Document:

Liquidity Facility Agreement

 EXHIBIT 10.3 
  
 Series 2005-1G WST Trust 
  
 Liquidity Facility Agreement 
  
 Westpac Securities Administration Limited 
  
 (Trustee) 
  
 Westpac Banking Corporation 
  
 (Liquidity 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 2005 
  

			
	Series 2005-1G WST Trust Liquidity 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
	  	4
	 	  	 1.5
	  	 Transaction Document
	  	4
	 	  	 1.6
	  	 Limited to Trust
	  	4
			
	 2.
	  	 Purpose
	  	4
			
	 3.
	  	 Drawings
	  	4
	 	  	 3.1
	  	 Liquidity Draw
	  	4
	 	  	 3.2
	  	 Making of Liquidity Draws
	  	5
	 	  	 3.3
	  	 Collateral Account
	  	5
	 	  	 3.4
	  	 New Account
	  	6
	 	  	 3.5
	  	 Conditions to transfer of account balance
	  	6
	 	  	 3.6
	  	 Withdrawal from accounts
	  	6
	 	  	 3.7
	  	 Liquidity Provider upgrade
	  	7
	 	  	 3.8
	  	 Interest Cash Advance Deposit
	  	7
			
	 4.
	  	 Funding Periods
	  	7
			
	 5.
	  	 Interest
	  	8
	 	  	 5.1
	  	 Accrual
	  	8
	 	  	 5.2
	  	 Payment
	  	8
	 	  	 5.3
	  	 Capitalisation
	  	8
			
	 6.
	  	 Commitment Fee
	  	8
			
	 7.
	  	 Cancellation of Liquidity Limit
	  	8
	 	  	 7.1
	  	 During Term
	  	8
	 	  	 7.2
	  	 At end of Term
	  	9
			
	 8.
	  	 Repayment
	  	9
	 	  	 8.1
	  	 Final repayment
	  	9
	 	  	 8.2
	  	 Repayment of Liquidity Draws
	  	9
	 	  	 8.3
	  	 Repayments during Liquidity Collateralisation Period
	  	9
			
	 9.
	  	 Prepayments
	  	9
	 	  	 9.1
	  	 Voluntary prepayments
	  	9
	 	  	 9.2
	  	 Interest
	  	9
	 	  	 9.3
	  	 Limitation on prepayments
	  	9
			
	 10.
	  	 Payments
	  	9
	 	  	 10.1
	  	 Manner
	  	9
	 	  	 10.2
	  	 Payment to be made on Business Day
	  	10
	 	  	 10.3
	  	 Appropriation where insufficient moneys available
	  	10
			
	 11.
	  	 Changes In Law
	  	10
	 	  	 11.1
	  	 Additional payments
	  	10

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

							
	 	  	11.2	  	 Minimisation
	  	11
	 	  	11.3	  	 Survival
	  	11
			
	 12.
	  	Conditions Precedent	  	11
	 	  	12.1	  	 Conditions precedent to initial Drawdown Notice
	  	11
	 	  	12.2	  	 Conditions precedent to each Liquidity Draw
	  	12
			
	 13.
	  	Representations and Warranties	  	12
	 	  	13.1	  	 Representations and warranties
	  	12
	 	  	13.2	  	 Reliance on representations and warranties
	  	13
			
	 14.
	  	Undertakings	  	14
	 	  	14.1	  	 General undertakings
	  	14
	 	  	14.2	  	 Undertakings relating to Trust
	  	14
	 	  	14.3	  	 Term of undertakings
	  	15
			
	 15.
	  	Events of Default	  	15
	 	  	15.1	  	 Events of Default
	  	15
	 	  	15.2	  	 Consequences
	  	15
			
	 16.
	  	Interest on Overdue Amounts	  	16
	 	  	16.1	  	 Accrual
	  	16
	 	  	16.2	  	 Payment
	  	16
	 	  	16.3	  	 Limitation
	  	16
			
	 17.
	  	Control Accounts	  	16
			
	 18.
	  	Waivers, Remedies Cumulative	  	16
			
	 19.
	  	Severability of Provisions	  	16
			
	 20.
	  	Survival of Representations	  	17
			
	 21.
	  	Indemnity and Reimbursement Obligation	  	17
			
	 22.
	  	Moratorium Legislation	  	17
			
	 23.
	  	Consents and Opinions	  	17
			
	 24.
	  	Assignments	  	17
			
	 25.
	  	Notices	  	17
			
	 26.
	  	Authorised Signatories	  	18
			
	 27.
	  	Governing Law and Jurisdiction	  	18
			
	 28.
	  	Counterparts	  	18
			
	 29.
	  	Acknowledgement by Trustee	  	18
			
	 30.
	  	Limited Recourse	  	19
	 	  	30.1	  	 General
	  	19
	 	  	30.2	  	 Liability of Trustee limited to its right to indemnity
	  	19
	 	  	30.3	  	 Unrestricted remedies
	  	20
	 	  	30.4	  	 Restricted remedies
	  	20
			
	 31.
	  	Liquidity Provider’s Obligations	  	20

  

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	 32.
	  	Successor Trustee	  	20
			
	 33.
	  	Code of Banking Practice (2003)	  	20

  

			
	 ANNEXURE A
	  	23
	 DRAWDOWN NOTICE
	  	23
	 ANNEXURE B
	  	24
	 VERIFICATION CERTIFICATE
	  	24

  

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	Series 2005-1G WST Trust Liquidity 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 Liquidity 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 Liquidity Provider to provide the Trustee with a liquidity facility under which loans of up to an aggregate amount equal to the Liquidity 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. 
  
 Bank Bill Rate, in relation to a Funding Period, has the
meaning given in the Series Notice in relation to the first day of that Funding Period, but if a Funding Period is less than 90 days the Bank Bill Rate shall be an interpolated rate calculated with reference to the tenor of that Funding Period.

  
 Cash Advance Deposit means the balance of the
Collateral Account from time to time. 
  
 Collateral
Account means (as the context requires): 
  

	 	(a)	the account established and maintained in accordance with clause 3.3; 

  

	 	(b)	the account established and maintained in accordance with clause 3.4; or 

  

	 	(c)	the account to which the Cash Advance Deposit is transferred in accordance with clause 3.8. 

  
 Drawdown Date means, in relation to a Liquidity Draw, the Payment Date on which the Liquidity Draw is or is to
be made under this agreement. 
  

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 Drawdown Notice means a notice under clause 3.1. 
  
 Event of Default means any of the events specified in clause
15. 
  
 Existing Collateral Account has the meaning
given in clause 3.4. 
  
 Final Repayment Date means
the date on which the Term ends. 
  
 Funding Period
means, in relation to a Liquidity Draw, the period determined in accordance with clause 4. 
  
 Liquidity Collateralisation Period means each period commencing on the date on which either: 
  

	 	(a)	the short term credit rating of the Liquidity Provider is either less than A-1 from S&P or less than P-1 from Moody’s; or 

  

	 	(b)	S&P or Moody’s ceases to provide a short term credit rating for the Liquidity Provider (other than because S&P or Moody’s, as the case may be, ceases to provide
such ratings generally), 

  
 and ending on the date
on which the short term credit rating of the Liquidity Provider is A-1 from S&P and P-1 from Moody’s. 
  
 Liquidity Draw means any advance made or to be made under this agreement. 
  
 Liquidity Limit means at any date the least of: 
  

	 	(a)	subject to clause 7.1, $14,615,123.15; and 

  

	 	(b)	any lesser amount as may be agreed in writing from time to time between the Liquidity Provider, the Trustee, the Trust Manager and the Designated Rating Agency for each Class of
Notes, 

  
 as reduced or cancelled under this
agreement. 
  
 Margin means 0.13% per annum.

  
 Master Trust Deed means the deed entitled
“Master Trust Deed” between, among others, the Trustee and The Mortgage Company Pty Limited dated 14 February 1997. 
  
 New Collateral Account has the meaning given in clause 3.4. 
  
 Performing Loan means, at any date, a Purchased Receivable which: 
  

	 	(a)	is not in Arrears; 

  

	 	(b)	at that date has been in Arrears for less than 90 consecutive days; or 

  

	 	(c)	if it has been in Arrears at that date for 90 or more consecutive days, was insured under a Mortgage Insurance Policy at the date of this agreement or on or before the Closing Date.

  
 Reference Bank has the meaning
given in the 2000 ISDA Definitions. 
  
 Series
Notice means the Series Notice issued by the Trust Manager on or about the date of this agreement under the Master Trust Deed. 
  
 Term means the period commencing on the date of this agreement and expiring on the earlier 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; 

  

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	 	(b)	the date declared by the Liquidity Provider under clause 15.2; 

  

	 	(c)	the date on which the Trustee enters into a liquidity facility, as previously notified to the Designated Rating Agency for each Class of Notes, to replace this agreement with any
other person to enable it to fund Liquidity Shortfalls; and 

  

	 	(d)	the date on which the Liquidity Limit is cancelled in full under clause 7.1. 

  

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

	 	(a)	this agreement; 

  

	 	(b)	the Master Trust Deed; 

  

	 	(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; 

  

	 	(h)	the Servicing Agreement; or 

  

	 	(i)	a Hedge 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 Liquidity 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. 

  

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	1.4	Determination, statement and certificate sufficient evidence 

  
 Except where otherwise provided in this agreement any determination, statement or certificate by the Liquidity Provider or an Authorised Signatory of the
Liquidity 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 Liquidity Provider has no obligation under this agreement to provide financial accommodation to the Trustee as trustee of any other Trust. 
  

	2.	Purpose 

  
 The Trust Manager directs the Trustee to, and the Trustee shall, apply the proceeds of each Liquidity Draw to fund Liquidity Shortfalls in relation to the
Trust by crediting it to the Collection Account to be applied in accordance with clause 6 of the Series Notice, and for no other purpose. 
  

	3.	Drawings 

  

	3.1	Liquidity Draw 

  

	 	(a)	Subject to this agreement, if on any Determination Date the Trust Manager determines that there is a Liquidity Shortfall in relation to the Collection Period ending immediately
prior to the Determination Date, the Trust Manager must direct the Trustee to and the Trustee shall (subject to this agreement and the Series Notice) request a Liquidity Draw by giving to the Liquidity 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 11.00am (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 Liquidity Shortfall; and 

  

	 	(ii)	subject to paragraph (d), the Available Liquidity Amount at that time. 

  

	 	(d)	If: 

  

	 	(i)	the aggregate of all payments required to be made under clauses 5.10(a)(i) to (iii) inclusive of the Series Notice on the relevant Payment Date; plus 

  

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	 	(ii)	the outstanding Liquidity Draws due to be repaid on that date; minus 

  

	 	(iii)	the Available Income for the relevant Collection Period; 

  
 is equal to or less than the Liquidity Limit, the calculation of Available Liquidity Amount in paragraph (c)(ii) shall assume the repayment of all
Liquidity Draws due to be repaid on or before the relevant Drawdown Date. 
  

	 	(e)	The Trustee irrevocably authorises the Liquidity Provider to apply against a Liquidity Draw provided on any Drawdown Date all amounts which are assumed to have been applied in
repaying previous Liquidity Draws as contemplated by paragraph (d). 

  

	 	(f)	In the case of a Liquidity Draw provided: 

  

	 	(i)	in accordance with paragraph (c)(i); or 

  

	 	(ii)	following an application of paragraph (d), 

  
 the Liquidity Provider will only be required to advance to the Trustee the difference (if any) between the Liquidity Draw and the Available Liquidity
Amount immediately prior to the relevant Drawdown Date. 
  

	3.2	Making of Liquidity Draws 

  
 Subject to the terms of this agreement, a Liquidity Draw requested in a Drawdown Notice shall be made available: 
  

	 	(a)	other than during a Liquidity Collateralisation Period, by the Liquidity Provider crediting the proceeds of that Liquidity Draw to the Collection Account by no later than 11.00 am
(Sydney time) on the relevant Remittance Date; 

  

	 	(b)	during a Liquidity Collateralisation Period, by the Trust Manager directing the Trustee to transfer the amount of that Liquidity Draw from the Collateral Account to the Collection
Account; and 

  

	 	(c)	during a Liquidity Collateralisation Period, by the Trust Manager directing the Trustee to arrange to transfer the amount of that Liquidity Draw from the Collateral Account to the
Collection Account, in satisfaction of the Liquidity Provider’s obligation to make that Liquidity Draw available, provided that none of the Liquidity Provider, the Trust Manager nor the Trustee shall have any obligation if for any reason the
Bank maintaining the Collateral Account does not comply with a request or direction to make a transfer requested from the Collateral Account. 

  

	3.3	Collateral Account 

  
 If at any time the Liquidity Provider’s short term credit rating is less than A-1 from S&P or P-1 from Moody’s or S&P or Moody’s
ceases to provide a short term credit rating for the Liquidity Provider (other than because S&P or Moody’s as the case may be, ceases to provide such ratings generally): 
  

	 	(a)	the Trustee must as soon as practicable establish and maintain in the name of the Trustee an account with a Bank having a short term rating of A-1 from S&P and P-1 from
Moody’s or which otherwise satisfies the requirements of those Designated Rating Agencies; and 

  

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	 	(b)	the Liquidity Provider must within 2 Business Days or such longer period as each Designated Rating Agency confirms will not result in a downgrade, withdrawal or a qualification of
its rating of any Notes, deposit into that account an amount equal to the Available Liquidity Amount at that time. 

  

	3.4	New Account 

  
 If at any time: 
  

	 	(a)	the short term credit rating of the Bank holding the Collateral Account (the Existing Collateral Account) from S&P is lower than A-1 or from Moody’s is lower
than P-1; or 

  

	 	(b)	deposits credited to the Existing Collateral Account cease to be Authorised Investments because of paragraph (g)(B) of the definition of Authorised Investments in
clause 1.1 of the Master Trust Deed, 

  
 the Trust
Manager must direct the Trustee to, and the Trustee must, subject to clause 3.6, within 5 Business Days after such direction (or such longer period as each Designated Rating Agency may agree): 
  

	 	(c)	establish a new account with a Bank which has a short term credit rating from S&P of not lower than A-1 and from Moody’s of not lower than P-1 (the New Collateral
Account) in the name of the Trustee; and 

  

	 	(d)	transfer so much of the balance of the Existing Collateral Account to the New Collateral Account as is not an Authorised Investment by application of paragraph (b).

  

	3.5	Conditions to transfer of account balance 

  
 The Trustee shall only be obliged to transfer the balance of the Existing Collateral Account to the New Collateral Account in accordance with clause
3.4(d) if both the Trust Manager and the Liquidity Provider are satisfied that the terms upon which the New Collateral Account is established and maintained are such that: 
  

	 	(a)	the Bank with which the New Collateral Account is maintained will have no right of set-off, combination of accounts, lien, flawed deposit or other Security Interest over the New
Collateral Account; and 

  

	 	(b)	the terms of the New Collateral Account may not be varied in any way without the prior written consent of the Liquidity Provider. 

  
 The Trust Manager and the Liquidity Provider must provide the Trustee with
written notice of their satisfaction with these matters as soon as practicable. 
  

	3.6	Withdrawal from accounts 

  

	 	(a)	The Trustee may only make withdrawals from a Collateral Account if directed to do so by the Trust Manager, and then only for the following purposes: 

  

	 	(i)	to make or fund a Liquidity Draw in accordance with this agreement; 

  

	 	(ii)	to transfer the credit balance of the Existing Collateral Account to a New Collateral Account in accordance with clause 3.4; 

  

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	 	(iii)	to pay the Cash Advance Deposit to the Liquidity Provider pursuant to clause 3.7(a); 

  

	 	(iv)	to withdraw any amount which has been incorrectly deposited into the Collateral Account; 

  

	 	(v)	to pay any Tax payable in respect of the maintenance of, or payments into or withdrawals from, the Collateral Account; 

  

	 	(vi)	at the direction of the Trust Manager, invest in Authorised Investments which mature no later than the end of the Funding Period in which the Authorised Investments were acquired
provided that all amounts received by the Trustee on that maturity must be credited to the Collateral Account; or 

  

	 	(vii)	to refund to the Liquidity Facility Provider the amount of any of the Liquidity Limit which is cancelled under clause 7.1. 

  

	 	(b)	The Trust Manager must only direct the Trustee to make withdrawals from the Collateral Account for the above purposes. 

  

	 	(c)	For so long as the Collateral Account is maintained with the Liquidity Provider, the obligations of the Liquidity Provider with respect to payment to the Trustee of the debt
constituted by any credit balance on the Collateral Account shall be conditional upon and subject to the terms of this clause 3. 

  

	3.7	Liquidity Provider upgrade 

  

	 	(a)	If, at any time when the Collateral Account is not maintained with the Liquidity Provider, a short term credit rating of the Liquidity Provider is upgraded so that it has a rating
from S&P of not lower than A-1 and from Moody’s of not lower than P-1, the Trust Manager may direct the Trustee to, and the Trustee must within 2 Business Days of being so directed, arrange for the Cash Advance Deposit to be transferred to
an account with the Liquidity Provider (which account will then become the Collateral Account). 

  

	 	(b)	If, at any time, a short term credit rating of the Liquidity Provider is upgraded so that it has a rating from S&P of A-1 and from Moody’s of P-1, the Trust Manager must
direct the Trustee to, and the Trustee must within 2 Business Days of being so directed, repay to the Liquidity Provider the balance of the Collateral Account. 

  

	3.8	Interest Cash Advance Deposit 

  
 All interest accrued on the Cash Advance Deposit shall belong to the Liquidity Provider and all interest credited to the Cash Advance Deposit shall be
paid to the Liquidity Provider on each relevant Payment Date in accordance with the Series Notice. 
  

	4.	Funding Periods 

  

	 	(a)	Subject to this clause, the Funding Period for a Liquidity Draw commences on its Drawdown Date and ends on the day before the Payment Date in the Quarter following the Quarter in
which that Drawdown Date occurred. 

  

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	 	(b)	Notwithstanding paragraph (a), no Funding Period may extend beyond the Final Repayment Date. 

  

	5.	Interest 

  

	5.1	Accrual 

  
 Interest accrues daily on the outstanding principal amount of each Liquidity Draw at the rate per annum equal to the sum of the Margin and the Bank Bill
Rate for the relevant Funding Period, calculated on actual days elapsed and a year of 365 days. 
  

	5.2	Payment 

  
 The Trustee shall pay accrued interest on each Liquidity Draw in respect of its Funding Period in arrears on each Payment Date and on repayment or
prepayment of all or the relevant part of the Liquidity Draw. 
  

	5.3	Capitalisation 

  
 Interest payable under this clause 5 which is not paid when due will immediately be capitalised. Interest is payable on capitalised interest at the rate
and in the manner referred to in this clause 5. 
  

	6.	Commitment Fee 

  

	 	(a)	A commitment fee accrues due from day to day from the date of this agreement at 0.25% per annum on the daily amount of the Available Liquidity Amount (if any).

  

	 	(b)	The commitment 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 Liquidity Provider any accrued commitment fee in arrears on: 

  

	 	(i)	each Payment Date; and 

  

	 	(ii)	at the end of the Term, 

  
 in accordance with the Series Notice. 
  

	7.	Cancellation of Liquidity Limit 

  

	7.1	During Term 

  
 On giving not less than 5 Business Days irrevocable notice to the Liquidity Provider the Trustee may cancel all or part of the Liquidity Limit during the
Term if each Designated Rating Agency has confirmed that such cancellation will not result in a downgrading, withdrawal or qualification of the credit rating assigned by each of the Designated Rating Agencies to the Notes. A partial cancellation
must be in a minimum of $100,000 and a whole multiple of $10,000 unless the Liquidity Provider agrees otherwise. 
  

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	7.2	At end of Term 

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

	8.	Repayment 

  

	8.1	Final repayment 

  
 The Trustee shall repay the Liquidity Outstandings on the Final Repayment Date, together with all interest and other moneys owing to the Liquidity
Provider under this agreement. 
  

	8.2	Repayment of Liquidity Draws 

  
 Subject to the terms of this agreement, the Trustee must repay each Liquidity Draw on the last day of its Funding Period, to the extent that amounts are
available for that purpose under clause 5.10(a)(iv) of the Series Notice. Those repayments will be applied against Liquidity Draws in chronological order of their Drawdown Dates. 
  

	8.3	Repayments during Liquidity Collateralisation Period 

  
 During a Liquidity Collateralisation Period, all repayments or prepayments in respect of Liquidity Outstandings must be made to the Collateral Account.

  

	9.	Prepayments 

  

	9.1	Voluntary prepayments 

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

	9.2	Interest 

  
 When the Trustee prepays any amount of the Liquidity Outstandings, it shall also pay any interest accrued on that amount. 
  

	9.3	Limitation on prepayments 

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

	10.	Payments 

  

	10.1	Manner 

  
 Subject to clause 8.3, the Trustee shall make all payments under this agreement: 
  

	 	(a)	 by cheque, electronic funds transfer or other agreed method to the Liquidity Provider at its address for service of notices or by transfer of immediately available
funds to the account 

  

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specified by the Liquidity 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 Taxation; and 

  

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

  

	10.2	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. 
  

	10.3	Appropriation where insufficient moneys available 

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

	11.	Changes In Law 

  

	11.1	Additional payments 

  
 Whenever the Liquidity Provider determines that: 
  

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

  

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

  

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

  

	 	(d)	to the extent any relevant law, official directive or request relates to or affects the Liquidity Limit, any Liquidity Draw or this agreement, the overall return on capital of the
Liquidity 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 Liquidity Provider shall promptly notify the Trust Manager and the
Trustee; and 

  

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

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

 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 Liquidity 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 Liquidity Draw, the Liquidity Limit or to any other amount paid or payable or received or receivable under this agreement
or allocates capital to any such sum. 

  

	11.2	Minimisation 

  

	 	(a)	(No defence) If the Liquidity 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 Liquidity Provider shall use reasonable endeavours to minimise any cost, reduction or payment referred to in this clause. 

  

	11.3	Survival 

  
 This clause survives the repayment of any relevant Liquidity Draw and the termination of this agreement. 
  

	12.	Conditions Precedent 

  

	12.1	Conditions precedent to initial Drawdown Notice 

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

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	12.2	Conditions precedent to each Liquidity Draw 

  
 The obligations of the Liquidity Provider to make available each Liquidity Draw are subject to the further conditions precedent that 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 Liquidity Draw. 
  

	13.	Representations and Warranties 

  

	13.1	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. 

  

	 	(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;

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	 	(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 Liquidity 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 which is material to the Trust Documents or which has the effect of varying a Trust Document has been
disclosed to the Liquidity Provider in writing. 

  

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

  

	 	(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 the 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. 

  

	13.2	Reliance on representations and warranties 

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

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	14.	Undertakings 

  

	14.1	General undertakings 

  
 Each of the Trustee and the Trust Manager undertake to the Liquidity Provider as follows in relation to the Trust, except to the extent that the Liquidity
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, 

  
 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
Liquidity 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 Liquidity Provider) It will notify the Liquidity Provider and each Designated Rating Agency 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. 

  

	14.2	Undertakings relating to Trust 

  
 The Trustee, as trustee of the Trust, undertakes to the Liquidity Provider as follows, except to the extent that the Liquidity 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 if that would change:

  

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

  

	 	(ii)	the entitlement of the Trustee to make any Liquidity Draw; 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. 

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	 	(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. 

  

	14.3	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. 
  

	15.	Events of Default 

  

	15.1	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)  

  

	 	(i)	At any time the Available Liquidity Amount is zero, the Trustee fails to pay an amount payable by it under this agreement within 10 Business Days of its due date.

  

	 	(ii)	An amount is available for payment under clause 8 and the Trustee does not pay that amount. 

  

	 	(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 with 30 days of that Insolvency Event. 

  

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

  

	 	(d)	(Vitiation) All or any part of this agreement is terminated or is or becomes void, illegal, invalid or unenforceable. 

  

	15.2	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
Liquidity 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 Liquidity Outstandings together with accrued interest and fees and all such other moneys; and 

  

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

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	16.	Interest on Overdue Amounts 

  

	16.1	Accrual 

  
 Interest accrues on each unpaid amount which is due and payable by the Trustee under or in respect of this agreement (including interest payable under
this clause): 
  

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

  

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

  

	 	(c)	at the rate determined by the Liquidity Provider to be the sum of 2% per annum plus the higher of: 

  

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

  

	 	(ii)	the Bank Bill Rate on the first day of each Funding Period, plus the Margin. 

  

	16.2	Payment 

  
 The Trustee shall pay interest accrued under this clause on demand and on each Payment Date, to the extent that amounts are available for that purpose
under clause 5.10(a)(iii) of the Series Notice. 
  

	16.3	Limitation 

  
 Clause 16.1 will only apply in relation to any unpaid Liquidity Draw if, at the time the Liquidity Draw was required to be paid, the aggregate of all
Liquidity Draws was equal to or greater than the Liquidity Limit. 
  

	17.	Control Accounts 

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

	18.	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 Liquidity Provider in this agreement are in addition to, and do not exclude or limit, any right, power or remedy provided by law.

  

	19.	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 

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

 
invalidate the remaining provisions of this agreement nor affect the validity or enforceability of that provision in any other jurisdiction. 
  

	20.	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.

  

	21.	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. 

  

	22.	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 Liquidity Provider of any right, power or remedy conferred by this agreement, 

  
 is excluded from this agreement. 
  

	23.	Consents and Opinions 

  
 Except where expressly stated the Liquidity 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. 
  

	24.	Assignments 

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

	25.	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 

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	 	(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. 
  

	26.	Authorised Signatories 

  
 The Trustee irrevocably authorises the Liquidity 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. 
  

	27.	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.

  

	28.	Counterparts 

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

	29.	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 Liquidity Provider (including any advice,
warranty, representation or undertaking); and 

  

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

  
 except as expressly set out in this agreement. 
  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	30.	Limited Recourse 

  

	30.1	General 

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

	30.2	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 30 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). 

  

	 	(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 

  

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	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

	 	 
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.

  

	30.3	Unrestricted remedies 

  
 Nothing in clause 30.2 limits the Liquidity 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)	relation to its rights under the Security Trust Deed. 

  

	30.4	Restricted remedies 

  
 Except as provided in clause 30.3, the Liquidity 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 Liquidity Provider waives its rights to make those applications and take
those proceedings. 
  

	31.	Liquidity Provider’s Obligations 

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

	32.	Successor Trustee 

  
 The Liquidity 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. 
  

	33.	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 Liquidity 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 Liquidity 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 Liquidity Facility Agreement	  	

  

 ANNEXURE A 
  
 DRAWDOWN NOTICE 
  

	To:	Westpac Banking Corporation 

  
 LIQUIDITY FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*] 
  
 We refer to the Liquidity Facility Agreement dated on or about 4 February 2005 (the Facility Agreement). 
  
 Under clause 3.1 of the Liquidity 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 total principal amount to be drawn is [*]; [NOTE: Amount to comply with the limits in clause 3.] 

  

	(3)	particulars of [each/the] Liquidity Draw are as follows: 

  

			
	 Principal amount

	  	 Funding Period

  
 [NOTE: Length
of Funding Period to comply with clause 4.] 
  

	(4)	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 Liquidity Draw(s).]

  

	(5)	we represent and warrant that no Event of Default under the Facility Agreement subsists or will result from the drawing. 

  
 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 Liquidity Facility Agreement	  	

  

 ANNEXURE B 
  
 VERIFICATION CERTIFICATE 
  

	To:	Westpac Banking Corporation 

  
 LIQUIDITY FACILITY AGREEMENT 
  
 I [*] am
an [attorney / Authorised Signatory] of Westpac Securities Administration Limited (the Company). 
  
 I refer to the Liquidity Facility Agreement (the Facility Agreement) dated on or about 4 February 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

			
	*	  	 *
	 	

			
	*	  	 *
	 	

			
	*	  	 *
	 	

  

 Page 24 

			
	Series 2005-1G WST Trust Liquidity Facility Agreement	  	

  

 Signatories 
  

					
	 Name

	  	 Position

	 	 Signature

			
	*	  	 *
	 	

			
	*	  	 *
	 	

			
	*	  	 *
	 	

  

			
		
	 Signed:
	 	 
	 	 	 [Attorney / Authorised Signatory]

		
	 	 	 
	 	 	 Print name

  
 DATED 
  

 Page 25Interest Rate Swap

  
 EXHIBIT 10.4 
  
 (Multicurrency—Cross Border) 
  
 ISDA® 
 International Swap Dealers Association, Inc.  
  
 MASTER AGREEMENT 
  
 dated as
of February 4, 2005 
  

					
	 WESTPAC BANKING CORPORATION
 (ABN 33 007 457
141)
 (“Party A”)
	  	and	  	 WESTPAC SECURITIES ADMINISTRATION LIMITED
 (ABN
77 000 049 472)
 in its capacity as trustee of the Series 2005 – 1G WST Trust (in that capacity, “Party B”)

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

	1.	Interpretation 

  
 (a)     Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement. 
  
 (b)    Inconsistency. In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction. 
  
 (c)
   Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this
“Agreement”), and the parties would not otherwise enter into any Transactions. 
  

	2.	Obligations  

  

	(a)	General Conditions. 

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

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

  

 Page 1 

 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that
no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively
designated and (3) each other applicable condition precedent specified in this Agreement. 
  
 (b)     Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the
scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
  
 (c)     Netting. If on any date amounts would otherwise be payable:— 
  
 (i) in the same currency; and 
  
 (ii) in respect of the same Transaction, 
  
 by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the
aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been
payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
  
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of
whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the
election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
  

	(d)	Deduction or Withholding for Tax. 

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

  
 (1) promptly notify the other party (“Y”) of such
requirement; 
  
 (2) pay to the relevant authorities the full
amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding
is required or receiving notice that such amount has been assessed against Y; 
  
 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
  

 Page 2 

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

  
 (B) the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 
  
 (ii) Liability. If:— 
  
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
  
 (2) X does not so deduct or withhold; and 
  
 (3) a liability resulting from such Tax is assessed directly against X, 
  
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X
the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

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

	3.	Representations 

  
 Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f),
at all times until the termination of this Agreement) that:— 
  
 (a)     Basic Representations. 
  
 (i) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 
  

 Page 3 

 (ii) Powers. It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any
obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; 
  
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any
law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its
assets; 
  
 (iv) Consents. All governmental and
other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been
complied with; and 
  
 (v) Obligations Binding. Its
obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization,
insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

  
 (b)     Absence of Certain Events. No Event
of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under
this Agreement or any Credit Support Document to which it is a party. 
  
 (c)     Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations
under this Agreement or such Credit Support Document. 
  
 (d)     Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in every material aspect. 
  
 (e)     Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. 
  
 (f)     Payee Tax Representations. Each representation
specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	Agreements 

  
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 
  
 (a)     Furnish Specified Information. It will deliver to
the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 
  
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
  

 Page 4 

 (ii) any other documents specified in the Schedule or any Confirmation; and 
  
 (iii) upon reasonable demand by such other party, any form or document that
may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on
account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such
demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
  
 in each case by the date specified in the Schedule or such Confirmation or, if none is
specified, as soon as reasonably practicable. 
  
 (b)    
Maintain Authorizations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
  
 (c)     Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if
failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
  

(d)     Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure. 
  
 (e)    
Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied
or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

  
 (a)     Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such
party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 
  
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or
delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
  
 (ii) Breach of Agreement. Failure by the party to comply with
or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i),
4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
  

 Page 5 

 (iii) Credit Support Default. 
  
 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation
to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
  
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document
to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or 
  
 (3) the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
  
 (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or
repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or
deemed to have been made or repeated; 
  
 (v) Default under
Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace
period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace
period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
  
 (vi) Cross Default. If “Cross Default” is specified
in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable
Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the
Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by
such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or
instruments (after giving effect to any applicable notice requirement or grace period); 
  
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— 
  
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); 
  
 (2) becomes insolvent or is unable to pay its debts or fails or admits in
writing its 

  

 Page 6 

 
inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors;
(4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for
its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or 
  
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:— 
  
 (1)
the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or
pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 
  
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement.

  
 (b)     Termination Events. The occurrence
at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the
event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event
if the event is specified pursuant to (v) below:— 
  
 (i)
Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory
authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 
  
 (1) to perform any absolute or contingent obligation to make a payment or
delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
  

 Page 7 

 (2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other
obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 
  
 (ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on
which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood
that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of
such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
  
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of
which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or
substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 
  
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as
applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity
and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the
case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 
  
 (v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as
applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
  
 (c)     Event of Default and Illegality. If an event or
circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

 Page 8 

	6.	Early Termination 

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

  
 (i) Notice. If a Termination Event occurs, an
Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party
may reasonably require. 
  
 (ii) Transfer to Avoid
Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
  
 If the Affected Party is not able to make such a transfer it will give
notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
  
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent
of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
  
 (iii) Two Affected Parties. If an Illegality under Section
5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event.

  
 (iv) Right to Terminate. If:— 

 
 (1) a transfer under Section 6(b)(ii) or an agreement under Section
6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
  
 (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

  

 Page 9 

 
either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

  
 (c)     Effect of Designation. 

 
 (i) If notice designating an Early Termination Date is given under
Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
  
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under
Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined
pursuant to Section 6(e). 
  
 (d)    
Calculations. 
  
 (i) Statement. On
or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written
confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
  
 (ii) Payment Date. An amount calculated as being due in
respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the
day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the
extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate.
Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
  
 (e)     Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment
measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it
will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any
Set-off. 
  

 Page 10 

 (i) Events of Default. If the Early Termination Date results from an Event of
Default:— 
  
 (1) First Method and Market Quotation.
If the First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated
Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 
  
 (2) First Method and Loss. If the First Method and Loss apply, the
Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 
  
 (3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the
Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the
Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the
Defaulting Party. 
  
 (4) Second Method and Loss. If the
Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a
negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
  
 (ii) Termination Events. If the Early Termination Date results from a Termination Event:— 
  
 (1) One Affected Party. If there is one Affected Party, the amount
payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to
be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions.

  
 (2) Two Affected Parties. If there are two Affected
Parties:— 
  
 (A) if Market Quotation applies, each party
will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount
(“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts
owing to Y; and 
  

 Page 11 

 (B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than
all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with
the lower Loss (“Y”). 
  
 If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 
  
 (iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination”
applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and
retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
  
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable
pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional
damages as a consequence of such losses. 
  

	7.	Transfer 

  
 Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written
consent of the other party, except that:— 
  
 (a)     a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy
under this Agreement); and 
  
 (b)     a party may make such a
transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 
  
 Any purported transfer that is not in compliance with this Section will be void. 
  

	8.	Contractual Currency 

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

 Page 12 

 (b)     Judgments. To the extent permitted by applicable law, if any judgment or order
expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii)
in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or
order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any
excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the
Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of
exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
  
 (c)     Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this
Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made
for any other sums payable in respect of this Agreement. 
  
 (d)     Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
  

	9.	Miscellaneous 

  
 (a)     Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and
prior writings with respect thereto. 
  
 (b)    
Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system. 
  
 (c)     Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
  
 (d)     Remedies Cumulative. Except as provided in this
Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
  
 (e)     Counterparts and Confirmations. 
  
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission), each of which will be deemed an original. 
  

 Page 13 

 (ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they
agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an
exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that
any such counterpart, telex or electronic message constitutes a Confirmation. 
  
 (f)     No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any
right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
  
 (g)     Headings. The headings used in this Agreement are for convenience of reference only and are not to
affect the construction of or to be taken into consideration in interpreting this Agreement. 
  

	10.	Offices; Multibranch Parties 

  
 (a)     If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or
home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organization of such party, the obligations of such party are the same as if it had entered into the Transaction through
its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
  
 (b)     Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the
prior written consent of the other party. 
  
 (c)     If a
party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives
payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 
  

	11.	Expenses 

  
 A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the
enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection.

  

	12.	Notices 

  
 (a)     Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under
Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as
indicated:— 
  
 (i) if in writing and delivered in person or
by courier, on the date it is delivered; 
  
 (ii) if sent by
telex, on the date the recipient’s answerback is received; 
  

 Page 14 

 (iii) if sent by facsimile transmission, on the date that transmission is received by a responsible
employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
  
 (iv) if sent by certified or registered mail (airmail, if overseas) or the
equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or 
  
 (v) if sent by electronic messaging system, on the date that electronic message is received, 
  
 unless the date of delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is
delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
  
 (b)     Change of Addresses. Either party may by notice to
the other change the address, telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

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

  
 (b)     Jurisdiction. With respect to any
suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:— 
  
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction
of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 
  
 (ii) waives any objection which it may have at any time to the laying of
venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party. 
  
 Nothing in this Agreement precludes either party
from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification,
extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
  
 (c)     Service of Process. Each party irrevocably appoints
the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly
notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted by law. 
  

 Page 15 

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

	14.	Definitions 

  
 As used in this Agreement:— 
  
 “Additional Termination Event” has the meaning specified in Section 5(b). 
  
 “Affected Party” has the meaning specified in Section 5(b). 
  
 “Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or
Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 
  
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly
or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
  
 “Applicable
Rate” means:— 
  
 (a)     in respect of
obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
  
 (b)     in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable, the Default Rate; 
  
 (c)     in respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
  
 (d)     in all other cases, the Termination Rate. 
  
 “Burdened Party” has the meaning specified in Section
5(b). 
  
 “Change in Tax Law” means the enactment,
promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 
  
 “consent” includes a consent, approval, action,
authorization, exemption, notice, filing, registration or exchange control consent. 
  
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 
  
 “Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 
  
 “Credit Support Provider” has the meaning specified in
the Schedule. 
  

 Page 16 

 “Default Rate” means a rate per annum equal to the cost (without proof or evidence
of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
  
 “Defaulting Party” has the meaning specified in Section 6(a). 
  
 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 
  
 “Event of Default” has the meaning specified in Section
5(a) and, if applicable, in the Schedule. 
  
 “Illegality” has the meaning specified in Section 5(b). 
  
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the
jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having
been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction,
but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
  
 “law” includes any treaty, law, rule or regulation (as
modified, in the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 
  
 “Local Business Day” means,
subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant
Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city
specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant
locations for performance with respect to such Specified Transaction. 
  
 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in
good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of
bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any
of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made,
except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant
Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more
leading dealers in the relevant markets. 
  

 Page 17 

 “Market Quotation” means, with respect to one or more Terminated Transactions and a
party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed
as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction
(the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after
that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date,
have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones)
on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obligated to make a determination under Section 6(e),
and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest
value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined.

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

“Non-defaulting Party” has the meaning specified in Section 6(a). 
  
 “Office” means a branch or office of a party, which may be such party’s head or home office.

  
 “Potential Event of Default” means any
event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 
  
 “Reference Market-makers” means four leading dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit
standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city.

  
 “Relevant Jurisdiction” means, with respect to a
party, the jurisdictions (a) in which the party is incorporated, organized, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the
party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
  
 “Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
  

 Page 18 

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

  
 “Settlement Amount” means, with respect
to a party and any Early Termination Date, the sum of:— 
  
 (a)     the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and

  
 (b)     such party’s Loss (whether positive or
negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result. 
  
 “Specified
Entity” has the meaning specified in the Schedule. 
  
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

  
 “Specified Transaction” means, subject
to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in
this Agreement or the relevant confirmation. 
  
 “Stamp
Tax” means any stamp, registration, documentation or similar tax. 
  
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing
authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
  
 “Tax Event” has the meaning specified in Section 5(b). 
  
 “Tax Event Upon Merger” has the meaning specified in Section 5(b).

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

 Page 19 

 “Termination Currency Equivalent” means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party
making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that
later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the
city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign
exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
  
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be
applicable, a Credit Event Upon Merger or an Additional Termination Event. 
  
 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of
funding such amounts. 
  
 “Unpaid Amounts”
owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under
Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would
have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number
of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the
Termination Currency Equivalents of the fair market values reasonably determined by both parties. 
  
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document. 
  

 Page 20 

  
 EXHIBIT 10.4 
  
 PARTY A 
  

							
				
	 SIGNED on behalf of
 WESTPAC BANKING
CORPORATION
	 	  
 )
 )
	 	 	 	/s/    PADDY RENNIE        
	 by its attorneys under power of attorney
	 	)	 	 	 	 Signature

	 in the presence of:
	 	)	 	 	 	 
				
	  	 	 	 	 	 	 Paddy Rennie

	 	 	 	 	 	 	 Print name

				
	/s/    REBECCA LIM        	 	 	 	 	 	  
	 Witness
	 	 	 	 	 	 
				
	  	 	 	 	 	 	/s/    ROBERT GEORGE
HAMILTON        
	 	 	 	 	 	 	 Signature

				
	 Rebecca Lim
	 	 	 	 	 	  
 Robert George Hamilton,
Attorney

	 Print name
	 	 	 	 	 	 Print name

  
 PARTY B 
  

							
				
	 SIGNED on behalf of
 WESTPAC
SECURITIES ADMINISTRATION
 LIMITED
	 	  
 )
 )
	 	 	 	/s/    ROBERT GEORGE
HAMILTON        
	 by its attorney under power of attorney
	 	)	 	 	 	 Signature

	 in the presence of:
	 	)	 	 	 	 
				
	  	 	 	 	 	 	 Robert George Hamilton, Attorney

	 	 	 	 	 	 	 Print name

				
	/s/    REBECCA LIM        	 	 	 	 	 	  
	 Witness
	 	 	 	 	 	 
				
	 Rebecca Lim
	 	 	 	 	 	  
	 Print name
	 	 	 	 	 	 

  

 Page 21 

 Schedule to the Basis Swaps 
  
 SCHEDULE 
  
 to the 
  
 ISDA Master Agreement 
  
 dated as of 4 February 2005 
  
 between WESTPAC BANKING CORPORATION (“Party A”) 
  
 and 
  
 WESTPAC
SECURITIES ADMINISTRATION LIMITED as trustee of the Series 2005-1G WST 
 Trust (“Party B”) 
  
 Part 1 
  
 Termination Provisions 
  
 In this Agreement:- 
  

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

  

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

  

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

  

	(d)	“Termination Currency” means Australian Dollars. 

  

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

  

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

  

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

  

	(h)	An “Additional Termination Event”, set out in Section 15, will apply. 

  

	(i)	The “Automatic Early Termination” provision of Section 6(a) will not apply to Party A and Party B. Any event which, upon its occurrence, constitutes an Event
of Default, is deemed not to be an essential term of the Transaction so that the occurrence of any Event of Default shall not be implied to constitute a repudiation of the Agreement. This does not in any way restrict or limit the right
of a Non-Defaulting Party under Section 6(a) to terminate following an Event of Default. 

  

 Page 1 

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

  

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

  

	 	(i)	Subject to paragraph a) below, Loss will apply 

  

	 	(ii)	The Second Method will apply 

  

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

  

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

  
 “provided, in respect of Party A, that
such other entity is an entity in respect of which the Designated Rating Agencies confirm that the transfer will not cause a reduction or withdrawal of the rating of the Notes”; 
  
 and add a new paragraph (c): 
  

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

  

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

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

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

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

  

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

  
 Part 2 
  
 Tax Representations 
  

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

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

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

  

 Page 2 

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

  

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

  

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

  

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

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

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

  

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

  

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

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

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

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

Part 3 
  
 Documents to be delivered 
  

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

  

 Page 3 

	(b)	Other documents to be delivered are: 

  

					
	 Party required to deliver document

	 	 Form/Document/Certificate

	 	 Date by which document to be delivered

	Party A and Party B	 	A legal opinion as to the validity and enforceability of that party’s obligations under this Agreement in form and substance reasonably acceptable to the other party.	 	The date of this Agreement.
			
	Party A and Party B	 	A list of the authorised signatories for a party and evidence satisfactory in form and substance to the other party of the authority of the authorised signatories of the party to execute this
Agreement and any Confirmation on behalf of the party.	 	On the execution of this Agreement, and if requested by the other party, on the execution of any Confirmation but only if the evidence of the authority, incumbency and specimen signature of any
person executing the Confirmation has changed from that previously delivered.

  
 Part 4

  
 Miscellaneous 
  

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

  

					
	Address for notices or communications to Party A to each of the following for all purposes:-
			
	Address	  	:	  	Global Markets Operations
			
	 	  	 	  	Level 3, 255 Elizabeth Street
			
	 	  	 	  	Sydney NSW 2000
			
	Attention	  	:	  	Manager, Global Derivative Operations
			
	Fax No	  	:	  	02 9284 8686
	
	Address for notices or communications to Party B:-
		
	Address:	  	Westpac Securities Administration Limited
		
	 	  	Level 13, The Chifley Tower, 2 Chifley Square
		
	 	  	Sydney NSW 2000
		
	Attention:	  	Robert Hamilton
		
	Fax No:	  	02 9259 9487
	
	For all purposes

  

 Page 4 

					
	And a copy to the Trust Manager to the address below.
	
	Trust Manager:
		
	Address:	  	Level 25
60 Martin Place
Sydney NSW 2000
		
	Attention:	  	Cameron Kelly
		
	Facsimile No:	  	02 9226 1888

  

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

  

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

  

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

  

	(e)	Calculation Agent. The Calculation Agent is Party A. 

  

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

  
 In relation to Party A: Nil 
  
 In relation to Party B: Security Trust Deed 
  

	(g)	Credit Support Provider. - Nil. 

  

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

  

	(i)	Netting of Payments. Section 2(c)(ii) of this Agreement will apply to all Transactions but, for the avoidance of doubt, Section 2(c)(ii) does not permit netting
between a Transaction described in its Confirmation as a “Fixed Rate Basis Swap” and a Transaction described in its Confirmation as a “Variable Rate Basis Swap”. 

  

	(j)	“Affiliate” will have the meaning specified in Section 14. For the purpose of Section 3(c), neither party is deemed to have any Affiliates.

  
 Part 5 
  
 Other Provisions 
  

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

  

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

  

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

  

	 	(i)	any Confirmation; 

  

 Page 5 

	 	(ii)	the Schedule to the Master Agreement; 

  

	 	(iii)	the other provisions of the Master Agreement; 

  

	 	(iv)	the ISDA Definitions. 

  

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

  

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

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

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

  

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

  

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

  

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

  

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

  

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

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

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

  

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

  

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

  

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

  

 Page 6 

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

  

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

  

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

  

	(i)	Section 12 is amended as follows:- 

  

	 	(i)	In Section 12(a), insert “and settlement instructions” after “Section 5 or 6” in line 2. 

  

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

  

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

  

	(j)	In Section 14, add the following new definitions: 

  
 “Trust Deed” means the Master Trust Deed dated 14 February 1997 and the Series 2005-1G WST Trust Series Notice (the Series
Notice) dated on or about the date of this Agreement between amongst others Party B, Party A and the Trust Manager, and each of the following expressions shall have the meanings given to them in the Trust Deed: 
  
 “Designated Rating Agency” 
  
 “Insolvency Event” 
  
 “Invested Amount” 
  
 “Note” 
  
 “Security Trust Deed” 
  
 “Swap Provider” 
  
 “Threshold Rate” 
  
 “Trust” 
  
 “Trust Manager” 
  

	(k)	A new Section 15 is added as follows: 

  

	 	15A.	  Downgrade of Fixed Rate Swap Provider 

  

	 	(a)	For the purpose of this Section 15A the following additional definitions apply in relation to a Downgrade of the Swap Provider under the Transaction which is described in its
Confirmation as a “Fixed Rate Basis Swap”: 

  

 Page 7 

 Acceptable Arrangement means an arrangement which each relevant Designated Rating Agency
has confirmed in writing will result in the avoidance or reversal of any Note Downgrade. 
  
 Approved Bank means a Bank which has a short-term rating of at least A-1+ (S&P), and ratings of at least P-1 (short-term) and A2 (long-term) (Moody’s). 
  
 Downgrade means Party A’s rating by a Designated Rating
Agency has been withdrawn or reduced resulting in Party A having: 
  

	 	(i)	a short term credit rating of less than A-1 by S&P; or 

  

	 	(ii)	a credit rating by Moody’s of less than P-1(short-term) or A2 (long-term). 

  
 Note Downgrade means any actual or proposed withdrawal or downgrade of the ratings assigned to any Class of
Notes by a Designated Rating Agency which results or would result in any rating assigned to that Class of Notes being less than that stipulated in Section 4.2(f) of the Series Notice. 
  
 Major Downgrade means a Downgrade resulting in Party A having: 
  

	 	(i)	a short term credit rating by S&P of less than A-1; or 

  

	 	(ii)	a credit rating by Moody’s of less than P-1 (short-term). 

  
 Minor Downgrade means any Downgrade which is not a Major Downgrade. 
  
 Replacement Provider means a party that has agreed to replace Party A as the Swap Provider under the
Transaction described in its Confirmation as a “Fixed Rate Basis Swap”, and has a rating greater than or equal to: 
  

	 	(i)	A-1 by S&P; and 

  

	 	(ii)	who is suitably rated such that its appointment as the Swap Provider under the Transaction described in its Confirmation as a “Fixed Rate Basis Swap” does not result in a
Note Downgrade by Moody’s. 

  
 Swap
Collateral Account means an account established by Party B with an Approved Bank. 
  

	(b)	If, at any time, Party A is Downgraded and the Downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed by the relevant Designated
Rating Agency), comply with Section 15A(d). 

  

	(c)	If at any time Party A is Downgraded and the Downgrade constitutes a Major Downgrade, Party A shall, within 5 Business Days (or such greater period as agreed by the relevant
Designated Rating Agency) comply with Section 15A(d). 

  

	(d)	Where Party A is required to comply with this Section 15A(d) it shall, at its cost and at its election, do one of the following: 

  

	 	(i)	(Cash collateralise) deposit into a Swap Collateral Account and maintain in the Swap Collateral Account (whilst the relevant Downgrade subsists) sufficient funds to ensure
that the amount standing to the credit of the Swap Collateral Account is equal to the greater of the following (the Cash Collateral Amount): 

  

	 	(A)	zero; 

  

 Page 8 

	 	(B)	CCR; and 

  

	 	(C)	an amount acceptable to Moody’s sufficient to ensure that the ratings given to the Notes by Moody’s are not adversely affected and that any Note Downgrade is avoided or
reversed (as the case may be). 

  

	 	(ii)	(Novate) enter into an agreement novating this Agreement to a Replacement Provider proposed by any of Party A or Party B which each Designated Rating Agency has confirmed
will not result in a Note Downgrade; or 

  

	 	(iii)	(Other arrangements) enter into or procure entry into any Acceptable Arrangement. 

  
 For the purpose of this paragraph (d), the formula for calculating CCR is as follows. 
  
 CCR = CR 
  
 where 
  
 CR means MTM + VB 
  
 MTM means the mark-to-market value of the Transactions outstanding under the Agreement. Party A will have to mark the Transactions to market
and post collateral on a weekly basis (based on the higher of the weekly internal mark-to-market value (if applicable) or the external mark-to-market value), with a cure period of 3 days. The weekly mark-to-market values may be based on internal
mark-to-market values obtained by Party A, however, should Party A obtain internal mark-to-market values on a weekly basis it must obtain external mark-to-market values on a monthly basis. The monthly external mark-to–market value (or weekly
value where no internal marks are to be obtained on a weekly basis) will be the higher of the payments which two counterparties that will be eligible and willing to assume Party A’s role in the Transactions in place of Party A, would be willing
to make to Party A or receive from Party A to so assume Party A’s role. The mark-to-market value may be a positive or negative amount. A payment has a negative value if the payment would be from the counterparty to Party A and has a positive
value if the payment would be from Party A to the counterparty (for the purposes of determining a higher payment, any payment of positive value is higher than any payment of a negative value). Party A must not obtain more than four external
mark-to-market values from the same party in any 12 month period. 
  
 VB means the value calculated by multiplying the Invested Amount at the time of the calculation by the relevant percentage calculated from the following table (for the purposes of interpreting the table, “Counterparty
rating” is the short term credit rating assigned to Party A by S&P and “Maturities” is the period from and including the date of calculation to but excluding the scheduled maturity of the last expiring Transaction outstanding
under this Agreement): 
  
 Volatility Buffer (%) 

 

							
	 Counterparty rating

	  	Maturities up
to 5 years (%)

	  	Maturities up
to 10 years (%)

	  	Maturities up
to 31 years (%)

	 A-2
	  	6.50	  	8.25	  	11.75
	 A-3
	  	10.00	  	14.50	  	31.75
	 BB+ or lower
	  	13.00	  	25.75	  	68.50

  

 Page 9 

 In addition to complying with its obligations under this Section 15A, if there is a Downgrade to Party
A’s long term debt rating below BBB- by S&P, Party A must immediately post collateral in accordance with Section 15A(d)(i) and be immediately substituted for a Replacement Provider. 
  

	(e)	Where Party A procures a Replacement Provider in accordance with Section 15A(d)(ii), each party to this Agreement shall do all things necessary to novate the relevant obligations to
the Replacement Provider. 

  

	(f)	If, at any time, Party A’s obligations under this Agreement are novated in accordance with Section 15A(d)(ii) or any Acceptable Arrangement is entered into in accordance with
Section 15A(d)(iii), Party A shall be immediately entitled to any cash collateral amount which it has deposited in the Swap Collateral Account, less any amounts used or to be used by Party B under paragraphs (h)(i) or (h)(v).

  

	(g)	All interest on the Swap Collateral Account will accrue and be payable monthly to the party which provides the relevant Cash Collateral Amount. 

  

	(h)	Party B may make withdrawals from the Swap Collateral Account only for the purpose of: 

  

	 	(i)	novating obligations under this Agreement in accordance with Section 15A(d)(ii) or entering into any other Acceptable Arrangement in accordance with 15A(d)(iii);

  

	 	(ii)	refunding to Party A the amount of any reduction in the Swap Collateral Amount, from time to time and providing the Designated Rating Agencies have confirmed, in writing, that such
refund will not result in a Note Downgrade; 

  

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

  

	 	(iv)	paying any applicable bank account taxes or equivalent payable in respect of the Swap Collateral Account; or 

  

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

  

	(i)	Party A’s obligations under this Section 15A shall terminate upon the termination of this Agreement provided Party A has complied with its obligations (if any) under Section
15A(d). 

  
 Where Party A fails to comply with Section 15A(d), this
shall constitute an Additional Termination Event and Party A shall be the Affected Party for this purpose. 
  

 Page 10 

	15B.	Downgrade of Variable Rate Swap Provider 

  

	(a)	For the purpose of this Section 15B the following additional definitions apply in relation to a Downgrade of the Swap Provider under the Transaction described in its Confirmation as
a “Variable Rate Basis Swap”: 

  
 Approved Bank means a Bank which has a short-term rating of at least A-1+ (S&P), and ratings of at least P-1 (short-term) and A2 (long-term) (Moody’s). 
  
 Downgrade means Party A’s rating by a Designated Rating Agency has been withdrawn or reduced resulting in
Party A having a short term credit rating of less than A-1 by S&P or ratings of less than P-1 (short-term) and A2 (long-term) by Moody’s. 
  
 Note Downgrade means any actual or proposed withdrawal or downgrade of the ratings assigned to any Class of Notes by a Designated Rating
Agency which results or would result in any rating assigned to that Class of Notes being less than that stipulated in Section 4.2(f) of the Series Notice. 
  
 Swap Collateral Account means an account established by Party B with an Approved Bank. 
  

	(b)	If, on any Determination Date, Party A is Downgraded and the Threshold Rate is greater than the Weighted Average Customer Rate (as defined in the “Variable Rate Basis
Swap” Confirmation), Party A shall immediately (in any event no later than 3 Business Days) deposit into a Swap Collateral Account and maintain in the Swap Collateral Account (whilst the relevant Downgrade subsists and the Threshold Rate is
greater than the Weighted Average Customer Rate) the amount of the next payment that is due to be paid by Party A (the Swap Collateral Amount). 

  

	(c)	All interest on the Swap Collateral Account will accrue and be payable monthly to the party which provides the relevant Cash Collateral Amount. 

  

	(d)	Party B may make withdrawals from the Swap Collateral Account only for the purpose of: 

  

	 	(i)	refunding to Party A the amount of any reduction in the Swap Collateral Amount, from time to time; 

  

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

  

	 	(iii)	paying any applicable bank account taxes or equivalent payable in respect of the Swap Collateral Account; or 

  

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

  

	(e)	If, a Downgrade no longer applies to Party A, Party A shall be immediately entitled to any cash collateral amount which it has deposited in the Swap Collateral Account, less any
amounts used or to be used by Party B under paragraphs (d)(i) or (d)(iv). 

  

 Page 11 

 Where Party A fails to comply with Section 15B(b), this shall constitute an Additional Termination Event
and Party A shall be the Affected Party for this purpose. 
  

	(l)	A new Section 16 is added as follows: 

  

	16.	References and Remedies 

  

	(a)	Any reference to a: 

  

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

  

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

  

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

  

	(c)	Restricted Remedies 

  
 Party A shall not, in connection with this Agreement: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

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

  

 Page 12 

			
	 TO: Westpac Securities Administration
 Limited
	 	 Westpac Banking Corporation
 Level 3, 255 Elizabeth
Street
 Sydney NSW 2000 AUSTRALIA

	 as trustee of the Series 2005-1G WST Trust
 Level 13, 2 Chifley Square
 Sydney NSW 2000 AUSTRALIA
	 	 Attention: Manager, Global
 Derivatives
Operations

  
 Attention: Bob Hamilton

  
 Date: 4th February 2005 
  
 CONFIRMATION – FIXED RATE BASIS SWAP – SERIES 2005-1G WST TRUST 
  
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the terms specified below (the
“Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
  
 This Confirmation is entered into by Westpac Securities Administration Limited ABN 77 000 049 472 as trustee of the Series 2005-1G WST Trust (the
“Trust”). 
  
 This Confirmation supplements, forms part of, and
is subject to, the 1992 ISDA Master Agreement dated 4th February 2005, with a schedule headed “Schedule to the
Basis Swaps”, as amended, novated or supplemented from time to time (the “Agreement”), between Westpac Banking Corporation ABN 33 007 457 141 (“Party A”) and Westpac Securities Administration Limited ABN 77 000
049 472 as trustee of the Trust (“Party B”). 
  
 All provisions
contained in the Agreement govern this Confirmation except as expressly modified below. All other terms used and not defined in this Confirmation have the meaning given in the Master Trust Deed (“Trust Deed”) between Party B and The
Mortgage Company Pty Limited or the Series 2005-1G WST Trust Series Notice (the “Series Notice”) between Party A, Party B, Westpac Securitisation Management Pty Limited and others. 
  

	1.	Description of the Transaction 

  

			
	 1.      Fixed Rate Home Loan:
	  	Each Purchased Receivable from time to time that bears a fixed rate of interest
		
	 2.      Fixed Rate Home Loan Amount:
	  	In relation to a Calculation Period, means the aggregate Housing Loan Principal of all Fixed Rate Home Loans as at the first day of that Calculation Period.
		
	 3.      Trade Date:
	  	2 February 2005
		
	 4.      Effective Date:
	  	The Closing Date
		
	 5.      Maturity Date:
	  	Payment Date falling in March 2036
		
	 6.      Termination Date:
	  	The earlier of:
		
	 	  	 a.      the date which is one month after the Notes have been redeemed in full in accordance with the Series
Notice; and

		
	 	  	 b.      the Maturity Date,

		
	 	  	subject in each case to adjustment in accordance with the Applicable Business Day Convention.

  

	2.	Floating Rate Amounts 

  

			
	 1.      Floating Rate Payer:
	  	Party A
		
	 2.      Calculation Amount:
	  	In relation to a Payment Date, means the Fixed Rate Home Loan Amount for the Calculation Period ending immediately prior to that Payment Date.
		
	 3.      Calculation Period:
	  	The first day of each Collection Period to but excluding the first day of the next Collection Period. The Collection Period has the meaning given in the Series Notice, except for the First
Collection Period which commences on and includes the Effective Date.
		
	 4.      Payment Dates:
	  	Each 23 March, 23 June, 23 September and 23 December, from and including 23 June 2005 to and including the Termination Date, subject to adjustment in accordance with the Applicable Business
Day Convention
		
	 5.      Floating Rate Option:
	  	Bank Bill Rate
		
	 6.      Spread:
	  	Plus 1.21 per cent per annum
		
	 7.      Floating Rate Day Count Fraction:
	  	Actual / 365 (Fixed)
		
	 8.      Applicable Business Day Convention:
	  	 
	 	  	Modified Following Business Day Convention
	 -        Period End Date
	  	 
	 	  	Modified Following Business Day Convention
	 -        Payment Date
	  	 
	 	  	Following Business Day Convention
	 -        Termination Date
	  	 
		
	 9.      Business Days:
	  	Sydney, London, New York
		
	 10.    Reset Dates:
	  	The first day of each Calculation Period
		
	 11.    Compounding:
	  	Inapplicable
		
	 3.      Fixed Rate Amounts
	  	 
		
	 1.      Fixed Rate Payer:
	  	Party B
		
	 2.      Calculation Amount:
	  	In relation to a Payment Date, means the Fixed Rate Home Loan Amount for the Calculation Period ending immediately prior to that Payment Date.

  

					
	 3.      Fixed Rate:
	  	The Fixed Rate for a Payment Date will be the Weighted Average Customer Rate on the Determination Date which immediately precedes that Payment Date, where the Weighted Average
Customer Rate is defined as:
		
	 	  	Sn (VOLi x CRi)
		
	 	  	Sn (AVOL)
			
	 	  	Where:	  	 
			
	 	  	 VOLi =
	  	the Housing Loan Principal of each Fixed Rate Home Loan on each day (n) of the Collection Period ending immediately prior to that Determination Date
			
	 	  	 CRi  =
	  	the interest rate applied to each Fixed Rate Home Loan on each day (n) during the Collection Period ending immediately prior to that Determination Date
			
	 	  	 AVOL =
	  	the aggregate Housing Loan Principal of all Fixed Rate Home Loans as at each day (n) during the Collection Period ending immediately prior to that Determination Date
			
	 	  	n =	  	each day in the Collection Period.
		
	 4.      Calculation Period:
	  	The first day of each Collection Period to but excluding the first day of the next Collection Period. The Collection Period has the meaning given in the Series Notice, except for
the First Collection Period which commences on and includes the Effective Date.
		
	 5.      Payment Dates:
	  	Each 23 March, 23] June, 23 September and 23 December, from and including 23 2005 to and including the Termination Date, subject to adjustment in accordance with the Applicable
Business Day Convention.
		
	 6.      Fixed Rate Day Count Fraction:
	  	Actual / 365 (Fixed)
		
	 7.      Compounding:
	  	Inapplicable
			
	 4.      Account details
	  	 	  	 
		
	 1.      Payments to Party A
	  	The account notified in writing by Party A to Party B from time to time.
			
	          Account for payments in A$:
	  	 	  	 
		
	 2.      Payments to Party B
	  	The account notified in writing by Party B to Party A from time to time.
			
	          Account for payments in A$:
	  	 	  	 

  

	5.	Offices 

  
 The Office of Party A for this Transaction is Sydney. 
  

 The Office of Party B for this Transaction is Sydney. 
  

	6.	Other: Trustee Provisions 

  
 Party B’s obligation to make payments under this Transaction will be limited to the extent it has funds available to make such payment as determined in accordance
with the Series Notice. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then Party A will reduce its corresponding payment obligation to Party B by the same
percentage reduction, but otherwise will not be discharged from its obligations under this Transaction. 
  
 To the extent that Party B is obliged to deduct or withhold any Tax from an amount payable by it under this Transaction, Party A will reduce its corresponding payment to Party B by the amount deducted or withheld by
Party B, but otherwise will not be discharged from its obligations under this Transaction. 
  
 Please confirm your acceptance of this Transaction by signing and returning this Confirmation to us. 
  

									
	 Confirmed as at the date first written above:
	 	 	 	 Confirmed as at the date first written above:

			
	SIGNED for and on behalf of WESTPAC SECURITIES ADMINISTRATION LIMITED ABN 77 000 049 472 as trustee of the Series 2005-1G WST Trust	 	 	 	SIGNED for and on behalf of WESTPAC BANKING CORPORATION ABN 33 007 457 141
					
	By:	 	/s/    ROBERT GEORGE
HAMILTON        	 	 	 	By	 	/s/    PADDY RENNIE        
	 (Authorised Officer)
	 	 	 	 	 	 
	 Name:
	 	Robert George Hamilton	 	 	 	 Name:
	 	Paddy Rennie
	 Title:
	 	Attorney	 	 	 	 Title:
	 	Tier One Attorney
					
	 	 	 	 	 	 	 	 	/s/    MICHAEL JOHN
PAGE        
	 	 	 	 	 	 	 	 	Michael John Page
	 	 	 	 	 	 	 	 	Illegible

  

			
	 TO: Westpac Securities Administration Limited
	  	 Westpac Banking Corporation
 Level 3, 255 Elizabeth
Street
 Sydney NSW 2000 AUSTRALIA

	 as trustee of the Series 2005-1G WST Trust
	  	 
	 Level 13, 2 Chifley Square
	  	Attention: Manager, Global
	 Sydney NSW 2000 AUSTRALIA
	  	Derivatives Operations

  
 Attention: Bob Hamilton

  
 Date: 4th February 2005 
  
 CONFIRMATION – VARIABLE RATE BASIS SWAP – SERIES 2005-1G WST TRUST 
  
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the terms specified below (the
“Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
  
 This Confirmation is entered into by Westpac Securities Administration Limited ABN 77 000 049 472 as trustee of the Series 2005-1G WST Trust (the
“Trust”). 
  
 This Confirmation supplements, forms part
of, and is subject to, the 1992 ISDA Master Agreement dated 4th February 2005 with a schedule headed "Schedule to
the Basis Swaps", as amended, novated or supplemented from time to time (the “Agreement”), between Westpac Banking Corporation ABN 33 007 457 141 (“Party A”) and Westpac Securities Administration Limited ABN 77 000
049 472 as trustee of the Trust (“Party B”). 
  
 All
provisions contained in the Agreement govern this Confirmation except as expressly modified below. All other terms used and not defined in this Confirmation have the meaning given in the Master Trust Deed (“Trust Deed”) between
Party B and The Mortgage Company Pty Limited or the Series 2005-1G WST Trust Series Notice (the “Series Notice”) between Party A, Party B, Westpac Securitisation Management Pty Limited and others. 
  

	1.	Description of the Transaction 

  

			
	 1.      Variable Rate Home Loan:
	  	Each Purchased Receivable from time to time that bears a variable rate of interest
		
	 2.      Variable Rate Home Loan Amount:
	  	In relation to a Calculation Period, means the aggregate Housing Loan Principal of all Variable Rate Home Loans as at the first day of that Calculation Period.
		
	 3.      Trade Date:
	  	2 February 2005
		
	 4.      Effective Date:
	  	The Closing Date
		
	 5.      Maturity Date:
	  	Payment Date falling in March 2036
		
	 6.      Termination Date:
	  	The earlier of:
		
	 	  	 a.      the date which is one month after the Notes have been redeemed in full in accordance with the Series
Notice; and

		
	 	  	 b.      the Maturity Date,

		
	 	  	subject in each case to adjustment in accordance with

  

			
	 	  	the Applicable Business Day Convention.
	
	 2.      Floating Rate Amounts for Party A

		
	 1.      Floating Rate Payer:
	  	Party A
		
	 2.      Calculation Amount:
	  	In relation to a Payment Date, means the Variable Rate Home Loan Amount for the Calculation Period ending immediately prior to that Payment Date.
		
	 3.      Calculation Period:
	  	The first day of each Collection Period to but excluding the first day of the next Collection Period. The Collection Period has the meaning given in the Series Notice, except for the First
Collection Period which commences on and includes the Effective Date.
		
	 4.      Payment Dates:
	  	Each 23 March, 23 June, 23 September and 23 December, from and including 23 June 2005 to and including the Termination Date, subject to adjustment in accordance with the Applicable Business
Day Convention
		
	 5.      Floating Rate Option:
	  	Bank Bill Rate
		
	 6.      Spread:
	  	Plus 1.21 per cent per annum
		
	 7.      Floating Rate Day Count Fraction:
	  	Actual / 365 (Fixed)
		
	 8.      Applicable Business Day Convention:
	  	 
	 	  	Modified Following Business Day Convention
	 -        Period End Date
	  	 
	 	  	Modified Following Business Day Convention
	 -        Payment Date
	  	 
	 	  	Following Business Day Convention
	 -        Termination Date
	  	 
		
	 9.      Business Days:
	  	Sydney, London, New York
		
	 10.    Reset Dates:
	  	The first day of each Calculation Period
		
	 11.    Compounding:
	  	Inapplicable
	
	 3.      Floating Rate Amounts for Party B

		
	 1.      Floating Rate Payer:
	  	Party B
		
	 2.      Calculation Amount:
	  	In relation to a Payment Date, means the Variable Rate Home Loan Amount for the Calculation Period ending immediately prior to that Payment Date.

  

					
	 3.      Floating Rate:
	  	The Floating Rate for Party B for a Payment Date will be the Weighted Average Customer Rate on the Determination Date which immediately precedes that Payment Date, where the
Weighted Average Customer Rate is defined as:
		
	 	  	Sn (VOLi x CRi)
		
	 	  	Sn (AVOL)
			
	 	  	Where:	  	 
			
	 	  	 VOLi =
	  	the Housing Loan Principal of each Variable Rate Home Loan on each day (n) of the Collection Period ending immediately prior to that Determination Date
			
	 	  	 CRi  =
	  	the interest rate applied to each Variable Rate Home Loan on each day (n) during the Collection Period ending immediately prior to that Determination Date
			
	 	  	 AVOL =
	  	the aggregate Housing Loan Principal of all Variable Rate Home Loans as at each day (n) during the Collection Period ending immediately prior to that Determination Date
			
	 	  	n =	  	each day in the Collection Period.
		
	 4.      Calculation Period:
	  	The first day of each Collection Period to but excluding the first day of the next Collection Period. The Collection Period has the meaning given in the Series Notice, except for
the First Collection Period which commences on and includes the Effective Date.
		
	 5.      Payment Dates:
	  	Each 23 March, 23 June, 23 September and 23 December, from and including 23 June 2005 to and including the Termination Date, subject to adjustment in accordance with the
Applicable Business Day Convention.
		
	 6.      Variable Rate Day Count Fraction:
	  	Actual / 365 (Fixed)
		
	 7.      Compounding:
	  	Inapplicable
			
	 4.      Account details
	  	 	  	 
		
	 1.      Payments to Party A
	  	The account notified in writing by Party A to Party B from time to time.
			
	          Account for payments in A$:
	  	 	  	 
		
	 2.      Payments to Party B
	  	The account notified in writing by Party B to Party A from time to time.
			
	          Account for payments in A$:
	  	 	  	 

  

	5.	Offices 

  
 The Office of Party A for this Transaction is Sydney. 
  

 The Office of Party B for this Transaction is Sydney. 
  

	6.	Other: Trustee Provisions 

  
 Party B’s obligation to make payments under this Transaction will be limited to the extent it has funds available to make such payment as determined in accordance
with the Series Notice. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then Party A will reduce its corresponding payment obligation to Party B by the same
percentage reduction, but otherwise will not be discharged from its obligations under this Transaction. 
  
 To the extent that Party B is obliged to deduct or withhold any Tax from an amount payable by it under this Transaction, Party A will reduce its corresponding payment to Party B by the amount deducted or withheld by
Party B, but otherwise will not be discharged from its obligations under this Transaction. 
  
 Please confirm your acceptance of this Transaction by signing and returning this Confirmation to us. 
  

									
	 Confirmed as at the date first written above:
	 	 	 	 Confirmed as at the date first written above:

			
	SIGNED for and on behalf of WESTPAC SECURITIES ADMINISTRATION LIMITED ABN 77 000 049 472 as trustee of the Series 2005-1G WST Trust	 	 	 	SIGNED for and on behalf of WESTPAC BANKING CORPORATION ABN 33 007 457 141
					
	By:	 	/s/    ROBERT GEORGE HAMILTON
        	 	 	 	By	 	/s/    PADDY RENNIE         
	 (Authorised Officer)
	 	 	 	 	 	 
	 Name:
	 	Robert George Hamilton	 	 	 	 Name:
	 	Paddy Rennie
	 Title:
	 	Attorney	 	 	 	 Title:
	 	Tier One Attorney
					
	 	 	 	 	 	 	 	 	/s/    MICHAEL JOHN
PAGE        
	 	 	 	 	 	 	 	 	Michael John Page
	 	 	 	 	 	 	 	 	Tier One Attorney

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