Document:

Exhibit
4.2

    

    
      	
              Series [*] WST Trust Series

              Notice

            
	 
      
	
              [Westpac
      Securities Administration Limited]

              (Trustee)

               

              Westpac
      Securitisation Management Pty Limited

              (Trust
      Manager)

               

              Westpac
      Banking Corporation

              (Approved
      Seller)

               

              [TBA]

              (Note
      Trustee)

               

              Westpac
      Banking Corporation

              (Servicer)

               

              The
      Mortgage Company Pty Limited

              (TMC)

               

              [TBA]

              (Security
      Trustee)

            
	 
      
	
              Allens
      Arthur Robinson

              Deutsche
      Bank Place

              Corner
      Hunter and Phillip Streets

              Sydney  NSW  2000

              Tel  61
      2 9230 4000

              Fax  61
      2 9230 5333

              www.aar.com.au

               

              ©
      Copyright Allens Arthur Robinson
2007

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      
        
          	
                   

                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

    

    Table
of Contents

     

    
      
        
          
            
              
                
                  
                    	
                            1.

                          	
                            Introduction
      and Trust Manager

                          	
                            1

                          
	 
      	
                            1.1

                          	
                            Introduction

                          	
                            1

                          
	 
      	
                            1.2

                          	
                            Trust
      Manager

                          	
                            1

                          
	 
      	
                            1.3

                          	
                            Rights
      of creditors

                          	
                            1

                          
	 	 	 
	
                            2.

                          	
                            Direction
      and Trust Back

                          	
                            2

                          
	 	 	 
	
                            3.

                          	
                            Definitions
      and Interpretation

                          	
                            2

                          
	 
      	
                            3.1

                          	
                            Definitions

                          	
                            2

                          
	 
      	
                            3.2

                          	
                            Interpretation

                          	
                            28

                          
	 
      	
                            3.3

                          	
                            Limitation
      of liability of the Trustee

                          	
                            29

                          
	 
      	
                            3.4

                          	
                            Security
      Trustee liability

                          	
                            30

                          
	 
      	
                            3.5

                          	
                            Knowledge
      of Trustee

                          	
                            30

                          
	 
      	
                            3.6

                          	
                            Knowledge
      of Security Trustee

                          	
                            30

                          
	 
      	
                            3.7

                          	
                            Business
      Day Convention

                          	
                            30

                          
	 
      	
                            3.8

                          	
                            Hedge
      Agreements

                          	
                            30

                          
	 
      	
                            3.9

                          	
                            Financial
      product advice

                          	
                            31

                          
	 
      	
                            3.10

                          	
                            Trustee
      as trustee

                          	
                            31

                          
	 
      	
                            3.11

                          	
                            Approved
      Seller's Involvement

                          	
                            32

                          
	 
      	
                            3.12

                          	
                            Transfer
      of Risk

                          	
                            32

                          
	 
      	
                            3.13

                          	
                            Limitations
      on Obligations

                          	
                            32

                          
	 	 	 
	
                            4.

                          	
                            Notes

                          	
                            33

                          
	 
      	
                            4.1

                          	
                            Conditions
      of Notes

                          	
                            33

                          
	 
      	
                            4.2

                          	
                            Summary
      of conditions of Notes

                          	
                            33

                          
	 
      	
                            4.3

                          	
                            Issue
      of Notes

                          	
                            35

                          
	 
      	
                            4.4

                          	
                            Trustee's
      Covenant to Noteholders

                          	
                            35

                          
	 
      	
                            4.5

                          	
                            Repayment
      of Notes on Payment Dates

                          	
                            36

                          
	 
      	
                            4.6

                          	
                            Final
      Redemption

                          	
                            36

                          
	 
      	
                            4.7

                          	
                            Period
      During Which Interest Accrues

                          	
                            36

                          
	 
      	
                            4.8

                          	
                            Calculation
      of Interest

                          	
                            36

                          
	 
      	
                            4.9

                          	
                            Aggregate
      receipts

                          	
                            37

                          
	 
      	
                            4.10

                          	
                            Step-Up
      Margin

                          	
                            37

                          
	 
      	
                            4.11

                          	
                            [Class
      A1 Note Arrangements

                          	
                            37

                          
	 	 	 
	
                            5.

                          	
                            Cashflow
      Allocation Methodology

                          	
                            38

                          
	 
      	
                            5.1

                          	
                            General

                          	
                            38

                          
	 
      	
                            5.2

                          	
                            Determination
      Date - Calculations

                          	
                            38

                          
	 
      	
                            5.3

                          	
                            Redraws

                          	
                            39

                          
	 
      	
                            5.4

                          	
                            Determination
      Date - Payment Shortfall

                          	
                            40

                          
	 
      	
                            5.5

                          	
                            Determination
      Date - Liquidity Shortfall

                          	
                            40

                          
	 
      	
                            5.6

                          	
                            Allocating
      Liquidation Losses

                          	
                            41

                          
	 
      	
                            5.7

                          	
                            Insurance
      claims

                          	
                            41

                          
	 
      	
                            5.8

                          	
                            Remittance
      Date

                          	
                            41

                          
	 
      	
                            5.9

                          	
                            Payment
      - Purchase Price adjustment

                          	
                            42

                          
	 
      	
                            5.10

                          	
                            Total
      Payments

                          	
                            42

                          

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
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                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	
                                          5.11

                                        	
                                          Excess
      Available Income - reimbursement of Charge Offs and Principal
      Draws

                                        	
                                          43

                                        
	 
      	
                                          5.12

                                        	
                                          Excess
      Collections Distribution

                                        	
                                          45

                                        
	 
      	
                                          5.13

                                        	
                                          Initial
      Principal Distributions

                                        	
                                          45

                                        
	 
      	
                                          5.14

                                        	
                                          Principal
      Payments - Sequential Method

                                        	
                                          45

                                        
	 
      	
                                          5.15

                                        	
                                          Principal
      Payments - Serial Method

                                        	
                                          46

                                        
	 
      	
                                          5.16

                                        	
                                          Remaining
      Liquidity Shortfall

                                        	
                                          48

                                        
	 
      	
                                          5.17

                                        	
                                          Charge
      Offs

                                        	
                                          48

                                        
	 
      	
                                          5.18

                                        	
                                          Payments
      into US$ Account

                                        	
                                          49

                                        
	 
      	
                                          5.19

                                        	
                                          Payments
      out of US$ Account

                                        	
                                          49

                                        
	 
      	
                                          5.20

                                        	
                                          Prepayment
      Costs and Prepayment Benefits

                                        	
                                          50

                                        
	 
      	
                                          5.21

                                        	
                                          Rounding
      of amounts

                                        	
                                          50

                                        
	 
      	
                                          5.22

                                        	
                                          Bond
      Factors

                                        	
                                          50

                                        
	 
      	
                                          5.23

                                        	
                                          Trust
      Manager's Report

                                        	
                                          50

                                        
	 
      	
                                          5.24

                                        	
                                          Loan
      Offset Interest

                                        	
                                          50

                                        
	 
      	
                                          5.25

                                        	
                                          Prescription

                                        	
                                          50

                                        
	 
      	
                                          5.26

                                        	
                                          Replacement
      of Currency Swaps

                                        	
                                          51

                                        
	 	 	 
	
                                          6.

                                        	
                                          Master
      Trust Deed

                                        	
                                          51

                                        
	 
      	
                                          6.1

                                        	
                                          Completion
      of details in relation to Master Trust Deed

                                        	
                                          51

                                        
	 
      	
                                          6.2

                                        	
                                          Amendments
      to Master Trust Deed

                                        	
                                          53

                                        
	 
      	
                                          6.3

                                        	
                                          Amendments
      to the Servicing Agreement

                                        	
                                          53

                                        
	 	 	 
	
                                          7.

                                        	
                                          Transfer
      of Purchased Receivables

                                        	
                                          55

                                        
	 	 	 
	
                                          8.

                                        	
                                          Conditions
      for Transfer of Purchased Receivables

                                        	
                                          55

                                        
	 	 	 
	
                                          9.

                                        	
                                          Application
      of Threshold Rate

                                        	
                                          56

                                        
	 
      	
                                          9.1

                                        	
                                          Calculation
      of Threshold Rate

                                        	
                                          56

                                        
	 
      	
                                          9.2

                                        	
                                          Setting
      Threshold Rate

                                        	
                                          56

                                        
	 
      	
                                          9.3

                                        	
                                          Trustee
      Setting Threshold Rate

                                        	
                                          56

                                        
	 	 	 
	
                                          10.

                                        	Beneficiary	
                                          56

                                        
	 
      	
                                          10.1

                                        	
                                          Issue
      of Units

                                        	
                                          56

                                        
	 
      	
                                          10.2

                                        	
                                          Residual
      Capital Unit

                                        	
                                          57

                                        
	 
      	
                                          10.3

                                        	
                                          Residual
      Income Unit

                                        	
                                          57

                                        
	 
      	
                                          10.4

                                        	
                                          Register

                                        	
                                          58

                                        
	 
      	
                                          10.5

                                        	
                                          Transfer
      of Units

                                        	
                                          58

                                        
	 
      	
                                          10.6

                                        	
                                          Limit
      on rights

                                        	
                                          59

                                        
	 	 	 
	
                                          11.

                                        	
                                          Title
      Perfection Events

                                        	
                                          59

                                        
	 	 	 
	
                                          12.

                                        	
                                          Additional
      Receivable Product Features

                                        	
                                          59

                                        
	 	 	 
	
                                          13.

                                        	
                                          [WST
      Warehouse Trust #1

                                        	
                                          59

                                        
	 
      	
                                          13.1

                                        	
                                          Direction
      under Warehouse Series Notice

                                        	
                                          59

                                        
	 
      	
                                          13.2

                                        	
                                          Direction

                                        	
                                          59

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
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                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      14.

                                    	
                                      [Servicer
      Representations

                                    	
                                      60

                                    
	 	 	 
	
                                      15.

                                    	
                                      Warehouse
      Trustee Representations

                                    	
                                      61

                                    
	 	 	 
	
                                      16.

                                    	
                                      [Servicing
      Warranties

                                    	
                                      62

                                    
	 	 	 
	
                                      17.

                                    	
                                      Note
      Trustee

                                    	
                                      63

                                    
	 
      	
                                      17.1

                                    	
                                      Capacity

                                    	
                                      63

                                    
	 
      	
                                      17.2

                                    	
                                      Exercise
      of rights

                                    	
                                      63

                                    
	 
      	
                                      17.3

                                    	
                                      Representation
      and warranty

                                    	
                                      63

                                    
	 
      	
                                      17.4

                                    	
                                      Payments

                                    	
                                      63

                                    
	 	 	 
	
                                      18.

                                    	
                                      Westpac
      Undertakings

                                    	
                                      63

                                    
	 
      	
                                      18.1

                                    	
                                      Set
      Off

                                    	
                                      63

                                    
	 
      	
                                      18.2

                                    	
                                      Notice
      of actions

                                    	
                                      63

                                    
	 
      	
                                      18.3

                                    	
                                      Notification
      of Trust

                                    	
                                      64

                                    
	 
      	
                                      18.4

                                    	
                                      Fixed
      rate loans

                                    	
                                      64

                                    
	 
      	
                                      18.5

                                    	
                                      New
      Loan Products

                                    	
                                      64

                                    
	 
      	
                                      18.6

                                    	
                                      [Income
      tax consolidation

                                    	
                                      64

                                    
	 
      	
                                      18.7

                                    	
                                      [GST
      consolidation

                                    	
                                      64

                                    
	 
      	
                                      18.8

                                    	
                                      Trust
      delegates

                                    	
                                      65

                                    
	 
      	
                                      18.9

                                    	
                                      Compliance
      with ASX listing rules

                                    	
                                      65

                                    
	 
      	
                                      18.10

                                    	
                                      Land
      Title Act 1994 (Qld))

                                    	
                                      65

                                    
	 	 	 
	
                                      19.

                                    	
                                      Call
      and Tax Redemption

                                    	
                                      66

                                    
	 
      	
                                      19.1

                                    	
                                      Call
      of Class A Notes

                                    	
                                      66

                                    
	 
      	
                                      19.2

                                    	
                                      Call
      of Class B Notes

                                    	
                                      66

                                    
	 
      	
                                      19.3

                                    	
                                      Tax
      Event

                                    	
                                      67

                                    
	 
      	
                                      19.4

                                    	
                                      Margin
      where no Redemption at Stated Amount

                                    	
                                      68

                                    
	 
      	
                                      19.5

                                    	
                                      Full
      satisfaction

                                    	
                                      68

                                    
	 	 	 
	
                                      20.

                                    	
                                      Tax
      Consolidation

                                    	
                                      68

                                    
	 	 	 
	
                                      21.

                                    	
                                      Compliance
      with Regulation AB

                                    	
                                      70

                                    
	 
      	
                                      21.1

                                    	
                                      Intent
      of the Parties, Reasonableness

                                    	
                                      70

                                    
	 
      	
                                      21.2

                                    	
                                      Additional
      Representations and Warranties of the Servicer

                                    	
                                      70

                                    
	 
      	
                                      21.3

                                    	
                                      Information
      to be provided by the Servicer

                                    	
                                      71

                                    
	 
      	
                                      21.4

                                    	
                                      Servicer
      Compliance Statement

                                    	
                                      76

                                    
	 
      	
                                      21.5

                                    	
                                      Report
      on Assessment of Compliance and Attestation

                                    	
                                      76

                                    
	 
      	
                                      21.6

                                    	
                                      Use
      of Subservicers and Subcontractors

                                    	
                                      77

                                    
	 
      	
                                      21.7

                                    	
                                      Indemnification;
      Remedies

                                    	
                                      78

                                    
	 	 	 
	
                                      22.

                                    	
                                      Compliance
      with Regulation AB: The Custodian

                                    	
                                      80

                                    
	 
      	
                                      22.1

                                    	
                                      Intent
      of the Parties, Reasonableness

                                    	
                                      80

                                    
	 
      	
                                      22.2

                                    	
                                      Additional
      Representations and Warranties of the Servicing Function
      Participant

                                    	
                                      81

                                    
	 
      	
                                      22.3

                                    	
                                      Information
      to be provided by the Servicing Function Participant

                                    	
                                      82

                                    
	 
      	
                                      22.4

                                    	
                                      Report
      on Assessment of Compliance and Attestation

                                    	
                                      83

                                    
	 
      	
                                      22.5

                                    	
                                      Use
      of Subservicers and Subcontractors

                                    	
                                      85

                                    
	 
      	
                                      22.6

                                    	
                                      Indemnification;
      Remedies

                                    	
                                      86

                                    
	 	 	 
	
                                      23.

                                    	
                                      Compliance
      with Regulation AB: The Note Trustee

                                    	
                                      88

                                    
	 
      	
                                      23.1

                                    	
                                      Intent
      of the Parties, Reasonableness

                                    	
                                      88

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
(iii)

        
          

        

      

      
         

      

    

     

    
      
        
          	
                   

                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 
      	
                                              23.2

                                            	
                                              Additional
      Representations and Warranties of the Servicing Function
      Participant

                                            	
                                              89

                                            
	 
      	
                                              23.3

                                            	
                                              Information
      to be provided by the Servicing Function Participant

                                            	
                                              90

                                            
	 
      	
                                              23.4

                                            	
                                              Report
      on Assessment of Compliance and Attestation

                                            	
                                              91

                                            
	 
      	
                                              23.5

                                            	
                                              Use
      of Subservicers and Subcontractors

                                            	
                                              92

                                            
	 
      	
                                              23.6

                                            	
                                              Indemnification;
      Remedies

                                            	
                                              93

                                            
	 	 	 
	
                                              24.

                                            	
                                              Compliance
      with Regulation AB: The Trustee

                                            	
                                              96

                                            
	 
      	
                                              24.1

                                            	
                                              Intent
      of the Parties, Reasonableness

                                            	
                                              96

                                            
	 
      	
                                              24.2

                                            	
                                              Information
      to be provided by the Trustee

                                            	
                                              96

                                            
	 
      	
                                              24.3

                                            	
                                              Report
      on Assessment of Compliance and Attestation

                                            	
                                              97

                                            
	 
      	
                                              24.4

                                            	
                                              Use
      of Subservicers and Subcontractors

                                            	
                                              98

                                            
	 
      	
                                              24.5

                                            	
                                              Indemnification;
      Remedies

                                            	
                                              98

                                            
	 	 	 
	
                                              25.

                                            	
                                              Acknowledgments

                                            	
                                              100

                                            
	 	 	 
	
                                              26.

                                            	
                                              Changes
      to Portfolio of Receivables before the Closing-Off Date

                                            	
                                              100

                                            
	 	 	 
	
                                              27.

                                            	
                                              Credit
      Support transferred by Currency Swap Provider

                                            	
                                              101

                                            
	 	 	 
	
                                              28.

                                            	
                                              Governing
      Law and Jurisdiction

                                            	
                                              101

                                            
	 	 	 
	
                                              29.

                                            	
                                              Counterparts

                                            	
                                              101

                                            
	 	 	 
	
                                              30.

                                            	
                                              Anti-money
      laundering

                                            	
                                              101

                                            
	 	 
	
                                              Schedule
      1

                                            	
                                              106

                                            
	 	 
	
                                              Schedule
      2

                                            	
                                              107

                                            
	 
      	
                                              Form
      Of Annual Certification

                                            	
                                              107

                                            
	 	 
	
                                              Schedule
      3

                                            	
                                              108

                                            
	 
      	
                                              Servicing
      Criteria To Be Addressed In Assessment Of Compliance

                                            	
                                              108

                                            
	 	 
	
                                              ANNEXURE
      A

                                            	
                                              114

                                            
	 
      	
                                              SERIES
      [*] WST TRUST AMENDMENTS TO MASTER TRUST DEED

                                            	
                                              114

                                            
	 	 
	
                                              ANNEXURE
      B

                                            	
                                              161

                                            
	 	 
	
                                              ANNEXURE
      C

                                            	
                                              1

                                            
	 
      	
                                              Independent
      auditor’s Annual Servicer Compliance Certificate to the Directors of
      Westpac Securitisation Management Pty Limited

                                            	
                                              1

                                            

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
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                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

    
       

      
        
          	
                  1.

                	
                  Introduction
      and Trust Manager

                

        

      

    

     

    
      	
              1.1

            	
              Introduction

            

    

     

    This
Series Notice is issued on
                                       
by Westpac Securitisation Management Pty Limited (ABN 73 081 709 211) of
Level 20, 275 Kent Street, Sydney, New South Wales as manager (Trust
Manager) under the Master Trust Deed (as defined below).  It is
issued pursuant and subject to the Master Trust Deed dated 14 February 1997 (the
Master
Trust Deed) between The Mortgage Company Pty Limited
(ABN 86 070 968 302) of Level 25, 60 Martin Place,
Sydney, New South Wales (TMC) and
Westpac Securities Administration Limited
(ABN 77 000 049 472) of Level 20, 275 Kent Street,
Sydney, New South Wales as trustee of the Series [*] WST Trust (the Trustee).

     

    Each
party to this Series Notice agrees to be bound by the Transaction Documents as
amended by this Series Notice in the capacity set out with respect to them in
this Series Notice or the Master Trust Deed.

     

    Westpac
Banking Corporation (ABN 33 007 457 141) (in its capacity as Servicer under the
Servicing Agreement, Servicer)
agrees to service the Purchased Receivables and Purchased Receivable Securities
in accordance with the Servicing Agreement.

     

    [tba] (the Note
Trustee) has agreed to act as note trustee in relation to Notes issued by
the Trust under the Note Trust Deed and in accordance with this Series
Notice.

     

    [tba] (ABN [*]) (the Security
Trustee) has agreed to act as security trustee for the Mortgagees under
the Security Trust Deed.

     

    
      	
              1.2

            	
              Trust
      Manager

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Master Trust Deed is amended for the purpose of the Series [*] WST Trust
      so that all references to Trust
      Manager will be taken to be references to Westpac Securitisation
      Management Pty Limited of Level 20, 275 Kent Street, Sydney, New
      South Wales, and each party agrees
that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Westpac
      Securitisation Management Pty Limited will be Trust Manager for the
      purposes of that Trust; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              The
      Mortgage Company Pty Limited will have no obligations or liabilities as
      Trust Manager for the purpose of that
Trust.

            

    

     

    This
amendment does not relate to or affect any Other Trust.

     

    
      	
               
      

            	
              (b)

            	
              Westpac
      Securitisation Management Pty Limited will comply with all obligations of
      the Trust Manager in relation to the Series [*] WST Trust as named as such
      in the Master Trust Deed.

            

    

     

    
      	
              1.3

            	
              Rights
      of creditors

            

    

     

    This
Series Notice is a deed poll for the benefit of Creditors.  Each
Creditor has the benefit of this Series Notice and can enforce it even if not in
existence at the time this Series Notice is executed.

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

    
       

      
        
        

      

    

    
      
        
          	
                   

                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

    
       

      
        
          	
                  2.

                	
                  Direction
      and Trust Back

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              A
      Trust Back, entitled Westpac [*]
      Trust Back, is created in relation to Other Secured Liabilities
      secured by the Purchased Receivable
Securities.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      parties agree that the Trust will be a Trust
      for the purposes of the Transaction Documents and a Relevant
      Trust for the purposes of the Servicing
  Agreement.

            

    

    
       

      
        
          	
                  3.

                	
                  Definitions
      and Interpretation

                

        

      

    

     

    
      	
              3.1

            	
              Definitions

            

    

     

    Unless
otherwise defined in this Series Notice, words and phrases defined in the Master
Trust Deed have the same meaning where used in this Series Notice.

     

    In this
Series Notice, and for the purposes of the definitions in the Master Trust Deed,
the following terms have the following meanings unless the contrary intention
appears.  These definitions apply only in relation to the Series [*]
WST Trust, and do not apply to any Other Trust.

     

    [A$ Class A1
Coupon Amount means, for any Class A1 Payment Date, the amount in
Australian dollars which is calculated:

     

    
      	
               
      

            	
              (a)

            	
              on
      a daily basis at the applicable rate set out in the Confirmation relating
      to the Class A1 Notes (being AUD-BBR-BBSW, as defined in the ISDA
      Definitions, as at the first day of the Class A1 Coupon Period ending on
      (but excluding) that Class A1 Payment Date with a designated maturity of
      30 days plus the relevant Spread);

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      the A$ Equivalent of the aggregate of the Invested Amount of the Class A1
      Notes as at the first day of the Class A1 Coupon Period ending on (but
      excluding) that Class A1 Payment Date;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              on
      the basis of the actual number of days in that Class A1 Coupon Period and
      a year of 365 days.]

            

    

     

    A$ Class A2
Coupon Amount means, for any Payment Date, the amount in Australian
dollars which is calculated:

     

    
      	
               
      

            	
              (a)

            	
              on
      a daily basis at the applicable rate set out in the Confirmation relating
      to the Class A2 Notes (being AUD-BBR-BBSW, as defined in the ISDA
      Definitions, as at the first day of the Coupon Period ending on (but
      excluding) that Payment Date with a designated maturity of 90 days (or, in
      the case of the first Coupon Period, the rate will be an interpolated rate
      calculated with reference to the tenor of the relevant period) plus the
      relevant Spread);

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      the A$ Equivalent of the aggregate of the Invested Amount of the Class A2
      Notes as at the first day of the Coupon Period ending on (but excluding)
      that Payment Date; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              on
      the basis of the actual number of days in that Coupon Period and a year of
      365 days.

            

    

     

    A$ Equivalent
means:

     

    
      	
               
      

            	
              (i)

            	
              in
      relation to an amount denominated or to be denominated in US$, the amount
      converted to (and denominated in) A$ at the relevant A$ Exchange Rate;
      or

            

    

    
      
         

      

      
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              (ii)

            	
              in
      relation to an amount denominated or to be denominated in A$, the amount
      of A$.

            

    

     

    A$ Exchange
Rate means, on any date in respect of any US$ Notes, the rate of exchange
(set as at the commencement of the Currency Swap for those US$ Notes) applicable
under that Currency Swap for the exchange of United States dollars for
Australian dollars.

     

    Accrued Interest
Adjustment means in relation to an Approved Seller, all:

     

    
      	
               
      

            	
              (a)

            	
              interest
      and fees accrued on the Purchased Receivables, purchased from that
      Approved Seller, up to (but excluding) the Closing Date for those
      Purchased Receivables which are unpaid as at the close of business on that
      Closing Date; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      amounts received by that Approved Seller under those Purchased Receivables
      applied by the Servicer to payment of interest and fees under those
      Purchased Receivables for the period from (but excluding) the Cut-Off Date
      for those Purchase Receivables to (but excluding) the Closing Date for
      those Purchase Receivables,

            

    

     

    but
without double counting or recovery for any such amounts.

     

    Affiliate
means, with respect to any person, any other person that controls, is controlled
by, or is under common control with, such person, and any officer, director,
general partner, member or trustee of, or any person serving in a similar
capacity with respect to, such person.  For the purposes of this
definition, control means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a person,
whether through ownership of voting stock, through the right or power to appoint
the majority of the board or directors, by contract or otherwise, and controlled
by and under common control have corresponding meanings.

     

    Agency
Agreement means the Agency Agreement dated on or about the date of this
Series Notice between the Trustee, the Trust Manager, the Note Trustee, the
Principal Paying Agent and the Calculation Agent.

     

    Application for
Notes means
an application for Registered Notes in the form of schedule 1 to the Master
Trust Deed or in such other form as may from time to time be agreed between the
Trustee and the Trust Manager.

     

    Approved
Seller means Westpac Banking Corporation (ABN 33 007 457 141), including
in its capacity as beneficiary of the Warehouse Trust.

     

    Arrears
subsist in relation to a Purchased Receivable if the Obligor under that
Purchased Receivable fails to pay any amount due under that Purchased Receivable
on the day it was due.  Delayed payments arising from payment holidays
based on early repayments (agreed in writing by Westpac), or from maternity or
paternity leave repayment reductions, which are granted by Westpac or the
Servicer will not, by themselves, lead to a Purchased Receivable being in
Arrears.

     

    Asset has
the meaning given in the Master Trust Deed and includes any Loan, Mortgage or
Related Security specified in a Sale Notice or any Mortgage, Related Security or
other rights with respect thereto which is acquired by the Trustee for the
Trust, or any Authorised Investment acquired by the Trustee.

     

    Authorised
Signatory means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to the Note Trustee, any duly authorised officer of the Note
      Trustee and any other duly authorised person of the Note
      Trustee;

            

    

    
      
         

      

      
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              (b)

            	
              in
      relation to the Principal Paying Agent, any duly authorised officer of the
      Principal Paying Agent and any other duly authorised person of the
      Principal Paying Agent;

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to the Calculation Agent, any duly authorised officer of the
      Calculation Agent, and any other duly authorised person of the Calculation
      Agent; and

            

    

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to the Note Registrar, any duly authorised officer of the Note
      Registrar and any other duly authorised person of the Note
      Registrar.

            

    

     

    Available
Income means, in relation to the Trust for any Collection Period, the
total of the following:

     

    
      	
               
      

            	
              (a)

            	
              the
      Finance Charge Collections for the Trust for that Collection Period;
      plus

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      the extent not included in paragraph
(a):

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      amount received or due to be received by or on behalf of the Trustee in
      relation to that Collection Period on or by the Payment Date immediately
      following the end of that Collection Period with respect to net receipts
      under any Hedge Agreement other than the Currency Swap (and for this
      purpose net receipts under the Basis Swap and the Interest Rate Swap will
      be determined before any payment in the relevant Condition
    4);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      interest income received by or on behalf of the Trustee during that
      Collection Period in respect of moneys credited to the Collection Account
      in relation to the Trust;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              amounts
      in the nature of interest otherwise paid by Westpac, the Servicer or the
      Trust Manager to the Trustee during that Collection Period in respect of
      Collections held by it;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              all
      other amounts received by or on behalf of the Trustee during that
      Collection Period in respect of the Assets in the nature of income;
      and

            

    

     

    
      	
               
      

            	
              (v)

            	
              all
      amounts received by or on behalf of the Trustee during that Collection
      Period from any provider of a Support Facility (other than a Currency Swap
      or the Redraw Facility Agreement) under that Support Facility and which
      the Trust Manager determines should be accounted for to reduce a Finance
      Charge Loss,

            

    

     

    but
excluding interest credited to a Support Facility Collateral Account and any
amount payable by the Trustee under clause 5.26.

     

    Available
Liquidity Amount means at any time the Liquidity Limit at that time less
the Liquidity Outstandings at that time, if positive.

     

    Average Quarterly
Percentage means, at any date, the sum of Quarterly Percentages for the
four full Collection Periods preceding that date, divided by four.

     

    Bank
means:

     

    
      	
               
      

            	
              (a)

            	
              for
      the purposes of paragraph (a) of the definition of Business
      Day:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      corporation authorised under the Banking Act 1959 (Cth)
      to carry on general banking business in Australia or a corporation formed
      or incorporated under an Act of the Parliament of an Australian
      Jurisdiction to carry on the general business of
  banking;

            

    

    
      
         

      

      
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              (ii)

            	
              a
      person authorised under the Banking Act 1987 (UK)
      to carry on a deposit taking
business;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              and,
      for the purposes of the definition of US$
      Account, a
      banking institution or trust company organised or doing business under the
      laws of the United States or any state thereof;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      any other case, a corporation authorised under the Banking Act 1959 (Cth)
      to carry on general banking business in Australia or a corporation formed
      or incorporated under an Act of the Parliament of an Australian
      Jurisdiction to carry on the general business of
  banking.

            

    

     

    Bank Bill
Rate on any date means the rate calculated by taking the rates quoted on
the Reuters Screen BBSW Page at approximately 10.10 am, Sydney time, on that
date (the Calculation
Date) for each Reference Bank so quoting (but not fewer than five) as
being the mean buying and selling rate for a bill (which for the purpose of this
definition means a bill of exchange of the type specified for the purpose of
quoting on the Reuters Screen BBSW Page) having a tenor of three months
eliminating the highest and lowest mean rates and taking the average of the
remaining mean rates and then (if necessary) rounding the resultant figure
upwards to four decimal places.  If on any Calculation Date fewer than
five Reference Banks have quoted rates on the Reuters Screen BBSW Page, the rate
for that date shall be calculated as above by taking the rates otherwise quoted
by five of the Reference Banks on application by the parties for such a bill of
the same tenor.  If on any Calculation Date the rate for that date
cannot be determined in accordance with the foregoing procedures then the rate
for that date shall mean such rate as is agreed between the Trust Manager and
Westpac Banking Corporation having regard to comparable indices then available,
PROVIDED THAT on the first day of any first Coupon Period as it relates to a
Class of Notes the Bank Bill Rate
shall be an interpolated rate calculated with reference to the tenor of
the relevant period.

     

    Basis Swap
means the master agreement dated on or about the date of this Series
Notice made between the Trustee as trustee of the Trust and Westpac, on the
terms of the ISDA Master Agreement (with amendments thereto) and each
Transaction (as defined in that agreement) entered into in accordance with that
agreement in relation to the interest rate risk arising from a Receivable which
is subject to either a variable rate set, as permitted by the relevant
Receivable Agreement, at the discretion of Westpac, or a concessionary
introductory fixed rate of 12 months or less as determined by
Westpac.

     

    Beneficiary
means, in relation to the Trust, each holder of a Unit (as defined in clause
10).

     

    Bond
Factor means the Class A1 Bond Factor, the Class A2 Bond Factor, the
Class A3 Bond Factor, or the Class B Bond Factor.

     

    Book-Entry
Note means a Class A1 Book-Entry Note or a Class A2 Book-Entry
Note.

     

    Business
Day means any day, other than a Saturday, Sunday or public holiday, on
which Banks are open for business (including dealings in foreign currency
generally) in London, New York and Sydney.

     

    Calculation Agent
means the person appointed as calculation agent under the Agency
Agreement from time to time.

    
      
         

      

      
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    Call Option
Date means the Payment Date after the end of the first Collection Period
in which the aggregate Housing Loan Principal of all Purchased Receivables (as
at the end of that Collection Period) is less than 10% of the aggregate Housing
Loan Principal of all Purchased Receivables as at the Cut-Off Date.

     

    Call Option Date
has the meaning given in clause 19.1.

     

    Carryover Charge
Off means, in relation to the Trust at any time, a Carryover Class A
Charge Off, a Carryover Class B Charge Off or a Carryover Redraw Charge
Off.

     

    Carryover Class A
Charge Off means, on any Determination Date in relation to a Class A
Note, the aggregate of Class A Charge Offs in relation to that Class A Note
prior to that Determination Date and which have not been reinstated under
clauses 5.11(a)(ii)(B), 5.11(a)(ii)(C), 5.11(a)(ii)(D), 5.19(b)(ii) and
5.19(b)(v).

     

    Carryover Class B
Charge Off means, on any Determination Date in relation to a Class B
Note, the aggregate of Class B Charge Offs in relation to that Class B Note
prior to that Determination Date and which have not been reinstated under clause
5.11(a)(iii).

     

    Carryover Redraw
Charge Off means, on any Determination Date, the aggregate of Redraw
Charge Offs prior to that Determination Date and which have not been reinstated
under clause 5.11(a)(ii)(A).

     

    Class A Charge
Off means, in relation to a Class A Note, the amount of any reduction in
the Class A Stated Amount for that Note under clause 5.17.

     

    Class A Coupon
means a Class A1 Coupon, a Class A2 Coupon or a Class A3
Coupon.

     

    Class A Initial
Invested Amount means, in relation to any Class A Note, the Initial
Invested Amount of that Class A Note.

     

    Class A Invested
Amount means, in relation to any Class A Note, the Invested Amount of
that Class A Note.

     

    Class A
Note means [a Class A1 Note,] a Class A2 Note or a Class A3
Note.

     

    Class A
Noteholder means [a Class A1 Noteholder,] a Class A2 Noteholder or a
Class A3 Noteholder.

     

    Class A Payment
Percentage means:

     

    
      	
            	
              (a) 

            	
              on
      or before the [*] anniversary of the first Payment Date, [*]%;
      and

            

    

     

    
      	
            	
              (b) 

            	
              after
      the [*] anniversary of the first Payment Date, [0]%.

            

    

     

    Class A
Percentage means, on a Determination Date, the amount (expressed as a
percentage) equal to 1 minus the Class B Percentage as at that Determination
Date.

     

    Class A Principal
Payment means each payment to the Class A Noteholders under clause
5.14(a)(ii)(A), 5.14(a)(ii)(B), 5.14(a)(ii)(C), 5.15(a)(v)(A), 5.15(a)(v)(B) or
5.15(a)(v)(C) (as the case may be).

     

    Class A Stated
Amount means, on a Determination Date and in relation to a Class A Note,
an amount equal to:

     

    
      	
               
      

            	
              (a)

            	
              the
      Class A Initial Invested Amount for that Note;
  less

            

    

    
      
         

      

      
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              (b)

            	
              the
      aggregate of all Class A Principal Payments made before that Determination
      Date with respect to that Class A Note;
less

            

    

     

    
      	
               
      

            	
              (c)

            	
              Carryover
      Class A Charge Offs (if any) made in relation to that Class A Note to the
      extent not reinstated under clause 5.11 before that Determination Date;
      less

            

    

     

    
      	
               
      

            	
              (d)

            	
              Class
      A Principal Payments (if any) to be made in relation to that Class A Note
      on the next Payment Date; less

            

    

     

    
      	
               
      

            	
              (e)

            	
              Class
      A Charge Offs (if any) to be made in relation to that Class A Note on the
      next Payment Date; plus

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      amount (if any) of the Excess Available Income applied in reinstating the
      Stated Amount of that Class A Note under clause 5.11(a)(ii) on that
      Determination Date.

            

    

     

    [Class A1
Arrangements means the arrangements for remarketing, conditional purchase
and Mandatory Transfer set out in the Conditional Purchase Agreement, the
Remarketing Agreement and this Series Notice.]

     

    [Class A1
Book-Entry Note means a book-entry note issued or to be issued by the
Trustee in registered form under clause 3.1 of the Note Trust Deed representing
Class A1 Notes substantially in the form of Schedule 1 to the Note Trust
Deed.]

     

    [Class A1 Bond
Factor means, in relation to a Determination Date, the ratio, expressed
as a percentage (rounded to six decimal places) equal to the aggregate of the A$
Equivalent of the Invested Amounts for all Class A1 Notes for that Determination
Date less the A$ Equivalent of all Class A1 Principal Payments to be made on the
next Payment Date divided by the aggregate A$ Equivalent of the Initial Invested
Amounts for all Class A1 Notes.]

     

    [Class A1
Coupon means all interest accrued on the Class A1 Notes in respect of a
Class A1 Coupon Period in accordance with clause 4.8, and for the purposes of
clause 5.10 includes any amounts payable by the Trustee to the relevant Class A1
Noteholder (in that capacity) by way of damages or penalties.]

     

    [Class A1 Coupon
Period means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to the first Class A1 Coupon Period, the period commencing on
      (and including) the Closing Date and ending on (but excluding) the first
      Class A1 Payment Date;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to the final Class A1 Coupon Period, the period commencing on
      (and including) the Class A1 Payment Date prior to the day on which all
      amounts due on Class A1 Notes are redeemed in full in accordance with the
      Transaction Documents and ending on (but excluding) such day;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to each other Class A1 Coupon Period, each period commencing on
      (and including) a Class A1 Payment Date and ending on (but excluding) the
      next Class A1 Payment Date.]

            

    

     

    [Class A1
Currency Swap means:

     

    
      	
               
      

            	
              (a)

            	
              the
      master agreement dated on or about the date of this Series Notice between
      the Trustee and the Currency Swap Provider on the terms of the ISDA Master
      Agreement (with amendments thereto) and each Transaction (as defined in
      that agreement) entered into in accordance with that agreement under which
      the Currency Swap Provider agrees to pay certain amounts in A$ or US$ to
      the Trustee in exchange for certain amounts in US$ or A$ (as the case
      maybe) in relation to the Class A1 Notes;
or

            

    

    
      
         

      

      
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              (b)

            	
              any
      other Hedge Agreement on similar terms, provided that the Trust Manager
      has given a Rating Notification in respect of the Class A1 Notes and the
      entry into the that Hedge
Agreement.]

            

    

     

    [Class A1
Determination Date means, with respect to a Class A1 Payment Date, the
date which is [4] Business Days before that Class A1 Payment Date.]

     

    [Class A1 Note
means a Note issued as a Class A1 Note by the Trustee with the
characteristics of a Class A1 Note under this Series Notice and includes any
relevant Book-Entry Note (or any part or interest in it) and any relevant
Definitive Note.]

     

    [Class A1
Noteholder means a Noteholder of a Class A1 Note.]

     

    [Class A1 Payment
Date means, subject to clause 3.6, the [23rd]
day of each month, the first such date being [*].]

     

    [Class A1
Percentage means, on any date, the aggregate of the A$ Equivalent
outstanding principal amounts of all Class A1 Notes at that date divided by the
aggregate of the A$ Equivalent of the outstanding principal amounts of all Class
A Notes at that date.]

     

    Class A2
Book-Entry Note means a registered global note in book-entry form issued
or to be issued by the Trustee under clause 3.1 of the Note Trust Deed
representing Class A2 Notes substantially in the form of Schedule 5 to the Note
Trust Deed.

     

    Class A2 Bond
Factor means, in relation to a Determination Date, the ratio, expressed
as a percentage (rounded to six decimal places) equal to the aggregate of the
Invested Amounts for all Class A2 Notes for that Determination Date less all
Class A2 Principal Payments to be made on the next Payment Date, divided by the
aggregate Class A2 Initial Invested Amount for all Class A2 Notes.

     

    Class A2 Coupon
means all interest accrued on the Class A2 Notes in respect of a Coupon
Period in accordance with clause 4.8, and for the purposes of clause 5.10
includes any amount payable by the Trustee to the relevant Class A2 Noteholder
(in that capacity) by way of damages or penalties.

     

    Class A2 Currency
Swap means:

     

    
      	
               
      

            	
              (a)

            	
              the
      master agreement dated on or about the date of this Series Notice between
      the Trustee and the Currency Swap Provider on the terms of the ISDA Master
      Agreement (with amendments thereto) and each Transaction (as defined in
      that agreement) entered into in accordance with that agreement under which
      the Currency Swap Provider, agrees to pay certain amounts in A$ or US$ to
      the Trustee in exchange for certain amounts in US$ or A$ (as the case
      maybe) in relation to the Class A2 Notes;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other Hedge Agreement on similar terms, provided that the Trust Manager
      has given a Rating Notification in respect of the Class A2 Notes and the
      entry into that Hedge Agreement.

            

    

     

    Class A2 Note
means a Note issued as a Class A2 Note by the Trustee with the
characteristics of a Class A2 Note under this Series Notice.

    
      
         

      

      
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    Class
A2 Noteholder means a
Noteholder of a Class A2 Note.

     

    Class A2
Percentage means, on any date, the aggregate of the outstanding principal
amounts of all Class A2 Notes at that date divided by the aggregate of the A$
Equivalent of the outstanding principal amounts of all Class A Notes at that
date.

     

    Class A3 Bond
Factor means, in relation to a Determination Date, the ratio, expressed
as a percentage (rounded to six decimal places) equal to the aggregate of the
Invested Amounts for all Class A3 Notes for that Determination Date less all
Class A3 Principal Payments to be made on the next Payment Date, divided by the
aggregate Class A3 Initial Invested Amount for all Class A3 Notes.

     

    Class A3 Coupon
means all interest accrued on the Class A3 Notes in respect of Coupon
Period in accordance with clause 4.8, and for the purposes of clause 5.10
includes any amount payable by the Trustee to the relevant Class A3 Noteholder
(in that capacity) by way of damages or penalties.

     

    Class A3 Note
means a Note issued as a Class A3 Note by the Trustee with the
characteristics of a Class A3 Note under this Series Notice.

     

    Class A3
Noteholder means a Noteholder of a Class A3 Note.

     

    Class A3
Percentage means, on any date, the aggregate of the outstanding principal
amounts of all Class A3 Notes at that date divided by the aggregate of the A$
Equivalent of the outstanding principal amounts of all Class A at that
date.

     

    Class B Bond
Factor means, in relation to a Determination Date, the ratio, expressed
as a percentage (rounded to six decimal places) equal to the aggregate of the
Invested Amounts for all Class B Notes for that Determination Date less all
Class B Principal Payments to be made on the next Payment Date, divided by the
aggregate Class B Initial Invested Amount for all Class B Notes.

     

    Class B Charge
Off means, in relation to a Class B Note, the amount of any reduction in
the Class B Stated Amount for that Note under clause 5.18.

     

    Class B
Coupon means all interest accrued on the Class B Notes in respect of a
Coupon Period in accordance with clause 4.8, and for the purposes of clause 5.10
includes any amounts payable by the Trustee to the relevant Class B Noteholder
(in that capacity) by way of damages or penalties.

     

    Class B Initial
Invested Amount means, in relation to any Class B Note, the Initial
Invested Amount of that Class B Note.

     

    Class B Invested
Amount means, in relation to any Class B Note, the Invested Amount of
that Class B Note.

     

    Class B
Note means a Note issued as a Class B Note by the Trustee with the
characteristics of a Class B Note under this Series Notice.

     

    Class B
Noteholder means a Noteholder of a Class B Note.

     

    Class B Payment
Percentage means:

     

    
      	
            	
              (a) 

            	
              on
      or before the [*] anniversary of the first Payment Date, [*]%;
      and

            

    

     

    
      	
            	
              (b) 

            	
              after
      the [*] anniversary of the first Payment Date, [100]%.

            

    

    
      
         

      

      
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    Class B
Percentage means, on a Determination Date, the aggregate of the Class B
Stated Amounts for the preceding Determination Date as a percentage of the sum
of the A$ Equivalent of the Class A Stated Amounts and the Class B Stated
Amounts calculated as at the preceding Determination Date.

     

    Class B Principal
Payment means each payment to the Class B Noteholders under clause
5.14(a)(iii) and 5.15(a)(vi).

     

    Class B Stated
Amount means, on a Determination Date and in relation to a Class B Note,
an amount equal to:

     

    
      	
               
      

            	
              (a)

            	
              the
      Class B Initial Invested Amount for that Note;
  less

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      aggregate of all Class B Principal Payments made before that Determination
      Date with respect to that Class B Note;
less

            

    

     

    
      	
               
      

            	
              (c)

            	
              Carryover
      Class B Charge Offs (if any) made in relation to that Class B Note to the
      extent not reinstated under clause 5.11 before that Determination Date;
      less

            

    

     

    
      	
               
      

            	
              (d)

            	
              Class
      B Principal Payments (if any) to be made in relation to that Class B Note
      on the next Payment Date; less

            

    

     

    
      	
               
      

            	
              (e)

            	
              Class
      B Charge Offs (if any) to be made in relation to that Class B Note on the
      next Payment Date; plus

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      amount (if any) of the Excess Available Income applied in reinstating the
      Stated Amount of that Class B Note under clause 5.11(a)(iii) on that
      Determination Date.

            

    

     

    Clearing
Agency means an organisation registered as a clearing
agency pursuant to Section 17A of the Exchange Act appointed by the Trust
Manager and the Trustee to hold any US$ Notes (directly or through a Common
Depositary), or in whose name, or in the name of a nominee on behalf of, any US$
Notes are registered and initially means DTC.

     

    Clearstream,
Luxembourg means Clearstream, Luxembourg Banking, société
anonyme.

     

    Closing
Date means, in relation to the Trust, [*].

     

    Collection
Account means, in relation to the Trust, the Australian dollar account,
number 032024-428139, with Westpac at Level 20, 275 Kent Street, Sydney,
New South Wales, or any other account opened and maintained by the Trustee with
an Approved Bank under clause 27 of the Master Trust Deed.

     

    Collection
Period means (and includes) the first day of each Quarter and runs until
(and includes) the last day of that Quarter.  However, the first
Collection Period will commence on (and include) the day after the Cut-Off Date
and end on (and exclude) [*].  The
last Collection Period is the period from (but excluding) the last day of the
previous Collection Period to (and including) the Termination Date of the
Trust.

     

    Collections
means, in relation to the Trust for a period, Finance Charge Collections and
Gross Principal Collections for that period.

     

    Commission
means the United States Securities and Exchange Commission.

     

    Common Depositary
means Cede & Co, as depositary for DTC, or any other common
depositary for DTC or any other Clearing Agency appointed from time to time to
hold any Book-Entry Note.

    
      
         

      

      
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     [Conditional
Purchase Agreement means the conditional purchase agreement dated on or
about the date of this Series Notice between the Trustee, the Trust Manager, the
Remarketing Agent and the Conditional Purchaser.]

     

    [Conditional
Purchaser means [*].]

     

    [Conditional
Purchase Period has the meaning given to that term in the Conditional
Purchase Agreement.]

     

    Conditions
means, in relation to a US$ Note, the Conditions for that US$ Note in the form
set out in Schedule 3 of the Note Trust Deed (but, so long as that US$ Note
is represented by a Book-Entry Note, with the deletion of any provisions which
are applicable only to the Definitive Notes), as the same may from time to time
be modified in accordance with this Series Notice.  Any reference in
this Series Notice to a particular numbered Condition shall be construed
accordingly.

     

    Confirmation
means, in respect of a Currency Swap, any Confirmation (as defined in that
Currency Swap).

     

    Coupon
means a Class A Coupon or a Class B Coupon.

     

    Coupon
Determination Date means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to a Coupon Period of a Class A3 Note or a Class B Note, the
      first day of that Coupon Period;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to a Class A1 Coupon Period for a Class A1 Note, the second
      Business Day before the beginning of each Coupon Period and, for the
      purposes of this definition only, Business Day means any day on which
      commercial banks are open for business (including dealings in foreign
      exchange generally and foreign currency deposits generally) in London;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to a Coupon Period for a Class A2 Note, the second Business Day
      before the beginning of that Coupon Period and, for the purposes of this
      definition only, Business Day means any day on which commercial banks are
      open for business (including dealings in foreign exchange generally and
      foreign currency deposits generally) in
London.

            

    

     

    Coupon Payment
Date means, for the purposes of the Master Trust Deed, each Class A1
Payment Date and Payment Date.

     

    Coupon
Period means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to the first Coupon Period of any Class A Note (other than a
      Class A1 Note) or Class B Note, the period commencing on (and
      including) the Closing Date and ending on (but excluding) the first
      Payment Date;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to the final Coupon Period of any Class A Note (other than a
      Class A1 Note) or Class B Note, the period commencing on (and
      including) the Payment Date prior to the day on which all amounts due on
      such Notes are redeemed in full in accordance with the Transaction
      Documents and ending on (but excluding) such day;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to each other Coupon Period of any Class A Note (other than
      a Class A1 Note) or Class B Note, each period commencing on (and
      including) a Payment Date and ending on (but excluding) the next Payment
      Date.

            

    

    
      
         

      

      
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    Coupon
Rate means, in relation to:

     

    
      	
               
      

            	
              (a)

            	
              [a
      Class A1 Note and a Class A1 Coupon Period, One Month LIBOR in relation to
      that Class A1 Coupon Period;]

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Class A2 Note and a Coupon Period, Three Month LIBOR in relation to that
      Coupon Period;

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to a Registered Note and a Coupon Period, the Bank Bill Rate on
      the first day of that Coupon
Period,

            

    

     

    plus:

     

    
      	
               
      

            	
              (d)

            	
              in
      all cases, the relevant Margin for the relevant Note;
  plus

            

    

     

    
      	
               
      

            	
              (e)

            	
              in
      the case of a Note [(other than a Class A1 Note)] at any time on or after
      the Call Option Date, the applicable Step-Up Margin (if
    any).

            

    

     

    Currency Swap
means [the Class A1 Currency Swap or] the Class A2 Currency
Swap.

     

    Currency Swap
Provider means:

     

    
      	
               
      

            	
              (a)

            	
              initially,
      Westpac; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              thereafter,
      any other person who is a party to a Currency
  Swap.

            

    

     

    Cut-Off
Date means the date specified in the Sale Notice as the Cut-Off
Date.

     

    Day Count
Fraction means, for the purpose of:

     

    
      	
               
      

            	
              (a)

            	
              [the
      Class A1 Currency Swap, the basis for the calculation of interest on Class
      A1 Notes set out in Clause 4.8(a)(ii);
and]

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Class A2 Currency Swap, the basis for the calculation of interest on Class
      A2 Notes set out in Clause
4.8(a)(i).

            

    

     

    Dealer Agreement
means the Dealer Agreement (relating to the Class A3 Notes and the Class
B Notes).

     

    Defaulting Party
in relation
to a Currency Swap has the meaning given in the relevant Currency
Swap.

     

    Definitive
Note means a note in definitive form issued or to be issued in respect of
any US$ Notes under, and in the circumstances specified in, clause 3.3 of the
Note Trust Deed, and includes any replacement for a Definitive Note issued under
the relevant Conditions.

     

    Depositor
means Westpac Securitisation Management Pty Limited, in its capacity as
the depositor, as such
term is defined in Regulation AB.

     

    Designated
Maturity means, for the purpose of:

     

    
      	
               
      

            	
              (a)

            	
              [the
      Class A1 Currency Swap, one month;
and]

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Class A2 Currency Swap, three
months.

            

    

    
      
         

      

      
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    Designated Rating
Agency means S&P and Moody's.

     

    Determination
Date means, in relation to the Trust for a Collection Period, the date
which is four Business Days prior to the Payment Date following the end of that
Collection Period[, and (unless otherwise specified) includes a Class A1
Determination Date].

     

    DTC means
the Depository Trust Company.

     

    Eligibility
Criteria means the criteria set out in the schedule to this Series
Notice.

     

    Enforcement
Expenses means the costs and expenses incurred by Westpac or the Servicer
in connection with the enforcement of any Purchased Receivables or the related
Receivable Rights referred to in clause 7.2(a) of the Servicing
Agreement.

     

    Euroclear
means Euroclear Bank S.A/N.V. as operator of the Euroclear
System.

     

    Excess Available
Income means, for a Collection Period, the amount (if any) by which the
Total Available Funds for the Collection Period exceeds the Total Payments for
the Collection Period.

     

    Excess
Collections Distribution means, in relation to a Collection Period, the
amount (if any) by which the Excess Available Income for that Collection Period
exceeds the amounts applied under clause 5.11 on the Determination Date relating
to that Collection Period.

     

    Exchange
Act means the Securities Exchange Act of 1934 of the United States of
America, as amended.

     

    Finance Charge
Collections means, for a Collection Period, the aggregate
of:

     

    
      	
               
      

            	
              (a)

            	
              the
      aggregate of all amounts received by or on behalf of the Trustee during
      that Collection Period in respect of Government Charges, interest, fees
      and other amounts in the nature of income payable under or in respect of
      the Purchased Receivables and the related Receivable Rights, to the extent
      not included within any other paragraph of this definition,
      including:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      Liquidation Proceeds received on account of interest received during that
      Collection Period;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      payments by any person to the Trustee on the repurchase of a Purchased
      Receivable under the Transaction Documents during that Collection Period
      which are attributable to interest;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      amounts in the nature of interest adjustments received by the Trust from
      the Trustee as trustee of a Warehouse Trust in relation to the transfer of
      Purchased Receivables and Purchased Receivable Securities from the Trust
      to that Warehouse Trust; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      Prepayment Cost Surplus for that Collection Period (if
    any).

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      amounts in respect of interest, fees and other amounts in the nature of
      income, received by or on behalf of the Trustee during that Collection
      Period including:

            

    

     

    
      	
               
      

            	
              (i)

            	
              from
      an Approved Seller, in respect of any breach of a representation, warranty
      or undertaking contained in the Master Trust Deed or this Series
      Notice;

            

    

    
      
         

      

      
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              (ii)

            	
              from
      an Approved Seller under any obligation under the Master Trust Deed or
      this Series Notice to indemnify or reimburse or pay damages to the Trustee
      for any amount;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              from
      the Servicer in respect of any breach of a representation, warranty or
      undertaking contained in the Servicing Agreement or the Series Notice;
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              from
      the Servicer under any obligation under the Servicing Agreement or the
      Series Notice to indemnify or reimburse or pay damages to the Trustee for
      any amount,

            

    

     

    in each
case which are determined by the Trust Manager to be in respect of interest,
fees and other amounts in the nature of income payable under the Purchased
Receivables and the related Receivable Rights; and

     

    
      	
               
      

            	
              (c)

            	
              Recoveries
      received by or on behalf of the Trustee during that Collection
      Period;

            

    

     

    less:

     

    
      	
               
      

            	
              (d)

            	
              the
      Government Charges collected by or on behalf of the Trustee for that
      Collection Period;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      aggregate of all fees and charges due to the Servicer or the Approved
      Seller under the Receivables as agreed by them from time to time and
      collected by the Approved Seller or the Servicer during that Collection
      Period; and

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      Prepayment Cost Surplus (if any) due to Westpac under clause 5.20(b) for
      that Collection Period and collected by Westpac (whether in its capacity
      as Servicer or otherwise) during that Collection
  Period.

            

    

     

    Finance Charge
Loss means, for a Collection Period, the amount of all Liquidation Losses
referred to in clause 5.6(a).

     

    Government
Charges means, for any Collection Period, the aggregate of all amounts
collected by Westpac (whether in its capacity as Servicer or otherwise) in
respect of the Purchased Receivables and the related Receivable Rights
representing, bank accounts taxes or similar Taxes.

     

    Gross Principal
Collections means, for a Collection Period, the aggregate
of:

     

    
      	
               
      

            	
              (a)

            	
              all
      amounts received by or on behalf of the Trustee from or on behalf of
      Obligors under the Purchased Receivables during the Collection Period in
      respect of principal, in accordance with the terms of the Purchased
      Receivables, including principal
prepayments;

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      other amounts received by or on behalf of the Trustee under or in respect
      of principal under the Purchased Receivables and the related Receivable
      Rights during that Collection Period
including:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      Liquidation Proceeds received on account of
  principal;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      amounts in the nature of principal received by or on behalf of the Trustee
      during that Collection Period pursuant to the sale of any Asset (including
      any amount received by the Trustee on the issue of Notes, or the A$
      Equivalent of that amount if the relevant Notes are denominated in US$,
      which was not used to purchase a Purchased Receivable or Purchased
      Receivable Security and which the Trust Manager determines is surplus to
      the requirements of the Trust);

            

    

    
      
         

      

      
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               (iii)

            	
              any
      Prepayment Costs applied towards Prepayment Benefits under clause 5.20(a);
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      Prepayment Benefit Shortfall paid by Westpac to the Trust under clause
      5.20(c);

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      amounts received by or on behalf of the Trustee during that Collection
      Period from any provider of a Support Facility (other than a Currency
      Swap) under that Support Facility and which the Trust Manager determines
      should be accounted for to reduce a Principal
  Loss;

            

    

     

    
      	
               
      

            	
              (d)

            	
              all
      amounts received by or on behalf of the Trustee during that Collection
      Period:

            

    

     

    
      	
               
      

            	
              (i)

            	
              from
      an Approved Seller, in respect of any breach of a representation, warranty
      or undertaking contained in the Transaction
  Documents;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              from
      an Approved Seller under any obligation under the Transaction Documents or
      this Series Notice to indemnify or reimburse or pay damages to the Trustee
      for any amount;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              from
      the Servicer, in respect of any breach of any representation, warranty or
      undertaking contained in the Servicing Agreement;
  and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              from
      the Servicer under any obligation under the Servicing Agreement to
      indemnify or reimburse or pay damages to the Trustee for any
      amount,

            

    

     

    in each
case, which are determined by the Trust Manager to be in respect of principal
payable under the Purchased Receivables and the related Receivable
Rights;

     

    
      	
               
      

            	
              (e)

            	
              any
      amount of Excess Available Income to be applied to pay or reinstate a
      Principal Charge Off or a Carryover Charge Off (as
      applicable);

            

    

     

    
      	
               
      

            	
              (f)

            	
              any
      Excess Available Income to be applied under clause 5.11(a)(iv) to
      Principal Draws made on a previous Payment Date;
  and

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      Prepayment Calculation Adjustment for that Collection
    Period,

            

    

     

    but
excludes any amount payable by the Trustee under clause 5.26.

     

    GST means
any goods and services tax, broad based consumption tax or value added tax
imposed by any government agency and includes any goods and services tax payable
under the GST Act.

     

    GST Act
a New Tax System (Goods
and Services Tax) Act 1999 (Cth).

     

    Hedge Agreement
in relation to the Trust includes the Basis Swap, any Interest Rate Swap
or (notwithstanding the definition of Hedge
Agreement in the Master Trust Deed) each Currency Swap.

     

    Housing Loan
Principal means, in relation to a Purchased Receivable, the principal
amount of that Purchased Receivable from time to time.

     

    Income
Percentage means, in relation to the holder of a Residual Income Unit (as
defined in clause 10) at any time, the subscription price paid by that person
for that Residual Income Unit divided by the total subscription prices of all
Residual Income Units recorded in the Register maintained under clause 10 at
that time, expressed as a percentage.

     

    Information
Memorandum means the information memorandum dated [*] relating to the
Trust and the Registered Notes (attaching the Prospectus).

    
      
         

      

      
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    Initial Invested
Amount means in respect of a Note, the amount stated as the Initial
Invested Amount for that Note in clause 4.2(e).

     

    Initial Principal
Distribution means any distribution of Principal Collections in
accordance with clause 5.13.

     

    Input Tax
Credit has the meaning given in the GST Act.

     

    Interest Rate
Swap means the master agreement dated on or about the date of this Series
Notice made between the Trustee as trustee of the Trust and Westpac, on the
terms of the ISDA Master Agreement (with amendments thereto) and each
Transaction (as defined in that agreement) entered into in accordance with that
agreement in relation to the interest rate risk arising from a Receivable which
is a Fixed Option Home Loan or which is otherwise subject to a fixed rate of
interest (other than a Receivable subject to a concessional introductory fixed
rate of interest for 12 months or less).

     

    Invested
Amount means, on any day in relation to a Note, the Initial Invested
Amount of that Note minus the aggregate of Principal Payments made or to be made
in respect of the Note on or before that date.

     

    Lead
Manager means [Westpac].

     

    ISDA
Definitions means the 2000 ISDA Definitions published by the
International Swaps and Derivatives Association, Inc.

     

    Liquidation
Loss means, for a Collection Period in relation to a Purchased Receivable
which is being enforced, the amount (if any) by which the Unpaid Balance of the
Purchased Receivable (together with the Enforcement Expenses relating to the
Purchased Receivable and the related Receivable Rights) exceeds the Liquidation
Proceeds in relation to the Purchased Receivable.

     

    Liquidation
Proceeds means, in relation to a Purchased Receivable and the related
Receivable Rights which have been or are being enforced, all amounts recovered
in respect of the enforcement of the Purchased Receivable and the related
Receivable Rights (but does not include the proceeds of any Mortgage Insurance
Policy).

     

    Liquidity
Draw means a drawing under the Liquidity Facility.

     

    Liquidity
Facility Agreement means, in relation to the Trust, the agreement so
entitled dated on or about the date of this Series Notice between the Trustee,
the Trust Manager and the Liquidity Facility Provider.

     

    Liquidity
Facility Provider means, in relation to the Trust, Westpac Banking
Corporation.

     

    Liquidity Limit
means the commitment of the Liquidity Facility Provider under the
Liquidity Facility, as varied from time to time.

     

    Liquidity
Outstandings means, at any time, the total principal amount of all
outstanding Liquidity Draws at that time.

     

    Liquidity
Shortfall means, in relation to a Collection Period, the amount (if any)
by which the Total Payments for the Collection Period [(excluding any amounts
payable under clause 5.10(a)(viii))] exceed the aggregate of the Available
Income and any Principal Draws for the Collection Period.

     

    Loan Offset
Deposit Account means any deposit account maintained by an Obligor under
a Purchased Receivable with Westpac where an amount equal to the interest which
would otherwise accrue on that account is offset against moneys owed by that
Obligor under that Purchased Receivable, in accordance with the relevant
Receivable Agreement.

    
      
         

      

      
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    Loan Offset
Interest Amount means, in relation to any Obligor under a Purchased
Receivable, the amount of any interest which would be payable by Westpac to that
Obligor on amounts standing to the credit of the Obligor’s Loan Offset Deposit
Account, if interest was payable on that account.

     

    LVR means,
at any time in relation to a Loan (including a Purchased Receivable), the
outstanding amount of the Loan at that time, plus any other amount secured by
any Mortgage for that Loan including customer-paid Mortgage Insurance Policy
(other than any Other Secured Liabilities owed to any Approved Seller), at the
date of determination divided by the aggregate value of the Mortgaged Property
(determined as at the date of origination) subject to the related Mortgages for
that Loan, expressed as a percentage.

     

    Manager
means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to the Underwriting Agreement, any person identified as an
      "Underwriter" in the Underwriting Agreement for the purposes of this
      Series Notice; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to the Dealer Agreement, any person identified as a "Dealer" in
      the Dealer Agreement for the purposes of this Series
    Notice.

            

    

     

    [Mandatory
Transfer means the obligation of the Class A1 Noteholders to transfer the
Class A1 Notes on each Transfer Date to a third party purchaser (following a
successful remarketing of the Class A1 Notes by the Remarketing Agent) or to the
Conditional Purchaser (following, among other things, a Remarketing Failure or
the termination of the Conditional Purchase Period).]

     

    Margin
means, in relation to any Note, the Margin for that Note specified in
clause 4.2(d).

     

    [Maximum Reset
Margin means:

     

    
      	
               
      

            	
              (a)

            	
              prior
      to but excluding the first Transfer Date after the Step-Up Margin Date,
      [*]% per annum; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      or after the first Transfer Date after the Step-Up Margin Date, [*]% per
      annum.]

            

    

     

    Maturity Date
means, in relation to a Note, the Maturity Date for that Note specified
in clause 4.2(j).

     

    Mortgage
has the meaning given in the Master Trust Deed and includes any Mortgage
originated by Westpac which is transferred to the Trustee by the trustee for an
Other Trust from the assets of that Other Trust.

     

    Mortgage
Insurer means:

     

    
      	
            	
              (a) 

            	
              Genworth
      Financial Mortgage Insurance Pty Limited;
or

            

    

     

    
      	
            	
              (b) 

            	
              Housing
      Loans Insurance Corporation.

            

    

     

    Mortgage
Shortfall means, in relation to a Purchased Receivable, the amount (if a
positive number) equal to the Principal Loss for that Purchased Receivable minus
the aggregate of:

     

    
      	
               
      

            	
              (a)

            	
              the
      total amount recovered and recoverable in respect of that Purchased
      Receivable under any applicable Mortgage Insurance Policies, determined to
      be attributable to principal under clause 5.7(b);
  and

            

    

    
      
         

      

      
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              (b)

            	
              the
      total amount recovered and recoverable by the Trustee from the Approved
      Sellers or the Servicer (as the case may be) in respect of that Purchased
      Receivable (by way of damages or otherwise) under or in respect of the
      Master Trust Deed, this Series Notice or the Servicing Agreement (as the
      case may be), determined by the Trust Manager to be attributable to
      principal.

            

    

     

    For the
purposes of:

     

    
      	
               
      

            	
              (c)

            	
              this
      definition, an amount shall be regarded as not recoverable upon the
      earlier of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      determination being made, in the case of paragraph (a), by the Trust
      Manager, and in the case of paragraph (b), by the Trustee, in each case
      upon the advice of such suitably qualified expert advisers as the Trust
      Manager or the Trustee (as the case may be) thinks fit, that there is no
      such amount, or that such amount is not likely to be recovered (including
      because any relevant Mortgage Insurance Policy has been terminated, any
      relevant Mortgage Insurer is entitled to reduce the amount of the claim or
      any relevant Mortgage Insurer defaults in payment of a claim);
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      date which is two years after the Determination Date upon which the
      relevant Principal Loss was determined under clause 5.6(b);
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              this
      Series Notice, a Mortgage Shortfall arises on the date upon which there
      are no further amounts referred to in paragraphs (a) and (b) recoverable
      in respect of the relevant Purchased
Receivable.

            

    

     

    Mortgagee
has the meaning given in the Security Trust Deed.

     

    Net Principal
Distributions means with respect to any Payment Date, the amount of
Principal Collections remaining after the distribution of Initial Principal
Distributions.

     

    Note means
a Class A Note or a Class B Note and includes:

     

    
      	
               
      

            	
              (a)

            	
              the
      Conditions relating to the relevant US$ Note;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      interest in a Book-Entry Note as an account holder with a Clearing
      Agency.

            

    

     

    Note
Acknowledgement means an acknowledgement
of the registration of a person as the holder of a Registered Note in the form
set out in schedule 2 to the Master Trust Deed or in such other form as may from
time to time be agreed between the Trustee and the Trust Manager.

     

    Note Party
means the Calculation Agent, each Paying Agent and the Note
Registrar.

     

    Note
Register means the register kept by the Note Registrar to provide for the
registration and transfer of US$ Notes under the Note Trust Deed.

     

    Note
Registrar means [tba]
or any successor note registrar approved in writing by the Note Trustee and
appointed under the Agency Agreement.

     

    Note
Transfer means a transfer and
acceptance of Registered Notes materially in the form of schedule 4 to the
Master Trust Deed or in such other form as may from time to time be agreed
between the Trustee and the Trust Manager.

     

    Note Trust
Deed means the deed so entitled dated on or about the date of this Series
Notice between the Trustee, the Trust Manager and the Note
Trustee.

    
      
         

      

      
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    Note
Trustee means [tba].

     

    Noteholder
means, at any time in relation to a Note, the person who is registered as the
holder of that Note at that time except that for the purposes of payments in
respect of Book-Entry Notes, the right to those payments shall be vested, as
against the Trustee and the Note Trustee in respect of the Trust, by payment to
the Clearing Agency in accordance with and subject to their respective
Conditions and the provisions of this Series Notice and the Note Trust
Deed.  The words holder and holders shall (where
appropriate) be construed accordingly.

     

    Notice
Date means, in relation to a Collection Period, the date which is the
Business Day prior to the Payment Date following the end of that Collection
Period.

     

    Notice of
Creation of Trust means the Notice of Creation of Trust dated on or about
[*] issued under
the Master Trust Deed in relation to the Trust.

     

    [One Month LIBOR
means, in relation to any Class A1 Coupon Period, the rate of interest
determined by the Calculation Agent on the basis of the following
paragraphs.

     

    On each
Class A1 Coupon Determination Date, the Calculation Agent will determine the
rate "USD-LIBOR-BBA" as the applicable Floating Rate Option under the ISDA
Definitions being the rate applicable to any Class A1 Coupon Period for
one-month deposits in US dollars which appears on the Telerate Page 3750 as of
11.00 a.m., London time, on the Class A1 Coupon Determination
Date.  If such rate does not appear on the Telerate Page 3750, the
rate for that Class A1 Coupon Period will be determined as if the Trustee and
Calculation Agent had specified “US-LIBOR-Reference Banks” as the applicable
Floating Rate Option under the ISDA Definitions. “US-LIBOR-Reference Banks”
means that the rate for a Coupon Period for a Class A1 Note will be determined
on the basis of the rates at which deposits in U.S. Dollars are offered by the
LIBOR Reference Banks (being four major banks in the London interbank market
agreed by the Calculation Agent and the Currency Swap Provider) at approximately
11:00 a.m., London time, on the Class A1 Coupon Determination Date to prime
banks in the London interbank market for a period of one month commencing on the
first day of the Class A1 Coupon Period and in a Representative Amount (as
defined in the ISDA Definitions).  The Calculation Agent will request
the principal London office of each of the LIBOR Reference Banks to provide a
quotation of its rate. If at least two such quotations are provided, the rate
for that Class A1 Coupon Period will be the arithmetic mean of the quotations.
If fewer than two quotations are provided as requested, the rate for that Class
A1 Coupon Period will be the arithmetic mean of the rates quoted by major banks
in New York City, selected by the Calculation Agent (after consultation with the
Currency Swap Provider), at approximately 11:00 a.m., New York City time, on
that Class A1 Coupon Determination Date for loans in U.S. dollars to leading
European banks, or the relevant interpolated rate (if applicable) for a period
of one month commencing on the first day of the Class A1 Coupon Period and in a
Representative Amount, or the relevant interpolated rate (if
applicable).  If no such rates are available in London, then the One
Month LIBOR for such Class A1 Coupon Period will be the most recently determined
rate in accordance with this definition.]

     

    Other
Trust means any Trust (as defined in the Master Trust Deed) other than
the Trust.

     

    Paying Agent
means any person appointed as a Paying Agent under the Agency Agreement,
including the Principal Paying Agent.

     

    Payment
Date, in relation to a Note, has the meaning given in relation to that
Note in clause 4.2(h).

    
      
         

      

      
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    Payment
Shortfall means, in relation to a Collection Period, the amount (if any)
by which the Total Payments for that Collection Period exceed the Available
Income for that Collection Period.

     

    Performing
Loan has the meaning given in the Liquidity Facility
Agreement.

     

    Prepayment
Benefit means, on the early discharge of a Purchased Receivable which is
a housing loan bearing a fixed rate of interest (other than a Receivable subject
to a concessionary rate of interest for 12 months or less), the amount (if any)
credited to the relevant Obligor's loan account by Westpac by means of a
reduction in the Housing Loan Principal of that Purchased Receivable, in
accordance with the relevant Receivable Agreement.

     

    Prepayment
Benefit Shortfall means, in relation to a Collection Period, the amount
by which the total of all Prepayment Benefits for that Collection Period exceeds
the total of all Prepayment Costs for that Collection Period.

     

    Prepayment
Calculation Adjustment means, in relation to a Purchased Receivable, any
amount credited to the Obligor by Westpac under that Purchased Receivable to
reflect an interest adjustment resulting from a change in computer
systems.

     

    Prepayment
Cost means, on the early discharge of a Purchased Receivable which is a
housing loan bearing a fixed rate of interest (other than a Receivable subject
to a concessionary rate of interest for 12 months or less), the amount (if any)
owed by the relevant Obligor and collected by Westpac, in accordance with the
relevant Receivable Agreement.

     

    Prepayment Cost
Surplus means, in relation to a Collection Period, the amount by which
the total of all Prepayment Costs for that Collection Period exceeds the total
of all Prepayment Benefits for that Collection Period.

     

    Principal Charge
Off means, in relation to any Collection Period, the aggregate of all
Mortgage Shortfalls for that Collection Period.

     

    Principal
Collections means, for a Collection Period:

     

    
      	
               
      

            	
              (a)

            	
              the
      Gross Principal Collections for that Collection Period;
    less

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      amounts deducted by or paid to Westpac under clause 5.3(b) to reimburse
      Redraws funded by Westpac during that Collection Period for which Westpac
      has not previously been reimbursed.

            

    

     

    Principal
Draw means, for a Collection Period, the amount calculated under clause
5.4 in relation to that Collection Period.

     

    Principal
Entitlement means, in relation to a Note for the purposes of the Master
Trust Deed on any date, the Stated Amount of that Note at that
date.

     

    Principal
Loss means, for a Collection Period in relation to a Purchased
Receivable, the amount of any Liquidation Loss for that Purchased Receivable for
that Collection Period referred to in clause 5.6(b).

     

    Principal
Outstanding has the meaning given in the Redraw Facility
Agreement.

     

    Principal Paying
Agent means [tba],
or any successor as Principal Paying Agent under the Agency
Agreement.

     

    Principal
Payment means a Class A Principal Payment or a Class B Principal
Payment.

    
      
         

      

      
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    Principal
Repayment Date means, in relation to a Note for the purposes of the
Master Trust Deed, the Maturity Date for that Note and each date on which the
Invested Amount or Stated Amount is reduced under this Series
Notice.

     

    Property
Restoration Expenses means costs and expenses incurred by or on behalf of
the Trustee, or by the Servicer under the Servicing Agreement, in repairing,
maintaining or restoring to an appropriate state of repair and condition any
Mortgaged Property, in exercise of a power conferred on the mortgagee under the
Purchased Receivable and Relevant Documents relating thereto.

     

    Prospectus
means:

     

    
      	
               
      

            	
              (a)

            	
              the
      Base Prospectus dated [*];
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Prospectus Supplement relating to the Trust and the US$ Notes dated on or
      about the date of this Series
Notice.

            

    

     

    Purchased
Receivable means each Loan specified in a Sale Notice (including any
Redraw in respect of that Loan) which has been assigned to the Trustee on
acceptance of the offer contained in that Sale Notice in accordance with this
Series Notice, and in which the Trustee has not ceased to have an interest
(whether by sale or disposal, or extinguishment of its rights in that
Loan).

     

    Purchased
Receivable Security means each Mortgage specified in the Sale Notice and
purchased by the Trustee, unless the Trustee has ceased to have an interest in
that Mortgage.

     

    Quarter
means each three month period in a year which period begins on [*], [*], [*] and [*].

     

    Quarterly
Percentage means, for a Collection Period, the aggregate Housing Loan
Principal of all Purchased Receivables which are in Arrears for more than 60
consecutive days as at close of business on the last day of that Collection
Period, expressed as a percentage of the aggregate Housing Loan Principal of all
Purchased Receivables as at close of business on the last day of that Collection
Period.

     

    Rating Downgrade
Event means an event that causes the rating of any Class A Note, Class B
Note or Class C Note to be downgraded or withdrawn.

     

    Rating
Notification means, in relation to an event or circumstance, that the
Trust Manager has confirmed in writing to the Trustee that:

     

    
      	
            	
              (a) 

            	
              it
      has notified each Designated Rating Agency of the event or circumstance;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trust Manager is satisfied in good faith that the event or circumstance is
      unlikely to result in a Rating Downgrade
Event.

            

    

     

    Receivable
means, in relation to the Trust, and without limiting clause 12, the rights of
the relevant Approved Seller or the Trustee (as the case may require) under or
in respect of Loans constituted upon acceptance of Westpac's standard Loan Offer
for:

     

    
      	
               
      

            	
              (a)

            	
              a
      Premium Option Home Loan;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Fixed Options Home Loan;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      First Option Home Loan;

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      Premium Option Home Loan with 1 Year Guaranteed
  Rate;

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      Rocket Repay Home Loan;

            

    

    
      
         

      

      
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               (f)

            	
              a
      Fixed Rate Investment Property
Loan;

            

    

     

    
      	
               
      

            	
              (g)

            	
              a
      Variable Rate Investment Property
Loan;

            

    

     

    
      	
               
      

            	
              (h)

            	
              an
      Investment Loan with 1 Year Guaranteed
Rate;

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      Flexi First Option Home Loan;

            

    

     

    
      	
               
      

            	
              (j)

            	
              a
      Flexi First Option Investment Property
Loan;

            

    

     

    
      	
               
      

            	
              (k)

            	
              a
      First Option Investment Property Loan;
or

            

    

     

    
      	
               
      

            	
              (l)

            	
              a
      Rocket Investment Loan,

            

    

     

    (or any
variation of those products after the Sale Notice is or was given) as varied by
Westpac's standard letter of variation, or any other Receivables (as defined in
the Master Trust Deed) originated by Westpac which is acceptable to the Trustee
(in all cases in the form certified by Westpac before the Sale Notice is or was
given, and as certified thereafter from time to time).

     

    Record Date
means:

     

    
      	
               
      

            	
              (i)

            	
              with
      respect to a Payment Date for any Registered Note, 4.00pm (Sydney time) on
      the second Business Day before that Payment
  Date;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      respect to [a Class A1 Payment Date or] Payment Date for any Book-Entry
      Note, close of business on the second Business Day before that [Class A1
      Payment Date or] Payment Date [(as the case may be)];
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              with
      respect to [a Class A1 Payment Date or] Payment Date for any Definitive
      Note, the last day of the calendar month before that [Class A1 Payment
      Date or] Payment Date [(as the case may
be)].

            

    

     

    Recovery
means any amount received by Westpac or the Servicer under or in respect of a
Purchased Receivable and the related Receivable Rights at any time after a
Finance Charge Loss or Principal Loss has arisen in respect of that Purchased
Receivable (other than any amount received under a Mortgage Insurance Policy if
any), provided that amount is not otherwise payable to an insurer under a
Mortgage Insurance Policy (if any).

     

    Redraw
means, in relation to any Collection Period, an amount advanced or readvanced to
an Obligor by the Approved Seller under a Purchased Receivable in respect of any
principal prepayments previously made to the Obligor's loan account in
accordance with the terms of the Obligor's Purchased Receivable.

     

    Redraw Charge
Off means the amount of any reduction in the Principal Outstanding under
the Redraw Facility Agreement under clause 5.17(b)(ii).

     

    Redraw Facility
Agreement means, in relation to the Trust, the agreement so entitled
dated on or about the date of this Series Notice between the Trustee, the Trust
Manager and the Redraw Facility Provider.

     

    Redraw Facility
Provider means, in relation to the Trust, Westpac Banking
Corporation.

     

    Redraw
Limit means the Redraw Limit as defined in the Redraw Facility
Agreement.

    
      
         

      

      
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    Redraw
Shortfall means, on each Determination Date, the aggregate of Redraws
made prior to that Determination Date which remain outstanding after applying
Gross Principal Collections towards reimbursement of those Redraws under clause
5.3.

     

    Reference
Bank means any financial institution authorised to quote on the Reuters
Screen BBSW Page.

     

    Registered
Note means a Class A3 Note or a Class B Note.

     

    Registered Note
Payment Date means a Payment Date for a Registered Note.

     

    Registered
Noteholder means a person who is a Noteholder in relation to a Registered
Note.

     

    Regulation
AB means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R.  §§229.1100-229.1123, as such may be amended from time to time,
and subject to such clarification and interpretation as have been provided by
the Commission in the adopting release (Asset-Backed Securities, Securities Act
Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.  7, 2005)) or by
the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.

     

    Remaining
Liquidity Shortfall means, in relation to a Collection Period, the amount
(if any) by which the Liquidity Shortfall (if any) for that Collection Period
exceeds the Available Liquidity Amount for that Collection Period.

     

    [Remarketing
Agent means [*].]

     

    [Remarketing
Agreement means the remarketing agreement dated on or about the date of
this Series Notice between the Trustee, the Trust Manager, the Remarketing
Agent, the Conditional Purchaser and the Tender Agent.]

     

    [Remarketing
Failure has the meaning given to that term in the Remarketing
Agreement.]

     

    Remittance
Date means, in relation to a Collection Period, the date which is two
Business Days prior to the Payment Date following the end of that Collection
Period.

     

    [Reset Margin
has the meaning given in the Remarketing Agreement.]

     

    Residual Capital
Beneficiary means the holder of the Residual Capital Unit from time to
time.

     

    Residual Capital
Unit has the meaning given in clause 10.1.

     

    Residual Income
Beneficiary means the holder of a Residual Income Unit from time to
time.

     

    Residual Income
Unit has the meaning given in clause 10.1.

     

    Sale
Notice means any Sale Notice (as defined in the Master Trust Deed) which
may be given by Westpac (in its capacity as Approved Seller or as beneficiary of
the Warehouse Trust) to the Trustee as trustee of the Trust after the date of
execution of this Series Notice and which is subsequently accepted by the
Trustee.

     

    Securities Act
means the United States Securities Act of 1933, as amended.

     

    Security Trust
has the meaning given in the Security Trust Deed

     

    Security Trust
Deed means the security trust deed dated on or about [*] between the
Trustee, the Trust Manager, the Note Trustee and the Security
Trustee.

     

    Security
Trustee means [BNY Trust (Australia) Registry Limited (ACN 000 334
636)].

    
      
         

      

      
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    Servicer
Downgrade means a downgrade of the long term rating of either the
Servicer or its holding company (if any)below Baa2 by Moody’s.

     

    Servicer's
Report means each report to be prepared by the Servicer under clause 6.5
of the Servicing Agreement.

     

    Servicing
Agreement means the agreement so entitled dated 12 March 2002 (as
amended) between, among others, the Trustee and the Servicer.

     

    Servicing
Criteria means the “servicing criteria” set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time.

     

    Servicing
Fee means the fee payable under clause 6.1(c) of this Series Notice and
clause 7.1 of the Servicing Agreement.

     

    Spread, in
relation to any amount to be paid under a Currency Swap, has the meaning given
in that Currency Swap in respect of payments by the Trustee under that Currency
Swap.

     

    Stated
Amount means a Class A Stated Amount or a Class B Stated
Amount.

     

    Static Pool
Information means static pool information as described in Item
1105(a)(1)-(3) and 1105(c) of Regulation AB.

     

    Step-Up
Margin in relation to any Note [(other than a Class A1 Note)], has the
meaning given in clause 4.10.

     

    Step-Up Margin
Date has the meaning given to it in clause 4.10.

     

    Stock Exchange
means a stock exchange on which any of the Notes are listed.

     

    Subcontractor
means any vendor, subcontractor or other person that is not responsible for the
overall servicing (as “servicing” is commonly understood by participants in the
mortgage-backed securities market) of Purchased Receivables but performs one or
more discrete functions identified in Item 1122(d) of Regulation AB with respect
to Purchased Receivables under the direction or authority of the Servicer or a
Subservicer, if any.

     

    Support
Facility means each Support Facility (as defined in the Master Trust
Deed) relating to the Trust, being:

     

    
      	
            	
              (a)

            	
              any
      Mortgage Insurance Policy relating to the Trust or its
    Assets;

            

    

     

    
      	
            	
              (b)

            	
              the
      Redraw Facility Agreement;

            

    

     

    
      	
            	
              (c)

            	
              the
      Liquidity Facility Agreement;

            

    

     

    
      	
            	
              (d)

            	
              the
      Basis Swap;

            

    

     

    
      	
            	
              (e)

            	
              the
      Interest Rate Swap;

            

    

     

    
      	
            	
              (f)

            	
              the
      Currency Swap; and

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      other document or agreement which is from time to time agreed between the
      Trustee and the Trust Manager to be a Support Facility for the purposes of
      the Trust.

            

    

     

    Subordinated
Percentage means, at any time, the aggregate of the Class B Stated
Amounts divided by the sum of:

     

    
      	
               
      

            	
              (a)

            	
              the
      Total Stated Amount at that time;
and

            

    

    
      
         

      

      
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              (b)

            	
              the
      Redraw Limit at that time.

            

    

     

    Subservicer
means any person that services Purchased Receivables on behalf of the Servicer
or any Subservicer and is responsible for the performance (whether directly or
through Subservicers or Subcontractors) of a substantial portion of the material
servicing functions required to be performed by the Servicer under this Series
Notice, the Servicing Agreement or any other Transaction Document, that are
identified in Item 1122(d) of Regulation AB.

     

    Support Facility
Collateral Account means, in relation to a Support Facility, each
Collateral Account as defined in that Support Facility.

     

    Swap
Provider means, in relation to a Hedge Agreement, the counterparty which
enters into that arrangement with the Trustee.

     

    Tax Sharing
Agreement means the tax sharing agreement for the Westpac consolidated
tax group.

     

    [Tender
Agent means [tba].]

     

    Three Month LIBOR
means, in relation to any Coupon Period, the rate of interest determined
by the Calculation Agent on the basis of the following paragraphs.

     

    On each
Coupon Determination Date, the Calculation Agent will determine the rate
"USD-LIBOR-BBA" as the applicable Floating Rate Option under the ISDA
Definitions being the rate applicable to any Coupon Period for three-month
deposits in US dollars which appears on the Telerate Page 3750 as of 11.00 a.m.,
London time, on the Coupon Determination Date.  If such rate does not
appear on the Telerate Page 3750, the rate for that Coupon Period will be
determined as if the Trustee and Calculation Agent had specified
“US-LIBOR-Reference Banks” as the applicable Floating Rate Option under the ISDA
Definitions. “US-LIBOR-Reference Banks” means that the rate for a Coupon Period
for a Class A 2 Note will be determined on the basis of the rates at which
deposits in U.S. Dollars are offered by the LIBOR Reference Banks (being four
major banks in the London interbank market agreed by the Calculation Agent and
the Currency Swap Provider) at approximately 11:00 a.m., London time, on the
Coupon Determination Date to prime banks in the London interbank market for a
period of three months commencing on the first day of the Coupon Period and in a
Representative Amount (as defined in the ISDA Definitions), or the relevant
interpolated rate (if applicable).  The Calculation Agent will request
the principal London office of each of the LIBOR Reference Banks to provide a
quotation of its rate. If at least two such quotations are provided, the rate
for that Coupon Period will be the arithmetic mean of the quotations. If fewer
than two quotations are provided as requested, the rate for that Coupon Period
will be the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Calculation Agent (after consultation with the Currency Swap
Provider), at approximately 11:00 a.m., New York City time, on that Coupon
Determination Date for loans in U.S. dollars to leading European banks, or the
relevant interpolated rate (if applicable) for a period of three months
commencing on the first day of the Coupon Period and in a Representative Amount,
or the relevant interpolated rate (if applicable).  If no such rates
are available in London, then the Three Month LIBOR for such Coupon Period will
be the most recently determined rate in accordance with this
definition.  Provided that on the first day of the first Coupon Period
USD-LIBOR-BBA shall be an interpolated rate calculated with reference to the
period from (and including) the Closing Date to (but excluding) the first
Payment Date.

    
      
         

      

      
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    Threshold Rate
means, at any time, the minimum rate of interest (expressed as a
percentage per annum) which if set on all Purchased Receivables where permitted
under the terms of the relevant Purchased Receivable and to the extent permitted
by applicable law would, when calculated on an overall portfolio basis, be
sufficient (assuming that all relevant parties comply with their obligations at
all times under the Transaction Documents, the Purchased Receivables and the
relevant Relevant Security), when aggregated with the income produced by the
rate of interest on all other Purchased Receivables and other Authorised
Investments which are Assets of the Trust, to ensure that the Trustee will have
available to it sufficient Collections to enable it to comply with its
obligations under the Transaction Documents as they fall due .

     

    Title Perfection
Event means, in relation to the Trust, the events set out in clause
11.

     

    Total Available
Funds means, for a Collection Period, the aggregate of:

     

    
      	
               
      

            	
              (a)

            	
              the
      Available Income for that Collection
Period;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      Principal Draw which the Trustee is required to allocate under clause
      5.13(a)(iii) on or before the Payment Date for that Collection Period;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      Liquidity Draw which the Trustee is required to make under clause 5.5 on
      or before the Payment Date for that Collection
  Period.

            

    

     

    Total Carryover
Charge Off means, on any date, the sum of:

     

    
      	
               
      

            	
              (a)

            	
              the
      A$ Equivalent of all Carryover Class A Charge Offs for all Class A Notes
      as at that date; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Carryover Class B Charge Offs for all Class B Notes as at that
      date;

            

    

     

    Total Initial
Invested Amount means, at any time, the sum of:

     

    
      	
               
      

            	
              (a)

            	
              the
      A$ Equivalent of all Initial Invested Amounts of all US$ Notes;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      Initial Invested Amounts of all Registered
  Notes,

            

    

     

    at that
time.

     

    Total Invested
Amount means, at any time, the sum of:

     

    
      	
               
      

            	
              (a)

            	
              the
      A$ Equivalent of all Invested Amounts of all US$ Notes;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      Invested Amounts of all Registered
Notes,

            

    

     

    at that
time.

     

    Total
Payments means, in relation to a Collection Period, all amounts paid or
to be paid by the Trustee under clause 5.10 in relation to that Collection
Period.

     

    Total Stated
Amount means, at any time, the sum of the aggregate of the A$ Equivalent
of all the Class A Stated Amounts and the aggregate of the Class B Stated
Amounts at that time.

     

    Transaction
Document means each Transaction Document (as defined in the Master Trust
Deed) which relates to the Trust, being each of:

     

    
      	
               
      

            	
              (a)

            	
              this
      Series Notice;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Master Trust Deed, insofar as it relates to the
  Trust;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Security Trust Deed;

            

    

    
      
         

      

      
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              (d)

            	
              the
      Notice of Creation of Trust;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Servicing Agreement, insofar as it relates to the
  Trust;

            

    

     

    
      	
               
      

            	
              (f)

            	
              each
      Note;

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Redraw Facility Agreement;

            

    

     

    
      	
               
      

            	
              (h)

            	
              the
      Liquidity Facility Agreement;

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Basis Swap;

            

    

     

    
      	
               
      

            	
              (j)

            	
              the
      Interest Rate Swap;

            

    

     

    
      	
               
      

            	
              (k)

            	
              the
      Currency Swap;

            

    

     

    
      	
               
      

            	
              (l)

            	
              any
      other Support Facility for the
Trust;

            

    

     

    
      	
            	
              (l)

            	
              the
      Dealer Agreement;

            

    

     

    
      	
            	
              (m)

            	
              the
      Underwriting Agreement;

            

    

     

    
      	
            	
              (n)

            	
              the
      Note Trust Deed;

            

    

     

    
      	
            	
              (o)

            	
              the
      Agency Agreement;

            

    

     

    
      	
            	
              [(p)

            	
              the
      Remarketing Agreement; ]

            

    

     

    
      	
            	
              [(q)

            	
              the
      Conditional Purchase Agreement;]
and

            

    

     

    
      	
               
      

            	
              (r)

            	
              any
      other document or agreement which is from time to time agreed between the
      Trustee and the Trust Manager to be a Transaction Document for the
      purposes of the Trust.

            

    

     

    [Transfer Date
means the Class A1 Payment Date falling in [*] of each year,
beginning in [*]
to and including the Payment Date occurring in [*].]

     

    Trust
means the Series [*] WST Trust constituted under the Master Trust Deed and the
Notice of Creation of Trust.

     

    Trust
Expenses means, in relation to a Collection Period (and in the following
order of priority):

     

    
      	
               
      

            	
              (a)

            	
              first,
      Taxes payable in relation to the Trust for that Collection
      Period;

            

    

     

    
      	
               
      

            	
              (b)

            	
              second,
      the Trustee's Fee for that Collection
Period;

            

    

     

    
      	
               
      

            	
              (c)

            	
              third,
      any fee payable to the Security Trustee under or in connection with the
      Security Trust Deed for that Collection
Period;

            

    

     

    
      	
               
      

            	
              (d)

            	
              fourth,
      the Trust Manager's Fee for that Collection
  Period;

            

    

     

    
      	
               
      

            	
              (e)

            	
              fifth,
      the Servicing Fee for that Collection
Period;

            

    

     

    
      	
               
      

            	
              (f)

            	
              sixth,
      any fee payable to the Note Trustee under the Note Trust
    Deed;

            

    

     

    
      	
               
      

            	
              (g)

            	
              seventh,
      pari passu any fee payable to a Note Party under the Agency
      Agreement;

            

    

     

    
      	
               
      

            	
              (h)

            	
              eighth,
      pari passu any costs, charges or expenses (other than fees) incurred by,
      and any liabilities owing under any indemnity granted to, the Security
      Trustee, the Servicer, the Note Trustee, a Note Party in relation to the
      Trust under the Transaction Documents, for that Collection Period;
      and

            

    

     

    
      
        	
                 
      

              	
                (i)

              	
                ninth, pari passu
      any other Expenses relating to the Trust,
      

              

      

      

        
          
             

          

          
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      Notice

                	
                  

                
	 	 

        

      

    

     

    all of the amounts in paragraphs (a)
to (i) (inclusive) being Expenses
for the purposes of the Master Trust Deed, but excluding any amounts paid or to
be paid under clause 5.10(a)(viii).[*]

     

    Trust Manager's
Report means a report in the form agreed by the Trustee and the Trust
Manager from time to time.

     

    Underwriting
Agreement means the Underwriting Agreement dated on or about the date of
this Series Notice between the Trustee, the Trust Manager, Westpac and others in
relation to subscription for US$ Notes.

     

    Unit has
the meaning given in clause 10.1.

     

    US$ Account
means, in relation to the Trust, the US$ account with the Principal
Paying Agent, or any other account opened and maintained with the Principal
Paying Agent.

     

    US$
Equivalent means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to an amount denominated or to be denominated in Australian
      dollars, that amount converted to (and denominated in) US$ at the US$
      Exchange Rate; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to an amount denominated or to be denominated in US$, the amount
      of US$.

            

    

     

    US$ Exchange
Rate means, on any date in respect of any US$ Notes, the rate of exchange
(set as at the commencement of the relevant Currency Swap) applicable under that
Currency Swap for the exchange of Australian dollars for United States
dollars.

     

    US$ Note
means [a Class A1 Note or] a Class A2 Note.

     

    US$
Noteholder means a Noteholder of a US$ Note.

     

    Warehouse
Investment Agreement means:

     

    
      	
               
      

            	
              (a)

            	
              the
      document so entitled dated 19 February 1997 between the Trustee as trustee
      of the Warehouse Trust, the Trust Manager and Westpac Banking Corporation;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other agreement which the Trustee and the Trust Manager agree is a
      Warehouse Investment Agreement or Warehouse Facility Agreement for the
      purposes of this Series Notice.

            

    

     

    [Warehouse
Investor has the meaning given to that term in a Warehouse Investment
Agreement.]

     

    [Warehouse
Trust means the WST Warehouse Trust #1.]

     

    [Warehouse
Trustee means Westpac Securities Administration Limited as trustee of the
Warehouse Trust.]

     

    Westpac
Remittance Rating means, in relation to the Trust, a short term rating of
A1 from S&P and P-1 from Moody’s.

     

    
      	
              3.2

            	
              Interpretation

            

    

     

    Clause
1.2 of the Master Trust Deed is incorporated into this Series Notice as if set
out in full, except that any reference to deed is
replaced by a reference to Series
Notice and any reference to United States
dollars, USD and
US$
is to currency of the United States of America.

    
      
         

      

      
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                  Series [*] WST Trust Series
      Notice

                	
                  

                
	 	 

        

      

    

     

    
      	
              3.3

            	
              Limitation
      of liability of the Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              General

            

    

     

    Clause 33
of the Master Trust Deed applies to the obligations and liabilities of the
Trustee, the Warehouse Trustee and the Trust Manager under this Series
Notice.

     

    
      	
               
      

            	
              (b)

            	
              Liability of Trustee limited to
      its right of indemnity

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      Trustee enters into this Series Notice only in its capacity as trustee of
      the Trust and in no other capacity.  A liability arising under
      or in connection with this Series Notice, a Transaction Document 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 Series
      Notice 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 Series Notice, a Transaction
      Document or the Trust.

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      provisions of this clause 3.3 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 Wilful
      Default.

            

    

     

    
      	
               
      

            	
              (iv)

            	
              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 Series Notice 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 Series Notice) will
      be considered fraud, negligence or Wilful Default of the Trustee for the
      purpose of sub-paragraph (iii) to the extent to which the act or omission
      was caused or contributed to by any failure by any Relevant Party or any
      other person who provides services in respect of the Trust (other than a
      person who has been delegated or appointed by the Trustee and for whom the
      Trustee is responsible under this Series Notice 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 Series Notice
      or the relevant Transaction Documents, but excluding any Relevant
      Party).

            

    

    
      
         

      

      
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                (v)

              	
                No
      attorney, agent, receiver or receiver and manager appointed in accordance
      with this Series Notice 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 Wilful Default
      of the Trustee for the purpose of sub-paragraph (iii), if the Trustee has
      exercised reasonable care in the selection and supervision of such a
      person.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Liability of Warehouse Trustee
      limited to its right of
indemnity

              

      

       

      Clause
3.3(b) shall apply to the Warehouse Trustee as if restated in full with all
references to the Trustee
being replaced with references to the Warehouse Trustee
and all reference to the Trust
being replaced with references to the Warehouse
Trust.

       

      
        	
                3.4

              	
                Security
      Trustee liability

              

      

       

      Clause
36.14 of the Security Trust Deed is incorporated into this Series Notice as if
set out in full, except that any reference to deed is
replaced by a reference to Series
Notice.

       

      
        	
                3.5

              	
                Knowledge
      of Trustee

              

      

       

      In
relation to the Trust, the Trustee will be considered to have knowledge or
notice of or be aware of any matter or thing if the Trustee has knowledge,
notice or awareness of that matter or thing by virtue of the actual notice or
awareness of the officers or employees of the Trustee who have day to day
responsibility for the administration of the Trust.

       

      
        	
                3.6

              	
                Knowledge
      of Security Trustee

              

      

       

      In
relation to the Security Trust, the Security Trustee will be considered to have
knowledge or notice of or be aware of any matter or thing if the Security
Trustee has knowledge, notice or awareness of that matter or thing by virtue of
the actual notice or awareness of the officers or employees of the Security
Trustee who have day to day responsibility for the administration of the
Security Trust.

       

      
        	
                3.7

              	
                Business
      Day Convention

              

      

       

      If any
payment or calculation is to be made or any other thing done, (including in
relation to [a Class A1 Payment Date or] Payment Date or a Collection Period) on
a day which is not a Business Day, the due date will be the next Business Day
unless that day falls in the next calendar month, in which case the due date
will be the preceding Business Day.

       

      
        	
                3.8

              	
                Hedge
      Agreements

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      parties acknowledge that:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      provider of each Hedge Agreement will prepare all confirmations under any
      ISDA Master Agreement for that Hedge Agreement;
  and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                none
      of the Trustee, the Trust Manager or the provider of any Hedge Agreement
      will be liable to any other person (including each other party and each
      other Mortgagee) for entering into any such confirmation or Hedge
      Agreement, notwithstanding that the person preparing the confirmation is
      the counterparty to the relevant Hedge Agreement, except in the case of
      the Trustee or the Trust Manager, where the Trustee or the Trust Manager
      as the case may be, is found to have acted fraudulently or
      negligently.

              

      

      
        
           

        

        
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30

          
            

          

        

        
           

        

      

       

      
        
          
            	
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                (b)

              	
                Without
      limiting paragraph (a), the Trustee appoints the Trust Manager as its
      attorney to execute confirmations on behalf of the Trustee under any Hedge
      Agreement from time to time, provided that the Trust Manager must notify
      the Trustee if the relevant confirmation amends the terms of the relevant
      Hedge Agreement.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Trust Manager agrees to provide and the Trustee agrees to follow to the
      extent it receives, all directions necessary to ensure that the Trustee
      complies with its obligations under any relevant Hedge Agreement
      including, without limitation:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                proposing
      a Replacement Provider (as defined in the relevant Hedge Agreement) under
      Section 15A(d)(ii) of the Basis Swap and Interest Rate Swap or Part
      5(9)(d)(ii) of the relevant Currency
Swap;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                ensuring
      that the Trustee designates an Early Termination Date pursuant to Section
      6(aa) of the relevant Currency Swap only at the direction of the Trust
      Manager;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                directing
      the Trustee to enter into a Replacement Currency Swap (as defined in
      Section 18(a) of the relevant Currency Swap) under Section 18(a) of the
      relevant Currency Swap;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                notifying
      the Swap Provider if the Trust Manager becomes actually aware of the
      occurrence of a Downgrade (as defined in the relevant Hedge
      Agreement);

              

      

       

      
        	
                 
      

              	
                (v)

              	
                where
      the Trustee has not established a Swap Collateral Account (as defined in
      the relevant Hedge Agreement) and the Swap Provider is required to deposit
      monies into a Swap Collateral Account, the Trust Manager must direct the
      Trustee to establish, as soon as is practicable, and maintain, in the name
      of the Trustee an account with an Approved Bank (as defined in the
      relevant Hedge Agreement); and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                ensuring
      that the Trustee only makes withdrawals from the Swap Collateral Account
      if directed to do so by the Trust
Manager.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      Trust Manager may from time to time direct the Trustee to, and on that
      direction, the Trustee will, enter into additional Interest Rate Swaps in
      relation to the interest rate risk arising from a Purchased Receivable
      which has (in whole or in part) a fixed rate of interest provided that the
      Trust Manager has given a Rating Notification in relation to the entering
      into of such additional Interest Rate
Swaps.

              

      

       

      
        	
                3.9

              	
                Financial
      product advice

              

      

       

      The
parties acknowledge that:

       

      
        	
                 
      

              	
                (a)

              	
                the
      Trust Manager may from time to time provide financial product
      advice (as defined in the Corporations Act) to the Trustee as
      contemplated by the Transaction Documents;
and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      Trustee may rely on that advice.

              

      

       

      
        	
                3.10

              	
                Trustee
      as trustee

              

      

       

      In this
Series Notice, except where provided to the contrary:

      
        
           

        

        
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                    Series [*] WST Trust Series Notice

                  	
                    

                  
	 
      	 
      

          

        

      

       

      
        	  	
                (a) 

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

              

      

       

      
        	
                 
      

              	
                (b)

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

              

      

       

      
        	
                3.11

              	
                Approved
      Seller's Involvement

              

      

       

      The
parties acknowledge that the Purchased Receivables are not deposits or other
liabilities of the Approved Seller.  Without limiting the Approved
Seller's liability with respect to any breach of its representations, warranties
or obligations under this Series Notice, the Approved Seller does not guarantee
the payment or repayment or the return of any principal invested in, or any
particular rate of return on the Purchased Receivables or the performance of any
Purchased Receivables purchased by the Trustee.

       

      
        	
                3.12

              	
                Transfer
      of Risk

              

      

       

      The
Approved Seller and the Trustee acknowledge that upon:

       

      
        	
                 
      

              	
                (a)

              	
                acceptance
      by the Trustee of a Sale Notice in accordance with this Series Notice;
      and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                payment
      by the Trustee of the consideration for the purchase of the Purchased
      Receivables in accordance with this Series
  Notice,

              

      

       

      the
Trustee will, subject to and in accordance with the Transaction Documents,
assume the risk of losses with respect to the Purchased Receivables arising from
the Trustee's interest in any Mortgage or Related Security relating to the
Purchased Receivables or otherwise, and without limiting the foregoing (but
subject to the terms of this Series Notice), if cash flows relating to the
Purchased Receivables are re-scheduled or re-negotiated, the Trustee will be
subject to the re-scheduled or re-negotiated terms.

       

      
        	
                3.13

              	
                Limitations
      on Obligations

              

      

       

      The
parties acknowledge and agree that:

       

      
        	
                 
      

              	
                (a)

              	
                the
      obligations of the Approved Seller and the Servicer are limited to those
      set out in the Transaction
Documents;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (without
      limiting the Approved Seller's or the Servicer's liability with respect to
      any breach of its representations, warranties or obligations under any
      Transaction Document) the Approved Seller and the Servicer, as applicable,
      has no liability to the Trustee with respect to a failure by an Obligor,
      or any other person, to perform its obligations under any Mortgage or
      Related Security; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      Servicer is only obliged to remit any Collections in respect of the
      Purchased Receivables (other than amounts payable by the Servicer from its
      own funds including amounts payable in respect of breaches by the Servicer
      of its obligations under the Transaction Documents) to the Trustee to the
      extent that these have been received by the
  Servicer.

              

      

      
        
           

        

        
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32

          
            

          

        

        
           

        

      

      
        

          
            	
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                    4.

                  	
                    Notes

                  
	 	 

          

        

      

       

      
        	
                4.1

              	
                Conditions
      of Notes

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      conditions of the Registered Notes will be as set out in the Master Trust
      Deed, as supplemented and amended by the provisions set out in this Series
      Notice.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      conditions of the US$ Notes will be as set out in the Master Trust Deed,
      the relevant Conditions and the Series
Notice.

              

      

       

      
        	
                4.2

              	
                Summary
      of conditions of Notes

              

      

       

      Under
clause 13.3 of the Master Trust Deed, the Trust Manager provides the following
information in respect of the Notes.

       

      
        
          
            
              
                
                  
                    
                      	
                              (a)           Class
      of Note:

                            	
                              There
      will be the following Classes of Notes:

                            
	 	 
	 
      	
                              (i)        
      [Class A1 Notes

                            
	 	 
	 
      	
                              (ii)        Class
      A2 Notes

                            
	 	 
	 
      	
                              (iii)       Class
      A3 Notes

                            
	 	 
	 
      	
                              (iv)       Class
      B Notes]

                            
	 	 
	
                              (b)           Total
      Initial Invested 

                                             
      Amount of each Class of 

                                  
                 Notes:

                            	
                              [Class
      A1 Notes – US$[*]

                                

                              Class
      A2 Notes – US$[*]

                                

                              Class
      A3 Notes – A$[*]

                                

                              Class
      B Notes – [A$*]]

                                

                            
	
                              (c)           Manner
      and order in which 

                               principal
      and interest is to 

                               be
      paid on Notes:

                            	
                              As
      set out in clause 5

                            
	
                              (d)           Margin:

                            	
                              (i)       [in
      the case of any Class A1 Note prior to the first Transfer Date, [*]%
      per annum, and thereafter the Reset Margin for the Class A1 Notes as
      determined under the Remarketing Agreement for each Transfer Date from
      time to time (which cannot exceed the Maximum Reset Margin at any
      time);

                                

                              (ii)       in
      the case of Class A2 Notes, [*]%
      per annum;

                                

                              (iii)      in
      the case of Class A3 Notes, [*]%
      per annum; and

                                

                              (iv)      in
      the case of Class B Notes, [*]%
      per
annum.]

                            

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
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                        (e)           Initial
      Invested Amount:

                      	
                        (i)       [Class
      A1 Notes - denominated with an Initial Invested Amount of US$100,000 per
      Note and in multiples of US$[1,000]]
      in excess thereof;

                            

                        (ii)      Class
      A2 Notes - denominated with an Initial Invested Amount of US$100,000 per
      Note and in multiples of US$[1,000]
      in excess thereof;

                            

                        (iii)     Class
      A3 Notes – denominated with an Initial Invested Amount of A$100,000 per
      Note;

                             

                        (iv)     Class
      B Notes – denominated with an Initial Invested Amount of A$100,000 per
      Note.]

                      
	 	 
	
                        (f)           Rating:

                      	
                        (i)       [Class
      A1 Notes – A1+ short term rating and AAA long term rating from S&P,
      P-1 short term rating and Aaa long term rating from Moody's;

                            

                        (ii)      Class
      A2 Notes – AAA (S&P)/Aaa (Moody's);

                          

                        (iii)     Class
      A3 Notes – AAA (S&P)/Aaa (Moody's);

                          

                        (iv)     Class
      B Notes – AA (S&P)/Aa2 (Moody's).]

                      
	 	 
	
                        (g)           Issue
      Price:

                      	
                        (i)       [Class
      A1 Notes – issued at par value;

                          

                        (ii)      Class
      A2 Notes – issued at par value;[

                          

                        (iii)     Class
      A3 Notes – issued at par value;]

                          

                        (iv)     Class
      B Notes – issued at par value.]

                      
	 	 
	
                        (h)           Payment
      Dates:

                      	
                        (i)       [Class A2 Notes – the [23rd]
      day of each Quarter (Sydney time);[

                            

                        (ii)      Class
      A3 Notes – the [23rd]
      day of each Quarter (Sydney time);

                          

                        (iii)     Class B
      Notes – the [23rd]
      day of each Quarter (Sydney time);

                         
       

                        The
      first Payment Date for the Class A2 Notes will be [*]
      (New York time), the first Payment Date for the Class A3 Notes will be
      [*]
      (Sydney time) and the first Payment Date for the Class B Notes will be
      [*]
      (Sydney
time).]

                      

              

            

          

        

      

       

      
        
           

        

        
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                    (i)           
      [Class A1 Payment Dates:

                  	
                    The
      [23rd]
      day of each month.

                       

                    The
      first Class A1 Payment Date  with be [*] (New York time).]

                  
	 	 
	
                    (j)           
      Maturity Date:

                  	
                    [The
      Class A1 Notes,] the Class A2 Notes, the Class A3 Notes and the Class B
      Notes: the Payment Date falling in
[*].

                  

          

        

      

       

      
        	
                4.3

              	
                Issue
      of Notes

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Registered
      Notes must be issued in minimum parcels or subscriptions which have an
      aggregate Initial Invested Amount of A$500,000, (disregarding any amount
      payable to the extent to which it is to be paid out of money lent by the
      person offering the Registered Notes or an associate (as defined in
      Division 2 of Part 2.1 of the Corporations Act)) or must otherwise
      constitute an issue that need not be disclosed under Part 6D.2 of the
      Corporations Act.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                US$
      Notes must be issued in amounts, or on terms, that their offer for
      subscription and their issue will comply with the United States Securities
      Act of 1933, the United States Securities Exchange Act of 1934, all
      regulations made under or in relation to them, and all other laws or
      regulations of any jurisdiction of the United States of America regulating
      the Offer or issue of, or subscription for,
  Notes.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                No
      Registered Note has been or will be registered under the Securities Act
      and the Registered Notes may not be offered or sold within the United
      States or to, or for the account of benefit of, US persons except in
      accordance with Regulation S under the Securities Act or pursuant to
      an exemption from the registration requirements of the Securities
      Act.  Terms used in this paragraph have the meanings given to
      them by Regulation S under the Securities
Act.

              

      

       

      
        	
                4.4

              	
                Trustee's
      Covenant to Noteholders

              

      

       

      Subject
to the terms of the Master Trust Deed and this Series Notice, the
Trustee:

       

      
        	
                 
      

              	
                (a)

              	
                acknowledges
      its indebtedness in respect of the Invested Amount of each Note;
      and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                covenants
      with the Security Trustee and with the Note Trustee for the benefit of
      each Noteholder:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                to
      make all payments on or in respect of the Notes held by that Noteholder on
      the due date for payment;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                to
      comply with the terms of this Series Notice and the Transaction Documents
      to which it is a party; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                to
      pay the Invested Amount in relation to the Notes held by that Noteholder
      on the Maturity Date.

              

      

      
        
           

        

        
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                4.5

              	
                Repayment
      of Notes on Payment Dates

              

      

       

      
        	
                 
      

              	
                (a)

              	
                On
      each Payment Date for a Note, the Invested Amount of that Note shall be
      reduced by, and the obligations of the Trustee with respect to that Note
      shall be discharged to the extent of, the amount of the Principal Payment
      made on that Payment Date in respect of that
  Note.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                All
      payments of principal on US$ Notes will be made in United States
      dollars.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                All
      payments of principal on Registered Notes will be made in Australian
      dollars.

              

      

       

      
        	
                4.6

              	
                Final
      Redemption

              

      

       

      Each Note
shall be redeemed in full, and the obligations of the Trustee with respect to
the payment of the Invested Amount of that Note shall be finally discharged, on
the first to occur of:

       

      
        	
                 
      

              	
                (a)

              	
                the
      date upon which the Invested Amount of that Note is reduced to
      zero;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      the Stated Amount is less than the Invested Amount, the date on which the
      Stated Amount of that Note is reduced to
zero;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      date upon which the relevant Noteholder renounces all of its rights to any
      amounts payable under or in respect of that Note;
  and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                the
      Payment Date immediately following the date on which the Trustee completes
      a sale and realisation of all Assets of the Trust in accordance with the
      Master Trust Deed or this Series
Notice.

              

      

       

      
        	
                4.7

              	
                Period
      During Which Interest Accrues

              

      

       

      Each Note
bears interest calculated and payable in arrear in accordance with this Series
Notice from and including the Closing Date to but excluding the date upon which
that Note is finally redeemed under clause 4.6.

       

      
        	
                4.8

              	
                Calculation
      of Interest

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to paragraph (b), interest payable
on:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                [(other
      than a Class A1 Note)] each Note in respect of each Coupon Period is
      calculated:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                on
      a daily basis at the applicable Coupon
Rate;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                on
      the Invested Amount of that Note as at the first day of that Coupon
      Period; and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                on
      the basis of the actual number of days in that Coupon Period and a year of
      365 days (in the case of Registered Notes) or 360 days (in the case of
      Class A2 Notes),

              

      

       

      and shall
accrue due from day to day; and

       

      
        	
                 
      

              	
                (ii)

              	
                [each
      Class A1 Note in respect of each Class A1 Coupon Period is
      calculated:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                on
      a daily basis at the applicable Coupon
Rate;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                on
      the Invested Amount of that Class A1 Note as at the first day of that
      Class A1 Coupon Period; and

              

      

      
        
           

        

        
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                (C)

              	
                on
      the basis of the actual number of days in that Class A1 Coupon Period and
      a year of 360 days,

              

      

       

      and shall
accrue due from day to day.]

       

      
        	
                 
      

              	
                (b)

              	
                No
      interest will accrue on any Note for the period from and
      including:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      date on which the Stated Amount of that Note is reduced to zero;
      or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                in
      the case of a US$ Note, if the Stated Amount of the US$ Note on the due
      date for redemption is not zero, the due date for redemption of the US$
      Note, unless, after the due date for redemption, payment of principal due
      is improperly withheld or refused, following which interest shall continue
      to accrue on the Invested Amount of the US$ Note at the rate from time to
      time applicable to the US$ Note
until:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the
      moneys in respect of that US$ Note have been received by the Note Trustee
      or the Principal Paying Agent and notice to that effect is given in
      accordance with the relevant Conditions;
or

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      Stated Amount of that US$ Note has been reduced to
  zero.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                All
      payments of interest on US$ Notes will be made in United States
      dollars.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                All
      payments of interest on Registered Notes will be made in Australian
      dollars.

              

      

       

      
        	
                4.9

              	
                Aggregate
      receipts

              

      

       

      Notwithstanding
anything in clauses 5.13 to 5.19 (inclusive), no Noteholder will be entitled to
receive aggregate principal under any of those clauses on any Note in excess of
the Stated Amount for that Note.

       

      
        	
                4.10

              	
                Step-Up
      Margin

              

      

       

      Subject
to clause 19.4, if the Trustee does not redeem all of a Class of Notes on the
Call Option Date (the Step-Up Margin
Date), the Coupon Rate for that Class of Notes will increase with effect
from the Payment Date immediately following the Call Option Date by the
following percentages per annum (each a Step-Up
Margin):

       

      
        	
                 
      

              	
                (a)

              	
                in
      the case of the Class A1 Notes, [*]%
      per annum;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      the case of the Class A2 Notes, [*]%
      per annum;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      the case of the Class A3 Notes, [*]%
      per annum; and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                in
      the case of the Class B Notes, [*]%
      per annum.

              

      

       

      
        	
                4.11

              	
                [Class
      A1 Note Arrangements

              

      

       

      By its
acquisition of any Class A1 Note, each Class A1 Noteholder acknowledges that any
Class A1 Note it purchases will be subject to the Class A1 Arrangements and it
consents to the Class A1 Arrangements.]

      
        
           

        

        
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                    5.

                  	
                    Cashflow
      Allocation Methodology

                  
	 	 

          

        

      

       

      
        	
                5.1

              	
                General

              

      

       

      Collections
and other amounts credited to the Collection Account will be allocated by the
Trust Manager, and paid by the Trustee as directed by the Trust Manager, as set
out in this clause 5.

       

      
        	
                5.2

              	
                Determination
      Date - Calculations

              

      

       

      
        	
                 
      

              	
                (a)

              	
                On
      each Determination Date, the Trust Manager will, in respect of the
      Collection Period ending before that Determination Date, calculate or
      otherwise ascertain:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Available Income;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Total Available Funds;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                in
      the case of the first Determination Date, the Accrued Interest Adjustment
      payable to each Approved Seller;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                the
      aggregate of all Redraws made during that Collection
    Period;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                the
      Redraw Shortfall;

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                the
      Trust Expenses;

              

      

       

      
        	
                 
      

              	
                (vii)

              	
                [the
      Subordinated Percentage;]

              

      

       

      
        	
                 
      

              	
                (viii)

              	
                the
      Total Payments;

              

      

       

      
        	
                 
      

              	
                (ix)

              	
                the
      Payment Shortfall (if any);

              

      

       

      
        	
                 
      

              	
                (x)

              	
                the
      Principal Draw (if any) for that Collection Period, together with all
      Principal Draws made before the start of that Collection Period and not
      repaid;

              

      

       

      
        	
                 
      

              	
                (xi)

              	
                the
      Gross Principal Collections;

              

      

       

      
        	
                 
      

              	
                (xii)

              	
                the
      Principal Collections;

              

      

       

      
        	
                 
      

              	
                (xiii)

              	
                the
      Excess Available Income (if any);

              

      

       

      
        	
                 
      

              	
                (xiv)

              	
                the
      Excess Collections Distribution (if
any);

              

      

       

      
        	
                 
      

              	
                (xv)

              	
                the
      Liquidity Shortfall (if any);

              

      

       

      
        	
                 
      

              	
                (xvi)

              	
                the
      Remaining Liquidity Shortfall (if
any);

              

      

       

      
        	
                 
      

              	
                (xvii)

              	
                the
      aggregate of all Liquidation Losses (if
any);

              

      

       

      
        
          	  	
                  (xviii)

                	
                  the
      Principal Charge Off (if
any);

                

        

      

       

      
        	
                 
      

              	
                (xix)

              	
                [the
      Class A1 Percentage,] the Class A2 Percentage, the Class A3 Percentage,
      the Class A Percentage and the Class B
  Percentage;

              

      

       

      
        	
                 
      

              	
                (xx)

              	
                each
      Class A Bond Factor and the Class B Bond
Factor;

              

      

       

      
        	
                 
      

              	
                (xxi)

              	
                the
      Class A Charge Offs, the Class B Charge Offs and Redraw Charge Offs (if
      any);

              

      

       

      
        	
                 
      

              	
                (xxii)

              	
                all
      Carryover Charge Offs (if any);

              

      

       

      
        
          	  
    	
                  (xxiii)

                	
                  the
      Purchase Price adjustment calculated under paragraph 4(c) of the Sale
      Notice;

                

        

      

      
        
           

        

        
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                  (xxiv)

                	
                  if
      required by clause 10, the Threshold Rate at that Determination
      Date;

                

        

      

       

      
        
          	  	
                  (xxv)

                	
                  total
      Prepayment Costs (if any);

                

        

      

       

      
        
          	  	
                  (xxvi)

                	
                  total
      Prepayment Benefits (if any);

                

        

      

       

      
        
          	  	
                  (xxvii)

                	
                  the
      Prepayment Cost Surplus (if
any);

                

        

      

       

      
        
          	  	
                  (xxviii)

                	
                  the
      Prepayment Benefit Shortfall (if
any);

                

        

      

       

      
        
          	  	
                  (xxix)

                	
                  the
      Quarterly Percentage;

                

        

      

       

      
        
          	  	
                  (xxx)

                	
                  each
      US$ Equivalent amount and each A$ Equivalent amount, required to be
      calculated under this Series
Notice;

                

        

      

       

      
        
          	  	
                  (xxxi)

                	
                  [Three
      Month] LIBOR as at the first day of the Coupon Period ending before that
      Determination Date as calculated by the Calculation
  Agent;

                

        

      

       

      
        
          	  	
                  (xxxii)

                	
                  [One
      Month LIBOR as at the first day of the Class A1 Coupon Period ending
      before that Class A1 Determination Date as calculated by the Calculation
      Agent;]

                

        

      

       

      
        
          	  	
                  (xxxiii)

                	
                  Bank
      Bill Rate as at the first day of the Coupon Period ending before that
      Determination Date; and

                

        

      

       

      
        
          	  	
                  (xxxiv)

                	
                  all
      other calculations necessary for the Trustee to make allocations and
      distributions under this clause 5 and the relevant
    Conditions.

                

        

      

       

      
        	
                 
      

              	
                (b)

              	
                [On
      each Class A1 Determination Date which is not also a Determination Date,
      the Trust Manager will calculate or otherwise ascertain the A$ Class A1
      Coupon Amount for the following Class A1 Payment Date and the Income then
      available to be paid to the Currency Swap Provider under the Class A1
      Currency Swap with respect to that A$ Class A1 Coupon
    Amount.]

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Trust Manager must:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                notify
      the Trustee [and Westpac] of each of the amounts, percentages and rates
      calculated by it in paragraph (a);

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                instruct
      the Trustee as to the payments to be made by the Trustee on the relevant
      Payment Date; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                by
      no later than 4.00pm (Sydney time) on the Determination Date, notify the
      Currency Swap Provider and the Principal Paying Agent of the amounts to be
      paid to the Currency Swap Provider under
  clauses:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                5.10
      and 5.11;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                5.14
      or 5.15 (as the case may be); and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                5.16
      (if relevant).

              

      

       

      
        	
                5.3

              	
                Redraws

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Approved Seller, after receiving confirmation that it may do so from the
      Trust Manager, may make Redraws to Obligors under Purchased Receivables so
      that the then scheduled principal balance of those Purchased Receivables
      is not exceeded.

              

      

      
        
           

        

        
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                (b)

              	
                The
      Trustee and the Trust Manager irrevocably authorise Westpac to deduct and
      reimburse itself from Gross Principal Collections received by it (whether
      in its capacity as Servicer or otherwise) the total amount of all Redraws
      provided by Westpac in relation to Purchased Receivables, to the extent
      that Westpac has not previously been reimbursed in relation to any Redraws
      under this paragraph or the Redraw
Facility.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Servicer will, at the end of each Collection Period, notify the Trust
      Manager of the amounts calculated by the Servicer under clauses
      5.2(a)(iv), 5.2(a)(v) and
[5(a)(vi)].

              

      

       

      
        	
                 
      

              	
                (d)

              	
                If
      the Trust Manager determines on any Determination Date that there is a
      Redraw Shortfall, the Trust Manager must on that date direct the Trustee
      to make a drawing under the Redraw Facility on or before the Payment Date
      following that Determination Date up to the amount which the Trustee is
      permitted to draw under clause 3.1(c) of the Redraw Facility
      Agreement.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                The
      Trustee must, if so directed by the Trust Manager but subject to the terms
      of the Redraw Facility Agreement, on or before the relevant Payment Date,
      make that drawing and pay that amount to Westpac in or towards
      reimbursement of Redraws provided by Westpac in relation to Purchased
      Receivables.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                The
      Trustee shall not be in default under any Transaction Document (and in
      particular it shall not be an Event of
      Default under the Security Trust Deed) if Westpac is not reimbursed
      for Redraws in relation to Purchased Receivables funded by
      Westpac.  This paragraph (e) does not limit Westpac's rights
      under the Security Trust Deed in respect of those
  Redraws.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                Amounts
      paid to Westpac under paragraphs (b) or (e) are paid by way of further
      consideration for the assignment to Westpac of the Purchased Receivables
      on acceptance by the Trustee of the offer contained in the relevant Sale
      Notice.

              

      

       

      
        	
                5.4

              	
                Determination
      Date - Payment Shortfall

              

      

       

      If the
Trust Manager determines on any Determination Date that there is a Payment
Shortfall for the relevant Collection Period the Trust Manager must direct the
Trustee to pay out of Principal Collections, as an Initial Principal
Distribution under clause 5.13, an amount (the Principal
Draw) equal to the lesser of:

       

      
        	
                 
      

              	
                (a)

              	
                the
      Payment Shortfall; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      amount of Principal Collections available for distribution on the Payment
      Date following that Determination
Date.

              

      

       

      
        	
                5.5

              	
                Determination
      Date - Liquidity Shortfall

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      the Trust Manager determines on any Determination Date that there is a
      Liquidity Shortfall for the relevant Collection Period the Trust Manager
      must on that date direct the Trustee to make a Liquidity Draw on or before
      the Payment Date following that Determination Date equal to the amount
      which the Trustee is permitted to draw under clause 3.1 of the Liquidity
      Facility Agreement.

              

      

      
        
           

        

        
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                (b)

              	
                The
      Trustee must, if so directed by the Trust Manager but subject to the terms
      of the Liquidity Facility Agreement, make that Liquidity Draw and have the
      proceeds of the Liquidity Draw deposited into the Collection Account on or
      before 11.00 am (Sydney time) on the Payment Date.  The Trust
      Manager must deal with the amount so deposited in accordance with this
      clause 5.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If
      the Liquidity Facility Agreement is terminated, the Trust Manager or a
      unanimous resolution of the Voting Mortgagees (as defined in the Security
      Trust Deed) may direct the Trustee to enter into a new Liquidity Facility
      Agreement on the same terms as the terminated Liquidity Facility
      Agreement, provided that the Trust Manager has given a Rating Notification
      in relation to the new Liquidity Facility
  Agreement.

              

      

       

      
        	
                5.6

              	
                Allocating
      Liquidation Losses

              

      

       

      On each
Determination Date, the Trust Manager must determine, in relation to the
aggregate of all Liquidation Losses arising during that Collection
Period:

       

      
        	
                 
      

              	
                (a)

              	
                the
      amount of those Liquidation Losses which is attributable to interest, fees
      and expenses in relation to the relevant Purchased Receivables (Finance
      Charge Loss); and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      amount of those Liquidation Losses which is attributable to principal in
      relation to the relevant Purchased Receivables (Principal
      Loss),

              

      

       

      on the
basis that all Liquidation Proceeds actually received by or on behalf of the
Trustee in relation to a Purchased Receivable are applied first against
interest, fees and other Enforcement Expenses (other than Property Restoration
Expenses) relating to that Purchased Receivable, and then against the Housing
Loan Principal and Property Restoration Expenses relating to that Purchased
Receivable.

       

      
        	
                5.7

              	
                Insurance
      claims

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If,
      on any Determination Date, the Trust Manager determines that there has
      been a Liquidation Loss in relation to a Purchased Receivable, the Trust
      Manager shall direct the Servicer (if the Servicer has not already done
      so), promptly, and in any event within 20 Business Days of that notice, to
      make a claim under the relevant Mortgage Insurance Policy if it has not
      already done so.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Upon
      receipt of any amount under or in respect of a Mortgage Insurance Policy
      in payment of a claim referred to in paragraph (a), the Trust Manager must
      determine which part of the amount is attributable to interest, fees and
      other amounts in the nature of income, and which part of that amount is
      attributable to principal.

              

      

       

      
        	
                5.8

              	
                Remittance
      Date

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to paragraph (c), by no later than 4.00 pm (Sydney time) on the Remittance
      Date for a Collection Period, the Trust Manager must deposit or use its
      best endeavours to procure that Westpac  (whether in its
      capacity as Servicer or otherwise) deposits, in the Collection Account all
      Available Income and Principal Collections for that Collection Period to
      the extent received on or before that
time.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trust Manager must direct the Trustee
to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                apply
      amounts credited to the Collection Account in making payments in discharge
      of the Trustee's obligations under this clause 5;
  and

              

      

      
        
           

        

        
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                (ii)

              	
                make
      the applications and reinstatements required or contemplated by this
      clause 5,

              

      

       

      in each
case, under and in accordance with this clause 5.

       

      
        	
                 
      

              	
                (c)

              	
                If
      Westpac's long term credit rating is less than Baa2 from Moody's, the
      Trust Manager must deposit or use its best endeavours to procure that
      Westpac (whether in its capacity as Servicer or otherwise) deposits, in
      the Collection Account all Available Income and Principal Collections for
      that Collection Period within three Business Days of
    receipt.

              

      

       

      
        	
                5.9

              	
                Payment
      - Purchase Price adjustment

              

      

       

      The
Trustee shall make the Purchase Price adjustment on the relevant Payment Date as
provided in paragraph 4(c) of each Sale Notice.

       

      
        	
                5.10

              	
                Total
      Payments

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to paragraph (b) and clause 5.16, on each Payment Date, and based on the
      calculations and instructions provided to it by the Trust Manager under
      clause 5.2(c), the Trustee must pay out of Total Available Funds[, to the
      extent such amounts have not been distributed on a Class A1 Payment Date,]
      in relation to the Collection Period ending immediately before that
      Payment Date, the following amounts in the following order of
      priority:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                first,
      an amount up to any Accrued Interest Adjustment required to be paid to the
      Approved Seller (the Trustee acknowledges and agrees that it has no
      entitlement to the moneys comprising the Accrued Interest
      Adjustment);

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                second,
      Trust Expenses which have been incurred prior to that Payment Date and
      which have not previously been paid or reimbursed under an application of
      this clause 5.10 (in the order of priority set out in the definition of
      Trust
      Expenses);

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                third,
      pari passu and rateably as between themselves, any amounts payable under
      any Support Facility (other than a Currency Swap),
    including:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the
      net amount (if any) payable by the Trustee under the Basis
      Swap;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      net amount (if any) payable by the Trustee under each Interest Rate
      Swap;

              

      

       

      
        	
                 
      

              	
                (C)

              	
                any
      interest or fees payable by the Trustee under the Liquidity Facility
      Agreement, and;

              

      

       

      
        	
                 
      

              	
                (D)

              	
                any
      interest payable by the Trustee under the Redraw Facility
      Agreement,

              

      

       

      but not
including amounts due under paragraph (iv), paragraph (v) or paragraph
(vi);

       

      
        	
                 
      

              	
                (iv)

              	
                fourth,
      any repayment of a Liquidity Draw made on or prior to the previous Payment
      Date;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                fifth,
      pari passu and rateably as between
themselves:

              

      

      
        
           

        

        
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                (A)

              	
                [the
      payment to the Currency Swap Provider under any Confirmations relating to
      the Class A1 Notes of the A$ Class A1 Coupon Amount at that
      date;]

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      payment to the Currency Swap Provider under any Confirmations relating to
      the Class A2 Notes of the A$ Class A2 Coupon Amount at that date;
      and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                the
      payment to the Class A3 Noteholders of Class A3 Coupon at that
      date;

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                sixth,
      any fee payable by the Trustee under the Redraw Facility
      Agreement;

              

      

       

      
        	
                 
      

              	
                (vii)

              	
                seventh,
      the payment to the Class B Noteholders of the Class B Coupon as
      at that date; and

              

      

       

      
        	
                 
      

              	
                (viii)

              	
                eighth,
      any fees or expenses which constitute Trust Expenses payable to Westpac,
      under sub-paragraph (ii) but which the Trustee and Westpac have expressly
      agreed in writing not to treat as Trust Expenses for the purposes of
      sub-paragraph (ii).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee shall only make a payment under any of sub-paragraphs (a)(i) to
      (a)(viii) inclusive to the extent that any Total Available Funds remain
      from which to make the payment after amounts with priority to that payment
      have been distributed.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Trustee shall only make a payment under sub-paragraph (a)(viii) to the
      extent that any Total Available Funds used to make such payment do not
      include any proceeds from a Liquidity Draw made under clause
      5.5;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                For
      the purposes of sub-paragraph 5.10(a)(ii) and (viii), if any Trust
      Expenses are, or are to be, denominated in US$, the Trustee may, at the
      direction of the Trust Manager, convert those Trust Expenses to
      US$.  Neither the Trustee nor the Trust Manager will be liable
      to any person with respect to any such
  conversion.

              

      

       

      
        
          	
                   
      

                	
                  (e)

                	
                  [(i)

                	
                  On
      each Class A1 Payment Date which is not also a Payment Date, subject to
      clause 5.16, and based on the calculations, instructions and directions
      provided to it by the Trust Manager under clause 5.2 on or before the
      relevant Class A1 Determination Date, the Trustee must pay or cause to be
      paid out of the Available Income held by the Trustee as at the day which
      is 2 Business Days prior to that Class A1 Determination Date, the payment
      to the Currency Swap Provider under any Confirmations relating to the
      Class A1 Notes of the A$ Class A1 Coupon Amount at that
    date.

                

        

      

       

      
        	
                 
      

              	
                (ii)

              	
                The
      Trust Manager must direct the Trustee to, and on that direction, the
      Trustee must, pay any amounts received by the Trustee under the Class A1
      Currency Swap in respect of a payment under sub-paragraph [*] pari passu
      and rateably to the Class A1 Notes as the payment of the Class A1 Coupon
      at the relevant Class A1 Payment
Date.]

              

      

       

      
        	
                5.11

              	
                Excess
      Available Income - reimbursement of Charge Offs and Principal
      Draws

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to paragraph (b) and clause 5.22, on each Determination Date, the Trust
      Manager must apply any Excess Available Income for the Collection Period
      relating to that Determination Date in the following order of priority
      (and must direct the Trustee to pay, and the Trustee must pay, the
      relevant amounts accordingly on the following Payment Date in that order
      of priority):

              

      

      
        
           

        

        
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                (i)

              	
                first,
      the Excess Available Income must be applied in payment of all Principal
      Charge Offs for that Collection
Period;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                second,
      the balance of the Excess Available Income (after application under
      paragraph (i)) must be applied pari passu and rateably between themselves
      (based on the Principal Outstanding and the A$ Equivalent of the Stated
      Amount of the Class A Notes):

              

      

       

      
        	
                 
      

              	
                (A)

              	
                as
      a repayment under the Redraw Facility Agreement, as a reduction of, and to
      the extent of any Carryover Redraw Charge
Offs;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                [as
      a payment, to the Currency Swap Provider under the Confirmations relating
      to the Class A1 Notes, of the A$ Equivalent of any Carryover Class A1
      Charge Offs;]

              

      

       

      
        	
                 
      

              	
                (C)

              	
                as
      a payment, to the Currency Swap Provider under the Confirmations relating
      to the Class A2 Notes, of the A$ Equivalent of any Carryover Class A2
      Charge Offs; and

              

      

       

      
        	
                 
      

              	
                (D)

              	
                as
      a payment, to the holders of the Class A3 Notes in or towards reinstating
      the Stated Amount of the Class A3 Notes, to the extent of any Carryover
      Class A3 Charge Offs;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                third,
      the balance of the Excess Available Income (after application under
      paragraphs (i) and (ii)) must be applied in reinstating the Stated Amount
      of the Class B Notes, to the extent of Carryover Class B Charge
      Offs;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                fourth,
      the balance of the Excess Available Income (after application under
      paragraphs (i) to (iii) inclusive) must be applied to all Principal Draws
      which have not been repaid as at that Payment
  Date;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                fifth,
      any Settlement Amount (as defined in the relevant Currency Swap) payable
      to the Currency Swap Provider under a Currency Swap where the Currency
      Swap Provider is the Defaulting Party;
and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                sixth,
      the balance of the Excess Available Income (after application under
      paragraphs (i) to (iv) inclusive) must be applied to any fee agreed
      between Westpac, the Trustee and the Trust Manager as payable to Westpac
      as the Approved Seller.

              

      

       

      Any
amount applied pursuant to sub-paragraphs (i) to (vi) (inclusive) above will be
treated as having been made using Principal Collections to the extent of that
application, and in the case of amounts paid under sub-paragraph (ii) or (vi)
will be paid on the Payment Date following that Determination Date.

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee shall only make an application or payment under any of
      sub-paragraphs (a)(i) to (a)(vi) inclusive to the extent that any Excess
      Available Income remains from which to make the application or payment
      after amounts with priority to that application or payment have been
      distributed.

              

      

      
        
           

        

        
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                5.12

              	
                Excess
      Collections Distribution

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Trustee must pay any Excess Collections Distribution for a Collection
      Period to the Residual Income Beneficiary on the Payment Date following
      that Collection Period.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee may not recover any Excess Collections Distribution from the
      Residual Income Beneficiary once it is paid to the Residual Income
      Beneficiary except where there has been an error in the relevant
      calculation of the Excess Collections
  Distribution.

              

      

       

      
        	
                5.13

              	
                Initial
      Principal Distributions

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Subject
      to paragraph (b) and clause 5.22, on each Payment Date, and based on the
      calculations and instructions provided to it by the Trust Manager under
      clause 5.2[(c)], the Trustee must distribute out of Principal Collections,
      in relation to the Collection Period ending immediately before that
      Payment Date, the following amounts in the following order of
      priority:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                first,
      to reimburse any Redraws provided by Westpac in relation to Purchased
      Receivables to the extent that it has not previously been reimbursed in
      relation to those Redraws under clause
5.3;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                second,
      to repay all Principal Outstanding under the Redraw Facility Agreement on
      that Payment Date; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                third,
      to allocate to Total Available Funds any Principal Draw calculated in
      accordance with clause 5.4.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee shall only make a payment under any of sub-paragraphs (a)(i) to
      (a)(iii) (inclusive) to the extent that any Principal Collections remain
      from which to make the payment after amounts with priority to that payment
      have been distributed.

              

      

       

      
        	
                5.14

              	
                Principal
      Payments - Sequential Method

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      on any Determination Date clause 5.15 does not apply, the Trustee must
      (subject to paragraph (b)), based on the instructions given to it by the
      Trust Manager, on the Payment Date following that Determination Date, pay
      out of Principal Collections for the Collection Period ending immediately
      before that Payment Date the following amounts in the following order of
      priority (the Sequential
      Method):

              

      

       

      
        	
                 
      

              	
                (i)

              	
                first,
      all the Initial Principal Distributions for the Collection Period ending
      immediately before that Payment
Date;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                second,
      pari passu and rateably between
themselves:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                [as
      a payment, denominated in A$ to the Currency Swap Provider under the Class
      A1 Currency Swap, of an amount equal to the lesser
  of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A1 Percentage of the amount available for distribution under this
      sub-paragraph (ii) after all Initial Principal Distributions;
      and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      A$ Equivalent of the Stated Amounts for all Class A1
    Notes;]

              

      

      
        
           

        

        
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                (B)

              	
                as
      a payment, denominated in A$ to the Currency Swap Provider under the Class
      A2 Currency Swap, of an amount equal to the lesser
  of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A2 Percentage of the amount available for distribution under this
      sub-paragraph (ii) after all Initial Principal Distributions;
      and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      A$ Equivalent of the Stated Amounts for all Class A2 Notes;
      and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                as
      a payment, to the Class A3 Noteholders of an amount equal to the lesser
      of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A3 Percentage of the amount available for distribution under this
      sub-paragraph (ii) after all Initial Principal Distributions;
      and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      Stated Amounts for all Class A3 Notes (after all applications of other
      amounts on that Payment Date); and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                third,
      as a payment to the Class  B Noteholders of an amount equal to the
      lesser of:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the
      amount available for distribution under this sub-paragraph (iii) after the
      application of sub-paragraphs (i) and (ii);
and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      Stated Amounts for all Class B Notes (after all applications of other
      amounts on that Payment Date).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee shall only make a payment under any of sub-paragraphs (a)(i) to
      (a)(iii) inclusive to the extent that any Principal Collections remain
      from which to make the payment after amounts with priority to that payment
      have been distributed.

              

      

       

      
        	
                5.15

              	
                Principal
      Payments - Serial Method

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      on any Determination Date:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Subordinated Percentage at the current Determination Date is greater than
      or equal to [*]%; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Total Invested Amount as at that Determination Date, as a percentage of
      the Total Initial Invested Amount, is greater than or equal to [*]%;
      and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Average Quarterly Percentage as at that Determination Date
      either:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                does
      not exceed [*]% and the Total Carryover Charge Off on that Determination
      Date does not exceed [*]% of the Class B Initial Invested Amount;
      or

              

      

       

      
        	
                 
      

              	
                (B)

              	
                does
      not exceed [*]% and the Total Carryover Charge Off on that Determination
      Date does not exceed [*]% of the Class B Initial Invested
      Amount,

              

      

       

      
        then the
Trustee must (subject to paragraph (b)), based on the calculations and
instructions given to it by the Trust Manager under clause 5.2(c), on the
Payment Date following that Determination Date, pay out of Principal Collections
for the Collection Period ending immediately before that Payment Date the
following amounts in the following order of priority:

      

      
        
           

        

        
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                (iv)

              	
                first,
      all the Initial Principal Distributions for the Collection Period ending
      immediately before that Payment
Date;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                second,
      pari passu and rateably between [the Class A1 Notes,] the Class A2 Notes
      and the Class A3 Notes:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                [as
      a payment, denominated in A$ to the Currency Swap Provider under the Class
      A1 Currency Swap, of an amount equal to the lesser
  of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A1 Percentage of the sum of:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Class A Percentage of Net Principal Distributions;
  and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      then Class A Payment Percentage of the then Class B Percentage of the Net
      Principal Distributions; and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      A$ Equivalent of the Stated Amounts for all Class A1
    Notes;]

              

      

       

      
        	
                 
      

              	
                (B)

              	
                as
      a payment, denominated in A$ to the Currency Swap Provider under the Class
      A2 Currency Swap, of an amount equal to the lesser
  of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A2 Percentage of the sum of:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Class A Percentage of Net Principal Distributions;
  and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      then Class A Payment Percentage of the then Class B Percentage of the Net
      Principal Distributions; and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      A$ Equivalent of the Stated Amounts for all Class A2 Notes;
      and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                as
      a payment to the Class A3 Noteholders of an amount equal to the lesser
      of:

              

      

       

      
        	
                 
      

              	
                (1)

              	
                the
      Class A3 Percentage of the sum of:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Class A Percentage of Net Principal Distributions;
  and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      then Class A Payment Percentage of the then Class B Percentage of the Net
      Principal Distributions; and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                the
      Stated Amounts for all Class A3 Notes (after all applications of other
      amounts on that Payment Date); and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                third,
      as a payment to the Class B Noteholders of an amount equal to the
      lesser of:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the
      then Class B Payment Percentage of the then Class B Percentage of the Net
      Principal Distributions; and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      Stated Amounts for all Class B Notes (after all applications of other
      amounts on that Payment Date).

              

      

      
        
           

        

        
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                (b)

              	
                The
      Trustee shall only make a payment under sub-paragraphs (iv) to (vi)
      inclusive to the extent that any Principal Collections remain from which
      to make the payment after amounts with priority to that payment have been
      distributed.

              

      

       

      
        	
                5.16

              	
                Remaining
      Liquidity Shortfall

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      there is a Remaining Liquidity Shortfall for a Collection Period, the
      Trust Manager on behalf of the Trustee shall reduce [the A$ Class A1
      Coupon Amount,] the A$ Class A2 Coupon Amount, the Class A3 Coupon and the
      Class B Coupon, in each case in relation to that Collection Period, as
      follows:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Remaining Liquidity Shortfall shall first reduce the Class B Coupon
      payable to the Class B Noteholders on the relevant Payment Date;
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                if
      the Class B Coupon payable on the relevant Payment Date relating to the
      Class B Notes has been reduced to zero and any Remaining Liquidity
      Shortfall remains, the excess Remaining Liquidity Shortfall shall
      reduce:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                [the
      A$ Class A1 Coupon Amount payable to the Currency Swap Provider under the
      Class A1 Currency Swap;]

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      A$ Class A2 Coupon Amount payable to the Currency Swap Provider under the
      Class A2 Currency Swap;

              

      

       

      
        	
                 
      

              	
                (C)

              	
                the
      Class A3 Coupon; and

              

      

       

      
        	
                 
      

              	
                (D)

              	
                any
      draw fee under clause 4.2 of the Redraw Facility
  Agreement,

              

      

       

      for that
Payment Date, on that Payment Date, pari passu and rateably among
themselves.

       

      
        	
                 
      

              	
                (b)

              	
                [If
      there is any reduction in the A$ Class A1 Coupon Amount payable to the
      Currency Swap Provider on a Payment Date under clause 5.16(a) above, the
      Trust Manager on behalf of the Trustee shall on that Payment Date reduce
      the Class A1 Coupon for that Payment Date by the same proportion as the
      reduction in the A$ Class A1 Coupon
Amount.]

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If
      there is any reduction in the A$ Class A2 Coupon Amount payable to the
      Currency Swap Provider on a Payment Date under clause 5.16(a) above, the
      Trust Manager on behalf of the Trustee shall on that Payment Date reduce
      the Class A2 Coupon for that Payment Date by the same proportion as the
      reduction in the A$ Class A2 Coupon
Amount.

              

      

       

      
        	
                5.17

              	
                Charge
      Offs

              

      

       

      If the
Principal Charge Off for any Collection Period exceeds the Excess Available
Income calculated on the Determination Date for that Collection Period, the
Trust Manager must, on and with effect from the Payment Date immediately
following the end of the Collection Period:

       

      
        	
                 
      

              	
                (a)

              	
                reduce
      pari passu the Class B Stated Amount of each of the Class B Notes by the
      amount of that excess which is attributable to each Class B Note until the
      Class B Stated Amount is zero (Class B
      Charge Offs); and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      the Class B Stated Amount is zero and any amount of that excess has not
      been applied under paragraph (a), reduce pari passu and rateably as
      between the Class A Notes and the Redraw Facility Agreement with respect
      to the balance of that excess:

              

      

      
        
           

        

        
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                (i)

              	
                rateably
      as between the Class A Notes, the Class A Stated Amount of each of the
      Class A Notes (or, where applicable, the US$ Equivalent of that excess
      which is attributable to each US$ Note) until the Class A Stated Amount of
      that Class A Note is zero (Class A
      Charge Offs); and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Principal Outstanding under the Redraw Facility Agreement by the balance
      of that excess, applied against Redraw Advances (as defined in the Redraw
      Facility Agreement) in inverse chronological order of their Drawdown Dates
      (as defined in the Redraw Facility Agreement), until the Principal
      Outstanding is zero (Redraw
      Charge Offs).

              

      

       

      
        	
                5.18

              	
                Payments
      into US$ Account

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Trustee shall direct the Currency Swap Provider to pay all amounts
      denominated in US$ payable to the Trustee by the Currency Swap Provider
      under the Currency Swaps into the US$ Account or to the Principal Paying
      Agent under the Agency Agreement on behalf of the
  Trustee.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      any of the Trustee, the Trust Manager or the Servicer receives any amount
      denominated in US$ from the Currency Swap Provider under a Currency Swap
      they will promptly pay that amount to the credit of the US$
      Account.

              

      

       

      
        	
                5.19

              	
                Payments
      out of US$ Account

              

      

       

      
        	
                 
      

              	
                (a)

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

              

      

       

      
        	
                 
      

              	
                (b)

              	
                All
      amounts credited to the US$ Account by the Currency Swap Provider in
      relation to a payment by the
Trustee:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                [under
      clause 5.10(a)(v)(A), will be paid pari passu in relation to Class A1
      Notes as payments of Coupon on those Class A1
  Notes;]

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                [under
      clause 5.11(a)(ii)(B), will be paid pari passu in relation to Class A1
      Notes in or towards reinstating the Stated Amount of those Class A1 Notes,
      to the extent of the Carryover Class A Charge
  Offs;]

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                [under
      clause 5.14(a)(ii) or 5.15(v)(A), will be paid pari passu to Class A1
      Noteholders as Class A Principal Payments until the Class A1 Stated
      Amounts have been reduced to zero;]

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                under
      clause [*], will be paid
      pari passu in relation to Class A2 Notes as payments of Coupon on those
      Class A2 Notes;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                under
      clause [*], will be paid
      pari passu in relation to Class A2 Notes in or towards reinstating the
      Stated Amount of those Class A2 Notes, to the extent of the Carryover
      Class A Charge Offs;

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                under
      clause [*]
      or [*],
      will be paid pari passu to Class A2 Noteholders as Class A Principal
      Payments until the Class A2 Stated Amounts have been reduced to zero;
      and

              

      

      
        
           

        

        
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                (vii)

              	
                in
      relation to Trust Expenses, under clause 5.10 will be paid to the relevant
      recipient of those Trust Expenses.

              

      

       

      
        	
                5.20

              	
                Prepayment
      Costs and Prepayment Benefits

              

      

       

      
        	
                 
      

              	
                (a)

              	
                On
      each Determination Date the Trust Manager will determine total Prepayment
      Benefits and total Prepayment Costs for the relevant Collection Period and
      will apply an amount equal to those total Prepayment Costs in payment of
      those total Prepayment
Benefits.  If:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                there
      is a Prepayment Cost Surplus, it will be applied under paragraph (b);
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                there
      is a Prepayment Benefit Shortfall, it will be funded under paragraph
      (c).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                On
      each Payment Date, and based on the calculations and instructions provided
      to it by the Trust Manager under clause 5.2(c), the Trustee shall pay to
      the relevant Swap Provider an amount equal to the Prepayment Cost Surplus
      (if any) for the Collection Period on that Payment Date to the extent
      received by or on behalf of the
Trustee.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If,
      on any Determination Date, the Trust Manager calculates that there is a
      Prepayment Benefit Shortfall, the Trust Manager shall by close of business
      on that Determination Date notify the relevant Swap Provider of the amount
      of that Prepayment Benefit Shortfall.  That Swap Provider must,
      by 4.00 pm (Sydney time) on the Remittance Date deposit in the Collection
      Account for the credit of the Trustee an amount equal to that Prepayment
      Benefit Shortfall.  That amount will be treated as a Gross
      Principal Collection.

              

      

       

      
        	
                5.21

              	
                Rounding
      of amounts

              

      

       

      In making
the calculations required or contemplated by this clause 5, the Trust Manager
shall round calculations to four decimal places, except that all monetary
amounts shall be rounded down to the nearest cent (or, in the case of payments
to the Currency Swap Provider under clause 5, half a cent being rounded
upwards) or as otherwise required in this Series Notice.

       

      
        	
                5.22

              	
                Bond
      Factors

              

      

       

      The Trust
Manager shall, on or promptly after each Notice Date, notify all Noteholders,
the Principal Paying Agent and the Note Trustee of the relevant Class A Bond
Factor and the Class B Bond Factor calculated on the Determination Date
preceding that Notice Date.

       

      
        	
                5.23

              	
                Trust
      Manager's Report

              

      

       

      The Trust
Manager will provide to the Trustee the Trust Manager's Report for a Collection
Period no later than 4.00pm (Sydney time) on the Remittance Date following that
Collection Period.

       

      
        	
                5.24

              	
                Loan
      Offset Interest

              

      

       

      On each
Determination Date, Westpac shall pay to the Trustee an amount equal to all Loan
Offset Interest Amounts for the Collection Period immediately preceding that
Determination Date.

       

      
        	
                5.25

              	
                Prescription

              

      

       

      Despite
any other provision of this Series Notice and the Master Trust Deed, the
relevant Condition 8 of the US$ Notes applies to all amounts payable in relation
to any US$ Note.

      
        
           

        

        
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                5.26

              	
                Replacement
      of Currency Swaps

              

      

       

      
        	
                 
      

              	
                (a)

              	
                [If
      the Class A1 Currency Swap is terminated, the Trustee may enter into one
      or more currency swaps which replace the Class A1 Currency Swap (other
      than by way of transfer under section 6(b) of the Class A1 Currency Swap)
      (collectively a Replacement
      Currency Swap) but only on the condition that the Settlement Amount
      (as defined in the Class A1 Currency Swap), if any, which is payable by
      the Trustee to the Class A1 Currency Swap Provider on termination of the
      Class A1 Currency Swap will be paid in full when due in accordance with
      this Series Notice and the Class A1 Currency
  Swap.]

              

      

       

      
        	
                 
      

              	
                (b)

              	
                If
      the Class A2 Currency Swap is terminated, the Trustee may enter into one
      or more currency swaps which replace the Class A2 Currency Swap (other
      than by way of transfer under section 6(b) of the Class A2 Currency Swap)
      (collectively a Replacement
      Currency Swap) but only on the condition that the Settlement Amount
      (as defined in the Class A2 Currency Swap), if any, which is payable by
      the Trustee to the Class A2 Currency Swap Provider on termination of the
      Class A2 Currency Swap will be paid in full when due in accordance with
      this Series Notice and the Class A2 Currency
  Swap.

              

      

       

      
        
          	
                   
      

                	
                  (c)

                	
                  If
      the condition in paragraph (a) or paragraph (b) is satisfied in respect of
      a Currency Swap, the Trustee may enter into the relevant Replacement
      Currency Swap and if it does so it must direct the relevant Replacement
      Currency Swap provider to pay any upfront premium to enter into that
      Replacement Currency Swap due to the Trustee directly to the Currency Swap
      Provider in satisfaction of and to the extent of the Trustee's obligation
      to pay the Settlement Amount to the Currency Swap Provider as referred to
      in paragraph (a) or (b) (as the case may be).  To the extent
      that such premium is not greater than or equal to the Settlement Amount
      for the relevant Currency Swap the balance may be satisfied by the Trustee
      as a Trust
      Expense, provided
      that if the Currency Swap provider is the Defaulting Party in respect of
      the relevant Currency Swap, the Settlement Amount is payable under clause
      5.11(a)(v).

                

        

      

       

      
        
          
            	
                    6.

                  	
                    Master
      Trust Deed

                  
	 	 

          

        

      

       

      
        	
                6.1

              	
                Completion
      of details in relation to Master Trust
Deed

              

      

       

      
        	
                 
      

              	
                (a)

              	
                (Trust Manager
      fee)

              

      

       

      For the
purpose of clause 19 of the Master Trust Deed, the fee payable to the Trust
Manager in respect of the Trust for each Collection Period will be an amount
calculated:

       

      
        	
                 
      

              	
                (i)

              	
                on
      the average daily balance of the Housing Loan Principal of the Purchased
      Receivables during that Collection
Period;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                at
      the rate of [*]% per annum or as otherwise agreed by the Trust Manager and
      the Trustee from time to time and in relation to which the Trust Manager
      has given a Rating Notification;
and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                on
      the actual number of days in the Collection Period divided by 365
      days,

              

      

       

      and shall
accrue due from day to day.  That fee is payable in Australian
dollars.

      
        
           

        

        
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                (b)

              	
                (Trustee
    fee)

              

      

       

      For the
purpose of clause 23.1 of the Master Trust Deed, the fee payable to the Trustee
in respect of the Trust for each Collection Period will be an amount equal to
the lesser of:

       

      
        	
                 
      

              	
                (i)

              	
                an
      amount agreed by the Trustee and the Trust Manager from time to time in
      relation to which the Trust Manager has given a Rating Notification;
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      amount calculated:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                on
      the average daily balance of Housing Loan Principal of the Purchased
      Receivables during that Collection
Period;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                at
      the rate of [*]% per annum or as otherwise agreed by the Trust Manager and
      the Trustee in writing from time to time and in relation to which the
      Trust Manager has given a Rating Notification;
  and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                on
      the actual number of days in the Collection Period divided by 365
      days,

              

      

       

      and shall
accrue due from day to day.  That fee is payable in Australian
dollars.

       

      
        	
                 
      

              	
                (c)

              	
                (Servicing
      fee)

              

      

       

      For the
purpose of clause 7.1 of the Servicing Agreement, the fee payable to the
Servicer in respect of the Trust for each Collection Period will be an amount
calculated:

       

      
        	
                 
      

              	
                (i)

              	
                on
      the average daily balance of Housing Loan Principal of the Purchased
      Receivables during that Collection
Period;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                at
      the rate as agreed under the Sub-Servicing Agreement per annum or as
      otherwise agreed by the Trust Manager, the Trustee and the Servicer from
      time to time and in relation to which the Trust Manager has given a Rating
      Notification; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                on
      the actual number of days in the Collection Period divided by 365
      days,

              

      

       

      or as
otherwise agreed by the Trustee, the Trust Manager and the
Servicer.  That fee shall accrue due from day to day and is payable in
Australian dollars.

       

      
        	
                 
      

              	
                (d)

              	
                (First Collection
      Period)

              

      

       

      For the
purpose of this clause 6.1, the first Collection Period will commence on (and
include) the Closing Date.

       

      
        	
                 
      

              	
                (e)

              	
                (Fee changes to take account of
      GST)

              

      

       

      None of
the above fees in this clause 6.1 are to be increased by reference to any
applicable goods and services tax unless:

       

      
        	
                 
      

              	
                (i)

              	
                the
      Trustee, the Trust Manager and the recipient of the relevant fee agree
      (that agreement not to be unreasonably withheld);
  and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Trust Manager has given a Rating Notification in relation to the
      increase.

              

      

      
        
           

        

        
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                6.2

              	
                Amendments
      to Master Trust Deed

              

      

       

      The
Master Trust Deed is amended for the purpose of the Trust in the manner set out
in annexure A to this Series Notice.  The amendments do not relate to
or affect any Other Trust.

       

      
        	
                6.3

              	
                Amendments
      to the Servicing Agreement

              

      

       

      The
Servicing Agreement is amended for the purpose of the Trust only as
follows:

       

      
        	
                 
      

              	
                (a)

              	
                Paragraph
      (b) of the definition of Term
      in clause 1.1 is deleted and replaced with the following new paragraph
      (b):

              

      

       

      
        	
                 
      

              	
                "(b)

              	
                the
      date on which the Notes in relation to the Relevant Trust have been
      redeemed in full in accordance with the Transaction Documents and the
      Trustee ceases to have any obligations to any Creditor in relation to the
      Trust;".

              

      

       

      
        	
                 
      

              	
                (b)

              	
                A
      new clause 4.1(u) is inserted as
follows:

              

      

       

      
        	
                 
      

              	
                "(v)

              	
                deliver
      to the Trust Manager a certificate in the form of Annexure B of the Series
      Notice (or such other form as is required under the Rules of the United
      States Securities and Exchange Act of 1934, as amended) in respect of that
      Trust; "

              

      

       

      
        	
                 
      

              	
                (c)

              	
                A
      new clause 4.1(v) is inserted as
follows:

              

      

       

      "use its
best endeavours to procure that, each year, an independent public
accountant:

       

      
        	
                 
      

              	
                (i)

              	
                [conducts
      an examination of the documents and records relating to the servicing by
      the Servicer of the Loans secured by Mortgages in respect of that Trust
      during the most recent calendar year ended 30 September, which complies
      with the Uniform Single Attestation Program for Mortgage Bankers issued by
      the Mortgage Bankers Associate of America or similar procedure permitted
      under the Rules of the United States Securities and Exchange Act of 1934,
      as amended; and]

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                delivers
      to the Trust Manager a compliance certificate similar to that attached as
      Annexure C of the Series Notice (or such other form as is required under
      the Rules of the United States Securities and Exchange Act of 1934, as
      amended) in respect of that
examination,

              

      

       

      in each
case such that the Trust Manager is able to comply with its obligations under
Section 302 of the United States Sarbanes-Oxley Act of 2002 and Rules 13a-14 and
15d-14 of the United States Securities Exchange Act of 1934, provided that in
the case of Series [*] WST Trust, the first year in which a certificate or audit
report referred to above is deliverable, or on examination is required, will be
[*]."

       

      
        	
                 
      

              	
                (d)

              	
                Clause
      8.3 is deleted and replaced with the
following:

              

      

       

      "8.3       Resignation

       

      
        	
                 
      

              	
                (a)

              	
                The
      Servicer shall not resign without first giving 90 days notice to the
      Designated Rating Agency, the Trust Manager and the Trustee. The Servicer
      and the Trust Manager must use reasonable endeavours to appoint an
      Eligible Servicer as its replacement within 90 days of that
      notice.

              

      

      
        
           

        

        
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                (b)

              	
                Without
      limiting the obligations of the Servicer and the Trust Manager under
      clause 8.3(a), if such a replacement has not been appointed by the
      Servicer and the Trust Manager within 90 days, the Trustee shall be
      entitled to appoint an Eligible Servicer to be the replacement
      Servicer.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If,
      by the expiration of the 90 day notice period, an Eligible Servicer has
      not been appointed as, and has agreed to act as, Servicer, the Trustee
      shall act as Servicer and be entitled to the fee payable under Clause 7
      while so acting.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                In
      acting as Servicer in accordance with clause 8.3(c), the Trustee will not
      be responsible for, and will not be liable for, any inability to perform,
      or deficiency in performing, its duties and obligations as Servicer
      if:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Trustee is unable to perform those duties as a consequence
    of:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the
      acts or omissions of the previous Servicer, any other party to a
      Transaction Document (other than the Trustee or any Related Corporation of
      the Trustee) or any party involved in the origination of the Receivables
      of the Trust including the Originator (and including any of their agents
      or delegates); or

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the
      state of affairs of the previous Servicer, and its books and records;
      or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Trustee is unable, after using reasonable endeavours, to obtain
      information and documents or obtain access to software, personnel or
      resources from the previous Servicer the Trustee requires and which are
      reasonably necessary for the Trustee to perform those duties and
      obligations.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                In
      acting as Servicer under clause
8.3(c):

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Trustee does not make or repeat any representation of the Servicer under
      the Transaction Documents (but without limiting any representation under a
      Transaction Document which is expressed to be a representative of the
      Trustee in that capacity);

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Trustee does not assume any indemnity obligations of the Servicer;
      and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      applicable limitation of liability clauses (including clause 3.3 of the
      relevant Series Notice) applies in respect of the Trustee acting in the
      capacity of Servicer.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                Other
      than when the Trustee agrees to act as a Servicer, the Trustee will not be
      held liable nor responsible for the appointment of a Servicer, or the
      actions or non-actions of the Servicer once appointed as contemplated
      under this clause. 

              

      

      
        
           

        

        
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                (g)

              	
                If
      the Trustee is required to act as Servicer under this clause, Westpac as
      outgoing Servicer undertakes to do all things necessary, and to use
      reasonable endeavours to do all things reasonably requested by the Trustee
      (including providing all material, relevant information which it has in
      its possession as Servicer), to effect the servicing transition from
      Westpac as Servicer to the Trustee or the Trustee's delegate (including
      direct debit facilities)."

              

      

       

      
        	
                 
      

              	
                (e)

              	
                A
      new clause 9.7 is inserted as
follows:

              

      

       

      "9.7       Limit
on damages

       

      The
maximum amount that the Servicer may become obliged to pay to the Trustee under
clause 9.1 is an amount equal to the Unpaid Balance of each Receivable affected
by the relevant Servicer Transfer Event or failure, together with any expense,
loss, damage or liability which the Trustee incurs in its personal capacity, in
each case as at the time the Servicer pays the damages."

      
         

        
          
            	
                    7.

                  	
                    Transfer
      of Purchased Receivables

                  
	 	 

          

        

      

       

      Subject
to clause 8, the Trust Manager:

       

      
        	
                 
      

              	
                (a)

              	
                must
      direct the Trustee to transfer the relevant Purchased Receivable from the
      Trust to Westpac or an Other Trust
if:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                an
      Obligor requests from Westpac a Further Advance and that request is
      approved by the Servicer; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                an
      Obligor requests that their Purchased Receivable convert (in whole or in
      part) from a floating rate of interest to a fixed rate of interest, and
      that request is approved but the Trust Manager cannot comply with clause
      13.4 in respect of that conversion;
or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                may,
      from time to time, direct the Trustee to transfer a Purchased Receivable
      to Westpac or an Other Trust.

              

      

       

      The
Trustee must comply with that direction, and will have no liability for doing
so.

      
         

        
          
            	
                    8.

                  	
                    Conditions
      for Transfer of Purchased Receivables

                  
	 	 

          

        

      

       

      Any
transfer of a Purchased Receivable under clause 7:

       

      
        	
                 
      

              	
                (a)

              	
                must
      be for a consideration not less than or equal to the greater of the Unpaid
      Balance of that Purchased Receivable and its Fair Market
      Value;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                must
      be subject of a Rating Notification;
and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      the case of a transfer to an Other Trust, may only be made if there are
      funds available to the trustee of that Other Trust to enable the trustee
      of that Other Trust to pay the necessary consideration for the
      transfer.

              

      

      
        
           

        

        
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      A
transfer of a Purchased Receivable to Westpac  will, unless the
Trustee's title to that Purchased Receivable has been perfected in accordance
with the Transaction Documents, be effected by way of extinguishment of the
Trustee's equitable interest in the Purchased Receivable and the Related
Securities in favour of Westpac.

      
         

        
          
            	
                    9.

                  	
                    Application
      of Threshold Rate

                  
	 	 

          

        

      

       

      
        	
                9.1

              	
                Calculation
      of Threshold Rate

              

      

       

      If at any
time the Basis Swap is terminated, the Trust Manager shall, on each
of:

       

      
        	
                 
      

              	
                (a)

              	
                the
      earlier of:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      date which is 3 Business Days following the date on which the Basis Swap
      is terminated; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Determination Date immediately following the date on which the Basis Swap
      is terminated; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                each
      successive Determination Date for so long as the Basis Swap has not been
      replaced by a similar Hedge Agreement or until the Trustee and the Trust
      Manager otherwise agree (and the Trust Manager has given a Rating
      Notification in relation to that
agreement).

              

      

       

      calculate
the Threshold Rate as at that date and notify the Trustee and Westpac of that
Threshold Rate on the relevant Payment Date.

       

      
        	
                9.2

              	
                Setting
      Threshold Rate

              

      

       

      If
Westpac is notified of a Threshold Rate under clause 9.1, it will, in its
capacity as Servicer, not more than 7 Business Days following the date on which
the Basis Swap is terminated, ensure that the weighted average interest rate
payable on those Purchased Receivables which are subject to a variable rate set,
as permitted by the relevant Receivable Agreements, at the discretion of Westpac
is not less than the Threshold Rate, and immediately notify the Trustee when it
has done so.

       

      
        	
                9.3

              	
                Trustee
      Setting Threshold Rate

              

      

       

      If the
Trustee does not receive notice from the Servicer under clause 9.2 within 7
Business Days following the date on which the Basis Swap is terminated, the
Trustee shall immediately exercise its rights and powers under the Transaction
Documents, including, without limitation, taking action against the Servicer, to
ensure that the weighted average interest rate payable on the Purchased
Receivables which are subject to a variable rate set, as permitted by the
relevant Receivable Agreements, at the discretion of Westpac, is not less than
the Threshold Rate.

      
         

        
          
            	
                    10.

                  	
                    Beneficiary

                  
	 	 

          

        

      

       

      
        	
                10.1

              	
                Issue
      of Units

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      beneficial interest in the Trust will be constituted by the issue
      of:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                a
      single residual capital unit (the Residual
      Capital Unit); and

              

      

      
        
           

        

        
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                (ii)

              	
                such
      numbers of residual income units (each, a Residual
      Income Unit) as the Trustee may issue from time to time in
      accordance with this clause 10.1.

              

      

       

      The
holders of the Residual Capital Unit and the Residual Income Units (each, a
Unit) hold
the beneficial interest in the Trust in accordance with the Master Trust Deed
and this Series Notice.

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee must, on receipt of the issue price of the Unit specified below,
      issue the relevant Unit by registering that Beneficiary's name in the
      register kept under this clause 10.  A failure by the Trustee to
      issue a Unit does not affect a Beneficiary's rights as beneficiary of the
      Trust under the Master Trust Deed and this Series
  Notice.

              

      

       

      
        	
                10.2

              	
                Residual
      Capital Unit

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      holder of the Residual Capital Unit is
  [Westpac].

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      issue price of the Residual Capital Unit is the amount of $10, paid on
      establishment of the Trust.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Residual Capital Beneficiary has no right to receive distributions in
      respect of the Trust other than the right to receive an amount of $10 on
      the termination of the Trust.  The Residual Capital Unit may not
      be redeemed at any other time or in any other
  way.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      Residual Capital Unit is not transferable except that the Residual Capital
      Beneficiary may transfer the Residual Capital Unit provided that the
      Trustee and the Note Trustee have received a tax opinion, in a form
      acceptable to the Trustee (acting reasonably), that the transfer of the
      Residual Capital Unit will not adversely affect the taxation treatment of
      the Trust.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                No
      other Residual Capital Units may be
issued.

              

      

       

      
        	
                10.3

              	
                Residual
      Income Unit

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      person may, with the consent of the Trustee and the Trust Manager (whose
      consent may be given or withheld in their absolute discretion), become the
      holder of a Residual Income Unit by paying the subscription price for the
      Residual Income Unit.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      issue price of a Residual Income Unit will be the amount agreed between
      the Trustee, the Trust Manager and the person applying for the Residual
      Income Unit.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      beneficial interest held by the holder of the Residual Income Unit is
      limited to that holder's Income Percentage of the amounts (if any)
      standing to the credit of the Collections Account which represents Net
      Income available for distribution under clause 30 of the Master Trust
      Deed.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      holder of the Residual Income Unit has the right
  to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                receive
      distributions in respect of the Trust under the Master Trust Deed and this
      Series Notice only to the extent that Distributable Income (as defined in
      clause 30,2(a) of the Master Trust Deed) is available for distribution
      under the Master Trust Deed and this Series Notice;
  and

              

      

      
        
           

        

        
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                (ii)

              	
                receive
      on the termination of the Trust the entire beneficial interest of the
      Trust, subject to the rights of the Residual Capital
      Beneficiary.

              

      

       

      The
Residual Income Unit may not be redeemed at any other time in any other
way.

       

      
        	
                 
      

              	
                (e)

              	
                Each
      Residual Income Unit is transferable in accordance with clause
      10.5.

              

      

       

      
        	
                10.4

              	
                Register

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      entitlement of any person to a Unit will be evidenced by registration in
      the register maintained under this clause 10.4 (the Unit
      Register).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Trustee will keep the Unit Register at its registered office in a form
      that it considers appropriate and will enter the following
      particulars.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                The
      name and address of each
Beneficiary.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                The
      date on which the name of each Beneficiary is entered in the Unit
      Register.

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                The
      date on which each Beneficiary ceases to be registered as a
      Beneficiary.

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                The
      subscription moneys initially paid for each Unit, and the aggregate
      subscription moneys of all Units from time to
  time.

              

      

       

      
        	
                 
      

              	
                (v)

              	
                Any
      other details which the Trustee may consider necessary or
      desirable.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Each
      Beneficiary shall promptly notify the Trustee in writing of any change of
      name or address and the Trustee will alter the Unit Register
      accordingly.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      Beneficiary may not assign, or create or allow to exist any Security
      Interest over, its rights or interests in respect of the Trust if to do so
      would have an Adverse Effect or might have an adverse tax consequence in
      respect of the Trust.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Without
      limiting clause 10.1, the interest of a Beneficiary will be constituted by
      registration in the Unit Register.

              

      

       

      
        	
                10.5

              	
                Transfer
      of Units

              

      

       

      
        	
                 
      

              	
                (a)

              	
                No
      Unit may be transferred without the prior consent of the Trust
      Manager.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (i)

              	
                Subject
      to this clause 10, a Beneficiary may transfer the Unit by instrument in
      writing in any form approved by the Trust Manager.  No fee will
      be charged on the transfer of a
Unit.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                An
      instrument of transfer shall be executed by or on behalf both of the
      transferor and the transferee.

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                A
      transferor of a Unit remains the holder of the Unit transferred until the
      transfer is registered and the name of the transferee is entered in the
      register in respect of the Unit.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      instrument of transfer of a Unit must be left for registration at the
      address where the Unit Register is kept on which the Unit to which the
      transfer relates are registered.  It must be left together with
      any information that the Trustee properly requires to show the right of
      the transferor to make the
transfer.

              

      

      
        
           

        

        
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                (d)

              	
                The
      Trustee must notify the Designated Rating Agency for each Class of Notes
      and the Trust Manager of any transfer of Units under this clause
      10.5.

              

      

       

      
        	
                10.6

              	
                Limit
      on rights

              

      

       

      Each
Beneficiary is subject to, and bound by, the provisions of the Master Trust Deed
(including clause 12.1 of the Master Trust Deed).

      
         

        
          
            	
                    11.

                  	
                    Title
      Perfection Events

                  
	 	 

          

        

      

       

      Each of
the following is a Title Perfection Event.

       

      
        	
                 
      

              	
                (a)

              	
                (Downgrade)  Westpac
      ceases to have a long term rating of at least BBB from S&P and Baa2
      from Moody's.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (Insolvency Event)  An
      Insolvency Event occurs with respect to
Westpac.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (Non
      Compliance)  Westpac fails to pay any Collections (as
      defined in the Servicing Agreement) within 5 Business Days of receipt
      of notice to do so from the Trustee or the Trust Manager under the
      Servicing Agreement.

              

      

      
         

        
          
            	
                    12.

                  	
                    Additional
      Receivable Product Features

                  
	 	 

          

        

      

       

      Westpac
may, in relation to a Purchased Receivable, from time to time seek to offer the
relevant Obligor additional features for that Purchased Receivable which were
not features of that Purchased Receivable at the Cut-Off Date.  Before
seeking to offer any such additional feature, Westpac must satisfy the Trust
Manager that the Trust Manager would be able to give a Rating Notification in
relation to the additional features.

      
         

        
          
            	
                    13.

                  	
                    [WST
      Warehouse Trust #1

                  
	 	 

          

        

      

       

      
        	
                13.1

              	
                Direction
      under Warehouse Series Notice

              

      

       

      This
direction is given under clause 5 of the WST Warehouse Trust #1 Series
Notice.

       

      
        	
                13.2

              	
                Direction

              

      

       

      The Trust
Manager directs the Warehouse Trustee:

       

      
        	
                 
      

              	
                (a)

              	
                to
      dispose of the Receivables that are from time to time specified in a Sale
      Notice prepared by the Trust Manager and given to the Warehouse
      Trustee;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      trust that will acquire those Receivables is the
  Trust;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                that
      the consideration to be paid by the Trust for the Receivable will be
      specified in the Sale Notice referred to in paragraph
  (a);

              

      

       

      
        	
                 
      

              	
                (d)

              	
                that
      the proposed date of disposal is [*]
      ; and

              

      

       

      
        	
                 
      

              	
                (e)

              	
                that
      the Warehouse Investor has agreed to the consideration to be paid by the
      Trust.]

              

      

      
        
           

        

        
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                    14.

                  	
                    [Servicer
      Representations

                  
	 	 

          

        

      

       

      The
Servicer makes the following representations and warranties for the benefit of
the Trustee in relation to the Sale Notice referred to in clause 13 and the
Receivables, Receivable Rights and Related Securities referred to in that Sale
Notice.

       

      
        	
                 
      

              	
                (a)

              	
                (Eligible Receivable) As
      at the Cut-Off Date, each Receivable which is specified in that Sale
      Notice is an Eligible Receivable.  In relation to any related
      Receivable Security that is required to be registered with any
      Governmental Agency and which is not registered at the Cut-Off Date, it
      will be registered.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (Receivable Securities)
      The Servicer has not done, or omitted to do, anything which would prevent
      each Receivable, Receivable Security and Related Security which is
      specified in that Sale Notice from being valid, binding and enforceable
      against the relevant Obligor(s) in all material respects except to the
      extent that it is affected by laws relating to creditors rights generally,
      or doctrines of equity.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (Ownership)  In
      relation to each Receivable Security which is specified in that Sale
      Notice the Servicer has not done, or omitted to do anything which would
      prevent the relevant Obligor(s) from being the sole legal owner of the
      relevant Mortgaged Property and registered as the sole proprietor(s) of
      the relevant Mortgaged Property.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                (Insurance)  As
      at the Closing Date, each Receivable which is specified in the Sale Notice
      is the subject of a Mortgage Insurance Policy from a Mortgage Insurer for
      the scheduled term of that Receivable.  The sale of each such
      Receivable to the Trustee is not contrary to the relevant Mortgage
      Insurance Policy.  The Servicer has not done or omitted to do
      anything which might prejudicially affect or limit the rights of the
      Trustee under or in respect of a Mortgage Insurance Policy to the extent
      that those rights relate to that Receivable or the related Receivable
      Security.  On transfer to the Trustee of equitable title to a
      Purchased Receivable, the Trustee will have the benefit of the relevant
      Mortgage Insurance Policy for that
Receivable.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                (Solvency of Mortgage
      Insurers)  The officers of the Servicer who have
      responsibility for the transactions contemplated by the Transaction
      Documents do not have actual notice that any insurer under any insurance
      policy in relation to a Receivable is insolvent or will be unable to pay a
      valid claim.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                (Selection
      process)  There is no fraud, dishonesty, material
      misrepresentation or negligence on the part of the Servicer in connection
      with the selection and offer to the Trustee of any Receivables or related
      Receivable Securities which is specified in that Sale
    Notice.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                (Relevant
      Documents)  The Servicer holds in its possession or
      control all Relevant Documents that relate to the Receivables and the
      related Receivable Securities which are specified in that Sale Notice
      necessary to enforce the provisions of and the security created by the
      relevant Receivable Securities.

              

      

       

      
        	
                 
      

              	
                (h)

              	
                (No rescission,
      etc)  As at the Cut-Off Date, none of the Receivables or
      Receivable Securities which are specified in that Sale Notice were
      satisfied, cancelled, discharged or rescinded and the Mortgaged Property
      relating to each relevant Receivable and Receivable Security had not been
      released from the security of the relevant Receivable
      Securities.

              

      

      
        
           

        

        
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                (i)

              	
                (Interest rate) Except as
      may be provided in a Receivable Agreement or Receivable Security which is
      specified in the Sale Notice, and subject to applicable laws, the Servicer
      has not done, or omitted to do anything which would render the interest
      rate for each such Receivable subject to any limitation, or to any
      consent, additional memoranda or other writing required from the relevant
      Obligor to give effect to a change in that rate and any change in that
      rate will be effective on notice being given to that Obligor in accordance
      with the terms of the relevant Receivable or Receivable
      Security.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                (Assignability)  All
      consents required in relation to the assignment of the Receivables and the
      related Receivable Rights specified in that Sale Notice have been
      obtained.  Those Receivables and Receivable Rights are
      assignable.

              

      

       

      
        	
                 
      

              	
                (k)

              	
                (Ordinary course of
      business)  Between the Cut-Off Date and the Closing Date,
      the Servicer dealt with the Receivables and the Receivable Securities
      specified in the Sale Notice in the ordinary course of its
      business.]

              

      

      
         

        
          
            	
                    15.

                  	
                    Warehouse
      Trustee Representations

                  
	 	 

          

        

      

       

      The
Warehouse Trustee makes the following representations and warranties for the
benefit of the Trustee in relation to the Sale Notice referred to in
clause 13 and the Receivables, Receivable Rights and Related Securities
referred to in that Sale Notice.

       

      
        	
                 
      

              	
                (a)

              	
                (Quality of
      Title)  It has good title to the Receivables and the
      related Receivable Rights specified in that Sale Notice.  Those
      Receivables and the related Receivable Rights, together with the interest
      of the Warehouse Trustee under the Relevant Documents, are owned by it
      free and clear of any Security Interest other than a Security Trust Deed
      given by the Warehouse Trustee in favour of the Security
      Trustee.  That Security Trust Deed created only a floating
      charge over those Receivables and related Receivable
    Rights.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                (Receivable Securities)
      The Warehouse Trustee has not done anything, during the period within
      which the Warehouse Trustee was trustee of the Receivables and the related
      Receivable Rights specified in that Sale Notice, which would prevent each
      Receivable, Receivable Security and Related Security which is specified in
      that Sale Notice from being valid, binding and enforceable against the
      relevant Obligor(s) in all material respects except to the extent that it
      is affected by laws relating to creditors rights generally, or doctrines
      of equity.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                (Set Off)  The
      Warehouse Trustee has not done anything, during the period within which
      the Warehouse Trustee was trustee of the Receivables and the related
      Receivable Rights specified in that Sale Notice, which would render, once
      equitably assigned to the Trustee, any Receivable or Receivable Right
      which is specified in that Sale Notice subject to any right of rescission,
      set off, counterclaim or similar defence,  nor to render any
      Receivable or Receivable Right which is specified in that Sale Notice
      subject to, or affected by, any interest off-set arrangement or
      right.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                (Security
      Interest)  The sale, transfer and assignment of the
      Warehouse Trustee's interest in the Receivables and the related Receivable
      Rights which are specified in that Sale Notice, will not constitute a
      breach of any Relevant Document or the Warehouse Trustee's obligations or
      a default by the Warehouse Trustee under any Security
      Interest.

              

      

      
        
           

        

        
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                (e)

              	
                (Solvency)  The
      Warehouse Trustee is solvent.]

              

      

      
         

        
          
            	
                    16.

                  	
                    [Servicing
      Warranties

                  
	 	 

          

        

      

       

      
        	
                 
      

              	
                (a)

              	
                TMC
      represents and warrants for the benefit of the Trustee in relation to the
      Sale Notice referred to in clause 13 and the Receivables, Receivable
      Rights and Related Securities referred to in that Sale Notice, that each
      relevant Receivable referred to in the Sale Notice and each Receivable
      Security and Related Security has been serviced by TMC in accordance
      with:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Servicing Agreement dated 18 February 1997 between Westpac, TMC, the
      Trustee and the Trust Manager (as
amended);

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Servicing Agreement Series 1997-2 Amendment Agreement dated 23 April
      1997;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Servicing Agreement Series 1997-3 Amendment Agreement dated 25 June
      1997;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                the
      Servicing Agreement Series 1997-4E Amendment Agreement dated 29 September
      1997;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                the
      Servicing Agreement Series 1998-1G Amendment Agreement dated 10 June
      1998; and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                the
      Servicing Agreement Series 1999-1G Amendment Agreement dated 13 May
      1999,

              

      

       

      (each a
TMC
Servicing Agreement, together the TMC Servicing
Agreements), from the time of its transfer from Westpac to the Trusts (as
defined in the Master Trust Deed) constituted from time to time under the Master
Trust Deed until the time at which TMC ceased to be the servicer of that
Receivable, Receivable Security or Related Security under the TMC Servicing
Agreements.  That servicing includes, without limitation, ensuring
compliance with the Consumer Credit Legislation in connection with servicing the
Receivables and Receivable Securities where failure to do so would have an
Adverse Effect.

       

      
        	
                 
      

              	
                (b)

              	
                The
      Servicer represents and warrants for the benefit of the Trustee in
      relation to the Sale Notice referred to in clause 13 and the Receivables,
      Receivable Rights and Related Securities referred to in that Sale Notice,
      that each relevant Receivable referred to in the Sale Notice and each
      Receivable Security and Related Security has been serviced by the Servicer
      in accordance with the Servicing Agreement dated 12 March 2002 (as
      amended), from the time of its transfer from Westpac until the time at
      which the Servicer ceased to be the servicer of that Receivable,
      Receivable Security or Related Security under the Servicing
      Agreement.  That servicing includes, without limitation,
      ensuring compliance with the Consumer Credit Legislation in connection
      with servicing the Receivables and Receivable Securities where failure to
      do so would have an Adverse
Effect.]

              

      

      
        
           

        

        
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                    17.

                  	
                    Note
      Trustee

                  
	 	 

          

        

      

       

      
        	
                17.1

              	
                Capacity

              

      

       

      The Note
Trustee is a party to this Series Notice in its capacity as trustee for the
Noteholders from time to time under the Note Trust Deed.  The Note
Trustee shall have the same rights, protections, immunities, indemnities and
liabilities afforded to or imposed on it under the Note Trust Deed as if
specifically set out in this Series Notice.

       

      
        	
                17.2

              	
                Exercise
      of rights

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      rights, remedies and discretions of the US$ Noteholders, or any Class of
      US$ Noteholders under the Transaction Documents including all rights to
      vote or give instructions to the Security Trustee and to enforce
      undertakings or warranties under the Transaction Documents, except as
      otherwise provided in the Note Trust Deed or the Security Trust Deed, may
      only be exercised by the Note Trustee on behalf of the US$ Noteholders, or
      that Class of US$ Noteholders  in accordance with the Note Trust
      Deed.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      US$ Noteholders, or any Class of US$ Noteholders, except as otherwise
      provided in the Note Trust Deed or the Security Trust Deed, may only
      exercise enforcement rights in respect of the Mortgaged Property through
      the Note Trustee and only in accordance with the terms of the Transaction
      Documents.

              

      

       

      
        	
                17.3

              	
                Representation
      and warranty

              

      

       

      The Note
Trustee represents and warrants to each other party to this Series Notice that
it has power to enter into the Transaction Documents and to exercise the rights,
remedies and discretions of, and to vote on behalf of the US$ Noteholders, or
any Class of US$ Noteholders, in each case, in accordance with the terms of such
Transaction Documents.

       

      
        	
                17.4

              	
                Payments

              

      

       

      Any
payment to be made to the US$ Noteholders under the Transaction Documents may be
made to the Principal Paying Agent or the Note Trustee (as the case may be) in
accordance with the terms of the Agency Agreement and the Note Trust
Deed.

      
         

        
          
            	
                    18.

                  	
                    Westpac
      Undertakings

                  
	 	 

          

        

      

       

      
        	
                18.1

              	
                Set
      Off

              

      

       

      Westpac
irrevocably waives, and must not exercise, any right it may have to set off
amounts deposited with it by the Trustee (in its capacity as trustee of the
Trust) against amounts owed by the Trustee to Westpac (in any capacity) under
any Transaction Document.

       

      
        	
                18.2

              	
                Notice
      of actions

              

      

       

      Westpac,
as Approved Seller, must notify the Trustee and the Trust Manager promptly after
becoming aware of any action, claim or other legal proceedings which may be
brought against Westpac and which Westpac believes would have a materially
adverse effect on its title to any Receivable or Receivable Security (an Action).

       

      
        
           

        

        
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              18.3

            	
              Notification
      of Trust

            

    

     

    If the
Trustee is notified of an Action under clause 18.2, the Trust Manager (failing
which the Trustee) must notify the relevant court or tribunal of the Trustee's
interest in the relevant Receivables or Receivable Securities, unless Westpac
(as Approved Seller), the Trust Manager and the Trustee agree that to do so
might prejudice Westpac's ability successfully to defend or prosecute the Action
(as the case may be).

     

    
      	
              18.4

            	
              Fixed
      rate loans

            

    

     

    The Trust
Manager must ensure that, at the first day of each Collection Period, when a
Purchased Loan bears interest calculated at a fixed interest rate, that fixed
rate is fully hedged to the basis of calculation of interest payable on the
Notes under a Hedge Agreement with an Approved Bank.

     

    
      	
              18.5

            	
              New
      Loan Products

            

    

     

    Westpac
must notify the Designated Rating Agency if Westpac wishes to include as a
Receivable any loan product not listed in the definition of Receivable.

     

    
      	
              18.6

            	
              [Income
      tax consolidation

            

    

     

    Westpac
agrees with the Trustee that it will not acquire or dispose of an interest in
any entity (including any corporation or trust) if that acquisition or disposal
would have the effect that the entity would cease to be, or would become, a
member of the Westpac consolidated tax group unless:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trustee (at the direction of the Trust Manager, not to be unreasonably
      withheld) has given its prior written
consent;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trust Manager has given a Rating Notification (in relation to S&P's
      rating of the Notes);

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Trust Manager has notified Moody's of the cessation or membership (as the
      case may be); and

            

    

     

    
      	
               
      

            	
              (d)

            	
              in
      the case of a new member, that new member becomes a party to the Tax
      Sharing Agreement.]

            

    

     

    
      	
              18.7

            	
              [GST
      consolidation

            

    

     

    
      	
               
      

            	
              (a)

            	
              Westpac
      indemnifies the Trustee (in its personal capacity and as trustee of the
      Trust) on demand for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      GST of the Westpac GST Group which is payable by the Trustee (in its
      personal capacity or as trustee of the Trust) pursuant to sub-section
      444-90(1) of the Taxation Administration Act 1953 except for the amount
      (if any) of any GST (after applying any Input Tax Credits) that the
      Trustee (in its personal capacity or as trustee of the Trust) would have
      been liable to pay if it had not been a member of the Westpac GST Group;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      costs, expenses and liabilities incurred by the Trustee (in its personal
      capacity or as trustee of the Trust) resulting from a failure of any
      member of the Westpac GST Group to meet its GST
    obligations.

            

    

    
      
         

      

      
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              (b)

            	
              In
      the event that Westpac is downgraded below A-1 (short term) by S&P,
      Westpac (as Representative Member) shall, within 30 days, apply to the
      Commissioner of Taxation (with a copy to the Trustee), in accordance with
      subsection 48-70(1)(b) of the GST Act, for revocation of the approval of
      the Trust as a member of the Westpac GST Group with effect from the
      commencement of the month in which Westpac receives written notification
      of that downgrade.  Westpac shall provide to the Trustee any
      information reasonably requested by the Trustee in connection with such
      application or the GST liability of the Westpac GST
  Group.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      indemnity in paragraph (a) is a continuing obligation of Westpac,
      independent of Westpac's other obligations and continues after the
      termination of the Trust or the retirement or removal of the Trustee as
      trustee of the Trust.  It is not necessary for the Trustee (in
      its capacity as Trustee or in its personal capacity) to incur expense or
      make payment before enforcing its rights under the
    indemnity.]

            

    

     

    
      	
              18.8

            	
              Trust
      delegates

            

    

     

    The
Trustee agrees that it will not delegate any of its powers to any of its Related
Bodies Corporate without the prior consent of the Trust Manager (not to be
unreasonably withheld). Nothing in this clause prevents the Trustee from
consulting with or utilising the resources of its Related Corporations in
exercising its powers, rights or discretions or performing its obligations under
the Transaction Documents provided that the Trustee will, subject to the terms
of the Transaction Documents, remain liable for that exercise or
performance.

     

    
      	
              18.9

            	
              Compliance
      with ASX listing rules

            

    

     

    The Trust
Manager and the Servicer undertake to the Trustee, to each Noteholder and to the
Security Trustee to:

     

    
      	
               
      

            	
              (i)

            	
              give
      the Trustee such directions; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              take
      such actions as may reasonably be taken by a third party on behalf of the
      Trustee,

            

    

     

    as are
necessary to ensure that the Trustee complies with the ASX listing rules, for so
long as any Notes are listed on the ASX.

     

    
      	
              18.10

            	
              Land
      Title Act 1994 (Qld))

            

    

     

    Westpac
acknowledges and agrees with the Trustee that it will keep all records in
relation to identifying the mortgagor under each Mortgage for the Purchased
Receivables required in accordance, where applicable, with sections 11A and 11B
of the Land Title Act 1994 (Qld) and give access to those records to the Trustee
on request if required by the Trustee to comply with those
sections.

    
      
         

      

      
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                  19.

                	
                  Call
      and Tax Redemption

                

        

      

    

     

    
      	
              19.1

            	
              Call
      of Class A Notes

            

    

     

    The
Trustee must, if so directed by the Trust Manager (at the Trust Manager's
option) on or before the date which is 3 Business Days before any Payment Date
falling on or after the Call Option Date, having given not more than 60 nor less
than 10 days' notice to the Note Trustee and the Security Trustee in accordance
with, in the case of the US$ Notes, the relevant Condition 12 and in the case of
the Class A3 Notes, the terms of this Series Notice and the Master Trust Deed,
redeem all, but not some only of the Class A Notes by repaying the Invested
Amount, or, if all the Class A Noteholders so agree, the Stated Amount, of those
Class A Notes, together with accrued interest to (but excluding) the date of
redemption on any Payment Date falling on or after the Call Option Date,
provided that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trust Manager has provided no more than 60 nor less than 10 days’ prior
      written notice to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Note Trustee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Security Trustee;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              each
      Class A3 Noteholder; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              each
      Designated Rating Agency,

            

    

     

    in
accordance with the terms of this Series Notice and the Master Trust Deed, of
the Trust Manager’s intention to direct the Trustee to redeem the Class A Notes
under this clause;

     

    
      	
               
      

            	
              (b)

            	
              the
      Trust Manager has given a Rating Notification in relation to the
      repayment;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Trustee has sufficient cash to make such repayment and discharge all its
      liabilities in respect of amounts which are required under the Security
      Trust Deed to be paid in priority or equally with the Class A Notes as if
      the security for the Notes were being enforced.  The Trustee
      may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              at
      the direction of the Trust Manager, dispose of any Purchased Receivables
      for an amount not less than:

            

    

     

    
      	
               
      

            	
              (A)

            	
              in
      the case of Performing Loans, their Unpaid Balance;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              in
      the case Purchased Receivables that are not Performing Loans, their Fair
      Market Value;

            

    

     

    in order
to raise such cash; and

     

    
      	
               
      

            	
              (ii)

            	
              rely
      conclusively on a certificate from the Trust Manager as to the amount of
      the repayment and other payments referred to above;
  and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Trustee retains such amount as the Trust Manager reasonably determines
      will be necessary to satisfy any outstanding or anticipated Expenses,
      payment under the Liquidity Facility Agreement, payment under the Redraw
      Facility Agreement or payment to any Swap Provider under a Hedge
      Agreement.

            

    

     

    
      	
              19.2

            	
              Call
      of Class B Notes

            

    

     

    The
Trustee must, if so directed by the Trust Manager (at the Trust Manager's
option) on or before the date which is 3 Business Days before any Payment Date
falling on or after the Call Option Date. having given not more than 60 nor less
than 10 days' notice to the Note Trustee and the Security Trustee in accordance
with the terms of this Series Notice and the Master Trust Deed, redeem all, but
not some only of the Class B Notes by repaying the Invested Amount, or, if all
the Class B Noteholders so agree, the Stated Amount, of those Class B Notes,
together with accrued interest to (but excluding) the date of redemption on any
Payment Date falling on or after the Call Option Date, provided
that:

     

    
      
         

      

      
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              (a)

            	
              the
      Trust Manager has provided no more than 60 nor less than 10 days’ prior
      written notice to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Security Trustee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      Class B Noteholder; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              each
      Designated Rating Agency,

            

    

     

    in
accordance with the terms of this Series Notice and the Master Trust Deed, of
the Trust Manager’s intention to direct the Trustee to redeem the Class B Notes
under this clause;

     

    
      	
               
      

            	
              (b)

            	
              the
      Trust Manager has given a Rating Notification in relation to the
      repayment;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Trustee has sufficient cash to make such repayment and discharge all its
      liabilities in respect of amounts which are required under the Security
      Trust Deed to be paid in priority to or equally with the Class B Notes as
      if the security for the Notes were being enforced.  The Trustee
      may;

            

    

     

    
      	
               
      

            	
              (i)

            	
              at
      the direction of the Trust Manager, dispose of any Purchased Receivables
      for an amount not less than:

            

    

     

    
      	
               
      

            	
              (A)

            	
              in
      the case of Performing Loans, their Unpaid Balance;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              in
      the case of Purchased Receivables that are not Performing Loans, their
      Fair Market Value;

            

    

     

    in order
to raise such cash; and

     

    
      	
               
      

            	
              (ii)

            	
              rely
      conclusively on a certificate from the Trust Manager as to the amount of
      the repayment and other payments referred to
  above;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Trustee retains such amount as the Trust Manager reasonably determines
      will be necessary to satisfy any outstanding or anticipated Expenses,
      payment under the Liquidity Facility Agreement, payment under the Redraw
      Facility Agreement or payment to any Swap Provider under a Hedge
      Agreement;  and

            

    

     

    
      	
               
      

            	
              (e)

            	
              all
      Class A Notes have been redeemed in full before that Payment Date, or will
      be redeemed in full on that Payment
Date.

            

    

     

    
      	
              19.3

            	
              Tax
      Event

            

    

     

    If the
Trust Manager notifies the Trustee and the Note Trustee that in its opinion
(based on such advice it deems necessary) either:

     

    
      	
               
      

            	
              (a)

            	
              on
      the next Payment Date the Trustee (or a Paying Agent) would be required to
      deduct or withhold from any payment of principal or interest in respect of
      the Notes or a Currency Swap in respect of any US$ Notes any amount for or
      on account of any present or future taxes, duties, assessments or
      governmental charges of whatever nature imposed, levied, collected,
      withheld or assessed by the Commonwealth of Australia or any of its
      political sub-divisions or any of its authorities;
  or

            

    

    
      
         

      

      
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              (b)

            	
              the
      total amount payable in respect of interest in relation to any of the
      Loans for a Collection Period ceases to be receivable (whether or not
      actually received) by the Trustee during such Collection Period (but, for
      the avoidance of doubt, this paragraph does not apply to the failure by
      the Trustee to receive any interest on any Loans merely by reason of the
      failure by the relevant Obligors to pay that interest in breach of the
      relevant Loan),

            

    

     

    the
Trustee must, when so directed by the Trust Manager, at the Trust Manager's
option (provided that the Trustee will be in a position on such Payment Date to
discharge (and the Trust Manager will so certify to the Trustee and the Note
Trustee) all its liabilities in respect of those Notes and any amounts required
under the Security Trust Deed to be paid in priority or pari passu with those Notes
if the security for the Notes were being enforced), having given not more than
60 nor less than 10 days' notice to the Note Trustee of those Notes (and all
other Noteholders whose Notes are to be redeemed at the same time), in
accordance with the relevant Condition 12 for any US$ Notes, redeem all, but not
some only, of those Notes at their Invested Amount (or, if the Class A
Noteholders by Extraordinary Resolution have so agreed, at their Stated Amount)
together with accrued interest to (but excluding) the date of redemption on any
subsequent Payment Date, provided that the Class A Noteholders may by
Extraordinary Resolution elect, and shall notify the Trustee and the Trust
Manager in writing, that they do not require the Trustee to redeem the Class A
Notes.

     

    
      	
              19.4

            	
              Margin
      where no Redemption at Stated
Amount

            

    

     

    If the
Trustee, at the direction of the Trust Manager, proposes to exercise its option
to redeem the Notes on a Payment Date on or after the Call Option Date at their
Stated Amounts rather than their Invested Amounts, as described in clauses 19.1
and 19.2 above, but is unable to do so because, following a meeting of
Noteholders convened under the provisions of the Master Trust Deed and the Note
Trust Deed for this purpose, the Noteholders have not approved by an
Extraordinary Resolution the redemption of the Notes at their Stated Amounts,
then the Margin to be applied in determining the Coupon Rate on those Notes for
each Coupon Period [or Class A1 Coupon Period (as the case may be)] commencing
on or after that Payment Date will remain at, or revert to, the Margin applying
at the Closing Date.

     

    
      	
              19.5

            	
              Full
      satisfaction

            

    

     

    Repayment
and redemption of Class A Notes or Class B Notes in accordance with clause 19.1,
19.2 or 19.3 (as the case may be) shall be in full satisfaction of the Trustee’s
obligations under the relevant Notes.

    
       

      
        
          	
                  20.

                	
                  Tax
      Consolidation

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              It
      is in the interests of all parties, including the Trustee, the Noteholders
      and the Beneficiaries, that the transaction be maintained with the
      objective (the Objective)
      that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Trustee always be in a position to pay any Tax liability when
      due;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      payment of Tax by the Trustee must not affect the amount of principal or
      interest payable on the Notes or the timing of such payments;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      rating of the Notes be
maintained.

            

    

    
      
         

      

      
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              (b)

            	
              The
      parties acknowledge that if the Trust were to become a member of a
      consolidated group under Part 3-90 of the Income Tax Assessment Act
      1997, action may be required in accordance with paragraphs (c)
      and/or (d) to ensure that the Objective can continue to be
      met.

            

    

     

    Provided
that the Trustee and each Designated Rating Agency receive written advice from
an experienced and reputable tax lawyer or tax accountant to the effect that if
the cashflow allocation methodology in clause 5, as amended by any deed amending
this Series Notice, is followed, the Objective will be met, and the Trust
Manager gives a Rating Notification in relation to the change in Tax law, any
deed amending this Series Notice and any action taken in accordance with
paragraphs (c) and (d):

     

    
      	
               
      

            	
              (i)

            	
              the
      Trustee shall not be obliged to obtain the consent of any Noteholder or
      any Residual Income Beneficiary to any deed amending this Series Notice;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              subject
      to its terms, any deed amending this Series Notice shall be effective when
      executed.

            

    

     

    
      	
               
      

            	
              (c)

            	
              In
      the event that the Trust becomes a member of a consolidated group under
      Part 3-90 of the Income Tax Assessment Act
      1997 then:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Trust Manager shall, as soon as is practicable, direct the Trustee to take
      steps to ensure that the Trust ceases to be a member of that consolidated
      group; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Trust Manager shall promptly consult with the Trustee and each Designated
      Rating Agency to determine what changes, if any, are necessary to the
      cashflow allocation methodology in clause 5 to achieve the Objective,
      and:

            

    

     

    
      	
               
      

            	
              (A)

            	
              within
      2 months of such consultations commencing (or such longer time as the
      Trustee and each Designated Rating Agency permit), the Trust Manager shall
      use reasonable endeavours to provide a written direction to the Trustee
      and a draft deed amending this Series Notice that, if executed, will
      achieve the Objective; and

            

    

     

    
      	
               
      

            	
              (B)

            	
              upon
      the Trustee being notified by the Trust Manager that the draft deed
      amending this Series Notice will achieve the Objective (and in this regard
      the Trustee may rely (amongst others) upon advice of tax lawyers), and
      each of the other parties to this Series Notice being reasonably satisfied
      that they will not be adversely affected by the proposed amendments to
      this Series Notice, each party to this Series Notice shall execute that
      amendment deed.

            

    

     

    
      	
               
      

            	
              (d)

            	
              For
      any period in which the Trust is, notwithstanding paragraph (c), a
      member of a consolidated group, the Trust Manager shall procure that the
      head company of a consolidated tax group of which the Trust becomes a
      member will:

            

    

     

    
      	
               
      

            	
              (i)

            	
              ensure
      that the group tax liabilities of that consolidated tax group are covered
      by a valid tax sharing agreement that apportions those tax liabilities to
      the Trustee on a basis acceptable to the Trustee (and the Trustee
      acknowledges that a nil allocation of the group tax liabilities will be
      acceptable to it); and

            

    

    
      
         

      

      
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              (ii)

            	
              provide
      evidence of such a tax sharing agreement being in place for the purposes
      of paragraph (c):

            

    

     

    
      	
               
      

            	
              (A)

            	
              at
      the time the Trust becomes a member of the consolidated tax group;
      and

            

    

     

    
      	
               
      

            	
              (B)

            	
              on
      each occasion that there is any alteration, amendment or replacement of a
      tax sharing agreement covering the tax liabilities of the consolidated tax
      group.]

            

    

    
       

      
        
          	
                  21.

                	
                  Compliance
      with Regulation AB

                

        

      

    

     

    
      	
              21.1

            	
              Intent
      of the Parties, Reasonableness

            

    

     

    The
Servicer and the Trust Manager acknowledge and agree that the purpose of this
clause 21 is to facilitate compliance by the Trust Manager with the provisions
of Regulation AB and related rules and regulations of the
Commission.

     

    The Trust
Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder.  The Servicer
acknowledges that interpretations of the requirements of Regulation AB may
change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply with
requests made by the Trust Manager in good faith for delivery of information
under these provisions on the basis of evolving interpretations of Regulation
AB.  The Servicer shall cooperate fully with the Trust Manager to
deliver to the Trust Manager (including any of its assignees or designees) any
and all statements, reports, certifications, records and any other information
necessary in the good faith determination of the Trust Manager to permit the
Trust Manager to comply with the provisions of Regulation AB, together with such
disclosures relating to the Servicer, any Subservicer and the Purchased
Receivables, or the servicing of the Purchased Receivables, reasonably believed
by the Trust Manager to be necessary in order to effect such
compliance.

     

    The Trust
Manager (including any of its assignees or designees) shall cooperate with the
Servicer by providing timely notice of requests for information under these
provisions and by reasonably limiting such requests to information required, in
the Trust Manager’s reasonable judgment, to comply with Regulation
AB.

     

    
      	
              21.2

            	
              Additional
      Representations and Warranties of the
Servicer

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Servicer shall be deemed to represent to the Trust Manager, as of the date
      on which information is first provided to the Trust Manager under clause
      21.3 that, except as disclosed in writing to the Trust Manager prior to
      such date:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Servicer is not aware and has not received notice that any default, early
      amortisation or other performance triggering event has occurred as to any
      other securitisation due to any act or failure to act of the
      Servicer;

            

    

    
      
         

      

      
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              (ii)

            	
              the
      Servicer has not been terminated as servicer in a residential housing loan
      securitisation, either due to a servicing default or to application of a
      servicing performance test or
trigger;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              no
      material noncompliance with the applicable servicing criteria with respect
      to other securitisations of residential housing loans involving the
      Servicer as servicer has been disclosed or reported by the
      Servicer;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              no
      material changes to the Servicer’s policies or procedures with respect to
      the servicing function it will perform under the Servicing Agreement and
      any other Transaction Document for housing loans of a type similar to the
      Purchased Receivables have occurred during the three-year period
      immediately preceding the Closing
Date;

            

    

     

    
      	
               
      

            	
              (v)

            	
              there
      are no aspects of the Servicer’s financial condition that could have a
      material adverse effect on the performance by the Servicer of its
      servicing obligations under this Series Notice, the Servicing Agreement or
      any other Transaction Document;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              there
      are no material legal or governmental proceedings pending (or known to be
      contemplated) against the Servicer or any Subservicer that could have a
      material adverse effect on the performance by the Servicer of its
      servicing obligations under this Series Notice, the Servicing Agreement or
      any other Transaction Document; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              there
      are no affiliations, relationships or transactions relating to the
      Servicer or any Subservicer with respect to the transactions contemplated
      by this Series Notice, the Servicing Agreement or any other Transaction
      Document and any party thereto identified by the Trust Manager of a type
      described in Item 1119 of Regulation
AB.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      so requested by the Trust Manager on any date following the date on which
      information is first provided to the Trust Manager under clause 21.3, the
      Servicer shall, within five Business Days following such request, confirm
      in writing the accuracy of the representations and warranties set forth in
      paragraph (a) of this clause 21.2 or, if any such representation and
      warranty is not accurate as of the date of such request, provide
      reasonably adequate disclosure of the pertinent facts, in writing, to the
      requesting party.

            

    

     

    
      	
              21.3

            	
              Information
      to be provided by the Servicer

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Servicer shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              within
      five Business Days following request by the Trust Manager, provide to the
      Trust Manager (or cause each Subservicer, if any, to provide), in writing
      and in form and substance reasonably satisfactory to the Trust Manager,
      the information and materials specified in paragraphs (b), (c) and (f) of
      this clause 21.3, and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      promptly as practicable following notice to or discovery by the Servicer,
      provide to the Trust Manager (in writing and in form and substance
      reasonably satisfactory to the Trust Manager) the information specified in
      paragraph (d) of this clause
21.3.

            

    

    
      
         

      

      
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              (b)

            	
              If
      so requested by the Trust Manager, the Servicer shall provide such
      information regarding:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Servicer, as originator of the Purchased Receivables;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      applicable, each Subservicer, as is requested for the purpose of
      compliance with Items 1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation
      AB.  Such information shall include, at a
    minimum:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      originator’s form of organisation;

            

    

     

    
      	
               
      

            	
              (B)

            	
              a
      description of the originator’s origination program and how long the
      originator has been engaged in originating residential housing loans,
      which description shall include a discussion of the originator’s
      experience in originating housing loans of a similar type as the Purchased
      Receivables; information regarding the size and composition of the
      originator’s origination portfolio; and information that may be material,
      in the good faith judgment of the Trust Manager, to an analysis of the
      performance of the Purchased Receivables, including the originator's
      credit-granting or underwriting criteria for housing loans of similar
      type(s) as the Purchased Receivables and such other information as the
      Trust Manager may reasonably request for the purpose of compliance with
      Item 1110(b)(2) of Regulation AB;

            

    

     

    
      	
               
      

            	
              (C)

            	
              a
      description of any material legal or governmental proceedings pending (or
      known to be contemplated) against the Servicer and any Subservicer that
      may impact its servicing ability;
and

            

    

     

    
      	
               
      

            	
              (D)

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

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      sponsor;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      depositor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      issuing entity;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      servicer;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      trustee;

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      originator;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      significant obligor;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      enhancement or support provider;
and

            

    

     

    
      	
               
      

            	
              (9)

            	
              any
      other material transaction
party.

            

    

    
      
         

      

      
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              (c)

            	
              If
      so requested by the Trust Manager, the Servicer shall provide Static Pool
      Information with respect to the housing loans (of a similar type as the
      Purchased Receivables, as reasonably identified by the Trust Manager as
      provided below) originated by the Servicer.  Such Static Pool
      Information shall be prepared by the Servicer on the basis of its
      reasonable, good faith interpretation of the requirements of Item
      1105(a)(1)-(3) of Regulation AB.  The content of such Static
      Pool Information may be in the form customarily provided by the Servicer,
      and need not be customised for the Trust Manager.  Such Static
      Pool Information for each prior securitised pool shall be presented in
      increments no less frequently than quarterly over the life of the housing
      loans included in the prior securitised pool.  The most recent
      periodic increment must be as of a date no later than 135 days prior to
      the date of the prospectus or other offering document in which the Static
      Pool Information is to be included or incorporated by
      reference.  The Static Pool Information shall be provided in an
      electronic format that provides a permanent record of the information
      provided, such as a portable document format (pdf) file, or other such
      electronic format reasonably required by the Trust
  Manager.

            

    

     

    Promptly
following notice or discovery of a material error in Static Pool Information
provided pursuant to the immediately preceding paragraph (including an omission
to include therein information required to be provided pursuant to such
paragraph), the Servicer shall provide corrected Static Pool Information to the
Trust Manager, in the same format in which Static Pool Information was
previously provided to such party by the Servicer.

     

    If so
requested by the Trust Manager, the Servicer shall provide, at the expense of
the Trust Manager (to the extent of any additional incremental expense
associated with delivery pursuant to this Series Notice), such agreed-upon
procedures letters of certified public accountants reasonably acceptable to the
Trust Manager, pertaining to Static Pool Information relating to prior
securitised pools for securitisations closed on or after 1 January 2006 or, in
the case of Static Pool Information with respect to the Servicer’s originations
or purchases, to calendar months commencing 1 January 2006, as the Trust Manager
shall reasonably request.  Such letters shall be addressed to and be
for the benefit of such parties as the Trust Manager shall designate, which may
include, by way of example, any broker dealer acting as underwriter, placement
agent or initial purchaser with respect to transactions contemplated by this
Series Notice.  Any such statement or letter may take the form of a
standard, generally applicable document accompanied by a reliance letter
authorising reliance by the addressees designated by the Trust
Manager.

     

    
      	
               
      

            	
              (d)

            	
              If
      so requested by the Trust Manager, the Servicer shall provide such
      information regarding the Servicer, as servicer of the Purchased
      Receivables, and each Subservicer, if any (each of the Servicer and each
      Subservicer, if any, for purposes of this paragraph only, a Servicer), as
      is requested for the purpose of compliance with Item 1108 of Regulation
      AB.  Such information shall include, at a
    minimum:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Servicer’s form of organisation;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      description of how long the Servicer has been servicing residential
      housing loans; a general discussion of the Servicer’s experience in
      servicing assets of any type as well as a more detailed discussion of the
      Servicer’s experience in, and procedures for, the servicing function it
      will perform under this Series Notice, the Servicing Agreement and any
      other Transaction Document; information regarding the size, composition
      and growth of the Servicer’s portfolio of residential housing loans of a
      type similar to the Purchased Receivables and information on factors
      related to the Servicer that may be material, in the good faith judgment
      of the Trust Manager, to any analysis of the servicing of the Purchased
      Receivables or the related asset-backed securities, as applicable,
      including, without limitation:

            

    

    
      
         

      

      
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              (A)

            	
              whether
      any prior securitisations of housing loans of a type similar to the
      Purchased Receivables involving the Servicer have defaulted or experienced
      an early amortisation or other performance triggering event because of
      servicing during the three-year period immediately preceding the Closing
      Date;

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      extent of outsourcing the Servicer
utilises;

            

    

     

    
      	
               
      

            	
              (C)

            	
              whether
      there has been previous disclosure of material noncompliance with the
      applicable servicing criteria with respect to other securitisations of
      residential housing loans involving the Servicer as a servicer during the
      three-year period immediately preceding the Closing
  Date;

            

    

     

    
      	
               
      

            	
              (D)

            	
              whether
      the Servicer has been terminated as servicer in a residential housing loan
      securitisation, either due to a servicing default or to application of a
      servicing performance test or trigger;
and

            

    

     

    
      	
               
      

            	
              (E)

            	
              such
      other information as the Trust Manager may reasonably request for the
      purpose of compliance with Item 1108(b)(2) of Regulation
    AB;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      description of any material changes during the three-year period
      immediately preceding the Closing Date to the Servicer’s policies or
      procedures with respect to the servicing function it will perform under
      this Series Notice, the Servicing Agreement and any other Transaction
      Document for housing loans of a type similar to the Purchased
      Receivables;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              information
      regarding the Servicer’s financial condition, to the extent that there is
      a material risk that an adverse financial event or circumstance involving
      the Servicer could have a material adverse effect on the performance by
      the Servicer of its servicing obligations under this Series Notice, the
      Servicing Agreement or any other Transaction
  Document;

            

    

     

    
      	
               
      

            	
              (v)

            	
              information
      regarding advances made by the Servicer on the Purchased Receivables and
      the Servicer's overall servicing portfolio of residential mortgage loans
      for the three year period immediately preceding the related Closing Date,
      which may be limited to a statement by an authorised officer of the
      Servicer to the effect that the Servicer has made all advances required to
      be made on residential mortgage loans serviced by it during such period,
      or, if such statement would not be accurate, information regarding the
      percentage and type of advances not made as required, and the reasons for
      such failure to advance.

            

    

     

    
      	
               
      

            	
              (vi)

            	
              a
      description of the Servicer’s processes and procedures designed to address
      any special or unique factors involved in servicing loans of a similar
      type as the Purchased Receivables;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              a
      description of the Servicer’s processes for handling delinquencies,
      losses, bankruptcies and recoveries, such as through liquidation of
      mortgaged properties, sale of defaulted housing loans or workouts;
      and

            

    

    
      
         

      

      
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              (viii)

            	
              information
      as to how the Servicer defines or determines delinquencies and
      charge-offs, including the effect of any grace period, re-aging,
      restructuring, partial payments considered current or other practices with
      respect to delinquency and loss
experience.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      so requested by the Trust Manager for the purpose of satisfying its
      reporting obligation under the Exchange Act with respect to any class of
      asset-backed securities, the Servicer shall (or shall cause each
      Subservicer, if any, to) (i) notify the Trust Manager in writing of (A)
      any material litigation or governmental proceedings pending against the
      Servicer or any Subservicer that may impact its ability to perform its
      servicing or sub-servicing obligations and (B) any affiliations or
      relationships that develop following the Closing Date between the Servicer
      or any Subservicer, if any, and any of the parties specified in sub
      paragraph (ii)(D) of this clause 21.3 (and any other parties identified in
      writing by the requesting party) with respect to the issuance of the
      Notes, and (ii) provide to the Trust Manager a description of such
      proceedings, affiliations or
relationships.

            

    

     

    
      	
               
      

            	
              (f)

            	
              As
      a condition to the succession to the Servicer or any Subservicer, if any,
      as servicer or subservicer under this Series Notice, the Servicing
      Agreement or any other Transaction Document by any
  person:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which the Servicer or such Subservicer, if any, may be merged or
      consolidated; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              which
      may be appointed as a successor to the Servicer or, if applicable, any
      Subservicer, the Servicer shall provide to the Trust Manager prior to the
      effective date of such succession or
  appointment:

            

    

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (g)

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

            

    

    
      
         

      

      
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              21.4

            	
              Servicer
      Compliance Statement

            

    

     

    On or
before the date the Trust Manager is required to make any required regulatory
filings in connection with the end of its fiscal year, so long as there shall be
any such requirement, the Servicer shall deliver to the Trust Manager a
statement of compliance addressed to the Trust Manager and signed by an
authorised officer of the Servicer, to the effect that (i) a review of the
Servicer’s activities during the immediately preceding financial year ended 30
September (or applicable portion thereof) and of its performance under this
Series Notice as it relates to its Servicing obligations, the Servicing
Agreement and any other Transaction Document during such period has been made
under such officer’s supervision, and (ii) to the best of such officers’
knowledge, based on such review, the Servicer has fulfilled all of its
obligations under this Series Notice, the Servicing Agreement and any other
Transaction Document in all material respects throughout such financial year
ended 30 September (or applicable portion thereof) or, if there has been a
failure to fulfil any such obligation in any material respect, specifically
identifying each such failure known to such officer and the nature and the
status thereof.

     

    
      	
              21.5

            	
              Report
      on Assessment of Compliance and
Attestation

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              deliver
      to the Trust Manager a report (in form and substance reasonably
      satisfactory to the Trust Manager) regarding the Servicer’s assessment of
      compliance with the Servicing Criteria during the immediately preceding
      financial year ended 30 September as required under Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such
      report shall be addressed to the Trust Manager and signed by an authorised
      officer of the Servicer, and shall address each of the Servicing Criteria
      specified on a certification substantially in the form of schedule [3]
      delivered to the Trust Manager concurrently with the execution of this
      Series Notice;

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              cause
      each Subservicer, if any, and each Subcontractor, if any, determined by
      the Servicer pursuant to clause 21.6(b) to be “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB, to
      deliver to the Trust Manager an assessment of compliance and accountants’
      attestation as and when provided in paragraphs (a) and (b) of this clause
      21.5; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              if
      requested by the Trust Manager, not later than 1 November of the calendar
      year in which such certification is to be delivered, deliver to the Trust
      Manager and any other person that will be responsible for signing the
      certification (a Sarbanes Certification) required by Rules 13a-14(d) and
      15d-14(d) under the Exchange Act (pursuant to Clause 302 of the
      Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with
      respect to the transactions contemplated by this Series Notice a
      certification in the form attached hereto as schedule
  [2].

            

    

    
      
         

      

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

     

    
      	
               
      

            	
              (b)

            	
              Each
      assessment of compliance provided by a Subservicer, if any, pursuant to
      this clause 21.5 shall address each of the Servicing Criteria specified on
      a certification substantially in the form of schedule [3] hereto
      delivered to the Trust Manager concurrently with the execution of this
      Series Notice or, in the case of a Subservicer, if any, subsequently
      appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a
      Subcontractor pursuant to clause 21.5(a)(iii) need not address any
      elements of the Servicing Criteria other than those specified by the
      Servicer pursuant to clause 21.6.

            

    

     

    
      	
              21.6

            	
              Use
      of Subservicers and Subcontractors

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Servicer shall not hire or otherwise utilise the services of any
      Subservicer to fulfil any of the obligations of the Servicer as servicer
      under this Series Notice, the Servicing Agreement or any other Transaction
      Document unless the Servicer complies with the provisions of paragraph (b)
      of this clause 21.6.  The Servicer shall not hire or otherwise
      utilise the services of any Subcontractor, and shall not permit any
      Subservicer to hire or otherwise utilise the services of any
      Subcontractor, to fulfil any of the obligations of the Servicer as
      servicer under this Series Notice, the Servicing Agreement or any other
      Transaction Document unless the Servicer complies with the provisions of
      paragraph (c) of this clause 21.6.

            

    

     

    
      	
               
      

            	
              (b)

            	
              It
      shall not be necessary for the Servicer to seek the consent of the Trust
      Manager to the utilisation of any Subservicer.  The Servicer
      shall cause any Subservicer used by the Servicer (or by any Subservicer)
      for the benefit of the Trust Manager to comply with the provisions of this
      clause 21.6 and with clauses 21.2, 21.3(c) and (e), 21.4 and 21.5 of this
      Series Notice to the same extent as if such Subservicer were the Servicer,
      and to provide the information required with respect to such Subservicer
      under clause 21.3(d) of this Series Notice.  The Servicer shall
      be responsible for obtaining from each Subservicer and delivering to the
      Trust Manager any servicer compliance statement required to be delivered
      by such Subservicer under clause 21.4, any assessment of compliance and
      attestation required to be delivered by such Subservicer under clause 21.5
      and any certification required to be delivered to the person that will be
      responsible for signing the Sarbanes Certification under clause 21.5 as
      and when required to be delivered.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

    
      
         

      

      
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              (d)

            	
              As
      a condition to the utilisation of any Subcontractor determined to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, the Servicer shall cause any such Subcontractor used by
      the Servicer (or by any Subservicer) for the benefit of the Trust Manager
      to comply with the provisions of clauses 21.5 and 21.7 of this Series
      Notice to the same extent as if such Subcontractor were the
      Servicer.  The Servicer shall be responsible for obtaining from
      each Subcontractor and delivering to the Trust Manager any assessment of
      compliance and attestation required to be delivered by such Subcontractor
      under clause 21.5, in each case as and when required to be
      delivered.

            

    

     

    
      	
              21.7

            	
              Indemnification;
      Remedies

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              (A)

            	
              any
      untrue statement of a material fact contained or alleged to be contained
      in any information, report, certification, accountants’ letter or other
      material provided in written or electronic form under this clause 21 by or
      on behalf of the Servicer, or provided under this clause 21 by or on
      behalf of any Subservicer or Subcontractor (collectively, the Servicer
      Information); or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      omission or alleged omission to state in the Servicer Information a
      material fact required to be stated in the Servicer Information or
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided, by way
      of clarification, that clause (B) of this paragraph shall be construed
      solely by reference to the Servicer Information and not to any other
      information communicated in connection with a sale or purchase of
      securities, without regard to whether the Servicer Information or any
      portion thereof is presented together with or separately from such other
      information;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      failure by the Servicer, any Subservicer or any Subcontractor to deliver
      any information, report, certification, accountants’ letter or other
      material when and as required under this clause 21, including any failure
      by the Servicer to identify pursuant to clause 21.6(b) any Subcontractor
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB; or

            

    

    
      
         

      

      
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              (iii)

            	
              any
      breach by the Servicer of a representation or warranty set forth in clause
      21.2(a) or in a writing furnished pursuant to clause 21.2(b) and made as
      of a date prior to the Closing Date, to the extent that such breach is not
      cured by the Closing Date, or any breach by the Servicer of a
      representation or warranty in a writing furnished pursuant to clause
      21.2(b) to the extent made as of a date subsequent to the Closing
      Date.

            

    

     

    In the
case of any failure of performance described in sub-paragraph (a)(ii) of this
clause 21.7, the Servicer shall promptly reimburse the Trust Manager, and each
person responsible for the preparation, execution or filing of any report
required to be filed with the Commission with respect to the transactions
contemplated by the Series Notice, or for execution of a certification pursuant
to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
transactions, for all costs reasonably incurred by each such party in order to
obtain the information, report, certification, accountants’ letter or other
material not delivered as required by the Servicer, any Subservicer or any
Subcontractor.

     

    
      	
               
      

            	
              (b)

            	
              (i)

            	
              Any
      failure by the Servicer, any Subservicer or any Subcontractor to deliver
      any information, report, certification, accountants’ letter or other
      material when and as required under this clause 21, or any breach by the
      Servicer of a representation or warranty set forth in clause 21.2(b) or in
      a writing furnished pursuant to clause 21.2(b) and made as of a date prior
      to the Closing Date, to the extent that such breach is not cured by the
      Closing Date, or any breach by the Servicer of a representation or
      warranty in a writing furnished pursuant to clause 21.2(b) to the extent
      made as of a date subsequent to the Closing Date, shall, except as
      provided in sub-paragraph (a), immediately and automatically, without
      notice or grace period, constitute a Servicer Transfer Event with respect
      to the Servicer, as servicer, under this Series Notice, the Servicing
      Agreement and any other applicable Transaction Document, and shall entitle
      the Trust Manager, in its sole discretion to terminate the rights and
      obligations of the Servicer, as servicer, under this Series Notice, the
      Servicing Agreement and/or any other applicable Transaction Document
      without payment (notwithstanding anything in this Series Notice, the
      Servicing Agreement or any other applicable Transaction Document to the
      contrary) of any compensation to the Servicer; provided that to the extent
      that any provision of this Series Notice, the Servicing Agreement and/or
      any other applicable Transaction Document expressly provides for the
      survival of certain rights or obligations following termination of the
      Servicer as servicer, such provision shall be given
  effect.

            

    

    
      
         

      

      
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              (ii)

            	
              Any
      failure by the Servicer, any Subservicer or any Subcontractor to deliver
      any information, report, certification or accountants’ letter when and as
      required under clause 21.4 or 22.5, including (except as provided below)
      any failure by the Servicer to identify pursuant to clause 21.6(b) any
      Subcontractor “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, which continues unremedied for ten calendar
      days after the date on which such information, report, certification or
      accountants’ letter was required to be delivered shall constitute a
      Servicer Transfer Event with respect to the Servicer, as servicer, under
      this Series Notice, the Servicing Agreement and any other applicable
      Transaction Document, and shall entitle the Trust Manager, in its sole
      discretion to terminate the rights and obligations of the Servicer, as
      servicer, under this Series Notice, the Servicing Agreement and/or any
      other applicable Transaction Document without payment (notwithstanding
      anything in any of the foregoing documents to the contrary) of any
      compensation to the Servicer; provided that to the extent that any
      provision of any of the foregoing documents expressly provides for the
      survival of certain rights or obligations following termination of the
      Servicer, as servicer, such provision shall be given
    effect.

            

    

     

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

     

    
      	
               
      

            	
              (iii)

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

            

    

    
       

      
        
          	
                  22.

                	
                  Compliance
      with Regulation AB: The
Custodian

                

        

      

    

     

    
      	
              22.1

            	
              Intent
      of the Parties, Reasonableness

            

    

     

    The
Servicer, as custodian pursuant to section 22.8 of the Master Trust Deed (for
purposes of this clause 22, the Servicing
Function Participant) and the Trust Manager acknowledge and agree that
the purpose of this clause 22 is to facilitate compliance by the Trust Manager
with the provisions of Regulation AB and related rules and regulations of the
Commission.

     

    The Trust
Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder.  The Servicing Function
Participant acknowledges that interpretations of the requirements of Regulation
AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agree to comply with
requests made by the Trust Manager in good faith for delivery of information
under these provisions on the basis of evolving interpretations of Regulation
AB.  The Servicing Function Participant shall cooperate fully with the
Trust Manager to deliver to the Trust Manager (including any of its assignees or
designees) any and all statements, reports, certifications, records and any
other information necessary in the good faith determination of the Trust Manager
to permit the Trust Manager to comply with the provisions of Regulation AB,
together with such disclosures relating to the Servicing Function Participant,
any Subservicer and the Purchased Receivables, or the servicing of the Purchased
Receivables, reasonably believed by the Trust Manager to be necessary in order
to effect such compliance.

    
      
         

      

      
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    The Trust
Manager (including any of its assignees or designees) shall cooperate with the
Servicing Function Participant by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to
information required, in the Trust Manager’s reasonable judgment, to comply with
Regulation AB.

     

    
      	
              22.2

            	
              Additional
      Representations and Warranties of the Servicing Function
      Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant shall be deemed to represent to the Trust
      Manager, as of the date on which information is first provided to the
      Trust Manager under clause 22.3 that, except as disclosed in writing to
      the Trust Manager prior to such
date:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              it
      has not been terminated as trustee, custodian, note trustee, or similar
      role, as applicable, in a residential housing loan
      securitisation;

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

            	
              there
      are no material legal or governmental proceedings pending (or known to be
      contemplated) against the Servicing Function Participant or any
      Subservicer that could have a material adverse effect on the performance
      by the Servicing Function Participant of its obligations under this Series
      Notice or any other Transaction Document;
and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              there
      are no affiliations, relationships or transactions relating to the
      Servicing Function Participant or any Subservicer with respect to the
      transactions contemplated by this Series Notice or any other Transaction
      Document and any party thereto identified by the Trust Manager of a type
      described in Item 1119 of Regulation
AB.

            

    

    
      
         

      

      
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              (b)

            	
              If
      so requested by the Trust Manager on any date following the date on which
      information is first provided to the Trust Manager under clause 22.3, the
      Servicing Function Participant shall, within five Business Days following
      such request, confirm in writing the accuracy of the representations and
      warranties set forth in paragraph (a) of this clause 22.2 or, if any such
      representation and warranty is not accurate as of the date of such
      request, provide reasonably adequate disclosure of the pertinent facts, in
      writing, to the requesting party.

            

    

     

    
      	
              22.3

            	
              Information
      to be provided by the Servicing Function
  Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant
shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              within
      five Business Days following request by the Trust Manager, provide to the
      Trust Manager (or cause each Subservicer, if any, to provide), in writing
      and in form and substance reasonably satisfactory to the Trust Manager,
      the information and materials specified in paragraphs (b) and (c) of this
      clause 22.3, and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      promptly as practicable following notice to or discovery by the Servicing
      Function Participant, provide to the Trust Manager (in writing and in form
      and substance reasonably satisfactory to the Trust Manager) the
      information specified in paragraph (d) of this clause
  22.3.

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              itself;
      and

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (A)

            	
              a
      description of any material legal or governmental proceedings pending (or
      known to be contemplated) against the Servicing Function Participant and
      any Subservicer that may impact its servicing ability;
  and

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      sponsor;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      depositor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      issuing entity;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      servicer;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      trustee;

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      originator;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      significant obligor;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      enhancement or support provider;
and

            

    

     

    
      	
               
      

            	
              (9)

            	
              any
      other material transaction
party.

            

    

    
      
         

      

      
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              (c)

            	
              If
      so requested by the Trust Manager for the purpose of satisfying its
      reporting obligation under the Exchange Act with respect to any class of
      asset-backed securities, the Servicing Function Participant shall (or
      shall cause each Subservicer, if any, to) (i) notify the Trust Manager in
      writing of (A) any material litigation or governmental proceedings pending
      against the Servicing Function Participant or any Subservicer and (B) any
      affiliations or relationships that develop following the Closing Date
      between the Servicing Function Participant or any Subservicer, if any, and
      any of the parties specified in sub paragraph (ii)(B) of this clause 22.3
      (and any other parties identified in writing by the requesting party) with
      respect to the issuance of the Notes, and (ii) provide to the Trust
      Manager a description of such proceedings, affiliations or
      relationships.

            

    

     

    
      	
               
      

            	
              (d)

            	
              As
      a condition to the succession to a Servicing Function Participant or any
      Subservicer, if any, as servicer or subservicer under this Series Notice
      or any other Transaction Document by any
person:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              which
      may be appointed as a successor to the Servicing Function Participant or,
      if applicable, any Subservicer, the Servicing Function Participant shall
      provide to the Trust Manager prior to the effective date of such
      succession or appointment:

            

    

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
              22.4

            	
              Report
      on Assessment of Compliance and
Attestation

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

    
      
         

      

      
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              (i)

            	
              deliver
      to the Trust Manager a report (in form and substance reasonably
      satisfactory to the Trust Manager) regarding the Servicing Function
      Participant’s assessment of compliance with the Servicing Criteria during
      the immediately preceding financial year ended [30 September] as required under Rules
      13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.  Such report shall be addressed to the Trust Manager and
      signed by an authorised officer of the Servicing Function Participant, and
      shall address each of the Servicing Criteria specified on a certification
      substantially in the form of schedule [6] delivered to the Trust Manager
      concurrently with the execution of this Series
  Notice;

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

            	
              cause
      each Subservicer, if any, and each Subcontractor, if any, determined by
      the Servicing Function Participant pursuant to clause 22.6(b) to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, to deliver to the Trust Manager an assessment of
      compliance and accountants’ attestation as and when provided in paragraphs
      (a) and (b) of this clause 22.4;
and

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

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

     

    
      	
               
      

            	
              (b)

            	
              Each
      assessment of compliance provided by a Subservicer, if any, pursuant to
      this clause 22.4 shall address each of the Servicing Criteria specified on
      a certification substantially in the form of schedule [6]
      hereto delivered to the Trust Manager concurrently with the execution of
      this Series Notice or, in the case of a Subservicer, if any, subsequently
      appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a
      Subcontractor pursuant to clause 22.4(a)(iii) need not address any
      elements of the Servicing Criteria other than those specified by the
      relevant Servicing Function Participant pursuant to clause
      22.5.

            

    

    
      
         

      

      
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              22.5

            	
              Use
      of Subservicers and Subcontractors

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant shall not hire or otherwise utilise the
      services of any Subservicer to fulfil any of the obligations of the
      Servicing Function Participant under this Series Notice or any other
      Transaction Document unless the Servicing Function Participant complies
      with the provisions of paragraph (a) of this clause 22.5.  The
      Servicing Function Participant shall not hire or otherwise utilise the
      services of any Subcontractor, and shall not permit any Subservicer to
      hire or otherwise utilise the services of any Subcontractor, to fulfil any
      of the obligations of the Servicing Function Participant under this Series
      Notice or any other Transaction Document unless the Servicing Function
      Participant complies with the provisions of paragraph (b) of this clause
      22.5.

            

    

     

    
      	
               
      

            	
              (b)

            	
              It
      shall not be necessary for a Servicing Function Participant to seek the
      consent of the Trust Manager to the utilisation of any
      Subservicer.  The Servicing Function Participant shall cause any
      Subservicer used by it (or by any Subservicer) for the benefit of the
      Trust Manager to comply with the provisions of this clause 22.5 and with
      clauses 22.2, 22.4 and 22.6 of this Series Notice to the same extent as if
      such Subservicer were the Servicing Function Participant, and to provide
      the information required with respect to such Subservicer under clause
      22.3(c) of this Series Notice.  The Servicing Function
      Participant shall be responsible for obtaining from each Subservicer and
      delivering to the Trust Manager any assessment of compliance and
      attestation required to be delivered by such Subservicer under clause 22.4
      and any certification required to be delivered to the person that will be
      responsible for signing the Sarbanes Certification under clause 21.5 as
      and when required to be delivered.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

            	
              As
      a condition to the utilisation of any Subcontractor determined to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, the Servicing Function Participant shall cause any such
      Subcontractor used by the Servicing Function Participant (or by any
      Subservicer) for the benefit of the Trust Manager to comply with the
      provisions of clauses 22.4 and 22.6 of this Series Notice to the same
      extent as if such Subcontractor were the Servicing Function
      Participant.  The Servicing Function Participant shall be
      responsible for obtaining from each Subcontractor and delivering to the
      Trust Manager any assessment of compliance and attestation required to be
      delivered by such Subcontractor under clause 22.4, in each case as and
      when required to be delivered.

            

    

     

    
      
        
        

      

      
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              22.6

            	
              Indemnification;
      Remedies

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              (A)

            	
              any
      untrue statement of a material fact contained or alleged to be contained
      in any information, report, certification, accountants’ letter or other
      material provided in written or electronic form under this clause 22 by or
      on behalf of the Servicing Function Participant, or provided under this
      clause 22 by or on behalf of any Subservicer or Subcontractor
      (collectively, the Servicing
      Function Participant Information);
or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      omission or alleged omission to state in the Servicing Function
      Participant Information a material fact required to be stated in the
      Servicing Function Participant Information or necessary in order to make
      the statements therein, in the light of the circumstances under which they
      were made, not misleading; provided, by way of clarification, that clause
      (B) of this paragraph shall be construed solely by reference to the
      Servicing Function Participant Information and not to any other
      information communicated in connection with a sale or purchase of
      securities, without regard to whether the Servicing Function Participant
      Information or any portion thereof is presented together with or
      separately from such other
information;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      failure by the Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 22, including any failure by the Servicing Function Participant to
      identify pursuant to clause 22.5(b) any Subcontractor “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB;
      or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      breach by the Servicing Function Participant of a representation or
      warranty set forth in clause 22.2(a) or in a writing furnished pursuant to
      clause 22.2(b) and made as of a date prior to the Closing Date, to the
      extent that such breach is not cured by the Closing Date, or any breach by
      the Servicing Function Participant of a representation or warranty in a
      writing furnished pursuant to clause 22.2(b) to the extent made as of a
      date subsequent to the Closing
Date.

            

    

     

    In the
case of any failure of performance described in sub-paragraph (a)(ii) of this
clause 22.6, the relevant Servicing Function Participant shall promptly
reimburse the Trust Manager, and each person responsible for the preparation,
execution or filing of any report required to be filed with the Commission with
respect to the transactions contemplated by the Series Notice, or for execution
of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
Exchange Act with respect to such transactions, for all costs reasonably
incurred by each such party in order to obtain the information, report,
certification, accountants’ letter or other material not delivered as required
by the Servicing Function Participant, any Subservicer or any
Subcontractor.

    
      
         

      

      
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              (b)

            	
              (i)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 22, or any breach by a Servicing Function Participant of a
      representation or warranty set forth in clause 22.2(b) or in a writing
      furnished pursuant to clause 22.2(b) and made as of a date prior to the
      Closing Date, to the extent that such breach is not cured by the Closing
      Date, or any breach by a Servicing Function Participant of a
      representation or warranty in a writing furnished pursuant to clause
      22.2(b) to the extent made as of a date subsequent to the Closing Date,
      shall, except as provided in sub-paragraph (a), immediately and
      automatically, without notice or grace period, constitute a breach under
      this Series Notice and any other applicable Transaction Document, and
      shall entitle the Trust Manager, in its sole discretion to terminate the
      rights and obligations of the Servicing Function Participant under this
      Series Notice and/or any other applicable Transaction Document without
      payment (notwithstanding anything in this Series Notice or any other
      applicable Transaction Document to the contrary) of any compensation to
      the Servicing Function Participant; provided that to the extent that any
      provision of this Series Notice and/or any other applicable Transaction
      Document expressly provides for the survival of certain rights or
      obligations following termination of the Servicing Function Participant,
      such provision shall be given
effect.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification or
      accountants’ letter when and as required under clause 22.4, including
      (except as provided below) any failure by a Servicing Function Participant
      to identify pursuant to clause 22.5(b) any Subcontractor “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB,
      which continues unremedied for ten calendar days after the date on which
      such information, report, certification or accountants’ letter was
      required to be delivered shall constitute a breach with respect to the
      Servicing Function Participant under this Series Notice and any other
      applicable Transaction Document, and shall entitle the Trust Manager, in
      its sole discretion to terminate the rights and obligations of the
      Servicing Function Participant, under this Series Notice and/or any other
      applicable Transaction Document without payment (notwithstanding anything
      in any of the foregoing documents to the contrary) of any compensation to
      the Servicing Function Participant; provided that to the extent that any
      provision of any of the foregoing documents expressly provides for the
      survival of certain rights or obligations following termination of the
      Servicing Function Participant, such provision shall be given
      effect.

            

    

     

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

    
      
         

      

      
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              (iii)

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

            

    

    
       

      
        
          	
                  23.

                	
                  Compliance
      with Regulation AB: The Note
Trustee

                

        

      

    

     

    
      	
              23.1

            	
              Intent
      of the Parties, Reasonableness

            

    

     

    The Note
Trustee (for purposes of this clause 23, the Servicing
Function Participant) and the Trust Manager acknowledge and agree that
the purpose of this clause 23 is to facilitate compliance by the Trust Manager
with the provisions of Regulation AB and related rules and regulations of the
Commission.  Although Regulation AB is applicable by its terms only to
offerings of asset-backed securities that are registered under the Securities
Act, the Servicing Function Participant acknowledges that investors in privately
offered securities may require that the Trust Manager provide comparable
disclosure in unregistered offerings.  References in this Agreement to
compliance with Regulation AB include the provision of comparable disclosure in
private offerings.

     

    The Trust
Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder (or the provision in a private
offering of disclosure comparable to that required under the Securities
Act).  The Servicing Function Participant acknowledges that
interpretations of the requirements of Regulation AB may change over time,
whether due to interpretive guidance provided by the Commission or its staff,
consensus among participants in the asset-backed securities markets, advice of
counsel, or otherwise, and agree to comply with requests made by the Trust
Manager in good faith for delivery of information under these provisions on the
basis of evolving interpretations of Regulation AB.  The Servicing
Function Participant shall cooperate fully with the Trust Manager to deliver to
the Trust Manager (including any of its assignees or designees) any and all
statements, reports, certifications, records and any other information necessary
in the good faith determination of the Trust Manager to permit the Trust Manager
to comply with the provisions of Regulation AB, together with such disclosures
relating to the Servicing Function Participant, any Subservicer and the
Purchased Receivables, or the servicing of the Purchased Receivables, reasonably
believed by the Trust Manager to be necessary in order to effect such
compliance.

     

    The Trust
Manager (including any of its assignees or designees) shall cooperate with the
Servicing Function Participant by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to
information required, in the Trust Manager’s reasonable judgment, to comply with
Regulation AB.

    
      
         

      

      
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              23.2

            	
              Additional
      Representations and Warranties of the Servicing Function
      Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant shall be deemed to represent to the Trust
      Manager, as of the date on which information is first provided to the
      Trust Manager under clause 23.3 that, except as disclosed in writing to
      the Trust Manager prior to such
date:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              it
      has not been terminated as trustee, custodian, note trustee, or similar
      role, as applicable, in a residential housing loan securitisation due to
      its default or the application of performance test or a triggering
      event;

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      	
               
      

            	
              (v)

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

            

    

     

    
      	
               
      

            	
              (vi)

            	
              there
      are no material legal or governmental proceedings pending (or known to be
      contemplated) against the Servicing Function Participant or any
      Subservicer that could have a material adverse effect on the performance
      by the Servicing Function Participant of its obligations under this Series
      Notice or any other Transaction Document;
and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              there
      are no affiliations, relationships or transactions relating to the
      Servicing Function Participant or any Subservicer with respect to the
      transactions contemplated by this Series Notice or any other Transaction
      Document and any party thereto identified by the Trust Manager of a type
      described in Item 1119 of Regulation
AB.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      so requested by the Trust Manager on any date following the date on which
      information is first provided to the Trust Manager under clause 23.3, the
      Servicing Function Participant shall, within five Business Days following
      such request, confirm in writing the accuracy of the representations and
      warranties set forth in paragraph (a) of this clause 23.2 or, if any such
      representation and warranty is not accurate as of the date of such
      request, provide reasonably adequate disclosure of the pertinent facts, in
      writing, to the requesting
party.

            

    

    
      
         

      

      
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              23.3

            	
              Information
      to be provided by the Servicing Function
  Participant

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant
shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              within
      five Business Days following request by the Trust Manager, provide to the
      Trust Manager (or cause each Subservicer, if any, to provide), in writing
      and in form and substance reasonably satisfactory to the Trust Manager,
      the information and materials specified in clause 23.2 and this
      clause 23.3, and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      promptly as practicable following notice to or discovery by the Servicing
      Function Participant, provide to the Trust Manager (in writing and in form
      and substance reasonably satisfactory to the Trust Manager) the
      information specified in paragraph (d) of this clause
  23.3.

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (i)

            	
              itself;
      and

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (A)

            	
              a
      description of any material legal or governmental proceedings pending (or
      known to be contemplated) against the Servicing Function Participant and
      any Subservicer that may impact its servicing ability;
  and

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      sponsor;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      depositor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      issuing entity;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      servicer;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      trustee;

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      originator;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      significant obligor;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      enhancement or support provider;
and

            

    

     

    
      	
               
      

            	
              (9)

            	
              any
      other material transaction party.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      so requested by the Trust Manager for the purpose of satisfying its
      reporting obligation under the Exchange Act with respect to any class of
      asset-backed securities, the Servicing Function Participant shall (or
      shall cause each Subservicer, if any, to) (i) notify the Trust Manager in
      writing of (A) any material litigation or governmental proceedings pending
      against the Servicing Function Participant or any Subservicer and (B) any
      affiliations or relationships that develop following the Closing Date
      between the Servicing Function Participant or any Subservicer, if any, and
      any of the parties specified in sub paragraph (ii)(B) of this clause 23.3
      (and any other parties identified in writing by the requesting party) with
      respect to the issuance of the Notes, and (ii) provide to the Trust
      Manager a description of such proceedings, affiliations or
      relationships.

            

    

    
      
         

      

      
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              (d)

            	
              As
      a condition to the succession to a Servicing Function Participant or any
      Subservicer, if any, as servicer or subservicer under this Series Notice
      or any other Transaction Document by any
person:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (A)

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

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
              23.4

            	
              Report
      on Assessment of Compliance and
Attestation

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      or before [1 November] of each calendar year the Servicing Function
      Participant shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              deliver
      to the Trust Manager a report (in form and substance reasonably
      satisfactory to the Trust Manager) regarding the Servicing Function
      Participant’s assessment of compliance with the Servicing Criteria during
      the immediately preceding financial year ended 30 September as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
      Regulation AB.  Such report shall be addressed to the Trust
      Manager and signed by an authorised officer of the Servicing Function
      Participant, and shall address each of the Servicing Criteria specified on
      a certification substantially in the form of schedule [6] delivered to
      the Trust Manager concurrently with the execution of this Series
      Notice;

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

    
      
         

      

      
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              (iii)

            	
              cause
      each Subservicer, if any, and each Subcontractor, if any, determined by
      the Servicing Function Participant pursuant to clause 23.6(b) to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, to deliver to the Trust Manager an assessment of
      compliance and accountants’ attestation as and when provided in paragraphs
      (a) and (b) of this clause 23.4;
and

            

    

     

    
      	
               
      

            	
              (iv)

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

            

    

     

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

     

    
      	
               
      

            	
              (b)

            	
              Each
      assessment of compliance provided by a Subservicer, if any, pursuant to
      this clause 23.4 shall address each of the Servicing Criteria specified on
      a certification substantially in the form of schedule [6] hereto delivered
      to the Trust Manager concurrently with the execution of this Series Notice
      or, in the case of a Subservicer, if any, subsequently appointed as such,
      on or prior to the date of such appointment.  An
      assessment of compliance provided by a Subcontractor pursuant to clause
      23.4(a)(iii) need not address any elements of the Servicing Criteria other
      than those specified by the relevant Servicing Function Participant
      pursuant to clause
23.5.

            

    

     

    
      	
              23.5

            	
              Use
      of Subservicers and Subcontractors

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Servicing Function Participant shall not hire or otherwise utilise the
      services of any Subservicer to fulfil any of the obligations of the
      Servicing Function Participant under this Series Notice or any other
      Transaction Document unless the Servicing Function Participant complies
      with the provisions of paragraph (a) of this clause 23.5.  The
      Servicing Function Participant shall not hire or otherwise utilise the
      services of any Subcontractor, and shall not permit any Subservicer to
      hire or otherwise utilise the services of any Subcontractor, to fulfil any
      of the obligations of the Servicing Function Participant under this Series
      Notice or any other Transaction Document unless the Servicing Function
      Participant complies with the provisions of paragraph (b) of this clause
      23.5.

            

    

    
      
         

      

      
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              (b)

            	
              It
      shall not be necessary for a Servicing Function Participant to seek the
      consent of the Trust Manager to the utilisation of any
      Subservicer.  The Servicing Function Participant shall cause any
      Subservicer used by it (or by any Subservicer) for the benefit of the
      Trust Manager to comply with the provisions of this clause 23.5 and with
      clauses 23.2, 23.4 and 23.6 of this Series Notice to the same extent as if
      such Subservicer were the Servicing Function Participant, and to provide
      the information required with respect to such Subservicer under clause
      23.3(c) of this Series Notice.  The Servicing Function
      Participant shall be responsible for obtaining from each Subservicer and
      delivering to the Trust Manager any assessment of compliance and
      attestation required to be delivered by such Subservicer under clause 23.4
      and any certification required to be delivered to the person that will be
      responsible for signing the Sarbanes Certification under clause 21.5 as
      and when required to be delivered.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

            	
              As
      a condition to the utilisation of any Subcontractor determined to be
      “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB, the Servicing Function Participant shall cause any such
      Subcontractor used by the Servicing Function Participant (or by any
      Subservicer) for the benefit of the Trust Manager to comply with the
      provisions of clauses 23.4 and 23.6 of this Series Notice to the same
      extent as if such Subcontractor were the Servicing Function
      Participant.  The Servicing Function Participant shall be
      responsible for obtaining from each Subcontractor and delivering to the
      Trust Manager any assessment of compliance and attestation required to be
      delivered by such Subcontractor under clause 23.4, in each case as and
      when required to be delivered.

            

    

     

    
      	
              23.6

            	
              Indemnification;
      Remedies

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

    
      
         

      

      
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              (i)

            	
              (A)

            	
              any
      untrue statement of a material fact contained or alleged to be contained
      in any information, report, certification, accountants’ letter or other
      material provided in written or electronic form under this clause 23 by or
      on behalf of the Servicing Function Participant, or provided under this
      clause 23 by or on behalf of any Subservicer or Subcontractor
      (collectively, the Servicing
      Function Participant Information);
or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      omission or alleged omission to state in the Servicing Function
      Participant Information a material fact required to be stated in the
      Servicing Function Participant Information or necessary in order to make
      the statements therein, in the light of the circumstances under which they
      were made, not misleading; provided, by way of clarification, that clause
      (B) of this paragraph shall be construed solely by reference to the
      Servicing Function Participant Information and not to any other
      information communicated in connection with a sale or purchase of
      securities, without regard to whether the Servicing Function Participant
      Information or any portion thereof is presented together with or
      separately from such other
information;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      failure by the Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 23, including any failure by the Servicing Function Participant to
      identify pursuant to clause 23.5(b) any Subcontractor “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB;
      or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      breach by the Servicing Function Participant of a representation or
      warranty set forth in clause 23.2(a) or in a writing furnished pursuant to
      clause 23.2(b) and made as of a date prior to the Closing Date, to the
      extent that such breach is not cured by the Closing Date, or any breach by
      the Servicing Function Participant of a representation or warranty in a
      writing furnished pursuant to clause 23.2(b) to the extent made as of a
      date subsequent to the Closing
Date.

            

    

     

    In the
case of any failure of performance described in sub-paragraph (a)(ii) of this
clause 23.6, the relevant Servicing Function Participant shall promptly
reimburse the Trust Manager, and each person responsible for the preparation,
execution or filing of any report required to be filed with the Commission with
respect to the transactions contemplated by the Series Notice, or for execution
of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
Exchange Act with respect to such transactions, for all costs reasonably
incurred by each such party in order to obtain the information, report,
certification, accountants’ letter or other material not delivered as required
by the Servicing Function Participant, any Subservicer or any
Subcontractor.

    
      
         

      

      
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              (b)

            	
              (i)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this
      clause 23, or any breach by a Servicing Function Participant of a
      representation or warranty set forth in clause 23.2(b) or in a writing
      furnished pursuant to clause 23.2(b) and made as of a date prior to the
      Closing Date, to the extent that such breach is not cured by the Closing
      Date, or any breach by a Servicing Function Participant of a
      representation or warranty in a writing furnished pursuant to clause
      23.2(b) to the extent made as of a date subsequent to the Closing Date,
      shall, except as provided in sub-paragraph (a), immediately and
      automatically, without notice or grace period, constitute a breach under
      this Series Notice and any other applicable Transaction Document, and
      shall entitle the Trust Manager, in its sole discretion to terminate the
      rights and obligations of the Servicing Function Participant under this
      Series Notice and/or any other applicable Transaction Document without
      payment (notwithstanding anything in this Series Notice or any other
      applicable Transaction Document to the contrary) of any compensation to
      the Servicing Function Participant; provided that to the extent that any
      provision of this Series Notice and/or any other applicable Transaction
      Document expressly provides for the survival of certain rights or
      obligations following termination of the Servicing Function Participant,
      such provision shall be given
effect.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Any
      failure by a Servicing Function Participant, any Subservicer or any
      Subcontractor to deliver any information, report, certification or
      accountants’ letter when and as required under clause 23.4, including
      (except as provided below) any failure by a Servicing Function Participant
      to identify pursuant to clause 23.5(b) any Subcontractor “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB,
      which continues unremedied for ten calendar days after the date on which
      such information, report, certification or accountants’ letter was
      required to be delivered shall constitute a breach with respect to the
      Servicing Function Participant under this Series Notice and any other
      applicable Transaction Document, and shall entitle the Trust Manager, in
      its sole discretion to terminate the rights and obligations of the
      Servicing Function Participant, under this Series Notice and/or any other
      applicable Transaction Document without payment (notwithstanding anything
      in any of the foregoing documents to the contrary) of any compensation to
      the Servicing Function Participant; provided that to the extent that any
      provision of any of the foregoing documents expressly provides for the
      survival of certain rights or obligations following termination of the
      Servicing Function Participant, such provision shall be given
      effect.

            

    

     

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

     

    
      	
               
      

            	
              (iii)

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

            

    

    
      
         

      

      
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                  24.

                	
                  Compliance
      with Regulation AB: The
Trustee

                

        

      

    

     

    
      	
              24.1

            	
              Intent
      of the Parties, Reasonableness

            

    

     

    The
Trustee and the Trust Manager acknowledge and agree that the purpose of this
clause 24 is to facilitate compliance by the Trust Manager with the provisions
of Regulation AB and related rules and regulations of the
Commission.

     

    The Trust
Manager shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder.  The Trust Manager shall
not request the delivery of information or other performance under this clause
24.1 unless the Trust Manager is required under the Exchange Act to file an
annual report on Form 10-K with respect to the Securitisation Fund. The Trustee
shall cooperate fully with the Trust Manager to deliver to the Trust Manager
(including any of its assignees or designees) any and all statements, reports,
certifications, records and any other information (within the control of the
Trustee or for which the Trustee is responsible) necessary in the good faith
determination of the Trust Manager to permit the Trust Manager to comply with
the provisions of Regulation AB, together with such disclosures relating to the
Trustee and the Purchased Receivables, or the servicing of the Purchased
Receivables, reasonably believed by the Trust Manager and the Trustee to be
necessary in order to effect such compliance.

     

    The Trust
Manager (including any of its assignees or designees) shall cooperate with the
Trustee by providing timely notice of requests for information under these
provisions and by reasonably limiting such requests to information required, in
the Trust Manager’s reasonable judgment, to comply with Regulation
AB.

     

    
      	
              24.2

            	
              Information
      to be provided by the Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee shall, within five Business Days following request by the Trust
      Manager, provide to the Trust Manager, in writing and in form and
      substance reasonably satisfactory to the Trust Manager, the information
      and materials specified in paragraphs (b) and (c) of this clause
      24.2.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      so requested by the Trust Manager, the Trustee shall provide such
      information regarding itself, as is requested for the purpose of
      compliance with Rules 13a and 15d of the Exchange Act and Items
      1103(a)(1), 1117 and 1119 of Regulation AB.  Such information
      will be:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      description of any material legal or governmental proceedings pending (or
      known to be contemplated) against the Trustee that is material to
      Noteholders as determined by the Trustee acting in accordance with the
      Transaction Documents; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      description of:

            

    

    
      
         

      

      
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              (A)

            	
              any
      affiliation within the meaning of Item 1119(a);
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              any
      relationship within the meaning of Items 1119(b) or
    1119(c),

            

    

     

    between
the Trustee and any of the following parties to this transaction, as such
parties are identified to the Trustee by the Trust Manager in
writing:

     

    
      	
               
      

            	
              (1)

            	
              the
      sponsor;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      depositor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      issuing entity;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      servicer;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      trustee;

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      originator;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      significant obligor;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      enhancement or support provider;
and

            

    

     

    
      	
               
      

            	
              (9)

            	
              and
      any other entity specifically notified to the
  Trustee,

            

    

     

    in each
case, as determined by the Trustee in accordance with the Transaction
Documents.

     

    
      	
               
      

            	
              (c)

            	
              If
      the Trustee merges or is consolidated with another legal entity, the
      Trustee shall provide to the Trust Manager, at least 45 calendar days
      prior to the effective date of such merger or
    consolidation:

            

    

     

    
      	
               
      

            	
              (A)

            	
              written
      notice to the Trust Manager of such merger or consolidation;
      and

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
              24.3

            	
              Report
      on Assessment of Compliance and
Attestation

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      or before the date the Trust Manager is required to make any required
      regulatory filings in connection with the end of its fiscal year, so long
      as there shall be any such requirement, the Trustee, to the extent that
      the Trustee is, at the time of such request, participating in the
      servicing function, shall:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      
         

      

      
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              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

     

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

     

    
      	
              24.4

            	
              Use
      of Subservicers and Subcontractors

            

    

     

    The
Trustee shall not hire or otherwise utilise the services of any Subservicer to
fulfil any of the obligations of the Trustee under this Series Notice or any
other Transaction Document without the written consent of the Trust
Manager.  The Trustee shall not hire or otherwise utilise the services
of any Subcontractor, and shall not permit any Subservicer to hire or otherwise
utilise the services of any Subcontractor, to fulfil any of the obligations of
the Trustee under this Series Notice or any other Transaction Document without
the written consent of the Trust Manager.

     

    
      	
              24.5

            	
              Indemnification;
      Remedies

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee shall indemnify the Trust Manager and [the
      Servicer] (each an Indemnified
      Party) and shall hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses
      and related costs, judgments, and any other costs, fees and expenses that
      any of them may sustain directly or as a result
  of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (A)

            	
              any
      untrue statement of a material fact contained or alleged to be contained
      in any information, certification or accountants’ letter provided in
      written or electronic form and identified as being provided under this
      clause 24 by the Trustee, (collectively, the Trustee Information) or any
      failure to disclose any non-compliance with any of the Servicing Criteria
      that the Trustee performs; provided that in the case of any untrue
      statement of a material fact contained in the accountant's letter, the
      Trustee will indemnify and hold harmless the relevant Indemnified Party
      only to the extent of the sum that the Trustee recovers from the
      accounting firm providing such accountant's letter; provided, further,
      that the Trustee will not indemnify or hold harmless the relevant
      Indemnified Party to the extent that the untrue statement of a material
      fact contained in the Trustee Information relates to information provided
      to the Trustee by the relevant Indemnified Party to enable such party to
      complete its duties under the Transaction Documents;
  or

            

    

    
      
         

      

      
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              (B)

            	
              the
      omission or alleged omission to state in the Trustee Information a
      material fact required to be stated in the Trustee Information or
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided, by way
      of clarification, that clause (B) of this paragraph shall be construed
      solely by reference to the Trustee Information and not to any other
      information communicated in connection with a sale or purchase of
      securities, without regard to whether the Trustee Information or any
      portion thereof is presented together with or separately from such other
      information provided, further that in the case of the omission to state in
      an accountant's letter a material fact required to be stated in the
      accountant's letter or necessary in order to make the statements therein,
      in the light of the circumstances under which they were made, not
      misleading, the Trustee will indemnify and hold harmless the relevant
      Indemnified Party only to the extent of the sum that the Trustee recovers
      from the accounting firm providing such accountant's letter; provided,
      further, that the Trustee will not indemnify or hold harmless the relevant
      Indemnified Party to the extent that the omission to state in the Trustee
      Information a material fact required to be stated in the Trustee
      Information or necessary in order to make the statements therein, in light
      of the circumstances under which they were made, not misleading, relates
      to information provided to the Trustee by the relevant Indemnified Party
      to enable such party to complete its duties under the Transaction
      Documents; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      failure by the Trustee, to deliver any information, certification or
      accountants’ letter when and as required under this clause
    24;

            

    

     

    In the
case of any failure of performance described in sub-paragraph (a)(ii) of this
clause 24.5, the Trustee shall promptly reimburse the relevant Indemnified Party
for all costs reasonably incurred by it in order to obtain the information,
certification or accountants’ letter not delivered as required by the
Trustee.

     

    
      	
               
      

            	
              (b)

            	
              (i)

            	
              Subject
      to (b)(ii) below any failure by the Trustee to deliver any information,
      certification or accountants’ letter when and as required under this
      clause 24, shall, except as provided in sub-paragraph (a), entitle the
      Trust Manager, in its sole discretion to terminate the appointment of the
      Trustee under this Series Notice and/or any other applicable Transaction
      Document without payment (notwithstanding anything in this Series Notice
      or any other applicable Transaction Document to the contrary) of any
      compensation to the Trustee without prejudice to any fees, costs or
      expenses incurred prior to the date of such termination; provided that to
      the extent that any provision of this Series Notice and/or any other
      applicable Transaction Document expressly provides for the survival of
      certain rights or obligations following termination of the Trustee, such
      provision shall be given
effect.

            

    

    
      
         

      

      
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              (ii)

            	
              Any
      failure by the Trustee to deliver any information, report, certification
      or accountants’ letter when and as required under clause 24.3, which
      continues unremedied for ten calendar days after the date on which such
      information, report, certification or accountants’ letter was required to
      be delivered shall constitute a breach with respect to the Trustee under
      this Series Notice and any other applicable Transaction Document, and
      shall entitle the Trust Manager, in its sole discretion, to terminate the
      rights and obligations of the Trustee, under this Series Notice and/or any
      other applicable Transaction Document without payment (notwithstanding
      anything in any of the foregoing documents to the contrary) of any
      compensation to the Trustee; provided that to the extent that any
      provision of any of the foregoing documents expressly provides for the
      survival of certain rights or obligations following termination of the
      Trustee, such provision shall be given
effect.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      Trustee shall promptly reimburse the Trust Manager for all reasonable
      expenses incurred by the Trust Manager, as such are incurred, in
      connection with the removal of the Trustee, and the appointment of a
      successor Trustee.  The provisions of this paragraph shall not
      limit whatever rights the Trust Manager may have under other provisions of
      this Supplementary Terms Notice and/or any other applicable Transaction
      Document or otherwise, whether in equity or at law, such as an action for
      damages, specific performance or injunctive
  relief.

            

    

    
       

      
        
          	
                  25.

                	
                  Acknowledgments

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      parties to the Transaction Documents agree that the Code of Banking
      Practice 2003 (Code),
      as amended in 2004, does not apply to any Transaction Document or any
      transaction or service under any Transaction
  Document.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      parties to the Transaction Documents acknowledge that Westpac is bound by
      the Code in respect of its dealings with some or all Mortgagors and agree
      that if the application of the Code to those dealings makes an amendment
      to any Transaction Document necessary or desirable, in the opinion of
      Westpac, then the parties will negotiate such amendments in good
      faith.

            

    

    
      

       

      
        
          	
                  26.

                	
                  Changes
      to Portfolio of Receivables before the Closing-Off
  Date

                

        

      

    

     

    An
Approved Seller may at any time before the Closing-Off Date add a Receivable to,
or remove a Receivable from, the Portfolio of Receivables, provided
that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Approved Seller:

            

    

     

    
      	
               
      

            	
              (i)

            	
              notifies
      the Trustee and Trust Manager in writing of that addition or removal;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              provides
      the Trustee and Trust Manager with a revised form of Annexure A to the
      Note Issue Direction that reflects that addition or
    removal,

            

    

     

    before
the Closing Date.

    
      
         

      

      
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                  27.

                	
                  Credit
      Support transferred by Currency Swap
Provider

                

        

      

    

     

    Each of
the Beneficiaries and Noteholders acknowledges and agrees that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trustee will hold any collateral transferred to it by the Currency Swap
      Provider, in support of that Currency Swap Provider’s obligations under
      the relevant Currency Swap, on trust on the terms set out in the master
      agreement between the Trustee, the Currency Swap Provider and others;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustee may deal with any collateral referred to in paragraph (a),
      notwithstanding that it is also the trustee of the Trust and
      notwithstanding the terms of the
Trust.

            

    

    
       

      
        
          	
                  28.

                	
                  Governing
      Law and Jurisdiction

                

        

      

    

     

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

    
       

      
        
          	
                  29.

                	
                  Counterparts

                

        

      

    

     

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

    
       

      
        
          	
                  30.

                	
                  Anti-money
      laundering

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), each party (the Provider)
      must, on the request of any other party (the Recipient),
      provide the Recipient with any information or document in the Provider's
      possession or otherwise readily available to the Provider, where such
      information or document is required by the Recipient to comply with any
      applicable anti-money laundering or counter-terrorism financing laws
      including any such laws requiring the Recipient to carry out "know your
      customer" or other identification checks or procedures (Relevant
      Laws).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Provider's obligations under paragraph (a) are subject to any
      confidentiality, privacy or other obligations imposed by law on the
      Provider in relation to the requested information or document, except to
      the extent overridden by the Relevant
Laws.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Each
      party must comply with any Relevant Laws applicable to it, to the extent
      required to comply with its obligations under the Transaction
      Documents.  Any party may decline to perform any obligation
      under the Transaction Documents to the extent it forms the view, in its
      reasonable opinion, that notwithstanding that it has taken all action to
      comply with any applicable Relevant Laws, it is required by Relevant Laws
      to decline to perform any such
obligation.

            

    

     

    
      	
               
      

            	
              (d)

            	
              To the maximum extent permitted
      by law, each party and each Mortgagee releases, to the extent that it is
      able, each other party from any confidentiality, privacy or general law
      obligations that such other party would otherwise owe and which would
      otherwise prevent such other party from providing any information or
      documents requested in accordance with this clause 19 or any similar
      clause in any other Transaction
Document.

            

    

    
      
         

      

      
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    EXECUTED and delivered as a
deed poll.

     

    Each
attorney executing this Series Notice states that he or she has no notice of
revocation or suspension of his or her power of attorney.

     

    TRUSTEE/WAREHOUSE
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      [WESTPAC
      SECURITIES

                      ADMINISTRATION
      LIMITED]

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    TRUST
MANAGER

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITISATION

                      MANAGEMENT
      PTY LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
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102

        
          

        

      

      
         

      

    

    

      
        
          
            	
                     

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    TMC

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      THE
      MORTGAGE COMPANY PTY

                      LIMITED

                    	
                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    SERVICER

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        SIGNED SEALED
      and
      DELIVERED

                                      	
                                        )

                                      	 
      	 
      
	
                                        on
      behalf of

                                      	
                                        )

                                      	 
      	 
      
	
                                        WESTPAC
      BANKING CORPORATION

                                      	
                                        )

                                      	 
      	 
      
	
                                        by
      its attorneys

                                      	
                                        )

                                      	 
      	 
      
	
                                        in
      the presence of:

                                      	
                                        )

                                      	 
      	 
      
	 
      	 
      	
                                        Signature

                                      
	 
      	 
      	 
      
	
                                         

                                      	 
      	
                                         

                                      
	
                                        Witness

                                      	 	
                                        Print
      name

                                      
	 
      	 
      	 
      
	
                                         

                                      	 
      	
                                         

                                      
	
                                        Print
      name

                                      	 
      	
                                        Signature

                                      
	 	 	 
	 
      	 
      	 
      
	 
      	 
      	
                                        Print
      name

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        Page
103

        
          

        

      

      
         

      

    

    

      
        
          
            	
                     

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    AN
APPROVED SELLER/WAREHOUSE INVESTOR

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                SIGNED SEALED
      and
      DELIVERED

                              	
                                )

                              	 
      	 
      
	
                                on
      behalf of

                              	
                                )

                              	 
      	 
      
	
                                WESTPAC
      BANKING CORPORATION

                              	
                                )

                              	 
      	 
      
	
                                by
      its attorneys

                              	
                                )

                              	 
      	 
      
	
                                in
      the presence of:

                              	
                                )

                              	 
      	 
      
	 
      	 
      	
                                Signature

                              
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                Witness

                              	 
      	
                                Print
      name

                              
	 	 
      	 
      	 
      
	
                                 

                              	 
      	
                                 

                              
	
                                Print
      name

                              	 	
                                Signature

                              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                Print
      name

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    NOTE
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and DELIVERED
      by

                      [tba]

                    	
                      )

                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    

            

          

        

      

    

     

    
      
         

      

      
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104

        
          

        

      

      
         

      

    

    

      
        
          
            	
                     

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    SECURITY
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      [BNY
      TRUST (AUSTRALIA) REGISTRY LIMITED]

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
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    Schedule
1

     

    An
Eligible Receivable means a Loan which, as at the Cut-Off Date for that
Loan:

     

    
      	
              (a) 

            	
              is
      denominated and payable only in Australian dollars in
      Australia;

            

    

     

    
      	
              (b)

            	
              is
      secured by a Receivable Security that constitutes a first ranking mortgage
      over Land or an interest in a company title scheme with respect to Land
      and situated in Australia which is or will be registered or lodged for
      registration under the Real Property Legislation, or where a Receivable
      Security is not, or will not be when registered, a first ranking mortgage,
      the relevant Sale Notice includes an offer in relation to all prior
      ranking registered mortgages;

            

    

     

    
      	
              (c)

            	
              is
      secured by a Receivable Security over a Mortgaged Property which has
      erected on it a residential
dwelling;

            

    

     

    
      	
              (d) 

            	
              has
      an LVR less than or equal to [95%];

            

    

     

    
      	
              (e)

            	
              was
      approved and originated by Westpac in the ordinary course of its
      business;

            

    

     

    
      	
              (f) 

            	
              under
      which the relevant Obligor does not owe more than
      $[1,000,000];

            

    

     

    
      	
              (g)

            	
              the
      relevant Obligor in respect of which was required to repay the Receivable
      within 30 years of the Cut-Off
Date;

            

    

     

    
      	
              (h) 

            	
              is
      not in Arrears for more than 30 consecutive
  days;

            

    

     

    
      	
              (i)

            	
              the
      sale of an equitable interest in, or the sale of an equitable interest in
      any related Receivable Security, does not contravene or conflict with any
      law;

            

    

     

    
      	
              (j)

            	
              together
      with the related Receivable Security, has been or will be stamped, or has
      been taken by the relevant stamp duties authority to be stamped, with all
      applicable duty;

            

    

     

    
      	
              (k)

            	
              is
      subject to the terms and conditions of Westpac's standard Loan Offer for
      the loan products referred to in the definition of Receivable in the
      Series Notice, or any similar loan product, however named, the product
      features of which comply with clause
12;

            

    

     

    
      	
              (l)

            	
              is
      not governed or regulated by the Credit Act 1984 (NSW) (or the
      corresponding legislation for any other Australian
      jurisdiction);

            

    

     

    
      	
              (m)

            	
              is
      not a Loan with an interest only payment type period of more than 10
      years;

            

    

     

    
      	
              (n) 

            	
              the
      relevant Obligor in respect of which is a resident of Australia;
      and

            

    

     

    
      	
              (o) 

            	
              is
      fully drawn.

            

    

     

    
      
         

      

      
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    Schedule
2

    
       

      Form
Of Annual Certification 

        
          

        

      

    

     

    I,
[identify the certifying individual], certify that:

     

    
      	
              1.

            	
              have
      reviewed this report on Form 10-K and all reports on Form 10-D required to
      be filed in respect of the period covered by this report on Form 10-K of
      Series [*] WST Trust (the “Exchange Act periodic
  reports”);

            

    

     

    
      	
              2.

            	
              Based
      on my knowledge, the Exchange Act periodic reports, taken as a whole, do
      not contain any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading with
      respect to the period covered by this
report;

            

    

     

    
      	
              3.

            	
              Based
      on my knowledge, all of the distribution, servicing and other information
      required to be provided under Form 10-D for the period covered by this
      report is included in the Exchange Act periodic
  reports;

            

    

     

    
      	
              4.

            	
              Based
      on my knowledge and the servicer compliance statement(s) required in this
      report under Item 1123 of Regulation AB, and except as disclosed in the
      Exchange Act periodic reports, the servicer(s) [has/have] fulfilled
      [its/their] obligations under the servicing agreement(s) in all material
      respects; and

            

    

     

    
      	
              5.

            	
              All
      of the reports on assessment of compliance with servicing criteria for
      asset-backed securities and their related attestation reports on
      assessment of compliance with servicing criteria for asset-backed
      securities required to be included in this report in accordance with Item
      1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
      included as an exhibit to this report, except as otherwise disclosed in
      this report. Any material instances of noncompliance described in such
      reports have been disclosed in this report on Form
  10-K.

            

    

     

    [In
giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties [name of servicer,
sub-servicer, co-servicer, depositor or trustee].]

     

    Date:
...............

     

    [Signature]
[Title]

    
      
         

      

      
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    Schedule
3

    
       

      Servicing
Criteria To Be Addressed In Assessment Of Compliance 

        
          

        

      

    

     

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

    
      
        	
                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	 
      	
                General
      Servicing Considerations

                 

              	 
      
	
                1122(d)(1)(i)

                 

              	
                Policies
      and procedures are instituted to monitor any performance or other triggers
      and events of default in accordance with the transaction
      agreements.

                 

              	 
      
	
                1122(d)(1)(ii)

                 

              	
                If
      any material servicing activities are outsourced to third parties,
      policies and procedures are instituted to monitor the third party’s
      performance and compliance with such servicing activities.

                 

              	 
      
	
                1122(d)(1)(iii)

                 

              	
                Any
      requirements in the transaction agreements to maintain a back-up servicer
      for the pool assets are maintained.

                 

              	 
      
	
                1122(d)(1)(iv)

                 

              	
                A
      fidelity bond and errors and omissions policy is in effect on the party
      participating in the servicing function throughout the reporting period in
      the amount of coverage required by and otherwise in accordance with the
      terms of the transaction agreements.

                 

              	 
      
	 
      	
                Cash
      Collection and Administration

                 

              	 
      
	
                1122(d)(2)(i)

                 

              	
                Payments
      on pool assets are deposited into the appropriate custodial bank accounts
      and related bank clearing accounts no more than two business days
      following receipt, or such other number of days specified in the
      transaction agreements.

                 

              	 
      

      

    

     

    
      
         

      

      
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                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	
                1122(d)(2)(ii)

                 

              	
                Disbursements
      made via wire transfer on behalf of an obligor or to an investor are made
      only by authorized personnel.

                 

              	 
      
	
                1122(d)(2)(iii)

                 

              	
                Advances
      of funds or guarantees regarding collections, cash flows or distributions,
      and any interest or other fees charged for such advances, are made,
      reviewed and approved as specified in the transaction
      agreements.

                 

              	 
      
	
                1122(d)(2)(iv)

                 

              	
                The
      related accounts for the transaction, such as cash reserve accounts or
      accounts established as a form of overcollateralization, are separately
      maintained (e.g., with respect to commingling of cash) as set forth in the
      transaction agreements.

                 

              	 
      
	
                1122(d)(2)(v)

                 

              	
                Each
      custodial account is maintained at a federally insured depository
      institution as set forth in the transaction agreements. For purposes of
      this criterion, “federally insured depository institution” with respect to
      a foreign financial institution means a foreign financial institution that
      meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
      Act.

                 

              	 
      
	
                1122(d)(2)(vi)

                 

              	
                Unissued
      checks are safeguarded so as to prevent unauthorized access.

                 

              	 
      
	
                1122(d)(2)(vii)

                 

              	
                Reconciliations
      are prepared on a monthly basis for all asset-backed securities related
      bank accounts, including custodial accounts and related bank clearing
      accounts. These reconciliations (A) mathematically accurate; (B) prepared
      within 30 calendar days after the bank statement cutoff date, or such
      other number of days specified in the transaction agreements; (C) reviewed
      and approved by someone other than the person who prepared the
      reconciliation; and (D) contain explanations for reconciling items. These
      reconciling items are resolved within 90 calendar days of their original
      identification, or such other number of days specified in the transaction
      agreements.

                 

              	 
      

      

    

     

    
      
         

      

      
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                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	 
      	
                Investor
      Remittances and Reporting

              	 
      
	
                1122(d)(3)(i)

                 

              	
                Reports
      to investors, including those to be filed with the Commission, are
      maintained in accordance with the transaction agreements and applicable
      Commission requirements.  Specifically, such reports (A) are
      prepared in accordance with timeframes and other terms set forth in the
      transaction agreements; (B) provide information calculated in accordance
      with the terms specified in the transaction agreements; (C) are filed with
      the Commission as required by its rules and regulations; and (D) agree
      with investors’ or the trustee’s records as to the total unpaid principal
      balance and number of pool assets serviced by the servicer.

                 

              	 
      
	
                1122(d)(3)(ii)

                 

              	
                Amounts
      due to investors are allocated and remitted in accordance with timeframes,
      distribution priority and other terms set forth in the transaction
      agreements.

                 

              	 
      
	
                1122(d)(3)(iii)

                 

              	
                Disbursements
      made to an investor are posted within two business days to the servicer’s
      investor records, or such other number of days specified in the
      transaction agreements.

                 

              	 
      
	
                1122(d)(3)(iv)

                 

              	
                Amounts
      remitted to investors per the investor reports agree with cancelled
      checks, or other form of payment, or custodial bank
      statements.

                 

              	 
      
	 
      	
                Pool
      Asset Administration

                 

              	 
      
	
                1122(d)(4)(i)

                 

              	
                Collateral
      or security on pool assets is maintained as required by the transaction
      agreements or related asset pool documents.

                 

              	 
      
	
                1122(d)(4)(ii)

                 

              	
                Pool
      assets and related documents are safeguarded as required by the
      transaction agreements

                 

              	 
      
	
                1122(d)(4)(iii)

                 

              	
                Any
      additions, removals or substitutions to the asset pool are made, reviewed
      and approved in accordance with any conditions or requirements in the
      transaction agreements.

                 

              	 
      

      

    

     

    
      
         

      

      
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                SERVICING
      CRITERIA

              	
                APPLICABLE

                SERVICING

                CRITERIA

              
	
                Reference

              	
                Criteria

              	 
      
	
                1122(d)(4)(iv)

                 

              	
                Payments
      on pool assets, including any payoffs, made in accordance with the related
      pool asset documents are posted to the servicer’s obligor records
      maintained no more than two business days after receipt, or such other
      number of days specified in the transaction agreements, and allocated to
      principal, interest or other items (e.g., escrow) in accordance with the
      related pool asset documents.

                 

              	 
      
	
                1122(d)(4)(v)

                 

              	
                The
      servicer’s records regarding the pool assets agree with the servicer’s
      records with respect to an obligor’s unpaid principal
balance.

                 

              	 
      
	
                1122(d)(4)(vi)

                 

              	
                Changes
      with respect to the terms or status of an obligor's pool asset (e.g., loan
      modifications or re-agings) are made, reviewed and approved by authorized
      personnel in accordance with the transaction agreements and related pool
      asset documents.

                 

              	 
      
	
                1122(d)(4)(vii)

                 

              	
                Loss
      mitigation or recovery actions (e.g., forbearance plans, modifications and
      deeds in lieu of foreclosure, foreclosures and repossessions, as
      applicable) are initiated, conducted and concluded in accordance with the
      timeframes or other requirements established by the transaction
      agreements.

                 

              	 
      
	
                1122(d)(4)(viii)

                 

              	
                Records
      documenting collection efforts are maintained during the period a pool
      asset is delinquent in accordance with the transaction
      agreements.  Such records are maintained on at least a monthly
      basis, or such other period specified in the transaction agreements, and
      describe the entity’s activities in monitoring delinquent pool assets
      including, for example, phone calls, letters and payment rescheduling
      plans in cases where delinquency is deemed temporary (e.g., illness or
      unemployment).

                 

              	 
      
	
                1122(d)(4)(ix)

                 

              	
                Adjustments
      to interest rates or rates of return for pool assets with variable rates
      are computed based on the related pool asset documents.

                 

              	 
      
	
                1122(d)(4)(x)

                 

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

                 

              	 
      

      

    

     

    
      
         

      

      
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              1122(d)(4)(xi)

               

            	
              Payments
      made on behalf of an obligor (such as tax or insurance payments) are made
      on or before the related penalty or expiration dates, as indicated on the
      appropriate bills or notices for such payments, provided that such support
      has been received by the servicer at least 30 calendar days prior to these
      dates, or such other number of days specified in the transaction
      agreements.

               

            	 
      
	
              1122(d)(4)(xii)

               

            	
              Any
      late payment penalties in connection with any payment to be made on behalf
      of an obligor are paid from the servicer’s funds and not charged to the
      obligor, unless the late payment was due to the obligor’s error or
      omission.

               

            	 
      
	
              1122(d)(4)(xiii)

               

            	
              Disbursements
      made on behalf of an obligor are posted within two business days to the
      obligor’s records maintained by the servicer, or such other number of days
      specified in the transaction agreements.

               

            	 
      
	
              1122(d)(4)(xiv)

               

            	
              Delinquencies,
      charge-offs and uncollectable accounts are recognized and recorded in
      accordance with the transaction agreements.

               

            	 
      
	
              1122(d)(4)(xv)

               

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

               

            	 
      

    

     

         [SERVICER]

     

    Date:

     

    By:

     

    Name:

    
      
         

      

      
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    FORM
OF 10 K CERTIFICATION

     

    [*] (the
Asserting
Party) is responsible for assessing compliance as of September 30,
200[*] and for the period from March [*], (the date of issuance of the Series
[*] WST Trust transaction subject to the requirements of Regulation AB) through
September 30, 200[*] (the Report
Period) with the servicing criteria set forth in Section 229.1122(d) of
the Code of Federal Regulations (the CFR),
except for criteria 229.1122(d) [insert section numbers in 229.1122(d) that are
not applicable to the Asserting Party] in the CFR, which the Asserting Party has
concluded are not applicable to the servicing activities it performs with
respect to the asset-backed securities transactions covered by this report (the
Applicable
Servicing Criteria).  The transactions covered by this report
include asset-backed securities transactions for which the Asserting Party
served as [*] that are backed by the same asset type backing the class of
asset-backed securities of the Series [*] WST Trust (including the Series [*]
WST Trust asset-backed securities transaction), that were completed on or after
[*], and that
were registered with the SEC pursuant to the Securities Act of 1933 (the Platform).

     

    The
Asserting Party has assessed its compliance with the Applicable Servicing
Criteria as of September 30, 200[*] and for the Reporting Period and has
concluded that the Asserting Party has complied, in all material respects, with
the Applicable Servicing Criteria with respect to the Platform taken as a
whole.

     

    [*], an
independent registered public accounting firm, has issued an attestation report
on the assessment of compliance with the Applicable Servicing Criteria as of
September 30, 200[*] and for the Reporting Period as set forth in this
assessment.

     

    [NAME OF
ASSERTING PARTY]

     

    Date:

     

    By:

     

    Name:

    
      
         

      

      
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    ANNEXURE
A

    
       

      SERIES
[*] WST TRUST

      AMENDMENTS
TO MASTER TRUST DEED 

        
          
 

      

    

    GENERAL

     

    
      	
               
      

            	
              (e)

            	
              All
      references in the Master Trust Deed to the wilful
      default of the Trustee are replaced by the words wilful
      misconduct.

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      references to breach of
      trust in clauses 12.1(l) and 33.17(e) of the Master Trust Deed are
      deleted.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      references to breach of
      trust in clause 33.16 of the Master Trust Deed are replaced with
      the words wilful
      misconduct.

            

    

     

    
      	
               
      

            	
              (h)

            	
              The
      words “memorandum or articles of association” in clause 32.1(e) of the
      Master Trust Deed and the words “memorandum and articles of association”
      in paragraph 1(a) of Schedule 6 to the Master Trust Deed are deleted and
      replaced with the word
“constitution”.

            

    

     

    
      	
               
      

            	
              (i)

            	
              All
      references in the Master Trust Deed to the Corporations
      Law are replaced by the words Corporations
      Act.

            

    

     

    
      	
               
      

            	
              (j)

            	
              All
      references in any Transaction Document, including the Master Trust Deed,
      to any Designated Rating Agency confirming or affirming
    that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      event or circumstance will not give rise to a Rating Downgrade Event in
      relation to any Notes; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      event or circumstance will result in a downgrading or withdrawal of the
      rating of any Notes,

            

    

     

    will be
replaced as requiring the Trust Manager to deliver a Rating Notification in
respect of such event or circumstance.  For the avoidance of doubt,
any event or circumstance that purports to take effect after the relevant
Designated Rating Agency provides the confirmation or affirmation as set out in
subparagraphs (i) and (ii) above will take effect after the Trust Manager
delivers a Rating Notification in respect of that event or
circumstance.

     

    CLAUSE
1.1 - Accounts

     

    The
definition of Accounts
in clause 1.1 of the Master Trust Deed is deleted and replaced with the
following definition.

     

    "Accounts means accounts prepared
in accordance with clause 29.3."

     

    CLAUSE
1.1 - Approved Accounting Standards

     

    The
definition of Approved
Accounting Standards in clause 1.1 of the Master Trust Deed is
deleted.

    
      
         

      

      
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    CLAUSE
1.1 - Approved Bank

     

    The
definition of Approved Bank
in clause 1.1 of the Master Trust Deed is deleted and replaced with the
following definition.

     

    "Approved
Bank means:

     

    
      	
               
      

            	
              (a)

            	
              a
      Bank which has a short term rating of at least A1+ from S&P and P-1
      from Moody's; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to a Trust, any bank or financial institution which is specified
      to be an Approved Bank in the relevant Series
  Notice,

            

    

     

    but means
Westpac Banking Corporation for so long as it has a short term rating of A1 or
better from S&P and P-1 or better from Moody's."

     

    CLAUSE
1.1 – ASX

     

    A new
definition is inserted alphabetically in the Master Trust Deed as
follows.

     

    "ASX means
ASX Limited."

     

    CLAUSE
1.1 - Authorised Investment

     

    For the
purposes of the definition of Authorised
Investment in clause 1.1 of the Master Trust Deed:

     

    
      	
               
      

            	
              (a)

            	
              each
      of the investments in paragraphs (d), (e), (f) of that definition and (h)
      must have a rating of AAA (long term) or A1+ (short term) (as the case may
      be) from S&P and a rating of Aaa (long term) or P-1 (short term) (as
      the case may be) from Moody's to be an Authorised
      Investment for the Trust;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      paragraph (f) delete "notes of other" in the first line and replace with
      "notes or other";

            

    

     

    
      	
               
      

            	
              (c)

            	
              paragraph
      (h) is deleted; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      final paragraph is deleted and replaced with the
  following:

            

    

     

    “and
which satisfy the following conditions:

     

    
      	
               
      

            	
              (i)

            	
              each
      proposed investment falling within categories (c), (d), (e) and (f) must
      mature by the earlier of the following
dates:

            

    

     

    
      	
              
              

            	
              (A) 

            	
              the
      Payment Date following the date on which it was acquired;
    or

            

    

     

    
      	
               
      

            	
              (B)

            	
              such
      other date as the Trustee and the Trust Manager may determine to be
      necessary to enable the Trustee to have sufficient cash to meet any
      Expenses which may be payable prior to that Payment
  Date;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Authorised
      Investments must be denominated in Australian currency and held in
      Australia; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              all
      Authorised Investments must be held in the name of the Trustee or in the
      name of such other person or persons as approved by the Trustee from time
      to time and notified to the Designated Rating Agencies.  In
      paragraphs (b) – (g) inclusive of this definition, expressions shall be
      construed and, if necessary read down, so that the Notes in relation to
      any Trust constitute mortgage-backed
      securities for the purposes of the Duties Act 1997 of New South
      Wales (if applicable))”

            

    

    
      
         

      

      
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    CLAUSE
1.1 - Authorised Signatory

     

    For the
purposes of the definition of Authorised
Signatory in clause 1.1 of the Master Trust Deed, paragraph (a) is
deleted and replaced with the following:

     

    
      	
               
      

            	
              "(a)

            	
              in
      relation to The Mortgage Company Pty Limited (in whatever capacity) or
      Westpac Banking Corporation (in whatever capacity),
  any:

            

    

     

    
      	
            	
              (i) 

            	
              duly
      appointed attorney;

            

    

     

    
      	
            	
              (ii) 

            	
              any
      person appointed by a duly appointed attorney;
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      person appointed by two directors or one director and one secretary as an
      Authorised Signatory for the purposes of this deed and / or any
      Transaction Document to which that corporation is a
  party."

            

    

     

    CLAUSE
1.1 - Bank

     

    The
existing definition of Bank in
clause 1.1 of the Master Trust Deed is deleted and replaced with the following
definition.

     

    "Bank means:

     

    
      	
               
      

            	
              (a)

            	
              a
      corporation authorised under the Banking Act, 1959 to
      carry on general banking business in Australia or a corporation formed or
      incorporated under an Act of the Parliament of an Australian Jurisdiction
      to carry on the general business of banking;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              where
      any Transaction Document requires money to be deposited by the Trustee
      outside Australia, a corporation authorised by the banking legislation of
      the relevant jurisdiction to carry on the general business of banking in
      that jurisdiction."

            

    

     

    CLAUSE
1.1 – Consumer Credit Legislation

     

    For the
purposes of the definition of Consumer Credit
Legislation in clause 1.1 of the Master Trust Deed, new paragraphs (d),
(e) and (f) are inserted after the existing paragraph (c).

     

    
      	
            	
              "(d) 

            	
              the
      National Consumer Credit Protection Act 2009
  (Cth);

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      National Consumer Credit Protection (Transitional and Consequential
      Provisions) Act 2009 (Cth); and

            

    

     

    
      	
            	
              (f) 

            	
              any
      legislation, including legislation of the Commonwealth of Australia,
      supplementing or replacing any legislation referred to in paragraphs (a)
      to (e) above."

            

    

     

    CLAUSE
1.1 – Euroclear

     

    The
definition of Euroclear is deleted and the following definition
inserted:

     

    Euroclear means Euroclear Bank
S.A./N.V.

     

    CLAUSE
1.1 - Expenses

     

    For the
purposes of the definition of Expenses
in clause 1.1 of the Master Trust Deed:

     

    
      	
               
      

            	
              (k)

            	
              a
      new paragraph (o) is inserted as follows and the existing paragraph (o)
      becomes paragraph (b).

            

    

     

    "(o) any
fees and expenses payable to any Stock Exchange or Securities Exchange or DTC
from time to time by the Trustee;"; and

    
      
         

      

      
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              (l)

            	
              a
      new paragraph (w) is inserted as follows and the existing paragraph (w)
      becomes paragraph (x).

            

    

     

    
      	
               
      

            	
              "(w)

            	
              any
      fees and expenses payable to the ASX or any other Stock Exchange, or DTC,
      Euroclear or Clearstream, Luxembourg, from time to time by the
      Trustee."

            

    

     

    CLAUSE
1.1 - Extraordinary Resolution

     

    For the
purposes of the definition of Extraordinary
Resolution in clause 1.1 of the Master Trust Deed, that definition is
deleted and the following definition is inserted.

     

    "Extraordinary
Resolution in relation
to:

     

    
      	
               
      

            	
              (a)

            	
              the
      Registered Noteholders means, subject to the provisions of the Security
      Trust Deed:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      resolution passed at a meeting of the Registered Noteholders duly convened
      and held in accordance with the provisions contained in clause 17 by a
      majority consisting of not less than 75% of the votes able to be cast by
      the Registered Noteholders cast (by show of hands or poll, as the case may
      be); or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      resolution in writing under clause 17.15 signed by all the Registered
      Noteholders;

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      Noteholders means, subject to the provisions of the Security Trust Deed a
      resolution passed by Registered Noteholders duly convened and held in
      accordance with the provisions contained in clause 17 and by US$
      Noteholders in accordance with the Note Trust Deed by a majority
      consisting of not less than 75% calculated as
  follows:

            

    

     

    

     

    
      	
               
      

            	
              Where:

            	
              A
      =

            	
              the
      percentage of Registered Noteholders voting in favour of the
      resolution;

            

    

     

    
      	
               
      

            	
              I
      =

            	
              the
      Invested Amount of all Registered
Notes;

            

    

     

    
      	
               
      

            	
              U
      =

            	
              the
      A$ Equivalent of the aggregate Invested Amount of the US$ Notes held by
      US$ Noteholders who voted in favour of the
  resolution

            

    

     

    
      	
            	
              T
      =

            	
              the
      Total Invested Amount.

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      Class A Noteholders means, subject to the provisions of the Security Trust
      Deed a resolution passed, in a meeting of all US$ Noteholders duly
      convened and held in accordance with the Note Trust Deed and in a meeting
      of all Class A3 Noteholders duly convened and held in accordance with the
      provisions contained in clause 17, by majority consisting of not less than
      75% calculated as follows:

            

    

     

    

     

    
      	
               
      

            	
              Where:
      E =

            	
              the
      aggregate Invested Amount of the Class A3 Notes held by Class A3
      Noteholders who voted in favour of the
  resolution;

            

    

    
      
         

      

      
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              U
      =

            	
              the
      A$ Equivalent of the aggregate Invested Amount of the US$ Notes held by
      US$ Noteholders who voted in favour of the
  resolution;

            

    

     

    
      	
               
      

            	
              T
      =

            	
              the
      aggregate of the total Invested Amount of all Class A3 Notes and the A$
      Equivalent of the total Invested Amount of all US$
  Notes.

            

    

     

    CLAUSE
1.1 - Insolvency Event

     

    For the
purposes of the definition of Insolvency
Event in clause 1.1 of the Master Trust Deed:

     

    
      	
               
      

            	
              (a)

            	
              the
      word "Westpac" is inserted after the words "a Servicer,";
    and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      following words are inserted at the end of paragraph (c) of the
      definition:

            

    

     

    ", and
for the avoidance of doubt an inability of the Trustee in its capacity as
trustee of the Trust to pay its debts does not include:

     

    
      	
               
      

            	
              (i)

            	
              the
      Trustee making any drawing under a Support Facility in accordance with the
      Transaction Documents; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              until
      the Class A Notes are repaid in full, the Trustee making any Class B
      Charge Off or failing to pay the full amount of any Class B
      Coupon."

            

    

     

    CLAUSE
1.1 - Land

     

    For the
purposes of the definition of Land in
clause 1.1 of the Master Trust Deed:

     

    
      	
               
      

            	
              (m)

            	
              the
      word "and" at the end of paragraph (a) is deleted;
  and

            

    

     

    
      	
               
      

            	
              (n)

            	
              the
      following is added at the end of paragraph
(b):

            

    

     

    ";
or

     

    
      	
               
      

            	
              (c)

            	
              any
      interest (including any share) in a company title scheme or arrangement
      which gives exclusive rights in respect of all or any part of land
      referred to in paragraph (a) or
(b)."

            

    

     

    CLAUSE
1.1 – Loan Rights

     

    A new
definition is inserted in clause 1.1 of the Master Trust Deed as
follows:

     

    Loan
Rights means, in relation to a Loan, all of the Seller's or the Trustee's
(as the context requires) right, title, benefit and interest (present and
future) in, to, under or derived from:

     

    
      	
               
      

            	
              (a)

            	
              that
      Loan and the Mortgage which secures that
Loan;

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      of the following as relate to that
Loan:

            

    

     

    
      	
            	
              (i)

            	
              the
      Related Securities;

            

    

     

    
      	
            	
              (ii)

            	
              the
      Collections;

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      moneys (present or future, actual or contingent) owing at any time by an
      Obligor (whether alone or with another person), and all other rights under
      or in connection with the Relevant Documents for that
  Loan.

            

    

     

    CLAUSE
1.1 – Offered Loan Rights

     

    A new
definition is inserted in clause 1.1 of the Master Trust Deed as
follows:

     

    Offered Loan
Rights means the Loan Rights specified in a Sale Notice.

    
      
         

      

      
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    CLAUSE
1.1 – Offset Arrangement

     

    A new
definition is inserted in clause 1.1 of the Master Trust Deed as
follows:

     

    Offset
Arrangement means any agreement or arrangement between Westpac and an
Obligor under which the amount of interest which would (but for such agreement
or arrangement) have been payable under or in respect of a Loan (including a
Rocket Repay loan type) is reduced by reference to any credit balance on any
savings or cheque account in the name of that Obligor (whether alone or jointly
with another person) which is kept with Westpac.

     

    CLAUSE
1.1 - Termination Date

     

    For the
purpose of the definition of Termination
Date in clause 1.1 of the Master Trust Deed, the words "and the Trustee
and the Trust Manager agree that no further Notes are proposed to be issued by
the Trustee in relation to that Trust" are inserted at the end of paragraph
(c)(i) of that definition.

     

    CLAUSE
1.1 - Taxation Act

     

    For the
purposes of the definition of Taxation
Act in clause 1.1 of the Master Trust Deed, the words "and the Income Tax
Assessment Act 1997 (Commonwealth)" are inserted at the end of that
definition.

     

    CLAUSE
1.1 – Wilful Default

     

    A new
definition is inserted alphabetically in the Master Trust Deed as
follows.

     

    "Wilful Default
means any wilful failure to comply with or wilful breach by the Trustee
of any of its obligations under any Transaction Document, other than a failure
or breach which:

     

    
      	
               
      

            	
              (a)

            	
              (i)

            	
              arises
      as result of a breach of a Transaction Document by a person other than the
      Trustee; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      performance of the action (the non-performance of which gave rise to such
      breach) is a precondition to the Trustee performing the said
      obligation;

            

    

     

    
      	
               
      

            	
              (b)

            	
              is in accordance with a lawful
      court order or direction or required by law (except to the extent that
      such order or direction itself arose because of a wilful failure by the
      Trustee to comply with, or wilful breach by the Trustee of any of its
      obligations under, any Transaction Document);
  or

            

    

     

    
      	
               
      

            	
              (c)

            	
              is
      in accordance with any proper instruction or direction of the Noteholders
      given at a meeting convened under this
deed."

            

    

     

    CLAUSE
1.2

     

    For the
purposes of clause 1.2 of the Master Trust Deed, paragraph (n) is
deleted.

     

    CLAUSE
1.2

     

    For the
purposes of clause 1.2 of the Master Trust Deed, a new paragraph is inserted as
follows.

     

    
      	
               
      

            	
              "(q)

            	
              Except
      as otherwise provided, a reference to any time is a reference to Sydney
      time."

            

    

     

    CLAUSE
2.1

     

    For the
purposes of clause 2.1 of the Master Trust Deed, the words "and the relevant
Series Notice" are inserted at the end of that clause.

    
      
         

      

      
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    CLAUSE
3.4

     

    Clause
3.4 of the Master Trust Deed is deleted and replaced with the following new
Clause 3.4.

     

    "Each
Trust shall continue until, and shall terminate on the later of:

     

    
      	
               
      

            	
              (i)

            	
              its
      respective Termination Date;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      date on which the provisions of clause 3.5 have been satisfied;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      date on which the Trustee ceases to hold any Trust Back Assets in relation
      to that Trust."

            

    

     

    CLAUSE
4.6 – Support Facilities

     

    Clause
4.6 of the Master Trust Deed is deleted and replaced with the
following:

     

    
      
        	
              	
                "4.6

              	
                Support
      Facilities

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              (Enter into Support Facilities)
      The Trustee shall in relation to any Trust, on the prior direction
      of the Trust Manager (and following a review by the Trustee of the
      documentation for the proposed Support Facility), enter into or acquire
      and perform any Support Facilities on such terms and conditions as are
      reasonably required by the Trust Manager (subject to this
      deed).

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Rating of parties to Support
      Facility) If Notes have been, or are proposed to be, issued by the
      Trustee as trustee of a Rated Trust, the Trust Manager shall (subject to
      this deed):

            

    

     

    
      	
               
      

            	
              (i)

            	
              direct
      the Trustee that each Support Facility for the benefit of the Rated Trust
      must be taken out or executed with a person where the Trust Manager has
      given a Rating Notification in respect of such person;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              take,
      or direct the Trustee to take, such other action as may be necessary to
      enable the Trust Manager to give a Rating
  Notification.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Support Facilities for Rated
      Trusts)  If Notes have been, or are proposed to be,
      issued by the Trustee as trustee of a Rated Trust, any Support Facility
      for the benefit of the Rated Trust shall be entered into by the Trustee
      prior to or on the Note Issue Date in relation to those Notes provided
      that the Trustee may, on the prior direction of the Trust
      Manager:

            

    

     

    
      	
               
      

            	
              (i)

            	
              enter
      into a new Support Facility as trustee of a Rated Trust after a Note Issue
      Date, if and only if, the Trust Manager has given a Rating Notification in
      relation to the Support Facility;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              substitute
      a new Support Facility for any existing Support Facility entered into in
      accordance with this clause 4.6 where it has previously issued Notes as
      trustee of a Rated Trust, if and only if the Trust Manager considers the
      same to be in the interests of that Rated Trust and the Trust Manager has
      given a Rating Notification in relation to the new Support
      Facility.

            

    

    
      
         

      

      
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              (d)

            	
              (Downgrading of parties)
      If a person providing a Support Facility to the Trustee as trustee
      of a Rated Trust ceases to have a Designated Rating (if required by the
      relevant Transaction Document) and any relevant Notes have been
      downgraded, or it has been indicated that the Notes are proposed to be
      downgraded, the Trustee shall, if directed by the Trust Manager and
      subject to this deed enter into any substitute or additional Support
      Facility identified by the Trust Manager, and on such terms required by
      the Trust Manager and in respect of which the Trust Manager has given a
      Rating Notification.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (No obligation to have Support
      Facilities) Nothing in this clause or this deed shall be construed
      as requiring that any given Trust has the benefit of any Support
      Facility.  The Trustee is not required to enter into any Support
      Facility except as provided in this
clause."

            

    

     

    CLAUSE
8.3(b) - Sale Notice

     

    For the
purposes of clause 8.3(b) of the Master Trust Deed, a Sale Notice given by
Westpac or the Warehouse Trustee in relation to the Trust may be given at any
time on the same day as the day on which the Expiry Time falls.

     

    CLAUSE
8.3 – Sale Notices

     

    The
following additional clauses are inserted after clause 8.3 of the Master Trust
Deed:

     

    
      	
            	
              8.3A 

            	
              Effect
      of Acceptance

            

    

     

    
      	
               
      

            	
              (o)

            	
              The
      acceptance by the Trustee of an offer contained in a Sale Notice is
      effective and operates (subject to this Deed and the Transaction
      Documents), without any further thing being required,
  as:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      immediate equitable assignment of all the Offered Loan Rights specified in
      that Sale Notice:

            

    

     

    
      	
            	
              (A) 

            	
              in
      existence as at the Cut-Off Date;
and

            

    

     

    
      	
               
      

            	
              (B)

            	
              which
      came into existence or arose after the Cut-Off Date and before acceptance
      of the offer; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      agreement to assign (in equity), as provided for in paragraph (b), all of
      the Offered Loan Rights under or in respect of the related Relevant
      Documents which come into existence or arise after acceptance of the
      offer, to the intent that immediately upon coming into existence or
      arising, any such Offered Loan Rights will immediately (without the need
      for any additional thing to be done by any person) be assigned in equity
      to the Trustee.

            

    

     

    
      	
               
      

            	
              (p)

            	
              The
      assignment effected or to be effected under paragraph (a) will constitute
      a separate assignment of the Approved Seller's right, title, benefit and
      interest in and to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      right to receive all payments and other amounts payable by an Obligor
      (whether alone or with another person) under or in connection with the
      Relevant Documents for the Offered Loan
Rights;

            

    

    
      
         

      

      
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              (ii)

            	
              the
      right to the benefit of, and to enforce, all undertakings,
      representations, warranties and indemnities given under or in respect of
      those Offered Loan Rights;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      right to exercise discretions and powers or make calculations and
      determinations (including as to the calculation or determination of
      interest, fees, charges and any other amounts) under or in respect of
      those Offered Loan Rights;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      right to receive, or to require delivery of, any information under or in
      respect of those Offered Loan
Rights;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      right to give notices terminating any obligation of the Approved Seller
      with respect to those Loans and the related Offered Loan
      Rights;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      right to demand or require payment under those Loans and the related
      Offered Loan Rights or to exercise any discretion as to when payment is
      required to be made;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              the
      right to determine that any Security Interest securing an Obligor's
      obligations is or may be enforceable;
and

            

    

     

    
      	
               
      

            	
              (viii)

            	
              all
      other rights, powers, discretions, title, benefit, interests and remedies
      of the Approved Seller under or in respect of those Offered Loan Rights
      which are not referred to in any of the previous paragraphs of this clause
      8.3A(b).

            

    

     

    
      	
            	
              8.3B 

            	
              Effect
      of assignment on obligations

            

    

     

    The
Approved Seller acknowledges and agrees that:

     

    
      	
               
      

            	
              (q)

            	
              the
      acceptance of an offer contained in a Sale Notice and the assignment of
      the Offered Loan Rights is not intended to and shall not constitute an
      assumption by the Trustee of any obligation of the Approved Seller or any
      other person under or in connection with any Relevant Document or any
      other obligation of the Approved Seller to an Obligor or any other party
      to a Relevant Document;

            

    

     

    
      	
               
      

            	
              (r)

            	
              following
      the assignment, the Approved Seller will continue to be bound to comply
      with all such obligations, and the Trustee assumes no liability to the
      Approved Seller or any Obligor to perform them;
  and

            

    

     

    
      	
               
      

            	
              (s)

            	
              the
      Trustee, or the Servicer on its behalf, may exercise any of the Offered
      Loan Rights as it sees fit, even if the way in which the Offered Loan
      Rights are exercised affects the nature or extent of any obligations which
      the Approved Seller continues to have to any Obligor following the
      assignment.

            

    

     

    
      	
            	
              8.3C 

            	
              Severability
      of assignment

            

    

     

    The
assignment under clause 8.3A(b) of the rights referred to in each paragraph
of  clause 8.3A(b) operates as an assignment of the rights referred to
in that paragraph, separate and independent of the assignment of the rights
referred to in each other paragraph of that clause. If the assignment of any of
the rights referred to in any paragraph of clause 8.3A(b) is not effective for
any reason;

    
      
         

      

      
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              (t)

            	
              those
      rights and all money or property received by the Approved Seller in
      respect of them will be held by the Approved Seller on trust for the
      Trustee and, subject to clause 2.8:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Approved Seller must promptly pay or transfer to the Trustee (or if the
      Approved Seller is not the Servicer, the Servicer on behalf of the
      Trustee) any amount or other property received by the Approved Seller
      under or in respect of those
rights;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Approved Seller must exercise those rights in accordance with the
      directions of the Trustee; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Approved Seller authorises the Trustee to exercise those rights as its
      agent; and

            

    

     

    
      	
               
      

            	
              (u)

            	
              the
      ineffectiveness of the assignment of those rights will not affect the
      validity or effectiveness of the assignment of any other rights referred
      to in any other paragraph of clause
8.3A(b).

            

    

     

    CLAUSE
8.5(a) - Conditions precedent to purchase

     

    For the
purposes of clause 8.5(a) of the Master Trust Deed, the following is a condition
precedent to the giving of a Sale Notice.

     

    (Certified copies) Except to
the extent previously provided to the Trustee (in its capacity as trustee of any
Trust), certified copies of the forms of each Mortgage Insurance Policy (where
applicable), and the forms of the Receivable Agreements, relating to the
Purchased Receivables.

     

    CLAUSE
8.6 - Representations and warranties

     

    For the
purposes of clause 8.6 (vii) of the Master Trust Deed, Westpac, in its capacity
as the Approved Seller, makes the following representations and warranties in
relation to a Sale Notice given by it and the Receivables and Receivable Rights
referred to in that Sale Notice.

     

    
      	
               
      

            	
              (a)

            	
              (Assignability)  All
      consents required in relation to the assignment of the Receivables and the
      related Receivable Rights specified in the Sale Notice have been
      obtained.  Those Receivables and Receivable Rights are
      assignable.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Quality of
      Title)  It is the sole, legal and beneficial owner of the
      Receivables and the related Receivable Rights specified in the Sale
      Notice.  Those Receivables and the related Receivable Rights,
      together with the interest of Westpac under the Relevant Documents, are
      owned by it free and clear of any Security Interest (other than any
      Security Interest arising solely as the result of any action taken by the
      Trustee).

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Eligible Receivable) As
      at the Cut-Off Date, each Receivable which is specified in the Sale Notice
      is an Eligible Receivable.  In relation to any related
      Receivable Security that is required to be registered with any
      Governmental Agency and which is not registered at the Cut-Off Date, it
      will be registered.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Receivable Securities)
      Each Receivable, Receivable Security and Related Security which is
      specified in the Sale Notice is valid, binding and enforceable against the
      relevant Obligor(s) in all material respects except to the extent that it
      is affected by laws relating to creditors rights generally, or doctrines
      of equity.

            

    

    
      
         

      

      
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              (e)

            	
              (Set Off)  Once
      equitably assigned to the Trustee, no Receivable or Receivable Right which
      is specified in the Sale Notice will be subject to any right of
      rescission, set off, counterclaim or similar defence.  No
      Receivable or Receivable Right which is specified in that Sale Notice is
      subject to, or affected by, any interest off-set arrangement or
      right.  This representation is subject to any set off or other
      arrangement arising under a Loan Offset Deposit Account in respect of any
      Loan Offset Interest Amount.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Compliance with
      Laws)  At the time each Receivable and Receivable
      Security which is specified in the Sale Notice and each Related Security
      was entered into it complied in all material respects with applicable
      laws, including, without limitation, where the Consumer Credit Legislation
      applies, the Consumer Credit
Legislation.

            

    

     

    
      	
               
      

            	
              (g)

            	
              (Ownership)  In
      relation to each Receivable Security which is specified in the Sale Notice
      the relevant Obligor(s) is or are the sole legal owner of the relevant
      Mortgaged Property and registered as the sole proprietor(s) of the
      relevant Mortgaged Property.

            

    

     

    
      	
               
      

            	
              (h)

            	
              (Insurance)  As
      at the Closing Date, each Receivable which is specified in the Sale Notice
      and which the Trust Manager and Westpac have agreed will have the benefit
      of a Mortgage Insurance Policy, is the subject of a Mortgage Insurance
      Policy from a Mortgage Insurer for the scheduled term of that
      Receivable.  The sale of each such Receivable to the Trustee is
      not contrary to the relevant Mortgage Insurance Policy.  Westpac
      has not done or omitted to do anything which might prejudicially affect or
      limit its rights or the rights of the Trustee under or in respect of a
      Mortgage Insurance Policy to the extent that those rights relate to that
      Receivable or the related Receivable Security.  On transfer to
      the Trustee of equitable title to a Purchased Receivable, the Trustee will
      have the benefit of the relevant Mortgage Insurance Policy for that
      Receivable.  Notwithstanding this paragraph (h), no Purchased
      Receivable is required to have the benefit of the relevant Mortgage
      Insurance Policy unless Westpac and the Trust Manager so agree in
      writing.

            

    

     

    
      	
               
      

            	
              (i)

            	
              (Solvency of Mortgage
      Insurers)  The officers of Westpac who have
      responsibility for the transactions contemplated by the Transaction
      Documents do not have actual notice that any insurer under any insurance
      policy in relation to a Receivable is insolvent or will be unable to pay a
      valid claim.

            

    

     

    
      	
               
      

            	
              (j)

            	
              (Selection
      process)  There is no fraud, dishonesty, material
      misrepresentation or negligence on the part of Westpac in connection with
      the selection and offer to the Trustee of any Receivables or related
      Receivable Securities which is specified in the Sale
    Notice.

            

    

     

    
      	
               
      

            	
              (k)

            	
              (No void
      transactions)  The assignment of the Receivables and
      Receivable Rights which are specified in the Sale Notice will not be held
      by a court to be an undervalue transfer, a fraudulent conveyance, or a
      voidable preference under any law relating to
  insolvency.

            

    

     

    
      	
               
      

            	
              (l)

            	
              (Security
      Interest)  The sale, transfer and assignment of Westpac's
      interest in the Receivables and the related Receivable Rights which are
      specified in a Sale Notice, will not constitute a breach of any Relevant
      Document or Westpac's obligations or a default by Westpac under any
      Security Interest.

            

    

     

    
      	
               
      

            	
              (m)

            	
              (Relevant
      Documents)  Westpac holds in its possession or control
      all Relevant Documents that relate to the Receivables and the related
      Receivable Securities which are specified in the Sale Notice necessary to
      enforce the provisions of and the security created by the relevant
      Receivable Securities.

            

    

    
      
         

      

      
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              (n)

            	
              (Solvency)  Westpac
      is solvent.

            

    

     

    
      	
               
      

            	
              (o)

            	
              (No rescission,
      etc)  As at the Cut-Off Date, none of the Receivables or
      Receivable Securities which are specified in the Sale Notice were
      satisfied, cancelled, discharged or rescinded and the Mortgaged Property
      relating to each relevant Receivable and Receivable Security had not been
      released from the security of the relevant Receivable
      Securities.

            

    

     

    
      	
               
      

            	
              (p)

            	
              (Interest rate) Except as
      may be provided in a Receivable Agreement or Receivable Security which is
      specified in the Sale Notice, and subject to applicable laws, the interest
      rate for each such Receivable is not subject to any limitation, no
      consent, additional memoranda or other writing is required from the
      relevant Obligor to give effect to a change in that rate and any change in
      that rate will be effective on notice being given to that Obligor in
      accordance with the terms of the relevant Receivable or Receivable
      Security.

            

    

     

    
      	
               
      

            	
              (q)

            	
              (Ordinary course of
      business)  Between the Cut-Off Date and the Closing Date,
      Westpac dealt with the Receivables and the Receivable Securities specified
      in the Sale Notice in the ordinary course of its
  business.

            

    

     

    Westpac
also makes the following representations and warranties in relation to the
Receivables and Receivable Rights referred to in the Sale Notice given by the
Warehouse Trustee:

     

    
      	
               
      

            	
              (i)

            	
              (Sale to earlier
      Series)  Those Receivables and Receivable Rights were
      assigned by Westpac to either the Series 2002-1G WST Trust, the Series
      2005-1G WST Trust or the Series 2006-1D WST
  Trust.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (Representations and
      Warranties)  At the time of those assignments Westpac
      gave materially the same representations and warranties to the trustee of
      the Series 2002-1G WST Trust, the Series 2005-1G WST Trust or the Series
      2006-1D WST Trust as the case may be, in relation to those Receivables and
      Receivable Rights as it has given to the Trustee in relation to the Sale
      Notice given by Westpac to the Trustee.  The only difference is
      that in relation to the sale to the trustee of the Series 1997-1 WST Trust
      Westpac did not represent and warrant that on transfer to the trustee of
      the Series 1997-1 WST Trust of equitable title to a Purchased Receivable,
      the Trustee will have the benefit of the relevant Mortgage Insurance
      Policy for that Receivable.  That representation and warranty is
      given by the Servicer in clause 16(d) of this Series
    Notice.

            

    

     

    CLAUSE
8.8 – Priority

     

    Clause
8.8 of the Master Trust Deed is deleted and replaced with the following new
clause 8.4.

     

    
      	
            	
              “8.8 

            	
              Priority

            

    

     

    
      	
            	
              (a) 

            	
              Priority

            

    

     

    Notwithstanding:

     

    
      	
               
      

            	
              (i)

            	
              anything
      contained in any Purchased Receivables or the related Receivable Rights
      (including any Related Securities);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      terms of a Receivable or any Other Secured
  Liability;

            

    

    
      
         

      

      
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              (iii)

            	
              the
      respective dates on which anything is done or omitted to be done under or
      in relation to a Receivable Security or the moneys secured by that
      Receivable Security; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      rule of law or equity to the
contrary,

            

    

     

    all
moneys received by the Approved Seller, a Servicer, the Trust Manager or the
Trustee or any receiver, receiver and manager or attorney under or in relation
to a Purchased Receivable, a Purchased Receivable Security or any Other Secured
Liability as the result of the enforcement of a Purchased Receivable or a
Purchased Receivable Security shall be applied in the following order of
priority:

     

    
      	
               
      

            	
              (A)

            	
              where
      the Purchased Receivable Security for relevant Other Secured Liability
      secures, or is treated by the Approved Seller as securing, the relevant
      Other Secured Liability as a first ranking
  liability:

            

    

     

    
      
        	
              	
                (1)

              	
                first:

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              all
      costs, charges and expenses of the relevant mortgagee or any receiver,
      receiver and manager or attorney incurred in or incidental to the exercise
      or performance or attempted exercise or performance of any right, power or
      remedy in relation to the Receivable
Security;

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      outgoings in relation to the Receivable Security which the mortgagee or
      any receiver, receiver and manager or attorney thinks fit to pay;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      remuneration of any receiver or receiver and
  manager;

            

    

     

    
      	
               
      

            	
              (2)

            	
              second,
      pari passu and rateably (by reference to the amounts actually or
      contingently owing under the relevant Receivable and Other Secured
      Liability respectively):

            

    

     

    
      	
               
      

            	
              (a)

            	
              in
      satisfaction of amounts actually or contingently owing under the
      Receivable or any other Receivable Rights secured by that Purchased
      Receivable Security; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      satisfaction of amounts actually or contingently owing under the Other
      Secured Liability; or

            

    

     

    
      	
               
      

            	
              (B)

            	
              otherwise:

            

    

     

    
      	
               
      

            	
              (1)

            	
              first,
      subject to paragraph (b);

            

    

     

    
      	
               
      

            	
              (a)

            	
              all
      costs, charges and expenses of the relevant mortgagee or any receiver,
      receiver and manager or attorney incurred in or incidental to the exercise
      of performance or attempted exercise or performance of any right, power or
      remedy in relation to the Receivable
Security;

            

    

    
      
         

      

      
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              (b)

            	
              all
      outgoings in relation to the Receivable Security which the mortgagee or
      any receiver, receiver and manager or attorney thinks fir to pay ;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      remuneration of any receiver or receiver and
  manager;

            

    

     

    
      	
               
      

            	
              (2)

            	
              second,
      in satisfaction of amounts owing under the Receivable or any other
      Receivable Rights secured by the Purchased Receivable Security;
      and

            

    

     

    
      	
               
      

            	
              (3)

            	
              third,
      the Other Secured Liability for all moneys now or in the future secured by
      the Purchased Receivable Security that relate to the Other Secured
      Liability.

            

    

     

    
      	
            	
              (b) 

            	
              Enforcement
      Expenses

            

    

     

    
      	
               
      

            	
              (i)

            	
              Where,
      and to the extent that, the costs, charges, expenses, outgoings and
      remuneration referred to in sub-paragraphs (B)(1)(a)-(c) of paragraph (a)
      (Enforcement
      Expenses) are covered by a Mortgage Insurance Policy, they shall be
      treated as a first priority payment under sub-paragraph
      (a)(B)(1).

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Where,
      and to the extent that, the Enforcement Expenses are not covered by a
      Mortgage Insurance Policy, then subject to the terms of the relevant
      Purchased receivable, Purchased Receivable Security or Related
      Security:

            

    

     

    
      	
               
      

            	
              (A)

            	
              if
      they arise because the enforcement arose from default under an Other
      Secured Liability, they shall be treated as a third priority payment under
      sub-paragraph (a)(B)(3); and

            

    

     

    
      	
               
      

            	
              (B)

            	
              otherwise,
      they shall be treated as a first priority payment under sub-paragraph
      (a)(B)(1).

            

    

     

    
      	
               
      

            	
              (c)

            	
              Continuing
      balance

            

    

     

    This
clause 8.8 applies to a continuing balance and any present or future moneys
secured by a Receivable Security notwithstanding any subsequent repayment,
advance or provision of accommodation or other increase or decrease in the
amount secured."

     

    CLAUSE
8.9

     

    For the
purposes of clause 8.9 of the Master Trust Deed, Westpac agrees that it will,
following the occurrence of a Title Perfection Event, ensure that any Offset
Arrangement in respect of a Loan is terminated as soon as possible, and in any
case within 30 days after the legal assignment of that Loan to the Trustee under
clause 8.9(b).

    
      
         

      

      
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    CLAUSE
8.9(c) - First Right of Refusal

     

    Clause
8.9(c) of the Master Trust Deed is deleted and replaced with the following new
clause 8.9(c).

     

    
      	
               
      

            	
              “(i)

            	
              As
      soon as practical after the date (in this clause 8.9(c), the Termination
      Event Date) on which an event referred to in sub-paragraph (i) or
      sub-paragraph (ii) of paragraph (c) of the definition of Termination Date
      occurs, the Trust Manager directs the Trustee to offer (by written notice
      to the Approved Seller) irrevocably to extinguish in favour of the
      Approved Seller, or if the Trustee has perfected its title, to assign to
      the Approved Seller, its entire right, title and interest in and to the
      Purchased Receivables, and related Receivable Rights (if any) in
      consideration of the payment to the Trustee by the Approved Seller in
      relation to the Trust of the Fair Market Value of the Purchased
      Receivables.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              During
      the 180 day period after the Termination Event Date, the Trustee must not
      sell any Purchased Receivables and the related Receivable Rights for an
      amount less than their Fair Market
Value.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      Approved Seller may accept or reject that offer in its
      discretion.

            

    

     

    
      	
               
      

            	
              (iv)

            	
              The
      Trustee will not sell or deal with the relevant Purchased Receivables and
      related Receivable Rights except in accordance with paragraph (c)(i)
      unless the Approved Seller has failed to accept the offer referred to in
      paragraph (c)(i) within 180 days after the occurrence of the Termination
      Event Date by paying to the Trustee, within 180 days, the purchase price
      referred to in paragraph (c)(i) for all of those Purchased Receivables and
      related Receivable Rights.”

            

    

     

    CLAUSE
8.9(d) - Clean Up Offer

     

    For the
purposes of clause 8.9(d) of the Master Trust Deed, the term “(i)” is inserted
after “sub-paragraph” in the second line of sub-paragraph (ii) and the following
provisions apply.

     

    
      	
               
      

            	
              (a)

            	
              On
      any Determination Date on which the aggregate Housing Loan Principal of a
      Portfolio of Receivables for Purchased Receivables expressed as a
      percentage of the Housing Loan Principal of those Purchased Receivables at
      the Cut-Off Date, is less than 10%, the Trust Manager
  may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              as
      manager of the Trust, direct the Trustee to offer to sell the Portfolio of
      Receivables to a Warehouse Trust in accordance with clause 7 of the
      Master Trust Deed and any relevant Series Notice;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      manager of that Warehouse Trust, direct the Trustee (as trustee of that
      Warehouse Trust), to acquire orally or by conduct the Portfolio of
      Receivables in accordance with clause 7 of the Master Trust Deed and
      any relevant Series Notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trustee as trustee of the Trust will do all things reasonably necessary to
      give effect to the disposal of the Portfolio of Receivables to that
      Warehouse Trust in accordance with the Master Trust Deed and any relevant
      Series Notice.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trust Manager may only give the direction referred to in sub-paragraph (i)
      to the extent that funds are available under the relevant Warehouse
      Investment Agreement to acquire the Purchased
  Receivables.]

            

    

    
      
         

      

      
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    [CLAUSE
10 - NOTES

     

    For the
purposes of the Trust, clause 10 in the Master Trust Deed is deleted and the
provisions of that clause 10 are as follows.

     

    
      	
            	
              10.1 

            	
              Acknowledgement
      of indebtedness

            

    

     

    Subject
to the terms of the Master Trust Deed and this Series Notice:

     

    
      	
               
      

            	
              (a)

            	
              each
      entry in the Register for the Trust in respect of a Registered Note
      relating to the Trust; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to each US$ Note relating to the Trust, that US$
      Note,

            

    

     

    constitutes
an independent and separate acknowledgement to the relevant Noteholder by the
Trustee of its indebtedness as trustee of the Trust for the Invested Amount of
that Note together with the other rights given to Noteholders under the Master
Trust Deed, the Series Notice and the Security Trust Deed, and (in relation to
an US$ Note) the Note Trust Deed and the relevant Conditions.

     

    
      	
            	
              10.2 

            	
              Legal
      nature of Notes

            

    

     

    
      	
               
      

            	
              (a)

            	
              Registered
      Notes will be in the form of inscribed stock, and the Trustee's
      obligations in relation to the Notes and under the Master Trust and this
      Series Notice in respect of those Notes (including any obligation to pay
      interest or principal) will become effective on inscription in the
      Register for the Trust under the Master Trust and this Series Notice of
      the details for those Notes.

            

    

     

    
      	
               
      

            	
              (b)

            	
              US$
      Notes will be in registered form in respect of Book-Entry Notes and will
      be in registered form in respect of Definitive
  Notes.

            

    

     

    
      	
            	
              10.3 

            	
              Terms
      of Notes

            

    

     

    
      	
               
      

            	
              (a)

            	
              All
      Notes issued by the Trustee as trustee of the Trust shall be issued with
      the benefit of, and subject to, the Master Trust Deed, this Series Notice
      and the Security Trust Deed and, in relation to US$ Notes, the Note Trust
      Deed and the relevant Conditions.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      documents referred to in paragraph (a) are binding on the Trust Manager,
      the Trustee, the Note Trustee, the Security Trustee and the
      Noteholders.

            

    

     

    
      	
            	
              10.4 

            	
              Interest
      and Principal Entitlement of
Noteholders

            

    

     

    Subject
to the Master Trust Deed, this Series Notice and the Security Trust Deed and, in
relation to US$ Notes, the Note Trust Deed and the relevant Conditions (and, in
particular, subject to any such provisions which provide for principal losses to
be charged off against any Notes), the Trustee as trustee of the Trust shall in
respect of the Notes issued by it in that capacity pay or cause to be paid to
the Noteholders (as relevant) of those Notes:

     

    
      	
               
      

            	
              (a)

            	
              (interest)  their
      Coupon on each Coupon Payment Date;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              (principal) their
      Principal Entitlement on each Principal Repayment
  Date.

            

    

     

    
      	
            	
              10.5 

            	
              Notes
      not invalid if issued in breach

            

    

     

    No Note
shall be invalid or unenforceable on the ground that it was issued in breach of
the Master Trust Deed, this Series Notice or any other Transaction
Document.

    
      
         

      

      
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              10.6 

            	
              Location
      of Registered Notes

            

    

     

    The
property in Registered Notes shall for all purposes be regarded as situated at
the place where the Register is located on which those Registered Notes are
recorded.

     

    
      	
            	
              10.7 

            	
              No
      discrimination between Noteholders

            

    

     

    There
shall not be any discrimination or preference between Notes within the same
Class, or the corresponding Noteholders, in relation to a Trust by reason of the
time of issue of Notes or for any other reason, subject only to the Series
Notice relating to the Notes and the terms of the Security Trust Deed (if any)
relating to the Trust.

     

    
      	
            	
              10.8 

            	
              Note
      Register

            

    

     

    In the
event that any Definitive Notes (in relation to any US$ Notes) are issued in
registered form, the Trustee (or if the Trustee fails to do so, the Trust
Manager on behalf of the Trustee) will appoint a person to operate and maintain
a register of those notes in accordance with standard United States practice and
law.

     

    CLAUSE
12.4 - FURTHER LIMIT ON INTEREST OF NOTEHOLDERS

     

    For the
purposes of the Trust, clause 12.4 in the Master Trust Deed is deleted and the
provisions of that clause 12.4 are as follows.

     

    A
Noteholder in relation to the Trust shall only be a creditor of the Trustee in
its capacity as trustee of that Trust to the extent of the Notes held by that
Noteholder (or, in the case of a Warehouse Facility Provider, their rights under
the relevant Warehouse Facility Agreement) and shall not be entitled to any
beneficial or, subject to the Security Trust Deed, other interest in the
Trust.

     

    CLAUSES
13.1 AND 13.6(a) - NOTE ISSUE DIRECTION

     

    
      	
               
      

            	
              (a)

            	
              For
      the purposes of clause 13.1 of the Master Trust Deed, the Note Issue
      Direction for the Notes may be issued by the Trust Manager on or at any
      time prior to the Note Issue Date for the
Notes.

            

    

     

    
      	
               
      

            	
              (b)

            	
              For
      the purposes of clause 13.6(a) of the Master Trust Deed, the certification
      by the Trust Manager may occur on or at any time prior to the Note Issue
      Date for the Notes.

            

    

     

    CLAUSE
13.1(b) - CONDITIONS PRECEDENT TO DIRECTION

     

    
      	
               
      

            	
              (a)

            	
              For
      the purposes of clause 13.1(b) of the Master Trust Deed the following is a
      condition precedent to the issue of a Note Issue Direction in relation to
      proposed Purchased Receivables:

            

    

     

    (Power of
Attorney)  Original execution copies of powers of attorney duly
executed and delivered by Westpac in registrable form in each Australian
jurisdiction appointing certain specified officers of the Trustee as its
attorney for the purposes of enabling the Trustee to perfect its title to those
purchased Receivables.

     

    
      	
               
      

            	
              (b)

            	
              For
      the purposes of clause 13.1(b)(i) of the Master Trust Deed, delete the
      words "a director or secretary" and replace with "an attorney or
      Authorised Signatory".

            

    

    
      
         

      

      
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    CLAUSE
13.6(b)

     

    For the
purposes of clause 13.6(b) of the Master Trust Deed, insert the words "or 7.7(c)
(as the case may be)" after "clause 13.8(g)" in the last line.

     

    CLAUSE
13.7 - DEALER AGREEMENT

     

    The
Trustee will enter into the Dealer Agreement.

     

    CLAUSE
13.8

     

    For the
purposes of clause 13.8 of the Master Trust Deed, insert a new paragraph (g) as
follows.

     

    
      	
               
      

            	
              "(g)

            	
              (transfer of benefit of
      Receivables) subject to payment of the amount referred to in
      paragraph (e), hold automatically by virtue of this deed and without any
      further act or instrument or other thing being done or brought into
      existence, the benefit of the Portfolio of Receivables referred to in the
      corresponding Note Issue Direction with effect from the Note Issue Date as
      trustee of the relevant Trust (together with the benefit with effect from
      the Note Issue Date of all Receivables, Related Securities, Support
      Facilities and other rights and entitlements relating to the Portfolio of
      Receivables)."

            

    

     

    CLAUSE
13.9 - ACTION FOLLOWING NOTE ISSUE DIRECTION

     

    For the
purposes of the Trust, clause 13.9 in the Master Trust Deed is deleted and the
provisions of that clause 13.9 are as follows.

     

    As soon
as practicable after a Note Issue Date for a Trust:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to Registered Notes only:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (enter details in the Register)
      the Trustee shall enter into the Register for that Trust in
      accordance with clause 16 the information required under
      clause 16.1;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (issue Note Acknowledgement)
      the Trustee shall issue a Note Acknowledgement to each Registered
      Noteholder in respect of its holding of Registered Notes;
    and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              (issue Marked Note Transfers)
      if requested by a Registered Noteholder in its Application for
      Notes, the Trustee shall issue a Marked Note Transfer to the Registered
      Noteholder; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to US$ Notes only, the Trustee shall issue those US$ Notes in
      accordance with the Note Trust Deed and this Series
  Notice.

            

    

     

    CLAUSE
13.12 – FURTHER ISSUES

     

    Clause
13.12 of the Master Trust Deed is deleted and replaced with the
following:

     

    "13.12   Further
issues

     

    Where the
Trustee as trustee of a Rated Trust has issued Notes, no further Notes in
respect of that Trust shall be created unless the Trust Manager gives a Rating
Notification in respect of the Notes then on issue in respect of the
Trust."

     

    CLAUSES
14, 15, 16 AND 17

     

    For the
purposes of the Trust, clauses 14, 15, 16 and 17 in the Master Trust Deed are
deleted and the provisions of those clauses 14, 15, 16 and 17 are as
follows.

    
      
         

      

      
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              "14.

            	
              TRANSFERS
      OF NOTES

            

    

     

    14.1 
     No restrictions on transfer of Notes

     

    Subject
to the Master Trust Deed and this Series Notice and (in respect of the US$
Notes) the Note Trust Deed and the relevant Conditions, there shall be no
restriction on the transfer of Notes.

     

    14.2   
   Minimum transfer

     

    
      	
               
      

            	
              (a)

            	
              A
      Registered Noteholder must not transfer any Registered Notes held by it
      unless:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      amount payable by the transferee for those Registered Notes is not less
      than A$500,000; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      offer or invitation to the transferee by the Registered Noteholder in
      relation to the Registered Notes is an offer or invitation that will not
      require disclosure under Part 6D.2 of the Corporations Act;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      transfer is to a person who  is not a retail client with the
      meaning of section 761 of the Corporations
Act

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      Class A Noteholder must not transfer any Class A Notes held by it
      unless:

            

    

     

    
      	
               
      

            	
              (i)

            	
              where
      the Class [A] Notes are traded on the ASX, they are traded in parcels with
      a minimum value of $500,000; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the transfer is in or from
Australia:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      amount payable for the Class [A] Notes on transfer (whether on the ASX or
      elsewhere in Australia) by the transferee is a minimum amount of A$500,000
      (disregarding amounts, if any, lent by the Trustee or other person
      offering the Class [A] Notes or an associate (as defined in the
      Corporations Act 2001 (Cth)) of either of them;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      offer or invitation to the transferee by the Class [A] Noteholder
      otherwise does not require disclosure under Part 6D.2 of the Corporations
      Act 2001 (Cth) and the Corporations Regulations made under the
      Corporations Act 2001 (Cth); and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      the transfer is in or from Australia, the transfer is to a person who is
      not a retail client within the meaning of section 761 of the Corporations
      Act.

            

    

     

    
      	
               
      

            	
              (c)

            	
              No
      Registered Note has been or will be registered under the United States
      Securities Act of 1933 as amended (the Securities Act) and may
      not be offered or sold within the United States or to, or for the account
      or benefit of, US persons except in accordance with Regulation S under the
      Securities Act or pursuant to an exemption from the registration
      requirements of the Securities Act.  Terms used in this
      paragraph have the meanings given to them by Regulation S under the
      Securities Act.

            

    

    
      
         

      

      
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              (d)

            	
              No
      transfer may be made of any Notes in circumstances which would require the
      preparation, issue and/or filing of a prospectus in England pursuant to
      the Public Offers of Securities Regulations 1995 or under any replacement
      or subsidiary legislation or regulations, or would otherwise fail to
      comply with all applicable provisions of the Financial Services and
      Markets Act 2000 and all rules and regulations made
      thereunder.

            

    

     

    
      	
               
      

            	
              (e)

            	
              None
      of the Trustee, the Trust Manager, the Note Trustee, the Servicer or an
      Approved Seller is liable to any Noteholder in relation to a breach by
      that Noteholder of paragraph (b) or
(c).

            

    

     

    14.3   
   Form of transfer

     

    Every
transfer of Registered Notes shall be effected by a Note Transfer.

     

    14.4    
  Execution of Note Transfer

     

    Every
Note Transfer shall be duly completed and executed by the transferor and
transferee.

     

    14.5     
 Stamping of Note Transfer

     

    Every
Note Transfer lodged with the Trustee shall be duly stamped (if
applicable).

     

    14.6      
Delivery of Note Transfer to Trustee

     

    Every
Note Transfer shall be delivered to the Trustee together with the Note
Acknowledgement to which it relates for registration.

     

    14.7      
Registration of Transferee as Noteholder

     

    Subject
to this clause 14, the Trustee shall on
receipt of a Note Transfer enter the transferee in the Register as the holder of
the Registered Notes which are the subject of the Note Transfer.

     

    14.8      
Trustee entitled to refuse to register Registered transfer

     

    The
Trustee may refuse to register any Note Transfer which would result
in:

     

    
      	
               
      

            	
              (a)

            	
              (breach) a contravention
      of or failure to observe:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (Master Trust Deed) the
      terms of the Master Trust Deed;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (Series Notice) this
      Series Notice;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              (Security Trust Deed)
      the Security Trust Deed; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              (the Law)  any
      law of an Australian Jurisdiction;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              (requires registration)
      an obligation to procure registration of any of the above with, or
      the approval of any of the above by, any Government
  Agency.

            

    

    
      
         

      

      
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    14.9 
     Refusal to register absolute

     

    The
Trustee shall not be bound to give any reason for refusing to register any Note
Transfer and its decision shall be final, conclusive and binding.  If
the Trustee refuses to register a Note Transfer it shall as soon as practicable
(and in no event later than 7 days after the date the Note Transfer was lodged
with it) send to the transferor and the transferee notice of such
refusal.

     

    14.10
    No fee for registration of a Note Transfer

     

    No fee
shall be charged for the registration of any Note Transfer.

     

    14.11    Taking
effect of Note Transfers

     

    
      	
               
      

            	
              (a)

            	
              (Note Transfer not effective
      until registration) A Note Transfer shall not take effect until
      registered by the Trustee and until the transferee is entered in the
      Register as the holder of the Registered Notes which are the subject of
      the Note Transfer, the transferor shall remain the holder of those
      Registered Notes.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Transfer received when
      Register closed) When a Note Transfer is received by the Trustee
      during any period when the Register is closed for any purpose, the Trustee
      shall not register the Note Transfer until the next Business Day on which
      that Register is reopened.

            

    

     

    14.12  
  Rights and obligations of transferee

     

    Subject
to the Master Trust Deed and this Series Notice, a transferee of Registered
Notes on being noted in the Register as the holder of the Registered Notes shall
have the following rights and obligations:

     

    
      	
               
      

            	
              (a)

            	
              (those of the transferor)
      all the rights and the obligations which the transferor previously
      had; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              (those under Master Trust Deed)
      all the rights and obligations of a Registered Noteholder as
      provided by the Master Trust Deed and this Series Notice as if the
      transferee was originally a party to the Master Trust Deed and this Series
      Notice.

            

    

     

    14.13    
Payments to transferee

     

    Subject
to the Master Trust Deed (including clause 35.1 of the Master Trust Deed), on
the entry of a transferee of Registered Notes in the Register the transferee
shall become entitled to receive any payments then due or which may become due
to the holder of the relevant Registered Notes (including whether or not the
entitlement to payment wholly or partly arose or accrued prior to the transfer
and the Trustee shall be discharged for any such payment made to the
transferee).

     

    14.14    Transmission
of entitlements

     

    
      	
               
      

            	
              (a)

            	
              (Election) Any person
      becoming entitled to Registered Notes as a result of the death, mental
      incapacity or bankruptcy of a Registered Noteholder may, on producing such
      evidence as the Trustee requires of their entitlement, elect to be either
      registered as the Registered Noteholder or to transfer the Registered
      Notes in the manner specified in this
clause.

            

    

    
      
         

      

      
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              (b)

            	
              (Method of election) If
      an entitled person elects to be registered as the Registered Noteholder,
      the person shall deliver to the Trustee a notice in writing to this effect
      signed by the person.  If the person elects to have another
      person registered he or she shall execute a Note Transfer in relation to
      the Registered Notes in favour of that person.  All the
      provisions of the Master Trust Deed and this Series Notice relating to the
      transfer of Registered Notes and the registration of Note Transfers shall
      be applicable to any such notice or Note Transfer as if the death, mental
      incapacity or bankruptcy of the Registered Noteholder had not occurred and
      the notice or Note Transfer was a Note Transfer executed by the Registered
      Noteholder.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Discharge) A person
      entitled to Registered Notes under this clause shall be entitled to
      receive and may give a good discharge for all moneys payable in respect of
      such Registered Notes but, except as otherwise provided by the Master
      Trust Deed and this Series Notice, shall not be entitled to any of the
      rights or privileges of a Registered Noteholder unless and until the
      person is entered in the Register as the holder of those Registered
      Notes.

            

    

     

    14.15    Marked
Note Transfer

     

    
      	
               
      

            	
              (a)

            	
              (Entitlement to
      marking)  A Registered Noteholder may from time to time
      request the Trustee to provide the Registered Noteholder with a Marked
      Note Transfer.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Marking) The Registered
      Noteholder shall deliver a Note Transfer to the Trustee and the Trustee
      shall mark the Note Transfer in such manner as agreed from time to time by
      the Trustee and the Trust Manager and issue the same to the Registered
      Noteholder.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Trustee will not register
      transfer) Until the expiry of 90 days (or any substitute period as
      the Trustee and Trust Manager agree from time to time and as advised to
      Registered Noteholders) from the date on which the Note Transfer was
      marked, the Trustee shall not register any transfer of Registered Notes
      relating to the Marked Note Transfer otherwise than on that Marked Note
      Transfer.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (No extension by closing of
      Register) The period referred to in sub-paragraph (c) shall not be
      extended by the closing of the Register for any
  purpose.

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Delivery) A Marked Note
      Transfer shall be issued to a Registered Noteholder by personal delivery
      at the time the Registered Noteholder attends the offices of the Trustee
      (or such other place nominated by the Trustee) for the marking of the Note
      Transfer by the Trustee.

            

    

    
      
         

      

      
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    14.16 
   Reliance on documents

     

    The
Trustee shall be entitled to accept and assume the authenticity and genuineness
of any Note Transfer or other document produced to it to be duly
executed.  The Trustee shall not be bound to enquire into the
authenticity or genuineness of any Note Transfer or other document, nor shall it
incur any liability for registering any Note Transfer which is subsequently
discovered to be a forgery or otherwise defective, unless the Trustee had actual
notice of such forgery or defect at the time of registration of such Note
Transfer.

     

    14.17  
  Specimen signatures

     

    The
Trustee may (but need not) require each Registered Noteholder to submit specimen
signatures (and in the case of a corporation may require those signatures to be
authenticated by the secretary or director of such Registered Noteholder) of
persons authorised to execute Note Transfers on behalf of such Registered
Noteholder and shall be entitled to assume (until notified to the contrary) that
such authority has not been revoked.

     

    14.18   
 Notes lodged with Austraclear

     

    If
Registered Notes are lodged into the Austraclear System, the Trustee shall enter
Austraclear in the Register as the holder of those Registered
Notes.  While those Registered Notes remain in the Austraclear
System:

     

    
      	
               
      

            	
              (a)

            	
              all
      payments and notices required of the Trustee and the Trust Manager in
      relation to those Registered Notes will be directed to Austraclear;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      dealings (including transfers) and payments in relation to those
      Registered Notes within the Austraclear System will be governed by the
      Austraclear Regulations and need not comply with this clause 14 to the
      extent of any inconsistency.

            

    

     

    15.         NOTE
ACKNOWLEDGEMENT

     

    15.1       Issue
of Note Acknowledgement

     

    When a
person has been entered in the Register as the holder of Registered Notes, as
soon as practicable (and in any event no later than 5 Business Days or such
shorter period specified in the relevant Series Notice or as otherwise agreed by
the Trustee with the person or the Trust Manager) thereafter, the Trustee shall
issue a Note Acknowledgement to that person in respect of those Registered
Notes.  If the person has been entered into the Register under a Note
Transfer and the transferor continues to retain a holding of Registered Notes,
the Trustee shall within the same period stated above issue to the transferor a
Note Acknowledgement in respect of that retained holding of Registered
Notes.  No certificates will be issued in respect of Registered
Notes.

    
      
         

      

      
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    15.2       Note
Acknowledgement not certificate of title

     

    A Note
Acknowledgement shall not be a certificate of title as to Registered Notes and
the Register shall be the only conclusive evidence of the ownership of
Registered Notes and the entitlements under them.  A Note Acknowledgement
cannot be pledged or deposited as security nor can a Registered Note be
transferred by delivery of only a Note Acknowledgement.

     

    15.3       Execution
of Note Acknowledgement

     

    Each Note
Acknowledgement shall be signed on behalf of the Trustee manually, or in
facsimile by mechanical or electronic means, by any Authorised Signatory of the
Trustee.  If any Authorised Signatory of the Trustee whose signature
appears on a Note Acknowledgement dies or otherwise ceases to be an Authorised
Signatory before the Note Acknowledgement has been issued, the Trustee may
nevertheless issue the Note Acknowledgement.

     

    15.4       More
than one Note Acknowledgement

     

    If a
Registered Noteholder wishes to receive more than one Note Acknowledgement it
shall return its Note Acknowledgement to the Trustee and at the same time
request in writing the issue of a specified number of separate Note
Acknowledgements.  Subject to clause 10.5, the Trustee shall then
cancel the original Note Acknowledgement and issue in lieu separate Note
Acknowledgements.  A fee prescribed by the Trustee (not exceeding $10
for each Note Acknowledgement) shall be paid by the Registered Noteholder to the
Trustee.

     

    15.5       Worn
out, defaced or lost Note Acknowledgement

     

    If any
Note Acknowledgement is worn out or defaced then on production to the Trustee it
may cancel the same and may issue a new Note Acknowledgement.  If any
Note Acknowledgement is lost or destroyed then on proof to the satisfaction of
the Trustee, and on such indemnity as the Trustee may consider adequate having
been given, a new Note Acknowledgement shall be given to the person entitled to
such lost or destroyed Note Acknowledgement.  An entry as to the issue
of the new Note Acknowledgement and of the indemnity (if any) shall be made in
the Register.  A fee prescribed by the Trustee (not exceeding $10)
shall be paid by the person requesting the new Note Acknowledgement to the
Trustee.

     

    15.6       Joint
holdings

     

    If a
single parcel of Registered Notes is held by more than one person, only the
person whose name stands first in the Register in relation to that parcel of
Registered Notes shall be entitled to:

     

    
      	
               
      

            	
              (a)

            	
              be
      issued the relevant Note Acknowledgement and, if applicable, a Marked Note
      Transfer;

            

    

     

    
      	
               
      

            	
              (b)

            	
              be
      given any notices; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              be
      paid any moneys due in respect of such Registered
  Notes.

            

    

     

    15.7       Delivery
of Note Acknowledgement

     

    A Note
Acknowledgement may be sent to the relevant Registered Noteholder by mail or by
personal delivery to the Registered Noteholder's address appearing in the
Register and the Note Acknowledgement so sent shall be at the risk of that
Registered Noteholder.

    
      
         

      

      
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              16.

            	
              THE
      REGISTER

            

    

     

    16.1  
    Details to be kept on Register

     

    The
Trustee shall keep or cause to be kept a register with respect to the Trust, on
which shall be entered the following information relating to the
Trust:

     

    
      	
               
      

            	
              (a)

            	
              (name)  the
      name of the Trust;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Note Issue Dates) the
      Note Issue Dates for Registered Notes issued in relation to the
      Trust;

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Initial Invested
      Amount)  the total Initial Invested Amount of Registered
      Notes issued on each Note Issue
Date;

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Invested
      Amount)  the Invested Amount of each Registered Note from
      time to time;

            

    

     

    
      	
               
      

            	
              (g)

            	
              (Stated
      Amount)  the Stated Amount of each Registered Note from
      time to time;

            

    

     

    
      	
               
      

            	
              (i)

            	
              (details of Registered
      Noteholders) the name and address of each Registered
      Noteholder;

            

    

     

    
      	
               
      

            	
              (j)

            	
              (number of Registered Notes)
      the number of Registered Notes held by each Registered
      Noteholder;

            

    

     

    
      	
               
      

            	
              (k)

            	
              (Note Acknowledgement)
      the serial number of each Note Acknowledgement issued to each
      Registered Noteholder;

            

    

     

    
      	
               
      

            	
              (l)

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

            

    

     

    
      	
               
      

            	
              (m)

            	
              (date of cessation) the
      date on which a person ceased to be a Registered
    Noteholder;

            

    

     

    
      	
               
      

            	
              (n)

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

            

    

     

    
      	
               
      

            	
              (o)

            	
              (details)  where
      applicable, Payment Dates, Principal Repayment Dates, Maturity Dates,
      Margin and Step-Up Margin on the
Notes;

            

    

     

    
      	
               
      

            	
              (p)

            	
              (payments) a record of
      each payment in respect of the Registered Notes in relation to the Trust;
      and

            

    

     

    
      	
               
      

            	
              (q)

            	
              (tax file
      number)  a record that the Trustee has (or has not)
      received the tax file number for each Registered Noteholder;
      and

            

    

     

    
      	
               
      

            	
              (r)

            	
              (additional information)
      such other information as:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is
      required by this Series Notice;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Trustee considers necessary or desirable;
or

            

    

    
      
         

      

      
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              (iii)

            	
              the
      Trust Manager reasonably requires.

            

    

     

    16.2       Asset
register

     

    The
Trustee shall keep or cause to be kept an asset register with respect to the
Trust, in which shall be entered the Authorised Investments and other Assets of
the Trust (other than Purchased Receivables and the related Receivable Rights)
entered into the relevant asset register on an individual basis.

     

    16.3       Place
of keeping Register, copies and access

     

    The
Register shall be:

     

    
      	
               
      

            	
              (a)

            	
              (place
      kept)  kept at the Trustee's principal office in Sydney
      or at such place as the Trustee and the Trust Manager may
      agree;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (access to Trust Manager and
      Auditor) open to the Trust Manager and the Auditor of the Trust to
      which it relates to inspect during normal business
  hours;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (inspection by Registered
      Noteholders) open for inspection by a Registered Noteholder during
      normal business hours but only in respect of information relating to that
      Registered Noteholder; and

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    16.4       Details
on Register conclusive

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Register not to be
      signed)  The Trustee shall ensure that it does not sign
      or otherwise execute any entry in a
Register.

            

    

     

    16.5       Closing
of Register

     

    The
Trustee may:

     

    
      	
               
      

            	
              (a)

            	
              without
      prior notice to any Noteholder close the Register in clause
      16.1:

            

    

    
      
         

      

      
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              (i)

            	
              in
      relation to all Notes each period from the close of business (Sydney time)
      on the relevant Record Date preceding each Payment Date to close of
      business on that Payment Date; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              when
      required for the Auditor to conduct any audit in relation to the Trust;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              with
      prior notice to each Registered Noteholder, close the Register for other
      periods not exceeding 30 days (or, subject to the Corporations Act
      2001 (Cth)) such other period of time as agreed between the Trustee and
      the Trust Manager, with the approval of an Extraordinary Resolution of
      Registered Noteholders) in aggregate in any calendar
  year.

            

    

     

    16.6  
    Alteration of details on Register

     

    On the
Trustee being notified of any change of name or address or payment or other
details of a Registered Noteholder by the Registered Noteholder, the Trustee
shall alter the Register accordingly as soon as reasonably practicable (and in
any event within 5 Business Days of receipt of that notice).

     

    16.7      Certification
of Register

     

    If:

     

    
      	
               
      

            	
              (a)

            	
              an
      entry is omitted from the Register;

            

    

     

    
      	
               
      

            	
              (b)

            	
              an
      entry is made in the Register otherwise than in accordance with the Master
      Trust Deed or this Series Notice;

            

    

     

    
      	
               
      

            	
              (c)

            	
              an
      entry wrongly exists in the
Register;

            

    

     

    
      	
               
      

            	
              (d)

            	
              there
      is an error, omission, misdescription or defect in any entry in the
      Register; or

            

    

     

    
      	
               
      

            	
              (e)

            	
              default
      is made or unnecessary delay takes place in entering in the Register that
      any person has ceased to be the holder of Registered
  Notes,

            

    

     

    the
Trustee shall rectify the same upon becoming aware of it.

     

    16.8       Correctness
of Register

     

    Neither
the Trust Manager nor the Trustee shall be liable for any mistake in the
Register or in any purported copy except to the extent that the mistake is
attributable to its fraud, negligence or Wilful Default (in the case of the
Trustee) or wilful default (in the case of the Trust Manager).

     

    16.9       Trust
Manager must provide information

     

    The Trust
Manager must provide the Trustee and any person appointed in accordance with
clause 16.10 with such information as the Trustee may reasonably require to
maintain the Register.

    
      
         

      

      
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    16.10    Third
party registrar

     

    The
Trustee may cause the Register to be maintained by a third party on its behalf
and require that person to discharge the Trustee's obligations under the Master
Trust Deed and this Series Notice in relation to the Register.

     

    
      	
               
      

            	
              17.

            	
              DETERMINATIONS
      BY NOTEHOLDERS

            

    

     

    17.1       US$ Noteholders

     

    
      	
               
      

            	
              (a)

            	
              Any
      proposal requiring the consent of US$ Noteholders (or any Class of US$
      Noteholders) will be determined in accordance with the Note Trust
      Deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      provisions of this clause 17, other than this clause 17.1, shall not apply
      to US$ Noteholders or US$ Notes.

            

    

     

    17.2       Convening
of meetings by Trustee and Trust Manager

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee or the Trust Manager may at any time convene a meeting of the
      Registered  Noteholders or Class of Registered
      Noteholders.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Registered
      Noteholders or a Class of Registered Noteholders holding in aggregate not
      less than 20% of the Invested Amounts of all Registered Notes or in that
      Class, may at any time convene a meeting of the Registered Noteholders or
      Class, as the case may be.

            

    

     

    17.3       Notice
of meetings

     

    
      	
               
      

            	
              (a)

            	
              (Period of notice)
      Subject to clause 17.3(b) at least 7 days' notice (inclusive of the
      day on which the notice is given and of the day on which the meeting is
      held) of a meeting of all Registered Noteholders or Class of Registered
      Noteholders shall be given to the relevant Registered Noteholders of the
      Trust.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Short
      notice)  Notwithstanding clause 17.3(a), if it is so
      agreed by a majority in number of the Registered Noteholders or the Class
      (as the case may be) having the right to attend and vote at the meeting,
      being a majority that together hold at least 95% of the then outstanding
      Registered Notes or the Class, a resolution may be proposed and passed at
      a meeting of which less than 7 days' notice has been
  given.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Failure to give notice)
      The accidental omission to give notice to or the non-receipt of
      notice by any Registered Noteholder shall not invalidate the proceedings
      at any meeting.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Copies) A copy of a
      notice convening a meeting shall be given by the Trustee or the Trust
      Manager convening the meeting to the other, and also to the Beneficiary
      and the Designated Rating Agencies.  Failure to give such a
      notice in accordance with this clause shall invalidate the meeting unless
      the party who has not received the notice waives the
      invalidation.

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

    
      
         

      

      
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              (f)

            	
              (Contents of a notice)
      Notice of a meeting of Registered Noteholders shall
      specify:

            

    

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (agenda) the agenda of
      the business to be transacted at the
meeting;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              (proposed resolution)
      the terms of any proposed
resolution;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              (closing of Register)
      that the persons appointed to maintain the relevant Register for
      the purpose of determining those entitled to attend may not register any
      Note Transfer relating to Registered Notes in the period of 2 Business
      Days prior to the meeting;

            

    

     

    
      	
               
      

            	
              (v)

            	
              (appointment of proxies)
      that appointments of proxies must be lodged no later than 24 hours
      prior to the time fixed for the meeting;
and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              (additional information)
      such additional information as the person giving the notice thinks
      fit.

            

    

     

    17.4       Chairman

     

    The
Trustee may nominate a person to be chairman of a meeting which has been
convened by the Trustee or the Trust Manager.  The chairman need not
be a Registered Noteholder and may be a representative of the
Trustee.  If such a person is not present or is present but unwilling
to act, then the Registered Noteholders present may choose a Noteholder to be
the chairman.

     

    17.5       Quorum

     

    At any
meeting any two or more persons present in person being Registered Noteholders
holding, or Representatives holding or representing, in the aggregate not less
than 75% of the Invested Amounts of all Registered Notes or constituting the
Class (as the case may be) and then outstanding shall form a quorum for the
transaction of business and no business (other than the choosing of a chairman)
shall be transacted at any meeting unless the requisite quorum is present at the
commencement of business.

     

    17.6       Adjournment

     

    
      	
               
      

            	
              (a)

            	
              (Quorum not present) If
      within 15 minutes from the time appointed for any meeting a quorum is not
      present, the meeting shall stand adjourned (unless the Trustee agrees that
      it be dissolved) for such period, not being less than 7 days nor more than
      42 days, as may be appointed by the chairman.  At such adjourned
      meeting two or more persons present in person being Registered Noteholders
      holding, or being Representatives holding or representing, in the
      aggregate not less than 50% of the Invested Amounts of all Registered
      Notes or constituting the Class (as the case may be) and then outstanding
      (whatever the Registered Notes so held or represented) shall form a quorum
      and shall have the power to pass any resolution and to decide on all
      matters which could properly have been dealt with at the meetings from
      which the adjournment took place had a quorum been present at such
      meeting.

            

    

    
      
         

      

      
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              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Notice of adjourned meeting)
      At least 5 days' notice of any meeting adjourned through want of a
      quorum shall be given in the same manner as for the original meeting and
      such notice shall state the quorum required at such adjourned meeting. It
      shall not, however, otherwise be necessary to give any notice of an
      adjourned meeting.

            

    

     

    17.7       Voting
procedure

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Declaration)  At
      any meeting, unless a poll is (before or on the declaration of the result
      of the show of hands) demanded, a declaration by the chairman that a
      resolution has been carried by a particular majority or lost or not
      carried by any particular majority  is conclusive evidence of
      the fact without proof of the number or proportion of the votes recorded
      in favour of or against such
resolution.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Poll)  If at
      any meeting a poll is demanded by the chairman, the Trustee or the Trust
      Manager or by one or more persons being Registered Noteholders holding, or
      being Representatives holding or representing, in aggregate not less than
      2% of the Registered Notes or constituting the Class (as the case may be)
      and then outstanding, it shall be taken in such manner and (subject to
      this clause) either at once or after such an adjournment as the chairman
      directs and the result of such poll shall be deemed to be the resolution
      of the meeting at which the poll was demanded as at the date of the taking
      of the poll.  The demand for a poll shall not prevent the
      continuance of the meeting for the transaction of any business other than
      the question on which the poll has been demanded.  The demand
      for a poll may be withdrawn.

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

            	
              (Votes) Subject to
      clause 17.7(a), at any meeting:

            

    

    
      
         

      

      
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              (i)

            	
              on
      a show of hands, every person present being a Registered Noteholder
      holding, or being a Representative holding or representing, then
      outstanding Registered Notes shall have one vote;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              on
      a poll, every person present shall have one vote for each Registered Note
      then outstanding that he or she holds or in respect of which he or she is
      a Representative as stated in the relevant Register at the date the
      notices are dispatched to Registered Noteholders for the
      meeting.

            

    

     

    Any
person entitled to more than one vote need not use all his or her votes or cast
all his or her votes to which he or she is entitled in the same
way.

     

    17.8       Right
to attend and speak

     

    The
Trustee, the Trust Manager and the relevant Beneficiary (through their
respective representatives) and their respective financial and legal advisers
shall be entitled to attend and speak at any meeting of the Registered
Noteholders or any Class (as the case may be).  No person shall
otherwise be entitled to attend or vote at any meeting of the Registered
Noteholders or any Class (as the case may be) unless he or she holds outstanding
Registered Notes or is a Representative holding or representing such Registered
Notes.

     

    17.9       Appointment
of proxies

     

    
      	
               
      

            	
              (a)

            	
              (Requirements) Each
      instrument appointing a proxy shall be in writing and, together (if so
      required by the Trustee) with proof satisfactory to the Trustee of its due
      execution, shall be deposited at the registered office of the Trustee or
      at such other place as the Trustee shall designate or approve not less
      than 24 hours before the time appointed for holding the meeting or
      adjourned meeting at which the named proxy proposes to vote and in
      default, the instrument or proxy shall be treated as invalid unless the
      chairman of the meeting decides otherwise before such meeting or adjourned
      meeting proceeds to business.  A notarially certified copy proof
      (if applicable) of due execution shall if required by the Trustee be
      produced by the proxy at the meeting or adjourned meeting but the Trustee
      shall not be obliged to investigate or be concerned with the validity of,
      or the authority of, the proxy named in any such
      instrument.  Any person may act as a proxy whether or not that
      person is a Registered Noteholder.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Proxy remains valid)
      Any vote given in accordance with the terms of an instrument of
      proxy conforming with clause 17.9(a) shall be valid notwithstanding the
      previous death or insanity of the principal, revocation or amendment of
      the proxy or of any of the Registered Noteholder's instructions under
      which it was executed, so long as no intimation in writing of such death,
      insanity, revocation or amendment is received by the Trustee at its
      registered office or by the chairman of the meeting in each case not less
      than 24 hours before the commencement of the meeting or adjourned meeting
      at which the proxy is used.

            

    

    
      
         

      

      
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    17.10    Corporate
representatives

     

    A person
authorised under section 250D of the Corporations Act by a Registered Noteholder
being a body corporate to act for it at any meeting shall, in accordance with
his or her authority until his or her authority is revoked by the body corporate
concerned, be entitled to exercise the same powers on behalf of that body
corporate as that body corporate could exercise if it were an individual
Registered Noteholder and shall be entitled to produce evidence of his or her
authority to act at any time before the time appointed for the holding of or at
the meeting or adjourned meeting or for the taking of a poll at which he
proposes to vote.

     

    17.11    Rights
of Representatives

     

    A
Representative of a Registered Noteholder shall have the right to demand or join
in demanding a poll and shall (except and to the extent to which the
Representative is specially directed to vote for or against any proposal) have
power generally to act at a meeting for the Registered
Noteholder.  The Trustee, the Trust Manager and any officer of the
Trustee and the Trust Manager may be appointed a Representative.

     

    17.12    Powers
of a meeting of Registered Noteholders

     

    
      	
               
      

            	
              (a)

            	
              (Powers)  Subject
      to the Security Trust Deed, a meeting of the Registered Noteholders shall,
      without prejudice to any rights or powers conferred on other persons by
      the Transaction Documents, only have power exercisable by Extraordinary
      Resolution:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      sanction any action that the Trustee, the Trust Manager or the relevant
      Servicer proposes to take to enforce the provisions of any Transaction
      Document;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      sanction any proposal by the Trust Manager, the Trustee or the relevant
      Servicer for any modification, abrogation, variation or compromise of, or
      arrangement in respect of, the rights of the Registered Noteholders
      against the Trustee, the Trust Manager, an Approved Seller or the relevant
      Servicer whether such rights arise under any Transaction Document or
      otherwise;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              to
      sanction the exchange or substitution of Registered Notes for or the
      conversion of Registered Notes into, other obligations or securities of
      the Trustee or any other body corporate formed or to be
      formed;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              under
      clause 36.2 of the Master Trust Deed, to consent to any alteration,
      addition or modification of any Transaction Document which shall be
      proposed by the Trustee or the Trust
Manager;

            

    

    
      
         

      

      
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              (v)

            	
              to
      discharge or exonerate the Trustee, the Trust Manager, an Approved Seller
      or the relevant Servicer from any liability in respect of any act or
      omission for which it may become responsible under any Transaction
      Document;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              to
      authorise the Trustee, the Trust Manager, the relevant Servicer or any
      other person to concur in and execute and do all such documents, acts and
      things as may be necessary to carry out and give effect to any
      Extraordinary Resolution; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              to
      exercise any other power expressly granted under a Series
      Notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (No power) A meeting of
      the Registered Noteholders shall not have power to, nor shall any
      resolution submitted to the meeting propose or have the effect
      of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              removing
      the Servicer or the Trust Manager from
office;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              interfering
      with the management of the Trust;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              winding
      up or terminating the Trust (except as contemplated by
      clause 17.12(a)(vii));

            

    

     

    
      	
               
      

            	
              (iv)

            	
              altering
      the Authorised Investments of the
Trust;

            

    

     

    
      	
               
      

            	
              (v)

            	
              amending
      any Transaction Document (except as contemplated by clause 17.12(a));
      or

            

    

     

    
      	
               
      

            	
              (vi)

            	
              altering
      the Coupon Payment Dates, Principal Payment Dates, Coupons, Principal
      Entitlements or the other terms of the Series Notice (subject to clause
      17.12(a)(iii)).

            

    

     

    17.13  
  Extraordinary Resolution binding on Registered
Noteholders

     

    An
Extraordinary Resolution passed at a meeting of the Registered Noteholders or of
any Class duly convened and held in accordance with this deed shall be binding
on all the Registered Noteholders or of the Class whether or not present at such
meeting.  Each of the Registered Noteholders or of the Class (as the
case may be), the Trustee and the Trust Manager shall be bound to give effect to
that resolution accordingly.

     

    17.14    Minutes
and records

     

    Minutes
of all resolutions and proceedings at every meeting of the Registered
Noteholders of a Trust or any Class (as the case may be) shall be made and duly
entered in the books to be from time to time provided for that purpose by the
Trustee and any such minutes purporting to be signed by the chairman of the
meeting at which such resolutions were passed or proceedings transacted or by
the chairman of the next succeeding meeting of the Registered Noteholders or of
the Class (as the case may be) shall be conclusive evidence of those matters and
until the contrary is proved every such meeting in respect of the proceedings of
which minutes have been made and signed shall be deemed to have been duly
convened and held and all resolutions passed or proceedings transacted at such
meeting to have been duly passed and transacted.

    
      
         

      

      
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    17.15    Written
resolutions

     

    Notwithstanding
the preceding provisions of this clause 17, a resolution of the Registered
Noteholders or of any Class (including an Extraordinary Resolution) may be
passed, without any meeting or previous notice being required, by an instrument
or instruments in writing which has or have:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of a resolution (including an Extraordinary Resolution) of the
      Registered Noteholders or of any Class, been signed by all Registered
      Noteholders or the Class (as the case may be);
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      such instrument shall be effective on presentation to the Trustee for
      entry in the records referred to in clause
  17.14.

            

    

     

    17.16    Further
procedures for meetings

     

    Subject
to all other provisions contained in this deed, the Trustee may without the
consent of the Registered Noteholders or any Class prescribe such further
regulations regarding the holding of meetings of the Registered Noteholders or
any Class of Registered Noteholders and attendance and voting at such meetings
as the Trustee may with the agreement of the Trust Manager determine including
particularly (but without prejudice to the generality of the above) such
regulations and requirements as the Trustee thinks reasonable:

     

    
      	
               
      

            	
              (a)

            	
              (entitlement to vote) so
      as to satisfy itself that persons who purport to attend or vote at any
      meeting of the Registered Noteholders or any Class of Registered
      Noteholders are entitled to do so in accordance with this deed;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              (forms of Representative)
      as to the form of appointment of a
  Representative,

            

    

     

    but the
Trustee may not decrease the percentage of Registered Noteholders required to
pass an Extraordinary Resolution or an ordinary resolution.

     

    CLAUSE
18.3 - NOTE ISSUANCE

     

    For the
purpose of clause 18.3(a) of the Master Trust Deed (but subject to the
conditions contained in clause 18.3 of the Master Trust Deed), the Trust Manager
has the following additional express powers:

     

    
      	
               
      

            	
              (a)

            	
              to
      negotiate with any Lead Manager and any Manager in relation to the issue
      of relevant Notes;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      invite bids from any Lead Manager or Manager for relevant Notes on behalf
      of the Trustee; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      accept any such bid on behalf of the
Trustee.

            

    

    
      
         

      

      
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    CLAUSE
18.9 - ACCOUNTING FOR MONEYS RECEIVED

     

    For the
purposes of clause 18.9(a) of the Master Trust Deed, the Trust Manager will pay
to the Trustee, within 5 Business Days of receipt, all moneys coming into
its hands belonging to the Trust or payable to the Trust.

     

    CLAUSES
20.4, 20.5 AND 20.6

     

    Clauses
20.4, 20.5 and 20.6 of the Master Trust Deed are deleted and replaced with the
following.

     

    "20.4    Voluntary
Retirement

     

    The Trust
Manager may, subject to clause 20.5 but without limiting clause 20.6, resign on
giving to the Trustee (with a copy to the Designated Rating Agency) not less
than 90 days notice in writing (or such other period as the Trust Manager and
the Trustee may agree) of its intention to do so.

     

    20.5       No
resignation by Trust Manager unless successor appointed

     

    The Trust
Manager must not, subject to clause 20.6, resign under clause 20.4 unless
either:

     

    
      	
               
      

            	
              (a)

            	
              it
      procures that, before the date on which that termination becomes
      effective, another person assumes all of the obligations of the Trust
      Manager under this deed and the relevant Series Notices as its successor,
      and executes such documents as the Trustee requires to become bound by
      this deed and the relevant Series Notices, with effect from that date, as
      if it had originally been a party to this deed and the relevant Series
      Notices as the Trust Manager; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustee elects not to appoint a successor Trust Manager, and to perform
      itself the obligations and functions which this deed and the relevant
      Series Notices contemplate being performed by the Trust
      Manager.

            

    

     

    20.6       Trustee
to act as Trust Manager if no successor appointed

     

    
      	
               
      

            	
              (a)

            	
              If
      at the end of the period of notice specified in a notice given under
      clause 20.4, no successor Trust Manager has been appointed, as
      contemplated by clause 20.5(a):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Trustee must itself perform the obligations and functions which this deed
      contemplates being performed by the Trust Manager, until a successor Trust
      Manager is appointed in accordance with this deed;
  and

            

    

     

    (ii)           the
resignation of the Trust Manager will become effective.

     

    
      	
               
      

            	
              (b)

            	
              In
      acting as Trust Manager in accordance with paragraph (a), the Trustee will
      not be responsible for, and will not be liable for, any inability to
      perform, or deficiency in performing, its duties and obligations as Trust
      Manager:

            

    

    
      
         

      

      
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              (i)

            	
              if
      the Trustee is unable to perform those duties and obligations due to the
      state of affairs of the previous Trust Manager, and its books and
      records;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the Trustee is unable, after using reasonable endeavours, to obtain
      information and documents or obtain access to software, personnel or
      resources from the previous Trust Manager which it requires and which are
      reasonably necessary for it to perform those duties and obligations;
      or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              to
      the extent that the Trustee is not authorised to perform any of the duties
      or obligations as Trust Manager under the terms of the Trustee's then
      current Australian Financial Services Licence under the Corporations
      Act.

            

    

     

    
      	
               
      

            	
              (c)

            	
              When
      acting as Trust Manager under paragraph
(a):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Trustee does not make or repeat any representation of the Trust Manager
      under the Transaction Documents;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Trustee does not assume any indemnity obligations of the Trust Manager;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      applicable limitation of liability clauses (including clause 3.3 of the
      relevant Series Notice) applies in respect of the Trustee acting in that
      capacity.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Trustee shall be entitled to the fee payable to the Trust Manager while so
      acting."

            

    

     

    CLAUSE
18.10 - REUTERS

     

    The Trust
Manager will, on or promptly after each Notice Date, prepare and arrange for the
publication on Reuters Screen page WST/SEC16 to WST/SEC17 (or another similar
electronic reporting service, in the case of any US$ Notes approved by the Note
Trustee and notified to the relevant US$ Noteholders) of summary pool
performance data for that Trust in a format similar to that used by other
mortgage-backed securities or asset-backed securities (as the case may be) in
the Australian market in relation to the Registered Notes, and in the London
market in relation to the relevant US$ Notes.  In the case of each US$
Note, this includes:

     

    
      	
               
      

            	
              (a)

            	
              details
      of the US$ Note (including the then Stated Amount, Coupon Rate, relevant
      Coupon, the relevant Payment Date, the Initial Invested Amount and the
      then Invested Amount of the US$ Note or relevant Class of US$ notes, as
      the case may be);

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      [Class A1 Bond Factor or] Class A2 Bond Factor [(as the case may be)];
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              statistics
      relating to Arrears on Purchased
Receivables.

            

    

    
      
         

      

      
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    CLAUSE
21.2

     

    For the
purposes of clause 21.2 of the Master Trust Deed, the following new paragraphs
(v) to (z) are inserted and the existing paragraph (v) becomes paragraph
(aa).

     

    
      	
               
      

            	
              (v)

            	
              (clearing systems) to lodge Notes, or
      arrange for Notes to be lodged, with DTC, or a depositary for
      DTC;

            

    

     

    
      	
               
      

            	
              (w)

            	
              (currency conversion)
      convert currencies on such terms and conditions as the Trust Manager
      thinks fit and that are acceptable to the Trustee acting
      reasonably;

            

    

     

    
      	
               
      

            	
              (x)

            	
              (stock exchange) list and
      maintain the listing of the Notes on any Stock
  Exchange;

            

    

     

    
      	
               
      

            	
              (y)

            	
              (Note Trustee) appoint a
      note trustee in respect of a relevant
Trust;

            

    

     

    
      	
               
      

            	
              (z)

            	
              (Paying Agents) appoint
      paying agents in respect of a relevant Trust;
  and"

            

    

     

    CLAUSE
22.5

     

    Clause
22.5 of the Master Trust Deed is deleted and replaced with the
following

     

    22.5       Indemnity
re acts of Trustee’s delegates

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), the Trustee covenants that its officers, employees,
      agents, attorneys, delegates and sub-delegates shall duly observe and
      perform the covenants and obligations of this deed in the same manner as
      is required of the Trustee, and agrees to indemnify the Trust Manager for
      its own benefit or for the benefit of the Trusts (as the occasion may
      require) against any loss or damage that the Trusts, the Trust Manager,
      the Servicers, the Beneficiaries, the Noteholders or other Creditors incur
      or sustain in connection with, or arising out of, any breach or default by
      such officers, employees, agents, delegates and persons in the observance
      or performance of any such covenant or obligation, to the extent that the
      Trustee would have been liable if that breach or default had been the
      Trustee’s own act or omission.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      agents, attorneys, delegates and sub-delegates appointed by the Trustee
      (other than a Related Corporation of the Trustee)
  where:

            

    

     

    
      	
               
      

            	
              (i)

            	
              such
      appointment has been directed by the Trust Manager;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      appointment is on terms acceptable to the Trust
  Manager,

            

    

     

    are not
subject to the covenant specified in paragraph (a).

     

    
      	
               
      

            	
              (c)

            	
              Where
      the Trustee is obligated to comply with a direction to appoint an agent,
      attorney, delegate or sub-delegate (other than a Related Corporation of
      the Trustee) by the Trust Manager under this deed, and the condition set
      out in paragraph (b)(ii) above is unable to be satisfied following the
      reasonable efforts of each party, then the Trustee will not be obligated
      to comply with the direction to the extent that it requires such
      appointment.

            

    

    
      
         

      

      
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    CLAUSE
24.1, 24.2, 24.3 and 24.5

     

    Clauses
24.1, 24.2, 24.3 and 24.5 of the Master Trust Deed are deleted and replaced with
the following.

     

    "24.1    Retirement
for Trustee's Default

     

    Subject
to clause 24.3, the Trustee shall retire as trustee of the Trusts if and when
directed to do so by the Trust Manager in writing (which direction must be
copied to each Servicer and, if any of the Trusts are Rated Trusts, the
Designated Rating Agency).  A direction may only be given in
accordance with this clause and clause 24.3 on the occurrence of one or more of
the following events (each a Trustee's
Default):

     

    
      	
               
      

            	
              (a)

            	
              (Insolvency
      Event)  an Insolvency Event has occurred and is
      continuing in relation to the
Trustee;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (rating
      downgrade)  any action is taken by or in relation to the
      Trustee which causes the rating of any Notes to be
    downgraded;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (breach by the
      Trustee)  the Trustee, or any employee, delegate, agent
      or officer of the Trustee, breaches any obligation or duty imposed on the
      Trustee under this deed or any other Transaction Document in relation to a
      Trust where the Trust Manager reasonably believes it may have an Adverse
      Effect and the Trustee fails or neglects after 30 days' notice from the
      Trust Manager, to remedy that
breach;

            

    

     

    
      	
               
      

            	
              (d)

            	
              (merger or
      consolidation)  the Trustee merges or consolidates with
      another entity without obtaining the consent of the Trust Manager (which
      consent will not be unreasonably withheld in the case of a bona fide
      corporate reorganisation of the Trustee where no Insolvency Event has
      occurred) and ensuring that the resulting merged or consolidated entity
      assumes the Trustee's obligations under the Transaction Documents;
      or

            

    

     

    
      	
               
      

            	
              (e)

            	
              (change in
      control)  there is a change in effective control of the
      Trustee from that subsisting as at the date of this deed unless approved
      by the Trust Manager.

            

    

     

    24.2       Trust
Manager may remove recalcitrant Trustee

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to clause 24.3, in default of the Trustee retiring in accordance with
      clause 24.1 within 30 days of being directed by the Trust Manager in
      writing to do so the Trust Manager shall have the right to and shall by
      deed poll executed by the Trust Manager remove the Trustee from its office
      as trustee of the Trusts.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Where
      the Trustee is removed because of its default, it shall (as trustee of the
      relevant Trust) bear the costs of its removal.  The Trustee
      indemnifies the Trust Manager and the Trust for those
    costs.

            

    

    
      
         

      

      
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    24.3       Trust
Manager appoints replacement

     

    
      	
               
      

            	
              (a)

            	
              On
      the retirement or removal of the Trustee under clause 24.1 or 24.2 the
      Trust Manager, subject to giving prior notice to the Designated Rating
      Agency in relation to a Rated Trust, shall be entitled to appoint in
      writing some other statutory trustee to be the Trustee under this deed
      provided that appointment will not in the reasonable opinion of the Trust
      Manager materially prejudice the interests of Noteholders.  If
      the Trust Manager does not appoint a successor Trustee under this clause
      24 within 60 days, an Extraordinary Resolution of the Voting Mortgagees
      (each as defined in the relevant Security Trust Deed) may do
      so.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Neither
      the retirement of the Trustee under clause 24.1 nor a deed poll executed
      under clause 24.2 shall become effective unless and until the Trust
      Manager has procured the statutory trustee appointed in accordance with
      clause 24.3(a) to assume all of the obligations of the Trustee under the
      Transaction Documents as its successor, and the statutory trustee executes
      such documents as the Trust Manager reasonably requires to become bound by
      the Transaction Documents, with effect from that date, as if it had
      originally been a party to the Transaction Documents as the
      Trustee.

            

    

     

    24.5       No
resignation by Trustee unless successor appointed

     

    The
Trustee must not resign under clause 24.4 unless:

     

    
      	
               
      

            	
              (a)

            	
              it
      procures that, before the date on which that termination becomes
      effective, another person assumes all of the obligations of the Trustee
      under this deed and the relevant Series Notices as its successor, and
      executes such documents as the Trust Manager requires to become bound by
      this deed and the relevant Series Notices with effect from that date, as
      if it had originally been a party to the Transaction Documents as the
      Trustee;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      appointment of the successor Trustee will not materially prejudice the
      interests of Noteholders;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      appointment of a successor Trustee is approved by the Trust Manager acting
      reasonably; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              in
      the case of a Rated Trust, prior notice of the appointment of the
      successor Trustee to the Designated Rating Agency is given by the Trust
      Manager.

            

    

     

    CLAUSE
24.6

     

    Clause
24.6 of the Master Trust Deed is deleted.

     

    CLAUSE
24.11 - Outgoing Trustee to retain lien

     

    For the
purposes of clause 24.11 of the Master Trust Deed, the term "24.8(c)" in line
two is replaced with "24.9(c)".

     

    CLAUSE
29.2 – Location and inspection of books

     

    For the
purposes of clause 29.2 of the Master Trust Deed, the words “the Note Trustee,”
are inserted immediately after the words “and shall be open to the inspection
of”.

    
      
         

      

      
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    CLAUSE
29.3 – Accounts to be kept in accordance with Approved Accounting
Standards

     

    For the
purposes of this Trust, clause 29.3 of the Master Trust Deed is deleted and a
new clause 29.3 inserted as follows:

     

    "29.3     Manner
in which Accounts to be kept

     

    The
accounting records of each Trust shall be maintained in a manner which reflects
the Trust Income determined under clause 30.2 and which will enable the Accounts
of the Trust to be prepared and audited in accordance with the Transaction
Documents."

     

    CLAUSE
30 - Payment

     

    For the
purposes of this Trust, clause 30 of the Master Trust Deed is deleted and a new
clause 30 inserted as follows:

     

    "30.
Payments

     

    30.1       Cashflow
Allocation Methodology

     

    Collections
in relation to a Trust and other amounts credited to the Collection Account for
that Trust will be allocated by the Trust Manager on behalf of the Trustee, and
paid by the Trustee, as directed by the Trust Manager, in accordance with the
Series Notice for that Trust.

     

    30.2       Income
of the Trust

     

    For each
Financial Year in respect of a Trust, the Trust Manager will ascertain the
following on behalf of the Trustee:

     

    
      	
               
      

            	
              (a)

            	
              the
      net income of that Trust in accordance with section 95(1) of the Taxation
      Act (the Tax
      Income); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      income of that Trust in accordance with the laws applicable to the
      administration of that Trust (the Trust
      Income).

            

    

     

    In
calculating the Trust Income, the Trust Manager shall:

     

    
      	
               
      

            	
              (i)

            	
              if
      no determination has been made under paragraph (ii) below, recognise
      interest income, interest expense, swap payments and swap receipts on a
      daily accruals basis and recognise other items of income and expense on a
      cash basis, in each case disregarding unrealised gains and
      losses;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the Trust Manager and the Trustee so determine in writing, apply such
      accounting policies as the Trust Manager and the Trustee agree provided
      that the Trust Manager has given a Rating Notification in respect of such
      policies and provided that such policies, if applied, would not cause a
      breach of any reporting requirements of the ASX or any other Stock
      Exchange.

            

    

    
      
         

      

      
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    30.3       Income
Entitlement

     

    Notwithstanding
anything to the contrary contained in this deed, but subject to clause
30.4:

     

    
      	
               
      

            	
              (a)

            	
              (Present
      entitlement)  the Residual Income Beneficiaries shall, as
      at the end of each Financial Year for that Trust, have an absolute vested
      interest in, and be presently entitled to, the income of that Trust;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Application of
      income)  unless the Trustee otherwise determines, having
      regard to any relevant taxation or other implications for the Trustee
      (disregarding for these purposes any possible operation of
      clause 30.4) or both for any Financial Year for that Trust, for the
      purposes of paying, applying, distributing, setting aside or allocating
      any income for the benefit of the Residual Income Beneficiaries in
      accordance with the terms of this deed in respect of that Financial Year,
      the income that is to be so paid, applied, distributed, set aside or
      allocated shall be whichever is the greater of the Tax Income or the Trust
      Income for that Financial Year.

            

    

     

    30.4       Distribution
of excess Tax Income

     

    For the
avoidance of doubt, in the event that the Tax Income exceeds the income of the
Trust for the purposes of clause 30.3(a) for a Trust in any Financial Year for
that Trust then, notwithstanding anything to the contrary in this deed, provided
there is an amount to which clause 30.3(a) applies, the Trust Manager must
direct the Trustee to, and the Trustee shall, so far as possible, ensure that
such excess is allocated to the Residual Income Beneficiaries of that Trust for
that Financial Year and shall take such action as is necessary to give effect to
this clause.

     

    30.5       Payments
to Beneficiaries

     

    
      	
               
      

            	
              (a)

            	
              (Distributable income due as at
      close of Financial Year) The income of a Trust for a Financial Year
      (to the extent not previously distributed) shall, subject to clause 30.7,
      constitute a debt due as at the end of that Financial Year by the Trustee
      as trustee of the Trust to each Residual Income Beneficiary of that Trust
      who is entitled to the income under clause 30.3(a) and shall, subject to
      clause 30.7, be payable under
  clause 30.5(b).

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Payment) Subject to
      clause 30.7, the Trustee may make interim distributions of the income of a
      Trust to the relevant Residual Income Beneficiary in accordance with the
      terms of the Series Notice for that Trust and shall as soon as practicable
      after the end of a Financial Year transfer an amount representing the
      income of that Trust (to the extent not previously distributed) from the
      central bank account of that Trust to the bank accounts of each Residual
      Income Beneficiary of that Trust as directed by the relevant
      Beneficiary.

            

    

    
      
         

      

      
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              (c)

            	
              (Residual capital) On
      the termination of a Trust, the surplus capital of that Trust remaining
      after satisfaction by the Trustee of all its obligations in respect of
      that Trust shall be paid to the Residual Income Beneficiaries of that
      Trust in accordance with the terms of the Series Notice for that
      Trust.

            

    

     

    30.6       Application
of Trust income

     

    
      	
               
      

            	
              (a)

            	
              If
      by the last day of any Financial Year for a Trust (the Last Day) the Trustee
      has not effectively dealt with the whole of the income of that Trust for
      that Financial Year by paying, applying or distributing it, or by setting
      it aside, then the income not so paid, applied, distributed or set aside
      shall be deemed to have been irrevocably applied and set aside on the Last
      Day by the Trustee on behalf of, and shall be held by the Trustee on and
      from the Last Day upon trust absolutely for, the Residual Income
      Beneficiaries of that Trust in accordance with their entitlement to income
      under this deed (including, for these purposes, the allocation of excess
      Tax Income (if any) pursuant to
  clause 30.4).

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Trustee fails to effectively allocate any excess to the Residual
      Income Beneficiaries in accordance with clause 30.4, then such excess
      shall vest or be deemed to be vested in those Residual Income
      Beneficiaries.

            

    

     

    
      	
               
      

            	
              (c)

            	
              For
      the purposes of this clause 30.6 references to income of that Trust
      for any Financial Year shall be to the greater of the Tax Income or the
      Trust Income for that Financial
Year.

            

    

     

    30.7       Subordination
of Residual Income Beneficiary Entitlements

     

    
      	
               
      

            	
              (a)

            	
              No
      moneys may be paid out of a Trust during a Financial Year to Residual
      Income Beneficiaries under clause 30.5, whilst there is any amount
      due, but unpaid, which is in accordance with clause 30.1 to be paid in
      priority to those amounts and before the Trustee is satisfied, after
      consulting with the Trust Manager, that sufficient allowance has been made
      for those priority amounts in relation to that Trust, accruing during that
      Financial Year.  To the extent that there is an amount payable
      under clause 30.1 which is to be paid in priority to the amounts payable
      to the Residual Income Beneficiaries, those Residual Income Beneficiaries
      direct the Trustee to meet the amount payable under clause 30.1 as an
      application of their entitlement to the income of that
    Trust.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      paragraph (a) of this clause, once an amount is paid out of a Trust to the
      Residual Income Beneficiaries during a Financial Year, that amount may not
      be recovered from those Residual Income Beneficiaries for any reason or by
      any person except to the extent that the amount was paid in error or as
      otherwise required by the relevant Series
  Notice.

            

    

    
      
         

      

      
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    30.8       Insufficient
moneys

     

    If after
the application of the provisions of clauses 30.1 and 30.3 there is insufficient
money available to the Trustee in respect of a Trust to pay the full amount due
to Noteholders for that Trust, the deficiency shall, subject to the Series
Notice for the Notes or any Class of Notes issued in relation to that Trust, be
borne by the Noteholders in the manner set out in the relevant Series
Notice.

     

    30.9       Trust
Manager to ensure compliance by Trustee

     

    Without
limiting its other obligations under this deed, the Trust Manager, in exercising
its powers and carrying out its duties in accordance with this deed, must, to
the extent possible, ensure that the Trustee complies with its obligations under
clauses 30.3(b) and 30.4."

     

    CLAUSE
32.1

     

    For the
purposes of clause 32.1(a) of the Master Trust Deed, delete the words "or, in
the case of Westpac (in whatever capacity), the Bank of New South Wales Act
1850".

     

    For the
purposes of clause 32.1(e)(i) of the Master Trust Deed, delete the words "its
memorandum or articles of association or, in the case of Westpac (in whatever
capacity), the bank of New South Wales Act 1850" and replace with "its
memorandum, articles of association or constitution".

     

    CLAUSE
33.14

     

    For the
purposes of clause 33.14 of the Master Trust Deed, insert a new paragraph (f) as
follows:

     

    
      	
               
      

            	
              "(f)

            	
              (for
      acts of Note Registrar) for any act, omission or default of any Note
      Registrar appointed under the relevant Agency Agreement or Note Trust
      Deed, in relation to its duties and obligations under the relevant Agency
      Agreement or Note Trust Deed, except where the Note Registrar is the
      Trustee."

            

    

     

    CLAUSE
33.18A

     

    For the
purposes of this Trust, a new clause 33.18A is inserted as
follows:

     

    "CLAUSE
33.18A              Trustee's right of indemnity – Land
Title Act

     

    
      	
               
      

            	
              (v)

            	
              Without
      prejudice to the right of indemnity given by law to trustees, and without
      limiting any other provision of this deed, the Trustee will be indemnified
      out of the Trust, free of any set off or counterclaim, against all LTA
      Penalty Payments which the Trustee is required to pay personally or in its
      capacity as trustee of the Trust in performing any of its duties or
      exercising any of its powers under this deed in relation to the
      Trust.

            

    

     

    The
Approved Seller indemnifies the Trustee in relation to the Trust, free of any
set off or counterclaim, against all LTA Penalty Payments which the Trustee is
required to pay personally or in its capacity as trustee of the Trust in
performing any of its duties or exercising any of its powers under this Deed in
relation to that Trust.

    
      
         

      

      
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    In this
clause 33.18A, LTA Penalty
Payment, in relation to an Asset of the Trust, means:

     

    
      	
               
      

            	
              (i)

            	
              any
      civil or criminal penalty incurred by the Trustee in relation to a breach
      of sections 11A or 11B of the Land Title Act 1994
  (Qld);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      money ordered by a court or other judicial body to be paid by the Trustee
      in relation to any claim against the Trustee under sections 11A or 11B of
      the Land Title Act 1994 (Qld); or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      payment by the Trustee in settlement of a liability or alleged liability
      relating to a breach of sections 11A or 11B of the Land Title Act 1994
      (Qld),

            

    

     

    in each
case in respect of an Asset of the Trust, and includes any legal costs incurred
by the Trustee or which the Trustee is ordered by a court or other judicial body
to pay in connection with paragraphs (i) to (iii) above.

     

    The
Trustee shall call upon the indemnity under paragraph (b) before it calls upon
the indemnity in paragraph (a)."

     

    CLAUSE
34.2 - NOTICES TO NOTEHOLDERS

     

    
      	
               
      

            	
              (a)

            	
              A
      notice, request or other communication by the Trustee, the Trust Manager
      or a Servicer to Registered Noteholders shall be deemed to be duly given
      or made by:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      advertisement placed on a Business Day in The Australian Financial Review
      (or other nationally distributed newspaper);
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              mail,
      postage prepaid, to the address of the Registered Noteholders as shown on
      the Register.  Any notice so mailed shall be conclusively
      presumed to have been duly given whether or not the Registered Noteholder
      actually receives the notice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      notice, request or other communication by the Trustee, the Trust Manager,
      the Note Trustee or a Servicer to any US$ Noteholders shall be deemed to
      be duly given or made if given or made in accordance with the relevant
      Condition 12.

            

    

     

    CLAUSE
35 - PAYMENTS GENERALLY

     

    For the
purpose of the Trust clause 35 is amended to read as follows:

     

    35.1       Payments
to Noteholders

     

    
      	
               
      

            	
              (a)

            	
              Any
      payment made by or on behalf of the Trustee in respect of any Registered
      Note shall be made to the person whose name is, on the Record Date,
      entered in the Register as the registered owner of the relevant Registered
      Note (or in the case of joint registered owners, to the person whose name
      first appears in the Register).

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      payment by or on behalf of the Trustee in respect of any US$ Note shall be
      made in accordance with the Series Notice, the Note Trust Deed and the
      Agency Agreement.

            

    

    
      
         

      

      
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    35.2       Payment
Methods – Registered Notes

     

    Any
moneys payable by the Trustee, the Trust Manager or the Servicer to a Registered
Noteholder or to a Beneficiary under the Master Trust Deed and this Series
Notice shall be paid by the Trustee in Sydney or if the Trustee elects may be
paid by:

     

    
      	
               
      

            	
              (a)

            	
              (cheque)  crossed
      not
      negotiable cheque in favour of the Registered Noteholder or the
      Beneficiary (as the case may be) and despatched by post to the address of
      the Registered Noteholder shown in the Register on the Record Date or to
      the address of the Beneficiary for the purposes of clause
    34;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (electronic transfer)
      electronic transfer through
Austraclear;

            

    

     

    
      	
               
      

            	
              (c)

            	
              (direct payment) by
      direct transfer to a designated account of the Registered Noteholder or
      the Beneficiary held with a bank or other financial institution in
      Australia; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              (other agreed
      manner)  any other manner specified by the Registered
      Noteholder or the Beneficiary (as the case may be)  and agreed
      to by the Trust Manager and the
Trustee.

            

    

     

    35.3       Payment
to be made on Business Day

     

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

     

    35.4       Payment
good discharge

     

    
      	
               
      

            	
              (a)

            	
              There
      is a full satisfaction of the moneys payable under a Registered Note, and
      a good discharge to the Trustee, the Trust Manager or the Servicer (as the
      case may be) in relation to that Registered Note, when the cheque is
      despatched by post in accordance with clause 35.2(a) or, if not posted,
      delivered to the Registered Noteholder or as directed by the Registered
      Noteholder.  None of the Trustee, the Trust Manager or the
      Servicer shall be responsible for any moneys which are not credited to the
      bank account of a Registered Noteholder or a Beneficiary if the Trustee's
      bank has been instructed to effect the direct transfer referred to in
      clause 35.2(c).

            

    

     

    
      	
               
      

            	
              (b)

            	
              There
      is a full satisfaction of the moneys payable under a US$ Note, and a good
      discharge to the Trustee, the Trust Manager or the Servicer (as the case
      may be) in relation to that US$ Note, when so provided under the Note
      Trust Deed.

            

    

     

    35.5       Trust
Manager to arrange payments

     

    The
Trustee will:

     

    
      	
               
      

            	
              (a)

            	
              prepare
      or cause to be prepared all cheques which are to be issued to Registered
      Noteholders and to Beneficiaries and stamp the same as required by law;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              otherwise
      arrange payments under clause
35.20.

            

    

    
      
         

      

      
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    The
Trustee will sign (by autographical, mechanical or other means) cheques for
despatch on the day on which they ought to be despatched.

     

    35.6       Valid
receipts

     

    The
receipt of the Trustee for any moneys shall exonerate the person paying the same
from all liability to make any further enquiry.  Every such receipt
shall as to the moneys paid or expressed to be received in such receipt,
effectually discharge the person paying such moneys from such liability or
enquiry and from being concerned to see to the application or being answerable
or accountable or any loss or misapplication of such moneys.

     

    35.7       Taxation

     

    
      	
               
      

            	
              (a)

            	
              (Net payments) Subject
      to this clause, payments in respect of the Notes shall be made free and
      clear of, and without deduction for, or by reference to, any present or
      future Taxes of any Australian Jurisdiction unless required by
      law.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Interest Withholding
      Tax)

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      Trustee or any person making payments on behalf of the Trustee will be
      obliged to deduct interest withholding tax imposed by the Commonwealth of
      Australia from payments of interest in respect of the Registered Notes to
      non-residents of the Commonwealth of Australia not carrying on business in
      the Commonwealth of Australia at or through a permanent establishment and
      to residents of the Commonwealth of Australia carrying on business at or
      through a permanent establishment outside the Commonwealth of Australia
      (Interest
      Withholding Tax) unless a certificate pursuant to Section 221YM of
      the Taxation Act is produced to the Trustee not later than close of
      business on the tenth Business Day immediately preceding the relevant
      payment date.  The Trustee, or any person making any payments on
      behalf of the Trustee, is entitled to deduct Interest Withholding Tax in
      relation to payments on any Registered
Notes.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Payments
      on US$ Notes by or on behalf of the Trustee will be made subject to
      deduction for any Interest Withholding Tax (as notified to the applicable
      Paying Agent by the Trustee) and all other withholdings and deductions
      referred to in the relevant Condition 7 of the any US$
    Notes.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              In
      the event the Trustee or the person making payments on behalf of the
      Trustee (as the case may be) makes such payment after such withholding or
      deduction has been made, the Trustee or the person making such payments on
      behalf of the Trustee (as the case may be) shall account to the relevant
      authorities for the amount so required to be withheld or deducted and
      neither the Trustee nor any person making payments on behalf of the
      Trustee (as the case may be) will be obliged to make any additional
      payments to the relevant Noteholders in respect of that withholding or
      deduction.

            

    

    
      
         

      

      
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              (c)

            	
              The
      interest payments on the Notes will not be subject to TFN withholding as
      the Notes will not be "Part VA
Investments".

            

    

     

    
      	
               
      

            	
              CLAUSE
      36.1 – AMENDMENT WITHOUT CONSENT

            

    

     

    For the
purposes of clause 36.1(e) of the Master Trust Deed, the reference to "clause
4.10(c)" is replaced with "clause 4.10(b)(i)".

    
      
         

      

      
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    ANNEXURE
B

    FORM
OF ANNUAL SERVICER COMPLIANCE

    OFFICER’S
CERTIFICATE

     

    The
undersigned, a duly authorised representative of Westpac Banking Corporation,
acting as Servicer (the “Servicer”), pursuant to the agreement between Westpac
Securities Administration Limited as Trustee, Westpac and Westpac Securitisation
Management Pty Limited as Trust Manager, dated 12 March 2002, as amended, (the
“Agreement”), certifies that:

     

    
      	
               
      

            	
              1.

            	
              As
      of the date hereof, Westpac Banking Corporation is the Servicer of Series
      [*] WST Trust (the Trust).

            

    

     

    
      	
               
      

            	
              2.

            	
              A
      review of the activities of the Servicer during the calendar year ending
      30 September,                 
      and its performance under the pooling and servicing agreement or similar
      agreements has been made under my
supervision.

            

    

     

    
      	
               
      

            	
              3.

            	
              Based
      on such review, to my knowledge and after making appropriate enquiries,
      the Servicer has fulfilled its obligations under the pooling and servicing
      agreements or similar agreements relating to the Trust throughout the
      financial year ending 30 September _________, except as may be set forth
      in paragraph 4 below.

            

    

     

    
      	
               
      

            	
              4.

            	
              The
      following is a description of any exceptions to paragraph 3
      above:

            

    

     

    Capitalised
terms used but not defined in this Officer’s Certificate have their respective
meanings set forth in the Agreement, unless the context requires otherwise or
unless otherwise defined in this Officer’s Certificate.

     

    IN
WITNESS WHEREOF, the undersigned, has duly executed this Officer’s Certificate
this          
day of                                
,     
.

     

    
      
         

      

      
        Page
161

        
          

        

      

      
         

      

    

     

    
      	
              Series [*] WST Trust Series Notice

            	
              

            
	 
      	 
      

    

     

    ANNEXURE
C

    
       

      Independent
auditor’s Annual Servicer Compliance Certificate to the Directors of Westpac
Securitisation Management Pty Limited 

        
          

        

      

    

     

    SCOPE

     

    We have
reviewed Westpac Banking Corporation's ("WBC") and The Mortgage Company Pty
Limited's ("TMC" and WBC and TMC each a “Servicer”) activities for the purpose
of determining its compliance with the servicing standards contained in the
agreement between:

     

    
      	
              ·

            	
              WBC
      as servicer, Westpac Securities Administration Limited as Trustee and
      Westpac Securitisation Management Pty Limited as Trust Manager dated 12
      March 2002, as amended, (the "2002 Servicing
  Agreement");

            

    

     

    
      	
              ·

            	
              WBC,
      Westpac Securities Administration Limited as Trustee and The Mortgage
      Company Pty Limited as Trust Manager dated 18 February 1997, as amended,
      (the "1997 Servicing Agreement");

            

    

     

    (each a
"Servicing Agreement"), respectively attached as Appendix 1A and Appendix 1B, in
relation to the Series 1998-1G WST Trust, Series 1999-1G WST Trust, Series
2002-1G WST Trust, Series 2005-1G WST Trust, 2007-1G WST Trust and Series [*]
WST Trust (the “Trust”) for the year ended [*], in accordance with the statement
by the Division of Corporation Finance of the Securities and Exchange Commission
dated [*], and our engagement letter dated [*].

     

    We have
reviewed the servicing standards contained in the Servicing Agreement to enable
us to report on whether those servicing standards are similar to those contained
in the Uniform Single Attestation Program for Mortgage Bankers (“USAP”),
attached as Appendix 2, which establishes a minimum servicing standard for the
asset backed securities market in the United States of America.  No
equivalent of the USAP exists in Australia.

     

    Management
of the Servicer are responsible for maintaining an effective internal control
structure including internal control policies and procedures relating to the
servicing of mortgage loans.  We have conducted an independent review
of the servicing standards included in Appendix 1, in order to express a
statement on the Servicer’s compliance with them.

     

    Our
review of the servicing standards has been conducted in accordance with
Australian Auditing Standards applicable to performance audits and accordingly
included such tests and procedures as we considered necessary in the
circumstances.  In conducting our review we have also had regard to
the guidance contained in the USAP.  These procedures have been
undertaken to enable us to report on whether anything has come to our attention
to indicate that there has been significant deficiencies in the Servicer’s
compliance with the servicing standards contained in the Servicing Agreement for
the year ended [*].

     

    Our
review did not include an assessment of the adequacy of the servicing standards
themselves.

     

    This
statement has been prepared for the use of Westpac Securitisation Management Pty
Limited as at [*] in accordance with the requirements of the statement by the
Division of Corporation Finance of the Securities and Exchange Commission dated
[*], and the engagement letter dated [*].  We disclaim any assumption
of responsibility for any reliance on this review statement, to any person other
than Westpac Securitisation Management Pty Limited, WBC and
TMC.

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

     

    
      	
              Series [*] WST Trust Series Notice

            	
              

            
	 
      	 
      

    

     

    STATEMENT

     

    Based on
our review;

     

    
      	
              §

            	
              nothing
      has come to our attention to indicate that there has been any significant
      deficiencies in WBC’s compliance with the servicing standards contained in
      the Servicing Agreement attached as Appendix 1A, in respect of the Series
      2002-1G WST Trust, Series 2005-1G WST Trust, 2007-1G WST Trust and Series
      [*] WST Trust for the year ended
[*];

            

    

     

    
      	
              §

            	
              nothing
      has come to our attention to indicate that there has been any significant
      deficiencies in TMC’s compliance with the servicing standards contained in
      the Servicing Agreement attached as Appendix 1B, in respect of the Series
      1998-1G WST Trust and Series 1999-1G WST Trust for the year ended
      [*];

            

    

     

    
      	
              §

            	
              the
      servicing standards contained in Appendix 1 are similar to the minimum
      servicing standards contained in the Uniform Single Attestation Program
      for Mortgage Bankers.

            

    

     

    [Name of
organisation]

     

    [Name and
title of signatory]

     

    Place:

     

    Date:

    
      
         

      

      
        Page
2Exhibit
4.3

    

    Note
Trust Deed

     

    Westpac
Securities Administration Limited

    (as
Trustee)

     

    Westpac
Securitisation Management Pty Limited

    (the
Trust Manager)

     

    [tba]

    (Note
Trustee)

     

    [tba]

    (Principal
Paying Agent)

     

    Allens
Arthur Robinson

    Deutsche
Bank Place

    Corner
Hunter and Phillip Streets

    Sydney  NSW  2000

    Tel  61
2 9230 4000

    Fax  61
2 9230 5333

    www.aar.com.au

    

    ©
Copyright Allens Arthur Robinson 2007

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        	
                Note
      Trust Deed

              	
                

              
	 
      	 
      

      

    

     

    Cross
Reference Table1

    
      
         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            Trust Indenture Act Section

                                          	 	
                                            Clause

                                          
	 	 	 
	
                                            310    
      (a)(1)

                                            (a)(2)

                                            (a)(3)

                                            (a)(4)

                                            (a)(5)

                                            (b)

                                            (c)

                                          	 	
                                            23.6

                                            23.1(d)

                                            23.6

                                            22.2(b)

                                            NA2

                                            23.6

                                            NA

                                          
	 	 	 
	
                                            311    
      (a)

                                            (b)

                                            (c)

                                          	 	
                                            13.1

                                            13.1

                                            NA

                                          
	 	 	 
	
                                            312    
      (a)

                                            (b)

                                            (c)

                                          	 	
                                            31.1,
      31.2(a)

                                            31.2(b)

                                            31.2(c)

                                          
	 	 	 
	
                                            313    
      (a)

                                            (b)(1)

                                            (b)(2)

                                            (c)

                                            (d)

                                          	 	
                                            31.3

                                            31.3

                                            NA

                                            31.4

                                            31.3

                                          
	 	 	 
	
                                            314    
      (a)(1)

                                            (a)(2)

                                            (a)(3)

                                            (a)(4)

                                            (b)

                                            (c)

                                            (d)

                                            (e)

                                            (f)

                                          	 	
                                            31.5

                                            31.5

                                            31.5

                                            11.1(j)

                                            11.1(k)

                                            32.1(a)

                                            32.1(b)

                                            32.1(c)

                                            32.1(a)

                                          
	 	 	 
	
                                            315     (a)

                                            (b)

                                            (c)

                                            (d)

                                            (e)

                                          	 	
                                            13.2(b)

                                            13.3

                                            13.2(a)

                                            13.2(c),
      (d)

                                            32.2

                                          
	 	 	 
	
                                            316    
      (a)(1)

                                            (a)(2)

                                            (b)

                                          	 	
                                            32.3

                                            33.2(b)

                                            32.4,
      33.2(a)

                                          
	 	 	 
	
                                            317    
      (a)(1)

                                            (a)(2)

                                            (b)

                                          	 	
                                            6.1

                                            NA

                                            2.5

                                          

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
           

        

        
          Page
(i)

          
            

          

        

        
           

        

      

    

     

    
      
        
          	
                  318    
      (a)

                	 	
                  32.5

                

        

      

    

     

    Notes:

    
      	
              1.

            	
              This
      Cross Reference Table shall not, for any purpose, be deemed to be part of
      this deed.

            

    

     

    
      	
              2.

            	
              NA
      means not applicable.

            

    

    

    
      
        
           

        

        
          Page
(ii)

          
            

          

        

        
           

        

      

    

     

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    Table
of Contents

      

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    1.

                                  	
                                    Definitions
      and Interpretation

                                  	
                                    1

                                  
	 
      	
                                    1.1

                                  	
                                    Definitions
      and Interpretation

                                  	
                                    1

                                  
	 
      	
                                    1.2

                                  	
                                    Definitions
      in Master Trust Deed, Series Notice and Conditions

                                  	
                                    3

                                  
	 
      	
                                    1.3

                                  	
                                    Incorporation
      by reference

                                  	
                                    4

                                  
	 
      	
                                    1.4

                                  	
                                    Interpretation

                                  	
                                    4

                                  
	 
      	
                                    1.5

                                  	
                                    Determination,
      statement and certificate sufficient evidence

                                  	
                                    4

                                  
	 
      	
                                    1.6

                                  	
                                    Document
      or agreement

                                  	
                                    4

                                  
	 
      	
                                    1.7

                                  	
                                    Transaction
      Document

                                  	
                                    5

                                  
	 
      	
                                    1.8

                                  	
                                    Trustee
      as trustee

                                  	
                                    5

                                  
	 
      	
                                    1.9

                                  	
                                    Obligations
      of the Trustee

                                  	
                                    5

                                  
	 
      	
                                    1.10

                                  	
                                    Appointment
      of the Note Trustee

                                  	
                                    5

                                  
	 
      	 
      	 
      
	
                                    2.

                                  	
                                    Payments
      on US$ Notes

                                  	
                                    5

                                  
	 
      	
                                    2.1

                                  	
                                    Principal
      amount

                                  	
                                    5

                                  
	 
      	
                                    2.2

                                  	
                                    Covenant
      to repay

                                  	
                                    6

                                  
	 
      	
                                    2.3

                                  	
                                    Deemed
      payment

                                  	
                                    6

                                  
	 
      	
                                    2.4

                                  	
                                    Following
      Event of Default

                                  	
                                    6

                                  
	 
      	
                                    2.5

                                  	
                                    Requirements
      of Paying Agent

                                  	
                                    7

                                  
	 
      	
                                    2.6

                                  	
                                    Certification

                                  	
                                    8

                                  
	 
      	
                                    2.7

                                  	
                                    Determinations

                                  	
                                    8

                                  
	 
      	 
      	 
      
	
                                    3.

                                  	
                                    Form
      of, Issue of and Duties and Taxes on, US$ Notes

                                  	
                                    8

                                  
	 
      	
                                    3.1

                                  	
                                    Issue
      of Book-Entry Notes

                                  	
                                    8

                                  
	 
      	
                                    3.2

                                  	
                                    Form
      of Book-Entry Notes

                                  	
                                    8

                                  
	 
      	
                                    3.3

                                  	
                                    Definitive
      Notes

                                  	
                                    10

                                  
	 
      	
                                    3.4

                                  	
                                    Stamp
      and Other Taxes

                                  	
                                    11

                                  
	 
      	
                                    3.5

                                  	
                                    Indemnity
      for non-issue

                                  	
                                    11

                                  
	 
      	
                                    3.6

                                  	
                                    Note
      Register and Note Registrar

                                  	
                                    11

                                  
	 
      	 
      	 
      
	
                                    4.

                                  	
                                    Covenant
      of compliance

                                  	
                                    12

                                  
	 
      	 
      	 
      	 
      
	
                                    5.

                                  	
                                    Cancellation
      of US$ Notes

                                  	
                                    12

                                  
	 
      	
                                    5.1

                                  	
                                    Cancellation

                                  	
                                    12

                                  
	 
      	
                                    5.2

                                  	
                                    Records

                                  	
                                    13

                                  
	 
      	 
      	 
      	 
      
	
                                    6.

                                  	
                                    Enforcement

                                  	
                                    13

                                  
	 
      	
                                    6.1

                                  	
                                    Actions
      following Event of Default

                                  	
                                    13

                                  
	 
      	
                                    6.2

                                  	
                                    Evidence
      of default

                                  	
                                    13

                                  
	 
      	
                                    6.3

                                  	
                                    Overdue
      interest

                                  	
                                    13

                                  
	 
      	
                                    6.4

                                  	
                                    Restrictions
      on enforcement

                                  	
                                    13

                                  
	 
      	 
      	 
      	 
      
	
                                    7.

                                  	
                                    Proceedings

                                  	
                                    14

                                  
	 
      	
                                    7.1

                                  	
                                    Acting
      only on direction

                                  	
                                    14

                                  
	 
      	
                                    7.2

                                  	
                                    Security
      Trustee acting

                                  	
                                    15

                                  
	 
      	
                                    7.3

                                  	
                                    Note
      Trustee alone entitled to act

                                  	
                                    15

                                  
	 
      	
                                    7.4

                                  	
                                    Available
      amounts

                                  	
                                    15

                                  
	 
      	
                                    7.5

                                  	
                                    Conflict
      of interests

                                  	
                                    15

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          Page
(iii)

          
            

          

        

        
           

        

      

    

      

    
      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      8.

                                    	
                                      Notice
      of Payment

                                    	
                                      15

                                    
	 
      	 
      	 
      
	
                                      9.

                                    	
                                      Investment
      by Note Trustee

                                    	
                                      16

                                    
	 
      	 
      	 
      
	
                                      10.

                                    	
                                      Partial
      Payments

                                    	
                                      16

                                    
	 
      	 
      	 
      
	
                                      11.

                                    	
                                      Covenants
      by the Trustee and Trust Manager

                                    	
                                      17

                                    
	 
      	
                                      11.1

                                    	
                                      Covenants
      by the Trustee and Trust Manager

                                    	
                                      17

                                    
	 
      	 
      	 
      	 
      
	
                                      12.

                                    	
                                      Remuneration
      of Note Trustee

                                    	
                                      19

                                    
	 
      	
                                      12.1

                                    	
                                      Fee

                                    	
                                      19

                                    
	 
      	
                                      12.2

                                    	
                                      Additional
      Remuneration

                                    	
                                      19

                                    
	 
      	
                                      12.3

                                    	
                                      Costs,
      expenses

                                    	
                                      19

                                    
	 
      	
                                      12.4

                                    	
                                      Overdue
      rate

                                    	
                                      20

                                    
	 
      	
                                      12.5

                                    	
                                      Continuing
      obligation

                                    	
                                      2

                                    
	 
      	 
      	 
      	 
      
	
                                      13.

                                    	
                                      Note
      Trustee

                                    	
                                      20

                                    
	 
      	
                                      13.1

                                    	
                                      Preferential
      Collection of Claims Against Trustee

                                    	
                                      20

                                    
	 
      	
                                      13.2

                                    	
                                      Duties
      of Note Trustee

                                    	
                                      20

                                    
	 
      	
                                      13.3

                                    	
                                      Obligations
      of Note Trustee

                                    	
                                      21

                                    
	 
      	
                                      13.4

                                    	
                                      Notice
      of Defaults

                                    	
                                      21

                                    
	 
      	
                                      13.5

                                    	
                                      Rights
      of Note Trustee

                                    	
                                      21

                                    
	 
      	 
      	 
      	 
      
	
                                      14.

                                    	
                                      Note
      Trustee’s Liability

                                    	
                                      28

                                    
	 
      	 
      	 
      	 
      
	
                                      15.

                                    	
                                      Delegation
      by Note Trustee

                                    	
                                      28

                                    
	 
      	 
      	 
      
	
                                      16.

                                    	
                                      Employment
      of Agent by Note Trustee

                                    	
                                      29

                                    
	 
      	 
      	 
      
	
                                      17.

                                    	
                                      Note
      Trustee Contracting with Trustee

                                    	
                                      29

                                    
	 
      	 
      	 
      
	
                                      18.

                                    	
                                      Waiver

                                    	
                                      30

                                    
	 
      	 
      	 
      
	
                                      19.

                                    	
                                      Amendment

                                    	
                                      30

                                    
	 
      	
                                      19.1

                                    	
                                      Approval

                                    	
                                      30

                                    
	 
      	
                                      19.2

                                    	
                                      Resolution
      of US$ Noteholders

                                    	
                                      31

                                    
	 
      	
                                      19.3

                                    	
                                      Distribution
      of amendments

                                    	
                                      31

                                    
	 
      	
                                      19.4

                                    	
                                      Amendments
      binding

                                    	
                                      31

                                    
	 
      	
                                      19.5

                                    	
                                      Conformity
      with TIA

                                    	
                                      31

                                    
	 
      	 
      	 
      	 
      
	
                                      20.

                                    	US$
      Noteholders	
                                      31

                                    
	 
      	
                                      20.1

                                    	
                                      Absolute
      Owner

                                    	
                                      31

                                    
	 
      	
                                      20.2

                                    	
                                      Clearing
      Agency Certificate

                                    	
                                      33

                                    
	 
      	 
      	 
      
	
                                      21.

                                    	
                                      Currency
      Indemnity

                                    	
                                      33

                                    
	 
      	 
      	 
      
	
                                      22.

                                    	
                                      New
      Note Trustees

                                    	
                                      34

                                    
	 
      	
                                      22.1

                                    	
                                      Appointment
      by Trustee

                                    	
                                      34

                                    
	 
      	
                                      22.2

                                    	
                                      Appointment
      by Note Trustee

                                    	
                                      34

                                    
	 
      	
                                      22.3

                                    	
                                      Notice

                                    	
                                      35

                                    
	 
      	 
      	 
      
	
                                      23.

                                    	
                                      Note
      Trustee’s Retirement and Removal

                                    	
                                      35

                                    
	 
      	
                                      23.1

                                    	
                                      Removal
      by Trustee

                                    	
                                      35

                                    
	 
      	
                                      23.2

                                    	
                                      Removal
      by US$ Noteholders

                                    	
                                      35

                                    
	 
      	
                                      23.3

                                    	
                                      Resignation

                                    	
                                      35

                                    
	 
      	
                                      23.4

                                    	
                                      Rating
      Notification

                                    	
                                      35

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
          Page
(iv)

          
            

          

        

        
           

        

      

    

     

    
      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  	 
      	
                                                                          23.5

                                                                        	
                                                                          Trust
      Corporation

                                                                        	
                                                                          36

                                                                        
	 
      	
                                                                          23.6

                                                                        	
                                                                          Successor
      to Note Trustee

                                                                        	
                                                                          36

                                                                        
	 
      	
                                                                          23.7

                                                                        	
                                                                          Eligibility;
      Disqualification

                                                                        	
                                                                          36

                                                                        
	 	 	 
	
                                                                          24.

                                                                        	
                                                                          Note
      Trustee’s Powers Additional

                                                                        	
                                                                          37

                                                                        
	 	 	 
	
                                                                          25.

                                                                        	
                                                                          Severability
      of Provisions

                                                                        	
                                                                          37

                                                                        
	 	 	 
	
                                                                          26.

                                                                        	
                                                                          Notices

                                                                        	
                                                                          37

                                                                        
	 
      	
                                                                          26.1

                                                                        	
                                                                          General

                                                                        	
                                                                          37

                                                                        
	 
      	
                                                                          26.2

                                                                        	
                                                                          Details

                                                                        	
                                                                          38

                                                                        
	 	 	 	 
	
                                                                          27.

                                                                        	
                                                                          Governing
      Law and Jurisdiction

                                                                        	
                                                                          38

                                                                        
	 	 	 
	
                                                                          28.

                                                                        	
                                                                          Counterparts

                                                                        	
                                                                          39

                                                                        
	 	 	 
	
                                                                          29.

                                                                        	
                                                                          Limited
      Recourse

                                                                        	
                                                                          39

                                                                        
	 
      	
                                                                          29.1

                                                                        	
                                                                          General

                                                                        	
                                                                          39

                                                                        
	 
      	
                                                                          29.2

                                                                        	
                                                                          Liability
      of Trustee limited to its right to indemnity

                                                                        	
                                                                          39

                                                                        
	 
      	
                                                                          29.3

                                                                        	
                                                                          Unrestricted
      remedies

                                                                        	
                                                                          40

                                                                        
	 
      	
                                                                          29.4

                                                                        	
                                                                          Restricted
      remedies

                                                                        	
                                                                          40

                                                                        
	 	 	 	 
	
                                                                          30.

                                                                        	
                                                                          Successor
      Trustee

                                                                        	
                                                                          40

                                                                        
	 	 	 
	
                                                                          31.

                                                                        	
                                                                          Noteholders’
      Lists and Reports

                                                                        	
                                                                          41

                                                                        
	 
      	
                                                                          31.1

                                                                        	
                                                                          Provision
      of information

                                                                        	
                                                                          41

                                                                        
	 
      	
                                                                          31.2

                                                                        	
                                                                          Preservation
      of Information; Communications to US$ Noteholders

                                                                        	
                                                                          41

                                                                        
	 
      	
                                                                          31.3

                                                                        	
                                                                          Reports
      by Note Trustee

                                                                        	
                                                                          41

                                                                        
	 
      	
                                                                          31.4

                                                                        	
                                                                          Notices
      to US$ Noteholders; Waiver

                                                                        	
                                                                          41

                                                                        
	 
      	
                                                                          31.5

                                                                        	
                                                                          Reports
      by Trustee

                                                                        	
                                                                          42

                                                                        
	 	 	 	 
	
                                                                          32.

                                                                        	
                                                                          Trust
      Indenture Act – Miscellaneous

                                                                        	
                                                                          42

                                                                        
	 
      	
                                                                          32.1

                                                                        	
                                                                          Compliance
      Certificates and Opinions, etc

                                                                        	
                                                                          42

                                                                        
	 
      	
                                                                          32.2

                                                                        	
                                                                          Undertaking
      for Costs

                                                                        	
                                                                          44

                                                                        
	 
      	
                                                                          32.3

                                                                        	
                                                                          Exclusion
      of section 316

                                                                        	
                                                                          44

                                                                        
	 
      	
                                                                          32.4

                                                                        	
                                                                          Unconditional
      Rights of US$ Noteholders to Receive Principal and
Interest

                                                                        	
                                                                          45

                                                                        
	 
      	
                                                                          32.5

                                                                        	
                                                                          Conflict
      with Trust Indenture Act

                                                                        	
                                                                          45

                                                                        
	 	 	 	 
	
                                                                          33.

                                                                        	
                                                                          Consent
      of US$ Noteholders

                                                                        	
                                                                          45

                                                                        
	 
      	
                                                                          33.1

                                                                        	
                                                                          General

                                                                        	
                                                                          45

                                                                        
	 
      	
                                                                          33.2

                                                                        	
                                                                          Special
      Written Approvals

                                                                        	
                                                                          45

                                                                        
	 
      	
                                                                          33.3

                                                                        	
                                                                          Requirement
      for writing

                                                                        	
                                                                          46

                                                                        
	 	 	 	 
	
                                                                          34.

                                                                        	
                                                                          Prospectus
      and prospectus supplement

                                                                        	
                                                                          47

                                                                        
	 
      	 
      
	
                                                                          SCHEDULE
      1

                                                                        	
                                                                          50

                                                                        
	 
      	
                                                                          Form
      of Book-Entry Note

                                                                        	
                                                                          50

                                                                        
	 
      	
                                                                          Assignment

                                                                        	
                                                                          55

                                                                        
	 
      	 
      
	
                                                                          SCHEDULE
      2

                                                                        	
                                                                          56

                                                                        
	 
      	
                                                                          Information
      to be contained in Noteholders Report

                                                                        	
                                                                          56

                                                                        
	 
      	 
      	 
      	 
      
	
                                                                          SCHEDULE
      3

                                                                        	
                                                                          57

                                                                        
	 
      	
                                                                          Terms
      and Conditions of the Class [A1/A2] Notes

                                                                        	
                                                                          57

                                                                        

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
           

        

        
          Page
(v)

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            Date

                          	
                                                                                          

                          
	 
       	 
	
                            Parties

                          	 
      
	 
      	 
      
	
                            1.

                          	
                            Westpac Securities
      Administration Limited (ABN 77 000 049 472) of Level
      20, 275 Kent Street, Sydney in its capacity as trustee of the Series [*]
      WST Trust (the Trustee);

                          
	 
      	 
      
	
                            2.

                          	
                            Westpac Securitisation
      Management Pty Limited (ABN 73 081 709 211) of Level
      20, 275 Kent Street, Sydney as trust manager in relation to the Series [*]
      WST Trust (the Trust
      Manager);

                          
	 
      	 
      
	
                            3.

                          	
                            [tba]
      (Note
      Trustee), which expression shall, wherever the context requires,
      include any other person or company for the time being a trustee under
      this deed or trustees of this deed;
      and

                          
	 
      	 
      
	
                            4.

                          	
                            [tba]
      (the Principal
      Paying Agent), which expression shall wherever the context
      requires, include any successor principal paying agent from time to time
      appointed under the Agency
      Agreement.

                          
	 	 
	
                            Recitals

                          	 
      
	 
      	 
      
	
                            A

                          	
                            The
      Trustee has resolved at the direction of the Trust Manager to issue
      [US$[*] of Class A1 mortgage backed floating rate notes due [*] (the Class A1
      Notes) and] US$[*] of Class A2 mortgage backed floating rate notes
      due [*] (the Class A2
      Notes and[, together with the Class A1 notes,] the US$
      Notes).  The US$ Notes are to be constituted and secured
      in the manner provided in this deed and the other Transaction
      Documents.

                          
	 	 
	
                            B

                          	
                            The
      Note Trustee has agreed to act as trustee for the US$ Noteholders under
      this
deed.

                          

                  

                

              

            

          

        

      

    

     

    IT
IS AGREED as follows.

    
       

      
        
          	
                  1.

                	
                  Definitions
      and Interpretation

                
	 	 

        

      

    

     

    
      	
              1.1

            	
              Definitions
      and Interpretation

            

    

     

    The
following definitions apply unless the context requires otherwise.

     

    [Class A1
Note Owner means, with respect to a Class A1 Book-Entry Note, the person
who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency, or on the books of a person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency).]

    

    
      
        
           

        

        
          Page
1

          
            

          

        

        
           

        

      

    

     

    
      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    Class A2
Note Owner means, with respect to a Class A2 Book-Entry Note, the person
who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency, or on the books of a person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency).

     

    Clearing Agency
Participant means a broker, dealer, bank, other financial institution or
other person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing
Agency.

     

    Corporate Trust
Office means the office of the Note Trustee at which at any particular
time its corporate trust business is administered, which at the date of the
execution of this deed is 1761 East St. Andrew Place, Santa Ana, California
92705-4934 United States of America, or at such other address as the Note
Trustee may designate by notice to the Trust Manager, US$ Noteholders and the
Trustee or the principal corporate trust office of any successor Note
Trustee.

     

    Event of
Default means, in respect of a US$ Note, any of the events described in
the relevant Condition 9.

     

    Exchange Act
means the Securities Exchange Act of 1934 of the United States of
America, as amended.

     

    Independent
means, in relation to a person, that the person:

     

    
      	
               
      

            	
              (a)

            	
              is
      independent of the Trustee, the Trust Manager, the Servicer, any Approved
      Seller and
      any of their Associates;

            

    

     

    
      	
               
      

            	
              (b)

            	
              does
      not have any direct financial interest or any material indirect financial
      interest (other than less than 5% of the outstanding amount of any
      publicly traded security) in any person referred to in paragraph (a);
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              is
      not an officer, employee, promoter, underwriter, trustee, partner,
      director or person performing similar functions of any person referred to
      in paragraph (a).

            

    

     

    Independent
Certificate means, in relation to any person, a certificate or opinion
from that person where that person must be Independent, which opinion or
certificate states that the signer has read the definition of Independent
in this deed and that the signer is Independent within the meaning of that
definition.

     

    Issuer Order
and Issuer Request
means a written order or request signed in the name of the Trustee by any
one of its Authorised Signatories and delivered to the Note
Trustee.

     

    Master Trust
Deed means the Master Trust Deed dated 14 February 1997 between the
Trustee and The Mortgage Company Pty Limited.

     

    Note Depository
Agreement means the agreement among Trustee, Note Trustee and The
Depository Trust Company, as the initial Clearing Agency, dated as of the
Closing Date, relating to the US$ Notes, as the same may be amended or
supplemented from time to time.

     

    Note Owner
means [a Class A1 Note Owner or] a Class A2 Note Owner.

    

    
      
        
           

        

        
          Page
2

          
            

          

        

        
           

        

      

    

     

    
      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    Noteholders
Report means the report to be delivered by the Trust Manager, on behalf
of the Trustee, in accordance with clause 11.1(k) containing the information set
out in Schedule 2.

     

    Officer’s
Certificate means a certificate signed by any Authorised Signatory of the
Trustee or the Trust Manager on behalf of the Trustee, under the circumstances
described in, and otherwise complying with, the applicable requirements of
section 314 of the TIA.

     

    Opinion of
Counsel means one or more written opinions of reputable legal counsel who
may, except as otherwise expressly provided in this deed, be employees of or
counsel to the Trustee or the Trust Manager on behalf of the Trustee and who
shall be satisfactory to the Trustee or the Note Trustee, as applicable, and
which opinion or opinions shall be addressed to the Trustee or the Note Trustee,
as applicable, and shall be in form and substance satisfactory to the Trustee
and the Note Trustee, as applicable.

     

    Paying
Agent means any institution, including where the context permits the
Principal Paying Agent, at its office:

     

    
      	  	
              (a)

            	
              initially
      appointed as Paying Agent by the Trustee under the Agency Agreement;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              as
      may, with prior written notice to the Note Trustee, from time to time be
      appointed by the Trustee in relation to the US$
  Notes,

            

    

     

    
      	
               
      

            	
              in
      each case (except in the case of the initial Principal Paying Agent) where
      notice of the appointment has been given to the US$ Noteholders under this
      deed and in accordance with the relevant Condition
  12.

            

    

     

    Responsible
Officer means, with respect to the Note Trustee, any of its officers,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, or any other of its officers customarily performing
functions similar to those performed by any of them and, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer’s knowledge of, and familiarity with, the particular subject and
involved in the administration of the trusts constituted under this
deed.

     

    Series
Notice means the Series [*] WST Trust Series Notice between, among
others, the Trustee, the Trust Manager, the Note Trustee and Westpac Banking
Corporation (including in its capacity as Servicer) dated on or about the date
of this deed.

     

    TIA means
the Trust Indenture Act of 1939 of the United States of America, as
amended.

     

    Trust
Account means the Collection Account, the US$ Account or any other
account maintained by or on behalf of the Trustee in relation to the
Trust.

     

    
      	
               
      

            	
              Trust
      Corporation means any person eligible for appointment as a trustee
      under an indenture to be qualified pursuant to the TIA, as set forth in
      Section 310 of the TIA, which shall include Deutsche Bank Trust Company
      Americas for so long as it complies with such
  section.

            

    

     

    
      	
              1.2

            	
              Definitions
      in Master Trust Deed, Series Notice and
  Conditions

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

    

    
      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              No
      change to the Master Trust Deed or any other document (including the order
      of payment set out in the Series Notice) after the date of this deed will
      change the meaning of terms used in this deed or
      adversely  affect the rights of the Note Trustee or any US$
      Noteholder under this deed unless the Note Trustee has agreed in writing
      to the changes under this deed.

            

    

     

    
      	
              1.3

            	
              Incorporation
      by reference

            

    

     

    Where
this deed refers to a provision of the TIA, the provision is incorporated by
reference in and made part of this deed.  The following terms used in
the TIA have the following meaning in this deed.

     

    Commission
means the Securities and Exchange Commission of the United States of
America.

     

    indenture
securities means the US$ Notes.

     

    indenture
security holder means a US$ Noteholder.

     

    indenture to be
qualified means the Note Trust Deed.

     

    indenture
trustee or institutional
trustee means the Note Trustee.

     

    obligor on
the indenture securities means the Trustee.

     

    Any other
term which is used in this deed in respect of a section or provision of the TIA
and which is defined in the TIA by reference to another statute or defined by or
in any rule of or issued by the Commission, will have the meaning assigned to
them by such definitions.

     

    
      	
              1.4

            	
              Interpretation

            

    

     

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

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              an
      Event of Default subsists
      until it has been waived in writing by the Note
  Trustee;

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

            	
              all
      references to costs or charges or expenses include any value added tax or
      similar tax charged or chargeable in respect of the charge or
      expense.

            

    

     

    
      	
              1.5

            	
              Determination,
      statement and certificate sufficient
evidence

            

    

     

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

     

    
      	
              1.6

            	
              Document
      or agreement

            

    

     

    A
reference to:

    

    
      
        
           

        

        
          Page
4

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

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

     

    
      	
              1.7

            	
              Transaction
      Document

            

    

     

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

     

    
      	
              1.8

            	
              Trustee
      as trustee

            

    

     

    In this
deed, except where provided to the contrary:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
              1.9

            	
              Obligations
      of the Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              A
      reference to the Trustee in each of clauses 3.6 other than the first
      sentence, 5, 11.1(i), 11.1(j), 31.1, 31.5 and 32.1 is a reference to the
      Trust Manager on behalf of the Trustee and, failing action by the Trust
      Manager in accordance with the relevant clause (including any requirement
      to take such action within a specified time), the
  Trustee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trustee shall not be liable for any act or omission by the Trust Manager
      where it is acting on behalf of the Trust Manager under sub-paragraph
      (a).

            

    

     

    
      	
              1.10

            	
              Appointment
      of the Note Trustee

            

    

     

    The Note
Trustee:

     

    
      	
               
      

            	
              (a)

            	
              is
      appointed to act as trustee on behalf of the US$ Noteholders on the terms
      and conditions of this deed; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              acknowledges
      and declares that it:

            

    

     

    
      	
               
      

            	
              (i)

            	
              holds
      the sum of US$10.00 received on the date of this deed;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              will
      hold the benefit of the obligations of the Trustee under this
      deed,

            

    

     

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

    
       

      
        
          	
                  2.

                	
                  Payments
      on US$ Notes

                
	 	 

        

      

    

     

    
      	
              2.1

            	
              Principal
      amount

            

    

     

    
      	
               
      

            	
              (a)

            	
              [The
      aggregate initial principal amount of the Class A1 Notes is limited to
      US$[*].]

            

    

    

    
      
        
           

        

        
          Page
5

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              The
      aggregate initial principal amount of the Class A2 notes is limited to
      US[*].

            

    

     

    
      	
              2.2

            	
              Covenant
      to repay

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee covenants with the Note Trustee that the Trustee will, in
      accordance with the terms of the US$ Notes (including the relevant
      Conditions) and the Transaction Documents (and subject to the terms of the
      Transaction Documents and the relevant Conditions, including clause 29 of
      this deed and the relevant Condition 6)
on:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Maturity Date of the US$ Notes; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      earlier date as the US$ Notes, or any of them, may become repayable
      (whether in full or in part),

            

    

     

    pay or
procure to be paid unconditionally to or to the order of the Note Trustee in US$
in New York for immediate value the principal amount of the US$ Notes repayable,
or in the case of a partial payment of any US$ Notes, the principal amount
payable, subject to and in accordance with the terms of the US$ Notes (including
the relevant Conditions).

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to clause 2.3 and to the terms of the US$ Notes (including the relevant
      Conditions) and the Transaction Documents, until any payment both before
      as well as after any judgment or other order of a court of competent
      jurisdiction, the Trustee shall pay or procure to be paid unconditionally
      to or to the order of the Note
Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      interest at the respective rates calculated from time to time, in
      accordance with and on the dates provided for in the relevant Conditions;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              principal
      payable at the times and in the amounts as may be determined in accordance
      with the relevant Condition 5.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee shall hold the benefit of the covenant in this clause 2.2,
      and all other rights of the US$ Noteholders under the US$ Notes, on trust
      for the benefit of the US$
Noteholders.

            

    

     

    
      	
              2.3

            	
              Deemed
      payment

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      payment of principal or interest in respect of US$ Notes to or to the
      account of the Principal Paying Agent in the manner provided in clause 3
      of the Agency Agreement shall satisfy the covenant in relation to those
      US$ Notes by the Trustee in this clause 2 to the extent of that
      payment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Payment
      by the Trustee of its payment obligations on each [Class A1 Payment Date
      or] Payment Date [(as the case may be)] under the Series Notice and the
      relevant Conditions to the Principal Paying Agent shall discharge the
      Trustee of those payment
obligations.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trustee shall not be liable for any act or omission or default of the
      Principal Paying Agent under this
deed.

            

    

     

    
      	
              2.4

            	
              Following
      Event of Default

            

    

     

    
      	
               
      

            	
              (a)

            	
              At
      any time after an Event of Default in respect of any US$ Notes has
      occurred of which a Responsible Officer has actual awareness of or
      received written notice of, or at any time after Definitive Notes have not
      been issued when so required in accordance with the relevant Conditions,
      the Note Trustee may:

            

    

    

    
      
        
           

        

        
          Page
6

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (i)

            	
              by
      notice in writing to the Trustee, the Trust Manager, the Principal Paying
      Agent, the other Paying Agents and the Calculation Agent require the
      Principal Paying Agent, the other Paying Agents and the Calculation Agent
      under the Agency Agreement either:

            

    

     

    
      	
               
      

            	
              (A)

            	
              (1)

            	
              to
      act as Principal Paying Agent and Paying Agents and Calculation Agent
      respectively of the Note Trustee in relation to payments to be made by or
      on behalf of the Note Trustee under the provisions of this deed on the
      terms of the Agency Agreement; and

            

    

     

    
      	
               
      

            	
              (2)

            	
              hold
      all Definitive Notes, and all amounts, documents and records held by them
      in respect of those US$ Notes, on behalf of the Note Trustee;
      or

            

    

     

    
      	
               
      

            	
              (B)

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

            

    

     

    
      	
               
      

            	
              (ii)

            	
              by
      notice in writing to the Trustee require it to make all subsequent
      payments in respect of those US$ Notes to the order of the Note Trustee
      and not to the Principal Paying Agents and, with effect from the issue of
      that notice to the Trustee and until that notice is withdrawn clause 2.3
      shall not apply.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      payment by the Trustee of its payment obligations on each [Class A1
      Payment Date or] Payment Date under the Series Notice and the relevant
      Conditions to the Note Trustee in accordance with paragraph (a) shall be a
      good discharge to the Trustee to the extent of such
    payment.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trustee shall not be liable for any act or omission or default of the Note
      Trustee during the period it is required to make payments in respect of
      any US$ Notes to the Note Trustee under paragraph
  (a).

            

    

     

    
      	
              2.5

            	
              Requirements
      of Paying Agent

            

    

     

    The
Trustee will cause each Paying Agent to execute and deliver to the Note Trustee
an instrument in which that Paying Agent shall agree with the Note Trustee,
subject to the provisions of this clause, that such Paying Agent
shall:

     

    
      	
               
      

            	
              (a)

            	
              hold
      on trust for the Note Trustee and the US$ Noteholders all sums held by
      that Paying Agent for the payment of principal and interest with respect
      to the US$ Notes until all relevant sums are paid to the Note Trustee or
      the US$ Noteholders or otherwise disposed of as provided in this deed;
      and

            

    

    

    
      
        
           

        

        
          Page
7

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              immediately
      notify in writing by facsimile the Note Trustee, the Trustee, the Security
      Trustee and the Trust Manager if the full amount of any payment of
      principal or interest required to be made by the Series Notice and
      relevant Conditions in respect of any US$ Notes is not unconditionally
      received by it or to its order in accordance with the Agency
      Agreement.

            

    

     

    
      	
              2.6

            	
              Certification

            

    

     

    For the
purposes of any redemption of US$ Notes under the relevant Condition 5, the Note
Trustee may rely upon an Officer’s Certificate from the Trust Manager on behalf
of the Trustee certifying or stating, the opinion of each person signing that
Officer’s Certificate as to the following matters:

     

    
      	
               
      

            	
              (a)

            	
              the
      fair value (within 90 days of such release) of the property or securities
      to be released from the Security Trust
Deed;

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      the proposed release will not impair the security under the Security Trust
      Deed in contravention of the provisions of the Security Trust Deed or this
      deed; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              that
      the Trustee will be in a position to discharge all its liabilities in
      respect of the US$ Notes and any amounts required under the Security Trust
      Deed to be paid in priority to or pari passu with those
      US$ Notes,

            

    

     

    and that
Officer’s Certificate shall be conclusive and binding on the Trustee, the Note
Trustee and the holders of those US$ Notes.

     

    
      	
              2.7

            	
              Determinations

            

    

     

    If the
Trust Manager does not at any time for any reason determine a Principal Payment,
the Invested Amount, the Stated Amount or the Bond Factor applicable to any US$
Notes in accordance with the relevant Condition 5.11(a), the Principal Payment,
Invested Amount, the Stated Amount and the Bond Factor for those US$ Notes may
be determined by the Note Trustee in accordance with the relevant Condition
5.11(c) (but based on the information in its possession) and each such
determination or calculation shall be deemed to have been made by the Trust
Manager, and the Note Trustee shall have no liability in respect thereof other
than as a result of the gross negligence or wilful default of the Note
Trustee.

    
       

      
        
          	
                  3.

                	
                  Form
      of, Issue of and Duties and Taxes on, US$ Notes

                
	 	 

        

      

    

     

    
      	
              3.1

            	
              Issue
      of Book-Entry Notes

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Class of US$ Notes shall on issue be represented by one or more Book-Entry
      Notes.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Book-Entry Note must be signed manually or by facsimile by an Authorised
      Signatory of the Trustee on behalf of the Trustee and must be manually
      authenticated by an Authorised Signatory of the Principal Paying
      Agent.

            

    

     

    
      	
              3.2

            	
              Form
      of Book-Entry Notes

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Book-Entry Note shall be typed in the form or substantially in the form
      set out in schedule 1.

            

    

    

    
      
        
           

        

        
          Page
8

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              The
      procedures relating to the exchange, authentication, delivery, surrender,
      cancellation, presentation, marking up or down of any of the Book-Entry
      Note (or part of the Book-Entry Note and any other matters to be carried
      out by the relevant parties upon exchange (in whole or part) of any US$
      Note shall be made in accordance with the provisions of the relevant terms
      of the Book-Entry Notes and the normal practice of the Common Depositary,
      the Principal Paying Agent and the rules and procedures of the Clearing
      Agency from time to time.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Book-Entry Notes in respect of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              [the
      Class A1 notes shall be in an aggregate principal amount of US$[*];
      and]

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Class A2 Notes shall be in an aggregate principal amount of
      US$[*].

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Trustee shall procure that, prior to the issue and delivery of any
      Book-Entry Note, that Book-Entry Note will be authenticated manually by an
      Authorised Signatory of the Principal Paying Agent and no Book-Entry Note
      shall be valid for any purpose unless and until so
      authenticated.  A Book-Entry Note so executed and authenticated
      shall be binding and valid obligations of the Trustee.  Until a
      Book-Entry Note (or part of a Book-Entry Note) has been exchanged pursuant
      to this deed, it (or that part) shall in all respects be entitled to the
      same benefits as a Definitive Note.  Each Book-Entry Note shall
      be subject to this deed except that the registered owner of a Book-Entry
      Note shall be the only person entitled to receive payments from the
      Principal Paying Agent of principal or interest in relation to
      it.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Each
      Class of US$ Notes upon original issue will be issued in the form of
      typewritten Notes representing the relevant Book-Entry
      Notes.  The Trustee shall, on the date of this deed, deliver or
      arrange the delivery on its behalf to the Principal Paying Agent, as agent
      for the Clearing Agency, of the Book-Entry Notes.  The
      Book-Entry Notes shall initially be registered on the Note Register in the
      name of the Common Depositary as nominee of the Clearing Agency, and no
      US$ Note Owner will receive a Definitive Note representing such US$ Note
      Owner’s interest in such US$ Note, except as provided in clause
      3.3.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Whenever
      a notice or other communication to any US$ Noteholders is required under
      this deed, unless and until Definitive Notes shall have been issued to US$
      Note Owners pursuant to clause 3.3, the Note Trustee shall give all such
      notices and communications specified herein to be given to those US$
      Noteholders to the Clearing Agency, and shall have no obligation to the
      those US$ Note Owners in this
regard.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Unless
      and until the Definitive Notes have been issued to a US$ Note Owner
      pursuant to clause 3.3:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      provisions of this clause shall be in full force and
    effect;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note Registrar, the Trustee, the Trust Manager, each Paying
      Agent  and the Note Trustee shall be entitled to deal with the
      Clearing Agency for all purposes of this deed (including the payment of
      principal of and interest on the relevant US$ Notes and the giving of
      instructions or directions hereunder) as the sole holder of the relevant
      US$ Notes, and shall have no obligation to any US$ Note
      Owners;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              to
      the extent that the provisions of this clause conflict with any other
      provisions of this deed, the provisions of this clause shall
      prevail;

            

    

    

    
      
        
           

        

        
          Page
9

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      rights of the relevant US$ Note Owners shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and
      agreements between such US$ Note Owners and the Clearing Agency and/or the
      Clearing Agency Participants.  Pursuant to the Note Depository
      Agreement, unless and until Definitive Notes are issued pursuant to
      clause 3.3, the initial Clearing Agency will make book-entry
      transfers among the Clearing Agency Participants and receive and transmit
      payments of principal and interest on the relevant US$ Notes to such
      Clearing Agency Participants; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              whenever
      this deed requires or permits actions to be taken based upon instructions
      or directions of US$ Note Owners evidencing a specific percentage of all
      Invested Amounts of all US$ Notes of the relevant Class, the Clearing
      Agency shall be deemed to represent such percentage only to the extent
      that it has received instructions to such effect from the relevant US$
      Note Owners and/or Clearing Agency Participants owning or representing,
      respectively, such required percentage of the beneficial interest in the
      relevant US$ Notes and has delivered such instructions to the Principal
      Paying Agent.

            

    

     

    
      	
              3.3

            	
              Definitive
      Notes

            

    

     

    If:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trust Manager advises the Principal Paying Agent, the Note Registrar and
      the Note Trustee in writing that the Clearing Agency is no longer willing
      or able properly to discharge its responsibilities with respect to any US$
      Notes or the Clearing Agency or its successor and the Trust Manager is
      unable to locate a qualified
successor;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustee, at the direction of the Trust Manager (at the Trust Manager’s
      option) advises the Principal Paying Agent the Note Registrar and the Note
      Trustee in writing that the book-entry system through the Clearing Agency
      is or is to be terminated; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              after
      the occurrence of an Event of Default, the US$ Note Owners representing
      beneficial interests aggregating to at least a majority of the aggregate
      Invested Amount of a Class of US$ Notes, advise the Trustee through the
      Clearing Agency in writing that the continuation of a book entry system
      through the Clearing Agency is no longer in the best interests of those
      US$ Note Owners,

            

    

     

    then the
Principal Paying Agent shall notify all of the appropriate US$ Note Owners and
the Trustee of the occurrence of any such event and of the availability of
Definitive Notes to such US$ Note Owners requesting the same.  Upon
the surrender of the relevant Book-Entry Notes to the Trustee by the Clearing
Agency, and the delivery by the Clearing Agency of the relevant registration
instructions to the Trustee, the Trustee (with the assistance of the Trust
Manager) shall execute and procure the Principal Paying Agent to authenticate
the relevant Definitive Notes in accordance with the instructions of the
Clearing Agency.

     

    Those
Definitive Notes will be serially numbered and shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with
or without steel engraved borders), all as determined by the Authorised
Signatories executing such Definitive Notes, as evidenced by their execution of
such Definitive Notes.

     

    Neither
the Note Registrar nor the Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions.

    

    
      
        
           

        

        
          Page
10

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
              3.4

            	
              Stamp
      and Other Taxes

            

    

     

    The
Trustee will pay any stamp and other duties and Taxes payable in Australia, the
United Kingdom, Belgium, Luxembourg or the United States on or in connection
with:

     

    
      	
               
      

            	
              (a)

            	
              the
      execution of the Transaction
Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      constitution and original issue and delivery of the US$ Notes;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      action taken by the Note Trustee or (where permitted under this deed so to
      do), the Clearing Agency, or any US$ Note Owner to enforce the provisions
      of the US$ Notes or the Transaction
Documents.

            

    

     

    
      	
              3.5

            	
              Indemnity
      for non-issue

            

    

     

    If the
Trustee is required to issue, or procure the issue of, Definitive Notes
following an event specified in clause 3.3 but fails to do so within 30 days of
delivery to the Trustee of the Book-Entry Notes in accordance with clause 3.3
then the Trustee shall, subject to clause 29.2, indemnify the Note Trustee,
the relevant US$ Noteholders and the relevant US$ Note Owners and keep them
indemnified, against any loss or damage incurred by any of them if the amount
received by the Note Trustee, the relevant US$ Noteholders or the relevant US$
Note Owners is less than the amount that would have been received had Definitive
Notes been issued within the 30 days referred to above.  If and for so
long as the Trustee discharges its obligations under this indemnity, the breach
by the Trustee of the provisions of clause 3.3 shall be deemed to be
cured.  The Trust Manager must promptly advise the Trustee if it
becomes actually aware of the occurrence of the relevant event and the Trustee
shall promptly notify the Note Trustee in writing of the relevant
event.

     

    
      	
              3.6

            	
              Note
      Register and Note Registrar

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee shall keep or cause to be kept the Note Register in which, subject
      to such reasonable regulations as it may prescribe, the Trustee shall
      provide for the registration of the US$ Notes and the registration of
      transfers of US$ Notes.  The Note Registrar will be responsible
      for registering the US$ Notes and all transfers of US$ Notes as herein
      provided.  The Trustee may, on giving prior written notice to
      the Note Trustee, appoint another person as Note
      Registrar.  Upon any resignation or removal of any Note
      Registrar under the Agency Agreement, the Trustee with the assistance of
      and at the direction of, the Trust Manager shall promptly appoint a
      successor or, if it elects not to make such an appointment, itself assume
      the duties of the Note Registrar, subject to giving prior written notice
      to the Note Trustee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Upon
      surrender for registration of transfer of any US$ Note at the office or
      agency of the Trustee to be maintained as provided in clause 11.1, if the
      requirements of Section 8-401(a) of the Uniform Commercial Code of New
      York (the UCC)
      are met the Trustee shall execute and upon its written direction the
      Principal Paying Agent shall authenticate and the US$ Noteholder shall
      obtain from the Note Trustee, in the name of the designated transferee or
      transferees, one or more new US$ Notes of the relevant Class, in any
      authorised denominations, and a like aggregate principal
      amount.

            

    

    

    
      
        
           

        

        
          Page
11

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (c)

            	
              At
      the option of a US$ Noteholder, US$ Notes may be exchanged for other US$
      Notes of the relevant Class in any authorised denominations, and a like
      aggregate principal amount, upon surrender of the US$ Notes to be
      exchanged at such office or agency.  Whenever any US$ Notes are
      so surrendered for exchange, if the requirements of Section 8-401(a) of
      the UCC are met the Trustee shall execute and upon its written request the
      Principal Paying Agent shall authenticate and the US$ Noteholder shall
      obtain from the Note Trustee, the US$ Notes which the US$ Noteholder
      making the exchange is entitled to
receive.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Every
      US$ Note presented or surrendered for registration of transfer or exchange
      shall be (i) duly endorsed by, or be accompanied by a written instrument
      of transfer in a form satisfactory to the Note Registrar duly executed by,
      the US$ Noteholder thereof or such US$ Noteholder’s attorney duly
      authorised in writing, with such signature guaranteed by an “eligible
      guarantor institution” meeting the requirements of the Note Registrar
      which requirements include membership or participation of Securities
      Transfer Agents Medallion Program (Stamp)
      or such other “signature guarantee program” as may be determined by the
      Note Registrar in addition to, or in substitution for, Stamp, all in
      accordance with the Exchange Act, and (ii) accompanied by such other
      documents as the Note Registrar may
require.

            

    

     

    
      	
               
      

            	
              (e)

            	
              No
      Service charge shall be made to a US$ Noteholder for any registration of
      transfer or exchange of US$ Notes, but the Trustee may require payment of
      a sum sufficient to cover any tax or other governmental charge that may be
      imposed in connection with any registration of transfer or exchange of US$
      Notes.

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      preceding provisions of this section notwithstanding, the Trustee shall
      not be required to make and the Note Registrar need not register transfers
      or exchanges of US$ Notes selected for redemption or of any US$ Note for a
      period of 30 days preceding the due date for any payment with respect to
      the US$ Note.

            

    

    
       

      
        
          	
                  4.

                	
                  Covenant
      of compliance

                
	 	 

        

      

    

     

    The
Trustee covenants with the Note Trustee that it will comply with and perform and
observe all provisions of the Transaction Documents which are expressed to be
binding on it for the benefit of the Note Trustee or any US$
Noteholder.  The Transaction Documents to which the Trustee and Note
Trustee are a party and the relevant Conditions shall be binding on the Trustee,
the Note Trustee and the US$ Noteholders.  The Note Trustee is
entitled to enforce the obligations of the Trustee under the US$ Notes and the
relevant Conditions as if the same were set out and contained in this deed
(which shall be read and construed as one document with the US$
Notes).

    
       

      
        
          	
                  5.

                	
                  Cancellation
      of US$ Notes

                
	 	 

        

      

    

     

    
      	
              5.1

            	
              Cancellation

            

    

     

    The
Trustee shall procure that all US$ Notes:

     

    
      	
               
      

            	
              (a)

            	
              which
      have been surrendered for payment, registration of transfer, exchange or
      redemption; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of any Definitive Note, which, being mutilated or defaced, have
      been surrendered and replaced under the relevant Condition
    11,

            

    

    

    
      
        
           

        

        
          Page
12

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    shall
forthwith be cancelled by or on behalf of the Trustee.

     

    
      	
              5.2

            	
              Records

            

    

     

    The
Trustee shall procure that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Principal Paying Agent and the Note Registrar, between them, keep a full
      and complete record of all US$ Notes and of their redemption, payment,
      exchange or cancellation (as the case may be) and of all replacement US$
      Notes, issued in substitution for lost, stolen, mutilated, defaced or
      destroyed Definitive Notes; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      records shall be made available to the Note Trustee at all reasonable
      times.

            

    

    
       

      
        
          	
                  6.

                	
                  Enforcement

                
	 	 

        

      

    

     

    
      	
              6.1

            	
              Actions
      following Event of Default

            

    

     

    At any
time while an Event of Default is subsisting in respect of any Class of US$
Notes, the Note Trustee may (subject to the Security Trust Deed, to clauses 6.4
and 7, and to the relevant Conditions 9 and 10) and, subject to the Note Trustee
being indemnified and/or secured to its satisfaction, shall if instructed to do
so by an Extraordinary Resolution of the relevant US$ Noteholders, at its
discretion and without further notice take any action available to it to direct
the Security Trustee to:

     

    
      	
               
      

            	
              (a)

            	
              institute
      any proceedings against the Trustee which are permitted under the
      Transaction Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              enforce
      the security created under the Security Trust Deed (including anything set
      out in clause 8.2 of the Security Trust Deed);
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              enforce
      repayment of the US$ Notes together with accrued interest and any other
      moneys payable to the Note Trustee, the US$ Noteholders or under the
      Transaction Documents.

            

    

     

    
      	
              6.2

            	
              Evidence
      of default

            

    

     

    If the
Security Trustee or the Note Trustee takes any action against the Trustee to
enforce any of the provisions of any US$ Notes or this deed, proof that as
regards any US$ Note, the Trustee has not paid any principal or interest due in
respect of that US$ Note shall (unless the contrary is proved) be sufficient
evidence that the Trustee has not paid that principal or interest on all other
US$ Notes of the relevant Class in respect of which the relevant payment is then
due.

     

    
      	
              6.3

            	
              Overdue
      interest

            

    

     

    The rates
of interest payable in respect of any US$ Note which has become due and
repayable in full and which has not been repaid shall be calculated at
three-monthly intervals, commencing on the expiry of the Coupon Period for the
US$ Note during which the US$ Note became due and repayable in accordance with
the provisions of the relevant Condition 4 except that no notices need be given
to US$ Noteholders, in relation to that interest.

     

    
      	
              6.4

            	
              Restrictions
      on enforcement

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      any of the US$ Notes remain outstanding and are due and payable otherwise
      than by reason of a default in payment of any amount due on those US$
      Notes, the Note Trustee must not vote under the Security Trust Deed to, or
      otherwise direct the Security Trustee to, dispose of the Mortgaged
      Property unless either:

            

    

    

    
      
        
           

        

        
          Page
13

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (i)

            	
              a
      sufficient amount would be realised to discharge in full all amounts owing
      to the relevant US$ Noteholders and any other amounts payable by the
      Trustee ranking in priority to or pari passu with those
      US$ Notes; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note Trustee receives at any time and from time to time the advice of a
      merchant bank or other financial adviser selected by the Note Trustee
      (such advice to be an Expense of the Trust), stating that the cash flow
      receivable by the Trustee (or the Security Trustee under the Security
      Trust Deed) will not (or that there is a significant risk that it will
      not) be sufficient, having regard to any other relevant actual, contingent
      or prospective liabilities of the Trustee, to discharge in full in due
      course all the amounts referred to in paragraph
  (i).

            

    

     

    
      	
               
      

            	
              (b)

            	
              Neither
      the Note Trustee nor the Security Trustee will be liable for any decline
      in the value, nor any loss realised upon any sale or other dispositions
      made under the Security Trust Deed, of any Mortgaged Property or any other
      property which is charged to the Security Trustee by any other person in
      respect of or relating to the obligations of the Trustee or any third
      party in respect of the Trustee or the US$ Notes or relating in any way to
      the Mortgaged Property.  Without limitation, neither the Note
      Trustee nor the Security Trustee shall be liable for any such decline or
      loss directly or indirectly arising from its acting, or failing to act, as
      a consequence of advice received by it in accordance with paragraph
      (a).

            

    

    
       

      
        
          	
                  7.

                	
                  Proceedings

                
	 	 

        

      

    

     

    
      	
              7.1

            	
              Acting
      only on direction

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), the Note Trustee shall not be bound to vote under the
      Security Trust Deed, or otherwise direct the Security Trustee under the
      Security Trust Deed, or take any proceedings, actions, steps or give any
      consents under, or any other proceedings pursuant to or in connection
      with, the Security Trust Deed, this deed, or any US$ Notes, unless
      directed or requested to do so in writing by holders of at least 75% of
      the aggregate Invested Amount of US$ Notes of the relevant Class or
      Classes and then only if the Note Trustee is indemnified and/or secured to
      its satisfaction against all actions, proceedings, claims and demands to
      which it may render itself liable and all costs, charges, damages and
      expenses (including, without limitation, all legal fees and expenses
      properly incurred and any value added or similar tax applicable thereto)
      which it may incur by so doing; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Note Trustee shall be protected with respect to any action taken or
      omitted to be taken by it in good faith in accordance with the direction
      of the holders of the required aggregate Invested Amount of the US$ Notes
      of the relevant Class or Classes in accordance with this deed relating to
      the time, method and place of conducting any proceeding for any remedy
      available to, or exercising any trust or power conferred upon it, under
      this deed.

            

    

    

    
      
        
           

        

        
          Page
14

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
              7.2

            	
              Security
      Trustee acting

            

    

     

    Only the
Security Trustee may enforce the provisions of the Security Trust Deed and
neither the Note Trustee nor any US$ Noteholder or US$ Note Owner is entitled to
proceed directly against the Trustee to enforce the performance of any of the
provisions of the Security Trust Deed.

     

    
      	
              7.3

            	
              Note
      Trustee alone entitled to act

            

    

     

    Only the
Note Trustee may:

     

    
      	
               
      

            	
              (a)

            	
              direct
      the Security Trustee to enforce or not to enforce the security created
      pursuant to the Security Trust Deed;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              enforce
      the provisions of this deed, or the US$ Notes (including the relevant
      Conditions),

            

    

     

    and no
US$ Noteholder or US$ Note Owner is entitled to take any of the above actions or
to proceed directly against the Trustee to enforce the performance of any of the
provisions of this deed or the US$ Notes (including the relevant
Conditions).

     

    
      	
              7.4

            	
              Available
      amounts

            

    

     

    For the
purpose of Condition 5.12 of any US$ Notes, the Note Trustee shall be deemed not
to be satisfied that the Trustee will be in a position to discharge the
liabilities referred in that Condition unless, either:

     

    
      	
               
      

            	
              (a)

            	
              the
      Trustee will have available to it sufficient cash in the Collection
      Account and sufficient Authorised Investments which will mature on or
      before the relevant [Class A1 Payment Date or] Payment Date [(as the case
      may be)] after making any other payments or provisions having priority in
      order of application under the applicable provisions of the Security Trust
      Deed; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustee has entered into a legally binding contract with an entity either
      whose long term unsecured and unguaranteed debt is rated at least AA- by
      S&P and at least Aa3 by Moody’s or whose short term unsecured and
      unguaranteed debt securities are rated at least A-1 by S&P and at
      least P-1 from Moody’s to provide sufficient cash on or before the
      relevant [Class A1 Payment Date or] Payment Date [(as the case may be)] to
      enable the Trustee to discharge the relevant
  liabilities.

            

    

     

    
      	
              7.5

            	
              Conflict
      of interests

            

    

     

    The Note
Trustee shall, with respect to all the powers, trusts, authorities, duties and
discretions vested in it by the Transaction Documents, except where expressly
provided otherwise, have regard solely to the interests of the US$
Noteholders.

    
       

      
        
          	
                  8.

                	
                  Notice
      of Payment

                
	 	 

        

      

    

     

    The Note
Trustee shall give notice to the US$ Noteholders in accordance with the relevant
Condition 12 of the day fixed for any payment to them of amounts received by the
Note Trustee under clause 16 of the Security Trust Deed.

    

    
      
        
           

        

        
          Page
15

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        
          	
                  9.

                	
                  Investment
      by Note Trustee

                
	 	 

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      amount which, under the trusts of this Deed ought to or may be invested by
      the Note Trustee, may be invested by the Note Trustee (in accordance with
      the written directions of the Trust Manager) in any Authorised Investments
      and the Note Trustee may at any time or times vary any Authorised
      Investments into other Authorised Investments and shall not be responsible
      for any loss due to depreciation in value or otherwise resulting from any
      Authorised Investments made by it except as a result of its own wilful
      misconduct, negligence, default, breach of duty or breach of
      trust.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Note Trustee shall have no obligation to invest and reinvest any cash held
      by it in the absence of timely and specific written investment direction
      from the Trust Manager.  In no event shall the Note
      Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              be
      liable for the selection of investments or for investment losses incurred
      on investments made under this clause 9;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              have
      any liability in respect of losses incurred as a result of the liquidation
      of any investment prior to its stated maturity or the failure of the Trust
      Manager to provide timely written investment
  direction,

            

    

     

    except as
a result of its own wilful misconduct, negligence, default, breach of duty or
breach of trust.

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee or its affiliates are permitted to receive additional
      compensation that could be deemed to be in the Note Trustee's economic
      self-interest for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              serving
      as investment adviser, administrator, shareholder servicing agent,
      custodian or sub-custodian with respect to certain of the Authorised
      Investments;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              using
      affiliates to effect transactions in certain Authorised Investments;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              effecting
      transactions in certain Authorised
Investments,

            

    

     

    provided
that such compensation shall not be an Expense of the Trust nor an expense
payable by the Trustee to the Note Trustee under clause 12.

     

    
      	
               
      

            	
              (d)

            	
              The
      Note Trustee does not guarantee the performance of any Authorised
      Investment.

            

    

    
      

       

      
        
          	
                  10.

                	
                  Partial
      Payments

                
	 	 

        

      

    

     

    In the
case of Definitive Notes, on any payment of amounts received by or on behalf of
the Note Trustee under clause 16 of the Security Trust Deed (other than the
payment in full against surrender of a Definitive Note) the Definitive Note in
respect of which such payment is made shall be produced to the Note Trustee or
the Paying Agent by or through whom such payment is made and the Note Trustee
shall or shall cause the Paying Agent to enface on the Definitive Note a
memorandum of the amount and the date of payment, but the Note Trustee may in
any particular case dispense with that production and enfacement upon such
indemnity and/or security being given to the Note Trustee by the recipient of
the payment as the Note Trustee considers sufficient.

    

    
      
        
           

        

        
          Page
16

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        
          	
                  11.

                	
                  Covenants
      by the Trustee and Trust Manager

                
	 	 

        

      

    

     

    
      	
              11.1

            	
              Covenants
      by the Trustee and Trust Manager

            

    

     

    Each of
the Trustee and the Trust Manager undertakes to the Note Trustee, for itself and
on behalf of the US$ Noteholders of each Class of US$ Notes as follows in
relation to the Trust for so long as any of the relevant US$ Notes remain
outstanding (except to the extent that the Note Trustee otherwise
consents).

     

    
      	
               
      

            	
              (a)

            	
              (Master Trust Deed
      covenants)  It will comply with its covenants in clause
      18, 22 or 29 of the Master Trust
Deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              (Transaction
      Documents):

            

    

     

    
      	
               
      

            	
              (i)

            	
              It
      will ensure that it complies with its obligations under the Transaction
      Documents.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              It
      will use its best endeavours to procure that each other party to a
      Transaction Document complies with and performs its obligations under that
      Transaction Document.

            

    

     

    
      	
               
      

            	
              (c)

            	
              (Information)  It
      will give to the Note Trustee a copy of any information
      relating  to the Trust that the Note Trustee reasonably requests
      in connection with the exercise and performance of its powers and
      obligations under this deed.

            

    

     

    
      	
               
      

            	
              (d)

            	
              (Notify Events of
      Default)

            

    

     

    
      	
               
      

            	
              (i)

            	
              It
      will promptly notify the Note Trustee in writing if, to the knowledge of
      its officers who are responsible for the administration of the Trust, it
      becomes actually aware of the occurrence of an Event of Default, Trustee’s
      Default, Servicer Transfer Event, Title Perfection Event or Trust
      Manager’s Default including full details (to the extent known, without
      making any enquiry) of that Event of Default, Trustee’s Default, Servicer
      Transfer Event, Title Perfection Event or Trust Manager’s Default (as the
      case may be).

            

    

     

    
      	
               
      

            	
              (ii)

            	
              The
      Trustee will provide the Note Trustee with a certificate signed by an
      Authorised Signatory of the Trustee on each anniversary of this deed, and
      at any other time within 14 days of request by the Note Trustee,
      confirming:

            

    

     

    
      	
               
      

            	
              (A)

            	
              whether
      or not any Event of Default is subsisting of which it is actually
      aware;

            

    

     

    
      	
               
      

            	
              (B)

            	
              any
      other matter which is required to be notified to the Note Trustee under
      the Transaction Documents and which has not previously been so notified;
      and

            

    

     

    
      	
               
      

            	
              (C)

            	
              that
      the Trustee has complied with its obligations under this
    deed.

            

    

    

    
      
        
           

        

        
          Page
17

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (e)

            	
              (Maintenance of Office or
      Agency)  The Trustee will maintain in the Borough of
      Manhattan, The City of New York, an office or agency where US$ Notes may
      be surrendered for registration of transfer or exchange.  The
      Trustee hereby initially appoints the Principal Paying Agent to
      serve as its agent for the foregoing purposes, located (through the office
      of the Principal Paying Agent's agent) at DTC Transfer Services, 55 Water
      Street, Jeanette Park Entrance, New York, NY 10041.  The
      Principal Paying Agent shall
      act solely for, and as agent of, the Trustee and shall not have any
      obligations towards or relationship or agency or trust with any other
      person in respect of its appointment under this sub-paragraph
      (e).  The Trustee will give prompt written notice to the Note
      Trustee of the location, and of any change in the location, of any such
      office or agency.  Notices and demands to or upon the Trustee in
      respect of any US$ Notes and this deed may be made or served at the
      Corporate Trust Office, and the Trustee hereby appoints the Note Trustee
      as its agent to receive all such surrenders, notices and
      demands.  The Trust Manager shall procure that the Trustee
      maintains, if European Council Directive 2003/48/EC or any other directive
      implementing the conclusions of the ECOFIN Council Meeting of 26-27
      November 2000 is brought into force, a Paying Agent in a member state of
      the European Union that will not be obliged to withhold or deduct tax
      pursuant to any such directive or any law implementing or complying with,
      or introduced to conform with such
directive.

            

    

     

    
      	
               
      

            	
              (f)

            	
              (Calculation
      Agent)  It will procure that, so long as any of the US$
      Notes remain outstanding, there will at all times be a Calculation
      Agent.

            

    

     

    
      	
               
      

            	
              (g)

            	
              (Change to Paying Agents or
      Calculation Agent)  It will give notice to the US$
      Noteholders in accordance with the Agency Agreement and the relevant
      Condition 12 of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      appointment, resignation or removal of any Paying Agent (other than the
      appointment of the initial Principal Paying Agent) or Calculation
      Agent;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      change to any Paying Agent’s Paying Office (as defined in the Agency
      Agreement); or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      change to the Calculation Agent’s Specified Office (as defined in the
      Agency Agreement).

            

    

     

    
      	
               
      

            	
              (h)

            	
              (Notices)  It
      will promptly give to the Note Trustee, or ensure that the Note Trustee
      receives, two copies of the form of every notice given to any US$
      Noteholders in accordance with Condition
12.

            

    

     

    
      	
               
      

            	
              (i)

            	
              (Annual Statement as to
      Compliance)  The Trustee will deliver to the Note
      Trustee, within 120 days after the end of each fiscal year of the Trust
      (commencing on [*]), and otherwise in compliance with the requirements of
      section 314(a)(4) of the TIA, an Officer’s Certificate stating
      that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      review of the activities of the Trustee in respect of the Trust during
      such year and of performance under the Transaction Documents has been made
      under supervision of the person signing the Officer’s Certificate (the
      Signatory);
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              to
      the best of the knowledge of the Signatory, based on the review referred
      to in sub-paragraph (i), the Trustee has complied with all conditions and
      covenants under the Transaction Documents throughout the relevant year,
      or, if there has been a default in the compliance of any such condition or
      covenant, specifying each such default known to the Signatory of the
      nature and status of the default.

            

    

     

    
      	
               
      

            	
              For
      the purposes of this clause 11.1(i) compliance shall be determined without
      regard to any period of grace or requirement of notice under the
      Transaction Documents.

            

    

    

    
      
        
           

        

        
          Page
18

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (j)

            	
              (Opinions as to Trust
      Estate)  On the Closing Date, the Trustee shall furnish
      to the Note Trustee an Opinion of Counsel (who may be counsel for the
      Trustee) either stating that in the opinion of such counsel the Security
      Trust Deed and any other requisite documents has been properly recorded
      and filed so as to make effective the Security Interest intended to be
      created by the Security Trust Deed, and reciting the details of such
      action, or stating that in the opinion of such counsel no such action is
      necessary to make such Security Interest
  effective.

            

    

     

    Within
120 days after the end of each fiscal year commencing on [*] the Trustee shall
furnish to the Note Trustee an Opinion of Counsel (who may be the counsel for
the Trustee) either stating that in the opinion of such counsel such action has
been taken with respect to the recording, filing, re-recording, and refiling of
the Security Trust Deed and any other requisite documents as is necessary to
maintain the Security Interest created by the Security Trust Deed, and reciting
the details of such action, or stating that in the opinion of such counsel no
such action is necessary to maintain such Security Interest.

     

    
      	
               
      

            	
              (k)

            	
              (Noteholder
      Report)

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      Trustee (or the Trust Manager on its behalf) shall deliver to the
      Principal Paying Agent on each Collection Determination Date the
      Noteholders Report for the related Collection Period, with written
      instructions for the Principal Paying Agent to forward the Noteholders
      Report to each US$ Noteholder.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Each
      Noteholders Report shall contain the information set out in
      Schedule 2.

            

    

    
       

      
        
          	
                  12.

                	
                  Remuneration
      of Note Trustee

                
	 	 

        

      

    

     

    
      	
              12.1

            	
              Fee

            

    

     

    The
Trustee shall pay to the Note Trustee a fee as agreed in a separate fee letter
between them.

     

    
      	
              12.2

            	
              Additional
      Remuneration

            

    

     

    If the
Note Trustee gives a notice under Condition 10 of any US$ Note, or it undertakes
duties which the Trustee requests it to undertake and which duties the Note
Trustee, the Trust Manager and the Trustee agree to be of an exceptional nature
or otherwise outside the scope of the normal duties of the Note Trustee under
this deed, the Trustee shall pay to the Note Trustee any additional remuneration
as they agree.

     

    
      	
              12.3

            	
              Costs,
      expenses

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee shall also reimburse, pay or discharge all reasonable costs,
      charges, liabilities and expenses (including, without limitation, legal
      fees and expenses properly incurred and any value added or similar tax
      applicable thereto) and any stamp and other Taxes or duties paid by the
      Note Trustee in connection with properly undertaking its duties under the
      Transaction Documents and in connection with any legal proceedings brought
      by the Note Trustee to enforce any obligation under this deed or the US$
      Notes.  The Note Trustee shall not be reimbursed for any
      overhead or general operating expenses incurred by the Note
      Trustee.

            

    

    

    
      
        
           

        

        
          Page
19

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to clause 29 and without prejudice to the right of indemnity by law given
      to trustees, the Trustee indemnifies the Note Trustee, its officers,
      directors, employees and authorised agents and every other person properly
      appointed by it under this deed from and against all liabilities, losses,
      damages, costs, expenses (including, without limitation, legal fees and
      expenses properly incurred and any value added or similar tax applicable
      thereto), actions, proceedings, claims and demands incurred by or made
      against it or him in the execution of the trusts of this deed or of their
      powers or in respect of any matter or thing done or omitted in any way
      relating to this deed and the Transaction Documents or any documents
      executed in connection with this deed or any Transaction Document (other
      than arising from any breach of trust, fraud, wilful default or negligence
      by the Note Trustee or that
person).

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

            	
              Subject
      to this deed, the obligation of the Trustee under this clause 12 shall
      survive the termination of this deed or the earlier resignation or removal
      of the Note Trustee.

            

    

     

    
      	
              12.4

            	
              Overdue
      rate

            

    

     

    All sums
payable by the Trustee under clause 12.3 shall be payable by the Trustee on the
next [Class A1 Payment Date or] Payment Date [(as the case may be)] in the order
set out in the Series Notice or (if applicable) the Security Trust Deed and
shall carry interest at the rate of [One Month LIBOR] (in the case of sums
payable in US$) and the Bank Bill Rate (in the case of sums payable in A$) (as
applicable) from the due date.  Any amount payable shall carry
interest at that rate from the due date to the date of actual
payment.

     

    
      	
              12.5

            	
              Continuing
      obligation

            

    

     

    Unless
otherwise specifically stated in any discharge relating to this deed the
provisions of this clause shall continue in full force and effect
notwithstanding such discharge.

    
       

      
        
          	
                  13.

                	
                  Note
      Trustee

                
	 	 

        

      

    

     

    
      	
              13.1

            	
              Preferential
      Collection of Claims Against
Trustee

            

    

     

    The Note
Trustee shall comply with section 311(a) of the TIA, excluding any creditor
relationship listed in section 311(b) of the TIA.  A Note Trustee who
has resigned or been removed shall be subject to section 311(a) of the TIA to
the extent required by the TIA.

    

    
      
        
           

        

        
          Page
20

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      
        	
                13.2

              	
                Duties
      of Note Trustee

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              If
      an Event of Default has occurred and is subsisting, of which a Responsible
      Officer of the Note Trustee has actual knowledge, the Note Trustee shall
      exercise the rights and powers vested in it by this deed and use the same
      degree of care and skill in their exercise as a prudent person would
      exercise or use under the circumstances in the conduct of such person’s
      own affairs.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Except
      while an Event of Default subsists:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Note Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this deed and no implied covenants or
      obligations shall be read into this deed against the Note Trustee;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the absence of bad faith on its part, the Note Trustee may conclusively
      rely, as to the truth of the statements and the correctness of the
      opinions expressed therein, upon certificates or opinions furnished to the
      Note Trustee and conforming to the requirements of this deed; however, the
      Note Trustee shall examine the certificates and opinions to determine
      whether or not they appear on their face to conform to the requirements of
      this deed.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act or its own wilful misconduct,
      except that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              this
      paragraph does not limit the effect of paragraph (a) of this clause;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Note Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Note Trustee
      was negligent in ascertaining the pertinent
  facts.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Section
      315(d)(3) of the TIA is expressly excluded by this
  deed.

            

    

     

    
      	
              13.3

            	
              Obligations
      of Note Trustee

            

    

     

    The Note
Trustee represents and warrants that it is duly qualified to assume its
obligations under this deed and has obtained all necessary approvals required to
perform its obligations under this deed.

     

    
      	
              13.4

            	
              Notice
      of Defaults

            

    

     

    If an
Event of Default occurs and is subsisting and a Responsible Officer of the Note
Trustee has actual knowledge of that Event of Default, the Note Trustee shall
mail to each US$ Noteholder notice of the Event of Default within 90 days after
becoming so aware.

     

    
      	
              13.5

            	
              Rights
      of Note Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee may conclusively rely (and shall, save as provided herein, be
      fully protected in acting or refraining from acting) on any document
      believed by it to be genuine and to have been signed or presented by the
      proper person.  The Note Trustee need not investigate any fact
      or matter stated in such document and shall not be responsible for the
      accuracy and/or completeness of any information supplied to it by the
      Trustee, the Trust Manager or any other person in connection with any of
      the Transaction Documents and shall not (save as otherwise provided
      herein) be liable or responsible for any losses to any person, howsoever
      caused, as a result of taking or omitting to take any action whatsoever in
      relation to any such documents, or
otherwise.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Before
      the Note Trustee acts or refrains from acting, it may in its absolute
      discretion require an Officer’s Certificate or an Opinion of
      Counsel.  The Note Trustee shall not be liable for any action it
      takes, suffers or omits to take in good faith in reliance on the Officer’s
      Certificate or Opinion of Counsel.

            

    

    

    
      
        
           

        

        
          Page
21

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (c)

            	
              No
      provision of this deed shall require the Note Trustee to expend or risk
      its own funds or otherwise incur any liability (financial or otherwise) in
      the performance of any of its duties hereunder or in the exercise of any
      of its rights or powers, if it shall have reasonable grounds to believe
      that repayment of such funds or indemnity and/or security satisfactory to
      it against such risk or liability is not assured to
  it.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Note Trustee shall not be responsible for and makes no representation as
      to the validity or adequacy of this deed (other than in relation to its
      own execution of this deed) or the US$ Notes, shall not be accountable for
      the Trustee’s use of the proceeds from the US$ Notes, and shall not be
      responsible for any statement of the Trustee in this deed or in any
      document issued in connection with the sale of the US$ Notes or in the US$
      Notes.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Note Trustee may in relation to this deed act on the advice or opinion of
      or any information obtained from any lawyer, valuer, accountant, banker,
      broker, credit-rating agency, lead manager or other expert whether
      obtained by the Trustee, the Note Trustee, the Trust Manager, the Servicer
      or otherwise and (provided, in the case of lawyers, etc. retained by the
      Note Trustee, that the Note Trustee exercises reasonable care in selecting
      those lawyers, etc.) shall not be liable to any party for any liability,
      loss, damage, cost, expense, action, proceedings, claims or demands,
      howsoever and by whomsoever incurred, as a result
  thereof.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Any
      advice, opinion or information including but not limited to advice,
      opinion or information from any lawyer, valuer, accountant, banker,
      broker, credit-rating agency or lead manager, whether obtained by the
      Trustee, the Note Trustee, the Trust Manager, the Servicer or otherwise,
      may be sent or obtained by letter, telex, telegram, e-mail, facsimile
      transmission or cable and the Note Trustee shall not be liable for acting
      on any such advice, opinion or information purporting to be conveyed by
      any such letter, telex, telegram, e-mail, facsimile transmission or cable
      although the same shall contain some error or shall not be
      authentic.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      Note Trustee may call for and shall be at liberty to accept as sufficient
      evidence of any fact or matter or the expediency of any transaction or
      thing a certificate signed by an Authorised Signatory of the Trustee or
      the Trust Manager (as the case may be) and the Note Trustee shall not be
      bound in any such case to call for further evidence or be responsible for
      any loss that may be occasioned by the Note Trustee acting on that
      certificate.

            

    

     

    
      	
               
      

            	
              (h)

            	
              The
      Note Trustee is at liberty to hold or to place this deed and any other
      documents relating to this deed in any part of the world with any banker
      or banking company or company whose business includes undertaking the safe
      custody of documents or lawyer or firm of lawyers reasonably considered by
      the Note Trustee to be of good repute, neither the Note Trustee nor the
      Security Trustee shall be responsible for or required to insure against
      any loss incurred in connection with any such deposit and all reasonable
      sums required to be paid on account of or in respect of any such deposit
      shall be an Expense of the Trust.

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      Note Trustee shall not be responsible for the application of the proceeds
      of the issue of any of the US$ Notes by the Trustee or any moneys borrowed
      by the Trustee under any Transaction Document or the exchange of any
      Book-Entry Note for any other Book-Entry Note, or Definitive Note, as the
      case may be.

            

    

    

    
      
        
           

        

        
          Page
22

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (j)

            	
              The
      Note Trustee shall not be bound to give notice to any person of the
      execution of this deed or any of the Transaction Documents or any
      transaction contemplated hereby or thereby or to take any steps to
      ascertain whether any Event of Default has happened and, until a
      Responsible Officer has actual knowledge or has received express written
      notice to the contrary, the Note Trustee is entitled to assume that no
      Event of Default has happened and that the Trustee and each other party to
      any Relevant Document is observing and performing all the obligations on
      its part contained in the US$ Notes and under this deed or, as the case
      may be, the Security Trust Deed or any other Transaction Document to which
      it is a party.

            

    

     

    
      	
               
      

            	
              (k)

            	
              Save
      as expressly otherwise provided in this deed or the Transaction Documents,
      the Note Trustee shall have absolute and uncontrolled discretion as to the
      exercise of the discretions vested in the Note Trustee by this deed and
      the Transaction Documents (the exercise of which as between the Note
      Trustee and any US$ Noteholders shall be conclusive and binding on those
      US$ Noteholders) but whenever the Note Trustee is under the provisions of
      this deed or the Transaction Documents bound to act at the request or
      direction of the US$ Noteholders, or any of them, the Note Trustee shall
      nevertheless not be so bound unless first indemnified and/or secured to
      its satisfaction against all actions, proceedings, claims and demands to
      which it may render itself liable and all costs, charges, damages,
      expenses (including, without limitation, legal fees and expenses and any
      value added or similar tax applicable thereto) and liabilities which it
      may incur by so doing.

            

    

     

    
      	
               
      

            	
              (l)

            	
              Any
      consent or approval given by the Note Trustee for the purpose of this
      deed, any Conditions and any Transaction Document may be given on any
      terms and subject to any conditions as the Note Trustee in its absolute
      discretion thinks fit and despite anything to the contrary contained in
      this deed, any Transaction Document or any Conditions may be given
      retrospectively.

            

    

     

    
      	
               
      

            	
              (m)

            	
              The
      Note Trustee shall not (unless and to the extent ordered so to do by a
      court of competent jurisdiction) be required to disclose to any US$
      Noteholder or any Mortgagee, any confidential financial, price sensitive
      or other information made available to the Note Trustee by the Trustee or
      any other person in connection with the trusts of this deed (and expressly
      designated by the Trustee as such) and no US$ Noteholder shall be entitled
      to take any action to obtain from the Note Trustee any such
      information.

            

    

     

    Notwithstanding
anything in this paragraph (m) to the contrary, the foregoing shall not be
construed to prohibit:

     

    
      	
               
      

            	
              (i)

            	
              disclosure
      of any and all information that is or becomes publicly known, or
      information obtained by the Note Trustee from sources other than the
      Trustee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              disclosure
      of any and all information:

            

    

     

    
      	
               
      

            	
              (A)

            	
              if
      required to do so by any applicable statute, law, rule or
      regulation;

            

    

    

    
      
        
           

        

        
          Page
23

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (B)

            	
              to
      any Governmental Agency or regulatory body having or claiming authority to
      regulate or oversee any aspects of the Note Trustee's business or that of
      its Related Corporations;

            

    

     

    
      	
               
      

            	
              (C)

            	
              pursuant
      to any subpoena, civil investigative demand or similar demand or request
      of any court, regulatory authority, arbitrator or
    arbitration;

            

    

     

    
      	
               
      

            	
              (D)

            	
              in
      any preliminary or final offering circular, registration statement or
      contract or other document pertaining to the transactions contemplated by
      this deed; or

            

    

     

    
      	
               
      

            	
              (E)

            	
              to
      any affiliate, independent or internal auditor, agent, employee or
      attorney of the Note Trustee having a need to know the same;
      or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      other disclosure authorised by the
Trustee.

            

    

     

    
      	
               
      

            	
              (n)

            	
              Where
      it is necessary or desirable for any purpose in connection with this deed
      to convert any sum from one currency to another it shall (unless otherwise
      provided by this deed, any other Transaction Document or required by law)
      be converted at the rate or rates, in accordance with the method and as at
      the date for the determination of the rate of exchange, as may be directed
      in writing by the Trustee or the Trust Manager as relevant and the
      rate, method and date so directed shall be binding on the Trustee and the
      US$ Noteholders.

            

    

     

    
      	
               
      

            	
              (o)

            	
              The
      Note Trustee shall not be bound to take any steps to ascertain whether any
      event, condition or act, the happening of which would cause a right or
      remedy to become exercisable by the Note Trustee under this deed or by the
      Trustee under any of the Transaction Documents has happened or to monitor
      or supervise the observance and performance by the Trustee or any of the
      other parties thereto of their respective obligations thereunder and,
      until a Responsible Officer of the Note Trustee has actual knowledge or
      express notice to the contrary, the Note Trustee shall be entitled to
      assume that no such event, condition or act has happened and that the
      Trustee and each of the other parties thereto are observing and performing
      all their respective obligations
thereunder.

            

    

     

    
      	
               
      

            	
              (p)

            	
              The
      Note Trustee shall not be responsible for recitals, statements, warranties
      or representations of any party (other than itself) contained in any
      Transaction Document or other document entered into in connection with it
      and shall assume its accuracy and correctness and its execution, legality,
      effectiveness, adequacy, genuineness, validity or enforceability or
      admissibility in evidence of that agreement or other document or any
      security constituted by them, and the Note Trustee may accept without
      enquiry, requisition or objection all title as the Trustee may have to any
      of the Mortgaged Property or as any other person may have to
      any other security charged from time to time to the Note Trustee and shall not be bound to
      investigate or make any enquiry in the title of the Trustee to any of the
      Mortgaged Property or the title of any other person to any other security
      charged from time to time to the Note Trustee whether or not any defect or
      failure is or was known to the Note Trustee or might be, or might have
      been, discovered upon examination inquiry or investigation and whether or
      not capable of remedy.  Notwithstanding the generality of the
      foregoing each US$ Noteholder is solely responsible for making its own
      independent appraisal of and investigation into the financial condition,
      creditworthiness, condition, affairs, status and nature of the Trustee,
      and the Note Trustee shall not at any time have any responsibility for the
      same and no US$ Noteholder shall rely on the Note Trustee in that
      respect.

            

    

    

    
      
        
           

        

        
          Page
24

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (q)

            	
              The
      Note Trustee shall not be liable for any failure, omission or defect in or
      filing or procuring registration or filing of or otherwise protecting or
      perfecting the Security Trust Deed or the Mortgaged Property or any other
      security or failure to call for or delivery of documents of title to the
      Mortgaged Property or any other security or to require any further
      assurances in relation to any property or assets comprised in the
      Mortgaged Property or any other
security.

            

    

     

    
      	
               
      

            	
              (r)

            	
              The
      Note Trustee shall not be obliged (whether or not directed to do so by any
      US$ Noteholders) to direct the Security Trustee to perfect legal title to
      any Purchased Receivable Security if, in the sole opinion of the Note
      Trustee, that perfection would or might result in the Note Trustee
      becoming liable to or incurring any obligation to any borrower under a
      Purchased Receivable Security and, in its sole opinion, there is or would
      be insufficient cash to discharge, in accordance with the provisions of
      the Security Trust Deed, that liability or obligations as and when they
      arise.  Notwithstanding the generality of the foregoing, the
      Note Trustee shall have no responsibility or liability for the payment of
      any fees for the registration of any Receivable Security in Australia or
      for any related legal, administrative or other fees, costs and expenses
      (including, but not limited to, any proper disbursements and any value
      added tax).  The Note Trustee has no obligation to direct the
      Security Trustee to perfect legal title except where directed to do so by
      the relevant US$ Noteholders in accordance with the Transaction
      Documents.

            

    

     

    
      	
               
      

            	
              (s)

            	
              The
      Note Trustee shall, as regards all the powers, trusts, authorities, duties
      and discretions vested in it by this deed, the Transaction Documents or
      the US$ Notes (including the relevant Conditions), except where expressly
      provided otherwise have regard solely to the interests of the US$
      Noteholders.

            

    

     

    
      	
               
      

            	
              (t)

            	
              Without
      prejudice to the provisions of any Transaction Document, the Note Trustee
      shall not be under any obligation to insure any of the Mortgaged Property
      (or any other property) or any deeds or documents of title or other
      evidence relating to that property and shall not be responsible for any
      loss, expense or liability which may be suffered as a result of the lack
      of or inadequacy of any that
insurance.

            

    

     

    
      	
               
      

            	
              (u)

            	
              The
      Note Trustee shall not be responsible for any loss, expense or liability
      occasioned to the Mortgaged Property or any other property or in respect
      of all or any of the moneys which may stand to the credit of the
      Collection Account, from time to time however caused (including any bank,
      broker, depositary, warehouseman or other intermediary or any clearing
      system or its operator acting in accordance with or contrary to the terms
      of any of the Transaction Documents or otherwise), unless that loss is
      occasioned by the wilful neglect or misconduct or fraud, or breach of
      trust of the Note Trustee.  The Note Trustee has no
      responsibility under this deed to monitor the Mortgaged Property or any
      other property or in respect of all or any of the moneys which may stand
      to the credit of the Collection
Account.

            

    

    

    
      
        
           

        

        
          Page
25

          
            

          

        

        
           

        

      

    

    
       

      
        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      	 
      

        

      

    

     

    
      	
               
      

            	
              (v)

            	
              The
      Note Trustee has no responsibility whatsoever to the Trustee or any US$
      Noteholder as regards any deficiency or additional payment, as the case
      may be, which might arise because the Note Trustee or the Trustee is
      subject to any Tax in respect of the Mortgaged Property, the Security
      Trust Deed or any other security or any income or any proceeds from
      them.

            

    

     

    
      	
               
      

            	
              (w)

            	
              No
      provision of this deed requires the Note Trustee to do anything which may
      be illegal or contrary to applicable law or regulation.  Without
      limitation nothing contained in this deed imposes any obligation on the
      Note Trustee to make any further advance to a borrower or to borrow any
      moneys under a Transaction Document or to maintain, protect or preserve
      any moneys standing to the credit of the Collection
    Account.

            

    

     

    
      	
               
      

            	
              (x)

            	
              The
      Note Trustee is not responsible for the genuineness, validity,
      effectiveness, sufficiency or suitability of any of the Transaction
      Documents or any of the Mortgages, Security Interests or other documents
      entered into (other than in relation to its own execution of the relevant
      Transaction Documents) in connection with them or any Mortgage Insurance
      Policy or any other document or any obligation or rights created or
      purported to be created by them or under them or any Security Interest or
      the priority constituted by or purported to be constituted by or pursuant
      to that Security Interest, nor shall it be responsible or liable to any
      person because of any invalidity of any provision of those documents or
      the unenforceability of those documents, whether arising from statute, law
      or decision of any court and (without limitation) the Note Trustee shall
      not be responsible for or have any duty to make any investigation in
      respect of or in any way be liable whatsoever
  for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      nature, status, creditworthiness or solvency of any borrower or any other
      person or entity who has at any time provided any security or support
      whether by way of Guarantee, Security Interest or otherwise in respect of
      any advance made to any borrower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      execution, legality, validity, adequacy, admissibility in evidence or
      enforceability of any Mortgage or Loan or any other document entered into
      in connection with them;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      title, ownership, value, sufficiency or existence of any Land, Mortgaged
      Property, or any Mortgage Insurance
Policy;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      registration, filing, protection or perfection of any Mortgage or the
      priority of the security created under a Mortgage whether in respect of
      any initial advance or any subsequent advance or any other sums or
      liabilities;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      scope or accuracy of any representations, warranties or statements made by
      or on behalf of any borrower in any application for any advance or in any
      Mortgage or Loan or in any document entered into in connection with
      them;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              the
      performance or observance by any borrower or any other person of any
      provisions of any Mortgage or Loan or in any document entered into in
      connection with them or the fulfilment or satisfaction of any conditions
      contained in them or relating to them or as to the existence or occurrence
      at any time of any default, event of default or similar event contained in
      them or any waiver or consent which has at any time been granted in
      relation to any of the above;

            

    

    

    
      
        
           

        

        
          Page
26

          
            

          

        

        
           

        

      

    

     

    
      
        	
                Note
      Trust Deed

              	
                

              
	 
      

      

    

     

    
      	
               
      

            	
              (vii)

            	
              the
      existence, accuracy or sufficiency of any legal or other opinions,
      searches, reports, certificates, valuations or investigations delivered or
      obtained or required to be delivered or obtained at any time in connection
      with any Mortgage or Loan;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              the
      title of the Trustee to any Mortgage, Loan or other Mortgaged
      Property;

            

    

     

    
      	
               
      

            	
              (ix)

            	
              the
      suitability, adequacy or sufficiency of any guidelines under which Loans
      are entered into or compliance with those guidelines or compliance with
      any applicable criteria for any further advances or the legality or
      ability or enforceability of the advances or the priority of the Mortgage
      in relation to the advances;

            

    

     

    
      	
               
      

            	
              (x)

            	
              the
      compliance of the provisions and contents of and the manner and
      formalities applicable to the execution of the Mortgages and Loans and any
      documents connected with them or the making of any advance intended to be
      secured by them or with any applicable laws or regulations (including
      Consumer Credit Legislation);

            

    

     

    
      	
               
      

            	
              (xi)

            	
              the
      failure by any Approved Seller, the Trustee, the Servicer or the Trust
      Manager to obtain or comply with any Authorisation in connection with the
      origination, sale, purchase or administration of any of the Mortgages or
      Loans or the making of any advances in connection with them or the failure
      to effect or procure registration of or to give notice to any person in
      relation to or otherwise protect the security created or purported to be
      created by or pursuant to any of the Mortgages or Loans or other documents
      entered into in connection with
them;

            

    

     

    
      	
               
      

            	
              (xii)

            	
              the
      failure to call for delivery of documents of title to or require any
      transfers, legal mortgages, charges or other further assurances in
      relation to any of the assets the subject matter of any of the Transaction
      Documents or any other document;

            

    

     

    
      	
               
      

            	
              (xiii)

            	
              any
      accounts, books, records or files maintained by any Approved Seller, the
      Servicer, the Trustee, the Trust Manager or any other person in respect of
      any of the Mortgages or Loans;

            

    

     

    
      	
               
      

            	
              (xiv)

            	
              any
      other matter or thing relating to or in any way connected with any
      Mortgage or Loan or any document entered into in connection with them
      whether or not similar to the above;
or

            

    

     

    
      	
               
      

            	
              (xv)

            	
              any
      facts or matters stated in any resolution, certificate, opinion, report,
      notice, request, consent or other written
  approval.

            

    

     

    
      	
               
      

            	
              (y)

            	
              None
      of the Note Trustee, its officers, directors, employees or authorised
      agents is liable or responsible for any loss, cost, damages, expenses or
      inconvenience which may result from anything done or omitted to be done by
      it in accordance with the provisions of this deed, any Transaction
      Document or any other document or as a consequence of or in connection
      with it being held or treated as, or being deemed to be, a creditor, for
      the purposes of the Consumer Credit Legislation, in respect of any of the
      Mortgages.

            

    

     

    
      	
               
      

            	
              (z)

            	
              In
      connection with any proposed modification, waiver, authorisation or
      determination permitted by this deed, the Note Trustee shall not have any
      responsibility for the consequences thereof for individual US$ Noteholders
      resulting from their being for any purpose domiciled or resident in, or
      otherwise connected with, or subject to, the jurisdiction of any
      particular territory.

            

    

    
      
         

      

      
        Page
27

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (aa)

            	
              The
      Note Trustee shall have no responsibility for the maintenance of any
      rating of the US$ Notes by a Designated Rating Agency or any other
      credit-rating agency or any other
person.

            

    

     

    
      	
               
      

            	
              (bb)

            	
              The
      Note Trustee shall be under no obligation to monitor or supervise the
      functions of the Servicer from time to time under the terms of the
      Servicing Agreement or any other person under any other Transaction
      Document, including and is entitled, in the absence of actual knowledge of
      a breach of duty or obligation, to assume that the Servicer is properly
      performing its obligations in accordance with the provisions of the
      Servicing Agreement or that any other person is properly performing its
      obligations in accordance with each other Transaction Document, as the
      case may be.

            

    

     

    
      	
               
      

            	
              (cc)

            	
              The
      Note Trustee acknowledges that the Trust Manager is responsible, under the
      Series Notice, for calculating all amounts referred to in clause 5.2 of
      the Series Notice (other than calculations required to be made by the
      Calculation Agent under the Agency Agreement) and the Note Trustee has no
      liability in respect of these calculations other than as a result of the
      negligence, bad faith or wilful default of the Note
    Trustee.

            

    

     

    
      	
               
      

            	
              (dd)

            	
              The
      Note Trustee shall not be liable to the Trustee, or any US$ Noteholder by
      reason of having accepted as valid or not having rejected any Definitive
      Note purporting to be such and subsequently found to be forged or not
      authentic and the Note Trustee may call for and shall be at liberty to
      accept and place full reliance on as sufficient evidence of the facts
      stated therein a certificate or letter of confirmation certified as true
      and accurate and signed on behalf of the Common Depositary or any common
      depositary for them or any person as the Note Trustee reasonably considers
      appropriate, or any form of record made by any of them to the effect that
      at any particular time or through any particular period any particular
      person is, was, or will be, shown in its records as entitled to a
      particular number of US$ Notes.

            

    

    
       

      
        
          	
                  14.

                	
                  Note
      Trustee’s Liability

                

        

      

    

     

    Nothing
in this deed shall in any case in which the Note Trustee has failed to show the
degree of care and diligence required of it as trustee having regard to the
provisions of this deed conferring on it any powers, authorities or discretions
exempt the Note Trustee from or indemnify it against any liability for breach of
trust or any liability which by virtue of any rule of law would otherwise attach
to it in respect of any wilful misconduct, negligence, default, breach of duty
or breach of trust of which it may be guilty in relation to its duties under
this deed.

    
       

      
        
          	
                  15.

                	
                  Delegation
      by Note Trustee

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee may whenever it thinks fit delegate by power of attorney or
      otherwise to any person or persons for any period (whether exceeding one
      year or not) or indefinitely all or any of the trusts, powers and
      authorities vested in the Note Trustee by this deed and that delegation
      may be made upon any terms and subject to any conditions (including power
      to sub-delegate) and subject to any regulations as the Note Trustee may in
      the interests of the US$ Noteholders think
fit.

            

    

    
      
         

      

      
        Page
28

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (b)

            	
              If
      the Note Trustee exercises reasonable care in the selection of a delegate
      under paragraph (a), the Note Trustee shall not be in any way responsible
      for any loss incurred by reason of any misconduct or default on the part
      of any delegate or sub-delegate.  The Note Trustee must within a
      reasonable time prior to any delegation or any renewal, extension or
      termination of any delegation give notice of it to the
      Trustee.

            

    

    
       

      
        
          	
                  16.

                	
                  Employment
      of Agent by Note
Trustee

                

        

      

    

     

    The Note
Trustee may in the conduct of the trusts of this deed, instead of acting
personally, employ and pay an agent, custodian or nominee, whether being a
lawyer or other professional person, to transact or concur in transacting any
business and to do or concur in doing all acts required to be done in connection
with the trusts of this deed.  If the Note Trustee exercises
reasonable care in the selection of that agent, the Note Trustee shall not in
any way be responsible for any loss incurred by reason of any misconduct or
default on the part of that agent.

     

    Any
agent, custodian or nominee of the Note Trustee under this deed is entitled to
charge and be paid all usual professional and other charges for business
transacted and acts done by him or his firm in connection with the trusts of
this deed and also his reasonable charges in addition to disbursements for all
other work and business done and all time spent by him or his firm in connection
with matters arising in connection with this deed.  Those charges will
be for the account of the Note Trustee who shall pay such charges out of funds
it is holding in accordance with the terms of this deed or shall be reimbursed
by the Trustee under clause 12.

    
       

      
        
          	
                  17.

                	
                  Note
      Trustee Contracting with
Trustee

                

        

      

    

     

    Neither
the Note Trustee nor any director or officer of a corporation acting as a
trustee under this deed, nor the Security Trustee, is by reason of its or their
fiduciary position in any way precluded from entering into or being interested
in any contract or financial or other transaction or arrangement with the
Trustee or any other party to any of the Transaction Documents or any person or
body corporate associated with the Trustee including any contract, transaction
or arrangement of a banking or insurance nature or any contract, transaction or
arrangement in relation to the making of loans or the provision of financial
facilities to or the purchase, placing or underwriting of or subscribing or
procuring subscriptions for or otherwise acquiring holding or dealing with the
US$ Notes, or any of them, or any other bonds, stocks, shares, debenture stock,
debentures, notes or other securities of the Trustee or any other party to any
of the Transaction Documents or any related person or body corporate or from
accepting or holding the trusteeship of any other trust deed constituting or
securing any other securities issued by or relating to the Trustee or any other
party to any of the Transaction Documents or any related person or body
corporate or any other office of profit under the Trustee or any other party to
any of the Transaction Documents or any related person or body corporate and
shall be entitled to retain and shall not be in any way liable to account for
any profit made or share of brokerage or commission or remuneration or other
benefit received by them or in connection with any of those
arrangements.

    
      
         

      

      
        Page
29

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  18.

                	
                  Waiver

                

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee may, without prejudice to its rights in respect of any
      subsequent breach, condition, event or act from time to time and at any
      time, subject to clause 7.1, waive or authorise on any terms and subject
      to any conditions as it sees fit and
proper:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      breach or proposed breach by the Trustee of any of the covenants or
      provisions contained in this deed or in the US$ Notes (including the
      relevant Conditions) or any other Transaction Document;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              determine
      that any condition, event or act which constitutes, or which with the
      giving of notice, the lapse of time or the issue of a certificate would
      constitute, but for that determination, an Event of Default shall not, or
      shall not subject to specified conditions, be so treated for the purposes
      of this deed,

            

    

     

    but the Note Trustee shall
not exercise any powers conferred on it by this clause in contravention of any
express direction given in writing by holders of US$ Notes representing at least
75% of the aggregate Invested Amount of the US$ Notes, or US$ Notes of the
relevant Class, or by a Request under the relevant Condition 10.

     

    No
direction or request shall affect any waiver, authorisation or determination
previously given or made.

     

    
      	
               
      

            	
              (b)

            	
              Any
      waiver, authorisation or determination under this clause is binding on the
      US$ Noteholders, or the US$ Noteholders of the relevant Class (as the case
      may be), and if, but only if, the Note Trustee so requires, shall be
      notified by the Trustee to the
      relevant US$ Noteholders in accordance with the relevant Condition 12
      as soon as practicable.

            

    

    
       

      
        
          	
                  19.

                	
                  Amendment

                

        

      

    

     

    
      	
              19.1

            	
              Approval

            

    

     

    The Note
Trustee, the Trust Manager and the Trustee may, following giving notice (by
either the Trust Manager or the Trustee) to each Designated Rating Agency, by
way of supplemental deed alter, add to or modify this deed (including this
clause 19), any Conditions (other than the proviso in clause 33.2 or any
provision of this deed or any Conditions referred to in that proviso) and this
clause or any Transaction Document so long as that alteration, addition or
modification is:

     

    
      	
               
      

            	
              (a)

            	
              to
      correct a manifest error or ambiguity or is of a formal, technical or
      administrative nature only;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the opinion of the Note Trustee (for which it may rely on an Opinion of
      Counsel) necessary to comply with the provisions of any law or regulation
      or with the requirements of any Government
  Agency;

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

    
      
         

      

      
        Page
30

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (d)

            	
              in
      the opinion of the Note Trustee (for which it may rely on an Opinion of
      Counsel) neither materially prejudicial nor likely to be materially
      prejudicial to the interest of the US$ Noteholders as a whole, or a Class
      of US$ Noteholders as a whole,

            

    

     

    and in
the manner, and to the extent, permitted by the Transaction
Documents.

     

    
      	
              19.2

            	
              Resolution
      of US$ Noteholders

            

    

     

    Subject
to clause 33.2, where a proposed alteration, addition or modification to this
deed, other than an alteration, addition or modification referred to in clause
19.1, is materially prejudicial or likely to be materially prejudicial to the
interest of US$ Noteholders as a whole, or a Class of US$ Noteholders as a
whole, the Note Trustee, the Trust Manager and the Trustee may make that
alteration, addition or modification (subject to the TIA (if applicable)) only
if sanctioned in writing by holders of at least 75% of the aggregate Invested
Amount of the relevant US$ Notes.

     

    
      	
              19.3

            	
              Distribution
      of amendments

            

    

     

    The Trust
Manager shall distribute to all relevant US$ Noteholders a copy of any
amendments made under clause 19.1 or 19.2 under the relevant Condition 12 as
soon as reasonably practicable after the amendment has been made.

     

    
      	
              19.4

            	
              Amendments
      binding

            

    

     

    Any
amendment under this clause is binding on the relevant US$
Noteholders.  Prior to its execution of any amendment, the Note
Trustee is entitled to receive an Opinion of Counsel stating that such amendment
is authorised or permitted under this deed and that all conditions precedent (if
any) to the execution of such amendment have been satisfied.

     

    
      	
              19.5

            	
              Conformity
      with TIA

            

    

     

    For so
long as this deed shall be qualified under the TIA, every amendment of this deed
executed pursuant to this clause 19 shall conform to the requirements of the TIA
as then in effect.

    
       

      
        
          	
                  20.

                	
                  US$
      Noteholders

                

        

      

    

     

    
      	
              20.1

            	
              Absolute
      Owner

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee, the Trust Manager, the Security Trustee, the Note Trustee and any
      Paying Agent may treat the registered holders of any Definitive Note as
      the absolute owner of that Definitive Note (whether or not that Definitive
      Note is overdue and despite any notation or notice of ownership or writing
      on it or any notice of previous loss or theft of it or trust or other
      interest in it) for the purpose of making payment and for all purposes and
      none of the Trustee, the Trust Manager, the Security Trustee, the Note
      Trustee or the Paying Agents is affected by any notice to the
      contrary.

            

    

    
      
         

      

      
        Page
31

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (b)

            	
              So
      long as the US$ Notes, or any of them, are represented by a Book-Entry
      Note, the Trustee, the Trust Manager, the Note Trustee and any Paying
      Agent may  treat the person for the time being shown in the
      records of the Clearing Agency as the holder of any US$ Note as the
      absolute owner of that US$ Note and the Trustee, the Trust Manager, the
      Note Trustee and the Paying Agents are not affected by any notice to the
      contrary, but without prejudice to the entitlement of the registered
      holder of the Book-Entry Note to be paid principal and interest on the
      Book-Entry Note in accordance with its terms.  Such person shall
      have no claim directly against the Trustee or the Note Trustee in respect
      of payment due on any US$ Notes for so long as those US$ Notes are
      represented by a Book-Entry Note and the relevant obligations of the
      Trustee will be discharged by payment to the registered holder of the
      Book-Entry Note in respect of each amount so
  paid.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Any
      payments by the Trustee to the registered holder of a Book-Entry Note or
      to an owner of a US$ Note under this clause will be a good discharge of
      the Trustee’s payment obligations in respect
  thereto.

            

    

     

    
      	
               
      

            	
              (d)

            	
              All
      payments made to the owner of a US$ Note under this clause (or, in the
      case of a Book-Entry Note, to or to the order of the registered holder of
      that Book-Entry Note) shall be valid and, to the extent of the sums so
      paid, effective to satisfy and discharge the liability for the moneys
      payable upon those US$ Notes.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Any
      instalment of interest or principal, payable on any US$ Note which is
      punctually paid or duly provided for by the Trustee to the Paying Agent on
      the applicable [Class A1 Payment Date,] Payment Date or Maturity Date
      shall be paid to the person in whose name such US$ Note is registered on
      the Record Date, by cheque mailed first-class, postage prepaid, to such
      person’s address as it appears on the Note Register on such Record Date,
      except that, unless Definitive Notes have been issued pursuant to clause
      3.3 (with respect to US$ Notes registered on the Record Date in the name
      of the nominee of the Clearing Agency (initially, such nominee to be Cede
      & Co.)), payment will be made by wire transfer in immediately
      available funds to the account designated by such nominee and except for
      the final instalment of principal payable with respect to such US$ Note on
      [a Class A1 Payment Date,] Payment Date or Maturity Date and except for
      the redemption for any US$ Note called for redemption pursuant to the
      relevant Condition 5 which shall be payable as provided in paragraph
      (f).

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      principal of each US$ Note shall be payable on each Payment Date and the
      Maturity Date as set forth in the relevant Conditions.  Upon
      receiving written notice from the Trustee that the final instalment of
      principal and interest on any US$ Notes will be paid, the Principal Paying
      Agent shall notify the person in whose name a US$ Note is registered at
      the close of business on the Record Date preceding the [Class A1 Payment
      Date or] Payment Date [(as the case may be)], of the date on which the
      Trustee expects that the final instalment of principal of and interest on
      such US$ Note will be paid.  Such notice shall be mailed or
      transmitted by facsimile prior to such final Maturity Date and shall
      specify that such final instalment will be payable only upon presentation
      and surrender of such US$ Note and shall specify the place where such US$
      Note may be presented and surrendered for payment of such
      instalment.  Notices in connection with redemptions of US$ Notes
      shall be mailed to the US$ Noteholders as provided in clause
      26.1.

            

    

    
      
         

      

      
        Page
32

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
              20.2

            	
              Clearing
      Agency Certificate

            

    

     

    The
Trustee, the Trust Manager and the Note Trustee may call for and shall be at
liberty to accept and place full reliance on as sufficient evidence a
certificate or letter or confirmation signed on behalf of any Clearing Agency,
or any form of record made by any of them to the effect that at any particular
time or throughout any particular period any particular person is, was, or will
be, shown in its records as entitled to a particular interest in a Book-Entry
Note.

    
       

      
        
          	
                  21.

                	
                  Currency
      Indemnity

                

        

      

    

     

    Subject
to this deed, the Trustee indemnifies the Note Trustee and the US$ Noteholders
and keeps them indemnified against:

     

    
      	
               
      

            	
              (a)

            	
              any
      loss or damage incurred by any of them arising from the non-payment by the
      Trustee of any US$ amount due to the Note Trustee or the relevant US$
      Noteholders under this deed or the relevant US$ Notes by reason of any
      variation in the rates of exchange between those used for the purposes of
      calculating the amount due under a judgment or order in respect of that
      payment, which amount is expressed in a currency other than US$, and under
      which the Note Trustee, the US$ Noteholders do not have an option to have
      that judgment or order expressed in US$, and those prevailing at the date
      of actual payment by the Trustee;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      deficiency arising or resulting from any variation in rates of exchange
      between:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      date (if any) as of which the non-US$ currency equivalent of the US$
      amounts due or contingently due under this deed (other than this clause)
      or in respect of the relevant US$ Notes is calculated for the purposes of
      any bankruptcy, insolvency or liquidation of the Trustee;
    and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      final date for ascertaining the amount of claims in that bankruptcy,
      insolvency or liquidation provided that in that bankruptcy, insolvency or
      liquidation claims are required to be made in a currency other than
      US$.

            

    

     

    The
amount of that deficiency shall not be reduced by any variation in rates of
exchange occurring between that final date and the date of any distribution of
assets in connection with that bankruptcy, insolvency or
liquidation.

     

    
      	
               
      

            	
              (c)

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

            

    

    
      
         

      

      
        Page
33

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  22.

                	
                  New
      Note Trustees

                

        

      

    

     

    
      	
              22.1

            	
              Appointment
      by Trustee

            

    

     

    The
Trustee may on the recommendation of the Trust Manager at any time appoint a new
note trustee of this deed who has previously been approved in writing by holders
of at least 75% of the aggregate Invested Amount of the US$
Notes.  One or more persons may hold office as note trustee or note
trustees of this deed but that note trustee or note trustees must be or include
a Trust Corporation.  Whenever there are more than two note trustees
of this deed, the majority of those note trustees are competent to execute and
exercise all the duties, powers, trusts, authorities and discretions vested in
the Note Trustee by this deed if a Trust Corporation is included in that
majority.

     

    
      	
              22.2

            	
              Appointment
      by Note Trustee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee may, on 30 days prior written notice to the Trustee and Trust
      Manager, appoint any person established or resident in any jurisdiction
      (whether a Trust Corporation or not) to act either as a separate note
      trustee or as a co-note trustee jointly with the Note
    Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      the Note Trustee considers that appointment to be in the interests of the
      US$ Noteholders;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              for
      the purposes of conforming to any legal requirements, restrictions or
      conditions in any jurisdiction  in which any particular act or
      acts is or are to be performed; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              for
      the purposes of obtaining a judgment in any jurisdiction or the
      enforcement in any jurisdiction of either a judgment already obtained or
      any of the provisions of this deed against the
  Trustee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to the provisions of this deed, a person appointed under paragraph (a) has
      all rights, powers, authorities and discretions (not exceeding those
      conferred on the Note Trustee by this deed) and all duties and obligations
      conferred or imposed by the instrument of appointment.  All
      rights, powers, duties and obligations conferred or imposed upon the Note
      Trustee shall be conferred or imposed upon and exercised or performed by
      the Note Trustee and such separate note trustee or co-note trustee jointly
      (it being understood that such separate trustee or co-note trustee is not
      authorised to act separately without the Note Trustee joining in such
      act), except to the extent that under any law of any jurisdiction in which
      any particular act or acts are to be performed the Note Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event
      such rights, powers, duties and obligations shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Note Trustee.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee may remove any person appointed under this
      clause.  The reasonable remuneration of any person appointed
      under this clause together with any costs, charges and expenses properly
      incurred by it in performing its function as note trustee or co-note
      trustee will be costs, charges and expenses incurred by the Note Trustee
      under this deed, which shall be reimbursed by the Trustee under clause
      12.

            

    

    
      
         

      

      
        Page
34

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
              22.3

            	
              Notice

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee or the Trust Manager on its behalf shall notify the Principal
      Paying Agent and the US$ Noteholders in writing of any appointment of a
      new note trustee or any retirement or removal of an existing note trustee
      of this deed as soon as practicable after becoming aware of that
      appointment, retirement or removal.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Trustee or the Trust Manager on its behalf shall notify each Designated
      Rating Agency in writing of any appointment of a new note trustee or its
      retirement or removal as soon as
practicable.

            

    

    
      

       

      
        
          	
                  23.

                	
                  Note
      Trustee’s Retirement and
Removal

                

        

      

    

     

    
      	
              23.1

            	
              Removal
      by Trustee

            

    

     

    The
Trustee (or the Trust Manager on its behalf after advising the Trustee) may at
any time terminate the appointment of the Note Trustee by giving written notice
to that effect to each Designated Rating Agency and the Note Trustee with effect
immediately on that notice, if any of the following occurs in relation to the
Note Trustee:

     

    
      	
               
      

            	
              (a)

            	
              an
      Insolvency Event has occurred in relation to the Note
    Trustee;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Note Trustee has ceased its business (subject only to clause
      23.6(b));

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Note Trustee has failed to remedy, within fourteen days after written
      notice by the Trustee or Trust Manager, any material breach of this deed
      on the part of the Note Trustee; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Note Trustee fails to satisfy any obligation imposed on it under the TIA
      with respect to the Trust or this deed, or comply with clause
      23.7.

            

    

     

    
      	
              23.2

            	
              Removal
      by US$ Noteholders

            

    

     

    The US$
Noteholders may resolve by written consent of the holders of at least 75% of the
aggregate Invested Amount of US$ Notes to require the Trustee (or the Trust
Manager on its behalf) to remove the Note Trustee or note trustees for the time
being of this deed upon 30 days notice.

     

    
      	
              23.3

            	
              Resignation

            

    

     

    Subject
to this clause 23, the Note Trustee may resign its appointment under this deed
at any time by giving to the Trustee and the Trust Manager, which shall give
notice to each Designated Rating Agency, not less than 60 days written notice to
that effect, which notice shall expire not less than 30 days before nor 30 days
after any due date for payment of any US$ Notes.

     

    
      	
              23.4

            	
              Rating
      Notification

            

    

     

    Any
resignation or removal of the Note Trustee and appointment of a successor note
trustee will not become effective until acceptance of the appointment by that
successor note trustee and the Trust Manager has given a Rating Notification in
respect of the US$ Notes only in relation to such resignation, removal or
appointment (as the case may be).

    
      
         

      

      
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35

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
              23.5

            	
              Trust
      Corporation

            

    

     

    The
Trustee undertakes that if the only Note Trustee which is a Trust Corporation
retires or is removed it will use its best endeavours to promptly appoint a new
note trustee of this deed which is a Trust Corporation as soon as reasonably
practicable.  The retirement or removal of any Note Trustee shall not
become effective until a successor Note Trustee which is a Trust Corporation is
appointed.  The Trust Manager must assist the Trustee to appoint a new
Note Trustee of this deed.  If the Trustee fails to appoint a new Note
Trustee within 60 days from such retirement, resignation or removal, the Note
Trustee shall be entitled to appoint a new Note Trustee which is a Trust
Corporation and such appointment shall be deemed to have been made under
clause 22.2 of this deed.

     

    
      	
              23.6

            	
              Successor
      to Note Trustee

            

    

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      corporation:

            

    

     

    
      	
               
      

            	
              (i)

            	
              into
      which the Note Trustee is merged;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      which the Note Trustee is
consolidated;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              resulting
      from any merger or consolidation to which the Note Trustee is a
      party;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              to
      which the Note Trustee sells or otherwise transfers all or substantially
      all the assets of its corporate trust
business,

            

    

     

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

     

    
      	
              23.7

            	
              Eligibility;
      Disqualification

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee shall at all times satisfy the requirements of section 310(a)
      of the TIA.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Note Trustee shall have a combined capital and surplus (as those terms are
      used in the TIA) of at least US$50,000,000 as set forth in its most recent
      published annual report of
condition.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Note Trustee shall comply with section 310(b) of the TIA provided that any
      indenture or indentures under which other securities of the Trustee are
      outstanding shall be excluded from the operation of section 310(b)(1) of
      the TIA for the purposes of paragraph (b) if the requirements for such
      exclusion set out in section 310(b)(1) of the TIA are
  met.

            

    

    
      
         

      

      
        Page
36

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  24.

                	
                  Note
      Trustee’s Powers
Additional

                

        

      

    

     

    The
powers conferred upon the Note Trustee by this deed shall be in addition to any
powers which may from time to time be vested in the Note Trustee by the general
law or as a holder of any of the US$ Notes.

    
       

      
        
          	
                  25.

                	
                  Severability
      of Provisions

                

        

      

    

     

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

    
       

      
        
          	
                  26.

                	
                  Notices

                

        

      

    

     

    
      	
              26.1

            	
              General

            

    

     

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

     

    
      	
               
      

            	
              (a)

            	
              must
      be in writing;

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

            	
              will
      be taken to be duly given or made:

            

    

     

    
      	
               
      

            	
              (i)

            	
              (in
      the case of delivery in person or by post) when delivered, received or
      left at the address of the recipient shown in clause 26.2 or to any other
      address which it may have notified by the recipient to the
      sender;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              (in
      the case of facsimile transmission) on receipt of a transmission report
      confirming successful transmission to the number shown in clause 26.2 or
      any other number notified by the recipient to the sender under this
      clause 26; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              (in
      the case of a telex) on receipt by the sender of the answerback code of
      the recipient at the end of transmission to the number shown in
      clause 26.2 or any other number notified by the recipient to the
      sender under this clause 26,

            

    

     

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

    
      
         

      

      
        Page
37

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
              26.2

            	
              Details

            

    

     

    The
address, facsimile and telex of each party at the date of this deed are as
follows:

     

    The
Trustee

     

    WESTPAC
SECURITIES ADMINISTRATION LIMITED

     

    Level
20

    275 Kent
Street

    SYDNEY  NSW  2000

     

    
      	  	
              Tel: 

            	
              [*]

            

    

    
      	  	
              Fax: 

            	
              [*]

            

    

    
      	  	
              Attention: 

            	
              [*]

            

    

     

    The
Trust Manager

     

    WESTPAC
SECURITISATION MANAGEMENT PTY LIMITED

     

    Level
20

    275 Kent
Street

    SYDNEY  NSW  2000

     

    
      	  	
              Tel: 

            	
              [*]

            

    

    
      	  	
              Fax: 

            	
              [*]

            

    

    
      	  	
              Attention: 

            	
              [*]

            

    

    
      	
                 
      

            	
              Copy
      to:

            	
              [C/-
      Legal Counsel, New York
      Branch

            

    

    
      	
                 
      

            	
              [*]]

            

    

     

    The
Principal Paying Agent

     

    [tba]

     

    Fax:

    Attention:

     

    The
Note Trustee

     

    [tba]

     

    Fax:

    Attention:

    
       

      
        
          	
                  27.

                	
                  Governing
      Law and Jurisdiction

                

        

      

    

     

    This deed
and the trusts constituted under this deed are governed by the law of New South
Wales, Australia.  The parties submit to the non-exclusive
jurisdiction of courts exercising jurisdiction there.  The
administration of the Note Trust, including the exercise of the Note Trustee’s
powers under clause 13 of this deed, is governed by the law of the State of New
York and in the event of any inconsistency between the operation of the law of
New South Wales, Australia and the law of the State of New York in respect of
the application of those powers, the law of the State of New York will prevail
to the extent of the inconsistency.

    
      
         

      

      
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38

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  28.

                	
                  Counterparts

                

        

      

    

     

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

    
       

      
        
          	
                  29.

                	
                  Limited
      Recourse

                

        

      

    

     

    
      	
              29.1

            	
              General

            

    

     

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

     

    
      	
              29.2

            	
              Liability
      of Trustee limited to its right to
indemnity

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Trustee enters into this deed only in its capacity as trustee of the Trust
      and in no other capacity.  A liability arising under or in
      connection with this deed 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 deed 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 deed 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 29 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)

            	
              Without
      affecting any limit or exclusion of liability in relation to the duties,
      powers or obligations under the Transaction Documents of any of the Trust
      Manager, the Servicer, the Currency Swap Provider, the Note Trustee, the
      Principal Paying Agent, the other Paying Agents, the Note Registrar or the
      Calculation Agent (each a Relevant
      Party), it is acknowledged that each Relevant Party is responsible
      under this deed and the other Transaction Documents for performing a
      variety of respective obligations relating to the Trust.  No act
      or omission of the Trustee (including any related failure to satisfy its
      obligations under this deed) 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 deed 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 deed or the relevant Transaction Documents, but
      excluding any Relevant Party).

            

    

    
      
         

      

      
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39

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
              29.3

            	
              Unrestricted
      remedies

            

    

     

    Nothing
in clause 29.2 limits any party (other than the Trustee) in:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

            	
              obtaining
      declaratory relief; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      relation to its rights under the Security Trust Deed or this
      deed.

            

    

     

    
      	
              29.4

            	
              Restricted
      remedies

            

    

     

    Except as
provided in clause 29.3, no party shall:

     

    
      	
               
      

            	
              (a)

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

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

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

            

    

     

    
      	
               
      

            	
              (f)

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

            

    

     

    
      	
               
      

            	
              (g)

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

            

    

     

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

    
       

      
        
          	
                  30.

                	
                  Successor
      Trustee

                

        

      

    

     

    The Note
Trustee 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 deed.

    
      
         

      

      
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      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  31.

                	
                  Noteholders’
      Lists and Reports

                

        

      

    

     

    
      	
              31.1

            	
              Provision
      of information

            

    

     

    The
Trustee will furnish or cause to be furnished to the Note Trustee:

     

    
      	
               
      

            	
              (a)

            	
              every
      six months (with the first six month period commencing on the Closing
      Date) (each such date being a Notice
      Date), a list, in such form as the Note Trustee may reasonably
      require, of the names and addresses of the US$ Noteholders as of the
      Record Date immediately preceding that Notice Date;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              at
      such other times as the Note Trustee may request in writing, but in any
      event within 30 days after receipt by the Trustee of any such request, a
      list of similar form and content as of a date not more than 10 days prior
      to the time such list is furnished,

            

    

     

    provided
that so long as:

     

    
      	
               
      

            	
              (c)

            	
              the
      Note Trustee is the Note Registrar;
or

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      US$ Notes are Book-Entry Notes,

            

    

     

    no such
list shall be required to be furnished.

     

    
      	
              31.2

            	
              Preservation
      of Information; Communications to US$
  Noteholders

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Note Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the US$ Noteholders contained in
      the most recent list (if any) furnished to the Note Trustee as provided in
      clause 31.1 and, so long as it continues to act as Note Registrar, the
      names and addresses of US$ Noteholders received by the Note Trustee in its
      capacity as Note Registrar.  The Trustee may destroy any list
      furnished to it as provided in such clause 31.1 upon receipt of a new list
      so furnished.

            

    

     

    
      	
               
      

            	
              (b)

            	
              US$
      Noteholders may communicate pursuant to section 312(b) of the TIA with
      other US$ Noteholders with respect to their rights under this Deed or
      under the US$ Notes.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Trustee, Note Trustee and Note Registrar shall have the protection of
      section 312(c) of the TIA.

            

    

     

    
      	
              31.3

            	
              Reports
      by Note Trustee

            

    

     

    If
required by section 313(a) of the TIA, within 60 days after each 30 September,
beginning with [*], the Note Trustee shall mail to each US$ Noteholder and the
Trustee as required by section 313(c) of the TIA a brief report dated as of such
date that complies with section 313(a) of the TIA.  The Note Trustee
also shall comply with section 313(b) of the TIA.  To the extent
required by the TIA, a copy of each report at the time of its mailing to US$
Noteholders shall be filed by the Note Trustee with the Commission. The Trust
Manager on behalf of the Trustee shall notify the Note Trustee in writing if and
when the US$ Notes are listed on or by any stock exchange, competent listing
authority and/or quotation system.

     

    
      	
              31.4

            	
              Notices
      to US$ Noteholders; Waiver

            

    

     

    Where
this deed provides for notice to US$ Noteholders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each US$ Noteholder affected by such
event, at his or her address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice.  In any case where notice to US$ Noteholders is
given by mail, neither the failure to mail such notice nor any defect in any
notice so mailed to any particular US$ Noteholder shall affect the sufficiency
of such notice with respect to other US$ Noteholders, and any notice that is
mailed in the manner herein provided shall conclusively be presumed to have been
duly given.

    
      
         

      

      
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41

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    Where
this deed provides for notice in any manner, such notice may be waived in
writing by any person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by US$ Noteholders shall be filed with the
Note Trustee but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such a waiver.

     

    In case,
by reason of the suspension of regular mail services as a result of a strike,
work stoppage or similar activity, it shall be impractical to mail notice of any
event to US$ Noteholders when such notice is required to be given pursuant to
any provision of this deed, then any manner of giving such notice as the Trustee
shall direct the Note Trustee shall be deemed to be a sufficient giving of such
notice.

     

    
      	
              31.5

            	
              Reports
      by Trustee

            

    

     

    The
Trustee shall:

     

    
      	
               
      

            	
              (a)

            	
              provide
      to the Note Trustee, within 15 days after the Trustee is required to file
      the same with the Commission, copies in English of the annual reports and
      of the information, documents and other reports (or copies of such
      portions of any of the foregoing as the Commission may from time to time
      by rules and regulations prescribe) which the Trustee may be required to
      file with the Commission pursuant to section 13 or 15(d) of the Securities
      Exchange Act of 1934, as amended;

            

    

     

    
      	
               
      

            	
              (b)

            	
              file
      with the Note Trustee and the Commission in accordance with rules and
      regulations prescribed from time to time by the Commission such additional
      information, documents and reports with respect to compliance by the
      Trustee with the conditions and covenants of this deed as may be required
      from time to time by such rules and regulations;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              supply
      to the Note Trustee (and the Note Trustee shall transmit by mail to all
      US$ Noteholders described in section 313(c) of the TIA) such summaries of
      any information, documents and reports required to be filed by the Trustee
      pursuant to clauses (a) and (b) of this clause 31.5 as may be required by
      rules and regulations prescribed from time to time by the
      Commission.

            

    

    
       

      
        
          	
                  32.

                	
                  Trust
      Indenture Act –
Miscellaneous

                

        

      

    

     

    
      	
              32.1

            	
              Compliance
      Certificates and Opinions, etc

            

    

     

    
      	
               
      

            	
              (a)

            	
              Upon
      any application or request by the Trustee to the Note Trustee to take any
      action under any provision of this deed, the Trustee shall furnish to the
      Note Trustee:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      Officer’s Certificate stating that all conditions precedent, if any,
      provided for in this deed relating to the proposed action have been
      complied with;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      Opinion of Counsel stating that in the opinion of such counsel all such
      conditions precedent, if any, have been complied with;
  and

            

    

    
      
         

      

      
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                Note
      Trust Deed

              	
                

              
	 
      

      

    

     

    
      	
               
      

            	
              (iii)

            	
              (if
      required by the TIA) an Independent Certificate from a firm of certified
      public accountants meeting the applicable requirements of section
      314(c)(3) of the TIA, except that, in the case of any such application or
      request as to which the furnishing of such documents is specifically
      required by any provision of this deed, no additional certificate or
      opinion need be furnished.

            

    

     

    
      
        	
              	
                (b)

              	
                (i)          
      Prior
      to the deposit of any property or securities with the Trustee that is to
      be made the basis for the release of any property or securities subject to
      the Security Interest created by the Security Trust Deed, the Trustee
      shall, in addition to any obligation imposed in clause 32.1(a) or
      elsewhere in this deed, furnish to the Note Trustee an Officer’s
      Certificate certifying or stating the opinion of each person signing such
      certificate as to the fair value (within 90 days of such deposit) of the
      property or securities to be so
deposited.

              

      

    

     

    
      	
               
      

            	
              (ii)

            	
              Whenever
      any property or securities are to be released from the Security Interest
      created by the Security Trust Deed, the Trustee shall also furnish to the
      Note Trustee an Officer’s Certificate certifying or stating the opinion of
      each person signing such certificate as to the fair value (within 90 days
      of such release) of the property or securities proposed to be released and
      stating that in the opinion of such person the proposed release will not
      impair the security under the Security Trust Deed in contravention of the
      provisions of the Security Trust Deed or this
  deed.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Whenever
      the Trustee is required to furnish to the Note Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to
      the matters described in paragraphs (i) and (ii), the Trustee shall also
      furnish to the Note Trustee an Independent Certificate as to the same
      matters if the fair value of the property or securities and of all other
      property or securities deposited or released from the Security Interest
      created by the Security Trust Deed since the commencement of the then
      current calendar year, as set forth in the certificate required by clause
      (ii) and this clause (iii), equals 10% or more of the Total Invested
      Amount of the
      Notes, but such certificate need not be furnished in the case of any
      release of property or securities if the fair value thereof as set forth
      in the related Officer’s Certificate is less than US$25,000 or less than
      one percent of the then Total Invested Amount of the
      Notes.

            

    

     

    Notwithstanding
any other provision of this clause, the Trustee may:

     

    
      	
               
      

            	
              (A)

            	
              collect,
      liquidate, sell or otherwise dispose of Receivables or other Assets of the
      Trust as and to the extent permitted or required by the Transaction
      Documents; and

            

    

     

    
      	
               
      

            	
              (B)

            	
              make
      cash payments out of the Collection Account or the US$ Account as and to
      the extent permitted or required by the Transaction
    Documents.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Every
      Officer’s Certificate or opinion with respect to compliance with a
      condition or covenant provided for in this deed shall
    include:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      statement that each signatory of such certificate or opinion has read or
      has caused to be read such covenant or condition and the definitions
      herein relating thereto;

            

    

    
      
         

      

      
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                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (ii)

            	
              a
      brief statement as to the nature and scope of the examination or
      investigation upon which the statements or opinions contained in such
      certificate or opinion are based;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      statement that, in the opinion of each such signatory, such signatory has
      made such examination or investigation as is necessary to enable such
      signatory to express an informed opinion as to whether or not such
      covenant or condition has been complied with;
  and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              a
      statement as to whether, in the opinion of each such signatory such
      condition or covenant has been complied
with.

            

    

     

    
      	
              32.2

            	
              Undertaking
      for Costs

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b), all parties to this deed agree, and each US$ Noteholder
      by such US$ Noteholder’s acceptance thereof shall be deemed to have
      agreed, that any court may in its discretion require, in any suit for the
      enforcement of any right or remedy under this deed, or in any suit against
      the Note Trustee for any action taken, suffered or omitted by it as the
      Note Trustee, the filing by any party litigant in such suit of an
      undertaking to pay the costs of such suit, and that such court may in its
      discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits
      and good faith of the claims or defences made by such party
      litigant.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      provisions of this clause shall not apply
to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      suit instituted by the Note
Trustee;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      suit instituted by any US$ Noteholder, or group of US$ Noteholders in each
      case holding in the aggregate more than 10% of the aggregate Invested
      Amount of the
      US$ Notes; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      suit instituted by any US$ Noteholder for the enforcement of the payment
      of principal or interest on any US$ Note on or after the respective due
      dates expressed in such US$ Note and in this deed (or, in the case of
      final redemption of a US$ Note, on or after the Final Maturity
      Date).

            

    

     

    
      	
              32.3

            	
              Exclusion
      of section 316

            

    

     

    
      	
               
      

            	
              (a)

            	
              Section
      316(a)(1) of the TIA is expressly excluded by this
  deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              For
      the purposes of section 316(a)(2) of the TIA in determining whether any
      US$ Noteholders have concurred in any relevant direction or consent, Notes
      owned by the Trustee or by any Associate of the Trustee, shall be
      disregarded, except that for the purposes of determining whether the Note
      Trustee shall be protected in relying on any such direction or consent,
      only US$ Notes which a Responsible Officer of the Note Trustee actually
      knows are so owned shall be so
disregarded.

            

    

    
      
         

      

      
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                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
              32.4

            	
              Unconditional
      Rights of US$ Noteholders to Receive Principal and
  Interest

            

    

     

    Notwithstanding
any other provisions in this deed, any US$ Noteholder shall have the right,
which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such US$ Note on or after the respective due dates thereof
expressed in such US$ Note or in this deed (or, in the case of final redemption
of a US$ Note, on or after the Final Maturity Date) and to institute suit for
the enforcement of any such payment, and such right shall not be impaired
without the consent of such US$ Noteholder, except to the extent that the
institution or prosecution thereof or the entry of judgment therein would, under
applicable law, result in the surrender, impairment, waiver, or loss of the
Security Interest created by the Security Trust Deed upon any property subject
to such Security Interest.

     

    
      	
              32.5

            	
              Conflict
      with Trust Indenture Act

            

    

     

    If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this deed by any of the provisions of the
TIA, such TIA required provision shall prevail.

     

    The
provisions of section 310 to 317 (inclusive) of the TIA that impose duties on
any person (including the provisions automatically deemed included herein unless
expressly excluded by this deed) are a part of and govern this deed, whether or
not contained herein.

    
       

      
        
          	
                  33.

                	
                  Consent
      of US$ Noteholders

                

        

      

    

     

    
      	
              33.1

            	
              General

            

    

     

    Except as
expressly provided in elsewhere in this deed or in clause 33.2 below, any action
that may be taken by the US$ Noteholders, or a Class of US$ Notes under this
deed may be taken by registered holders of not less than a majority of the
aggregate Invested Amount of US$ Notes or that Class of US$ Notes (as the case
may be).

     

    
      	
              33.2

            	
              Special
      Written Approvals

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      following matters are only capable of being effected by the approval in
      writing of all holders of a Class of US$ Notes,
  namely:

            

    

     

    
      	
               
      

            	
              (i)

            	
              modification
      of the date fixed for final maturity of those US$
  Notes;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              reduction
      or cancellation of the principal payable on those US$ Notes or any
      alteration of the date or priority of redemption of those US$
      Notes;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              alteration
      of the amount of interest payable on any class of those US$ Notes or
      modification of the method of calculating the amount of interest payable
      on those US$ Notes or modification of the date of payment of or interest
      payable on those US$ Notes;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              alteration
      of the currency in which payments under those US$ Notes are to be
      made;

            

    

     

    
      	
               
      

            	
              (v)

            	
              altering
      the required percentage of the aggregate Invested Amount required to
      consent or take any action of those US$
Notes;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              an
      election to receive the Stated Amount instead of the Invested Amount in
      the event of a call under the relevant Condition 5.13 in respect of those
      US$ Notes; and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              alteration
      of this sub-paragraph.

            

    

    
      
         

      

      
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      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    
      	
               
      

            	
              (b)

            	
              The
      US$ Noteholders in respect of a Class of US$ Notes shall in addition to
      the powers given under this deed have the following powers if approval is
      given by holders of at least 75% of the aggregate Invested Amount of those
      US$ Notes (or such higher percentage as may be required by the
      TIA):

            

    

     

    
      	
               
      

            	
              (i)

            	
              power
      to sanction any compromise or arrangement proposed to be made between the
      Trustee and those US$ Noteholders;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              power
      to sanction any abrogation, modification, compromise or arrangement in
      respect of the rights of the Class A Noteholders or the Class B
      Noteholders, as the case may be, against the Trustee or against any of its
      property or against any other person whether such rights shall arise under
      these presents, any of the Notes or
otherwise;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              power
      to assent to any modification of the provisions contained in these
      presents, those US$ Notes (including the Conditions) or the provisions of
      any of the Relevant Documents which shall be proposed by the Trustee or
      the Note Trustee;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              power
      to give any authority or sanction which under the provisions of these
      presents or those US$ Notes (including the Conditions) is required to be
      given by, in writing by holders of at least 75% of the aggregate Invested
      Amount of those US$ Notes;

            

    

     

    
      	
               
      

            	
              (v)

            	
              power
      to approve a person to be appointed a trustee and power to remove any
      trustee or trustees for the time being under this
  deed;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              power
      to discharge or exonerate the Note Trustee from all liability in respect
      of any act or omission for which the Note Trustee may have become
      responsible under this deed or under those US$
  Notes;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              power
      to authorise the Note Trustee to concur in and execute and do all such
      deeds, instruments, acts and things as may be necessary to carry out and
      give effect to the approval in writing by holders of at least 75% of the
      aggregate Invested Amount of those US$
Notes;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              power
      to sanction any scheme or proposal for the exchange or sale of those US$
      Notes for, or the conversion of those US$ Notes into, or the cancellation
      of those US$ Notes in consideration of shares, stock, notes, bonds’
      debentures, debenture stock and/or other obligations and/or securities of
      the Trustee or of any other company formed or to be formed, or for or into
      or in consideration of cash, or partly for or into or in consideration of
      such shares, stock, notes, bonds, debenture stock and/or other obligations
      and/or securities as aforesaid and partly for or into or in consideration
      of cash.

            

    

     

    
      	
              33.3

            	
              Requirement
      for writing

            

    

     

    Except as
expressly provided elsewhere in this deed, all notices and consents from any US$
Noteholders or any US$ Note Owners shall be delivered in writing.  Any
solicitation of such notices or consent shall be in writing and be delivered by
the Trustee, Trust Manager or Note Trustee, as applicable, seeking such notice
or consent from any US$ Noteholders or any US$ Note Owners to the Principal
Paying Agent, who shall deliver the foregoing to the appropriate US$ Noteholders
or US$ Note Owners.  With respect to any solicitation of approval of
US$ Noteholders, the record date for determining US$ Noteholders with respect to
such solicitation shall be the date upon which the Principal Paying Agent
distributes such notices or solicitation to the US$
Noteholders.

    
      
         

      

      
        Page
46

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      
        
          	
                  34.

                	
                  Prospectus
      and prospectus
supplement

                

        

      

    

     

    Except as
provided in any Transaction Document:

     

    
      	
               
      

            	
              (a)

            	
              the
      Note Trustee has no responsibility for any statement or information in or
      omission from (except in relation to its own description) any information
      memorandum, prospectus, advertisement, circular or other document issued
      by or on behalf of the Trustee or Trust Manager, including in connection
      with the issue of Notes; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              neither
      the Trustee nor the Trust Manager may publish or permit to be published
      any such document in connection with the offer of Notes or an invitation
      for subscriptions for Notes containing any statement which makes reference
      to the Note Trustee without the prior written consent of the Note Trustee,
      which consent must not be unreasonably withheld.  In considering
      whether to give its consent, the Note Trustee is not required to take into
      account the interests of the US$
Noteholders.

            

    

     

    
      
         

      

      
        Page
47

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    EXECUTED as a
deed.

     

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

     

    TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITIES ADMINISTRATION LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Date
      signed:

                    	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Time
      signed:

                    	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Place
      signed:

                    	 
      	 
      

            

          

        

      

    

     

    TRUST
MANAGER

    

    
      
        
          
            
              	
                      SIGNED SEALED and
    DELIVERED

                    	
                      )

                    	 
      	 
      
	
                      on
      behalf of

                    	
                      )

                    	 
      	 
      
	
                      WESTPAC
      SECURITISATION MANAGEMENT PTY LIMITED

                    	
                      )

                      )

                    	 
      	 
      
	
                      by
      its attorney

                    	
                      )

                    	 
      	 
      
	
                      in
      the presence of:

                    	
                      )

                    	 
      	 
      
	 
      	 
      	
                      Signature

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Witness

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Date
      signed:

                    	 
      	 
      
	
                      Print
      name

                    	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Time
      signed:

                    	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                      Place
      signed:

                    	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
        Page
48

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    NOTE
TRUSTEE

    

    
      
        
          
            
              	
                      SIGNED
      SEALED and
      DELIVERED by

                      [tba]:

                    	
                      )

                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	
                      Date
      signed:

                    	 
      	
                      Date
      signed:

                    
	 
      	 
      	 
      
	
                      Time
      signed:

                    	 
      	
                      Time
      signed:

                    
	 
      	 
      	 
      
	
                      Place
      signed:

                    	 
      	
                      Place
      signed:

                    

            

          

        

      

    

     

    PRINCIPAL
PAYING AGENT

     

    
      
        
          
            
              	
                      SIGNED
      SEALED and
      DELIVERED by

                      [tba]:

                    	
                      )

                      )

                    	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Authorised
      Signatory

                    	 
      	
                      Authorised
      Signatory

                    
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                      Print
      name

                    	 
      	
                      Print
      name

                    
	 
      	 
      	 
      
	
                      Date
      signed:

                    	 
      	
                      Date
      signed:

                    
	 
      	 
      	 
      
	
                      Time
      signed:

                    	 
      	
                      Time
      signed:

                    
	 
      	 
      	 
      
	
                      Place
      signed:

                    	 
      	
                      Place
      signed:

                    

            

          

        

      

    

     

    
      
         

      

      
        Page
49

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    SCHEDULE
1

    
 

    
      
        
          
            	Form
      of Book-Entry Note	 
	 	 
	
                    REGISTERED

                    No.
      R-

                  	
                    CUSIP
      No

                    ISIN
      No.

                    Common
      Code

                  

          

        

      

    

     

    The
following legends to appear on each US$ Book-Entry Note:

     

    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE BANK OF NEW YORK, NEW YORK OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    [BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER ACKNOWLEDGES
THAT ANY CLASS A1 NOTES IT PURCHASES WILL BE SUBJECT TO THE CLASS A1
ARRANGEMENTS AND IT CONSENTS TO THE CLASS A1 NOTE
ARRANGEMENTS.]

     

    Unless
this Note is presented by an authorised representative of The Depository Trust
Company, a New York corporation (DTC), to
the Issuer or its agent for registration of transfer, exchange or payment, and
any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorised representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorised
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     

    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH
HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    WESTPAC
SECURITIES ADMINISTRATION LIMITED

    (ABN 77
000 049 472)

     

    (a
limited liability company incorporated under the law of New South Wales,
Australia)

     

    in its
capacity as trustee of the Series [*] WST Trust

     

    BOOK-ENTRY
NOTE

     

    
      
        
        

      

      
        Page
50

        
          

        

      

      
        
        

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    representing

     

    US$[number]**

     

    Class
[A1/A2] Mortgage Backed Floating Rate Notes Due [*]

     

    This Note
is a Book-Entry Note without principal or interest in respect of a duly
authorised issue of Notes of Westpac Securities Administration Limited in its
capacity as trustee of the Series [*] WST Trust (the “Trust”) (the “Issuer”), designated as
specified in the title above (the “Notes”), in an initial
aggregate principal amount of

     

    [          ]**
(US$ [        ])**

     

    and (a)
constituted by a Master Trust Deed (the "Master
Trust Deed") dated 14 February 1997 between the Issuer and The Mortgage
Company Pty Limited (ABN 86 070 968 302), by a Series Notice (the “Series
Notice”) dated on or about [*]
between (among others) the Issuer, Deutsche Bank Trust Company Americas (the
note trustee for the time being referred to as the “Note
Trustee”) as trustee for the holders for the time being of the Class
[A1/A2] Notes (the “Class
[A1/A2] Noteholders”) and Westpac Securitisation Management Pty Limited
(ABN 73 081 709 211) (the “Trust
Manager”), and by these Conditions; (b) issued subject to a Note Trust
Deed dated on or about [*] (the
“Note
Trust Deed”) between the Issuer, the Trust Manager and the Note Trustee;
(c) secured by a Security Trust Deed (the “Security
Trust Deed”) dated on or about [*]
between the Issuer, the Trust Manager, the Note Trustee and [BNY Trust
(Australia) Registry Limited (ACN 000 334 636) (the “Security
Trustee”, which expression shall include its successor for the time being
as security trustee under the Security Trust Deed); and (d) having the benefit
of an Agency Agreement dated on or about [*] (the
“Agency
Agreement”) and made between the Issuer, the Trust Manager, the Note
Trustee and Deutsche Bank Trust Company Americas, in its capacities as principal
paying agent (the “Principal
Paying Agent”), calculation agent (the “Calculation
Agent”) and note registrar (the “Note
Registrar”).  References to the Conditions (or to any
particular numbered Condition) shall be to the Terms and Conditions of the Class
[A1/A2] Notes set out in Schedule 3 to the Note Trust Deed but with the deletion
of those provisions which are applicable only to Class [A1/A2] Notes in
definitive form.  Terms and expressions defined in the Note Trust Deed
and the Conditions shall, save as expressly stated otherwise, bear the same
meanings when used herein.  If the Issuer is obliged to issue
Definitive Notes under Clause 3.3 of the Note Trust Deed this Book-Entry Note
will be exchangeable in whole at the offices of the agent of the Principal
Paying Agent at c/o DTC Transfer Services, 55 Water Street, Jeanette Park
Entrance, New York, NY 10041, United States of America (or such other place
outside Australia and any of its respective territories and possessions and
other areas subject to jurisdictions as the Note Trustee may agree) for
Definitive Notes and the Issuer shall execute and procure that the Principal
Paying Agent authenticates and delivers in full exchange for this Book-Entry
Note, Definitive Notes in aggregate principal amount equal to the Amount of all
Class [A1/A2] Notes represented by this Book-Entry Note.  The Issuer
is not obliged to issue Definitive Notes until 30 days after the occurrence of
an event set out in clause 3.3 of the Note Trust Deed.

    
      
         

      

      
        Page
51

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    The
Issuer, in its capacity as trustee of the Trust, subject to this Book-Entry Note
and subject to and in accordance with the Conditions and the Note Trust Deed
promises to pay to Cede & Co., or registered assigns of this Book-Entry Note
the principal sum of US$[words]** (US$[number])** or such lesser
amount as may from time to time be represented by this Book-Entry Note (or such
part of that amount as may become repayable under the Conditions, the Series
Notice and the Note Trust Deed) on such date(s) that principal sum (or any part
of it) becomes repayable in accordance
with the Conditions, the Series Notice and the Note Trust Deed and to pay
interest in arrears on each Payment Date (as defined in Condition 4) on the
Invested Amount (as defined in Condition 5.1) of this Book-Entry Note at
rates determined in accordance with Condition 4 and all subject to and in
accordance with the certification requirements described in this Book-Entry
Note, the Conditions, the Series Notice and the Note Trust Deed, which shall be
binding on the registered holder of this Book-Entry Note (as if references in
the Conditions to the Notes and the Noteholders were references to this
Book-Entry Note and the registered holder of this Book-Entry Note respectively
and as if the same had been set out in this Book-Entry Note in full with all
necessary changes, except as otherwise provided in this Book-Entry
Note).

     

    Payments
of interest on this Note due and payable on each Payment Date, together with the
instalment of principal, if any, shall be payable to the nominee of the Common
Depositary (initially, such nominee to be Cede & Co.).  Each of
the persons appearing from time to time in the records of DTC, as the holder of
a beneficial interest in a Class [A1/A2] Note will be entitled to receive any
payment so made in respect of that Class [A1/A2] Note in accordance with the
respective rules and procedures of DTC.  Such persons will have no
claim directly against the Issuer in respect of payments due on the Class
[A1/A2] Notes which must be made by the holder of this Book-Entry Note, for so
long as this Book-Entry Note is outstanding.

     

    On any
payment of principal and/or interest on the Class [A1/A2] Notes as set out above
details of that payment shall be endorsed by or on behalf of the Issuer in the
Note Register and, in the case of payments of principal, the Invested Amount of
the Class [A1/A2] Notes shall be reduced for all purposes by the amount so paid
and endorsed in the Note Register.  Any such record shall be prima facie evidence that the
payment in question has been made.

     

    If the
Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note Trust
Deed, the Book-Entry Notes will be surrendered to the Trustee by the Clearing
Agency and the Clearing Agency will deliver the relevant registration
instructions to the Trustee.  Definitive Notes shall be executed by
the Trustee and authenticated by the Principal Paying Agent and delivered as per
the instructions of the Clearing Agency.

     

    The
Definitive Notes to be issued on that exchange will be in registered form each
in the denomination of US$100,000 or integral multiples thereof.  If
the Issuer fails to meet its obligations to issue Definitive Notes, this shall
be without prejudice to the Issuer’s obligations with respect to the Notes under
the Note Trust Deed, the Master Trust Deed, the Series Notice and this
Book-Entry Note.

     

    On an
exchange of this Book-Entry Note, this Book-Entry Note shall be surrendered to
the agent designated by the Principal Paying Agent.

     

    This
Book-Entry Note shall not become valid for any purpose unless and until the
Certificate of Authentication attached has been signed by an Authorised
Signatory of the Principal Paying Agent (as defined in the Series
Notice).

     

    This
Book-Entry Note is governed by, and shall be construed in accordance with, the
laws of New South Wales, Australia.

     

    IN
WITNESS the Issuer has caused this Book-Entry Note to be signed [manually/in
facsimile] by a person duly authorised on its behalf

    
      
         

      

      
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52

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    WESTPAC
SECURITIES ADMINISTRATION LIMITED

    

    
      
        	
                By:

              	 
      	 
      
	 
      	
                Authorised
      Signatory

              

      

    

     

    IMPORTANT
NOTES:

     

    
      	
              (a)

            	
              The
      Class [A1/A2] Notes do not represent deposits or other liabilities of
      Westpac Banking Corporation, (ABN 33 007 457 141 (“Westpac”) or associates
      of Westpac.

            

    

     

    
      	
              (b)

            	
              The
      holding of Class [A1/A2] Notes is subject to investment risk, including
      possible delays in repayment and loss of income and principal
      invested.

            

    

     

    
      	
              (c)

            	
              Neither
      Westpac nor any associate of Westpac in any way stands behind the capital
      value and/or performance of the Class [A1/A2] Notes or the assets of the
      Trust except to the limited extent provided in the Series Notice, the
      Master Trust Deed, the Note Trust Deed and the other documents for the
      Trust.

            

    

     

    
      	
              (d)

            	
              None
      of Westpac (including in its capacity as Servicer on behalf of the
      Issuer), the Issuer or the Trust Manager guarantees the payment of
      interest or the repayment of principal due on the Class [A1/A2]
      Notes.

            

    

     

    
      	
              (e)

            	
              None
      of the obligations of the Issuer or the Trust Manager are guaranteed in
      any way by Westpac or any associate of
Westpac.

            

    

     

    
      	
              (f)

            	
              The
      Issuer’s liability to make payments in respect of the Class [A1/A2] Notes
      is limited to its right of indemnity from the assets of Trust from time to
      time available to make such payments under the Master Trust Deed and
      Series Notice.  All claims against the Issuer in relation to the
      Class [A1/A2] Notes can be enforced against the Issuer only to the extent
      to which it can be satisfied out of the assets of the Trust out of which
      the Issuer is actually indemnified for the liability except in the case of
      (and to the extent of) any fraud, negligence or breach of trust on the
      part of the Issuer.

            

    

     

    
      	
              (g)

            	
              The
      Noteholder is required to accept any distribution of moneys under the
      Security Trust Deed in full and final satisfaction of all moneys owing to
      it, and any debt represented by any shortfall that exists after any such
      final distribution is
extinguished.

            

    

    
      
         

      

      
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53

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    CERTIFICATE
OF AUTHENTICATION

     

    This
Book-Entry Note is authenticated by Deutsche Bank Trust Company Americas and
until so authenticated shall not be valid for any purpose.

     

    Deutsche
Bank Trust Company Americas

    as
Principal Paying Agent

    
      
         

      

      
        Page
54

        
          

        

      

      
         

      

    

    
      
        
           

          
            	
                     

                    Note
      Trust Deed

                  	
                    

                  
	 
      

          

        

         

      

      Assignment

        
          

        

      

    

     

    Social
Security or taxpayer I.D. or other identifying number of assignee

    

    
      
        
          
            
              	 
      	 
	
                      FOR
      VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
      unto

                    	 

            

          

        

      

    

     

    
      
        
          
            
              	 
      	 
	
                      (name
      and address of assignee)

                    	 

            

          

        

      

    

     

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints

     

    
      
        
          	 
      	 

        

      

    

     

    attorney,
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

     

    
      
        
          
            
              
                
                  
                    	Dated:	 	 	 
      
	 
      	
                            Signature
      Guaranteed:

                          
	 
      	 
      
	
                            Dated:

                          	 	
                             

                          	 
      
	 
      	
                            Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Note Registrar, which requirements include membership
      or participation in STAMP or such other “signature guarantee program” as
      may be determined by the Note Registrar in addition to, or in substitution
      for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
      amended.

                          

                  

                

              

            

          

        

      

    

     

      
        

      

    

    
      	
              *

            	
              NOTE:  The
      signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every
      particular without alteration, enlargement or any change
      whatsoever.

            

    

    
      
         

      

      
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55

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    SCHEDULE
2

    
       

      Information
to be contained in Noteholders Report 

        
          

        

      

    

     

    
      	
              (i)

            	
              the
      Invested Amount and the Stated Amount of each Class of
    Notes;

            

    

     

    
      	
              (ii)

            	
              the
      Interest Payments and principal distributions on each Class of
      Notes;

            

    

     

    
      	
              (iii)

            	
              the
      Available Income;

            

    

     

    
      	
              (iv)

            	
              the
      Total Available Funds;

            

    

     

    
      	
              (v)

            	
              the
      aggregate of all Redraws made during that Collection
    Period;

            

    

     

    
      	
              (vi)

            	
              the
      Redraw Shortfall;

            

    

     

    
      	
              (vii)

            	
              the
      Subordinated Percentage;

            

    

     

    
      	
              (viii)

            	
              the
      Payment Shortfall (if any);

            

    

     

    
      	
              (ix)

            	
              the
      Principal Draw (if any) for that Collection Period, together with all
      Principal Draws made before the start of that Collection Period and not
      repaid;

            

    

     

    
      	
              (x)

            	
              the
      Gross Principal Collections;

            

    

     

    
      	
              (xi)

            	
              the
      Principal Collections;

            

    

     

    
      	
              (xii)

            	
              the
      Liquidity Shortfall (if any);

            

    

     

    
      	
              (xiii)

            	
              the
      Remaining Liquidity Shortfall (if
any);

            

    

     

    
      	
              (xiv)

            	
              the
      Principal Charge Off (if any);

            

    

     

    
      	
              (xv)

            	
              the
      Class A Percentage and the Class B
Percentage;

            

    

     

    
      	
              (xvi)

            	
              the
      Class A Bond Factor and the Class B Bond Factor (the “Bond Factor” with
      respect to a Class of Notes is the Initial Invested Amount of such Class
      less all principal payments on such Class divided by the Initial Invested
      Amount of such Class);

            

    

     

    
      	
              (xvii)

            	
              the
      Class A Charge Offs, the Class B Charge Offs and the Redraw Charge Offs
      (if any);

            

    

     

    
      	
              (xviii)

            	
              all
      Carryover Charge Offs (if any);

            

    

     

    
      	
              (xix)

            	
              if
      required, the Threshold Rate at that Collection Determination
      Date;

            

    

     

    
      	
              (xx)

            	
              the
      Quarterly Percentage;

            

    

     

    
      	
              (xxi)

            	
              [One
      Month LIBOR and Three Month LIBOR (as the case may be)] as at the first
      day of the related Coupon Period ending immediately after that Collection
      Determination Date as calculated by the Calculation
  Agent;

            

    

     

    
      	
              (xxii)

            	
              scheduled
      and unscheduled payments of principal on the Housing
  Loans;

            

    

     

    
      	
              (xxiii)

            	
              aggregate
      Balances Outstanding of Fixed Rate Housing Loans and aggregate Balances
      Outstanding of Variable Rate Housing Loans;
and

            

    

     

    
      	
              (xxiv)

            	
              delinquency
      statistics with respect to the Housing
Loans.

            

    

     

    
      
         

      

      
        Page
56

        
          

        

      

      
         

      

    

    
      
         

        
          	
                  Note
      Trust Deed

                	
                  

                
	 
      

        

      

       

    

    SCHEDULE
3

    
       

      Terms
and Conditions of the Class [A1/A2] Notes

      
        
          

        

         

      

    

    The
following, subject to amendments, are the terms and conditions of the US$ Notes,
substantially as they will appear on the reverse of the US$
Notes.  US$ Notes in definitive registered form will only be issued in
certain limited circumstances. While theUS$1 Notes remain in book-entry form,
the same terms and conditions govern them, except to the extent that they are
appropriate only to the US$ Notes in definitive registered form. For a summary
of the provisions relating to the US$ Notes in book-entry form, see “Description
of the US$1 Notes—Book-Entry Registration” in the prospectus
supplement.

     

    [To be
inserted]

    
      
         

      

      
        Page
57

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