Exhibit 4.6.2

                                                               EXECUTION VERSION


                               Dated 24 May, 2006






                            GRANITE MASTER ISSUER PLC
                                as Master Issuer



                                     - and -




                              THE BANK OF NEW YORK
                                 as Note Trustee






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

                      SIXTH SUPPLEMENTAL ISSUER TRUST DEED

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


                                  SIDLEY AUSTIN
                                WOOLGATE EXCHANGE
                              25 BASINGHALL STREET
                                 LONDON EC2V 5HA
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937


<PAGE>


                                    CONTENTS

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

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

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

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

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

SCHEDULE 3 TERMS AND CONDITIONS OF THE SERIES
           2006-2 NOTES...................................................21


                                       i
<PAGE>

THIS SIXTH SUPPLEMENTAL ISSUER TRUST DEED is made on 24 May, 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 or Issuing Entity; 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 21 September, 2005 (the "Fourth Supplemental
      Issuer Trust Deed"), and the fifth supplemental Issuer Trust Deed dated
      25 January, 2006 (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.

 (G)  The Master Issuer has, pursuant to a resolution of its board of directors
      passed on or before 17 May, 2006, duly authorised the issue by the Master
      Issuer of the Series 2006-2 Notes.

(H)   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 18 May, 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 24 May,
      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 A1 Notes - $810,000,000;

      (b)   Series 2006-2 Class A2 Notes - (euro)300,000,000;

      (c)   Series 2006-2 Class A3 Notes - (GBP)70,000,000;

      (d)   Series 2006-2 Class A4 Notes - $1,275,000,000;

      (e)   Series 2006-2 Class A5 Notes - (euro)1,360,000,000;

      (f)   Series 2006-2 Class A6 Notes - (GBP)500,000,000;

      (g)   Series 2006-2 Class B1 Notes - $29,000,000;

      (h)   Series 2006-2 Class B2 Notes - $36,000,000;

      (i)   Series 2006-2 Class B3 Notes - (euro)37,500,000;

      (j)   Series 2006-2 Class M1 Notes - $25,000,000;


                                       3
<PAGE>

      (k)   Series 2006-2 Class M2 Notes - $25,000,000;

      (l)   Series 2006-2 Class M3 Notes - (euro)35,000,000;

      (m)   Series 2006-2 Class M4 Notes - (GBP)10,000,000;

      (n)   Series 2006-2 Class C1 Notes - $75,000,000;

      (o)   Series 2006-2 Class C2 Notes - (euro)55,000,000;

      (p)   Series 2006-2 Class C3 Notes - (GBP)12,000,000;

      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

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


                                       4
<PAGE>

            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
            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>

6.3   Issuer Conditions

      In respect of the Series 2006-2 Notes, the Terms and Conditions set out in
      Schedule 3 to the Principal Issuer Trust Deed shall be replaced with the
      Terms and Conditions set out in Schedule 3 hereto.


                                       6
<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                         )

/s/ Ian Bowden
-------------------------
for and on behalf of
LDC Securitisation Director No. 1 Limited
Director

Name: Ian Bowden


/s/ S. Tyson
-------------------------
for and on behalf of
LDC Securitisation Director No. 2 Limited
Director

Name: Sharon Tyson




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

/s/ Kate Russell
-------------------------------


Name: Kate Russell
      Vice President


in the presence of:
                                Signature /s/ Helen Kim
                                          -------------------------
                                          Witness
                                Full name   Helen Kim
                                Occupation
                                Address     The Bank of New York
                                            One Canada Square
                                            London
                                            E14 5AL


                                       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 [A1] [A4] [B1] [B2] [M1] [M2] [C1] GLOBAL NOTE
                                   CERTIFICATE

                                  representing
   US$[Initial Principal Amount] Series 2006-2 Class [A1] [A4] [B1] [B2] [M1]
                             [M2] [C1] Notes due [o]


1.    Introduction

      This Global Note Certificate is issued in respect of the US$[Initial
      Principal Amount] Series 2006-2 Class[A1] [A4] [B1] [B2] [M1] [M2] [C1]
      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 the Sixth Supplemental Issuer Trust Deed
      dated 24 May, 2006, 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 19 January, 2005 (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.


                                       7
<PAGE>

      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.

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


                                       8
<PAGE>

      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 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


                                       9
<PAGE>

      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.

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 24 May, 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 [A1] [A4] [B1] [B2] [M1] [M2] [C1] 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 [A2] [A3] [A5] [A6] [B3] [M3] [M4] [C2] [C3] GLOBAL
                                NOTE CERTIFICATE

                                  representing
 [Specified Currency and Initial Principal Amount] Series 2006-2 Class [A2] [A3]
                [A5] [A6] [B3] [M3] [M4] [C2] [C3] 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 [A2] [A3] [A5]
      [A6] [B3] [M3] [M4] [C2] [C3] 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 the Sixth Supplemental Issuer Trust Deed
      dated 24 May, 2006, 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 19 January, 2005 (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]


                                       15
<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 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


                                       16
<PAGE>

      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 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.


                                       17
<PAGE>

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.

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 24 May, 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 [A2] [A3] [A5]
[A6] [B3] [M3] [M4] [C2] [C3] 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].


                                       20
<PAGE>

                                  [Final Terms]


                                       21
<PAGE>

                                   SCHEDULE 3

                 Terms and Conditions of the Series 2006-2 Notes