trustee. 

  

	 	(b)	 Subject to the terms of this agreement, the Principal Paying Agent shall be entitled to deal with moneys paid to it under this agreement in the same manner as other
moneys paid to it as a banker by its customers. The Principal Paying Agent shall be entitled to retain for its own account any interest earned on the sums from time to time credited to the separate 

  

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account referred to in paragraph (a) and it need not segregate such sums from other amounts held by it. 

  

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

  

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

  

	3.11	No fee 

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

	4.	Repayment 

  

	 	(a)	Immediately on any entitlement to receive principal or interest under any Class A1 Note becoming void under the Conditions, the Principal Paying Agent shall repay to the Trustee the
amount paid to the Principal Paying Agent by or on behalf of the Trustee which would have been due in respect of that principal or interest if it had been paid before the entitlement became void, together with any fees applicable to that payment or
entitlement (pro rated as to the amount and time) to the extent already paid under clause 18. 

  

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

  

	5.	Appointment of the Calculation Agent as calculation agent 

  

	 	(a)	The Trustee (and, for the purposes of clause 7 only, the Note Trustee) appoints the Calculation Agent as its calculation agent in respect of the Class A1 Notes upon the terms and
conditions set forth in this agreement and the Calculation Agent accepts that appointment. 

  

	 	(b)	It is acknowledged and agreed that: 

  

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

  

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

  

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	Agency Agreement	  	

  

	6.	Duties of the Calculation Agent 

  

	 	(a)	The Calculation Agent shall in relation to the Class A1 Notes until their final maturity or such earlier date on which the Class A1 Notes are due and payable in full and in either
case until the Trustee has paid all amounts in relation to the Class A1 Notes to the Principal Paying Agent or, if applicable, the Note Trustee: 

  

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

  

	 	(ii)	determine LIBOR for each Coupon Period, and calculate the relevant Coupon on Class A1 Notes, in the manner set out in Condition 4 and confirm with the Currency Swap Provider that
the LIBOR as determined under this agreement is the same as LIBOR determined by the Currency Swap Provider under the Currency Swap; 

  

	 	(iii)	notify the Trustee, the Trust Manager, the Note Trustee and the Paying Agents by telex or facsimile transmission on or as soon as possible after the first day of that Coupon Period,
of the Coupon Rate and the Coupon so determined by it in relation to that Coupon Period, specifying to the Trustee the rates upon which they are based and (where relevant) the names of the banks quoting those rates; and 

  

	 	(iv)	cause the Coupon Rates applicable to the Class A1 Notes and each Coupon for each Coupon Period together with the relevant Payment Date, to be published (at the expense of the
Trustee) in accordance with the provisions of Conditions 4 and 12, on or as soon as possible after the commencement of the relevant Coupon Period unless the Note Trustee otherwise agrees, provided that the Trustee and the Note Trustee shall use
their reasonable endeavours to co-operate with the Calculation Agent in order to effect that publication. 

  

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

  

	7.	Note Trustee 

  

	 	(a)	At any time after an Event of Default in respect of the Class A1 Notes has occurred, or at any time after Definitive Notes have not been issued when so required in accordance with
the Conditions, the Note Trustee may: 

  

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

  

	 	(A)	(1) to act as Principal Paying Agent and Paying Agents, the Note Registrar and Calculation Agent respectively of the Note Trustee on the terms of this agreement in relation to
payments to be made by or on behalf of the Note Trustee under the terms of the Note Trust Deed; and 

  

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	 	(2)	hold all Definitive Notes, and all amounts, documents and records held by them in respect of the Class A1 Notes, on behalf of the Note Trustee; or 

  

	 	(B)	to deliver up all Definitive Notes and all amounts, documents and records held by them in respect of the Class A1 Notes, to the Note Trustee or as the Note Trustee shall direct in
that notice, other than any documents or records which the relevant Paying Agent, the Note Registrar or Calculation Agent is obliged not to release by any law or regulation; and 

  

	 	(ii)	by notice in writing to the Trustee require it to make (or arrange to be made) all subsequent payments in respect of the Class A1 Notes to the order of the Note Trustee and not to
the Principal Paying Agent and, with effect from the issue of that notice to the Trustee and until that notice is withdrawn clause 2.3 of the Note Trust Deed shall not apply. 

  

	 	(b)	The payment by the Trustee of its payment obligations on each Payment Date under the Series Notice and the Conditions to the Note Trustee in accordance with paragraph (a) shall be a
good discharge to the Trustee and the Trustee shall not be liable for any act or omission or default of the Note Trustee during the period it is required to make payment to the Note Trustee under paragraph (a). 

  

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

  

	 	(d)	If the Calculation Agent at any time for any reason does not determine the Coupon Rate or calculate the Coupon for a Class A1 Note, the Note Trustee shall do so and each such
determination or calculation shall be deemed to have been made by the Calculation Agent. In doing so, the Note Trustee shall apply the provisions of clause 6, with any necessary consequential amendments, to the extent that, in its opinion, it can do
so, and, in all other respects it shall do so in such a manner as it shall deem fair and reasonable in all the circumstances. 

  

	8.	Early Redemption of Class A1 Notes 

  

	 	(a)	If the Trustee intends to redeem the Class A1 Notes prior to their Maturity Date pursuant to Condition 5.13 (which it may only do at the direction of the Trust Manager), the Trust
Manager shall give not less than 5 days’ prior written notice to the Principal Paying Agent and the Note Trustee before giving the requisite period of notice to the relevant Class A1 Noteholders in accordance with Condition 5.13 and stating the
date on which such Class A1 Notes are to be redeemed. 

  

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

  

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

  

	 	(A)	the aggregate Invested Amount of the Class A1 Notes to be redeemed; 

  

	 	(B)	the amount of principal to be repaid in relation to the Class A1 Notes; and 

  

	 	(C)	the date on which the Class A1 Notes are to be redeemed; and 

  

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

  

	9.	Pro Rata Redemption and Cancellation Of Notes 

  

	 	(a)	If the Trustee is required to redeem some (but not all) of the Class A1 Notes prior to their Maturity Date pursuant to Condition 5.1 the Trust Manager shall on each Determination
Date give prior written notice to the Calculation Agent, the Principal Paying Agent, the Note Registrar and the Note Trustee, as provided in Condition 5. 

  

	 	(b)	On receipt of a notice under paragraph (a), the Principal Paying Agent shall notify DTC of the proposed redemption, specifying in each case the aggregate Invested Amount of the
Class A1 Notes to be redeemed and the date on which such Class A1 Notes are to be redeemed. 

  

	 	(c)	The Trust Manager shall, on (or as soon as practicable after) each Determination Date in respect of the Class A1 Notes, calculate: 

  

	 	(i)	the amount of principal to be repaid in respect of each Class A1 Note due on the Payment Date next following that Determination Date; 

  

	 	(ii)	the Invested Amount of each Class A1 Note on the first day of the next following Coupon Period (after deducting any principal due to be made on the next Payment Date); and

  

	 	(iii)	the Bond Factor for the Class A1 Notes as of the Notice Date, 

  
 and shall forthwith notify or cause to be notified in writing to the Trustee, the Calculation Agent, the Note Trustee and the Principal Paying Agent of
each of those determinations in accordance with the Series Notice. On receipt of that notice, the Principal Paying Agent shall give a copy of that notice to DTC in accordance with the requirements of the Note Depository Agreement. 
  

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

  

	 	(e)	If no principal is due to be repaid on the Class A1 Notes on any Payment Date, the Trust Manager shall give notice or shall cause a notice to this effect to be given to the Class A1
Noteholders in accordance with Condition 12. 

  

	 	(f)	 If any Class A1 Notes are redeemed in whole or in part in accordance with the Conditions and the Transaction Documents, the Principal Paying Agent will, if any
Book-Entry Notes 

  

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are still outstanding in relation to those Notes, cause the Note Registrar to record all relevant details in the Note Register. The Principal Paying Agent
shall, if requested in writing, as soon as possible furnish to each of the Trustee and the Note Trustee a statement in writing setting out the aggregate Invested Amount and Stated Amount of Class A1 Notes which have been redeemed or the aggregate
Invested Amount and Stated Amount of Class A1 Notes which have been purchased. If the Invested Amount of a Book-Entry Note is reduced to nil, the Principal Paying Agent shall destroy the relevant Book-Entry Note and, if requested in writing, issue a
destruction certificate forthwith to the Note Trustee and shall send a copy of that certificate to the Trustee, the Trust Manager and the Note Trustee. 

  

	10.	Notices to Class A1 Noteholders 

  

	 	(a)	At the request and expense of the Trustee, the Principal Paying Agent shall arrange for the delivery of all notices and the posting on the Note Trustee’s website of the
Noteholders Report (following receipt from the Trust Manager or the Trustee) to Class A1 Noteholders in accordance with the Conditions. The Principal Paying Agent shall also deliver the Noteholders Report to a Class A1 Noteholder upon that Class A1
Noteholder’s written request. 

  

	 	(b)	The Principal Paying Agent shall promptly send to the Note Trustee one copy of the form of every notice given to Class A1 Noteholders in accordance with the Conditions.

  

	11.	Documents and Forms 

  

	 	(a)	The Trust Manager shall provide to the Principal Paying Agent for distribution to each Paying Agent sufficient copies of all documents required by the Conditions or the Note Trust
Deed to be available to Class A1 Noteholders for issue or inspection (including the Note Trust Deed, the Master Trust Deed and the Series Notice). 

  

	 	(b)	The Trust Manager and the Trustee shall provide to the Calculation Agent such documents as the Calculation Agent may reasonably require from the Trustee in order for the Calculation
Agent properly to fulfil its duties in respect of the Class A1 Notes. 

  

	12.	Authentication 

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

	13.	Indemnity 

  

	 	(a)	 Subject to paragraph (b) and clause 23, the Trustee shall indemnify each Paying Agent, the Note Registrar and the Calculation Agent against any loss, damages,
proceeding, liability, cost, claim, action, demand or expense (including, without limitation, legal costs and expenses and any applicable value added or similar tax thereon) (each, an Expense) which the Paying Agent may incur or which
may be made against the Paying Agent, the Note Registrar or Calculation Agent as a result of or in connection with the Paying Agent’s, the 

  

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Note Registrar’s or Calculation Agent’s (as the case may be) appointment or the proper exercise of the Paying Agent’s, Note Registrar’s
or Calculation Agent’s powers and proper performance of the Paying Agent’s, Note Registrar’s or Calculation Agent’s (as the case may be) duties under this agreement and the Transaction Documents or any document executed in
connection with this agreement or any other Transaction Document, notwithstanding the resignation or removal of that Paying Agent, the Note Registrar or the Calculation Agent in accordance with clause 17 (including any liability in respect of
payment of a cheque drawn by that Paying Agent or Calculation Agent (as the case may be) where the cheque is collected or sued upon or an attempt at collection is made after the amount in respect of which it is paid has been returned to the Trustee
under clause 4). 

  

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

  

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

  

	 	(ii)	if the Paying Agent, the Note Registrar or the Calculation Agent (as the case may be) gives notice of the Expense to the Trustee and the Trust Manager as soon as the Paying Agent,
the Note Registrar or the Calculation Agent (as the case may be) becomes aware of the Expense provided, however, that any failure or delay to give such notice shall not deprive a party’s rights to be indemnified unless the Trustee is materially
prejudiced by such failure or delay; and 

  

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

  

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

  

	 	(i)	is a continuing obligation; 

  

	 	(ii)	is a separate and independent obligation; 

  

	 	(iii)	is payable under clause 5.10 of the Series Notice on the Payment Date following demand; and 

  

	 	(iv)	survives termination or discharge of this agreement. 

  

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

  

	 	(e)	 Each of the Calculation Agent, Note Registrar and Paying Agent may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, 

  

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statement, instrument, opinion, report, notice, request, consent, order, approval or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties (unless a Responsible Officer of the Calculation Agent, Note Registrar or Paying Agent (as the case may be) has actual notice to the contrary). 

  

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

  

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

  

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

  

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

  

	14.	The Note Register 

  

	14.1	Appointment of Note Registrar 

  
 The Trustee appoints Deutsche Bank Trust Company Americas to be the initial Note Registrar. Deutsche Bank Trust Company Americas accepts that appointment.

  

	14.2	Details to be kept on the Note Register 

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

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

  

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

  

	 	(c)	(Issue Dates) the Issue Dates for Class A1 Notes issued in relation to the Trust; 

  

	 	(d)	(Initial Invested Amount) the total Initial Invested Amount of Class A1 Notes issued on each such Issue Date; 

  

	 	(e)	(Invested Amount) the Invested Amount of each Class A1 Note from time to time; 

  

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	 	(f)	(Stated Amount) the Stated Amount of each Class A1 Note from time to time; 

  

	 	(g)	(details of Noteholders) the name and address of each Class A1 Noteholder; 

  

	 	(h)	(number of Notes) the number of Notes held by each Class A1 Noteholder; 

  

	 	(i)	(date of entry) the date on which a person was entered as the holder of Class A1 Notes; 

  

	 	(j)	(date of cessation) the date on which a person ceased to be a Class A1 Noteholder; 

  

	 	(k)	(account) the account to which any payments due to a Class A1 Noteholder are to be made (if applicable); 

  

	 	(l)	(payments) a record of each payment in respect of the Class A1 Notes; and 

  

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

  

	 	(i)	is required by the Series Notice; 

  

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

  

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

  

	14.3	Payments of Principal and Interest 

  

	 	(a)	Any payment of principal or interest on any Class A1 Note shall be endorsed by the Note Registrar on the Note Register. In the case of payments of principal, the Invested Amount of
the Class A1 Notes shall be reduced for all purposes by the amount so paid and endorsed on the Note Register. Any such record shall be prima facie evidence that the payment in question has been made. 

  

	 	(b)	If the amount of principal or interest (as the case may be) due for payment on any Class A1 Note is not paid in full (including Carryover Charge Offs and by reason of a deduction or
withholding) the Paying Agent shall enter such a shortfall in its records. 

  

	14.4	Place of keeping Register, copies and access 

  
 The Note Register shall be: 
  

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

  

	 	(b)	(access to Trust Manager and Auditor) open to the Trustee, the Trust Manager, the Note Trustee and the Auditor of the Trust to inspect during normal business hours of the
Note Registrar; 

  

	 	(c)	(inspection by Class A1 Noteholders) open for inspection by the Note Trustee or a Class A1 Noteholder during normal business hours of the Note Registrar but, in the case of a
Class A1 Noteholder, only in respect of information relating to that Class A1 Noteholder; and 

  

	 	(d)	(not for copying) not available to be copied by any person (other than the Trustee, the Trust Manager or the Note Trustee) except in compliance with such terms and conditions
(if any) as the Trust Manager, the Trustee and the Note Registrar in their absolute discretion nominate from time to time. 

  

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	14.5	Details on Note Register conclusive 

  

	 	(a)	(Reliance on Register) The Trustee shall be entitled to rely on the Note Register as being a correct, complete and conclusive record of the matters set out in it at any time
and whether or not the information shown in the Note Register is inconsistent with any other document, matter or thing. The Trustee is not liable to any person in any circumstances whatsoever for any inaccuracy in, or omission from, the Note
Register. 

  

	 	(b)	(No trusts etc) The Note Registrar shall not be obliged to enter on the Note Register notice of any trust, Security Interest or other interest whatsoever in respect of any
Class A1 Notes and the Trustee shall be entitled to treat a Class A1 Noteholder as the absolute owner of Class A1 Notes and the Trustee shall not be bound or affected by any trust affecting the ownership of any Class A1 Notes unless ordered by a
court or required by statute. 

  

	14.6	Alteration of details on Note Register 

  
 On the Note Registrar being notified of any change of name or address or payment or other details of a Class A1 Noteholder by the Class A1 Noteholder, the
Note Registrar shall promptly alter the Note Register accordingly. 
  

	14.7	Rectification of Note Register 

  
 If: 
  

	 	(a)	an entry is omitted from the Note Register; 

  

	 	(b)	an entry is made in the Note Register otherwise than in accordance with this agreement; 

  

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

  

	 	(d)	there is an error or defect in any entry in the Note Register; or 

  

	 	(e)	default is made or unnecessary delay takes place in entering in the Note Register that any person has ceased to be the holder of Class A1 Notes, 

  
 the Note Registrar may, without notice to any party, rectify the same.

  

	14.8	Correctness of Note Register 

  
 The Note Registrar shall not be liable for any mistake on the Note Register or in any purported copy except to the extent that the mistake is attributable
to its fraud, negligence or wilful default. 
  

	15.	Changes of Note Registrar 

  

	15.1	Removal 

  
 The Trustee (or the Trust Manager on its behalf after advising the Trustee) may terminate the appointment of the Note Registrar with the prior written
approval of the Note Trustee (which approval must not be unreasonably withheld or delayed), with effect not less than 60 days from that notice. 
  

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	15.2	Resignation 

  
 Subject to this clause 15 the Note Registrar may resign its appointment at any time by giving to the Trustee, the Trust Manager and the Note Registrar not
less than 60 days written notice to that effect. 
  

	15.3	Limitation 

  
 Despite clauses 15.1 and 15.2: 
  

	 	(a)	no resignation by or termination of the appointment of the Note Registrar shall take effect until a new Note Registrar approved in writing by the Note Trustee has been appointed on
terms previously approved in writing by the Note Trustee (in each case, that approval not to be unreasonably withheld or delayed); and 

  

	 	(b)	the appointment of a new Note Registrar shall be on the terms and subject to the conditions of this agreement and the outgoing Note Registrar shall co-operate fully to do all
further acts and things and execute any further documents as may be necessary or desirable to give effect to the appointment of the new Note Registrar. 

  

	16.	General 

  

	16.1	Communications to Class A1 Noteholders 

  
 The Principal Paying Agent shall, upon receipt from the Trustee, Trust Manager, Security Trustee or Note Trustee of any communication to be delivered to
Class A1 Noteholders or Class A1 Note Owners, including any communications pursuant to clauses 3.3, 7.1 18(a), 22.1, 23.2 or 32.2(b) of the Note Trust Deed or any other solicitation of notice from or consent of the Class A1 Noteholders or Note
Owners pursuant to or relating to the Note Trust Deed or this agreement, forward such communications to the Class A1 Noteholders, along with instructions that the responses relating to such communications be returned to the Principal Paying Agent.
Such communication shall include the date upon which the response to such solicitation shall be delivered (the Response Date). The Principal Paying Agent shall treat any Class A1 Noteholder or Note Owner who has not delivered its
response as of the Response Date as having withheld its consent to the proposed action. The Principal Paying Agent shall notify the Trustee, Trust Manager and Note Trustee in writing of the results of any such solicitations of consent. 

 

	16.2	Agency 

  
 Subject to any other provision of this agreement, each of the Paying Agents, the Calculation Agent and the Note Registrar (including clause 7, each a
Note Party) shall act solely for and as agent of the Trustee (or, pursuant to clause 7 only, the Note Trustee) and shall not have any obligations towards or relationship of agency or trust with any person entitled to receive payments
of principal and/or interest on the Class A1 Notes and shall be responsible only for performance of the duties and obligations expressly imposed upon it in this agreement. 
  

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	16.3	Identity 

  
 Each Paying Agent shall (except as ordered by a court of competent jurisdiction or as required by law) be entitled to treat the person: 
  

	 	(a)	who is, while a Book-Entry Note remains outstanding, the registered owner of that Book-Entry Note as the person entitled to receive payments of principal or interest (as applicable)
and each person shown in the records of DTC as the holder of any Class A1 Note represented by a Book-Entry Note shall be entitled to receive from the registered owner of that Book-Entry Note any payment so made in accordance with the respective
rules and procedures of DTC and on the terms and subject to the conditions of that Book-Entry Note; 

  

	 	(b)	who is the registered owner of any relevant Definitive Note as the absolute owner or owners of that Definitive Note (whether or not that Definitive Note is overdue and despite any
notice of ownership or writing on it or any notice of previous loss or theft or of any trust or other interest in it); or 

  

	 	(c)	who, when a Book-Entry Note in respect of any Class A1 Note is no longer outstanding but Definitive Notes in respect of the Class A1 Notes have not been issued, is for the time
being the Note Trustee, as the person entrusted with the receipt of principal or interest, as applicable, on behalf of the relevant Class A1 Noteholders, 

  
 and in all cases and for all purposes despite any notice to the contrary and shall not be liable for so doing. 

 

	16.4	No set-off 

  
 No Paying Agent shall exercise any right of set-off, withholding, counterclaim or lien against, or make any deduction in any payment to, any person
entitled to receive amounts of principal or interest on the Class A1 Notes in respect of moneys payable by it under this agreement. 
  

	16.5	Reliance 

  
 Each Note Party shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered by it in reliance upon any
instruction, request or order from the Trustee or the Trust Manager or in reliance upon any Class A1 Note or upon any notice, resolution, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to
be genuine and to have been delivered, signed or sent by the proper party or parties. 
  

	16.6	Entitled to deal 

  
 A Note Party shall not be precluded from acquiring, holding or dealing in any Class A1 Notes or from engaging or being interested in any contract or other
financial or other transaction or arrangement with the Trustee, the Trust Manager or the Servicer as freely as if it were not an agent of the Trustee under this agreement and in no event whatsoever (other than fraud, wilful misconduct, negligence or
bad faith) shall any Note Party be liable to account to the Trustee or any person entitled to receive amounts of principal or interest on the Class A1 Notes for any profit made or fees or commissions received in connection with this agreement or any
Class A1 Notes. 
  

	16.7	Consultation 

  
 Each Note Party may consult as to legal matters with lawyers selected by it, who may be employees of or lawyers to the Trustee, the Trust Manager or the
relevant Paying Agent. Where that consultation is likely to give rise to significant Expenses (as that term is defined in clause 13), the 

  

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relevant Note Party shall notify the Trustee and Trust Manager as soon as is reasonably practicable prior to that consultation. 
  

	16.8	Duties 

  
 Each Note Party shall perform the duties, and only the duties, contained in or reasonably incidental to this agreement and the Conditions and in the Class
A1 Notes and no implied duties or obligations (to the extent permitted by law) shall be read into this agreement or the Class A1 Notes against any Note Party. A Note Party shall not be required to take any action under this agreement which would
require it to incur any expense or liability, for which (in its reasonable opinion) either it would not be reimbursed within a reasonable time or in respect of which it has not been indemnified to its satisfaction. 
  

	16.9	Income Tax Returns 

  
 The Principal Paying Agent shall, subject always to compliance with mandatory provisions of law deliver to each Class A1 Noteholder such information as
may be reasonably required to enable such Class A1 Noteholder to prepare its federal and state income tax returns. 
  

	16.10 	Obligations of each Note Party 

  
 Each Note Party represents and warrants that it is duly qualified to assume its obligations under this agreement and has obtained all necessary approvals
required to perform its obligations under this agreement. 
  

	17.	Changes in Paying Agents and Calculation Agent 

  

	17.1	Removal 

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

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

  

	 	(i)	additional or alternative Paying Agents; or 

  

	 	(ii)	an alternative Calculation Agent; 

  

	 	(b)	subject to this clause 17, terminate the appointment of any Paying Agent or the Calculation Agent by giving written notice to that effect to each Designated Rating Agency, the Note
Trustee, the Calculation Agent (if its appointment is to be terminated), the Principal Paying Agent and (if different) the Paying Agent whose appointment is to be terminated: 

  

	 	(i)	with effect immediately on that notice, if any of the following occurs in relation to the Paying Agent or Calculation Agent (as the case may be): 

  

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

  

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

  

	 	(C)	the Paying Agent or Calculation Agent has failed to remedy within fourteen days after prior written notice by the Trustee or Trust Manager any material breach of this agreement on
the part of the Paying Agent; or 

  

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	 	(ii)	otherwise, with the prior written approval of the Note Trustee (which approval must not be unreasonably withheld or delayed) with effect not less than 60 days’ from that
notice, which date shall be not less than 30 days before nor 30 days after any due date for payment of any Class A1 Notes. 

  

	17.2	Resignation 

  
 Subject to this clause 17, a Paying Agent or the Calculation Agent may resign its appointment under this agreement at any time by giving to the Trustee,
the Trust Manager, each Designated Rating Agency and (where a Paying Agent is resigning and the Paying Agent is not the Principal Paying Agent) the Principal Paying Agent not less than 60 days’ written notice to that effect, which notice shall
expire not less than 30 days before or 30 days after any due date for payment of any Class A1 Notes. 
  

	17.3	Limitation 

  
 Despite clauses 17.1 and 17.2: 
  

	 	(a)	no resignation by or termination of the appointment of the Principal Paying Agent shall take effect until a new Principal Paying Agent approved in writing by the Note Trustee has
been appointed on terms previously approved in writing by the Note Trustee (in each case, that approval not to be unreasonably withheld or delayed); 

  

	 	(b)	if any Paying Agent or the Calculation Agent resigns in accordance with clause 17.2, but by the day falling 15 days before the expiry of any notice under clause 17.2 the Trustee or
the Trust Manager has not appointed a new Paying Agent or Calculation Agent, then the relevant Paying Agent or Calculation Agent (as the case may be) may appoint in its place any reputable bank or trust company of good standing approved in writing
by the Note Trustee and appointed on terms previously approved in writing by the Note Trustee (in each case, that approval not to be unreasonably withheld or delayed); 

  

	 	(c)	no resignation by or termination of the appointment of any Paying Agent shall take effect if as a result of that resignation or termination there would cease to be a Paying Agent
which has a Paying Office in the United States or, if European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000 is brought into force, a Paying Agent in a member
state of the European Union that will not be obliged to withhold or deduct tax pursuant to any such directive or any law implementing or complying with, or introduced to conform with such directive; 

  

	 	(d)	no appointment or termination of the appointment of any Paying Agent shall take effect unless and until notice has been given to the Class A1 Noteholders in accordance with the
Conditions; 

  

	 	(e)	no resignation by or termination of the appointment of the Calculation Agent shall take effect until a new Calculation Agent having its Specified Office in the United States has
been appointed; and 

  

	 	(f)	 the appointment of any additional Paying Agent shall be on the terms and subject to the conditions of this agreement and each of the parties to this agreement shall
co-operate fully to do all further acts and things and execute any further documents as may be necessary or 

  

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desirable to give effect to the appointment of the Paying Agent (which shall not, except in the case of an appointment under clause 17.1(a) or a termination
under clause 17.1(b)(ii) be at the cost of the Trustee or Trust Manager). 

  

	17.4	Delivery of amounts 

  
 If the appointment of the Principal Paying Agent terminates, the Principal Paying Agent shall, on the date on which that termination takes effect, pay to
the successor Principal Paying Agent any amount held by it for payment of principal or interest in respect of any Class A1 Note and shall deliver to the successor Principal Paying Agent all records maintained by it pursuant to this agreement and all
documents (including any Definitive Notes) held by it. 
  

	17.5	Successor to Principal Paying Agent 

  

	 	(a)	On the execution by the Trustee, the Trust Manager and any successor Principal Paying Agent of an instrument effecting the appointment of that successor Principal Paying Agent, that
successor Principal Paying Agent shall, without any further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor with effect as if originally named as Principal
Paying Agent in this agreement and that predecessor, on payment to it of the pro rata proportion of its administration fee and disbursements then unpaid (if any), shall have no further liabilities under this agreement, except for any accrued
liabilities arising from or relating to any act or omission occurring prior to the date on which the successor Principal Paying Agent is appointed. 

  

	 	(b)	Any corporation: 

  

	 	(i)	into which the Principal Paying Agent is merged; 

  

	 	(ii)	with which the Principal Paying Agent is consolidated; 

  

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

  

	 	(iv)	to which the Principal Paying Agent sells or otherwise transfers all or substantially all the assets of its corporate trust business, 

  
 shall, on the date when that merger, conversion, consolidation, sale or
transfer becomes effective and to the extent permitted by applicable law, become the successor Principal Paying Agent under this agreement without the execution or filing of any agreement or document or any further act on the part of the parties to
this agreement, unless otherwise required by the Trustee or the Trust Manager, and after that effective date all references in this agreement to the Principal Paying Agent shall be references to that corporation. 
  

	17.6	Successor to Calculation Agent 

  

	 	(a)	 On the execution by the Trustee, the Trust Manager and any successor Calculation Agent of an instrument effecting the appointment of that successor Calculation
Agent, that successor Calculation Agent shall, without any further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor with effect as if originally named as
Calculation Agent in this agreement and that 

  

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predecessor, on payment to it of the pro rata proportion of its administration fee and disbursements then unpaid (if any), shall have no further liabilities
under this agreement, except for any accrued liabilities arising from or relating to any act or omission occurring prior to the date on which the successor Calculation Agent is appointed. 

  

	 	(b)	Any corporation: 

  

	 	(i)	into which the Calculation Agent is merged; 

  

	 	(ii)	with which the Calculation Agent is consolidated; 

  

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

  

	 	(iv)	to which the Calculation Agent sells or otherwise transfers all or substantially all the assets of its corporate trust business, 

  
 shall, on the date when that merger, conversion, consolidation, sale or
transfer becomes effective and to the extent permitted by applicable law, become the successor Calculation Agent under this agreement without the execution or filing of any agreement or document or any further act on the part of the parties to this
agreement, unless otherwise required by the Trustee or the Trust Manager, and after that effective date all references in this agreement to the Calculation Agent shall be references to that corporation. 
  

	17.7	Successor to Note Registrar 

  

	 	(a)	On the execution by the Trustee, the Trust Manager and any successor Note Registrar of an instrument effecting the appointment of that successor Note Registrar, that successor Note
Registrar shall, without any further act, deed or conveyance, become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor with effect as if originally named as Note Registrar in this agreement
and that predecessor, on payment to it of the pro rata proportion of its administration fee and disbursements then unpaid (if any), shall have no further liabilities under this agreement, except for any accrued liabilities arising from or relating
to any act or omission occurring prior to the date on which the successor Note Registrar is appointed. 

  

	 	(b)	Any corporation: 

  

	 	(i)	into which the Note Registrar is merged; 

  

	 	(ii)	with which the Note Registrar is consolidated; 

  

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

  

	 	(iv)	to which the Note Registrar sells or otherwise transfers all or substantially all the assets of its corporate trust business, 

  
 shall, on the date when that merger, conversion, consolidation, sale or
transfer becomes effective and to the extent permitted by applicable law, become the successor Note Registrar under this agreement without the execution or filing of any agreement or document or any further act on the part of the parties to this
agreement, unless otherwise required by the Trustee or the Trust Manager, and after that effective date all references in this agreement to the Note Registrar shall be references to that corporation. 
  

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	Agency Agreement	  	

  

	17.8	Notice to Class A1 Noteholders 

  
 The Trust Manager on behalf of the Trustee shall, within 14 days of: 
  

	 	(a)	the termination of the appointment of any Paying Agent, the Note Registrar or the Calculation Agent; 

  

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

  

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

  

give to the Class A1 Noteholders notice of the termination, appointment or resignation in accordance with Condition 12 (in the case of a termination
under clause 17.1(b)(i) or 17.2 at the cost of the outgoing Paying Agent). 
  

	17.9	Change in Paying Office or Specified Office 

  

	 	(a)	If any Paying Agent proposes to change its Paying Office, it must give to the Trustee, the Trust Manager, the Note Trustee and, in the case of a change in the Paying Office of a
Paying Agent other than the Principal Paying Agent, the Principal Paying Agent, not less than 30 days’ prior written notice of that change, giving the address of the new Paying Office and stating the date on which the change is to take effect.
No change of Paying Office may occur within the period between 30 days before and 30 days after any due date for payment of any Class A1 Notes. 

  

	 	(b)	If the Calculation Agent proposes to change its Specified Office, it must give to the Trustee, the Trust Manager and the Note Trustee, not less than 30 days’ prior written
notice of that change, giving the address of the new Specified Office and stating the date on which the change is to take effect. No change of specified office may occur within the period between 30 days before and 30 days after any due date for
payment of any Class A1 Notes. 

  

	 	(c)	The Trustee or Trust Manager must, within 14 days of receipt of a notice under paragraph (a) (unless the appointment is to terminate pursuant to clause 17.1 or 17.2 on or prior to
the date of that change) give to the Class A1 Noteholders notice in accordance with the Conditions of that change and of the address of the new Paying Office but the costs of giving that notice shall be borne by the Paying Agent which is changing
its Paying Office and not by the Trustee or the Trust Manager. 

  

	18.	Fees and Expenses 

  

	 	(a)	The Trustee shall pay to the Principal Paying Agent during the period when any of the Class A1 Notes remain outstanding the administration fee separately agreed by the Principal
Paying Agent and the Trustee, together with any out-of-pocket expenses reasonably incurred (including any legal fees and expenses and any applicable value added or similar tax thereon). If the appointment of the Principal Paying Agent is terminated
under this agreement, the Principal Paying Agent must refund to the Trustee that proportion of the fee (if any) which relates to the period during which the Principal Paying Agent will not be the Principal Paying Agent. 

  

	 	(b)	 The Trustee shall pay to the Calculation Agent during the period when any of the Class A1 Notes remain outstanding the fee separately agreed by the Calculation
Agent and the 

  

 Page 22 

			
	Agency Agreement	  	

  

	 	 
Trustee, together with any out-of-pocket expenses reasonably incurred (including any legal fees and expenses and any applicable value added or similar tax
thereon). If the appointment of the Calculation Agent is terminated under this agreement, the Calculation Agent must refund to the Trustee that proportion of the fee (if any) which relates to the period during which the Calculation Agent will not be
the Calculation Agent. 

  

	 	(c)	The Trustee shall pay to the Note Registrar during the period when any of the Class A1 Notes remain outstanding the fee separately agreed by the Note Registrar and the Trustee,
together with any out-of-pocket expenses reasonably incurred (including any legal fees and expenses and any applicable value added or similar tax thereon). If the appointment of the Note Registrar is terminated under this agreement, the Note
Registrar must refund to the Trustee that proportion of the fee (if any) which relates to the period during which the Note Registrar will not be the Note Registrar. 

  

	 	(d)	Save as provided in paragraphs (a), (b) and (c), or as expressly provided elsewhere in this agreement, neither the Trustee nor the Trust Manager shall have any liability in respect
of any fees or expenses of the Calculation Agent, Principal Paying Agent or any other Paying Agent or the Note Registrar in connection with this agreement. 

  

	 	(e)	The above fees, payments and expenses shall be paid in United States dollars and the Trustee shall in addition pay any Value Added Tax which may be applicable. The Principal Paying
Agent shall (in accordance with the Trustee’s directions) arrange for payment of commissions to the other Paying Agents and arrange for the reimbursement of their expenses incurred (as payable by the Trustee under paragraph (c)) promptly upon
demand, supported by evidence of that expenditure, and provided that payment is made as required by paragraph (a) the Trustee shall not be concerned with or liable in respect of that payment. 

  

	19.	Waivers, Remedies Cumulative 

  

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

  

	 	(b)	The rights, powers and remedies provided to a party in this agreement are in addition to, and do not exclude or limit, any right, power or remedy provided by law.

  

	20.	Severability of Provisions 

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

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	Agency Agreement	  	

  

	21.	Assignment 

  
 Subject to the Transaction Documents, no party may assign or transfer any of its rights or obligations under this agreement without the prior written
consent of the other parties, or if the rating of the Class A1 Notes would be withdrawn or reduced as a result of the assignment. 
  

	22.	Notices 

  

	22.1	General 

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

	 	(a)	must be in writing; 

  

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

  

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

  

	 	(i)	(in the case of delivery in person or by post) when delivered, received or left at the address of the recipient shown in clause 22.2 or to any other address which it may have
notified by the recipient to the sender under this clause 22; 

  

	 	(ii)	(in the case of facsimile transmission) on receipt of a transmission report confirming successful transmission to the number shown in clause 22.2 or any other number notified by the
recipient to the sender under this clause 22; and 

  

	 	(iii)	(in the case of a telex) on receipt by the sender of the answerback code of the recipient at the end of transmission to the number shown in clause 22.2 or any other number notified
by the recipient to the sender under this clause 22, 

  
 but if delivery or receipt is on a day on which business is not generally carried on in the place to which the communication is sent or is later than 4.00pm (local time), it will be taken to have been duly given or made at the commencement
of business on the next day on which business is generally carried on in that place. 
  

	22.2	Details 

  
 The address, facsimile and telex of each party at the date of this agreement are as follows: 
  
 The Trustee 
  
 WESTPAC SECURITIES ADMINISTRATION LIMITED 
  
 Level 13, The Chifley Tower 
 2 Chifley Square

 SYDNEY NSW 2000 
  

			
	 Tel:
	  	612 9259 9128
		
	 Fax:
	  	612 9259 9487

  
 Attention: Trustee
Securitisation Manager 
  

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	Agency Agreement	  	

  

 The Trust Manager 
  
 WESTPAC SECURITISATION MANAGEMENT PTY LIMITED 
  
 Level 6 
 60
Martin Place 
 SYDNEY NSW 2000 
  

			
	 Tel:
	  	612 9299 8131
		
	 Fax:
	  	612 9229 8277
		
	 Attention:
	  	Securitisation Trust Manager
		
	 Copy to:
	  	 C/- Legal Counsel, New York Branch
 39th Floor
 575 Fifth Avenue

New York, NY 10017-24

  
 The Principal
Paying Agent 
  
 Deutsche Bank Trust Company Americas

  
 1761 East St. Andrew Place, Santa Ana, California
92705-4934 
  

			
	 Fax:
	  	714 247 6285
		
	 Attention:
	  	Trust Administration – Westpac 2005-1G

  
 The Calculation
Agent 
  
 Deutsche Bank Trust Company Americas 
  
 1761 East St. Andrew Place, Santa Ana, California 92705-4934 
  

			
	 Fax:
	  	714 247 6285
		
	 Attention:
	  	Trust Administration – Westpac 2005-1G

  
 The Note Trustee

  
 Deutsche Bank Trust Company Americas 
  
 1761 East St. Andrew Place, Santa Ana, California 92705-4934 
  

			
	 Fax:
	  	714 247 6285
	 Attention:
	  	Trust Administration – Westpac 2005-1G

  
 The Note Registrar

  
 Deutsche Bank Trust Company Americas 
  
 1761 East St. Andrew Place, Santa Ana, California 92705-4934 
  

			
	 Fax:
	  	714 247 6285
		
	 Attention:
	  	Trust Administration – Westpac 2005-1G

  

 Page 25 

			
	Agency Agreement	  	

  

	22.3	Communication through Principal Paying Agent 

  
 All communications relating to this agreement between the Trustee and the Calculation Agent and any of the Paying Agents or between the Paying Agents
themselves shall, save as otherwise provided in this agreement, be made through the Principal Paying Agent. 
  

	23.	Limited Recourse 

  

	23.1	General 

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

	23.2	Liability of Trustee limited to its right to indemnity 

  

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

  

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

  

	 	(c)	The provisions of this clause 23 shall not apply to any obligation or liability of the Trustee to the extent that it is not satisfied because under a Transaction Document or by
operation of law there is a reduction in the extent of the Trustee’s indemnification out of the Assets of the Trust, as a result of the Trustee’s fraud, negligence or breach of trust. 

  

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

  

 Page 26 

			
	Agency Agreement	  	

  

	 	 
appointed by the Trustee and for whom the Trustee is responsible under this agreement or the relevant Transaction Documents, but excluding any Relevant
Party). 

  

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

  

	23.3	Unrestricted remedies 

  
 Nothing in clause 23.2 limits a Paying Agent, the Note Registrar, the Calculation Agent or the Note Trustee in: 
  

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

  

	 	(b)	obtaining declaratory relief; or 

  

	 	(c)	in relation to its rights under the Security Trust Deed. 

  

	23.4	Restricted remedies 

  
 Except as provided in clause 23.3, none of the Paying Agents, the Note Registrar, the Calculation Agent or the Note Trustee shall: 
  

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

  

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

  

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

  

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

  

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

  

	 	(f)	(set-off or counterclaim) exercise or seek to exercise any set-off or counterclaim against the Trustee; or 

  

	 	(g)	(administrator) appoint, or agree to the appointment, of any administrator to the Trustee, 

  
 or take proceedings for any of the above and each Paying Agent, the Calculation Agent and the Note Trustee waives its rights
to make those applications and take those proceedings. 
  

	24.	Counterparts 

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

 Page 27 

			
	Agency Agreement	  	

  

	25.	Governing Law 

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

	26.	Successor Trustee 

  
 Each Paying Agent and the Calculation Agent shall do all things reasonably necessary to enable any successor Trustee appointed under clause 24 of the
Master Trust Deed to become the Trustee under this agreement. 
  
 EXECUTED
as an agreement. 
  
 Each attorney executing this agreement states that he has
no notice of revocation or suspension of his power of attorney. 
  
 TRUSTEE

  

					
	 SIGNED on behalf of
	  	)	  	 
	WESTPAC SECURITIES	  	)	  	 
	ADMINISTRATION LIMITED	  	)	  	 
	 by its attorney
	  	)
	 in the presence of:
	  	)  	  	/s/    ROBERT GEORGE
HAMILTON        
	 	  	 	  	 Signature

			
	/s/    REBECCA LIM        	  	 	  	Robert George Hamilton
	 Witness
	  	 	  	Print name
		
	Rebecca Lim	  	 
	 Print name
	  	 

  

 Page 28 

			
	Agency Agreement	  	

  

 TRUST MANAGER 
  

					
	 SIGNED on behalf of
	  	)	  	 
	WESTPAC SECURITISATION	  	)	  	 
	MANAGEMENT PTY LIMITED	  	)	  	 
	 by its attorney
	  	 )
	  	 
	 in the presence of:
	  	 )  
	  	/s/    REBECCA LIM        
	 	  	 	  	 Signature

			
	/s/    TIM FITZGERALD        	  	 	  	Rebecca Lim
	 Witness
	  	 	  	 Print name

		
	Tim Fitzgerald	  	 
	 Print name
	  	 

  
 NOTE TRUSTEE 
  

					
	 EXECUTED by
	  	)	  	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	  	)  	  	 
			
	/s/    BRENT HOYLER        	  	 	  	/s/    RONALDO REYES        
	 Authorised Signatory
	  	 	  	 Authorised Signatory

			
	Brent Hoyler, Associate	  	 	  	Ronaldo Reyes, Assistant Vice President
	 Print name
	  	 	  	 Print name

  
 PRINCIPAL PAYING AGENT

  

					
	 EXECUTED by
	  	)  	  	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	  	)	  	 
			
	/s/    BRENT HOYLER        	  	 	  	/s/    RONALDO REYES        
	 Authorised Signatory
	  	 	  	 Authorised Signatory

			
	Brent Hoyler, Associate	  	 	  	Ronaldo Reyes, Assistant Vice President
	 Print name
	  	 	  	 Print name

  

 Page 29 

			
	Agency Agreement	  	

  

 CALCULATION AGENT 
  

					
	 EXECUTED by
	  	)	  	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	  	)  	  	 
			
	/s/    BRENT HOYLER        	  	 	  	/s/    RONALDO REYES        
	 Authorised Signatory
	  	 	  	 Authorised Signatory

			
	Brent Hoyler, Associate	  	 	  	Ronaldo Reyes, Assistant Vice President
	 Print name
	  	 	  	 Print name

  
 NOTE REGISTRAR 
  

					
	 EXECUTED by
	  	)	  	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS	  	)  	  	 
			
	/s/    BRENT HOYLER        	  	 	  	/s/    RONALDO REYES        
	 Authorised Signatory
	  	 	  	 Authorised Signatory

			
	Brent Hoyler, Associate	  	 	  	Ronaldo Reyes, Assistant Vice President
	 Print name
	  	 	  	 Print name

  

 Page 30Redraw Facility Agreement

 EXHIBIT 10.2 
  
 Series 2005-1G WST Trust 
 Redraw
Facility Agreement 
  
 Westpac Securities Administration
Limited 
  
 (Trustee) 
  
 Westpac Banking Corporation 
  
 (Redraw Facility Provider) 
  
 Westpac Securitisation Management Pty Limited 
  
 (Trust Manager) 
  
 Allens Arthur Robinson 
 The Chifley Tower 
 2 Chifley Square 
 Sydney NSW 2000 
 Australia 
 Tel 61 2 9230 4000 
 Fax 61 2 9230 5333 
  
 © Copyright Allens Arthur Robinson 2000 
  

			
	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

 Table of Contents 
  

							
	 1.
	  	Definitions and Interpretation	  	1
	 	  	1.1	    	Definitions	  	1
	 	  	1.2	    	Master Trust Deed definitions	  	3
	 	  	1.3	    	Interpretation	  	3
	 	  	1.4	    	Determination, statement and certificate sufficient evidence	  	3
	 	  	1.5	    	Transaction Document	  	3
	 	  	1.6	    	Limited to Trust	  	3
			
	 2.
	  	Purpose	  	4
			
	 3.
	  	Drawings	  	4
	 	  	3.1	    	Redraw Advance	  	4
	 	  	3.2	    	Making of Redraw Advances	  	4
			
	 4.
	  	Fees	  	4
	 	  	4.1	    	Availability fee	  	4
	 	  	4.2	    	Draw Fee	  	5
	 	  	4.3	    	Capitalisation	  	5
	 	  	4.4	    	GST	  	5
			
	 5.
	  	Cancellation of Redraw Limit	  	6
	 	  	5.1	    	During Term	  	6
	 	  	5.2	    	At end of Term	  	6
	 	  	5.3	    	Cancellation by Redraw Facility Provider	  	6
			
	 6.
	  	Repayment	  	6
	 	  	6.1	    	Repayment of Redraw Advances	  	6
	 	  	6.2	    	Final repayment	  	6
			
	 7.
	  	Prepayments	  	7
	 	  	7.1	    	Voluntary prepayments	  	7
	 	  	7.2	    	Draw Fee	  	7
	 	  	7.3	    	Limitation on prepayments	  	7
			
	 8.
	  	Payments	  	7
	 	  	8.1	    	Manner	  	7
	 	  	8.2	    	Payment to be made on Business Day	  	7
	 	  	8.3	    	Appropriation where insufficient moneys available	  	7
			
	 9.
	  	Changes in Law	  	8
	 	  	9.1	    	Additional payments	  	8
	 	  	9.2	    	Minimisation	  	8
	 	  	9.3	    	Survival	  	9
			
	 10.
	  	Conditions Precedent	  	9
	 	  	10.1	    	Conditions precedent to initial Drawdown Notice	  	9
	 	  	10.2	    	Conditions precedent to each Redraw Advance	  	9
			
	 11.
	  	Representations and Warranties	  	9
	 	  	11.1	    	Representations and warranties	  	9

  

 Page (i) 

			
	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

							
	 	  	11.2	    	Reliance on representations and warranties	  	11
			
	 12.
	  	Undertakings	  	11
	 	  	12.1	    	General undertakings	  	11
	 	  	12.2	    	Undertakings relating to Trust	  	12
	 	  	12.3	    	Term of undertakings	  	12
			
	 13.
	  	Events of Default	  	13
	 	  	13.1	    	Events of Default	  	13
	 	  	13.2	    	Consequences	  	13
			
	 14.
	  	Control Accounts	  	13
			
	 15.
	  	Waivers, Remedies Cumulative	  	13
			
	 16.
	  	Severability of Provisions	  	14
			
	 17.
	  	Survival of Representations	  	14
			
	 18.
	  	Indemnity and Reimbursement Obligation	  	14
			
	 19.
	  	Moratorium Legislation	  	14
			
	 20.
	  	Consents and Opinions	  	14
			
	 21.
	  	Assignments	  	14
			
	 22.
	  	Notices	  	15
			
	 23.
	  	Authorised Signatories	  	15
			
	 24.
	  	Governing Law and Jurisdiction	  	15
			
	 25.
	  	Counterparts	  	15
			
	 26.
	  	Acknowledgement by Trustee	  	15
			
	 27.
	  	Limited Recourse	  	16
	 	  	27.1	    	General	  	16
	 	  	27.2	    	Liability of Trustee limited to its right to indemnity	  	16
	 	  	27.3	    	Unrestricted remedies	  	17
	 	  	27.4	    	Restricted remedies	  	17
			
	 28.
	  	Redraw Facility Provider’s Obligations	  	17
			
	 29.
	  	Successor Trustee	  	17
			
	 30.
	  	Code of Banking Practice (2003)	  	18
		
	 ANNEXURE A
	  	21
	 	  	DRAWDOWN NOTICE	  	21
		
	 ANNEXURE B
	  	22
	 	  	VERIFICATION CERTIFICATE	  	22

  

 Page (ii) 

			
	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

			
	 Date
	  	February 4, 2005
		
	 Parties
	  	 
		
	 1.
	  	Westpac Securities Administration Limited (ABN 77 000 049 472) incorporated in New South Wales of Level 15, The Chifley Tower, 2 Chifley Square, Sydney, New South Wales as Trustee of
the Series 2005-1G WST Trust (the Trustee);
		
	 2.
	  	Westpac Banking Corporation (ABN 33 007 457 141) incorporated in New South Wales of 60 Martin Place, Sydney, New South Wales (the Redraw Facility Provider);
and
		
	 3.
	  	Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) incorporated in the Australian Capital Territory, of Level 25, 60 Martin Place, Sydney, New South Wales (the
Trust Manager).
		
	 Recitals
	  	 
		
	 	  	The Trustee has requested the Redraw Facility Provider to provide the Trustee with a redraw facility under which loans of up to an aggregate amount equal to the Redraw Limit may be made
available to the Trustee.

  
 IT IS AGREED as follows.

  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

  
 In this agreement the following definitions apply unless the context requires otherwise, or unless otherwise defined. 
  
 Available Redraw Amount means at any time the greater of:

  

	 	(a)	the Redraw Limit at the time less: 

  

	 	(i)	the Principal Outstanding at that time; 

  

	 	(ii)	the Carryover Redraw Charge Offs at that time; and 

  

	 	(b)	zero. 

  
 Bank Bill Rate has the meaning given in the Series Notice, but on the first Reset Date of any Redraw Advance the Bank Bill Rate shall be an interpolated rate calculated with reference to
the tenor of the period from that Reset Date to (but not including) the next Reset Date. 
  
 Drawdown Date means, in relation to a Redraw Advance, the Payment Date on which the Redraw Advance is or is to be made under this agreement. 
  

 Page 1 

			
	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

 Drawdown Notice means a notice under clause 3.1. 
  
 Event of Default means any of the events specified in clause
13. 
  
 Final Repayment Date means the date on
which the Term ends. 
  
 Master Trust Deed means
the deed entitled “Master Trust Deed” between the Trustee and The Mortgage Company Pty Limited dated 14 February 1997. 
  
 Principal Outstanding means, at any time, the total principal amount of all outstanding Redraw Advances at that time less the Carryover
Redraw Charge Offs at that time. 
  
 Redraw Advance
means any advance made or to be made under this agreement. 
  
 Redraw Limit means $35,000,000 or any other amount as agreed in writing between the Redraw Facility Provider, the Trustee and the Trust Manager, as reduced or cancelled under this agreement, provided that the Redraw Limit may
not be increased unless the Designated Rating Agency for each Class of Notes has confirmed in writing that the increase would not result in a downgrading of the rating given to any Note of the relevant Class or the withdrawal of the rating of any
Note of the relevant Class. 
  
 Reset Date means in
relation to a Redraw Advance: 
  

	 	(a)	the Drawdown Date for that Redraw Advance; and 

  

	 	(b)	each Payment Date while that Redraw Advance is outstanding. 

  
 Series Notice means the Series Notice issued by the Trust Manager under the Master Trust Deed on or about the date of this agreement.

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

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

  

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

  

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

  

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

  

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

  

	 	(f)	the date which is one year after the Maturity Date; and 

  

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

  
 Trust means the Series 2005-1G WST Trust constituted under the
Master Trust Deed on the terms of the Series Notice. 
  
 Trust
Document means: 
  

	 	(a)	this agreement; 

  

	 	(b)	the Master Trust Deed; 

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

	 	(c)	the Notice of Creation of Trust; 

  

	 	(d)	the Series Notice; 

  

	 	(e)	the Note Trust Deed; 

  

	 	(f)	the Agency Agreement; 

  

	 	(g)	the Security Trust Deed; and 

  

	 	(h)	the Servicing Agreement. 

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

	1.2	Master Trust Deed definitions 

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

	1.3	Interpretation 

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

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

  

	 	(b)	an Event of Default subsists until it has been waived in writing by the Redraw Facility Provider; and 

  

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

  

	1.4	Determination, statement and certificate sufficient evidence 

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

	1.5	Transaction Document 

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

	1.6	Limited to Trust 

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

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	2.	Purpose 

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

	3.	Drawings 

  

	3.1	Redraw Advance 

  

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

  

	 	(b)	A Drawdown Notice must be: 

  

	 	(i)	in writing; 

  

	 	(ii)	in or substantially in the form of Annexure A; 

  

	 	(iii)	signed by an Authorised Signatory of the Trustee; and 

  

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

  

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

  

	 	(i)	the relevant Redraw Shortfall; and 

  

	 	(ii)	the Available Redraw Amount at that time (but assuming the repayment of all Redraw Advances due to be repaid on or before the relevant Drawdown Date). 

  

	3.2	Making of Redraw Advances 

  

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

  

	 	(b)	The Redraw Facility Provider is not obliged to provide a Redraw Advance to the extent that the aggregate of Principal Outstanding and the Carryover Redraw Charge Offs would exceed
the Redraw Limit. 

  

	4.	Fees 

  

	4.1	Availability fee 

  

	 	(a)	An availability fee accrues at 0.07% per annum on the daily amount of the Available Redraw Amount (if any) due from day to day from the date of this agreement.

  

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

  

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

  

	 	(i)	each Payment Date; and 

  

	 	(ii)	at the end of the Term. 

  

	4.2	Draw Fee 

  

	 	(a)	A draw fee accrues due from day to day on the daily amount of each Redraw Advance at the following rates: 

  

	 	(i)	the sum of 0.18% per annum and the Bank Bill Rate calculated as of that date (if that date is a Reset Date) or (otherwise) the Reset Date immediately before that date, if the Redraw
Advance has been outstanding for less than 12 months; and 

  

	 	(ii)	the sum of 0.30% per annum and the Bank Bill Rate calculated as of that date (if that date is a Reset Date) or (otherwise) the Reset Date immediately before that date, if the Redraw
Advance has been outstanding for 12 months or more. 

  

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

  

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

  

	 	(i)	each Payment Date; and 

  

	 	(ii)	at the end of the Term. 

  

	 	(d)	The Bank Bill Rate as at any date will be the Bank Bill Rate determined: 

  

	 	(i)	if that date is a Payment Date, on that Payment Date; and 

  

	 	(ii)	on any other date, on the Payment Date immediately preceding that date. 

  

	4.3	Capitalisation 

  
 Any draw fee payable under this clause 4 which is not paid when due will immediately be capitalised. The draw fee is payable on any capitalised amount at
the rate and in the manner referred to in this clause 4, even if the Term has expired. 
  
 4.4 GST 
  
 Neither the availability fee (as
described in clause 4.1) nor the draw margin specified in this clause 4 are to be increased by reference to any goods and services tax unless: 
  

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

  

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

  

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	5.	Cancellation of Redraw Limit 

  

	5.1	During Term 

  

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

  

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

  

	5.2	At end of Term 

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

	5.3	Cancellation by Redraw Facility Provider 

  

	 	(a)	The Redraw Facility Provider may cancel all or part of the Redraw Limit during the Term immediately on giving notice to the Trustee and the Trust Manager. The Redraw Limit shall be
reduced by the amount of that cancellation on that notice. 

  

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

  

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

  

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

  

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

  

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

  

	6.	Repayment 

  

	6.1	Repayment of Redraw Advances 

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

	6.2	Final repayment 

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

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	7.	Prepayments 

  

	7.1	Voluntary prepayments 

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

	7.2	Draw Fee 

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

	7.3	Limitation on prepayments 

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

	8.	Payments 

  

	8.1	Manner 

  
 The Trustee shall make all payments under this agreement: 
  

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

  

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

  

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

  

	8.2	Payment to be made on Business Day 

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

	8.3	Appropriation where insufficient moneys available 

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

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	9.	Changes in Law 

  

	9.1	Additional payments 

  
 Whenever the Redraw Facility Provider determines that: 
  

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

  

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

  

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

  

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

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

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

  

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

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

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

  

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

  

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

  

	9.2	Minimisation 

  

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

  

	 	(b)	(Minimisation) The Redraw Facility Provider shall use reasonable endeavours to minimise any cost, reduction or payment referred to in this clause. 

 

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	9.3	Survival 

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

	10.	Conditions Precedent 

  

	10.1	Conditions precedent to initial Drawdown Notice 

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

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

  

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

  

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

  

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

  

	 	(e)	(Notes) evidence that the Notes have been issued. 

  

	10.2	Conditions precedent to each Redraw Advance 

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

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

  

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

  

	11.	Representations and Warranties 

  

	11.1	Representations and warranties 

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

 

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

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

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

  

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

  

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

  

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

  

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

  

	 	(ii)	its constitution or other constituent documents; or 

  

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

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

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

  

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

  

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

  

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

  

	 	(ii)	the validity and enforceability of those documents; and 

  

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

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

  

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

  

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

  

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

  

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

  

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

 

	 	(ii)	to carry on the business of the Trust and to own Assets of the Trust, 

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	11.2	Reliance on representations and warranties 

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

	12.	Undertakings 

  

	12.1	General undertakings 

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

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

  

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

  

	 	(ii)	the validity and enforceability of those documents; and 

  

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

  

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

  

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

  

	 	(i)	under the Trust Documents; or 

  

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

  

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

  

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

  

	 	(i)	any Event of Default; and 

  

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

  

	12.2	Undertakings relating to Trust 

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

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

  

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

  

	 	(ii)	the entitlement of the Trustee to request any Redraw Advance; or 

  

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

  

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

  

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

  

	12.3	Term of undertakings 

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

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	13.	Events of Default 

  

	13.1	Events of Default 

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

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

  

	 	(b)	(Insolvency Event) An Insolvency Event occurs: 

  

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

  

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

  

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

  

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

  

	13.2	Consequences 

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

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

  

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

  

	14.	Control Accounts 

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

	15.	Waivers, Remedies Cumulative 

  

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

  

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

  

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	16.	Severability of Provisions 

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

	17.	Survival of Representations 

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

  

	18.	Indemnity and Reimbursement Obligation 

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

	 	(a)	is a continuing obligation; 

  

	 	(b)	is a separate and independent obligation; 

  

	 	(c)	is payable on demand; and 

  

	 	(d)	survives termination or discharge of this agreement. 

  

	19.	Moratorium Legislation 

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

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

  

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

  
 is excluded from this agreement. 
  

	20.	Consents and Opinions 

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

	21.	Assignments 

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

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	22.	Notices 

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

	 	(a)	must be in writing; 

  

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

  

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

  

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

  

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

  

	 	(iii)	(in the case of a telex) on receipt by the sender of the answerback code of the recipient at the end of transmission, 

  
 but if delivery or receipt is on a day on which business is not generally
carried on in the place to which the communication is sent or is later than 4.00 pm (local time), it will be taken to have been duly given or made at the commencement of business on the next day on which business is generally carried on in that
place. 
  

	23.	Authorised Signatories 

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

	24.	Governing Law and Jurisdiction 

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

  

	25.	Counterparts 

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

	26.	Acknowledgement by Trustee 

  
 The Trustee confirms that: 
  

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

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

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

  
 except as expressly set out in this agreement. 
  

	27.	Limited Recourse 

  

	27.1	General 

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

	27.2	Liability of Trustee limited to its right to indemnity 

  

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

  

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

  

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

  

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

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

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

  

	27.3	Unrestricted remedies 

  
 Nothing in clause 27.2 limits the Redraw Facility Provider in: 
  

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

  

	 	(b)	obtaining declaratory relief; or 

  

	 	(c)	in relation to its rights under the Security Trust Deed. 

  

	27.4	Restricted remedies 

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

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

  

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

  

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

  

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

  

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

  

	 	(f)	(set-off or counterclaim) exercise or seek to exercise any set-off or counterclaim against the Trustee; or 

  

	 	(g)	(administrator) appoint, or agree to the appointment, of any administrator to the Trustee, 

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

	28.	Redraw Facility Provider’s Obligations 

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

	29.	Successor Trustee 

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

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

	30.	Code of Banking Practice (2003) 

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

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

 EXECUTED in Sydney. 
  

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

					
	 SIGNED on behalf of
	 	 )
	 	 
	WESTPAC SECURITIES	 	 )
	 	 
	ADMINISTRATION LIMITED	 	 )
	 	 
	 by its attorney
	 	 )
	 	 
	 in the presence of:
	 	 )
	 	/s/    ROBERT GEORGE
HAMILTON        
	 	 	 	 	 Signature

			
	/s/    REBECCA LIM        	 	 	 	 Robert George Hamilton

	 Witness
	 	 	 	 Print name

			
	 Rebecca Lim
	 	 	 	 
	 Print name
	 	 	 	 
			
	 SIGNED on behalf of
	 	 )
	 	 
	WESTPAC BANKING CORPORATION	 	 )
	 	 
	 by its attorneys
	 	 )
	 	 
	 in the presence of:
	 	 )
	 	/s/    PADDY RENNIE        
	 	 	 	 	 Signature

			
	/s/    REBECCA LIM        	 	 	 	 Paddy Rennie, Tier One Attorney

	 Witness
	 	 	 	 Print name

			
	 Rebecca Lim
	 	 	 	/s/    MICHAEL JOHN
PAGE        
	 Print name
	 	 	 	 Signature

			
	 	 	 	 	 Michael John Page, Tier One Attorney

	 	 	 	 	 Print name

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

					
	 SIGNED on behalf of
	 	 )
	 	 
	WESTPAC SECURITISATION	 	 )
	 	 
	MANAGEMENT PTY LIMITED	 	 )
	 	 
	 by its attorney
	 	 )
	 	 
	 in the presence of:
	 	 )
	 	/s/    REBECCA LIM        
	 	 	 	 	 Signature

			
	/s/    TIM FITZGERALD        	 	 	 	 Rebecca Lim

	 Witness
	 	 	 	 Print name

			
	 Tim Fitzgerald
	 	 	 	 
	 Print name
	 	 	 	 

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

 ANNEXURE A 
  
 DRAWDOWN NOTICE 
  

	To:	Westpac Banking Corporation 

  
 REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*] 
  
 We refer to the Redraw Facility Agreement dated                      2005 (the Facility Agreement).

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

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

  

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

  

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

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

 

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

  

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

  
 Definitions in the Facility Agreement apply in this Drawdown Notice. 
  
 WESTPAC SECURITIES ADMINISTRATION LIMITED as trustee of the Series 2005-1G WST Trust 
  

									
				
	By:	 	 	 	 	 	 [Authorised Signatory]

	DATED	 	 	 	 	 	 	 	 

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

 ANNEXURE B 
  
 VERIFICATION CERTIFICATE 
  

	To:	Westpac Banking Corporation 

  
 REDRAW FACILITY AGREEMENT 
  
 I [*]
am an [attorney / Authorised Signatory] of Westpac Securities Administration Limited (the Company). 
  
 I refer to the Redraw Facility Agreement (the Facility Agreement) dated
                     2005 between the Company as Trustee, Westpac Banking Corporation and Westpac Securitisation Management Pty Limited. 

 
 Definitions in the Facility Agreement apply in this Certificate. 
  
 I CERTIFY as follows. 
  

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

  

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

  

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

  

	2.	If the constitution of the Company is not attached to this certificate, there has been no change to them since the Company last gave a certified copy of them to Westpac Banking
Corporation. 

  

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

  
 Authorised Signatories 
  

					
	 Name

	  	 Position

	 	 Signature

			
	 *
	  	 *
	 	

			
	 *
	  	 *
	 	

			
	 *
	  	 *
	 	

  
 Signatories 
  

					
	 Name

	  	 Position

	 	 Signature

			
	 *
	  	 *
	 	

			
	 *
	  	 *
	 	

			
	 *
	  	 *
	 	

  

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	Series 2005-1G WST Trust Redraw Facility Agreement	  	

  

			
		
	Signed: 	 	 
	 	 	 [Attorney / Authorised Signatory]

		
	 	 	 
	 	 	 Print name

  
 DATED 
  

 Page 23

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