Exhibit 4.6.2

                                Dated [ ] 2006








                           GRANITE MASTER ISSUER PLC
                               as Master Issuer



                                    - and -




                             THE BANK OF NEW YORK
                                as Note Trustee






       ----------------------------------------------------------------

                 FORM OF SIXTH SUPPLEMENTAL ISSUER TRUST DEED

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<PAGE>



                                   CONTENTS

1.   Definitions and Interpretations.......................................2

2.   Closing Date..........................................................3

3.   Amount, Form and Status...............................................3

4.   Covenant to Repay.....................................................3

5.   Counterparts..........................................................5

6.   Amendments to Principal Issuer Trust Deed.............................5

SCHEDULE 1 FORM OF US GLOBAL NOTE CERTIFICATE FOR THE SERIES
             [2006-2] NOTES................................................7

SCHEDULE 2 FORM OF REG S GLOBAL NOTE CERTIFICATE FOR THE SERIES
             [2006-2] NOTES...............................................14


                                      i

<PAGE>




THIS SIXTH SUPPLEMENTAL ISSUER TRUST DEED is made on [     ] 2006

BETWEEN:

(1)   GRANITE MASTER ISSUER plc, (registered number 5250668) a public limited
      company incorporated under the laws of England and Wales, whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX,
      as Master Issuer; and

(2)   THE BANK OF NEW YORK, a New York banking corporation acting through its
      London branch at 48th Floor, One Canada Square, Canary Wharf, London E14
      5AL in its capacity as Note Trustee.

WHEREAS:

(A)   The Sixth Supplemental Issuer Trust Deed is supplemental to the Issuer
      Trust Deed dated 19 January 2005 (the "Principal Issuer Trust Deed"),
      the first supplemental Issuer Trust Deed dated 26 January 2005 (the
      "First Supplemental Issuer Trust Deed"), the second supplemental Issuer
      Trust Deed dated 25 May 2005 (the "Second Supplemental Issuer Trust
      Deed"), the third supplemental Issuer Trust Deed dated 31 August 2005
      (the "Third Supplemental Issuer Trust Deed"), the fourth supplemental
      Issuer Trust Deed dated 22 September 2005 (the "Fourth Supplemental
      Issuer Trust Deed") and the fifth supplemental Issuer Trust Deed dated
      26 January 2005 (the "Fifth Supplemental Issuer Trust Deed"), all
      between the Master Issuer and the Note Trustee.

(B)   The Principal Issuer Trust Deed was made between the parties hereto for
      the purposes of constituting the Issuer Notes to be issued by the Master
      Issuer, from time to time, up to a maximum nominal amount of
      (GBP)20,000,000,000 (subject to adjustment in accordance with the
      terms of the Programme Agreement).

(C)   The First Supplemental Issuer Trust Deed was made between the parties
      hereto in order to supplement their obligations under the Principal
      Issuer Trust Deed and constitute the Series 2005-1 Notes.

(D)   The Second Supplemental Issuer Trust Deed was made between the parties
      hereto in order to supplement their obligations under the Principal
      Issuer Trust Deed and the First Supplemental Issuer Trust Deed and
      constitute the Series 2005-2 Notes.

(E)   The Third Supplemental Issuer Trust Deed was made between the parties
      hereto in order to supplement their obligations under the Principal
      Issuer Trust Deed, the First Supplemental Issuer Trust Deed and the
      Second Supplemental Issuer Trust Deed and constitute the Series 2005-3
      Notes.

(F)   The Fourth Supplemental Issuer Trust Deed was made between the parties
      hereto in order to supplement their obligations under the Principal
      Issuer Trust Deed, the First Supplemental Issuer Trust Deed, the Second
      Supplemental Issuer Trust Deed and the Third Supplemental Issuer Trust
      Deed and constitute the Series 2005-4 Notes.

(G)   The Fifth Supplemental Issuer Trust Deed was made between the parties
      hereto in order to supplement their obligations under the Principal
      Issuer Trust Deed, the First Supplemental Issuer Trust Deed, the Second
      Supplemental Issuer Trust Deed, the



<PAGE>

      Third Supplemental Issuer Trust Deed and the Fourth Supplemental Issuer
      Trust Deed and constitute the Series 2006-1 Notes.

(H)   The Master Issuer has, pursuant to a resolution of its board of
      directors passed on or before [ ] 2006, duly authorised the issue by the
      Master Issuer of the Series [2006-2] Notes.

(I)   The parties hereto wish to supplement their obligations under the
      Principal Issuer Trust Deed, the First Supplemental Issuer Trust Deed,
      the Second Supplemental Issuer Trust Deed, the Third Supplemental Issuer
      Trust Deed, the Fourth Supplemental Issuer Trust Deed and the Fifth
      Supplemental Issuer Trust Deed as of the date hereof in order to
      constitute the Series [2006-2] Notes on the terms set out in this Sixth
      Supplemental Issuer Trust Deed.

NOW THIS SIXTH  SUPPLEMENTAL  ISSUER TRUST DEED  WITNESSES  AND IT IS AGREED
AND DECLARED as follows:

1.    Definitions and Interpretations

1.1   The provisions of:

      (a)   the Programme Master Definitions Schedule signed for the purposes
            of identification by Sidley Austin Brown & Wood and Allen & Overy
            LLP on 19 January 2005, and

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy LLP
            on 19 January 2005,

      (as the same have been and may be amended, varied or supplemented from
      time to time with the consent of the parties hereto) are expressly and
      specifically incorporated into and shall apply to this Sixth
      Supplemental Issuer Trust Deed. This Sixth Supplemental Issuer Trust
      Deed shall prevail to the extent that it conflicts with the Programme
      Master Definitions Schedule and/or the Issuer Master Definitions
      Schedule. The Issuer Master Definitions Schedule shall prevail to the
      extent that it conflicts with the Programme Master Definitions Schedule.

1.2   In this Sixth Supplemental Issuer Trust Deed:

      "Series [2006-2] Notes" means the Issuer Notes, the specific details of
      which are contained in the Final Terms signed by the Master Issuer and
      dated [ ] 2006;

      "Series 2006-1 Notes" means the Issuer Notes, the specific details of
      which are contained in the Final Terms signed by the Master Issuer and
      dated 20 January 2006;

      "Series 2005-4 Notes" means the Issuer Notes, the specific details of
      which are contained in the Final Terms signed by the Master Issuer and
      dated 15 September 2005;

      "Series 2005-3 Notes" means the Issuer Notes, the specific details of
      which are contained in the Final Terms signed by the Master Issuer and
      dated 26 August 2005;



                                      2
<PAGE>

      "Series 2005-2 Notes" means the Issuer Notes, the specific details of
      which are contained in the Pricing Supplement signed by the Master
      Issuer and dated 23 May, 2005; and

      "Series 2005-1 Notes" means the Issuer Notes, the specific details of
      which are contained in the Pricing Supplement signed by the Master
      Issuer and dated 21 January 2005.

2.    Closing Date

2.1   The parties hereto agree that the terms and conditions of this Sixth
      Supplemental Issuer Trust Deed shall automatically take effect on [ ]
      2006, and from such date the provisions of the Principal Issuer Trust
      Deed, the First Supplemental Issuer Trust Deed, the Second Supplemental
      Issuer Trust Deed, the Third Supplemental Issuer Trust Deed, the Fourth
      Supplemental Issuer Trust Deed and the Fifth Supplemental Issuer Trust
      Deed shall henceforth be read and construed as one document.

2.2   A memorandum of this Sixth Supplemental Issuer Trust Deed will be
      endorsed by the Note Trustee on the executed copy of the Principal
      Issuer Trust Deed held by the Note Trustee and by the Master Issuer on
      its duplicate copy of the Principal Issuer Trust Deed, in accordance
      with the provisions of Clause 2.1 of the Principal Issuer Trust Deed.

3.    Amount, Form and Status

3.1   The Series [2006-2] Notes are constituted by and in accordance with the
      Principal Issuer Trust Deed, the First Supplemental Issuer Trust Deed,
      the Second Supplemental Issuer Trust Deed, the Third Supplemental Issuer
      Trust Deed, the Fourth Supplemental Issuer Trust Deed, the Fifth
      Supplemental Issuer Trust Deed and this Sixth Supplemental Issuer Trust
      Deed in the following aggregate principal amounts:

      (a)   Series [2006-2] [Class A] Notes - [$[ ]]/[EURO[ ]]/ [GBP[ ]];

      (b)   Series [2006-2] [Class B] Notes - [$[ ]]/[EURO[ ]]/ [GBP[ ]];

      (c)   Series [2006-2] [Class M Notes] - [$[ ]]/[EURO[ ]]/ [GBP[ ]]; and

      (d)   Series [2006-2] Class C Notes - [$[ ]]/[EURO[ ]]/ [GBP[ ]].

      Each Series and Class of the Series [2006-2] Notes shall be in
      registered form.

3.2   The Series [2006-2] Notes shall be secured by the security constituted
      by the Issuer Deed of Charge.

3.3   Each Series and Class of the Series [2006-2] Notes that are US Notes
      shall be represented by a US Global Note Certificate. Each Series and
      Class of the Series [2006-2] Notes that are Reg S Notes shall be
      represented by a Reg S Global Note Certificate. Each Global Note
      Certificate shall be exchangeable in accordance with its provisions for
      Individual Note Certificates.

4.    Covenant to Repay



                                      3
<PAGE>

4.1   The Master Issuer covenants with the Note Trustee that it will, in
      accordance with these presents, on the due date for the final maturity
      of each Series and Class of the Series [2006-2] Notes, or on such
      earlier date as the same or any part thereof may become due and
      repayable thereunder, in accordance with the Issuer Conditions, pay or
      procure to be paid unconditionally to or to the order of the Note
      Trustee in the Specified Currency, in immediately available funds or
      same day funds, as applicable, the principal amount of such Series and
      Class of the Series [2006-2] Notes, repayable on that date. The Master
      Issuer shall in the meantime and until all such payments (both before
      and after any judgment or other order of a court of competent
      jurisdiction) are duly made (subject to the provisions of the Issuer
      Conditions), pay or procure to be paid unconditionally to or to the
      order of the Note Trustee as aforesaid, interest (which shall accrue
      from day to day) on the Principal Amount Outstanding of such Series and
      Class of the Series [2006-2] Notes, at rates and/or in amounts set out
      in or (as the case may be) calculated from time to time in accordance
      with, or specified in, and on the dates provided for in the Issuer
      Conditions (subject to Clause 2.6 (Interest following Default) of the
      Principal Issuer Trust Deed), provided that;

      (a)   every payment of principal or interest in respect of any Series
            and Class of the Series [2006-2] Notes, made to or to the account
            of the Principal Paying Agent in the manner provided in the Issuer
            Paying Agent and Agent Bank Agreement, shall satisfy the
            obligations of the Master Issuer under this Clause 4.1 (Covenant
            to Repay), in respect of such Issuer Notes except to the extent
            that there is default in the subsequent payment thereof to the
            Noteholders in accordance with the Issuer Conditions;

      (b)   if any payment of principal in respect of any Series and Class of
            the Series [2006-2] Notes is made after the due date, interest
            shall continue to accrue on the principal amount of such Issuer
            Notes (both before and after any judgment or other order of a
            court of competent jurisdiction) at the rates aforesaid up to and
            including the date which the Note Trustee determines to be the
            date on and after which payment is to be made in respect thereof
            as stated in a notice given to the holders of such Issuer Notes
            (such date to be not later than 30 days after the day on which the
            whole of such principal amount, together with an amount equal to
            the interest which has accrued and is to accrue pursuant to this
            proviso up to and including that date, has been received by the
            Note Trustee or the Principal Paying Agent);

      (c)   in any case where payment of the whole or any part of the
            principal amount of any Series [2006-2] Note is improperly
            withheld or refused upon due presentation thereof (if so provided
            in the Issuer Paying Agent and Agent Bank Agreement), interest
            shall accrue on the whole, or such part of such principal amount
            of such Issuer Note which has been so withheld or refused (both
            before and after any judgment or other order of a court of
            competent jurisdiction), at the rates aforesaid, from and
            including the date of such withholding or refusal up to and
            including the date on which, upon further presentation of the
            relevant Issuer Note, such principal amount due (including
            interest as aforesaid) is paid to the Noteholders or (if earlier)
            the seventh day after notice is given to the Noteholders in
            accordance with the Issuer Conditions that the full amount
            (including interest as aforesaid) payable in respect of the
            principal amount is available for payment, provided that, upon



                                      4
<PAGE>

            further due presentation thereof (if so provided in the Issuer
            Paying Agent and Agent Bank Agreement), such payment is in fact
            made; and

      (d)   notwithstanding any other provision of these presents, pursuant to
            Section 316(b) of the Trust Indenture Act, the right of any
            Noteholder to receive payment of principal and interest on any
            Series and Class of the Series [2006-2] Notes, on or after the
            respective due dates expressed for such Issuer Notes, or to bring
            suit for the enforcement of any such payment on or after such
            respective dates, shall not be impaired or affected without the
            consent of the Noteholder.

5.    Counterparts

      The provisions of Clause 20.1 (Counterparts) of the Principal Issuer
      Trust Deed shall apply to this Sixth Supplemental Issuer Trust Deed
      mutatis mutandis as if set out in full herein.

6.    Amendments to Principal Issuer Trust Deed

6.1   In respect of each Series and Class of the Series [2006-2] Notes that
      are US Notes, the form of Global Note Certificate set out in Schedule 1
      to the Principal Trust Deed shall be replaced with the form of US Global
      Note Certificate set out in Schedule 1 hereto.

6.2   In respect of each Series and Class of the Series [2006-2] Notes that
      are Reg S Notes, the form of Global Note Certificate set out in Schedule
      1 to the Principal Trust Deed shall be replaced with the form of Reg S
      Global Note Certificate set out in Schedule 2 hereto.





                                      5
<PAGE>


                                EXECUTION PAGE

IN WITNESS WHEREOF this Sixth Supplemental Issuer Trust Deed has been executed
as a deed and delivered by the parties hereto on the day and year first above
written.


as Master Issuer
EXECUTED AND DELIVERED AS A DEED                )
by                                              )
GRANITE MASTER ISSUER PLC                       )
acting by two directors                         )


_________________________
for and on behalf of
LDC Securitisation Director No. 1 Limited
Director

Name:


_________________________
for and on behalf of
LDC Securitisation Director No. 2 Limited
Director

Name:




as Note Trustee
EXECUTED AND DELIVERED AS A DEED                )
by                                              )
THE BANK OF NEW YORK                            )
by its duly authorised signatory                )


_________________________________


Name:


in the presence of:
                                Signature _________________________
                                          Witness
                                Full name
                                Occupation
                                Address



                                      6
<PAGE>


                                  SCHEDULE 1
       FORM OF US GLOBAL NOTE CERTIFICATE FOR THE SERIES [2006-2] NOTES

                           GRANITE MASTER ISSUER PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 5250668)

         SERIES [2006-2] CLASS [A] [B] [M] [C] GLOBAL NOTE CERTIFICATE

                                 representing
     US$[Initial Principal Amount] Series [2006-2] Class [A] [B] [M] [C]]
                                 Notes due [o]


1.    Introduction

      This Global Note Certificate is issued in respect of the US$[Initial
      Principal Amount] Series [2006-2] Class [A] [B] [M] [C] Notes due [o]
      (the "Notes") of Granite Master Issuer plc (the "Master Issuer") limited
      to the aggregate principal amount of

                [Initial Principal Amount - words and figures]

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated 19 January, 2005 (as amended or supplemented from time
      to time, the "Issuer Trust Deed") between the Master Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated 26 January, 2006 (as amended or
      supplemented from time to time, the "Issuer Paying Agent and Agent Bank
      Agreement") between the Master Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Issuer Conditions (or to any particular
      numbered Condition) shall be to the Issuer Conditions (or that
      particular one of them) set out in Schedule 3 to the Issuer Trust Deed
      as supplemented and modified by the Final Terms applicable to the Notes
      (the "Final Terms"), attached hereto. In the event of any conflict
      between the Issuer Conditions and the information in the Final Terms,
      the Final Terms will prevail.

3.    Registered Holder

      This is to certify that:

                                  CEDE & CO.

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of

                  [Initial Principal Amount - words and figures]



                                      7
<PAGE>

      in aggregate principal amount of the Notes.

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Issuer
      Conditions, the Master Issuer, for value received, promises to pay to
      the Holder the principal amount of this Global Note Certificate (being
      at the date hereof [Initial Principal Amount] on the Final Maturity Date
      (or on such earlier date as such principal amount may become repayable
      in accordance with the Issuer Conditions or the Issuer Trust Deed) and
      to pay interest on the principal amount from time to time (as noted in
      the records of the custodian for DTC of this Global Note Certificate) in
      arrear on each Note Payment Date at the rates determined in accordance
      with the Issuer Conditions together with such premium and other amounts
      (if any) as may be payable, all subject to and in accordance with the
      Issuer Conditions and the provisions of the Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Issuer Trust Deed only if (i) The Depository Trust Company
      ("DTC") has notified the Master Issuer that it is at any time unwilling
      or unable to continue as, or ceases to be, a clearing agency under the
      United States Securities Exchange Act of 1934, as amended (the "Exchange
      Act"), and a successor to DTC registered as a clearing agency under the
      Exchange Act is not appointed by the Master Issuer within 90 days of
      such notification or (ii) as a result of any amendment to, or change in,
      the laws or regulations of the United Kingdom (or of any political
      subdivision thereof), or of any authority therein or thereof having
      power to tax, or in the interpretation or administration by a revenue
      authority or a court or administration of such laws or regulations which
      becomes effective on or after the Closing Date (as defined in the Final
      Terms), the Master Issuer or any Paying Agent is or will be required to
      make any deduction or withholding from any payment in respect of the
      Notes which would not be required were the relevant Notes Individual
      Note Certificates. Such exchange shall be effected in accordance with
      paragraph 6 (Delivery of Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder and/or DTC, to the Registrar of such information
      as is required to complete and deliver such Individual Note Certificates
      (including, without limitation, the names and addresses of the persons
      in whose names the Individual Note Certificates are to be registered and
      the principal amount of each such person's holding) against the
      surrender of this Global Note Certificate at the Specified Office (as
      defined in the Issuer Conditions) of the Registrar. Such exchange shall
      be effected in accordance with the provisions of the Issuer Paying Agent
      and Agent Bank Agreement and the regulations concerning the transfer and
      registration of Notes scheduled thereto and, in particular, shall be
      effected without charge to any Holder or the Note Trustee, but against
      such indemnity as the




                                      8
<PAGE>

      Registrar may require in respect of any tax or other duty of whatsoever
      nature which may be levied or imposed in connection with such exchange.
      In this paragraph, "business day" means a day on which commercial banks
      are open for business in the city in which the Registrar has its
      Specified Office.

7.    Payments

      Payments of principal, premium (if any) and interest in respect of Notes
      represented by this Global Note Certificate will be made in accordance
      with the Issuer Conditions. All payments of any amounts payable and paid
      to the Holder of this Global Note Certificate shall be valid and, to the
      extent of the sums so paid, effectual to satisfy and discharge the
      liability for the monies payable hereon.

8.    Conditions apply

      Save as otherwise provided herein, the Holder of this Global Note
      Certificate shall have the benefit of, and be subject to, the Issuer
      Conditions, and, for the purposes of this Global Note Certificate, any
      reference in the Issuer Conditions to "Note Certificate" or "Note
      Certificates" shall, except where the context otherwise requires, be
      construed so as to include this Global Note Certificate.

9.    Tax Treatment

      The Master Issuer will treat the Notes as indebtedness for U.S. federal
      income tax purposes. Each Holder of a Note, by the acceptance hereof,
      agrees to treat this Note for U.S. federal income tax purposes as
      indebtedness.

10.   Determination of Entitlement

      This Global Note Certificate is evidence of entitlement only and is not
      a document of title. Entitlements are determined by the Registrar by
      reference to the Register and only the Holder is entitled to payment in
      respect of this Global Note Certificate.

11.   Authentication

      This Global Note Certificate shall not be or become valid for any
      purpose unless and until authenticated by or on behalf of Citibank, N.A.
      as Registrar.

12.   Note Trustee's Powers

      In considering the interests of Noteholders in circumstances where this
      Global Note Certificate is held on behalf of DTC, Euroclear and/or
      Clearstream, Luxembourg, the Note Trustee may, to the extent it
      considers it appropriate to do so in the circumstances, (i) have regard
      to such information as may have been made available to it by or on
      behalf of the relevant clearing system or its operator as to the
      identity of its accountholders (either individually or by way of
      category) with entitlements in respect of this Global Note Certificate
      and (ii) consider such interests on the basis that such accountholders
      were the holders of this Global Note Certificate.



                                      9
<PAGE>

13.   Definitions

      Terms not defined herein have the meaning ascribed to such terms in the
      Issuer Conditions.

14.   Rights of Third Parties

      No person shall have any right under the Contracts (Rights of Third
      Parties) Act 1999 to enforce any term or condition of this Global Note
      Certificate, but this shall not affect any right or remedy which exists
      or is available apart from that Act.

15.   Governing law

      This Global Note Certificate is governed by, and shall be construed in
      accordance with, English law.

IN WITNESS whereof the Master Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.



                                      10
<PAGE>


GRANITE MASTER ISSUER plc


By:   ..............................
      [manual or facsimile signature]
      (duly authorised)

ISSUED in London, England on [           ] 2006.

AUTHENTICATED for and on behalf of
CITIBANK, N.A.
as Registrar without recourse, warranty, or liability




.....................................
[manual signature]
(duly authorised)



                                      11
<PAGE>



FORM OF TRANSFER

FOR VALUE RECEIVED ...................................................,
being the registered holder of this Global Note Certificate, hereby
transfers to ..............................................................
............................................................................
of ........................................................................
............................................................................
US$[amount] in principal amount of the US$[Initial Principal Amount] Series
[2006-2] Class [A] [B] [M] [C] Notes (the "Notes") of Granite Master Issuer
plc (the "Master Issuer") and irrevocably requests and authorises Citibank,
N.A., in its capacity as Registrar in relation to the Notes (or any successor
to Citibank, N.A., in its capacity as such) to effect the relevant transfer by
means of appropriate entries in the Register kept by it.




Dated:..............................

By:   ..............................
             (duly authorised)

Notes

The name of the person by or on whose behalf this form of transfer is signed
must correspond with the name of the registered holder as it appears on the
face of this Global Note Certificate.

(a)   A representative of such registered holder should state the capacity in
      which he signs, e.g. executor.

(b)   The signature of the person effecting a transfer shall conform to any
      list of duly authorised specimen signatures supplied by the registered
      holder or be certified by a recognised bank, notary public or in such
      other manner as the Registrar may require.

(c)   Any transfer of Notes shall be in an amount equal to [Specified
      Denomination].



                                      12
<PAGE>



                                 [Final Terms]






                                      13
<PAGE>



                                  SCHEDULE 2
      FORM OF REG S GLOBAL NOTE CERTIFICATE FOR THE SERIES [2006-2] NOTES

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO
THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE ISSUER NOTES MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON (AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.



                                      14
<PAGE>



                           GRANITE MASTER ISSUER PLC
   (Incorporated with limited liability in England and Wales with registered
                                number 5250668)

         SERIES [2006-2] CLASS [A] [B] [M] [C] GLOBAL NOTE CERTIFICATE

                                 representing
    [Specified Currency and Initial Principal Amount] Series [2006-2] Class
                         [A] [B] [M] [C] Notes due [o]


1.    Introduction

      This Global Note Certificate is issued in respect of the [Specified
      Currency and Initial Principal Amount] Series [2006-2] Class [A] [B] [M]
      [C] Notes due [o] (the "Notes") of Granite Master Issuer plc (the
      "Master Issuer") limited to the aggregate principal amount of

                [Initial Principal Amount - words and figures]

      The Notes are constituted by, are subject to, and have the benefit of, a
      trust deed dated 19 January, 2005 (as amended or supplemented from time
      to time, the "Issuer Trust Deed") between the Master Issuer and The Bank
      of New York as trustee (the trustee for the time being thereof being
      herein called the "Note Trustee") and are the subject of a paying agent
      and agent bank agreement dated 26 January 2006 (as amended or
      supplemented from time to time, the "Issuer Paying Agent and Agent Bank
      Agreement") between the Master Issuer, the Principal Paying Agent, the
      Agent Bank, Citibank, N.A. as registrar (the "Registrar", which
      expression includes any successor registrar appointed from time to time
      in connection with the Notes), the Transfer Agent, the US Paying Agent
      and the Note Trustee.

2.    References to Conditions

      References herein to the Issuer Conditions (or to any particular
      numbered Condition) shall be to the Issuer Conditions (or that
      particular one of them) set out in Schedule 3 to the Issuer Trust Deed
      as supplemented and modified by the Final Terms applicable to the Notes
      (the "Final Terms"), attached hereto. In the event of any conflict
      between the Issuer Conditions and the information in the Final Terms,
      the Final Terms will prevail.

3.    Registered Holder

      This is to certify that:

                             CITIVIC NOMINEES LTD.

      is the person registered in the register maintained by the Registrar in
      relation to the Notes (the "Register") as the duly registered holder
      (the "Holder") of

                [Initial Principal Amount - words and figures]

      in aggregate principal amount of the Notes.



                                      15
<PAGE>

4.    Promise to pay

      Subject only as provided in this Global Note Certificate and the Issuer
      Conditions, the Master Issuer, for value received, promises to pay to
      the Holder the principal amount of this Global Note Certificate (being
      at the date hereof Initial Principal Amount on the Final Maturity Date
      (or on such earlier date as such principal amount may become repayable
      in accordance with the Issuer Conditions or the Issuer Trust Deed) and
      to pay interest on the principal amount from time to time (as noted in
      the records of the common depositary for Euroclear and Clearstream,
      Luxembourg of this Global Note Certificate) in arrear on each Note
      Payment Date at the rates determined in accordance with the Issuer
      Conditions together with such premium and other amounts (if any) as may
      be payable, all subject to and in accordance with the Issuer Conditions
      and the provisions of the Issuer Trust Deed.

5.    Exchange for Individual Note Certificates

      This Global Note Certificate will be exchangeable (in whole but not in
      part and free of charge to the holder) for duly authenticated and
      completed individual note certificates ("Individual Note Certificates")
      in substantially the form (subject to completion) set out in Schedule 2
      to the Issuer Trust Deed only if (i) both Euroclear and Clearstream,
      Luxembourg are closed for a continuous period of 14 days (other than by
      reason of a holiday, statutory or otherwise) or announce an intention to
      permanently cease business and do so cease to do business and no
      alternative clearing system satisfactory to the Note Trustee is
      available or (ii) as a result of any amendment to, or change in, the
      laws or regulations of the United Kingdom (or of any political
      subdivision thereof), or of any authority therein or thereof having
      power to tax, or in the interpretation or administration by a revenue
      authority or a court or administration of such laws or regulations which
      becomes effective on or after the Closing Date (as defined in the Final
      Terms), the Master Issuer or any Paying Agent is or will be required to
      make any deduction or withholding from any payment in respect of the
      Notes which would not be required were the relevant Notes Individual
      Note Certificates. Such exchange shall be effected in accordance with
      paragraph 6 (Delivery of Individual Note Certificates) below.

6.    Delivery of Individual Note Certificates

      Whenever this Global Note Certificate is to be exchanged for Individual
      Note Certificates, such Individual Note Certificates shall be issued in
      an aggregate principal amount equal to the principal amount of this
      Global Note Certificate within five business days of the delivery, by or
      on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to
      the Registrar of such information as is required to complete and deliver
      such Individual Note Certificates (including, without limitation, the
      names and addresses of the persons in whose names the Individual Note
      Certificates are to be registered and the principal amount of each such
      person's holding) against the surrender of this Global Note Certificate
      at the Specified Office (as defined in the Issuer Conditions) of the
      Registrar. Such exchange shall be effected in accordance with the
      provisions of the Issuer Paying Agent and Agent Bank Agreement and the
      regulations concerning the transfer and registration of Notes scheduled
      thereto and, in particular, shall be effected without charge to any
      Holder or the Note Trustee, but against such indemnity as the Registrar
      may require in respect of any tax or other duty of whatsoever nature
      which may be levied or imposed in



                                      16
<PAGE>

      connection with such exchange. In this paragraph, "business day" means a
      day on which commercial banks are open for business in the city in which
      the Registrar has its Specified Office.

7.    Payments

      Payments of principal, premium (if any) and interest in respect of Notes
      represented by this Global Note Certificate will be made in accordance
      with the Issuer Conditions. All payments of any amounts payable and paid
      to the Holder of this Global Note Certificate shall be valid and, to the
      extent of the sums so paid, effectual to satisfy and discharge the
      liability for the monies payable hereon.

8.    Conditions apply

      Save as otherwise provided herein, the Holder of this Global Note
      Certificate shall have the benefit of, and be subject to, the Issuer
      Conditions, and, for the purposes of this Global Note Certificate, any
      reference in the Issuer Conditions to "Note Certificate" or "Note
      Certificates" shall, except where the context otherwise requires, be
      construed so as to include this Global Note Certificate.

9.    Determination of Entitlement

      This Global Note Certificate is evidence of entitlement only and is not
      a document of title. Entitlements are determined by the Registrar by
      reference to the Register and only the Holder is entitled to payment in
      respect of this Global Note Certificate.

10.   Authentication

      This Global Note Certificate shall not be or become valid for any
      purpose unless and until authenticated by or on behalf of Citibank, N.A.
      as Registrar.

11.   Note Trustee's Powers

      In considering the interests of Noteholders in circumstances where this
      Global Note Certificate is held on behalf of DTC, Euroclear and/or
      Clearstream, Luxembourg, the Note Trustee may, to the extent it
      considers it appropriate to do so in the circumstances, (i) have regard
      to such information as may have been made available to it by or on
      behalf of the relevant clearing system or its operator as to the
      identity of its accountholders (either individually or by way of
      category) with entitlements in respect of this Global Note Certificate
      and (ii) consider such interests on the basis that such accountholders
      were the holders of this Global Note Certificate.

12.   Definitions

      Terms not defined herein have the meaning ascribed to such terms in the
      Issuer Conditions.

13.   Rights of Third Parties

      No person shall have any right under the Contracts (Rights of Third
      Parties) Act 1999 to enforce any term or condition of this Global Note
      Certificate, but this shall not affect any right or remedy which exists
      or is available apart from that Act.



                                      17
<PAGE>

14.   Governing law

      This Global Note Certificate is governed by, and shall be construed in
      accordance with, English law.

IN WITNESS whereof the Master Issuer has caused this Global Note Certificate
to be signed manually or in facsimile by a person duly authorised on its
behalf.



                                      18
<PAGE>



GRANITE MASTER ISSUER plc


By:   ..............................
      [manual or facsimile signature]
      (duly authorised)

ISSUED in London, England on [         ] 2006.

AUTHENTICATED for and on behalf of
CITIBANK, N.A.
as Registrar without recourse, warranty, or liability




.....................................
[manual signature]
(duly authorised)



                                      19
<PAGE>



FORM OF TRANSFER

FOR VALUE RECEIVED ...................................................,
being the registered holder of this Global Note Certificate, hereby
transfers to .................................................................
...............................................................................
of ...........................................................................
...............................................................................
[Specified Currency][amount] in principal amount of the [Specified Currency
and Initial Principal Amount] Series [2006-2] Class [A] [B] [M] [C] Notes (the
"Notes") of Granite Master Issuer plc (the "Master Issuer") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in
relation to the Notes (or any successor to Citibank, N.A., in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
Register kept by it.




Dated:..............................

By:   ..............................
            (duly authorised)

Notes

The name of the person by or on whose behalf this form of transfer is signed
must correspond with the name of the registered holder as it appears on the
face of this Global Note Certificate.

(a)   A representative of such registered holder should state the capacity in
      which he signs, e.g. executor.

(b)   The signature of the person effecting a transfer shall conform to any
      list of duly authorised specimen signatures supplied by the registered
      holder or be certified by a recognised bank, notary public or in such
      other manner as the Registrar may require.

(c)   Any transfer of Notes shall be in an amount equal to [Specified
      Denomination].

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<PAGE>

                                [Final Terms]


                                      21