Document:

Exhibit 4.6.2

                       Terms and conditions of the notes

      The following are the Terms and Conditions (the "Conditions", and any
reference to a "Condition" shall be construed accordingly) of the Notes in the
form (subject to amendment) in which they will be set out in the Current
Issuer Trust Deed. Investors should note that the issuer is referred to in the
Conditions as the "Current Issuer" and references to those documents to which
the issuer is a party are generally preceded with the words "Current Issuer".
A glossary of definitions appears in Condition 17 of these Conditions.

      The Notes of the Current Issuer are constituted by the Current Issuer
Trust Deed. The security for the Notes is created pursuant to, and on the
terms set out in, the Current Issuer Deed of Charge. By the Current Issuer
Paying Agent and Agent Bank Agreement, provision is made for, inter alia, the
payment of principal and interest in respect of the Notes.

      The statements in these Conditions include summaries of, and are subject
to, the detailed provisions of the Current Issuer Trust Deed, the Current
Issuer Deed of Charge and the Current Issuer Paying Agent and Agent Bank
Agreement. The Notes are also the subject of the Current Issuer Dollar
Currency Swap Agreements, the Current Issuer Euro Currency Swap Agreements,
the Current Issuer Interest Rate Swap Agreement and the Current Issuer Basis
Rate Swap Agreement.

      Copies of the Current Issuer Trust Deed, the Current Issuer Deed of
Charge, the Current Issuer Master Definitions Schedule dated on or about the
Closing Date, the Current Issuer Paying Agent and Agent Bank Agreement and
each of the other Transaction Documents are available for inspection at the
head office for the time being of (i) the Principal Paying Agent, being at the
date hereof 5 Carmelite Street, London EC4Y 0PA and (ii) the US Paying Agent,
being at the date hereof 14th Floor Zone 3, 111 Wall Street, New York, New
York 10043. The Noteholders are entitled to the benefit of, are bound by, and
are deemed to have notice of, all the provisions of, and definitions contained
or incorporated in, the Current Issuer Trust Deed, the Current Issuer Deed of
Charge, the Current Issuer Intercompany Loan Agreement, the Funding Deed of
Charge, the Second Priority Funding Deed of Charge, the Current Issuer Cash
Management Agreement, the Current Issuer Paying Agent and Agent Bank
Agreement, the Current Issuer Basis Rate Swap Agreement, the Current Issuer
Interest Rate Swap Agreement, the Current Issuer Dollar Currency Swap
Agreements and the Current Issuer Euro Currency Swap Agreements.

      The issue of the Notes will be authorised by a resolution of the Board
of Directors of the Current Issuer passed on or about 15 September 2004.

1.    Form, Denomination, Register, Title and Transfers

(A)   Form and Denomination

      The Dollar Notes will initially be offered and sold pursuant to a
registration statement filed with the United States Securities and Exchange
Commission. The Reg S Notes will initially be offered and sold outside the
United States to non-US persons pursuant to Reg S.

      The Dollar Notes will be issued in minimum denominations of $100,000 and
increments of $1,000 thereafter. Each class of Dollar Notes will be initially
represented by a US Global Note Certificate, which, in the aggregate, will
represent the Principal Amount Outstanding from time to time of such class of
Dollar Notes. The Euro Notes will be issued in minimum denominations of
(euro)50,000 and increments of (euro)1,000 thereafter. Each class of Euro
Notes will be initially represented by a Reg S Global Note Certificate which,
in the aggregate, will represent the Principal Amount Outstanding from time to
time of such class of Euro Notes. The Sterling Notes will be issued in minimum
denominations of

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(GBP)50,000 and increments of (GBP)1,000 thereafter. Each class of Sterling
Notes will be initially represented by a Reg S Global Note Certificate, which,
in the aggregate, will represent the Principal Amount Outstanding from time to
time of such class of Sterling Notes.

      Global Note Certificates will be exchanged for Individual Note
Certificates in definitive registered form only under certain limited
circumstances (as described in the relevant Global Note Certificate). If
Individual Note Certificates are issued, they will be serially numbered and
issued in an aggregate principal amount equal to the Principal Amount
Outstanding of the relevant Global Note Certificates and in registered form
only.

(B)   Register

      The Registrar will maintain the Register in respect of the Notes in
accordance with the provisions of the Current Issuer Paying Agent and Agent
Bank Agreement. In these Conditions, the "Holder" of a Note means the person
in whose name such Note is for the time being registered in the Register (or,
in the case of a joint holding, the first named thereof). A Note Certificate
will be issued to each Noteholder in respect of its registered holding. Each
Note Certificate will be numbered serially with an identifying number which
will be recorded in the Register.

(C)   Title

      The Holder of each Note shall (except as otherwise required by law) be
treated by the Current Issuer, the Note Trustee, the Agent Bank and any Agent
as the absolute owner of such Note for all purposes (whether or not it is
overdue and regardless of any notice of ownership, trust or any other interest
therein, any writing on the Note Certificate relating thereto (other than the
endorsed form of transfer) or any notice of any previous loss or theft of such
Note Certificate) and no person shall be liable for so treating such Holder.

(D)   Transfers

      Subject as provided otherwise in this Condition 1(D), a Note may be
transferred upon surrender of the relevant Note Certificate, with the endorsed
form of transfer duly completed, at the Specified Office of the Registrar or
the Transfer Agent, together with such evidence as the Registrar or (as the
case may be) such Transfer Agent may reasonably require to prove the title of
the transferor and the authority of the individuals who have executed the form
of transfer; provided, however, that a Note may not be transferred unless the
principal amount of Notes transferred and (where not all of the Notes held by
a Holder are being transferred) the principal amount of the balance of Notes
not transferred are Authorised Holdings. Where not all the Notes represented
by the surrendered Note Certificate are the subject of the transfer, a new
Note Certificate in respect of the balance of the Notes will be issued to the
transferor.

      Within five Commercial Business Days of such surrender of a Note
Certificate, the Registrar will register the transfer in question and deliver
a new Note Certificate of a like principal amount to the Notes transferred to
each relevant Holder at its Specified Office or (as the case may be) the
Specified Office of the Transfer Agent or (at the request and risk of any such
relevant Holder) by uninsured first class mail (and by airmail if the Holder
is overseas) to the address specified for such purpose by such relevant
Holder. In this paragraph, "Commercial Business Day" means a day on which
commercial banks are open for business in the city where the Registrar or (as
the case may be) Transfer Agent has its Specified Office.

      The transfer of a Note will be effected without charge by or on behalf
of the Current Issuer, the Registrar or the Transfer Agent but against such
indemnity as the Registrar or (as the case may be) such Transfer Agent may
require in respect of any tax or other duty of whatsoever nature which may be
levied or imposed in connection with such transfer.

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      Noteholders may not require transfers of Notes to be registered during
the period of 15 days ending on the due date for any payment of principal or
interest in respect of the Notes.

      All transfers of Notes and entries on the Register are subject to the
detailed regulations concerning the transfer of Notes scheduled to the Current
Issuer Paying Agent and Agent Bank Agreement. The regulations may be changed
by the Current Issuer with the prior written approval of the Note Trustee and
the Registrar. A copy of the current regulations will be mailed (free of
charge) by the Registrar to any Noteholder who requests in writing a copy of
such regulations.

2.    Status, Priority and Security

(A)   Status

      The Class A Notes, the Class B Notes, the Class M Notes and the Class C
Notes are direct, secured and unconditional obligations of the Current Issuer
and are all secured by the same security. Payments on each class of Notes will
be made equally amongst all Notes of that class.

(B)   Priority

(i)   Interest

      Among the Series 1 Notes, payments of interest on the Series 1 Class A
Notes will be made ahead of payments of interest on the Series 1 Class B
Notes, the Series 1 Class M Notes and the Series 1 Class C Notes, payments of
interest on the Series 1 Class B Notes will be made ahead of payments of
interest on the Series 1 Class M Notes and the Series 1 Class C Notes and
payments of interest on the Series 1 Class M Notes will be made ahead of
payments of interest on the Series 1 Class C Notes.

      Among the Series 2 Notes, payments of interest on the Series 2 Class A
Notes will be made ahead of payments of interest on the Series 2 Class B
Notes, the Series 2 Class M Notes and the Series 2 Class C Notes, payments of
interest on the Series 2 Class B Notes will be made ahead of payments of
interest on the Series 2 Class M Notes and the Series 2 Class C Notes and
payments of interest on the Series 2 Class M Notes will be made ahead of
payments of interest on the Series 2 Class C Notes.

      Among the Series 3 Notes, payments of interest on the Series 3 Class A
Notes will be made ahead of payments of interest on the Series 3 Class B
Notes, the Series 3 Class M Notes and the Series 3 Class C Notes, payments of
interest on the Series 3 Class B Notes will be made ahead of payments of
interest on the Series 3 Class M Notes and the Series 3 Class C Notes and
payments of interest on the Series 3 Class M Notes will be made ahead of
payments of interest on the Series 3 Class C Notes.

      As among the Series 1 Notes, the Series 2 Notes and the Series 3 Notes:

     *    payments of interest on the Series 1 Class A1 Notes, the Series 1
          Class A2 Notes, the Series 1 Class A3 Notes, the Series 2 Class A1
          Notes, the Series 2 Class A2 Notes, the Series 3 Class A1 Notes and
          the Series 3 Class A2 Notes will be made in no order of priority
          among them but in proportion to the respective amounts due on the
          Class A Notes. These payments of interest on the Class A Notes will
          be made ahead of payments of interest on each Series of Class B
          Notes, each Series of Class M Notes and each Series of Class C
          Notes;

     *    payments of interest on the Series 1 Class B Notes, the Series 2
          Class B Notes and the Series 3 Class B Notes will be made in no
          order of priority among them but in proportion to the respective
          amounts due on the Class B Notes. These payments of interest on the
          Class B Notes will be made ahead of payments of interest on each
          Series of Class M Notes and each Series of Class C Notes;

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     *    payments of interest on the Series 1 Class M Notes, the Series 2
          Class M Notes and the Series 3 Class M Notes will be made in no
          order of priority among them but in proportion to the respective
          amounts due on the Class M Notes. These payments of interest on the
          Class M Notes will be made ahead of payments of interest on each
          Series of the Class C Notes; and

     *    payments of interest on the Series 1 Class C Notes, the Series 2
          Class C Notes and the Series 3 Class C Notes will be made in no
          order of priority among them but in proportion to the respective
          amounts due on the Class C Notes.

(ii) Principal

     Subject to there being no Trigger Event and no enforcement of the Funding
Security and/or the Current Issuer Security, no Class of Notes will be repaid
an amount of principal which is greater than the Controlled Amortisation
Amount in respect of that Class of Notes for the relevant Payment Date and,
subject also to the satisfaction of certain conditions (described below) in
relation to the repayment of principal of the Class B Notes, the Class M Notes
and the Class C Notes at any time when any Class A Notes are outstanding,
payments of principal will be made in accordance with the following priority.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A1 Notes will be made ahead of repayment of principal in
respect of the Controlled Amortisation Amount on the Series 1 Class A2 Notes,
the Series 1 Class A3 Notes, the Series 2 Class A Notes and the Series 3 Class
A Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A2 Notes will be made ahead of repayment of principal in
respect of the Controlled Amortisation Amount on the Series 1 Class A3 Notes,
the Series 2 Class A Notes and the Series 3 Class A Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A3 Notes, the Series 2 Class A1 Notes, the Series 2
Class A2 Notes, the Series 3 Class A1 Notes and the Series 3 Class A2 Notes
will be made in no order of priority between them but in proportion to the
respective Controlled Amortisation Amounts due on the Series 1 Class A3 Notes,
the Series 2 Class A Notes and the Series 3 Class A Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class A3 Notes, the Series 2 Class A1 Notes, the Series 2
Class A2 Notes, the Series 3 Class A1 Notes and the Series 3 Class A2 Notes
will be made ahead of repayment of principal in respect of the Controlled
Amortisation Amount on the Class B Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class B Notes, the Series 2 Class B Notes and the Series 3
Class B Notes will be made in no order of priority among them but in
proportion to the respective Controlled Amortisation Amounts due on the Class
B Notes. However, repayment of principal in respect of the Controlled
Amortisation Amount on the Class B Notes will be made ahead of repayment of
principal in respect of the Controlled Amortisation Amount on the Class M
Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class M Notes, the Series 2 Class M Notes and the Series 3
Class M Notes will be made in no order of priority among them but in
proportion to the respective Controlled Amortisation Amounts due on the Class
M Notes. However, repayment of principal in respect of the Controlled
Amortisation Amount on the Class M Notes will be made ahead of repayment of
principal in respect of the Controlled Amortisation Amount on the Class C
Notes.

     Repayment of principal in respect of the Controlled Amortisation Amount
on the Series 1 Class C Notes, the Series 2 Class C Notes and the Series 3
Class C Notes will be made in no order of priority among them but in
proportion to the respective Controlled Amortisation Amounts due on the Class
C Notes.

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     The above priority of payments will change and the Current Issuer will
make repayments of principal in accordance with and subject to the Current
Issuer Priority of Payments as set out in the Current Issuer Cash Management
Agreement or, as the case may be, the Current Issuer Deed of Charge (1)
following the occurrence of a Trigger Event and/or, (2) following the
enforcement of the Funding Security and/or the enforcement of the Current
Issuer Security.

     If any Class A Notes are outstanding and either the Issuer Arrears Test
or the Issuer Reserve Requirement (as specified in the Current Issuer Cash
Management Agreement) is not satisfied on the relevant Payment Date, no amount
of principal will be payable in respect of the Class B Notes, the Class M
Notes or the Class C Notes on that Payment Date.

     Notwithstanding the foregoing priorities, the Controlled Amortisation
Amount payable in respect of each Class of Notes is determined by a schedule
that indicates the target balance for that Class of Notes on the relevant
Payment Date and not all Classes of Notes are scheduled to receive payments of
principal on each Payment Date, with some lower ranking Classes of Notes being
repaid principal before higher ranking Classes of Notes. The Controlled
Amortisation Amount payable on the Series 3 Class A2 Notes from the Closing
Date up to and including the Payment Date falling in September 2011 will be
zero.

(C)  Conflict between the classes of Notes

     Each of the Current Issuer Trust Deed and the Current Issuer Deed of
Charge contains provisions requiring the Note Trustee to have regard to the
interests of the Class A Noteholders, the Class B Noteholders, the Class M
Noteholders and the Class C Noteholders equally as regards all powers, trusts,
authorities, duties and discretions of the Note Trustee (except where
expressly provided otherwise), but requiring the Note Trustee to have regard
(a) (for so long as there are any Class A Notes outstanding (as that term is
defined in the Current Issuer Trust Deed)) only to the interests of the Class
A Noteholders if, in the Note Trustee's opinion, there is or may be a conflict
between the interests of the Class A Noteholders and the interests of the
Class B Noteholders and/or the interests of the Class M Noteholders and/or the
interests of the Class C Noteholders, (b) subject to (a) above, (for so long
as there are any Class B Notes outstanding) only to the interests of the Class
B Noteholders if, in the Note Trustee's opinion, there is or may be a conflict
between the interests of the Class B Noteholders and the interest of the Class
M Noteholders and/or the interests of the Class C Noteholders, and (c) subject
to (a) and (b) above, (for so long as there are any Class M Notes outstanding)
only to the interests of the Class M Noteholders if, in the Note Trustee's
opinion, there is or may be a conflict between the interests of the Class M
Noteholders and the interests of the Class C Noteholders. Except where
expressly provided otherwise, so long as any of the Notes remains outstanding,
the Note Trustee is not required to have regard to the interests of any
persons (other than the class or classes of Noteholders described above)
entitled to the benefit of the Current Issuer Security.

     The Current Issuer Trust Deed contains provisions limiting the powers of
the Class B Noteholders, the Class M Noteholders and the Class C Noteholders,
inter alia, to request or direct the Note Trustee to take any action or to
pass an effective Extraordinary Resolution according to the effect thereof on
the interests of the Class A Noteholders. Except in certain circumstances
described in Condition 11, the Current Issuer Trust Deed contains no such
limitation on the powers of the Class A Noteholders, the exercise of which
will be binding on the Class B Noteholders, the Class M Noteholders and the
Class C Noteholders respectively, irrespective of the effect thereof on their
interests.

     Similarly, the Current Issuer Trust Deed contains provisions limiting the
powers of the Class M Noteholders and the Class C Noteholders, inter alia, to
request or direct the Note Trustee to take any action or to pass an effective
Extraordinary Resolution according to the effect thereof on the interests of
the Class B Noteholders. Except in certain

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circumstances described above and in Condition 11, the Current Issuer Trust
Deed contains no such limitation on the powers of the Class B Noteholders, the
exercise of which will be binding on the Class M Noteholders and the Class C
Noteholders, respectively, irrespective of the effect thereof on their
interests.

     Similarly, the Current Issuer Trust Deed contains provisions limiting the
powers of the Class C Noteholders, inter alia, to request or direct the Note
Trustee to take any action or to pass an effective Extraordinary Resolution
according to the effect thereof on the interests of the Class M Noteholders.
Except in certain circumstances described above and in Condition 11, the
Current Issuer Trust Deed contains no such limitation on the powers of the
Class M Noteholders, the exercise of which will be binding on the Class C
Noteholders irrespective of the effect thereof on their interests.

     The Note Trustee shall be entitled to assume, for the purpose of
exercising any right, power, trust, authority, duty or discretion under or in
relation to these Conditions or any of the Transaction Documents, that such
exercise will not be materially prejudicial to the interests of the
Noteholders (or any series and/or class thereof) if the Rating Agencies have
confirmed that the then current ratings of the applicable series and/or class
or classes of Notes would not be adversely affected by such exercise.

     The Noteholders will share in the benefit of the security created by the
Current Issuer Deed of Charge, upon and subject to the terms thereof.

(D)  Security

     As security for, inter alia, the payment of all monies payable in respect
of the Notes, the Current Issuer has entered into the Current Issuer Deed of
Charge creating the Current Issuer Security in favour of the Note Trustee for
itself and on trust for the Current Issuer Secured Creditors including, inter
alia, the following:

     (i)  an assignment by way of first fixed security of the Current Issuer's
          rights and claims in respect of all security and other rights held
          on trust by the Security Trustee pursuant to the Funding Deed of
          Charge, save to the extent that any of the Current Issuer's rights
          and claims derive from property that is situated in Jersey, which
          will be assigned to the Note Trustee for the purpose of creating a
          Security Interest in accordance with Jersey law;

     (ii) an assignment by way of first fixed security of the Current Issuer's
          rights, title, interest and benefit in and to the Transaction
          Documents to which the Current Issuer is a party, including:

          (a)  the Current Issuer Intercompany Loan Agreement;

          (b)  the Funding Deed of Charge;

          (c)  the Second Priority Funding Deed of Charge;

          (d)  the Current Issuer Basis Rate Swap Agreement;

          (e)  the Current Issuer Interest Rate Swap Agreement;

          (f)  any Current Issuer Dollar Currency Swap Agreement in relation
               to the Dollar Notes;

          (g)  any Current Issuer Euro Currency Swap Agreement in relation to
               the Euro Notes;

          (h)  the Current Issuer Paying Agent and Agent Bank Agreement;

          (i)  the Current Issuer Underwriting Agreement and the Current
               Issuer Subscription Agreement;

          (j)  the Current Issuer Corporate Services Agreement;

          (k)  the Current Issuer Bank Account Agreement;

          (l)  the Current Issuer Cash Management Agreement;

          (m)  the Current Issuer Trust Deed;

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          (n)  any Swap Collateral Ancillary Document; and

          (o)  such other documents as are expressed to be subject to the
               charges under the Current Issuer Deed of Charge, in each case,
               save to the extent that such rights, title, interest and
               benefit derive from property that is situated in Jersey. To the
               extent that the same are derived from property situated in
               Jersey, the Current Issuer will assign such rights, title,
               interest and benefit to the Note Trustee for the purpose of
               creating a Security Interest in those rights, title, interest
               and benefit in accordance with Jersey law;

    (iii) an assignment by way of first fixed security over the Current
          Issuer's rights, title, interest and benefit, in and to the Current
          Issuer Transaction Accounts, any Swap Collateral Account and each
          other account (if any) of the Current Issuer and all amounts or
          securities standing to the credit of those accounts (including all
          interest or other income or distributions earned on such amounts or
          securities);

     (iv) a first fixed charge (which may take effect as a floating charge)
          over the Current Issuer's rights, title, interest and benefit in and
          to all Authorised Investments made by or on behalf of the Current
          Issuer, including all monies and income payable thereunder; and

     (v)  a first ranking floating charge over the whole of the assets and
          undertaking of the Current Issuer which are not otherwise
          effectively subject to any fixed charge or assignment by way of
          security as described in (i), (ii), (iii) or (iv) above, all as more
          particularly set out in the Current Issuer Deed of Charge.

3.   Covenants

     Save with the prior written consent of the Note Trustee or unless
provided in or contemplated under these Conditions or any of the Transaction
Documents to which the Current Issuer is a party, the Current Issuer shall
not, so long as any Note remains outstanding:

(A)  Negative Pledge

     create or permit to subsist any mortgage, standard security, pledge,
lien, charge or other Security Interest whatsoever (unless arising by
operation of law), upon the whole or any part of its assets (including any
uncalled capital) or its undertakings, present or future;

(B)  Disposal of Assets

     sell, assign, transfer, lease or otherwise dispose of, or deal with, or
grant any option or present or future right to acquire all or any of its
properties, assets, or undertakings or any interest, estate, right, title or
benefit therein or thereto or agree or attempt or purport to do any of the
foregoing;

(C)  Equitable Interest

     permit any person other than itself and the Note Trustee (as to itself
and on behalf of the Current Issuer Secured Creditors) to have any equitable
or beneficial interest in any of its assets or undertakings or any interest,
estate, right, title or benefit therein;

(D)  Bank Accounts

     have an interest in any bank account, other than a Current Issuer Bank
Account or a Swap Collateral Account;

(E)  Restrictions on Activities

     carry on any business other than as described in the prospectus dated 16
September 2004 relating to the issue of the Dollar Notes and the related
activities described therein or as contemplated in the Transaction Documents
relating to the issue of the Notes and the making of the Current Issuer
Intercompany Loan;

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(F)  Borrowings

     incur any indebtedness in respect of borrowed money whatsoever or give
any guarantee or indemnity in respect of any indebtedness or obligation of any
person;

(G)  Merger

     consolidate or merge with any other person or convey or transfer
substantially all of its properties or assets to any other person;

(H)  Waiver or Consent

     permit the validity or effectiveness of any of the Current Issuer Trust
Deed or the Current Issuer Deed of Charge or the priority of the security
interests created thereby to be amended, terminated, postponed, waived or
discharged, or permit any other person whose obligations form part of the
Current Issuer Security to be released from such obligations;

(I)  Employees or premises

     have any employees or premises or subsidiaries;

(J)  Dividends and Distributions

     pay any dividend or make any other distribution to its shareholders or
issue any further shares or alter any rights attaching to its shares as at the
date of the Current Issuer Deed of Charge;

(K)  Purchase Notes

     purchase or otherwise acquire any Note or Notes; or

(L)  United States activities

     engage in any activities in the United States (directly or through
agents), or derive any income from United States sources as determined under
United States income tax principles, or hold any property if doing so would
cause it to be engaged in a trade or business within the United States as
determined under United States income tax principles.

4.   Interest

(A)  Period of Accrual

     Each Note bears interest on its Principal Amount Outstanding from (and
including) the Closing Date. Each Note (or, in the case of redemption in part
only of a Note, that part only of such Note) shall cease to bear interest from
its due date for redemption unless, upon due presentation, payment of the
relevant amount of principal or any part thereof is improperly withheld or
refused. In such event, interest will continue to accrue on such unpaid amount
(before as well as after any judgment) at the rate applicable to such Note up
to (but excluding) the date on which, on presentation of such Note, payment in
full of the relevant amount of principal is made, or (if earlier) the seventh
day after notice is duly given by the Principal Paying Agent or the US Paying
Agent, as the case may be, to the Holder thereof (either in accordance with
Condition 14 or individually) that upon presentation thereof being duly made,
such payment will be made, provided that upon presentation thereof being duly
made, payment is in fact made.

     Whenever it is necessary to compute an amount of interest in respect of
the Notes for any period (including any Interest Period), such interest shall
be calculated:

     (i)  in respect of the Dollar Notes and the Euro Notes on the basis of
          actual days elapsed in a 360-day year;

     (ii) subject to paragraph (iii) below, in respect of the Sterling Notes,
          on the basis of actual days elapsed in a 365-day year (or, in the
          case of an Interest Period ending in a leap year, a 366-day year);
          and

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    (iii) in respect of the Series 3 Class A2 Notes, on the basis of Rule 251
          of the statutes, by-laws, rules and recommendations of the
          International Securities Market Association as published in February
          2001 (as amended in June 2004), (actual/actual) up to and including
          the Payment Date falling in September 2011, or if earlier, until the
          occurrence of a Trigger Event or enforcement of the Funding Security
          and/or the Current Issuer Security and thereafter, on the basis set
          out in paragraph (ii) above.

(B)  Payment Dates and Interest Periods

     Interest on the Notes (other than the Series 3 Class A2 Notes) is payable
quarterly in arrear on the 20th day of March, June, September and December of
each year (or, if such day is not a Business Day, the next succeeding Business
Day) (each a "Quarterly Payment Date"), the first Quarterly Payment Date being
the Quarterly Payment Date occurring in December 2004, in respect of the
Interest Period commencing on the Closing Date.

     Interest on the Series 3 Class A2 Notes is payable annually in arrear on
the 20th day of September of each year (or, if such day is not a Business Day,
the next succeeding Business Day) (each a "Series 3 Class A2 Annual Payment
Date") until the earlier to occur of (a) the Payment Date in September 2011,
(b) the occurrence of a Trigger Event and (c) the enforcement of the Funding
Security and/or the Current Issuer Security, and thereafter is payable
quarterly in arrear on the 20th day of March, June, September and December of
each year (or, if such day is not a Business Day, the next succeeding Business
Day (each a "Series 3 Class A2 Quarterly Payment Date", and together with the
Series 3 Class A2 Annual Payment Date, a "Series 3 Class A2 Payment Date").
The first Series 3 Class A2 Payment Date is the Series 3 Class A2 Payment Date
occurring in September 2005 in respect of the Interest Period commencing on
the Closing Date.

     In these Conditions, "Payment Date" means, as applicable a Quarterly
Payment Date or a Series 3 Class A2 Payment Date.

     In these Conditions, "Interest Period" means:

     (i)  in respect of interest payments made in respect of the Notes (other
          than the Series 3 Class A2 Notes), the period from (and including) a
          Quarterly Payment Date (or in respect of the first Interest Period,
          the Closing Date) to (but excluding) the next following (or first)
          Quarterly Payment Date;

     (ii) subject to paragraph (iii), in respect of interest payments made in
          respect of the Series 3 Class A2 Notes, (a) the period from (and
          including) the Closing Date to (but excluding) the 20th day of
          September 2005; (b) on and after 20 September 2005, the annual
          period from (and including) the 20th day of September in each year
          to (but excluding) the 20th day of September in the following year;
          and (c) on and after the Series 3 Class A2 Payment Date falling in
          September 2011, the Interest Period for the Series 3 Class A2 Notes
          will be the period from (and including) the immediately preceding
          Quarterly Payment Date (or in respect of the first such Interest
          Period, 20th September 2011) to (but excluding) the next following
          Quarterly Payment Date;

    (iii) in relation to the Series 3 Class A2 Notes, where a Trigger Event
          occurs and/or the Funding Security and/or the Current Issuer
          Security is enforced prior to the Payment Date in September 2011:

          (a)  the then current Interest Period for the Series 3 Class A2
               Notes shall be the period from (and including) the immediately
               preceding 20th day of September (or, if applicable, the Closing
               Date) to (but excluding), if a Trigger Event has occurred, the
               next Quarterly Payment Date, or, if the Funding Security and/or
               the Current Issuer Security has been enforced, the date of such
               enforcement, and

                                     W-32

<PAGE>

          (b)  thereafter, the Interest Period for the Series 3 Class A2 Notes
               shall be the period from (and including) the end of the current
               Interest Period to (but excluding) the next following Quarterly
               Payment Date and, thereafter, each quarterly period calculated
               in accordance with paragraph (i) above.

     The order of payments of interest to be made on the classes of Notes will
be prioritised so that interest payments due and payable on the Class C Notes
will be subordinated to interest payments due and payable on the Class M
Notes, the Class B Notes and the Class A Notes, interest payments due and
payable on the Class M Notes will be subordinated to interest payments due and
payable on the Class B Notes and the Class A Notes and interest payments due
and payable on the Class B Notes will be subordinated to interest payments due
and payable on the Class A Notes, in each case in accordance with the relevant
Current Issuer Priority of Payments.

     To the extent that the funds available to the Current Issuer, subject to
and in accordance with the relevant Current Issuer Priority of Payments, to
pay interest on the Class B Notes, the Class M Notes or the Class C Notes on a
Payment Date (in each case, after discharging the Current Issuer's liabilities
of a higher priority) are insufficient to pay the full amount of such
interest, payment of the shortfall attributable to the Class B Notes, the
Class M Notes or the Class C Notes, as the case may be (in each case,
"Deferred Interest"), which will be borne by each Class B Note, Class M Note
or Class C Note, as the case may be, in proportion to the amount of interest
due, subject to this Condition 4(B), on a Class B Note, Class M Note or Class
C Note, as the case may be, on such Payment Date, will not then fall due but
will instead be deferred until the first Payment Date thereafter on which
sufficient funds are available (after allowing for the Current Issuer's
liabilities of a higher priority and subject to and in accordance with the
relevant Current Issuer Priority of Payments) to fund the payment of such
Deferred Interest to the extent of such available funds.

     Such Deferred Interest will accrue interest ("Additional Interest") at
the rate of interest applicable from time to time to the Class B Notes, the
Class M Notes or the Class C Notes, as the case may be, and payment of any
Additional Interest will also be deferred until the first Payment Date
thereafter on which funds are available (after allowing for the Current
Issuer's liabilities of a higher priority subject to and in accordance with
the relevant Current Issuer Priority of Payments) to the Current Issuer to pay
such Additional Interest to the extent of such available funds.

     Amounts of Deferred Interest and Additional Interest shall not be
deferred beyond the Final Maturity Date of the Class B Notes, the Class M
Notes or the Class C Notes, as the case may be, when such amounts will become
due and payable.

     It is possible that all or any part of any interest due on the Class B
Notes, the Class M Notes or the Class C Notes, as the case may be, may never
be paid if there are insufficient funds available (subject to and in
accordance with the relevant Current Issuer Priority of Payments) to fund the
payment of such interest after paying amounts of a higher priority.

     Payments of interest due on a Payment Date in respect of the Class A
Notes will not be deferred. In the event of the delivery of a Class A Note
Enforcement Notice (as described in Condition 9), the amount of interest that
was due but not paid on such Payment Date will itself bear interest at the
applicable rate until both the unpaid interest and the interest on that
interest are paid.

(C)  Rates of Interest

     In relation to each Class of Notes the rate of interest payable in
respect of such Class (each a "Rate of Interest" and together the "Rates of
Interest") and the relevant Interest Amount in respect of such Class shall be
determined on the basis of the provisions set out below:

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<PAGE>

     (i)  In respect of each Class of Notes subject to paragraph (ii) below,

          (a)  On each Interest Determination Date in relation to such Class,
               the Agent Bank will determine the Relevant Screen Rate in
               respect of such Class as at or about the Quotation Time for
               such Class.

               If the Relevant Screen Rate is unavailable, the Agent Bank will
               request the principal London office of each of the Reference
               Banks to provide the Agent Bank with its offered quotation to
               leading banks for the relevant Quotation Deposits for the
               relevant Quotation Period in the relevant Quotation Market as
               at or about the relevant Quotation Time on such Interest
               Determination Date.

               The Rate of Interest for such Class for the Interest Period
               relating to such Class shall be the aggregate of (a) the
               Relevant Margin in respect of such Class and (b) the Relevant
               Screen Rate in respect of such Class or, if the Relevant Screen
               Rate is unavailable, the arithmetic mean (or, in the case of
               the initial Interest Determination Date relating to such Class,
               the linear interpolation of the arithmetic mean) of such
               offered quotations by the Reference Banks (rounded upwards, if
               necessary, to five decimal places).

          (b)  If on any Interest Determination Date in relation to such
               Class, the Relevant Screen Rate in respect of such Class is
               unavailable and only two or three of the Reference Banks
               provide offered quotations, the Rates of Interest for such
               Class for the relevant Interest Period shall be determined in
               accordance with the provisions of sub-paragraph (a) above on
               the basis of the offered quotations of those Reference Banks
               providing such quotations.

               If, on any such Interest Determination Date, only one or none
               of the Reference Banks provides the Agent Bank with such an
               offered quotation, the Agent Bank shall forthwith consult with
               the Note Trustee for the purposes of agreeing two banks (or,
               where one only of the Reference Banks provided such a
               quotation, one additional bank) to provide such a quotation or
               quotations to the Agent Bank (which bank or banks are in the
               opinion of the Note Trustee suitable for such purpose) and the
               Rates of Interest for the Interest Period in question shall be
               determined, as aforesaid, on the basis of the offered
               quotations of such banks as so agreed (or, as the case may be,
               the offered quotations of such bank as so agreed and the
               relevant Reference Bank).

               If no such bank or banks is or are so agreed or such bank or
               banks as so agreed does or do not provide such a quotation or
               quotations, then the Rates of Interest for the relevant
               Interest Period shall be the Rates of Interest in relation to
               such Class in effect for the immediately preceding Interest
               Period to which sub-paragraph (a) above shall have applied but
               taking account of any change in the Relevant Margin in relation
               to such Class; and

     (ii) In respect of the Series 3 Class A2 Notes, the rate of interest
          payable in respect of each Interest Period shall be 5.515 per cent.
          per annum up to and including the earlier of (a) the Interest Period
          ending on or immediately prior to the Payment Date in September
          2011, (b) the occurrence of a Trigger Event and (c) the enforcement
          of the Funding Security and/or the Current Issuer Security, and
          thereafter shall be a floating rate of interest calculated in
          accordance with paragraph (i) above.

     There will be no minimum or maximum Rate of Interest.

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<PAGE>

(D)  Determination of Rates of Interest and Calculation of Interest Amounts

     (i)  The Agent Bank shall, as soon as practicable after the Quotation
          Time on each Interest Determination Date, determine and notify the
          Current Issuer, the Current Issuer Cash Manager, the Note Trustee
          and the Paying Agents of (i) the Rates of Interest applicable to
          each Class of Notes for the relevant Interest Period, (ii) the
          Interest Amount payable in respect of each class of Notes for the
          relevant Interest Period and (iii) the Note Interest Amount payable
          in respect of each Note for the relevant Interest Period.

     (ii) The amount of interest in respect of each class of Notes in respect
          of an Interest Period (in each case, the "Interest Amount") shall be
          determined by applying the relevant Rate of Interest to the
          aggregate Principal Amount Outstanding of the relevant class of
          Notes, multiplying the sum by the applicable day count fraction
          described in Condition 4(A) and rounding the resultant figure to the
          nearest cent, amounts equal to or above half a cent being rounded
          upwards and amounts below half a cent being rounded downwards (in
          the case of Dollar Notes and the Euro Notes) and the nearest penny,
          amounts equal to or above half a penny being rounded upwards and
          amounts below half a penny being rounded downwards (in the case of
          the Sterling Notes).

          The amount of interest in respect of each Note in respect of an
          Interest Period (in each case, the "Note Interest Amount") shall be
          the proportion of the relevant Interest Amount in relation to the
          relevant class of Notes on such date equal to the proportion that
          the Principal Amount Outstanding of the relevant Note bears to the
          aggregate Principal Amount Outstanding of the relevant class of
          Notes rounding the resulting figure to the nearest cent, amounts
          equal to or above half a cent being rounded upwards and amounts
          below half a cent being rounded downwards (in respect of the Dollar
          Notes and the Euro Notes) and the nearest penny, amounts equal to or
          above half a penny being rounded upwards and amounts below half a
          penny being rounded downwards (in respect of the Sterling Notes).

(E)  Publication of Rates of Interest, Interest Amounts and other Notices

       As soon as possible, the Agent Bank will cause the Rate of Interest and
the Interest Amount applicable to each class of Notes for each Interest Period
and the Payment Date falling at the end of such Interest Period to be notified
to the Current Issuer, the Current Issuer Cash Manager, the Note Trustee, the
Paying Agents, the Registrar and to each stock exchange, competent listing
authority and/or quotation system (if any) on or by which the Notes are then
listed, quoted and/or traded and will cause notice thereof to be given to the
relevant class of Noteholders in accordance with Condition 14. The Interest
Amounts and Payment Dates so notified may subsequently be amended (or
appropriate alternative arrangements made by way of adjustment) without notice
in the event of any extension or shortening of the relevant Interest Period.

(F)  Determination and/or Calculation by Note Trustee

     If the Agent Bank does not at any time for any reason determine the Rate
of Interest and/or calculate the Interest Amount for any class of Notes in
accordance with the foregoing paragraphs, the Note Trustee shall (i) determine
the Rate of Interest at such rate as (having such regard as it shall think fit
to the procedure described above) it shall in its sole discretion deem fair
and reasonable in all the circumstances and/or (as the case may be) and (ii)
calculate the Interest Amount for such class of Notes in the manner specified
in paragraph (D) above, and any such determination and/or calculation shall be
deemed to have been made by the Agent Bank.

                                     W-35

<PAGE>

(G)  Notifications to be Final

     Subject to Condition 4(D)(ii) above, all notifications, opinions,
determinations, certificates, calculations, quotations and decisions given,
expressed, made or obtained for the purposes of this Condition 4, whether by
the Reference Banks (or any of them), any other bank or the Agent Bank (in the
absence of wilful default, bad faith or manifest error) shall be binding on
the Current Issuer, the Current Issuer Cash Manager, the Reference Banks, such
other bank, the Agent Bank, the Note Trustee and all Noteholders and (in such
absence as aforesaid) no liability to the Noteholders shall attach to the
Current Issuer, the Reference Banks, such other bank, the Agent Bank, the Note
Trustee or the Current Issuer Cash Manager in connection with the exercise or
non-exercise by them or any of them of their powers, duties and discretions
hereunder.

(H)  Reference Banks and Agent Bank

     The Agent Bank shall ensure that, so long as any of the Notes remains
outstanding, there shall at all times be four Reference Banks with offices in
London and an Agent Bank. In the event of any Reference Bank being unable or
unwilling to continue to act as a Reference Bank, the Current Issuer shall,
with the approval of the Note Trustee, appoint a successor Reference Bank to
act as such in its place. In the event of the then Agent Bank being unwilling
to act as the Agent Bank, or resigning pursuant to the Current Issuer Paying
Agent and Agent Bank Agreement, the Current Issuer shall, with the approval of
the Note Trustee, appoint a successor Agent Bank. If the Current Issuer shall
fail to appoint a successor Reference Bank or successor Agent Bank (as the
case may be), the Agent Bank shall appoint such other bank as may be
previously approved in writing by the Note Trustee to act as the Reference
Bank or Agent Bank (as the case may be). The resignation of the Agent Bank
will not take effect until a successor approved by the Note Trustee has been
appointed.

5.   Redemption, Purchase and Cancellation

(A)  Final Redemption

     Unless previously redeemed in full as provided in this Condition 5, the
Current Issuer shall redeem each class of Notes at their then Principal Amount
Outstanding together with all accrued interest on the Final Maturity Date in
respect of such class of Notes.

     The Current Issuer may not redeem the Notes in whole or in part prior to
those respective dates except as provided in paragraph (B), (D), (E) or (F)
below, but without prejudice to Condition 9.

(B)  Mandatory Redemption of the Notes in Part

     On each Payment Date, other than a Payment Date on which the Notes are to
be redeemed under Conditions 5(A), (D), (E) or (F), the Current Issuer shall
repay principal in respect of the Notes in accordance with and subject to the
relevant Current Issuer Priority of Payments applicable to the Current Issuer
on such Payment Date and then only to the extent of Current Issuer Available
Principal Receipts on such Payment Date in the manner described in and subject
to the Current Issuer Cash Management Agreement and/or, as applicable, the
Current Issuer Deed of Charge.

(C)  Note Principal Payments and Principal Amount Outstanding

     The principal amount redeemable (the "Note Principal Payment") in respect
of each Note of a particular class of Notes on any Payment Date under
paragraph (B) above shall be a proportion of the amount required as at that
Payment Date to be applied in redemption of the relevant class of Notes on
such date equal to the proportion that the Principal Amount Outstanding of the
relevant Note bears to the aggregate Principal Amount Outstanding of the
relevant class of Notes rounded down to the nearest cent in respect of the
Dollar Notes and the Euro Notes, and rounded down to the nearest penny in
respect of the Sterling Notes; provided always that no such Note Principal
Payment may exceed the Principal Amount Outstanding of the relevant Note.

                                     W-36

<PAGE>

     On each Note Determination Date the Current Issuer shall determine (or
cause the Current Issuer Cash Manager to determine) (i) the amount of any Note
Principal Payment payable in respect of each Note of the relevant series and
class on the immediately following Payment Date and (ii) the initial principal
amount of each such Note less the aggregate amount of all Note Principal
Payments in respect of such Note that has been paid since the Closing Date and
on or prior to that Note Determination Date (the "Principal Amount
Outstanding"). Each determination by or on behalf of the Current Issuer of any
Note Principal Payment of a Note and the Principal Amount Outstanding of a
Note shall in each case (in the absence of wilful default, bad faith or
manifest error) be final and binding on all persons.

     With respect to the Notes of each class, the Current Issuer will cause
each determination of the Note Principal Payment and the Principal Amount
Outstanding to be notified forthwith, and in any event not later than 1.00
p.m. (London time) on the Business Day immediately succeeding the Note
Determination Date, to the Note Trustee, the Paying Agents, the Registrar, the
Agent Bank and (for so long as the Notes are listed on one or more stock
exchanges) the relevant stock exchanges, and will cause notice of each
determination of the Note Principal Payment and the Principal Amount
Outstanding to be given to Noteholders in accordance with Condition 14 by no
later than the Business Day after the relevant Payment Date.

     If the Current Issuer does not at any time for any reason determine (or
cause the Current Issuer Cash Manager to determine) a Note Principal Payment
or the Principal Amount Outstanding in accordance with the preceding
provisions of this paragraph, such Note Principal Payment and/or Principal
Amount Outstanding may be determined by the Note Trustee in accordance with
this paragraph (C) in the manner the Note Trustee in its discretion considers
fair and reasonable in the circumstances, having regard to this paragraph (C),
and each such determination or calculation shall be deemed to have been made
by the Current Issuer. Any such determination shall (in the absence of wilful
default, bad faith or manifest error) be binding on the Current Issuer, the
Current Issuer Cash Manager and the Noteholders.

(D)  Optional Redemption in Full

     Subject to the provisos below, upon giving not more than 60 nor less than
30 days' prior notice to the Note Trustee and the Noteholders in accordance
with Condition 14, the Current Issuer may redeem the Notes at their Redemption
Amount (as defined in Condition 5(G) below) together with any accrued and
unpaid interest in respect thereof on the following dates:

     (i)  in the case of all of the Notes (other than the Series 1 Class A2
          Notes) the Payment Date falling in September 2011 and on any Payment
          Date thereafter. This gives the Current Issuer the option to redeem
          the Notes (other than the Series 1 Class A2 Notes) on or after the
          September 2011 step-up date for interest;

     (ii) in the case of the Series 1 Class A2 Notes, on the Payment Date
          falling in March 2006 and on any Payment Date thereafter. This gives
          the Current Issuer the option to redeem the Series 1 Class A2 Notes
          on or after the March 2006 step-up date for interest in respect of
          the Series 1 Class A2 Notes; or

    (iii) in the case of all of the Notes, on any Payment Date on which the
          aggregate Principal Amount Outstanding of the Notes is less than 10
          per cent. of the aggregate Principal Amount Outstanding of the Notes
          as at the Closing Date,

     PROVIDED THAT (a) (in any of the cases above), prior to giving any such
notice, the Current Issuer shall have provided to the Note Trustee prior to
the date of such redemption a certificate signed by two directors of the
Current Issuer to the effect that it will have the funds, not subject to any
interest of any other person, required to redeem the Notes as aforesaid and
any amounts required to be paid in priority to or pari passu with the Notes
outstanding in accordance with the terms and conditions of the Current Issuer

                                     W-37

<PAGE>

Cash Management Agreement and (b) the Note Trustee is satisfied in accordance
with the Transaction Documents that there are sufficient funds to allow the
Current Issuer to redeem the Notes.

(E)  Optional Redemption for Tax and other Reasons

     If the Current Issuer at any time satisfies the Note Trustee immediately
prior to the giving of the notice referred to below that on the next Payment
Date either (i) the Current Issuer would be required to deduct or withhold
from any payment of principal or interest or any other amount under any of the
Notes any amount for or on account of any present or future taxes, duties,
assessments or governmental charges of whatever nature or (ii) Funding would
be required to deduct or withhold from amounts due under the Current Issuer
Intercompany Loan any amount on account of any present or future taxes,
duties, assessments or governmental charges of whatever nature and (iii) such
obligation of the Current Issuer or Funding (as the case may be) cannot be
avoided by the Current Issuer or Funding (as the case may be) taking
reasonable measures available to it, then the Current Issuer shall use its
reasonable endeavours to arrange the substitution of a company incorporated in
another jurisdiction approved by the Note Trustee as principal debtor under
the Class A Notes, the Class B Notes, the Class M Notes and the Class C Notes
and/or as lender under the Current Issuer Intercompany Loan Agreement, as the
case may be, upon the Note Trustee being satisfied that (1) such substitution
will not be materially prejudicial to the Noteholders, (2) that the position
of the Current Issuer Secured Creditors will not thereby be adversely
affected, and (3) that such substitution would not require registration of any
new security under United States securities laws or would materially increase
the disclosure requirements under United States law or the costs of issuance.
Only if the Current Issuer is unable to arrange a substitution will the
Current Issuer be entitled to redeem the Notes as described in this Condition
5(E).

     Subject to the proviso below, if the Current Issuer is unable to arrange
a substitution as described above and, as a result, one or more of the events
described in (i) or (ii) above (as the case may be) is continuing, then the
Current Issuer may, having given not more than 60 nor less than 30 days'
notice to the Note Trustee and the Noteholders in accordance with Condition
14, redeem all (but not some only) of the Notes on the immediately succeeding
Payment Date at their Redemption Amount together with any accrued and unpaid
interest in respect thereof provided that (in either case), prior to giving
any such notice, the Current Issuer shall have provided to the Note Trustee
(A) a certificate signed by two directors of the Current Issuer stating the
circumstances referred to in (i) or (ii) and (iii) above prevail and setting
out details of such circumstances and (B) an opinion in form and substance
satisfactory to the Note Trustee of independent legal advisors of recognised
standing to the effect that the Current Issuer has or will become obliged to
pay such additional amounts as a result of such change or amendment. The Note
Trustee shall be entitled to accept such certificate and opinion as sufficient
evidence of the satisfaction of the circumstance set out in (i) or (ii) and
(iii) above, in which event they shall be conclusive and binding on the
Noteholders. The Current Issuer may only redeem the Notes as aforesaid if the
Note Trustee is satisfied in accordance with the Transaction Documents that
the Current Issuer will have the funds, not subject to the interest of any
other person, required to redeem the Notes as aforesaid and any amounts
required under the Current Issuer Pre-Enforcement Revenue Priority of Payments
currently set out in the Current Issuer Cash Management Agreement to be paid
in priority to or pari passu with the Notes outstanding in accordance with the
terms and conditions thereof.

     In addition to the foregoing, if at any time it becomes unlawful for the
Current Issuer to make, fund or allow to remain outstanding the Current Issuer
Intercompany Loan, then the Current Issuer may require Funding upon giving not
more than 60 nor less than 30 days' (or such shorter period as may be required
under any relevant law) prior written notice to the Current Issuer and the
Note Trustee, to prepay the Current Issuer Intercompany Loan on any Payment
Date subject to and in accordance with the provisions

                                     W-38

<PAGE>

of the Current Issuer Intercompany Loan Agreement to the extent necessary to
cure such illegality. Such monies received by the Current Issuer shall be used
to redeem the Notes in full on that Payment Date.

(F)  Optional Redemption for Implementation of New Basel Capital Accord

     If the New Basel Capital Accord, as described in the document,
"International Convergence of Capital Measurement and Capital Standards: a
Revised Framework" published in June 2004 by the Basel Committee, has been
implemented in the United Kingdom, whether by rule of law, recommendation or
best practice or by any other regulation, then on the Payment Date falling in
June 2008 and on any Payment Date thereafter, the Current Issuer may, by
giving not more than 60 nor less than 30 days' (or such shorter period as may
be required under any relevant law) prior notice to the Note Trustee and the
Noteholders in accordance with Condition 14, redeem all (but not some only) of
the Notes at their Redemption Amount together with any accrued and unpaid
interest in respect thereof on the next following Payment Date, provided that
a Note Enforcement Notice has not been served. The Current Issuer may only
redeem the Notes as aforesaid if the Note Trustee is satisfied in accordance
with the Transaction Documents that the Current Issuer will have the funds,
not subject to the interest of any other person, required to redeem the Notes
as aforesaid and any amounts required under the Current Issuer Pre-Enforcement
Revenue Priority of Payments currently set out in the Current Issuer Cash
Management Agreement to be paid in priority to or pari passu with the Notes
outstanding in accordance with the terms and conditions thereof.

(G)  Calculation of Redemption Amount

     "Redemption Amount" means:

     (A)  in respect of each Note (other than the Series 3 Class A2 Notes),
          the Principal Amount Outstanding;

     (B)  in respect of the Series 3 Class A2 Notes,

          (i)  if redemption is effected pursuant to any Condition other than
               Condition 5(F), the occurrence of a Trigger Event or the
               enforcement of the Funding Security and/or the Current Issuer
               Security, the Principal Amount Outstanding; or

          (ii) an amount equal to whichever is the higher of:

               (1)  the Principal Amount Outstanding; and

               (2)  that price (as reported in writing to the Current Issuer
                    and the Note Trustee by a financial adviser approved in
                    writing by the Note Trustee) expressed as a percentage
                    (and rounded, if necessary, to the third decimal place
                    (0.0005 being rounded upwards)) at which the Gross
                    Redemption Yield on the relevant Notes, if they were to be
                    purchased at such price on the Relevant Date would be
                    equal to the Gross Redemption Yield at 3:00 p.m. (London
                    time) on such Relevant Date on the Relevant Treasury Stock
                    on the basis of the arithmetic mean (rounded, if necessary
                    as aforesaid) of the offered prices of the Relevant
                    Treasury Stock quoted by the Reference Market Makers (on a
                    dealing basis for settlement on the next following dealing
                    day in London) at or about 3:00 p.m. (London time) on the
                    Relevant Date,

     where:

     (I)  "Reference Market Makers" means three brokers and/or London gilt-
          edged market makers selected by the Agent Bank and approved in
          writing by the Note Trustee or such other three persons operating in
          the gilt-edged market as are selected by the Agent Bank and so
          approved by the Note Trustee,

                                     W-39

<PAGE>

     (II) "Relevant Date" means the date which is the second dealing day in the
          London gilt-edged market prior to the date of despatch of the notice
          of redemption referred to in Conditions 5(D), 5(E) and 5(F),

    (III) "Gross Redemption Yield" means a yield expressed as a percentage
          and calculated on the basis indicated by the Joint Index and
          Classification Committee of the Institute and Faculty of Actuaries,
          as reported in the Journal of the Institute of Actuaries, Volume
          105, Part 1, 1978, page 18 or on such other basis as the Note
          Trustee may approve, and

     (IV) "Relevant Treasury Stock" means such government stock as the Agent
          Bank shall determine to be a benchmark government stock the maturity
          of which most closely matches the maturity of the Series 3 Class A2
          Notes as calculated by the Agent Bank.

6.   Payments

(A)  Payment of Interest and Principal

     Payments of principal shall be made by US Dollar cheque, in the case of
the Dollar Notes, Euro cheque, in the case of the Euro Notes or Sterling
cheque, in the case of the Sterling Notes, drawn on, or upon application by a
Holder of the relevant Note to the Specified Office of the Principal Paying
Agent not later than the fifteenth day before the due date for any such
payment, or by transfer to a US Dollar account maintained by the payee with a
bank in New York City or (as the case may be) to a Sterling account maintained
by the payee with a bank in London or (as the case may be) to a Euro account
maintained by the payee with a bank as specified by the payee, and (in the
case of final redemption) upon surrender (or, in the case of part payment
only, endorsement) of the relevant Note Certificates at the Specified Office
of any Paying Agent.

     Payments of interest shall be made by US Dollar cheque, in the case of
the Dollar Notes, Euro cheque, in the case of the Euro Notes or Sterling
cheque, in the case of the Sterling Notes, drawn on, or upon application by a
Holder of the relevant Note to the Specified Office of the Principal Paying
Agent not later than the fifteenth day before the due date for any such
payment, or by transfer to a US Dollar account maintained by the payee with a
bank in New York City or (as the case may be) to a Sterling account maintained
by the payee with a bank in London or (as the case may be) to a Euro account
maintained by the payee with a bank as directed by the payee, and (in the case
of interest payable on redemption) upon surrender (or, in the case of part
payment only, endorsement) of the relevant Note Certificates at the Specified
Office of any Paying Agent.

(B)  Laws and Regulations

     Payments of principal and interest in respect of the Notes are subject in
all cases to any fiscal or other laws and regulations applicable thereto.
Noteholders will not be charged commissions or expenses on payments.

(C)  Payment of Interest following a failure to pay Principal

     If payment of principal is improperly withheld or refused on or in
respect of any Note or part thereof, the interest which continues to accrue in
respect of such Note in accordance with Condition 4(A) will be paid in
accordance with this Condition 6.

(D)  Change of Agents

     The initial Principal Paying Agent, the Registrar, the Transfer Agent and
the initial Paying Agents and their respective initial Specified Offices are
listed at the end of these Conditions. The Current Issuer reserves the right,
subject to the prior written approval of the Note Trustee, at any time to vary
or terminate the appointment of the Principal Paying Agent, the Registrar, the
Transfer Agent and the US Paying Agent and to appoint additional or other
Paying Agents. The Current Issuer will at all times maintain a Paying Agent
with a Specified Office in London and a US Paying Agent with a Specified
Office in

                                     W-40

<PAGE>

New York and a Registrar. Except where otherwise provided in the Current
Issuer Trust Deed, the Current Issuer will cause at least 30 days' notice of
any change in or addition to the Paying Agents, the Transfer Agent or the
Registrar or their Specified Offices to be given in accordance with Condition
14 and will notify the Rating Agencies of such change or addition.

(E)  No payment on non-Business Day

     Where payment is to be made by transfer to a US Dollar account, Sterling
account or Euro account, payment instructions (for value the due date or, if
the due date is not a Payment Business Day, for value the next succeeding
Business Day) will be initiated and, where payment is to be made by US Dollar
cheque, Sterling cheque or Euro cheque, the cheque will be mailed (i) (in the
case of payments of principal and interest payable on redemption) on the later
of the due date for payment and the day on which the relevant Note is
surrendered (or, in the case of part payment only, endorsed) at the Specified
Office of a Paying Agent and (ii) (in the case of payments of interest payable
other than on redemption) on the due date for payment. A Holder of a Note
shall not be entitled to any interest or other payment in respect of any delay
in payment resulting from (A) the due date for a payment not being a Payment
Business Day or (B) a cheque mailed in accordance with this Condition 6(E)
arriving after the due date for payment or being lost in the mail.

(F)  Partial Payment

     If a Paying Agent makes a partial payment in respect of any Note, the
Current Issuer shall procure and the registrar will ensure that the amount and
date of such payment are noted on the Register and, in the case of partial
payment upon presentation of a Note Certificate, that a statement indicating
the amount and date of such payment is endorsed on the relevant Note
Certificate.

(G)  Record Date

     Each payment in respect of a Note will be made to the person shown as the
Holder in the Register at the opening of business in the place of the
Registrar's Specified Office on the fifteenth day before the due date for such
payment (the "Record Date"). Where payment in respect of a Note is to be made
by cheque, the cheque will be mailed to the address shown as the address of
the Holder in the Register at the opening of business on the relevant Record
Date.

(H)  Payment of Interest

     Subject as provided otherwise in these Conditions, if interest is not
paid in respect of a Note of any class on the date when due and payable (other
than because the due date is not a Payment Business Day) or by reason of
non-compliance with Condition 6(A), then such unpaid interest shall itself
bear interest at the Rate of Interest applicable from time to time to such
Note until such interest and interest thereon are available for payment and
notice thereof has been duly given in accordance with Condition 14.

7.   Prescription

     Claims against the Current Issuer for payment of interest and principal
on redemption shall be prescribed and become void if the relevant Note
Certificates are not surrendered for payment within a period of 10 years from
the relevant date in respect thereof. After the date on which a payment under
a Note becomes void in its entirety, no claim may be made in respect thereof.
In this Condition 7, the "relevant date", in respect of a payment under a
Note, is the date on which the payment in respect thereof first becomes due or
(if the full amount of the monies payable in respect of those payments under
all the Notes due on or before that date has not been duly received by the
Principal Paying Agent, the

                                     W-41

<PAGE>

US Paying Agent or the Note Trustee on or prior to such date) the date on
which the full amount of such monies having been so received or notice to that
effect is duly given to Noteholders in accordance with Condition 14.

8.   Taxation

     All payments in respect of the Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or
charges of whatsoever nature unless the Current Issuer or any relevant Paying
Agent is required by applicable law to make any payment in respect of the
Notes subject to any such withholding or deduction. In that event, the Current
Issuer or such Paying Agent shall make such payment after such withholding or
deduction has been made and shall account to the relevant authorities for the
amount so required to be withheld or deducted. No Paying Agent nor the Current
Issuer will be obliged to make any additional payments to Noteholders in
respect of such withholding or deduction.

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

9.   Events of Default

(A)  Class A Noteholders:

     The Note Trustee in its absolute discretion may give notice to the
Current Issuer and the Security Trustee of a Current Issuer Note Event of
Default (as defined below) in respect of the Class A Notes (a "Class A Note
Enforcement Notice"), and shall give such notice if it is indemnified to its
satisfaction and (1) if so requested in writing by the Holders of not less
than 25 per cent. in aggregate Principal Amount Outstanding of the Class A
Notes or (2) if so directed by or pursuant to an Extraordinary Resolution
passed at a meeting of the Class A Noteholders, declaring (in writing) the
Notes to be due and repayable (and they shall forthwith become due and
repayable) at any time after the happening of any of the following events
which is continuing or unwaived:

     (i)  default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class A Note when and as
          the same ought to be paid in accordance with these Conditions or
          default being made for a period of fifteen Business Days in the
          payment of any amount of interest on any Class A Note when and as
          the same ought to be paid in accordance with these Conditions; or

     (ii) the Current Issuer failing duly to perform or observe any other
          obligation binding upon it under the Class A Notes, the Current
          Issuer Trust Deed, the Current Issuer Deed of Charge or any other
          Transaction Document and, in any such case (except where the Note
          Trustee certifies that, in its opinion, such failure is incapable of
          remedy, in which case no notice will be required), such failure is
          continuing unremedied for a period of 30 days following the service
          by the Note Trustee on the Current Issuer of notice requiring the
          same to be remedied and the Note Trustee has certified that the
          failure to perform or observe is materially prejudicial to the
          interests of the Class A Noteholders; or

    (iii) the Current Issuer, otherwise than for the purposes of such
          amalgamation or reconstruction as is referred to in sub-paragraph
          (iv) below, ceases or threatens to cease to carry on its business or
          a substantial part of its business or the Current Issuer is deemed
          unable to pay its debts within the meaning of section 123(1)(a),
          (b), (c) or (d) of the Insolvency Act 1986 (as that section may be
          amended, modified or re-enacted) or becomes unable to pay its debts
          within the meaning of section 123(2) of the Insolvency Act 1986 (as
          that section may be amended, modified or re-enacted); or

                                     W-42

<PAGE>

     (iv) an order being made or an effective resolution being passed for the
          winding-up of the Current Issuer except a winding-up for the
          purposes of or pursuant to an amalgamation, restructuring or merger
          the terms of which have previously been approved by the Note Trustee
          in writing or by an Extraordinary Resolution of the Class A
          Noteholders; or

     (v)  proceedings being otherwise initiated against the Current Issuer
          under any applicable liquidation, insolvency, composition,
          reorganisation or other similar laws (including, but not limited to,
          presentation of a petition for administration or the filing of
          documents with the court for an administration) and (except in the
          case of presentation of a petition for an administration order) such
          proceedings are not, in the opinion of the Note Trustee, being
          disputed in good faith with a reasonable prospect of success, a
          formal notice is given of intention to appoint an administrator in
          relation to the Current Issuer or an administration order being
          granted or an administrative receiver or other receiver, liquidator
          or other similar official being appointed in relation to the Current
          Issuer or in relation to the whole or any substantial part of the
          undertaking or assets of the Current Issuer, or an encumbrancer
          taking possession of the whole or any substantial part of the
          undertaking or assets of the Current Issuer, or a distress,
          execution, diligence or other process being levied or enforced upon
          or sued out against the whole or any substantial part of the
          undertaking or assets of the Current Issuer and such possession or
          process (as the case may be) not being discharged or not otherwise
          ceasing to apply within 30 days, or the Current Issuer initiating or
          consenting to judicial proceedings relating to itself under
          applicable liquidation, insolvency, composition, reorganisation or
          other similar laws or making a conveyance or assignment for the
          benefit of its creditors generally or a composition or similar
          arrangement with the creditors or takes steps with a view to
          obtaining a moratorium in respect of its indebtedness, including
          without limitation, the filing of documents with the court; or

     (vi) if an Intercompany Loan Enforcement Notice is served under any
          Intercompany Loan Agreement while any of the Class A Notes is
          outstanding.

(B)  Class B Noteholders

     This Condition 9(B) shall have no effect if, and for as long as, any
Class A Notes are outstanding. Subject thereto, for so long as any Class B
Notes are outstanding, the Note Trustee in its absolute discretion may give
notice to the Current Issuer and the Security Trustee of a Current Issuer Note
Event of Default (as defined below) in respect of the Class B Notes (a "Class
B Note Enforcement Notice"), and shall give such notice if it is indemnified
to its satisfaction and (1) if so requested in writing by the Holders of not
less than 25 per cent. in aggregate Principal Amount Outstanding of the Class
B Notes or (2) if so directed by or pursuant to an Extraordinary Resolution
passed at a meeting of the Class B Noteholders, declaring (in writing) the
Notes to be due and repayable (and they shall forthwith become due and
repayable) at any time after the happening of any of the following events:

     (i)  default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class B Note when and as
          the same ought to be paid in accordance with these Conditions or
          default being made for a period of fifteen Business Days in the
          payment of any amount of interest on any Class B Note when and as
          the same ought to be paid in accordance with these Conditions; or

     (ii) the occurrence of any of the events in Condition 9(A)(ii), (iii),
          (iv), (v) or (vi) above provided that the references in Condition
          9(A)(ii) and Condition 9(A)(iv) to Class A Notes and Class A
          Noteholders shall be read as references to Class B Notes and Class B
          Noteholders, respectively.

                                     W-43

<PAGE>

(C)  Class M Noteholders

     This Condition 9(C) shall have no effect if, and for as long as, any
Class A Notes or any Class B Notes are outstanding. Subject thereto, for so
long as any Class M Notes are outstanding, the Note Trustee in its absolute
discretion may give notice to the Current Issuer and the Security Trustee of a
Current Issuer Note Event of Default (as defined below) in respect of the
Class M Notes (a "Class M Note Enforcement Notice"), and shall give such
notice if it is indemnified to its satisfaction and (1) if so requested in
writing by the Holders of not less than 25 per cent. in aggregate Principal
Amount Outstanding of the Class M Notes or (2) if so directed by or pursuant
to an Extraordinary Resolution passed at a meeting of the Class M Noteholders,
declaring (in writing) the Notes to be due and repayable (and they shall
forthwith become due and repayable) at any time after the happening of any of
the following events:

     (i)  default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class M Note when and as
          the same ought to be paid in accordance with these Conditions or
          default being made for a period of fifteen Business Days in the
          payment of any amount of interest on any Class M Note when and as
          the same ought to be paid in accordance with these Conditions; or

     (ii) the occurrence of any of the events in Condition 9(A)(ii), (iii),
          (iv), (v) or (vi) above provided that the references in Condition
          9(A)(ii) and Condition 9(A)(iv) to Class A Notes and Class A
          Noteholders shall be read as references to Class M Notes and Class M
          Noteholders, respectively.

(D)  Class C Noteholders

     This Condition 9(D) shall have no effect if, and for as long as, any
Class A Notes, any Class B Notes or any Class M Notes are outstanding. Subject
thereto, for so long as any Class C Notes are outstanding, the Note Trustee in
its absolute discretion may give notice to the Current Issuer and the Security
Trustee of a Current Issuer Note Event of Default (as defined below) in
respect of the Class C Notes (a "Class C Note Enforcement Notice"), and shall
give such notice if it is indemnified to its satisfaction and (1) if so
requested in writing by the Holders of not less than 25 per cent. in aggregate
Principal Amount Outstanding of the Class C Notes or (2) if so directed by or
pursuant to an Extraordinary Resolution passed at a meeting of the Class C
Noteholders, declaring (in writing) the Notes to be due and repayable (and
they shall forthwith become due and repayable) at any time after the happening
of any of the following events:

     (i)  default being made for a period of seven Business Days in the
          payment of any amount of principal of any Class C Note when and as
          the same ought to be paid in accordance with these Conditions or
          default being made for a period of fifteen Business Days in the
          payment of any amount of interest on any Class C Note when and as
          the same ought to be paid in accordance with these Conditions; or

     (ii) the occurrence of any of the events in Condition 9(A)(ii), (iii),
          (iv), (v) or (vi) above provided that the references in Condition
          9(A)(ii) and Condition 9(A)(iv) to Class A Notes and Class A
          Noteholders shall be read as references to Class C Notes and Class C
          Noteholders respectively.

(E)  Following Service of a Note Enforcement Notice

     For the avoidance of doubt, upon any Note Enforcement Notice being given
by the Note Trustee in accordance with Condition 9(A), (B), (C) or (D) above,
all classes of the Notes then outstanding shall immediately become due and
repayable, without further action or formality at their Principal Amount
Outstanding together with any accrued and unpaid interest in respect thereof
as provided in the Current Issuer Trust Deed.

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<PAGE>

10.  Enforcement of Notes

     The Note Trustee may, at its discretion and without notice at any time
and from time to time, take such steps and institute such proceedings against
the Current Issuer or any other person as it may think fit to enforce the
provisions of the Notes, the Current Issuer Trust Deed (including these
Conditions), the Current Issuer Deed of Charge or any of the other Transaction
Documents. The Note Trustee may, at its discretion and without notice, at any
time after the Current Issuer Security has become enforceable, take such steps
as it may think fit to enforce the Current Issuer Security. The Note Trustee
shall not be bound to take any such proceedings or steps unless:

     (i)  (subject in all cases to restrictions contained in the Current
          Issuer Trust Deed or, as the case may be, the Current Issuer Deed of
          Charge to protect the interests of any higher ranking class of
          Noteholders) it shall have been so directed by an Extraordinary
          Resolution (as described in Condition 9) of the Class A Noteholders,
          the Class B Noteholders, the Class M Noteholders or the Class C
          Noteholders or so requested in writing by the Holders of at least 25
          per cent. in Principal Amount Outstanding of the Class A Notes,
          Class B Notes, Class M Notes or Class C Notes; and

     (ii) it shall have been indemnified to its satisfaction.

     Amounts available for distribution after enforcement of the Current
Issuer Security shall be distributed in accordance with the terms of the
Current Issuer Deed of Charge.

     No Noteholder may institute any proceedings against the Current Issuer to
enforce its rights under or in respect of the Notes or the Current Issuer
Trust Deed unless (1) the Note Trustee has become bound to institute
proceedings and has failed to do so within 30 days of becoming so bound and
(2) such failure is continuing; provided that, no Class B Noteholder, Class M
Noteholder or Class C Noteholder will be entitled to commence proceedings for
the winding up or administration of the Current Issuer unless there are no
outstanding Notes of a class with higher priority, or if Notes of a class with
higher priority are outstanding, there is consent of Noteholders of not less
than 25 per cent. of the aggregate principal amount of the Notes outstanding
(as defined in the Current Issuer Trust Deed) of the class or classes of Notes
with higher priority. Notwithstanding the foregoing and notwithstanding any
other provision of the Current Issuer Trust Deed, the right of any Noteholder
to receive payment of principal and interest on its Notes on or after the due
date for such principal or interest, or to institute suit for the enforcement
of payment of that principal or interest, may not be impaired or affected
without the consent of that Noteholder.

     In the event that (a) the Current Issuer Security is enforced and after
payment of all other claims ranking in priority to the Notes under the Current
Issuer Deed of Charge, the remaining proceeds of such enforcement are
insufficient to pay in full all principal and interest and other amounts
whatsoever due in respect of the Notes and all other claims ranking pari passu
therewith or (b) within 20 days following the Final Maturity Date of the
latest maturing Note, the Note Trustee certifies that there is no further
amount outstanding under the related Current Issuer Intercompany Loan, then
all interests in the Global Note Certificate will be automatically exchanged
for equivalent interests in an equivalent amount of Notes in an equivalent
Principal Amount Outstanding in Individual Note Certificates and such Global
Note Certificate will be cancelled on the date of such exchange. The
Noteholders are required and the Note Trustee is required on their behalf at
the request of the Post Enforcement Call Option Holder, to transfer or (as the
case may be) procure transfer of all (but not some only) of the Notes to the
Post Enforcement Call Option Holder pursuant to the option granted to it by
the Note Trustee (as agent for the Noteholders) pursuant to the Current Issuer
Post-Enforcement Call Option Agreement. The Noteholders will be paid for that
transfer the sum of one pence Sterling in respect of each Current Issuer Note
then outstanding. Immediately upon such transfer, no such former Noteholder
shall have any further interest in the Notes. Each of the Noteholders
acknowledges that the Note Trustee has the authority and the power to bind the
Noteholders in accordance

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<PAGE>

with the terms and conditions set out in the Current Issuer Post- Enforcement
Call Option Agreement and each Noteholder, by subscribing for or purchasing
Notes, agrees to be so bound.

11.  Meetings of Noteholders, Modifications and Waiver

(A)  Meetings of Noteholders

     The Current Issuer Trust Deed contains provisions for convening meetings
of each class of Noteholders to consider any matter affecting their interests,
including the sanctioning by Extraordinary Resolution of a modification of any
provision of these Conditions or the provisions of any of the Transaction
Documents.

(1)  Class A Notes

     The Current Issuer Trust Deed provides that:

     (i)  a single meeting of the Holders of all series of Class A Notes may
          be held whether or not there is a conflict of interest between the
          Holders of such series of the Class A Notes;

     (ii) there shall be no provision for a meeting of the Holders of one
          series only of the Class A Notes; and

    (iii) as the Class A Notes are not all denominated in the same currency,
          the Principal Amount Outstanding of any Class A Note denominated in
          Dollars or Euro shall be converted into Sterling at the relevant
          Current Issuer Dollar Currency Swap Rate or Current Issuer Euro
          Currency Swap Rate, respectively.

(2)  Class B Notes

     The Current Issuer Trust Deed provides that:

     (i)  a single meeting of the Holders of all series of Class B Notes may
          be held whether or not there is a conflict of interest between the
          Holders of such series of the Class B Notes;

     (ii) there shall be no provision for a meeting of the Holders of one
          series only of the Class B Notes; and

     (iii) as the Class B Notes are not all denominated in the same currency,
          the Principal Amount Outstanding of any Class B Note denominated in
          Dollars or Euro shall be converted into Sterling at the relevant
          Current Issuer Dollar Currency Swap Rate or Current Issuer Euro
          Currency Swap Rate, respectively.

(3)  Class M Notes

     The Current Issuer Trust Deed provides that:

     (i)  a single meeting of the Holders of all series of Class M Notes may
          be held whether or not there is a conflict of interest between the
          Holders of such series of the Class M Notes;

     (ii) there shall be no provision for a meeting of the Holders of one
          series only of the Class M Notes; and

    (iii) as the Class M Notes are not all denominated in the same currency,
          the Principal Amount Outstanding of any Class M Note denominated in
          Dollars or Euro shall be converted into Sterling at the relevant
          Current Issuer Dollar Currency Swap Rate or Current Issuer Euro
          Currency Swap Rate, respectively.

(4)  The Class C Notes

     The Current Issuer Trust Deed provides that:

     (i)  a single meeting of the Holders of all series of Class C Notes may
          be held whether or not there is a conflict of interest between the
          Holders of such series of the Class C Notes;

                                     W-46

<PAGE>

     (ii) there shall be no provision for a meeting of the Holders of one
          series only of the Class C Notes; and

    (iii) as the Class C Notes are not all denominated in the same currency,
          the Principal Amount Outstanding of any Class C Note denominated in
          Dollars or Euro shall be converted into Sterling at the relevant
          Current Issuer Dollar Currency Swap Rate or Current Issuer Euro
          Currency Swap Rate, respectively.

     Subject as provided in the following paragraph, the quorum at any meeting
of the Noteholders of any class convened to consider an Extraordinary
Resolution will be two or more persons holding or representing more than half
of the aggregate Principal Amount Outstanding of the Notes of that class or,
at any adjourned meeting, two or more persons being or representing
Noteholders of that class, whatever the aggregate Principal Amount Outstanding
of the Notes so held or represented.

     The quorum at any meeting of the Noteholders of any class for passing an
Extraordinary Resolution which includes the sanctioning of a modification
which would have the effect of altering the amount, rate or timing of payments
on the Notes, the currency of payment of the Notes, or altering the priority
of payments or altering the quorum or majority required in relation to this
exception (a "Basic Terms Modification"), shall be two or more persons holding
or representing not less than three quarters or, at any adjourned and
reconvened meeting, not less than one quarter of the aggregate Principal
Amount Outstanding of the Notes of such class.

     A resolution signed by or on behalf of all the Noteholders of the
relevant class who for the time being are entitled to receive notice of a
meeting under the Current Issuer Trust Deed shall for all purposes be as valid
and effective as an Extraordinary Resolution passed at a meeting of such class
of Noteholders.

(B)  Limitations on Class B Noteholders

     Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class B Noteholders shall take effect for any purpose while any Class A Notes
remain outstanding unless it shall have been sanctioned by an Extraordinary
Resolution of the Class A Noteholders or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders.

(C)  Limitations on Class M Noteholders

     Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class M Noteholders shall take effect for any purpose while any Class A Notes
or any Class B Notes remain outstanding unless it shall have been sanctioned
by an Extraordinary Resolution of the Class A Noteholders and an Extraordinary
Resolution of the Class B Noteholders or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders and the Class B Noteholders.

(D)  Limitations on Class C Noteholders

     Subject as provided below in relation to an Extraordinary Resolution
concerning a Basic Terms Modification, no Extraordinary Resolution of the
Class C Noteholders shall take effect for any purpose while any Class A Notes,
any Class B Notes or any Class M Notes remain outstanding unless it shall have
been sanctioned by an Extraordinary Resolution of the Class A Noteholders, an
Extraordinary Resolution of the Class B Noteholders and an Extraordinary
Resolution of the Class M Noteholders, or the Note Trustee is of the opinion
that it would not be materially prejudicial to the interests of the Class A
Noteholders, the Class B Noteholders and the Class M Noteholders.

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<PAGE>

(E)  Basic Terms Modifications

     (i)  An Extraordinary Resolution of the Class A Noteholders concerning a
          Basic Terms Modification will not be effective unless it shall have
          been sanctioned by an Extraordinary Resolution of the Class B
          Noteholders, an Extraordinary Resolution of the Class M Noteholders
          and an Extraordinary Resolution of the Class C Noteholders.

     (ii) An Extraordinary Resolution of the Class B Noteholders concerning a
          Basic Terms Modification will not be effective unless it shall have
          been sanctioned by an Extraordinary Resolution of the Class A
          Noteholders, an Extraordinary Resolution of the Class M Noteholders
          and an Extraordinary Resolution of the Class C Noteholders.

    (iii) An Extraordinary Resolution of the Class C Noteholders concerning a
          Basic Terms Modification will not be effective unless it is also
          sanctioned by an Extraordinary Resolution of the Class A
          Noteholders, an Extraordinary Resolution of the Class B Noteholders
          and an Extraordinary Resolution of the Class C Noteholders.

     (iv) An Extraordinary Resolution of the Class C Noteholders concerning a
          Basic Terms Modification will not be effective unless it is also
          sanctioned by an Extraordinary Resolution of the Class A
          Noteholders, an Extraordinary Resolution of the Class B Noteholders
          and an Extraordinary Resolution of the Class M Noteholders.

(F)  Modifications and Determinations by Note Trustee

     The Note Trustee may agree, without the consent of the relevant class of
Noteholders, (i) to any modification (other than a Basic Terms Modification)
of, or to the waiver or authorisation of any breach or proposed breach of, the
Conditions of a particular class or classes or any of the Transaction
Documents which is not, in the opinion of the Note Trustee, materially
prejudicial to the interests of the relevant class or classes of the
Noteholders or (ii) to any modification of these Conditions or any of the
Transaction Documents which, in the opinion of the Note Trustee, is of a
formal, minor or technical nature or is to correct a manifest error.

     Any such modification, waiver, authorisation or determination shall be
binding on the Noteholders and, unless the Note Trustee agrees otherwise, any
such modification shall be notified to the Noteholders and the Rating Agencies
in accordance with Condition 14 as soon as practicable thereafter.

     The Note Trustee may agree, without the consent of the Holders of the
Sterling Notes on or after the Specified Date (as defined below), to such
modifications to the Sterling Notes and the Current Issuer Trust Deed in
respect of redenomination of such Notes in euro and associated
reconventioning, renominalisation and related matters in respect of such Notes
as may be proposed by the Current Issuer (and confirmed by an independent
financial institution approved by the Note Trustee to be in conformity with
then applicable market conventions) and to provide for redemption at the euro
equivalent of the sterling principal amount of the Sterling Notes. For these
purposes, "Specified Date" means the date on which the United Kingdom
participates in the third stage of European economic and monetary union
pursuant to the Treaty establishing the European Community, as amended by the
Treaty on European Union, or otherwise participates in European economic and
monetary union in a manner with an effect similar to such third stage.

     Any such modification shall be binding on the Holders of the Sterling
Notes and, unless the Note Trustee agrees otherwise, any such modification
shall be notified to such Noteholders in accordance with Condition 14 as soon
as practicable thereafter.

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<PAGE>

(G)  Exercise of Note Trustee's Functions

     Where the Note Trustee is required, in connection with the exercise of
its powers, trusts, authorities, duties and discretions, to have regard to the
interests of the Noteholders of one class, it shall have regard to the
interests of such Noteholders as a class and, in particular but without
prejudice to the generality of the foregoing, the Note Trustee shall not have
regard to, or be in any way liable for, the consequences of such exercise for
individual 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. In connection with any such exercise, the Note
Trustee shall not be entitled to require, and no Noteholder shall be entitled
to claim, from the Current Issuer or any other person, any indemnification or
payment in respect of any tax consequence of any such exercise upon individual
Noteholders.

12.  Indemnification of the Note Trustee

     The Current Issuer Trust Deed and the Current Issuer Deed of Charge
contain provisions governing the responsibility (and relief from
responsibility) of the Note Trustee and providing for its indemnification in
certain circumstances, including, among others, provisions relieving it from
taking enforcement proceedings or enforcing the Current Issuer Security unless
indemnified to its satisfaction. The Note Trustee is also entitled to be paid
its costs and expenses in priority to any interest payments to Noteholders.

     The Note Trustee and its related companies are entitled to enter into
business transactions with the Current Issuer, the Current Issuer Cash
Manager, Northern Rock plc and/or the related companies of any of them and to
act as note trustee for the Holders of any new Notes and/or any other person
who is a party to any Transaction Document or whose obligations are comprised
in the Current Issuer Security and/or any of its subsidiary or associated
companies without accounting for any profit resulting therefrom.

     The Note Trustee will not be responsible for any loss, expense or
liability which may be suffered as a result of any assets comprised in the
Current Issuer Security, or any deeds or documents of title thereto, being
uninsured or inadequately insured or being held by clearing organisations or
their operators or by intermediaries such as banks, brokers or other similar
persons on behalf of the Note Trustee.

     Furthermore, the Note Trustee will be relieved of liability for making
searches or other inquiries in relation to the assets comprising the Current
Issuer Security. The Note Trustee does not have any responsibility in relation
to the legality and the enforceability of the trust arrangements and the
related Current Issuer Security. The Note Trustee will not be obliged to take
any action which might result in its incurring personal liabilities. The Note
Trustee is not obliged to monitor or investigate the performance of any other
person under the Current Issuer related documents or the documents relating to
the Current Issuer Intercompany Loan and the Mortgages Trust and is entitled
to assume, until it has actual knowledge to the contrary, that all such
persons are properly performing their duties, unless it receives express
notice to the contrary.

     The Note Trustee will not be responsible for any deficiency which may
arise because it is liable to tax in respect of the proceeds of any Current
Issuer Security.

     Similar provisions in respect of the indemnification of the Security
Trustee are set out in the Transaction Documents.

13.  Replacement of Notes

     If Individual Note Certificates are lost, stolen, mutilated, defaced or
destroyed, the Noteholder can replace them at the Specified Office of any
Paying Agent. The Noteholder will be required both to pay the expenses of
producing a replacement and to comply with the Current Issuer's, the
Registrar's and the Paying Agent's reasonable requests for evidence and
indemnity. The Noteholder must surrender any defaced or mutilated Note
Certificates before replacements will be issued.

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<PAGE>

     If a Global Note Certificate is lost, stolen, mutilated, defaced or
destroyed, the Current Issuer will deliver a replacement Global Note
Certificate to the registered holder upon satisfactory evidence and surrender
of any defaced or mutilated Global Note Certificate. A replacement will only
be made upon payment of the expenses for a replacement and compliance with the
Current Issuer's, Registrar's and Paying Agents' reasonable requests as to
evidence and indemnity.

14.  Notice to Noteholders

(A)  Publication of Notice

     Notices to Noteholders will be sent to them by first class mail (or its
equivalent) or (if posted to a non-UK address) by airmail at the respective
addresses on the Register. Any such notice shall have been deemed to have been
given on the fourth day after the date of mailing. In addition, any notice
shall be validly given if published on the date of such mailing in The
Financial Times and, for so long as amounts are outstanding on the Dollar
Notes, in a daily newspaper of general circulation in New York (which is
expected to be The New York Times) or, if such publication is not practicable,
in a leading English language daily newspaper having general circulation in
the United States; provided that if, at any time, the Current Issuer procures
that the information concerned in such notice shall appear on a page of the
Reuters screen, or any other medium for electronic display of data as may be
previously approved in writing by the Note Trustee and notified to Noteholders
(in each case a "Relevant Screen"), publication in the newspapers set out
above or such other newspaper or newspapers shall not be required with respect
to such information, provided, however, that in the case that any Notes are
listed on the Official List of the UK Listing Authority and admitted to
trading by the London Stock Exchange, notices of Noteholder Meetings shall
continue to be published as set forth above. Any such notice shall be deemed
to have been given on the date of such publication or, if published more than
once or on different dates, on the first date on which publication shall have
been made in the newspaper or newspapers in which (or on the Relevant Screen
on which) publication is required.

(B)  Note Trustee's Discretion to Select Alternative Method

     The Note Trustee shall be at liberty to sanction some other method of
giving notice to the Noteholders or any class or category of them if, in its
opinion, such other method is reasonable having regard to market practice then
prevailing and to the requirements of the stock exchanges on which the Notes
are then listed and provided that notice of such other method is given to the
Noteholders in such manner as the Note Trustee shall require.

15.  Governing Law and Jurisdiction

     The Transaction Documents (other than the Current Issuer Underwriting
Agreement (which is governed by the laws of the State of New York)) and the
Notes are governed by English law, except for those provisions in which
security is taken over property situated in Jersey, to which Jersey law shall
apply and certain provisions relating to property situated in Scotland, to
which Scots law shall apply. The courts of England are to have nonexclusive
jurisdiction to settle any disputes which may arise out of or in connection
with the Notes and the Transaction Documents (other than the Current Issuer
Underwriting Agreement). The Current Issuer and the other parties to the
Transaction Documents (other than the Current Issuer Underwriting Agreement)
irrevocably submit to the non-exclusive jurisdiction of the courts of England.

16.  Contracts (Rights of Third Parties) Act 1999

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

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<PAGE>

17.  Definitions

     Unless otherwise defined in these Conditions or unless the context
otherwise requires, in these Conditions the following words shall have the
following meanings and any other capitalised terms used in these Conditions
shall have the meanings ascribed to them or incorporated in the Current Issuer
Trust Deed or the Current Issuer Master Definitions Schedule. The provisions
of Clause 2 (Interpretation and Construction) of the Current Issuer Master
Definitions Schedule are incorporated into and shall apply to these
Conditions.

     "Additional Interest" has the meaning indicated in Condition 4(B);

     "Agents" means the Paying Agents, the Transfer Agent, the Registrar and
the Agent Bank;

     "Agent Bank" means Citibank, N.A. in its capacity as agent bank at its
Specified Office or such other person for the time being acting as agent bank
under the Current Issuer Paying Agent and Agent Bank Agreement;

     "Asset Trigger Event" means the event that occurs when there is a
positive balance on the Class A Principal Deficiency Sub-Ledger in respect of
any Issuer;

     "Authorised Holding" means, in respect of the US Global Note
Certificates, $100,000 and increments of $1,000 thereafter, and in respect of
the Reg S Global Note Certificates, (eruo)50,000 and increments of (euro)1,000
thereafter (in respect of the Euro Notes) and (GBP)50,000 and increments of
(GBP)1,000 thereafter (in respect of the Sterling Notes);

     "Authorised Investments" means (i) Sterling gilt-edged investments and
(ii) Sterling demand or time deposits, certificates of deposit and short-term
debt obligations (including commercial paper) (which may include deposits in
any account which earns a rate of interest related to LlBOR) provided that in
all cases such investments have a maturity date of 90 days or less and mature
on or before the next following Payment Date and the short-term unsecured,
unguaranteed and unsubordinated debt obligations of the issuing or
guaranteeing entity or entity with which the demand or time deposits are made
(being an authorised institution under the Financial Services and Markets Act
2000) are rated at least "A-1+" by Standard & Poor's, "F1+" by Fitch and "P-1"
by Moody's or which are otherwise acceptable to the Rating Agencies (if they
are notified in advance) to maintain the then current ratings of the Notes;

     "Basic Terms Modification" has the meaning indicated in Condition 11(A);

     "Business Day" means a day which is a New York Business Day, a London
Business Day and a TARGET Business Day;

     "Cash Management Agreement" means the cash management agreement dated the
Initial Closing Date, among the Cash Manager, the Mortgages Trustee, Funding
and the Security Trustee, as described further in "Cash management for the
mortgages trustee and Funding" in the Prospectus;

     "Cash Manager" means Northern Rock or such other person or persons for
the time being acting, under the cash management agreement, as agent for the
Mortgages Trustee, Funding and (following enforcement of the Funding security)
the Security Trustee for the purposes of, inter alia, managing all cash
transactions and maintaining certain ledgers on behalf of the Mortgages
Trustee, Funding and (following enforcement of the Funding security) the
Security Trustee;

     "Class" or "class" means, in relation to the Notes or the Noteholders, a
class of any of the Series 1 Notes, the Series 2 Notes or the Series 3 Notes,
as the context requires;

     "Class A Note Enforcement Notice" has the meaning indicated in Condition
9(A);

     "Class A Noteholders" means the Holders of the Class A Notes;

     "Class A Notes" means the Series 1 Class A1 Notes, the Series 1 Class A2
Notes, the Series 1 Class A3 Notes, the Series 2 Class A1 Notes, the Series 2
Class A2 Notes, the Series 3 Class A1 Notes and the Series 3 Class A2 Notes;

                                     W-51

<PAGE>

     "Class B Note Enforcement Notice" has the meaning indicated in Condition
9(B);

     "Class B Noteholders" means the Holders of the Class B Notes;

     "Class B Notes" means the Series 1 Class B Notes, the Series 2 Class B
Notes and the Series 3 Class B Notes;

     "Class C Note Enforcement Notice" has the meaning indicated in Condition
9(D);

     "Class C Noteholders" means the Holders of the Class C Notes;

     "Class C Notes" means the Series 1 Class C Notes, the Series 2 Class C
Notes and the Series 3 Class C Notes;

     "Class M Note Enforcement Notice" has the meaning indicated in Condition
9(C);

     "Class M Noteholders" means the Holders of the Class M Notes;

     "Class M Notes" means the Series 1 Class M Notes, the Series 2 Class M
Notes and the Series 3 Class M Notes;

     "Clearstream, Luxembourg" means Clearstream Banking, societe anonyme;

     "Closing Date" means on or about 22 September 2004;

     "Commercial Business Day" has the meaning indicated in Condition 1(D);

     "Controlled Amortisation Amount" means on any Payment Date before the
occurrence of a Trigger Event for any Note or class of Notes issued by the
Current Issuer which is a Controlled Amortisation Note or class of such Notes,
the maximum aggregate principal amount which may be repaid by the Current
Issuer to the relevant Noteholder or Noteholders of such class on that Payment
Date in accordance with the Conditions and the Current Issuer Cash Management
Agreement;

     "Controlled Amortisation Note" means any Note where, before the
occurrence of a Trigger Event or the enforcement of the Current Issuer
Security, the conditions of such Note impose a limit on the amount of
principal which may be repaid by the Current Issuer to the relevant Noteholder
for that Note on any Payment Date. All of the Notes issued by the Current
Issuer are Controlled Amortisation Notes;

     "Current Issuer" means Granite Mortgages 04-3 plc;

     "Current Issuer Account Bank" means Citibank, N.A., situated at 5
Carmelite Street, London EC4Y 0PA, or such other person for the time being
acting as account bank to the Current Issuer under the Current Issuer Bank
Account Agreement;

     "Current Issuer Available Principal Receipts" means:

     (a)  prior to enforcement of the Current Issuer Security, for the Current
          Issuer in respect of any Payment Date an amount calculated by the
          Current Issuer Cash Manager on the Distribution Date immediately
          preceding such Payment Date equal to the sum of:

          (i)  all principal amounts repaid by Funding to the Current Issuer
               under the Current Issuer Intercompany Loan during the period
               from (but excluding) the immediately preceding Payment Date to
               (and including) that Payment Date; and

          (ii) all Current Issuer Available Revenue Receipts which are to be
               used on that Payment Date to credit the Current Issuer
               Principal Deficiency Ledger for any class of Notes issued by
               the Current Issuer;

     less

         (iii) the aggregate of all principal amounts (if any) repaid by
               Funding to the Current Issuer under the Current Issuer
               Intercompany Loan on the relevant Payment Date which are to be
               applied on the relevant Payment Date to pay items (A) through
               (E), (G), (I) and/or (K) of the Current Issuer Pre-Enforcement
               Revenue Priority of Payments; and

                                     W-52

<PAGE>

     (b)  following enforcement of the Current Issuer Security, for the
          Current Issuer in respect of any Payment Date the sum calculated by
          or on behalf of the Note Trustee on the Distribution Date
          immediately preceding such Payment Date as the amount to be repaid
          by Funding to the Current Issuer under the Current Issuer
          Intercompany Loan during the relevant Interest Period and/or the sum
          otherwise recovered by the Note Trustee (or the receiver appointed
          on its behalf) representing the Principal Amount Outstanding of the
          Notes;

     "Current Issuer Available Revenue Receipts" means for the Current Issuer
in respect of any Payment Date an amount calculated by the Current Issuer Cash
Manager on the Distribution Date immediately preceding such Payment Date equal
to the sum of:

     (a)  interest, fees and any other amount (excluding principal) paid by
          Funding on the relevant Payment Date in respect of the Current
          Issuer Intercompany Loan;

     (b)  amounts received by the Current Issuer under or in accordance with
          the Current Issuer Basis Rate Swap Agreement (excluding Swap
          Collateral Excluded Amounts) and any early termination amounts
          (other than such early termination amounts applied or to be applied
          by the Current Issuer in the purchase of one or more replacement
          hedge transactions) received by the Current Issuer under the Current
          Issuer Swap Agreements;

     (c)  interest payable on the Current Issuer Bank Accounts and any income
          from Authorised Investments made with funds standing to the credit
          of the Current Issuer Bank Accounts in each case which has been or
          will be received on or before the relevant Payment Date; and

     (d)  (only to the extent required after the Current Issuer Cash Manager
          has made the relevant calculations set out in the Current Issuer
          Cash Management Agreement) the aggregate of all principal amounts
          (if any) repaid by Funding to the Current Issuer under the Current
          Issuer Intercompany Loan on the relevant Payment Date which are to
          be applied on the relevant Payment Date to pay items (A) through
          (E), (G), (I) and/or (K) of the Current Issuer Pre-Enforcement
          Revenue Priority of Payments;

     "Current Issuer Bank Accounts" means the Current Issuer Transaction
Accounts and also includes any additional or replacement bank account opened
in the name of the Current Issuer from time to time with the prior written
consent of the Note Trustee and the Rating Agencies;

     "Current Issuer Bank Account Agreement" means the bank account agreement
entered into on or about the Closing Date between the Current Issuer, the
Current Issuer Cash Manager, the Current Issuer Account Bank and the Note
Trustee;

     "Current Issuer Basis Rate Swap Agreement" means the ISDA master
agreement, schedule thereto and confirmation thereunder entered into on or
about the Closing Date and any credit support annex or other credit support
documents entered into at any time between the Current Issuer, the Current
Issuer Basis Rate Swap Provider and the Note Trustee, and includes any
additional and/or replacement Current Issuer Basis Rate Swap Agreement entered
into by the Current Issuer from time to time in connection with the Notes;

     "Current Issuer Basis Rate Swap Provider" means Northern Rock plc or such
other basis rate swap provider appointed from time to time in accordance with
the terms of the Transaction Documents;

     "Current Issuer Cash Management Agreement" means the cash management
agreement entered into on or about the Closing Date among the Current Issuer
Cash Manager, the Current Issuer and the Note Trustee;

                                     W-53

<PAGE>

     "Current Issuer Corporate Services Agreement" means the corporate
services agreement entered into on or before the Closing Date between, among
others, the Current Issuer Corporate Services Provider, Holdings, the Post
Enforcement Call Option Holder and the Current Issuer, for the provision by
the Current Issuer Corporate Services Provider of certain corporate services;

     "Current Issuer Corporate Services Provider" means Law Debenture
Corporate Services Limited or such other person for the time being acting as
corporate services provider to the Current Issuer under the Current Issuer
Corporate Services Agreement;

     "Current Issuer Deed of Charge" means the deed of charge entered into on
or about the Closing Date between, among others, the Current Issuer and the
Note Trustee, under which the Current Issuer creates the Current Issuer
Security in favour of the Current Issuer Secured Creditors;

     "Current Issuer Dollar Currency Swap Agreements" means the ISDA master
agreements, schedules thereto and confirmations thereunder relating to the
dollar currency swaps entered into on or about the Closing Date and any credit
support annexes or other credit support documents entered into at any time
among the Current Issuer, the Current Issuer Dollar Currency Swap Providers
and the Note Trustee and/or any credit support provider and includes any
additional and/or replacement Current Issuer Dollar Currency Swap Agreement
entered into by the Current Issuer from time to time in connection with the
Dollar Notes;

     "Current Issuer Dollar Currency Swap Providers" means in respect of the
Series 1 Notes (other than the Series 1 Class A2 Notes), Barclays Bank PLC and
in respect of the Series 2 Class A1 Notes, Swiss Re Financial Products
Corporation or, as applicable, such other dollar currency swap provider
appointed from time to time in relation to the Dollar Notes (or any class of
them, as the context shall require), in accordance with the terms of the
Transaction Documents;

     "Current Issuer Dollar Currency Swap Rate" means the rate at which
Dollars are converted to Sterling or, as the case may be, Sterling is
converted to Dollars pursuant to, as applicable, to any Current Issuer Dollar
Currency Swap Agreement, or, if there is no relevant Current Issuer Dollar
Currency Swap Agreement in effect at such time, the "spot" rate at which
Dollars are converted to Sterling or, as the case may be, Sterling is
converted to Dollars, on the foreign exchange markets;

     "Current Issuer Euro Currency Swap Agreements" means the ISDA master
agreements, schedules thereto and confirmations thereunder relating to the
euro currency swaps entered into on or about the Closing Date and any credit
support annexes or other credit support documents entered into at any time
among the Current Issuer, the Current Issuer Euro Currency Swap Provider and
the Note Trustee and/or any credit support provider and includes any
additional and/or replacement Current Issuer Euro Currency Swap Agreement
entered into by the Current Issuer from time to time in connection with the
Euro Notes;

     "Current Issuer Euro Currency Swap Provider" means Citibank N.A., acting
through its London Branch or, as applicable, such other euro currency swap
provider appointed from time to time in relation to the Euro Notes (or any
class of them, as the context shall require), in accordance with the terms of
the Transaction Documents;

     "Current Issuer Euro Currency Swap Rate" means the rate at which Euro are
converted to Sterling or, as the case may be, Sterling is converted to Euro
pursuant to, as applicable, to any Current Issuer Euro Currency Swap
Agreement, or, if there is no relevant Current Issuer Euro Currency Swap
Agreement in effect at such time, the "spot" rate at which Euro are converted
to Sterling or, as the case may be, Sterling is converted to Euro, on the
foreign exchange markets;

     "Current Issuer Intercompany Loan" means the loan made by the Current
Issuer to Funding on the Closing Date under the Current Issuer Intercompany
Loan Agreement;

                                     W-54

<PAGE>

     "Current Issuer Intercompany Loan Agreement" means the intercompany loan
agreement entered into on or about the Closing Date between, among others,
Funding, the Current Issuer and the Security Trustee;

     "Current Issuer Interest Rate Swap Agreement" means the ISDA master
agreement, schedule thereto and confirmation thereunder relating to the
interest rate swap entered into on the Closing Date and any credit support
annex or other credit support documents entered into at any time among the
Current Issuer, the Current Issuer Interest Rate Swap Provider and the Note
Trustee and/or any credit support provider and includes any additional and/or
replacement Current Issuer Interest Rate Swap Agreement entered into by the
Current Issuer from time to time in connection with the Series 3 Class A2
Notes;

     "Current Issuer Interest Rate Swap Provider" means UBS Limited or, as
applicable, such other interest rate swap provider appointed from time to time
in relation to the Series 3 Class A2 Notes, in accordance with the terms of
the Transaction Documents;

     "Current Issuer Master Definitions Schedule" means the master definitions
schedule in connection with the Current Issuer dated on or about the Closing
Date setting out, among other things, definitions which apply to certain
Transaction Documents;

     "Current Issuer Paying Agent and Agent Bank Agreement" means the paying
agent and agent bank agreement entered into on or about the Closing Date
between the Current Issuer, the Principal Paying Agent, the Paying Agents, the
Transfer Agent, the Registrar, the Agent Bank and the Note Trustee;

     "Current Issuer Post-Enforcement Call Option Agreement" means the post
enforcement call option agreement entered into on or about the Closing Date
between the Current Issuer the Post Enforcement Call Option Holder and the
Note Trustee;

     "Current Issuer Post-Enforcement Priority of Payments" means the
provisions and the order of priority of payments in which all Current Issuer
Available Revenue Receipts, Current Issuer Available Principal Receipts and
all other monies, income, receipts and recoveries received by or on behalf of
the Current Issuer or the Note Trustee or any receiver of the Current Issuer
and the proceeds of enforcement of the Current Issuer Security are to be
applied following an enforcement of the Current Issuer Security as set out in
a schedule to the Current Issuer Deed of Charge, as the same may be amended,
varied or superseded from time to time in accordance with the terms of the
Current Issuer Deed of Charge;

     "Current Issuer Pre-Enforcement Principal Priority of Payments" means the
provisions and the order of priority of payments in which the Current Issuer
Available Principal Receipts will be applied until enforcement of the Current
Issuer Security as set out in a schedule to the Current Issuer Cash Management
Agreement;

     "Current Issuer Pre-Enforcement Revenue Priority of Payments" means the
provisions and the order of priority of payments in which the Current Issuer
Available Revenue Receipts will be applied until enforcement of the Current
Issuer Security and as set out in a schedule to the Current Issuer Cash
Management Agreement;

     "Current Issuer Priority of Payments" means the relevant Current Issuer
Pre-Enforcement Revenue Priority of Payments, the Current Issuer
Pre-Enforcement Principal Priority of Payments and the Current Issuer
Post-Enforcement Priority of Payments;

     "Current Issuer Reserve Fund" means the reserve fund established in the
name of Funding in respect of the Current Issuer on the Closing Date;

         "Current Issuer Secured Creditors" means the Note Trustee (and any
receiver appointed under the Current Issuer Deed of Charge), the Swap
Providers, the Current Issuer Corporate Services Provider, the Current Issuer
Account Bank, the Current Issuer Cash Manager, the Paying Agents, the Agent
Bank, the Transfer Agent, the Registrar and the Noteholders;

                                     W-55

<PAGE>

     "Current Issuer Security" means the security created by the Current
Issuer pursuant to the Current Issuer Deed of Charge;

     "Current Issuer Subscription Agreement" means the subscription agreement
relating to the sale of the Euro Notes and the Sterling Notes, entered into on
or about 16 September 2004, between, among others, the Current Issuer,
Funding, the Mortgages Trustee, Deutsche Bank AG London, Lehman Brothers
International (Europe) and UBS Limited;

     "Current Issuer Swap Agreements" means the Current Issuer Dollar Currency
Swap Agreements, the Current Issuer Euro Currency Swap Agreements, the Current
Issuer Interest Rate Swap Agreement and the Current Issuer Basis Rate Swap
Agreement;

     "Current Issuer Transaction Accounts" means the day to day bank accounts
of the Current Issuer, held with the Current Issuer Account Bank and
comprising the Current Issuer dollar account, the Current Issuer sterling
account and the Current Issuer euro account as at the Closing Date or that may
be opened, with the prior approval of the Note Trustee, after the Closing
Date;

     "Current Issuer Trust Deed" means the trust deed entered into on or about
the Closing Date between the Current Issuer and the Note Trustee, among other
things, constituting the Notes;

     "Current Issuer Underwriting Agreement" means the underwriting agreement
relating to the sale of the Dollar Notes entered into on or about 16 September
2004 between, among others, the Current Issuer, Funding, the Mortgages
Trustee, Deutsche Bank Securities Inc., Lehman Brothers Inc. and UBS Limited.
The governing law and jurisdiction of the Current Issuer Underwriting
Agreement is the State of New York;

     "Current Seller Share" means the amount of trust property beneficially
owned by the Seller from time to time.

     "Deferred Interest" has the meaning indicated in Condition 4(B);

     "Distribution Date" means the date on which the mortgages trust
terminates and the London Business Day determined by the Cash Manager falling
no later than 6 business days after each Trust Determination Date;

     "Dollar Interest Determination Date" means in relation to the Dollar
Notes and any Interest Period for which the applicable Rate of Interest shall
apply, two London Business Days before the first day of such Interest Period;

     "Dollar Notes" means the Series 1 Notes (other than the Series 1 Class A2
Notes) and the Series 2 Class A1 Notes;

     "Dollars", "US$", "US Dollars" or "$" means the lawful currency for the
time being of the United States of America;

     "Euro", "euro" or "(euro)" means the currency of the member states of the
European Union that adopt the single currency in accordance with the Treaty of
Rome of 25 March 1957, establishing the European Community, as amended from
time to time;

     "Euro Interest Determination Date" for the Euro Notes and any Interest
Period for which the applicable Rate of Interest shall apply means two TARGET
Business Days before the first day of such Interest Period;

     "Euro Notes" means the Series 1 Class A2 Notes and the Series 2 Notes
(other than the Series 2 Class A1 Notes);

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

     "Eurozone" means the region comprised of the member states of the
European Union that adopt the single currency in accordance with the Treaty of
Rome of 25 March 1957, establishing the European Community, as amended from
time to time;

                                     W-56

<PAGE>

     "Extraordinary Resolution" means (a) a resolution passed at a meeting of
the Noteholders of a particular class duly convened and held in accordance
with the provisions of the Current Issuer Trust Deed by a majority consisting
of not less than three-fourths of the persons voting thereat upon a show of
hands or if a poll is duly demanded by a majority consisting of not less than
three-fourths of the votes cast on such poll or (b) a resolution in writing
signed by or on behalf of all the Noteholders of a particular class, which
resolution in writing may be contained in one document or in several documents
in like form each signed by or on behalf of one or more of the Noteholders;

     "Final Maturity Date" means:

     (i)  in respect of the Series 1 Class A1 Notes, the Payment Date falling
          in September 2025;

     (ii) in respect of the Series 1 Class A2 Notes, the Payment Date falling
          in September 2028;

    (iii) in respect of the Series 1 Class A3 Notes, the Payment Date falling
          in September 2044;

     (iv) in respect of the Series 1 Class B Notes, the Payment Date falling
          in September 2044;

     (v)  in respect of the Series 1 Class M Notes, the Payment Date falling
          in September 2044;

     (vi) in respect of the Series 1 Class C Notes, the Payment Date falling
          in September 2044;

    (vii) in respect of the Series 2 Class A1 Notes, the Payment Date falling
          in September 2044;

   (viii) in respect of the Series 2 Class A2 Notes, the Payment Date
          falling in September 2044;

     (ix) in respect of the Series 2 Class B Notes, the Payment Date falling
          in September 2044;

     (x)  in respect of the Series 2 Class M Notes, the Payment Date falling
          in September 2044;

     (xi) in respect of the Series 2 Class C Notes, the Payment Date falling
          in September 2044;

    (xii) in respect of the Series 3 Class A1 Notes, the Payment Date falling
          in September 2044;

   (xiii) in respect of the Series 3 Class A2 Notes, the Payment Date
          falling in September 2044;

    (xiv) in respect of the Series 3 Class B Notes, the Payment Date falling
          in September 2044;

     (xv) in respect of the Series 3 Class M Notes, the Payment Date falling
          in September 2044; and

    (xvi) in respect of the Series 3 Class C Notes, the Payment Date falling
          in September 2044;

     "Funding" means Granite Finance Funding Limited;

     "Funding Deed of Charge" means the deed of charge dated the Initial
Closing Date, as amended and restated from time to time, between, among
others, Funding, the Security Trustee, the First Issuer and the Note Trustee
and each deed of accession or supplement entered into in connection therewith
(including, where the context admits and for the avoidance of doubt, the
Second Priority Funding Deed of Charge);

                                     W-57

<PAGE>

     "Funding Security" means the mortgages, charges, assignments, pledges and
other security created by Funding under or pursuant to the Funding Deed of
Charge in favour of the Security Trustee for the benefit of the secured
creditors of Funding as described under the Funding Deed of Charge;

     "Global Note Certificates" means the US Global Note Certificates and the
Reg S Global Note Certificates;

     "Holder" has the meaning indicated in Condition 1(B);

     "Individual Note Certificates" means the note certificates representing
the Notes while in definitive form;

     "Initial Relevant Screen Rate" means, as applicable:

     (i)  in respect of the Dollar Notes, the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for
          two-month Dollar deposits and the arithmetic mean of the offered
          quotations to leading banks for three-month Dollar deposits (rounded
          upwards, if necessary, to five decimal places), displayed on the
          Dow-Jones Telerate Monitor at Telerate Page No. 3750;

     (ii) in respect of the Euro Notes, the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for
          two-month Euro deposits and the arithmetic mean of the offered
          quotations to leading banks for three-month Euro deposits (rounded
          upwards, if necessary, to five decimal places), displayed on the
          Dow-Jones Telerate Monitor at Telerate Page No. 248; or

    (iii) in respect of the Sterling Notes, the linear interpolation of the
          arithmetic mean of the offered quotations to leading banks for
          two-month Sterling deposits and the arithmetic mean of the offered
          quotations to leading banks for three-month Sterling deposits
          (rounded upwards, if necessary, to five decimal places), displayed
          on the Dow-Jones Telerate Monitor at Telerate Page No. 3750;

in each case, displayed on the above-mentioned page of the Dow-Jones/Telerate
Monitor (or such replacement page on that service which displays the
information) or, if that service ceases to display the information, such other
screen service as may be determined by the Current Issuer (with the approval
of the Note Trustee, in its sole discretion) (rounded upwards, if necessary,
to five decimal places);

     "Interest Amount" has the meaning indicated in Condition 4(D)(ii);

     "Interest Determination Date" means (a) in respect of each Class of
Dollar Notes, the Dollar Interest Determination Date, (b) in respect of each
Class of Euro Notes, the Euro Interest Determination Date, and (c) in respect
of each Class of Sterling Notes, the Sterling Interest Determination Date;

     "Interest Period" has the meaning indicated in Condition 4(B);

     "London Business Day" means a day (other than a Saturday or Sunday or
public holiday) on which banks are generally open for business in London;

     "London Stock Exchange" means the London Stock Exchange plc;

     "Minimum Seller Share" means an amount included in the Seller Share which
is calculated in accordance with the Mortgages Trust Deed and which, as at the
Closing Date, will be approximately (GBP)1,203 million;

     "Mortgages Trust" means the trust of the trust property held by the
Mortgages Trustee under the Mortgages Trust Deed;

     "New York Business Day" means a day (other than a Saturday, Sunday or a
public holiday) on which banks are generally open for business in the City of
New York;

     "Non-Asset Trigger Event" means any of the following events: (a) an
Insolvency Event occurs in relation to the Seller, (b) the role of the Seller
as Administrator under the Administration Agreement is terminated and a new
Administrator is not appointed within 60 days, or (c) on the Distribution Date
immediately succeeding a Seller Share Event

                                     W-58

<PAGE>

Distribution Date, the Current Seller Share is equal to or less than the
Minimum Seller Share (determined using the amounts of the Current Seller Share
and Minimum Seller Share that would exist after making the distributions of
mortgages trustee principal receipts due on that Distribution Date on the
basis that the Cash Manager assumes that those mortgages trustee principal
receipts are distributed in the manner described under "- Mortgages trustee
allocation and distribution of mortgages trustee principal receipts prior to
the occurrence of a trigger event" in the prospectus);

     "Note Certificates" means any Global Note Certificates or Individual Note
Certificates;

     "Note Determination Date" means the Distribution Date immediately
preceding each Payment Date;

     "Note Enforcement Notice" means any or all of a Class A Note Enforcement
Notice, a Class B Note Enforcement Notice, a Class M Note Enforcement Notice
and a Class C Note Enforcement Notice;

     "Note Interest Amount" has the meaning indicated in Condition 4(D)(ii);

     "Note Principal Payment" has the meaning indicated in Condition 5(C);

     "Note Trustee" means The Bank of New York and its successors or any
further or other note trustee under the Current Issuer Trust Deed, as trustee
for the Noteholders, and/or the Current Issuer Deed of Charge;

     "Noteholders" means the Holders for the time being of the Notes;

     "Notes" means the Class A Notes, the Class B Notes, the Class M Notes and
the Class C Notes;

     "Paying Agents" means the Principal Paying Agent and the US Paying Agent,
together with any further or other paying agents for the time being appointed
under the Current Issuer Paying Agent and Agent Bank Agreement;

     "Payment Business Day" means a day which is (i) a New York Business Day,
(ii) a London Business Day and (iii) a TARGET Business Day and, in the case of
surrender (or, in the case of part payment only, endorsement) of a Note
Certificate under Condition 6(E), means any day on which banks are open for
business in the place in which such Note Certificate is surrendered (or, as
the case may be, endorsed);

     "Post Enforcement Call Option Holder" means GPCH Limited;

     "Principal Amount Outstanding" has the meaning indicated in Condition
5(C);

     "Principal Paying Agent" means Citibank, N.A. in its capacity as
principal paying agent at its Specified Office or such other person for the
time being acting as principal paying agent under the Current Issuer Paying
Agent and Agent Bank Agreement;

     "Quotation Deposits" means (a) in respect of each Class of Dollar Notes,
Dollar deposits of $10,000,000, (b) in respect of each Class of Euro Notes,
Euro deposits of (euro)10,000,000, and (c) in respect of each Class of
Sterling Notes, Sterling deposits of (GBP)10,000,000;

     "Quotation Market" means (a) in respect of each Class of Euro Notes, the
Eurozone inter-bank market, and (b) in respect of each other Class of Notes,
the London inter-bank market;

     "Quotation Period" means on the initial Interest Determination Date
relating to a Class of Notes, two months and three months and (b) on each
other Interest Determination Date relating to such Class, three months;

     "Quotation Time" means (a) in respect of each Class of Euro Notes, 11.00
a.m. Brussels time on the relevant Interest Determination Date relating to
such Class, and (b) in respect of each other Class of Notes, 11.00 a.m. London
time on the relevant Interest Determination Date relating to such Class;

                                     W-59

<PAGE>

     "Rate of Interest" and "Rates of Interest" have the meanings indicated in
Condition 4(C);

     "Rating Agencies" means Standard & Poor's Rating Services, a division of
The McGraw-Hill Companies Inc., Moody's Investors Service Limited and Fitch
Ratings Ltd.;

     "Redemption Amount" has the meaning indicated in Condition 5(G);

     "Reference Banks" means the principal London offices of Citibank, N.A.,
ABN AMRO Bank N.V., Barclays Bank plc and JPMorgan Chase Bank and their
successors and/or such other bank as may be appointed pursuant to Condition
4(H);

     "Reg S" means Regulation S under the United States Securities Act of
1933, as amended;

     "Reg S Global Note Certificates" means the note certificates representing
the Euro Notes and Sterling Notes, as applicable, while in global form;

     "Register" means the register of Noteholders kept by the Registrar and
which records the identity of each Noteholder and the number of Notes that
each Noteholder owns;

     "Registrar" means Citibank, N.A. in its capacity as registrar at its
Specified Office or such other person for the time being acting as registrar
under the Current Issuer Paying Agent and Agent Bank Agreement;

     "Relevant Margin" means:

     (i)  in respect of the Series 1 Class A1 Notes, 0.06 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.12 per cent. per annum;

     (ii) in respect of the Series 1 Class A2 Notes, 0.07 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in March 2006 and thereafter 0.14 per cent. per annum;

    (iii) in respect of the Series 1 Class A3 Notes, 0.10 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.20 per cent. per annum;

     (iv) in respect of the Series 1 Class B Notes, 0.16 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.32 per cent. per annum;

     (v)  in respect of the Series 1 Class M Notes, 0.27 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.54 per cent. per annum;

     (vi) in respect of the Series 1 Class C Notes, 0.59 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 1.18 per cent. per annum;

    (vii) in respect of the Series 2 Class A1 Notes, 0.14 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.28 per cent. per annum;

   (viii) in respect of the Series 2 Class A2 Notes, 0.14 per cent. per
          annum up to and including the Interest Period ending on the Payment
          Date in September 2011 and thereafter 0.28 per cent. per annum;

     (ix) in respect of the Series 2 Class B Notes, 0.28 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.56 per cent. per annum;

     (x)  in respect of the Series 2 Class M Notes, 0.37 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.74 per cent. per annum;

                                     W-60

<PAGE>

     (xi) in respect of the Series 2 Class C Notes, 0.80 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 1.60 per cent. per annum;

    (xii) in respect of the Series 3 Class A1 Notes, 0.18 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.36 per cent. per annum;

   (xiii) in respect of the Series 3 Class A2 Notes, not applicable up to
          and including the Interest Period ending on the Series 3 Class A2
          Annual Payment Date. If a Trigger Event occurs or the Funding
          Security and/or the Current Issuer Security is enforced prior to the
          Payment Date in September 2011, 0.19 per cent. per annum, and on and
          after the Payment Date in September 2011, 0.38 per cent. per annum;

    (xiv) in respect of the Series 3 Class B Notes, 0.35 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.70 per cent. per annum;

     (xv) in respect of the Series 3 Class M Notes, 0.45 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 0.90 per cent. per annum; and

    (xvi) in respect of the Series 3 Class C Notes, 0.88 per cent. per annum
          up to and including the Interest Period ending on the Payment Date
          in September 2011 and thereafter 1.76 per cent. per annum;

     "Relevant Screen Rate" means, as applicable:

     (i)  in respect of the first Interest Period, the Initial Relevant Screen
          Rate; and

    (ii)  (1)  in respect of subsequent Interest Periods in respect of the
               Dollar Notes, the arithmetic mean of the offered quotations to
               leading banks for three-month Dollar deposits in the London
               inter-bank market displayed on the Dow-Jones/Telerate Monitor
               at Telerate Page No. 3750;

          (2)  in respect of subsequent Interest Periods in respect of the
               Euro Notes, the arithmetic mean of offered quotations for three
               month Euro deposits in the Eurozone inter-bank market displayed
               on the Dow-Jones/Telerate Monitor at Telerate Page No. 248; and

          (3)  in respect of subsequent Interest Periods in respect of the
               Sterling Notes, the arithmetic mean of offered quotations for
               three month Sterling deposits in the London inter-bank market
               displayed on the Dow-Jones/Telerate Monitor at Telerate Page
               No. 3750;

in each case, displayed on the above-mentioned page of the Dow-Jones/Telerate
Monitor (or such replacement page on that service which displays the
information) or, if that service ceases to display the information, such other
screen service as may be determined by the Current Issuer (with the approval
of the Note Trustee, in its sole discretion) (rounded upwards, if necessary,
to five decimal places);

     "Second Priority Funding Deed of Charge" means the second priority deed
of charge dated January 28, 2004, as amended, restated, novated or
supplemented from time to time, among Funding, the Mortgages Trustee and the
Security Trustee;

     "Security Interest" means any mortgage or sub-mortgage, standard
security, charge or sub-charge (whether legal or equitable), encumbrance,
pledge, lien, hypothecation, assignment by way of security or other security
interest or title retention arrangement and any agreement, trust or
arrangement having substantially the same economic or financial effect as any
of the foregoing (other than a lien arising in the ordinary course of business
or by operation of law);

     "Security Trustee" means The Bank of New York and its successors or any
other security trustee under the Funding Deed of Charge);

                                     W-61

<PAGE>

     "Seller Share" means the Current Seller Share of the trust property
calculated as set forth in the Mortgages Trust Deed;

     "Seller Share Event" means an event that will occur if, on a Distribution
Date, (i) the result of the calculation of the Current Seller Share on that
Distribution Date would be equal to or less than the Minimum Seller Share for
such Distribution Date (determined using the amounts of the Current Seller
Share and Minimum Seller Share that would exist after making the distributions
of mortgages trustee principal receipts due on that Distribution Date on the
basis that the Cash Manager assumes that those mortgages trustee principal
receipts are distributed in the manner described under "- Mortgages trustee
allocation and distribution of mortgages trustee principal receipts prior to
the occurrence of a trigger event") in the prospectus, and (ii) a Seller Share
Event has not occurred on the immediately preceding Distribution Date);

     "Seller Share Event Distribution Date" means a Distribution Date on which
a Seller Share Event occurs;

     "Series" or "series" means, in relation to the Notes, the Series 1 Notes,
the Series 2 Notes or the Series 3 Notes, as the context requires;

     "Series 1 Class A Notes" means the Series 1 Class A1 Notes, the Series 1
Class A2 Notes and the Series 1 Class A3 Notes;

     "Series 1 Class A1 Notes" means the $981,400,000 Series 1 Class A1
floating rate notes due September 2025;

     "Series 1 Class A2 Notes" means the (euro)494,000,000 Series 1 Class A2
floating rate notes due September 2028;

     "Series 1 Class A3 Notes" means the $1,248,100,000 Series 1 Class A3
floating rate notes due September 2044;

     "Series 1 Class B Notes" means the $59,200,000 Series 1 Class B floating
rate notes due September 2044;

     "Series 1 Class C Notes" means the $62,700,000 Series 1 Class C floating
rate notes due September 2044;

     "Series 1 Class M Notes" means the $31,400,000 Series 1 Class M floating
rate notes due September 2044;

     "Series 1 Notes" means collectively the Series 1 Class A Notes, the
Series 1 Class B Notes, the Series 1 Class M Notes and the Series 1 Class C
Notes;

     "Series 2 Class A Notes" means the Series 2 Class A1 Notes and the Series
2 Class A2 Notes;

     "Series 2 Class A1 Notes" means the $713,700,000 Series 2 Class A1
floating rate notes due September 2044;

     "Series 2 Class A2 Notes" means the (euro)800,150,000 Series 2 Class A2
floating rate notes due September 2044;

     "Series 2 Class B Notes" means the (euro)74,400,000 Series 2 Class B
floating rate notes due September 2044;

     "Series 2 Class C Notes" means the (euro)139,050,000 Series 2 Class C
floating rate notes due September 2044;

     "Series 2 Class M Notes" means the $57,900,000 Series 2 Class M floating
rate notes due September 2044;

     "Series 2 Notes" means collectively the Series 2 Class A Notes, the
Series 2 Class B Notes, the Series 2 Class M Notes and the Series 2 Class C
Notes;

     "Series 3 Class A Notes" means the Series 3 Class A1 Notes and the Series
3 Class A2 Notes;

                                     W-62

<PAGE>

     "Series 3 Class A1 Notes" means the (GBP)411,250,000 Series 3 Class A1
floating rate notes due September 2044;

     "Series 3 Class A2 Notes" means the (GBP)600,000,000 Series 3 Class A2
fixed rate notes due September 2044;

     "Series 3 Class B Notes" means the (GBP)54,350,000 Series 3 Class B
floating rate notes due September 2044;

     "Series 3 Class C Notes" means the (GBP)99,450,000 Series 3 Class C
floating rate notes due September 2044;

     "Series 3 Class M Notes" means the (GBP)42,250,000 Series 3 Class M
floating rate notes due September 2044;

     "Series 3 Notes" means collectively the Series 3 Class A Notes, the
Series 3 Class B Notes, the Series 3 Class M Notes and the Series 3 Class C
Notes;

     "Specified Date" has the meaning indicated in Condition 11(F);

     "Specified Office" means, the context may require, in relation to any of
the Agents, the office specified against the name of such Agent in the Current
Issuer Paying Agent and Agent Bank Agreement or such other specified notice as
may be notified to the Current Issuer and the Note Trustee pursuant to the
Current Issuer Paying Agent and Agency Bank Agreement;

     "Sterling", "Pounds Sterling" or "(GBP)" means the lawful currency for
the time being of the United Kingdom of Great Britain and Northern Ireland;

     "Sterling Notes" means the Series 3 Notes;

     "Sterling Interest Determination Date" for the Sterling Notes and any
Interest Period for which the applicable Rate of Interest shall apply means
the first day of such Interest Period;

     "Swap Collateral" means any asset (including, without limitation, cash
and/or securities) paid or transferred to the Current Issuer by a Swap
Provider in accordance with the terms of the relevant Current Issuer Swap
Agreement as collateral to secure the performance of that Swap Provider's
obligations under the relevant Current Issuer Swap Agreement together with any
income or distributions received in respect of such asset and any equivalent
of or replacement of such asset into which such asset is transformed;

     "Swap Collateral Accounts" means the Swap Collateral Cash Account and the
Swap Collateral Securities Account;

     "Swap Collateral Ancillary Document" means any document (including,
without limitation, any custodial agreement or bank account agreement but
excluding the Current Issuer Swap Agreements, the Current Issuer Cash
Management Agreement and the Current Issuer Deed of Charge) as may be entered
into by the Current Issuer from time to time in connection with the Swap
Collateral;

     "Swap Collateral Available Principal Amount" means, at any time, the
amount of Swap Collateral which under the terms of the relevant Current Issuer
Swap Agreement may be applied at that time in satisfaction of the relevant
Swap Provider's obligations to the Current Issuer to the extent that such
obligations relate to payments to be made in connection with the Current
Issuer Pre-Enforcement Principal Priority of Payments or Current Issuer
Post-Enforcement Priority of Payments, as the case may be;

     "Swap Collateral Available Revenue Amount" means, at any time, the amount
of Swap Collateral which under the terms of the relevant Current Issuer Swap
Agreement may be applied at that time in satisfaction of the relevant Swap
Provider's obligations to the Current Issuer to the extent that such
obligations relate to payments to be made in connection with the Current
Issuer Pre-Enforcement Revenue Priority of Payments or Current Issuer
Post-Enforcement Priority of Payments, as the case may be;

                                     W-63

<PAGE>

     "Swap Collateral Cash Account" means an account opened in the name of the
Current Issuer for the purpose of holding Swap Collateral in cash and
maintained in accordance with the terms of the Current Issuer Cash Management
Agreement;

     "Swap Collateral Securities Account" means a securities account opened in
the name of the Current Issuer for the purpose of holding Swap Collateral in
the form of securities and maintained in accordance with the terms of the
Current Issuer Cash Management Agreement;

     "Swap Providers" means each of the Current Issuer Basis Rate Swap
Provider, the Current Issuer Interest Rate Swap Provider, the Current Issuer
Dollar Currency Swap Providers and the Current Issuer Euro Currency Swap
Provider, or any one of them as the context requires;

     "TARGET Business Day" means a day on which the Trans-European Automated
Real-time Gross settlement Express Transfer (TARGET) System is open;

     "Transaction Documents" means the Current Issuer Corporate Services
Agreement, the Current Issuer Intercompany Loan Agreement, the Funding Deed of
Charge, the Second Priority Funding Deed of Charge, the Current Issuer Bank
Account Agreement, the Current Issuer Deed of Charge, the Current Issuer Trust
Deed, the Current Issuer Paying Agent and Agent Bank Agreement, the Current
Issuer Cash Management Agreement, the Current Issuer Post-Enforcement Call
Option Agreement, the Current Issuer Dollar Currency Swap Agreement, the
Current Issuer Euro Currency Swap Agreement, the Current Issuer Basis Rate
Swap Agreement, the Current Issuer Interest Rate Swap Agreement, any Swap
Collateral Ancillary Document, the Current Issuer Subscription Agreement, the
Current Issuer Underwriting Agreement, the Current Issuer Master Definitions
Schedule, the Funding (Granite 04-3) Guaranteed Investment Contract, the
Mortgages Trustee Guaranteed Investment Contract, the Funding Guaranteed
Investment Contract and such other related documents which are referred to in
the terms of the above documents;

     "Transfer Agent" means Citibank, N.A. in its capacity as transfer agent
at its Specified Office or such other person for the time being acting as
transfer agent under the Current Issuer Paying Agent and Agent Bank Agreement;

     "Trigger Event" means an Asset Trigger Event or a Non-Asset Trigger
Event, as the case may be;

     "Trust Determination Date" means the first day (or, if not a London
Business Day, the next succeeding London Business Day) of each calendar month;

     "UK Listing Authority" means the United Kingdom Financial Services
Authority in its capacity as competent authority pursuant to Part VI of the
FSMA;

     "US Global Note Certificates" means the note certificates representing
the Dollar Notes while in global form; and

     "US Paying Agent" means Citibank, N.A., acting in its capacity as US
paying agent through its New York office or such other person for the time
being acting as US paying agent under the Current Issuer Paying Agent and
Agent Bank Agreement.

                                     W-64Exhibit 4.7

                            Dated 22 September 2004
                            -----------------------

                          GRANITE MORTGAGES 04-3 PLC
                               as Current Issuer

                                CITIBANK, N.A.
                          as Principal Paying Agent,
                   Agent Bank, Registrar and Transfer Agent

                       CITIBANK, N.A. (NEW YORK BRANCH)
                              as US Paying Agent

                                    - and -

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                 ISSUER PAYING AGENT AND AGENT BANK AGREEMENT

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

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

<PAGE>

                                   CONTENTS

1.    Definitions and Interpretation...........................................1

2.    Appointment of the Agents................................................2

3.    The Current Issuer Notes; Authentication.................................3

4.    Duties of Agents.........................................................4

5.    Exchanges of Global Note Certificates and
      Delivery of Individual Note Certificates.................................6

6.    Replacement Note Certificates............................................7

7.    Payments to the Paying Agents............................................7

8.    Payments to Noteholders..................................................9

9.    Transfers of Current Issuer Notes.......................................11

10.   Miscellaneous Duties of the Agents......................................12

11.   Agents to act for Note Trustee..........................................15

12.   Fees and Expenses.......................................................16

13.   Terms of Appointment....................................................17

14.   No Liability for Consequential Loss.....................................19

15.   Termination of Appointment..............................................19

16.   Non-Petition and Limited Recourse.......................................22

17.   Notices.................................................................23

18.   Third Party Rights......................................................24

19.   Time of the Essence.....................................................24

20.   Variation and Waiver....................................................24

21.   Execution in Counterparts; Severability.................................24

22.   Governing Law and Jurisdiction; Process Agent; Appropriate Forum........25

23.   Exclusion of Liability..................................................25

SCHEDULE 1 SPECIFIED OFFICES OF THE AGENTS....................................26

                                      ii
<PAGE>

SCHEDULE 2 REGULATIONS CONCERNING THE TRANSFER, EXCHANGE AND
           REGISTRATION OF THE CURRENT ISSUER NOTES...........................27
EXECUTION PAGE................................................................31

                                     iii
<PAGE>

THIS AGREEMENT is made on 22 September 2004

BETWEEN:

(1)  GRANITE MORTGAGES 04-3 PLC (registered number 5168395), a public limited
     company incorporated under the laws of England and Wales whose registered
     office is Fifth Floor, 100 Wood Street, London EC2V 7EX as Current
     Issuer;

(2)  CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
     EC4Y 0PA in its capacity as Principal Paying Agent;

(3)  CITIBANK, N.A., acting through its office at Global Agency and Trust, 111
     Wall Street, 14th Floor, New York, N.Y. 10043, U.S.A. in its capacity as
     US Paying Agent;

(4)  CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
     EC4Y 0PA in its capacity as Agent Bank;

(5)  CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
     EC4Y 0PA in its capacity as Registrar;

(6)  CITIBANK, N.A., acting through its office at 5 Carmelite Street, London
     EC4Y 0PA in its capacity as Transfer Agent; and

(7)  THE BANK OF NEW YORK, acting through its office at 48th Floor, One Canada
     Square, London E14 5Al at in its capacity as Note Trustee.

WHEREAS:

By a resolution of a duly authorised Board of Directors of the Current Issuer
passed on 15 September 2004, the Current Issuer authorised the creation and
issue of the Current Issuer Notes constituted by the Current Issuer Trust Deed
and secured by the Current Issuer Deed of Charge.

IT IS AGREED as follows:

1.    Definitions and Interpretation

1.1   The provisions of:

      (a)  the Master Definitions Schedule as amended and restated by (and
           appearing as Appendix 1 to) the Master Definitions Schedule Ninth
           Amendment Deed made on 22 September 2004 between, among others, the
           Seller, Funding and the Mortgages Trustee, and

      (b)  the Issuer Master Definitions Schedule signed for the purposes of
           identification by Sidley Austin Brown & Wood and Allen & Overy LLP
           on 22 September 2004,

                                      1
<PAGE>

      (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 Agreement.

      The Issuer Master Definitions Schedule specified above shall prevail to
      the extent that it conflicts with the Master Definitions Schedule.

1.2   Where the context permits, references in this agreement to a "Current
      Issuer Note" shall mean, while any of the Current Issuer Notes are
      represented by a Global Note Certificate, such Global Note Certificate,
      and while any of the Current Issuer Notes are represented by one or more
      Individual Note Certificates, such Individual Note Certificates.

1.3   Where the context permits, references in this agreement to the "Holder"
      of a Current Issuer Note means the person in whose name such Current
      Issuer Note is for the time being registered in the Register (or, in the
      case of a joint holding, the first named thereof) and "Noteholder" shall
      be construed accordingly.

2.    Appointment of the Agents

2.1   Appointment: Upon and subject to the terms of this Agreement, the
      Current Issuer and, for the purposes of Clause 11 (Agents to act for
      Note Trustee) only, the Note Trustee hereby appoint, for the purposes
      specified in, and to carry out their respective duties under, this
      Agreement and under the Current Issuer Conditions on a several but not
      joint basis:

      (a)  the Principal Paying Agent acting through its Specified Office as
           principal paying agent in respect of the Reg S Notes;

      (b)  the US Paying Agent acting through its Specified Office as paying
           agent in the United States in respect of the US Notes;

      (c)  the Agent Bank acting through its Specified Office as agent bank
           for the purpose of determining interest payable in respect of the
           Current Issuer Notes;

      (d)  the Registrar acting through its Specified Office as registrar for
           the Current Issuer Notes; and

      (e)  the Transfer Agent acting through its Specified Office as transfer
           agent for the Current Issuer Notes.

2.2   Obligations of Agents: The obligations of the Agents under this
      Agreement shall be several and not joint.

2.3   Acceptance of appointment by Paying Agents and Agent Bank: Each of the
      Principal Paying Agent, the US Paying Agent and the Agent Bank accepts
      its appointment as agent of the Current Issuer and, for the purpose of
      Clause 11 (Agents to act for Note Trustee) only, the Note Trustee in
      relation to the Current Issuer Notes and agrees to comply with the
      provisions of this Agreement and to perform its duties under the Current
      Issuer Conditions.

2.4   Acceptance of appointment by Registrar and Transfer Agent: Each of the
      Registrar

                                      2
<PAGE>

      and the Transfer Agent accepts its appointment as agent of the Current
      Issuer and, for the purpose of Clause 11 (Agents to act for Note Trustee)
      only, the Note Trustee in relation to the Current Issuer Notes and agrees
      to comply with the provisions of this Agreement and to perform its duties
      under the Current Issuer Conditions.

3.    The Current Issuer Notes; Authentication

3.1   Global Note Certificates: The US Notes will be initially offered and
      sold pursuant to a Registration Statement filed with the SEC. Each class
      of the US Notes will be issued in fully registered global form and be
      initially represented by a Global Note Certificate and which, in
      aggregate, will represent the aggregate Principal Amount Outstanding of
      the US Notes. The Reg S Notes will be initially offered and sold outside
      the United States to non-US persons pursuant to Reg S. Each class of the
      Reg S Notes will be issued in fully registered global form and be
      initially represented by a Global Note Certificate and which, in
      aggregate, will represent the aggregate Principal Amount Outstanding of
      the Reg S Notes. Each Global Note Certificate shall be substantially in
      the respective forms set out in Schedule 1 (Forms of Global Note
      Certificates) to the Current Issuer Trust Deed. The Global Note
      Certificates shall be executed manually or in facsimile by an Authorised
      Signatory of the Current Issuer and authenticated manually by or on
      behalf of the Registrar on the Closing Date.

3.2   Individual Note Certificates: The Global Note Certificates will be
      exchangeable for Individual Note Certificates in the circumstances
      described therein. If the Current Issuer is required to deliver
      Individual Note Certificates pursuant to the terms of the relevant
      Global Note Certificate and the Current Issuer Trust Deed, each
      Individual Note Certificate shall:

      (a)  be printed or typewritten in accordance with all applicable legal
           and stock exchange requirements;

      (b)  be in substantially the form set out in Schedule 2 (Forms of
           Individual Note Certificates) to the Current Issuer Trust Deed;

      (c)  be in registered form and, in each case, in an Authorised
           Denomination;

      (d)  bear a unique serial number; and

      (e)  be executed manually or in facsimile by an Authorised Signatory of
           the Current Issuer and authenticated manually by or on behalf of
           the Registrar.

3.3   Facsimile signatures on Note Certificates: The Current Issuer may use
      for the purposes of executing any Note Certificate, the facsimile
      signature of any person who at the date of this Agreement was duly
      authorised to sign the same on behalf of the Current Issuer, even if at
      the time of issue of such Note Certificate, such person no longer holds
      (for whatever reason including death) the relevant office and any Note
      Certificate so executed and authenticated will be valid and binding
      obligations of the Current Issuer. No Note Certificate representing a
      Current Issuer Note shall be valid for any purpose until it has been
      authenticated by or on behalf of the Registrar in accordance with this
      Agreement and the Current Issuer Trust Deed.

3.4   Authentication and Deposit of Global Note Certificates: The Current
      Issuer shall, on

                                      3
<PAGE>

     or prior to the Closing Date, deliver each unauthenticated Global Note
     Certificate to or to the order of the Registrar for authentication in
     accordance with Clause 3.1 (Global Note Certificates). The Registrar
     shall, on or about the Closing Date, authenticate each Global Note
     Certificate in accordance with Clause 3.1 (Global Note Certificates). The
     Euro Global Note Certificates and the Sterling Global Note Certificates
     shall be registered in the name of Citivic Nominees Limited as nominee
     for, and shall be deposited on or about the Closing Date with, the Common
     Depositary. The Dollar Global Note Certificates shall be registered in
     the name of Cede & Co. as nominee of DTC, and shall be deposited on or
     about the Closing Date with, the DTC Custodian. The Current Issuer shall
     also arrange, on written request, for such unauthenticated Global Note
     Certificates as are required to enable the Registrar and Transfer Agent
     to perform their obligations under Clause 6 (Replacement Note
     Certificates) and Clause 9 (Transfers of Current Issuer Notes) to be made
     available to or to the order of the Registrar from time to time.
     Participants in DTC, Euroclear and Clearstream, Luxembourg shall have no
     rights under this Agreement with respect to the Global Note Certificates
     and DTC, Euroclear, Clearstream, Luxembourg or their respective nominees
     may be treated by the Current Issuer or any Agent as the absolute owner
     of each Global Note Certificate for all purposes under this Agreement.
     Notwithstanding the foregoing, nothing in this Agreement shall impair, as
     between DTC, Euroclear and Clearstream, Luxembourg and their respective
     participants, the operation of customary practices governing the exercise
     of the rights of a Holder of any Current Issuer Note.

3.5   Availability of Individual Note Certificates: If the Current Issuer is
      required to deliver Individual Note Certificates pursuant to the terms
      of the Global Note Certificates (or either of them) and the Current
      Issuer Trust Deed, the Current Issuer shall promptly arrange for a stock
      of Individual Note Certificates (both bearing and not bearing the
      Regulation S Legend, and, in either case, unauthenticated and with the
      names of the registered holders left blank but otherwise complete and
      executed on behalf of the Current Issuer) to be made available to or to
      the order of the Registrar by the date falling 30 days after the
      occurrence of the relevant event as set out in Clause 3.2 (Individual
      Note Certificates) of the Current Issuer Trust Deed for authentication
      in accordance with Clause 3.2 (Individual Note Certificates). The
      Current Issuer shall also arrange for such Individual Note Certificates
      as are required to enable the Registrar and the Transfer Agent to
      perform their respective obligations under Clause 5 (Exchanges of Global
      Note Certificates and Delivery of Individual Note Certificates), Clause
      9 (Transfers of Current Issuer Notes) and Clause 6 (Replacement Note
      Certificates) to be made available to or to the order of the Registrar
      and the Transfer Agent from time to time.

4.    Duties of Agents

4.1   Duties of the Agent Bank: The Agent Bank shall perform such duties at
      its Specified Office as are set forth in this Agreement and in the
      Current Issuer Conditions and such other duties as are reasonably
      incidental thereto at the request of the Current Issuer or the Registrar
      or the Paying Agents (or for the purposes of Clause 11 (Agents to act
      for Note Trustee), the Note Trustee) and agrees to comply with the
      provisions of Condition 4 (Interest). In particular and save as
      hereinafter provided, the Agent Bank shall:

                                      4
<PAGE>

      (a)  on each Interest Determination Date determine the Rate of Interest
           for each class of Current Issuer Notes for the relevant Interest
           Period and the Interest Amount in respect of each class of Current
           Issuer Notes on the Payment Date falling at the end of such
           Interest Period in each case in accordance with the Current Issuer
           Conditions;

      (b)  promptly following each such Interest Determination Date or as soon
           as practicable (or, in any event, within 2 days) after determining
           the Rate of Interest applicable to each class of Current Issuer
           Notes for any period in accordance with the Current Issuer
           Conditions, cause the Rate of Interest and the Interest Amount in
           respect of each class of Current Issuer Notes and the Payment Date
           falling at the end of the relevant Interest Period to be notified
           to the Current Issuer, the Note Trustee, the Account Bank, the
           Current Issuer Account Bank, the Registrar, the Paying Agents, the
           Current Issuer Cash Manager and the London Stock Exchange (or other
           stock exchange or, as the case may be, listing authority that it
           may be notified of pursuant to Clause 4.2 (Listing)), specifying
           the rates upon which the same are based and (where relevant) the
           names of the banks quoting such rates provided that the Agent Bank
           shall make such determination and calculations in relation to each
           class of Current Issuer Notes as provided in Condition 4 (Interest)
           of the Current Issuer Notes;

      (c)  cause notice of the Rate of Interest and Interest Amounts in
           respect of each class of Current Issuer Notes for each Interest
           Period and the related Payment Date to be notified to the London
           Stock Exchange or any other stock exchange or, as the case may be,
           listing authority that it may be notified of pursuant to Clause 4.2
           (Listing) and to be published in accordance with the Current Issuer
           Conditions;

      (d)  determine the Rate of Interest in respect of each class of Current
           Issuer Notes in accordance with Condition 4(C) (Rates of Interest)
           and notify the Funding GIC Provider of the Rates of Interest which
           shall apply for the relevant Interest Period;

      (e)  save as expressly provided otherwise carry out all other relevant
           calculations (if any) under the Current Issuer Conditions; and

      (f)  maintain such records of the quotations obtained and all rates
           determined and all calculations made by it and make such records
           available for inspection at all reasonable times by the Current
           Issuer, the Current Issuer Cash Manager, the other Agents and the
           Note Trustee.

4.2   Listing: The Current Issuer Notes, on issue, are expected to be admitted
      to the Official List of the UK Listing Authority and to be admitted to
      trading on the London Stock Exchange. The Current Issuer will advise the
      Agent Bank and the Note Trustee in writing if such listing is withdrawn
      or if the Current Issuer Notes become listed by any other listing
      authority or, as the case may be, admitted to trading on any other stock
      exchange.

4.3   Duties of the Registrar: The Registrar and the Transfer Agent shall hold
      or shall procure the holding in safe custody of any unauthenticated
      Global Note Certificates

                                      5
<PAGE>

      delivered to it in accordance with Clause 3.4 (Authentication, and
      Deposit of Global Note Certificates) and any Individual Note Certificates
      delivered to it in accordance with Clause 3.5 (Availability of Individual
      Note Certificates) and shall ensure that such Global Note Certificates
      and Individual Note Certificates are authenticated and delivered only in
      accordance with the terms of this Agreement, the Current Issuer Trust
      Deed, the Global Note Certificates and the Current Issuer Conditions.

4.4   Authority to authenticate: Each of the Registrar, the Transfer Agent or
      their designated agent is authorised and instructed by the Current
      Issuer to authenticate the Note Certificates as may be required to be
      authenticated hereunder by the signature of any of its officers or any
      other person duly authorised for the purpose by the Registrar or (as the
      case may be) the Transfer Agent.

5.    Exchanges of Global Note Certificates and Delivery of Individual Note
      Certificates

5.1   Exchange of Global Note Certificates for Individual Note Certificates
      and Delivery of Individual Note Certificates: A Global Note Certificate
      may only be exchanged for Individual Note Certificates in the
      circumstances set forth in the Global Note Certificate and set out in
      Clause 3.3 (Individual Note Certificates) of the Current Issuer Trust
      Deed. If any Global Note Certificate becomes exchangeable for Individual
      Note Certificates in accordance with its terms, the Registrar shall,
      subject to its having received any certificates required by the terms of
      the relevant Global Note Certificate, against surrender of such Global
      Note Certificate to it or to its order, authenticate and deliver in
      accordance with this Agreement, the Global Note Certificates, the
      Current Issuer Conditions and the Current Issuer Trust Deed, Individual
      Note Certificates, provided that in no circumstances shall the aggregate
      principal amount of such Individual Note Certificates exceed the
      aggregate principal amount of the relevant Global Note Certificate. The
      Individual Note Certificates so issued in exchange for any Global Note
      Certificate shall be issued in such names as the DTC Custodian or the
      Common Depositary, as the case may be, (based on the instructions of
      DTC, Euroclear and Clearstream, Luxembourg) shall instruct the Registrar
      and the Registrar shall, in accordance with this Agreement, the Global
      Notes, the Current Issuer Conditions and the Current Issuer Trust Deed,
      deliver or cause to be delivered to the persons designated in such
      instructions Individual Note Certificates of the relevant class in the
      appropriate principal amounts and the Registrar will enter the names and
      addresses of such persons on the Register. Individual Note Certificates
      issued in exchange for a Reg S Global Note Certificate pursuant to this
      Clause 5.1 (Exchange of Global Note Certificates for Individual Note
      Certificates) shall bear the Regulation S Legend and shall be subject to
      all restrictions on transfer contained therein to the same extent as the
      Global Note Certificate so exchanged.

5.2   Exchange of Global Note Certificates: Global Note Certificates may also
      be exchanged or replaced, in whole or in part, as provided in Clause 6
      (Replacement Note Certificates). Every Global Note Certificate
      authenticated and delivered in exchange for, or in lieu of, another
      Global Note Certificate or any portion thereof, pursuant to Clause 6
      (Replacement Note Certificates) hereof, shall be authenticated and
      delivered in the form of, and shall be, a Global Note Certificate. A
      Global Note Certificate may not be exchanged for another Global Note
      Certificate other than as provided in this Clause 5 (Exchanges of Global
      Note Certificates and Delivery of

                                      6
<PAGE>

      Individual Note Certificates).

6.    Replacement Note Certificates

6.1   Delivery of Replacements: Subject to and in accordance with this Clause
      6 (Replacement Note Certificates) and Condition 13 (Replacement of
      Notes) and receipt of replacement Global Note Certificates and/or
      Individual Note Certificates (as the case may be), the Registrar or the
      Transfer Agent, as the case may be shall, upon and in accordance with
      the instructions of the Current Issuer (which instructions may, without
      limitation, include such terms as to the payment of expenses and as to
      evidence, security and indemnity as the Current Issuer, the Transfer
      Agent and the Registrar may reasonably require and otherwise as required
      by Condition 13 (Replacement of Notes), as necessary), complete,
      authenticate and deliver, or procure the authentication and delivery on
      their behalf of, a Global Note Certificate or, as the case may be, an
      Individual Note Certificate, as a replacement for (and being a Current
      Issuer Note in the same form as) the relevant Global Note Certificate
      or, as the case may be, Individual Note Certificate which the Current
      Issuer has determined to issue as a replacement for any Global Note
      Certificate or Individual Note Certificate which has been mutilated or
      defaced or which is alleged to have been destroyed, stolen or lost and
      the Registrar shall, in addition, as promptly as is practicable, enter
      such details on the Register; provided, however, that neither the
      Registrar nor the Transfer Agent shall deliver any Global Note
      Certificate or Individual Note Certificate as a replacement for any
      Global Note Certificate or Individual Note Certificate which has been
      mutilated or defaced otherwise than against surrender of the same and
      shall not issue any replacement Global Note Certificate or Individual
      Note Certificate until the applicant has furnished the Current Issuer,
      Registrar or Transfer Agent, as the case may be, with such evidence and
      indemnity as the Current Issuer and the Transfer Agent or the Registrar
      (as the case may be) may reasonably require and has paid such costs and
      expenses as may be incurred in connection with such replacement.

6.2   Replacements to be numbered: Each replacement Global Note Certificate or
      Individual Note Certificate delivered hereunder shall bear a unique
      serial number.

6.3   Cancellation and destruction: Each of the Registrar and the Transfer
      Agent, as the case may be, shall cancel and destroy each mutilated or
      defaced Note Certificate surrendered to it in respect of which a
      replacement has been delivered and the Registrar shall, in addition, as
      promptly as is practicable, enter such details on the Register.

6.4   Notification: The Registrar or the Transfer Agent, as the case may be,
      shall notify the Current Issuer, the other Agents and the Note Trustee
      of the delivery by it in accordance herewith of any replacement Note
      Certificate, specifying the serial number thereof and the serial number
      (if any and if known) of the Note Certificate which it replaces and
      confirm (if such is the case) that the Note Certificate which it
      replaces has been cancelled or destroyed.

7.    Payments to the Paying Agents

7.1   Current Issuer to pay the Paying Agents: In order to provide for the
      payment of interest and principal in respect of the Current Issuer Notes
      as the same becomes due and payable in accordance with the Current
      Issuer Conditions and the Current Issuer

                                      7
<PAGE>

      Trust Deed, the Current Issuer shall pay to the Paying Agents or
      otherwise cause the Paying Agents to receive on or before the date on
      which such payment becomes due, an amount which is equal to the amount of
      principal and interest then falling due in respect of the Current Issuer
      Notes on such Payment Date.

7.2   Manner and Time of Payment: The Current Issuer shall, not later than
      10.00 a.m. (London time) or, in the case of any payment in dollars,
      10.00 a.m. (New York time) on each Payment Date, or other date on which
      any payment of principal and interest in respect of the Current Issuer
      Notes becomes due, unconditionally pay or cause to be unconditionally
      paid to the Paying Agents by credit transfer such amounts in sterling,
      euro or dollars, as the case may be, in immediately available funds or,
      as the case may be, same day freely-transferable funds as may be
      required for the purpose of paying interest and (to the extent
      applicable) principal under the Current Issuer Notes (after taking
      account of any cash then held by the Paying Agents and available for the
      purpose), such amounts to be paid to the credit of such accounts of the
      Paying Agents with such banks (in the case of sterling and euro
      payments, in London and in the case of dollar payments, New York) as
      shall be notified to the Current Issuer, the Current Issuer Cash Manager
      and to the Note Trustee by the Paying Agents in writing not less than
      two weeks before the first payment is due to be made to the Noteholders.
      Each Paying Agent shall notify the Current Issuer, the Current Issuer
      Cash Manager and/or the Note Trustee in writing, 15 Business Days prior
      to any change of those accounts, or any of them.

7.3   Notification of Payment by Current Issuer: The Current Issuer shall
      procure that each bank or other person effecting payment for it in
      accordance with Clause 7.2 (Manner and Time of Payment) shall by not
      later than 2.00 p.m. (Local time) on the second Business Day before the
      due date of each payment under Clause 7.2 (Manner and Time of Payment)
      confirm by tested telex, facsimile or authenticated SWIFT message to the
      Paying Agents that it has issued irrevocable payment instructions for
      the transfer of the relevant sum due to the relevant account of the
      Paying Agents.

7.4   Confirmation of Amounts Payable in respect of the Current Issuer Notes:
      The Current Issuer shall by not later than 2.00 p.m. (Local time) on the
      second Business Day before each Payment Date, or other date on which any
      payment is due under Clause 7.2 (Manner and Time of Payment), notify, or
      procure the notification by the Current Issuer Cash Manager or other
      person on behalf of the Current Issuer to, the Paying Agents, the Note
      Trustee and the Registrar of the amount of interest and/or principal (as
      the case may be) payable to Noteholders in accordance with the Current
      Issuer Conditions in respect of each class of the Current Issuer Notes
      on the Payment Date, or other date in question and the apportionment of
      such amount as between principal and interest. All such amounts shall be
      payable subject to and in accordance with the Current Issuer Priority of
      Payments.

7.5   Exclusion of Liens and Interest: Save as expressly provided otherwise in
      this Agreement, the Paying Agents shall be entitled to deal with each
      amount paid to them under this Clause 7 (Payments to the Paying Agents)
      in the same manner as other amounts paid to them as bankers by their
      customers; provided, however, that:

      (a)  they shall not exercise against the Current Issuer any lien, right
           of set-off or similar claim in respect thereof;

                                      8
<PAGE>

      (b)  they shall not be liable to any person for interest thereon; and

      (c)  funds received by the Paying Agents for the payment of any sums due
           in respect of any Current Issuer Notes shall be segregated only to
           the extent required by law.

7.6   Application by Paying Agents: The Paying Agents shall apply (or direct
      or cause the application of) each amount paid to them under this Clause
      7 (Payments to the Paying Agents) in accordance with Clause 8 (Payments
      to Noteholders) and shall not be obliged to repay any such amount other
      than as provided herein or unless the claim for the relevant payment
      becomes void under the Current Issuer Conditions in which event they
      shall repay to the Current Issuer such portion of such amount as relates
      to such payment, by paying the same by credit transfer in sterling, euro
      or dollars, as the case may be, to such account with such bank as the
      Current Issuer has by notice to the Paying Agents specified for the
      purpose.

7.7   Notification if Funds Not Received on Payment Date: Each Paying Agent
      shall forthwith notify the Current Issuer, the Current Issuer Cash
      Manager, the Note Trustee and the other Agents if it has not, by the due
      date of payment to it specified in Clause 7.2 (Manner and Time of
      Payment), received unconditionally the full amount required for any
      payment.

8.    Payments to Noteholders

8.1   Payments in respect of Current Issuer Notes: Each Paying Agent acting
      through its Specified Office shall make payments of interest and
      principal in respect of the Current Issuer Notes in accordance with the
      Current Issuer Conditions and so long as the Current Issuer Notes are
      evidenced by Global Note Certificates, the terms thereof, provided
      however, that:

      (a)  no Paying Agent will make any payment of interest or principal in
           respect of any class of the Current Issuer Notes in an amount which
           is greater than the amount of interest or principal payable in
           accordance with the Current Issuer Conditions in respect of such
           class of Current Issuer Notes and notified to the Paying Agents in
           accordance with Clause 7.4 (Confirmation of Amounts Payable in
           respect of the Current Issuer Notes);

      (b)  whilst the Current Issuer Notes of any class continue to be
           represented by Global Note Certificates, all payments of principal
           or interest (as the case may be) due in respect of such Current
           Issuer Notes will be payable to, or to the order of, DTC or its
           nominee or Euroclear, Clearstream Luxembourg or their nominee;

      (c)  if any Note Certificate is presented or surrendered for payment to
           any Paying Agent and such Paying Agent has delivered a replacement
           therefor or has been notified that the same has been replaced, such
           Paying Agent shall as soon as is reasonably practicable notify the
           Current Issuer in writing of such presentation or surrender and
           shall not make payment against the same until it is so instructed
           by the Current Issuer and has received the amount to be so paid;

                                      9
<PAGE>

      (d)  each Paying Agent shall cancel each Note Certificate against
           presentation and surrender of which it has made full payment and
           shall deliver each such Note Certificate so cancelled by it to the
           Registrar;

      (e)  all payments in respect of the Current Issuer Notes will be
           distributed without deduction or withholding for any taxes, duties,
           assessments or other governmental charges of whatever nature except
           as and then only to the extent required by applicable law, in which
           case each Paying Agent shall be entitled to make such deduction or
           withholding from any payment which it makes hereunder. If any such
           deduction or withholding is required to be made, then neither the
           Current Issuer nor any other person will be obliged to pay any
           additional amounts in respect thereof; and

      (f)  a Paying Agent shall not be obliged (but shall be entitled) to make
           payments of principal or interest if it has not received the full
           amount of any payment due to it under Clause 7 (Payments to the
           Paying Agents).

8.2   Registrar Notification: The Registrar will notify the Paying Agents, not
      later than five days after each Record Date, of the names of all
      Noteholders appearing in the Register on the Record Date and the
      addresses of such Noteholders to which cheques should be posted and
      whether any Noteholder has elected to receive payments by transfer to a
      bank account and, if so, the relevant details of such bank account and
      the Registrar and the Paying Agents shall make or shall procure that
      payments of interest and principal in respect of the Current Issuer
      Notes will be made in accordance with Condition 6 (Payments) either by
      cheque posted to the address of the Noteholder appearing in the Register
      on the Record Date or, if the Noteholder has so elected in accordance
      with the Current Issuer Conditions, by transfer to the relevant dollar,
      euro or sterling account, as the case may be; provided that no payment
      in respect of any Current Issuer Notes will be made on the final date
      for redemption or payment, or such earlier date as the relevant Current
      Issuer Notes may become repayable or payable, in whole unless the
      Registrar or the Transfer Agent confirms to the Paying Agents that the
      relevant Note Certificate has been surrendered to it.

8.3   Partial Payments: If at any time and for any reason a Paying Agent makes
      a partial payment in respect of any Global Note Certificate or any
      Individual Note Certificate presented for payment to it, such Paying
      Agent shall endorse thereon a statement indicating the amount and the
      date of such payment. In addition, if, on any due date for payment, less
      than the full amount of any principal or interest is paid in respect of
      the Current Issuer Notes, the Registrar will note on the Register a
      memorandum of the amount and date of any payment then made and, if a
      Global Note Certificate or Individual Note Certificate is presented for
      payment in accordance with the Conditions and no payment is then made,
      the date of presentation of such Global Note Certificate or Individual
      Note Certificate.

8.4   Appropriation by Paying Agent: If any Paying Agent makes any payment in
      accordance with Clause 8.1 (Payments in respect of Current Issuer
      Notes), it shall be entitled to appropriate for its own account out of
      the funds received by it under Clause 7.1 (Current Issuer to pay the
      Paying Agents) an amount equal to the amount so paid by it.

8.5   Reimbursement by Current Issuer: If any Paying Agent makes a payment in
      respect

                                      10
<PAGE>

      of the Current Issuer Notes at any time at which the relevant Paying
      Agent has not received the full amount of the relevant payment due to it
      under Clause 7.1 (Current Issuer to pay the Paying Agents) and that
      Paying Agent is not able out of the funds received by it under Clause 7.1
      (Current Issuer to pay the Paying Agents) to reimburse such Paying Agent
      therefor by appropriation under Clause 8.4 (Appropriation by Paying
      Agent), the Current Issuer shall from time to time on written demand pay
      to that Paying Agent for account of such Paying Agent:

      (a)  the amount so paid out by such Paying Agent and not so reimbursed
           to it; and

      (b)  interest on such amount from the date on which such Paying Agent
           made such payment until the date of reimbursement of such amount,

      provided, however, that any payment under paragraph (a) above shall
      satisfy pro tanto the Current Issuer's obligations under Clause 7.1
      (Current Issuer to pay the Paying Agents) and provided, further, that
      interest shall accrue for the purpose of paragraph (b) (as well after as
      before judgment) on the basis of a year of 365 days and the actual number
      of days elapsed and at a rate per annum specified by the Paying Agents as
      reflecting its cost of funds for the time being in relation to the unpaid
      amount.

9.    Transfers of Current Issuer Notes

9.1   Authentication and Delivery of Individual Note Certificates: The
      Registrar shall authenticate and deliver, or cause the Transfer Agent or
      other designated agent to authenticate and deliver, any Individual Note
      Certificate issued upon a transfer in accordance with this Agreement and
      the Current Issuer Conditions.

9.2   Maintenance of Register: The Registrar shall maintain the Register at
      its Specified Office or at such other place as the Note Trustee may
      approve in writing, in accordance with the Current Issuer Conditions.
      The Register shall show the aggregate Principal Amount Outstanding of
      each Current Issuer Note, the serial numbers thereof and the respective
      dates of issue of the related Note Certificate(s) and all subsequent
      transfers, cancellations and replacements thereof and the names and
      addresses of the initial holders thereof and the dates of all transfers
      and changes of ownership thereto and the names and addresses of all
      subsequent holders of such Note Certificates. The Registrar shall make
      the Register available to the Current Issuer, the Current Issuer Cash
      Manager, the Note Trustee, the other Agents or any person authorised by
      any of them at all reasonable times during its office hours for their
      inspection and for the taking of copies thereof or extracts therefrom
      and the Registrar shall deliver to such persons all such lists of
      Noteholders, their addresses and holdings as they may request.

9.3   Registration of transfers in the Register: The Registrar shall make
      available forms of transfer and receive requests for the transfer of
      Current Issuer Notes and shall make the necessary entries in the
      Register to record all transfers in each case subject to and in
      accordance with the Current Issuer Notes, the Current Issuer Conditions,
      the Regulations and the Current Issuer Trust Deed. In particular the
      Registrar shall, subject to and in accordance with the Current Issuer
      Conditions and the Regulations, within such period of time as is set out
      in the Current Issuer Conditions after the receipt by it of (or the
      receipt by it of notification from the Transfer Agent of delivery to it
      of) the relevant Note Certificates duly endorsed for transfer,
      authenticate and

                                      11
<PAGE>

     issue the duly dated and completed new Note Certificate(s) and deliver
     the new Note Certificate(s) in the name of the transferee at its
     Specified Office or (at the risk of the transferee) send the new Note
     Certificate(s) by mail to such address as may be specified in the form of
     transfer and make all necessary entries on the Register to record such
     transfer.

9.4   Closed Period: No transfer shall be registered for a period of 15 days
      immediately preceding any due date for payment of principal or interest
      in respect of the Current Issuer Notes or, as the case may be, the due
      date for redemption, or as the case may be, payment of any of the
      relevant Current Issuer Notes.

9.5   Transfer Agent to receive requests for transfers of Current Issuer
      Notes: The Transfer Agent shall receive requests for the transfer of
      Current Issuer Notes in accordance with the Current Issuer Conditions
      and the Regulations and assist, if required, in the issue of new Note
      Certificates to give effect to such transfers and, in particular, upon
      any such request being duly made, shall promptly notify the Registrar
      of:

      (a)  the aggregate principal amount of the Current Issuer Notes to be
           transferred;

      (b)  the name(s) and addressees to be entered on the Register of the
           holder(s) of the new Note Certificate(s) to be issued in order to
           give effect to such transfer; and

      (c)  the place and manner of delivery of the new Note Certificate(s) to
           be delivered in respect of such transfer,

      and shall forward the Note Certificate(s) relating to the Current Issuer
      Note(s) to be transferred (with the relevant form(s) of transfer duly
      completed) to the Registrar with such notification. The Transfer Agent
      shall maintain in safe custody all Note Certificates delivered to and
      held by it hereunder and shall ensure that Current Issuer Notes are
      transferred only in accordance with the Current Issuer Conditions, the
      Regulations, this Agreement and the Current Issuer Trust Deed.

9.6   Regulations: In the event that Individual Note Certificates with respect
      to the Current Issuer Notes are required to be issued, the Registrar
      shall (after consultation with the Current Issuer, the Paying Agents,
      the Transfer Agent and the Note Trustee) promulgate reasonable
      regulations concerning the carrying out of their respective duties (the
      "Regulations"), including the carrying out of transfers and exchanges of
      Current Issuer Notes and the forms and evidence to be proved. All such
      transfers and exchanges will be made subject to the Regulations. The
      initial Regulations are set out in Schedule 2 (Regulations concerning
      the Transfer, Exchange and Registration of the Current Issuer Notes)
      hereto. The Regulations may be changed by the Current Issuer with the
      prior written approval of the Registrar and the Note Trustee, which
      approval shall not be unreasonably withheld or delayed. A copy of the
      current Regulations will be sent by the Registrar to any holder of a
      Current Issuer Note who so requests.

10.   Miscellaneous Duties of the Agents

10.1  Maintenance of Records: Each of the Agents shall maintain records of all
      documents received by it in connection with its duties hereunder and
      shall make such records

                                      12
<PAGE>

      available for inspection at all reasonable times by the Current Issuer,
      the Current Issuer Cash Manager, the Note Trustee and the other Agents
      and, in particular, the Registrar shall:

      (a)  maintain a full and complete record of all Note Certificates
           delivered hereunder and of their exchange, redemption, payment,
           partial payment, cancellation, mutilation, defacement, alleged
           destruction, theft, loss or, as the case may be, replacement
           (including all replacement Note Certificates issued in substitution
           for any lost, stolen, mutilated, defaced or destroyed Note
           Certificates);

      (b)  make such records available for inspection at all reasonable times
           by the Current Issuer, the Current Issuer Cash Manager, the Note
           Trustee and the other Agents; and

      (c)  make copies of this Agreement, the Current Issuer Trust Deed, the
           Current Issuer Deed of Charge, the Master Definitions Schedule and
           the Current Issuer Master Definitions Schedule available for
           inspection at its Specified Office at all reasonable times.

10.2  Cancellation: The Transfer Agent, the Paying Agents or the Registrar (as
      the case may be) shall:

      (a)  procure that all Note Certificates surrendered or delivered to it
           as (i) redeemed in full, (ii) mutilated or defaced, surrendered and
           replaced pursuant to the Current Issuer Conditions, or (iii)
           exchanged, shall forthwith be cancelled on behalf of the Current
           Issuer;

      (b)  shall keep a record of the aggregate principal amount of the
           Current Issuer Notes, and the serial numbers of the Note
           Certificates, which are so cancelled by it; and

      (c)  shall notify the other party or parties (i.e. the Paying Agents,
           the Transfer Agent or the Registrar (as the case may be)) of all
           action taken pursuant to Clause 10.2(a) and 10.2(b).

10.3  Information from Agents: The Agents shall make available to the other
      Agents such information as is reasonably required for the maintenance of
      the records referred to in Clause 10.1 (Maintenance of Records).

10.4  Certifications: Each Paying Agent shall promptly copy to the Current
      Issuer, any other Paying Agent and the Note Trustee any certifications
      received by it in accordance with or otherwise in relation to the
      Current Issuer Notes.

10.5  Forwarding of Communications: Each Agent shall promptly forward to the
      Current Issuer and the Note Trustee a copy of any notice or
      communication addressed to the Current Issuer or the Note Trustee by any
      Noteholder and which is received by such Agent.

10.6  Safe Custody of Note Certificates: Each of the Registrar and the
      Transfer Agent shall maintain in safe custody all Note Certificates
      delivered to it and held by it hereunder.

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<PAGE>

10.7  Publication and Delivery of Notices: The Registrar shall, upon and in
      accordance with the instructions of the Current Issuer and the Note
      Trustee received at least 10 days before the proposed publication date,
      arrange for the publication and delivery in accordance with the Current
      Issuer Conditions of any notice which is to be given to the Noteholders
      and shall promptly supply two copies thereof to the Note Trustee, the
      other Agents, the London Stock Exchange or other stock exchange on which
      the Current Issuer Notes are then listed, (if any) and any Clearing
      System.

10.8  Destruction: The Registrar may destroy each Note Certificate which has
      been cancelled and delivered to it in accordance with the terms of this
      Agreement, in which case it shall promptly furnish the Current Issuer
      and the Note Trustee, on request, a certificate as to such destruction,
      specifying the reason for such destruction and the serial numbers of the
      relevant Note Certificate.

10.9  Forms of Proxy and Block Voting Instructions: In the event of a Meeting
      (as defined in Schedule 4 (Provisions for Meetings of Noteholders) to
      the Current Issuer Trust Deed) of the Noteholders, the Registrar shall,
      at the request of any Noteholder in accordance with the Current Issuer
      Trust Deed, make available uncompleted and unexecuted Forms of Proxy and
      issue Block Voting Instructions in a form and manner which comply with
      the provisions of the Schedule 4 (Provisions for Meetings of
      Noteholders) to the Current Issuer Trust Deed (except that it shall not
      be required to issue the same less than forty-eight hours before the
      time for which the Meeting or the poll to which the same relates has
      been convened or called). The Registrar shall keep a full record of
      completed and executed Forms of Proxy and Block Voting Instructions
      issued or received by it and will give to the Current Issuer and the
      Note Trustee not less than twenty-four hours before the time appointed
      for any Meeting or adjourned Meeting, full particulars of duly completed
      Forms of Proxy received by it and of all Block Voting Instructions
      issued by it in respect of such Meeting or adjourned Meeting.

10.10 Additional Duties of the Registrar: If Individual Note Certificates are
      required to be delivered pursuant to the terms of any Global Note
      Certificate and the Current Issuer Trust Deed, the Registrar shall:

      (a)  five Business Days prior to each Payment Date notify the Current
           Issuer, the Current Issuer Cash Manager and the other Agents of the
           aggregate Principal Amount Outstanding of the relevant Current
           Issuer Notes;

      (b)  receive any document relating to or affecting the title to any
           Individual Note Certificates including all forms of transfer, forms
           of exchange, probates, letters of administration and powers of
           attorney and maintain proper records of the details of all
           documents received;

      (c)  prepare all such lists of the holders of the Individual Note
           Certificates as may be required by the Current Issuer, the Current
           Issuer Cash Manager, the Paying Agents or the Note Trustee or any
           person authorised by any of them;

      (d)  comply with the proper and reasonable requests of the Current
           Issuer with respect to the maintenance of the Register and provide
           the Paying Agents with such information relating to the Individual
           Note Certificates as they may reasonably require for the proper
           performance of their duties; and

                                      14
<PAGE>

      (e)  carry out such other acts as may reasonably be necessary to give
           effect to the Current Issuer Conditions, this Agreement and the
           Regulations. In carrying out its functions the Registrar shall act
           in accordance with the terms of this Agreement, the Regulations,
           the Current Issuer Conditions and the Current Issuer Trust Deed.

      No transfer from a holder of an Individual Note Certificate shall be
      registered for a period of 15 days immediately preceding a Payment Date.

10.11 Additional Duties of the Transfer Agent: Subject as provided in and in
      accordance with the Current Issuer Conditions, the Regulations and this
      Agreement or if otherwise requested by the Current Issuer, the Transfer
      Agent shall:

      (a)  on behalf of the Registrar, authenticate Note Certificates in
           accordance with this Agreement upon any transfer of interests in a
           Global Note Certificate, Individual Note Certificate or otherwise
           upon any transfer of any Current Issuer Notes;

      (b)  on behalf of the Registrar, make available forms of transfer, Forms
           of Proxy and any certificates as to beneficial ownership in respect
           of the Current Issuer Notes, receive requests for the transfer of
           Note Certificates, forms of transfer, Forms of Proxy, certificates
           and other evidence, inform the Registrar of the name and address of
           the holder of each such Note Certificate, the serial numbers of any
           Note Certificates, the name and address of the relevant person to
           be inserted in the Register, forward each such document to the
           Registrar and, upon being informed by the Registrar that the
           appropriate entries have been made in the Register and all
           formalities complied with, forthwith upon request by the Registrar
           issue new Note Certificates on behalf of the Registrar representing
           the relevant new Note Certificates to be transferred;

      (c)  keep the Registrar informed of all transfers and exchanges and give
           to the Paying Agents and the Registrar such further information
           with regard to its activities hereunder as may reasonably be
           required by them for the proper carrying out of their respective
           duties; and

      (d)  carry out such other acts as may be necessary to give effect to the
           Current Issuer Conditions, this Agreement and the Regulations.

11.   Agents to act for Note Trustee

11.1  Actions of Agents after Notice by Note Trustee of a Note Event of
      Default: At any time after a Note Event of Default in respect of the
      Current Issuer Notes or any of them shall have occurred (which shall not
      have been waived by the Note Trustee or remedied to its satisfaction),
      the Paying Agents, the Agent Bank, the Transfer Agent and the Registrar
      shall, if so required by notice in writing given by the Note Trustee to
      the Current Issuer and the Agents (or such of them as are specified in
      such notice):

      (a)  act thereafter, and until otherwise instructed by the Note Trustee,
           as the Agents of the Note Trustee on the terms mutatis mutandis
           provided herein (with consequential amendments as necessary and
           save that the Note Trustee's liability under any provision herein
           contained for the remuneration

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<PAGE>

           indemnification and payment of out-of pocket expenses of such Agents
           shall be limited to the amount for the time being held by the Note
           Trustee on the trusts of the Current Issuer Trust Deed which is
           available to be applied by the Note Trustee for such purpose) and
           thereafter hold all Note Certificates and all sums, documents and
           records held by them in their respective capacities in respect of
           the Current Issuer Notes on behalf of the Note Trustee; and/or

      (b)  deliver up all Note Certificates and all sums, documents and
           records held by them in respect of the Current Issuer Notes to the
           Note Trustee or as the Note Trustee shall direct in such notice,
           provided that such notice shall be deemed not to apply to any
           document or record which any Agent is obliged not to release by any
           applicable law or regulation.

11.2  Withdrawal of Notice: The Note Trustee may, at any time if a Note Event
      of Default is remedied to the reasonable satisfaction of the Note
      Trustee during any applicable grace period, by notice in writing to the
      Current Issuer and the relevant Agents, withdraw any notice given by the
      Note Trustee pursuant to Clause 11.1 (Actions of Agents after Notice by
      Note Trustee of a Note Event of Default) whereupon such Agents shall act
      as agents of the Current Issuer in accordance with the terms hereof. The
      withdrawal of any notice given by the Note Trustee pursuant to Clause
      11.1 (Actions of Agents after Notice by Note Trustee of a Note Event of
      Default) shall not preclude the Note Trustee from issuing any other or
      further notices pursuant to that Clause on any subsequent occasion and
      at any time after the occurrence of a Note Event of Default, no notice
      given by the Note Trustee pursuant to Clause 11.1 (Actions of Agents
      after Notice by Note Trustee of a Note Event of Default) shall be
      withdrawn except at the absolute discretion of the Note Trustee.

12.   Fees and Expenses

12.1  Fees: The Current Issuer shall pay to each Agent, during the period when
      any of the Current Issuer Notes remains outstanding, such fees as have
      been agreed in writing between the Current Issuer and each Agent in
      respect of the respective services of each Agent hereunder (together
      with any amounts in respect of value added tax (against production of a
      valid tax invoice)). If any agent shall cease to be an Agent hereunder,
      it shall repay to the Current Issuer, the unearned portion, calculated
      on a pro rata basis of the said fees.

12.2  Front-end Expenses: The Current Issuer shall after receipt of an account
      of such expenses reimburse each Agent for all reasonable out-of-pocket
      expenses incurred by it in the negotiation, preparation and execution of
      this Agreement and for all reasonable expenses (including, without
      limitation, reasonable legal fees and any communication, courier,
      postage and other out-of-pocket expenses) properly incurred in
      connection with its services hereunder (together with any amounts in
      respect of value added tax (against production of a valid tax invoice))
      provided that such expenses shall not have been incurred as a result of
      the Agent's negligence, wilful misconduct or bad faith, other than such
      costs and expenses as are separately agreed to be reimbursed out of the
      fees payable under Clause 12.1 (Fees).

12.3  Taxes and Expenses Occasioned by Default: The Current Issuer shall pay
      all stamp, registration and other similar taxes, duties and governmental
      levies of whatsoever nature (including any interest and penalties
      thereon or in connection therewith) which

                                      16
<PAGE>

      are payable upon or in connection with the execution and delivery of this
      Agreement.

12.4  Payment: All amounts to be paid by the Current Issuer to any Agent under
      this Clause 12 (Fees and Expenses) shall only be payable in accordance
      with and subject to the Current Issuer Priority of Payments which is
      applicable to the Current Issuer at the time of payment.

13.   Terms of Appointment

13.1  Rights and Powers of the Paying Agents:

      (a)  The Paying Agents shall (except as ordered by a court of competent
           jurisdiction or as required by law) in connection with their
           services hereunder (whether or not the relevant Current Issuer Note
           shall be overdue and notwithstanding any notice to the contrary or
           writing shown thereon or any notice of previous loss or theft or of
           trust or other interest therein (other than a duly executed form of
           transfer)) be entitled to treat the registered holder of any
           Current Issuer Note as the absolute owner of such Current Issuer
           Note for all purposes and (save as expressly provided hereunder)
           make payments thereon.

      (b)  Each Agent may in connection with its services hereunder:

           (i)  rely upon the terms of any notice, communication or other
                document reasonably believed by it to be genuine;

           (ii) engage and pay for the advice or services of any lawyers or
                other experts (being an appointee who shall have been
                previously approved in writing by the Note Trustee) whose
                advice or services it considers necessary and rely upon any
                written advice so obtained (and such Agent shall be protected
                and shall incur no liability as against the Current Issuer in
                respect of any action taken, or suffered to be taken in good
                faith, in accordance with such advice except to the extent that
                such liability arises out of any breach of contract, bad faith,
                misconduct or negligence on the part of such Agent);

          (iii) assume that the terms of each Global Note Certificate and
                Individual Note Certificate as issued are correct;

           (iv) refer any question relating to the ownership of any Note
                Certificate, or the adequacy or sufficiency of any evidence
                supplied in connection with the replacement, transfer or
                exchange of any Note Certificate to the Current Issuer for
                determination by the Current Issuer and in good faith
                conclusively rely upon any determination so made; and

           (v)  whenever in the administration of this Agreement it shall deem
                it desirable that a matter be proved or established prior to
                taking, suffering or omitting any action hereunder, in the
                absence of bad faith or negligence or wilful misconduct on its
                part, accept a certificate signed by any person duly authorised
                on behalf of the Current Issuer as to any fact or matter prima
                facie within the knowledge of the Current Issuer as sufficient
                evidence thereof.

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<PAGE>

13.2  Provision of Specimen Signatures: The Current Issuer will supply the
      Paying Agents, the Transfer Agent and the Registrar with the names and
      specimen signatures of its Authorised Signatories.

13.3  Extent of Duties: Each Agent shall only be obliged to perform the duties
      set out herein and such other duties as are necessarily incidental
      thereto. No Agent shall (i) be under any fiduciary duty towards or have
      any relationship of agency or trust for or with any person other than
      the Current Issuer and (to the extent expressly provided herein only)
      the Note Trustee (ii) be responsible for or liable in respect of the
      authorisation, validity or legality or enforceability of any Current
      Issuer Note or any Note Certificate (other than in respect of the
      authentication of Note Certificates by it in accordance with this
      Agreement) or any act or omission of any other person including, without
      limitation, any other Agent (except to the extent that such liability
      arises out of any breach of contract, bad faith, misconduct or
      negligence on the part of any such Agent), (iii) be under any obligation
      towards any person other than the Current Issuer, the other Agents and
      the Note Trustee or (iv) assume any relationship of agency or trust for
      or with any Noteholder except that funds received by the Paying Agents
      for the payment of any sums due in respect of any Current Issuer Notes
      shall be held by them on trust for the relevant Noteholders to the
      extent required by the Trust Indenture Act until the expiration of the
      relevant prescription period under the Current Issuer Trust Deed.

13.4  Freedom to Transact: Each Agent may purchase, hold and dispose of
      beneficial interests in a Current Issuer Note and may enter into any
      transaction (including, without limitation, any depository, trust or
      agency transaction) with the Current Issuer or any holders or owners of
      any Current Issuer Notes or with any other party hereto in the same
      manner as if it had not been appointed as the agent of the Current
      Issuer or the Note Trustee in relation to the Current Issuer Notes. 13.5
      Indemnity in favour of the Agents: The Current Issuer agrees to
      indemnify each Agent for, and to hold such Agent harmless against, any
      loss, liability or expense incurred by it arising out of, or in
      connection with, its acting as agent of the Current Issuer or the Note
      Trustee in relation to the Current Issuer Notes provided that such loss,
      liability and/or expense has not arisen as a result of its own fraud,
      negligence, wilful misconduct or breach of contract. No termination of
      this Agreement shall affect the obligations created by this Clause 13.5
      (Indemnity in favour of the Agents).

13.6  Indemnity in favour of the Current Issuer: Each Agent shall severally
      indemnify the Current Issuer and, for the purposes of Clause 11 (Agents
      to act for Note Trustee), the Note Trustee, against any loss, liability,
      reasonable costs and expenses including any claim, action or demand
      which the Current Issuer or Note Trustee may incur or which may be made
      against it as a result of the breach by such Agent of the terms of this
      Agreement or its negligence, breach of contract, bad faith or wilful
      misconduct or that of its officers or employees including any failure to
      obtain and maintain in existence any consent, authorisation, permission
      or licence required by it for the assumption, exercise and performance
      of its powers and duties hereunder. No termination of this Agreement
      shall affect the obligations created by this Clause 13.6 (Indemnity in
      favour of the Current Issuer).

                                      18
<PAGE>

14.   No Liability for Consequential Loss

      No Paying Agent shall in any event be liable to the Current Issuer or to
      any other party to the Current Issuer Transaction Documents for any
      special, indirect, punitive or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), whether or not
      foreseeable and in each case however caused or arising.

15.   Termination of Appointment

15.1  Resignation: Subject to Clause 15.8 (Limitations on Resignation and
      Revocation), each Paying Agent in respect of any or all classes of
      Current Issuer Notes or the Agent Bank, the Registrar or the Transfer
      Agent may resign its appointment upon not less than 60 days' written
      notice to the Current Issuer, the Current Issuer Cash Manager and the
      Note Trustee to that effect, provided, however, that

      (a)  if such resignation would otherwise take effect less than 30 days
           before or after the maturity date or other date for redemption of
           the Current Issuer Notes or any Payment Date in relation to the
           Current Issuer Notes, it shall not take effect until the thirtieth
           day following such date; and

      (b)  in the case of the Registrar, the only remaining Paying Agent with
           its Specified Office in the United Kingdom, the Agent Bank or the
           only remaining Paying Agent with its Specified Office outside the
           United Kingdom, such resignation shall not take effect until a
           successor has been duly appointed in accordance with Clause 15.4
           (Additional and Successor Agents) and notice of such appointment
           has been given to the Noteholders.

15.2  Revocation: Subject to Clause 15.7 (Maintenance of a Paying Agent in the
      European Union) and Clause 15.8 (Limitations on Resignation and
      Revocation), the Current Issuer may at any time with the prior written
      consent of the Note Trustee revoke its appointment of any Agent as its
      agent in relation to the Current Issuer Notes by not less than 60 days'
      written notice to the Note Trustee and such Agent whose appointment is
      to be revoked, which notice shall expire not less than 30 days before a
      Payment Date, provided, however, that in the case of the Registrar, the
      Principal Paying Agent, the Agent Bank or the only remaining Paying
      Agent with its Specified Office outside the United Kingdom, such
      resignation shall not take effect until a successor has been duly
      appointed consistently with Clause 15.4 (Additional and Successor
      Agents) and notice of such appointment has been given to the
      Noteholders.

15.3  Automatic Termination: The appointment of any Agent shall terminate
      forthwith if at any time:

      (a)  such Agent becomes incapable of acting;

      (b)  a secured party takes possession, or a receiver, manager or other
           similar officer is appointed, of the whole or any part of the
           undertaking, assets and revenues of such Agent;

      (c)  such Agent admits in writing its insolvency or inability to pay its
           debts as they fall due or suspends payments of its debts;

                                      19
<PAGE>

      (d)  an administrator or liquidator of such Agent or the whole or any
           part of the undertaking, assets and revenues of such Agent is
           appointed (or application for any such appointment is made);

      (e)  such Agent takes any action for a readjustment or deferment of any
           of its obligations or makes a general assignment or an arrangement
           or composition `with or for the benefit of its creditors or
           declares a moratorium in respect of any of its indebtedness;

      (f)  an order is made or an effective resolution is passed for the
           winding up of such Agent; or

     (g)  any event occurs which has an analogous effect to any of the
          foregoing in relation to such Agent.

      On the occurrence of any of the above, the relevant Agent shall forthwith
      notify the Current Issuer, the Current Issuer Cash Manager, the Note
      Trustee and the Paying Agents. If the appointment of the Registrar or the
      only remaining Principal Agent with a Specified Office in the United
      Kingdom, the Agent Bank or the only remaining Paying Agent with its
      Specified Office outside of the United Kingdom is terminated in
      accordance with the preceding sentence, the Current Issuer shall
      forthwith appoint a successor in accordance with Clause 15.4 (Additional
      and Successor Agents).

15.4  Additional and Successor Agents: The Current Issuer may with the prior
      written approval of the Note Trustee appoint a successor principal
      paying agent, US paying agent, agent bank or registrar and additional or
      successor transfer agents or paying agents and shall forthwith give
      notice of any such appointment to the continuing Agents, the
      Noteholders, the Current Issuer Cash Manager and the Note Trustee,
      whereupon the successor or additional agents shall acquire and become
      subject to the same rights and obligations between themselves as if they
      had entered into an agreement in the form mutatis mutandis of this
      Agreement.

15.5  Agent may appoint Successor: If any Agent gives notice of its
      resignation in accordance with Clause 15.1 (Resignation) and by the
      tenth day before the expiration of such notice a successor agent has not
      been duly appointed in accordance with Clause 15.4 (Additional and
      Successor Agents), such Agent may itself, following such consultation
      with the Current Issuer as is practicable in the circumstances and with
      the prior written approval of the Note Trustee and the Current Issuer
      (provided such failure to appoint was not due to default by the Current
      Issuer), appoint as its successor agent any reputable and experienced
      bank or financial institution and give notice of such appointment to the
      Current Issuer, the Note Trustee, the Current Issuer Cash Manager, the
      remaining Agents and the Noteholders.

15.6  Rights of Successor Agent: Upon the execution by the Current Issuer and
      any successor agent of an instrument effecting the appointment of a
      successor agent, such successor agent shall, without any further act,
      deed or conveyance, become vested with all the authority, rights, powers,
      trusts, immunities, duties and obligations of its predecessor with like
      effect as if originally named as the relevant agent herein and such
      predecessor, upon payment to it of the pro rata proportion of its
      administration fee and disbursements then unpaid (if any), shall
      thereupon become obliged to transfer, deliver and pay over, and such
      successor agent shall be entitled to receive, all

                                      20
<PAGE>

      monies, records and documents (including any Note Certificates of the
      relevant class or classes of Current Issuer Notes, if any) held by such
      predecessor hereunder.

15.7  Maintenance of a Paying Agent in the European Union: The Current Issuer
      undertakes that, if the 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, it will ensure
      that it maintains a paying agent in an EU Member State that will not be
      obliged to withhold or deduct tax pursuant to such Directive.

15.8  Limitations on Resignation and Revocation: Notwithstanding Clause 15.1
      (Resignation) and Clause 15.2 (Revocation):

      (a)  if at any time there should be only one Paying Agent, no
           resignation by or termination of the appointment of the Paying
           Agent shall take effect until a successor paying agent in respect
           of the affected class or classes of Current Issuer Notes approved
           in writing by the Note Trustee has been appointed on terms
           previously approved in writing by the Note Trustee;

      (b)  no resignation by or termination of the appointment of any Paying
           Agent shall take effect if as a result of such resignation or
           termination there would cease to be a Paying Agent in respect of
           the affected class or classes of Current Issuer Notes having a
           Specified Office in London or New York (as the case may be);

      (c)  no appointment or termination of the appointment of a Paying Agent
           shall take effect unless and until notice thereof shall have been
           given to the relevant Noteholders in accordance with the Current
           Issuer Conditions;

      (d)  no resignation by or revocation of the appointment of the Agent
           Bank shall take effect until a new Agent Bank having its Specified
           Office in London has been appointed;

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

      (f)  the appointment of any additional Paying Agent shall be mutatis
           mutandis on the terms and subject to the conditions of this
           Agreement and each of the parties hereto shall co-operate fully to
           do all such further acts and things and execute any further
           documents as may be necessary or desirable to give effect to the
           appointment of such Paying Agent.

15.9  Effect of Resignation, Revocation and Termination: Upon any resignation
      or revocation taking effect under Clause 15.1 (Resignation) or Clause
      15.2 (Revocation) or any termination under Clause 15.3 (Automatic
      Termination), the relevant Agent shall:

      (a)  without prejudice to any accrued liabilities and obligations, be
           released and discharged from any further obligations under this
           Agreement (save that it shall remain entitled to the benefit of,
           and subject to, Clauses 12 (Fees and

                                      21
<PAGE>

           Expenses), Clause 13 (Terms of Appointment) and Clause 15
           (Termination of Appointment));

      (b)  repay to the Current Issuer such part of any fee paid to it in
           accordance with Clause 12.1 (Fees) as shall relate to any period
           thereafter;

      (c)  deliver to the Current Issuer and to its successor agent a copy,
           certified as true and up-to-date by an officer of such Agent of the
           records maintained by it pursuant to this Agreement;

      (d)  forthwith transfer all monies and papers (including any unissued
           Note Certificates held by it hereunder) to its successor in that
           capacity and provide reasonable assistance to its successor for the
           discharge by it of its duties and responsibilities hereunder; and

      (e)  in the case of any Paying Agent, pay to the successor paying agent
           any amount held by it for payment of principal or interest in
           respect of the relevant Current Issuer Notes.

15.10 Change of Specified Office: If any Agent shall determine to change its
      Specified Office (which, in the case of each Paying Agent, may only be
      effected within the same city where each Paying Agent currently has its
      Specified Office), it shall give to the Current Issuer and the Note
      Trustee written notice of such determination giving the address of the
      new Specified Office and stating the date on which such change is to
      take effect, which date shall not be less than 30 days after the date of
      such notice, provided that no such notice shall take effect within the
      period of 30 days before or after any Payment Date. The Current Issuer
      shall, within 40 days of receipt of such notice (unless the appointment
      is pursuant to a revocation or termination under Clause 15.2
      (Revocation) or Clause 15.3 (Automatic Termination) above on or prior to
      the date of such change), give to the Noteholders notice of such change
      as approved by the Note Trustee and of the address of the Specified
      Office in accordance with the Current Issuer Conditions but the costs of
      giving such notice shall be borne by such Agent changing its office and
      not by the Current Issuer.

15.11 Merger: Any legal entity into which any Agent is merged or converted or
      any legal entity resulting from any merger or conversion to which such
      Agent is a party shall, to the extent permitted by applicable law, be
      the successor to such Agent without any further formality, whereupon the
      Current Issuer, the Note Trustee, the other Agents and such successor
      shall acquire and become subject to the same rights and obligations
      between themselves as if they had entered into an agreement in the form
      mutatis mutandis of this Agreement. Written notice of any such merger or
      conversion shall forthwith be given by such successor to the Current
      Issuer, the Note Trustee and the other Agents.

16.   Non-Petition and Limited Recourse

16.1  Limited Recourse: Each party hereto agrees that notwithstanding any
      other provisions hereof, all payments to be made by the Current Issuer
      under this Agreement will be payable only from, and to the extent of,
      the sums paid to, or net proceeds recovered by or on behalf of, the
      Current Issuer or the Note Trustee in respect of the Current Issuer
      Charged Property less any amount which is required to

                                      22
<PAGE>

      be paid to any other person in priority to or in the same priority as the
      relevant party hereto subject to and in accordance with the Current
      Issuer Priority of Payments and there will be no other assets of the
      Current Issuer available for any further payments and following the
      realisation of the Current Issuer Charged Property and the distribution
      of the proceeds thereof in accordance with the Current Issuer Deed of
      Charge none of the parties hereto shall be entitled to take any further
      steps against the Current Issuer to recover any sums due hereunder but
      still unpaid and all outstanding claims in respect of such sums due but
      still unpaid shall be extinguished. The parties hereto look solely to
      such sums and proceeds and the rights of the Current Issuer in respect of
      the Current Issuer Charged Property (net as aforesaid) for payments to be
      made by the Current Issuer. The obligations of the Current Issuer to make
      such payments hereunder will be limited to such sums and the proceeds of
      realisation of the Current Issuer Charged Property (net as aforesaid) and
      the parties hereto will have no further recourse in respect thereof.

16.2  Non-Petition: Each of the Agents hereby covenants and agrees with the
      Current Issuer and the Note Trustee that:

      (a)  only the Note Trustee may enforce the security created in favour of
           the Note Trustee by the Current Issuer Deed of Charge in accordance
           with its provisions; and

      (b)  save as provided in the Current Issuer Trust Deed, it shall not
           take any steps for the purpose of recovering any sums due under
           this Agreement or enforcing any rights arising out of this
           Agreement or institute against the Current Issuer or join any other
           person in instituting against the Current Issuer any winding-up,
           administration, reorganisation, liquidation, bankruptcy, insolvency
           or other proceedings of the Current Issuer for so long as the
           Current Issuer Notes are outstanding and until two years and one
           day has elapsed after all amounts outstanding under the Current
           Issuer Secured Obligations have been paid in full.

16.3  Payment to Note Trustee: Each of the Agents hereby undertakes with the
      Note Trustee and the Current Issuer that if, whether in the liquidation
      of the Current Issuer or otherwise any payment is made to or amount
      recovered by any Agent otherwise than in accordance with the Current
      Issuer Deed of Charge, the amount so paid or recovered shall be paid by
      such Agent to the Note Trustee.

17.   Notices

      Any notices or other communication or document to be given or delivered
      pursuant to this Agreement to any of the parties hereto shall be
      sufficiently served if sent by prepaid first class post, by hand or by
      facsimile transmission and shall be deemed to be given (in the case of
      facsimile transmission) when despatched or (where delivered by hand) on
      the day of delivery if delivered before 17.00 hours on a business day in
      the place of the addressee or otherwise on the next business day in the
      place of the addressee if delivered thereafter or (in the case of first
      class post) when it would be received in the ordinary course of the post
      and shall be sent:

      (a)  in the case of the Current Issuer, to Granite Mortgages 04-3 plc,
           c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile number
           020 7606

                                      23
<PAGE>

           0643) for the attention of: Company Secretary with a copy to
           Northern Rock plc, Northern Rock House, Gosforth, Newcastle upon
           Tyne NE3 4PL (facsimile number 0191 213 2203) for the attention of
           the Group Secretary;

      (b)  in the case of the Note Trustee, to The Bank of New York (London
           Branch) at 48th Floor, One Canada Square, London E14 5AI (facsimile
           number 020 7964 6061/6399) for the attention of: Global Structured
           Products Unit (Corporate Trust);

      (c)  in the case of the Current Issuer Cash Manager to Northern Rock
           plc, Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL
           (facsimile number 0191 213 2203) for the attention of the Group
           Secretary;

      (d)  in the case of any Agent, to it at the address or fax number
           specified against its name in Schedule 1 (Specified Offices of the
           Agents) hereto (or in the case of an Agent not originally a party
           hereto, specified by notice to the parties hereto at the time of
           its appointment) for the attention of the person or department
           specified therein,

      or to such other address or facsimile number or for the attention of such
      other person or entity as may from time to time be notified by any party
      to the others by fifteen days prior written notice in accordance with the
      provisions of this Clause 17 (Notices).

18.   Third Party Rights

      A person who is not a party to this Agreement may not enforce any of its
      terms under the Contracts (Rights of Third Parties) Act 1999, but this
      shall not affect any right or remedy of a third party which exists or is
      available apart from that Act.

19.   Time of the Essence

      Any date or period specified in this Agreement may be postponed or
      extended by mutual agreement among the parties, but as regards any date
      or period originally fixed or so postponed or extended, time shall be of
      the essence.

20.   Variation and Waiver

      No variation or waiver of this Agreement shall be effective unless it is
      in writing and signed by a duly authorised signatory of each party. No
      single or partial exercise of, or failure or delay in exercising, any
      right under this Agreement shall constitute a waiver or preclude any
      other or further exercise of that or any other right.

21.   Execution in Counterparts; Severability

21.1  Counterparts: This Agreement may be executed in any number of
      counterparts (manually or by facsimile) and by different parties hereto
      in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when taken together shall constitute
      one and the same instrument.

21.2  Severability: Where any provision in or obligation under this Agreement
      shall be invalid, illegal or unenforceable in any jurisdiction, the
      validity, legality and

                                      24
<PAGE>

      enforceability of the remaining provisions or obligations under this
      Agreement, or of such provision or obligation in any other jurisdiction,
      shall not be affected or impaired thereby.

22.   Governing Law and Jurisdiction; Process Agent; Appropriate Forum

22.1  Governing Law: This Agreement is governed by, and shall be construed in
      accordance with, English law.

22.2  Jurisdiction: The parties hereto irrevocably agree for the benefit of
      the Current Issuer and the Note Trustee that the courts of England are
      to have jurisdiction to settle any suit, action or proceeding, and to
      settle any disputes which may arise out of or in connection with this
      Agreement and, for such purposes, irrevocably submit to the jurisdiction
      of such courts.

22.3  Process Agent: The US Paying Agent irrevocably and unconditionally
      appoints the Principal Paying Agent at its registered office for the
      time being as its agent for service of process in England in respect of
      any proceedings in respect of this Agreement and undertakes that in the
      event of the Principal Paying Agent ceasing so to act it will appoint
      another person with a registered office in London as its agent for
      service of process.

22.4  Appropriate Forum: Each of the parties hereto irrevocably waives any
      objection which it might now or hereafter have to the courts of England
      being nominated as the forum to hear and determine any Proceedings and
      to settle any disputes, and agrees not to claim that any such court is
      not a convenient or appropriate forum.

23.   Exclusion of Liability

      The Note Trustee is a party to this Agreement only to receive the benefit
      of the provisions in this Agreement and has no liability under this
      Agreement.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

                                      25
<PAGE>

                                  SCHEDULE 1
                        SPECIFIED OFFICES OF THE AGENTS

The Principal Paying Agent

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The US Paying Agent

Citibank, N.A.
Global Agency and Trust
111 Wall Street, 14th Floor
New York N.Y. 10043
U.S.A.

The Agent Bank

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Registrar

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Transfer Agent

Citibank, N.A.
5 Carmelite Street
London EC4Y 0PA

The Note Trustee

The Bank of New York (London Branch)
48th  Floor
One Canada Square
London E14 5AL

                                      26
<PAGE>

                                  SCHEDULE 2
               REGULATIONS CONCERNING THE TRANSFER, EXCHANGE AND
                   REGISTRATION OF THE CURRENT ISSUER NOTES

1.   The Current Issuer Notes are in their respective Authorised Denominations
     or in such other denominations as the Note Trustee shall determine and
     notify to the relevant Noteholders. Each Dollar Note shall be held in an
     Authorised Dollar Holding, each Sterling Note shall be held in an
     Authorised Sterling Holding and each Euro Note shall be held in an
     Authorised Euro Holding.

2.   Subject to paragraphs 4, 6 and 11 below, a Current Issuer Note may be
     transferred by execution of the relevant form of transfer under the hand
     of the transferor or, where the transferor is a corporation, under its
     common seal or under the hand of two of its officers duly authorised in
     writing. Where the form of transfer is executed by an attorney or, in the
     case of a corporation, under seal or under the hand of two of its
     officers duly authorised in writing, a copy of the relevant power of
     attorney certified by a financial institution in good standing or a
     notary public or in such other manner as the Registrar may require or, as
     the case may be, copies certified in the manner aforesaid of the
     documents authorising such officers to sign and witness the affixing of
     the seal must be delivered with the form of transfer. In this Schedule,
     "transferor" shall, where the context permits or requires, include joint
     transferors and shall be construed accordingly.

3.   The Note Certificate issued in respect of a Current Issuer Note to be
     transferred or exchanged must be surrendered for registration, together
     with a duly completed and executed form of transfer (including any
     certification as to compliance with restrictions on transfer included in
     such form of transfer) at the Specified Office of the Registrar or the
     Transfer Agent, together with such evidence as the Registrar or (as the
     case may be) the Transfer Agent may reasonably require to prove the title
     of the transferor and the authority of the persons who have executed the
     form of transfer. The signature of the person effecting a transfer or
     exchange of a Current Issuer Note shall conform to any list of duly
     authorised specimen signatures supplied by the holder of such Current
     Issuer Note or be certified by a financial institution in good standing,
     notary public or in such other manner as the Registrar or the Transfer
     Agent may require.

4.   No Noteholder may require the transfer of a Current Issuer Note to be
     registered during the period of 15 calendar days ending on a Payment Date
     in respect of such Current Issuer Note.

5.   No Noteholder which has executed a Form of Proxy in relation to any
     Meeting may require the transfer of a Current Issuer Note covered by such
     Form of Proxy to be registered until the earlier of the conclusion of the
     Meeting and its adjournment for want of quorum.

6.   The executors or administrator of a deceased holder of a Current Issuer
     Note (not being one of several joint holders) and, in the case of the
     death of one or more of several joint holders, the survivor or survivors
     of such joint holders, shall be the only persons recognised by the
     Current Issuer as having any title to such Current Issuer Note.

                                      27
<PAGE>

7.   Any person becoming entitled to any Current Issuer Notes in consequence
     of the death or bankruptcy of the holder of such Current Issuer Notes
     may, upon producing such evidence that he holds the position in respect
     of which he proposes to act under this paragraph or of his title as the
     Registrar or the Transfer Agent shall require (including legal opinions),
     become registered himself as the holder of such Current Issuer Notes or,
     subject to the provisions of these Regulations, the Current Issuer Notes
     and the relevant Current Issuer Conditions as to transfer, may transfer
     such Current Issuer Notes. The Current Issuer, the Transfer Agent and the
     Registrar shall be at liberty to retain any amount payable upon the
     Current Issuer Notes to which any person is so entitled until such person
     shall be registered as aforesaid or shall duly transfer such Current
     Issuer Notes.

8.   Unless otherwise required by him and agreed by the Current Issuer and the
     Registrar, the holder of any Current Issuer Notes shall be entitled to
     receive only one Note Certificate in respect of his holding.

9.   The joint holders of any Current Issuer Note shall be entitled to one
     Note Certificate only in respect of their joint holding which shall,
     except where they otherwise direct, be delivered to the joint holder
     whose name appears first in the Register in respect of the joint holding.

10.  Where there is more than one transferee (to hold other than as joint
     holders), separate forms of transfer (obtainable from the specified
     office of the Registrar or the Transfer Agent) must be completed in
     respect of each new holding.

11.  A holder of Current Issuer Notes may transfer all or part of his holding
     provided that both the principal amount of Current Issuer Notes
     transferred and the principal amount of the balance transferred are in an
     amount equal to an Authorised Denomination. Where a holder of Current
     Issuer Notes has transferred part only of his holding comprised therein,
     there shall be delivered to him a new Note Certificate in respect of the
     balance of such holding.

12.  The Current Issuer, the Transfer Agent and the Registrar shall, save in
     the case of the issue of replacement Current Issuer Notes pursuant to the
     Current Issuer Conditions, make no charge to the holders for the
     registration of any holding of Current Issuer Notes or any transfer
     thereof or for the issue of any Current Issuer Notes or for the delivery
     thereof at the Specified Office of the Transfer Agent or the Registrar or
     by uninsured post to the address specified by the holder, but such
     registration, transfer, issue or delivery shall be effected against such
     indemnity from the holder or the transferee thereof as the Registrar or
     the Transfer Agent may require in respect of any tax or other duty of
     whatever nature which may be levied or imposed in connection with such
     registration, transfer, issue or delivery.

13.  Provided a transfer of a Current Issuer Note is duly made in accordance
     with all applicable requirements and restrictions upon transfer and the
     Note Certificate(s) issued in relation to such Current Issuer Note
     transferred are presented to the Transfer Agent and/or the Registrar in
     accordance with the Current Issuer Paying Agency and Agent Bank Agreement
     and these Regulations and subject to unforeseen circumstances beyond the
     control of the Transfer Agent or the Registrar arising, the Transfer
     Agent and the Registrar will, within five business days of the request
     for transfer being duly made, deliver at its Specified Office or despatch
     to the transferee

                                      28
<PAGE>

     by uninsured post (at the request and risk of the transferee) to such
     address as the transferee entitled to the Current Issuer Notes in
     relation to which such Note Certificate is issued may have specified, a
     Note Certificate in respect of which entries have been made in the
     Register, all formalities complied with and the name of the transferee
     completed on the Note Certificate by or on behalf of the Registrar; and,
     for the purposes of this paragraph, "business day" means a day (other
     than a Saturday or a Sunday) on which commercial banks are open for
     business (including dealings in foreign currencies) in the cities in
     which the Registrar and the Transfer Agent have their respective
     Specified Office.

14.  No transfer may be effected unless:

     (a)  such Current Issuer Note is transferred in a transaction that does
          not require registration under the Securities Act and is not in
          violation of the United States Investment Company Act of 1940;

     (b)  such transfer is effected in accordance with the provision of any
          restrictions on transfer specified in the legends (if any) set forth
          on the face of the Note Certificate issued in relation to such
          Current Issuer Note;

     (c)  the transferee delivers to the Registrar or the Transfer Agent a
          form of transfer (including any certification as to compliance with
          restrictions on transfer included in such form of transfer) endorsed
          on the Note Certificate issued in relation to such Current Issuer
          Note; and

     (d)  if the Current Issuer so requests, the Transfer Agent and the
          Registrar receive an opinion of counsel satisfactory to all of them.

15.  Except for in connection with the issue of replacement Note Certificates
     pursuant to Clause 6 (Replacement Note Certificates) hereof, no charge
     shall be made to the Noteholders in connection with, inter alia,

     (a)  the registration of any holding of Current Issuer Notes; or

     (b)  the transfer of Current Issuer Notes subject to any registration,
          transfer, issue or delivery which may be effected against an
          indemnity from the Noteholder or transferee as any relevant Paying
          Agent or, as the case may be, the Transfer Agent may require in
          respect of any tax or other duty levied or imposed in connection
          with such registration, transfer, issue or delivery.

16.  If Current Issuer Notes are issued upon the transfer, exchange or
     replacement of Note Certificates not bearing the Regulation S Legend (as
     defined below), the Note Certificates so issued shall not bear the
     Regulation S Legend. If Note Certificates are issued upon the transfer,
     exchange or replacement of Note Certificates bearing the Regulation S
     Legend, the Note Certificates so issued shall bear the Regulation S
     Legend. Each Note Certificate issued in exchange therefor shall bear a
     legend (the "Regulation S Legend") in substantially the following form:

     "THIS CURRENT ISSUER 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

                                      29
<PAGE>

     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 CURRENT 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."

17.  Notwithstanding any provision to the contrary herein, so long as Current
     Issuer Notes are represented by a Global Note Certificate which is held
     by or on behalf of DTC, transfers, exchanges or replacements of the
     Current Issuer Notes represented by such Global Note Certificate shall
     only be made in accordance with the legends relating to DTC set forth
     thereon.

                                      30
<PAGE>

                                EXECUTION PAGE

<TABLE>
<CAPTION>
<S>                                                             <C>
The Current Issuer

Executed by
GRANITE MORTGAGES 04-3 PLC
as follows:                                                     By      ______________________________________________
Signed for and on its behalf by one of its duly                         Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                                Name    ______________________________________________

The Principal Paying Agent, the Agent Bank,
the Registrar, and the Transfer Agent

Executed by
CITIBANK, N.A.
as follows:                                                     By      ______________________________________________
Signed for and on its behalf by one of its duly                         Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                                Name    ______________________________________________

The US Paying Agent

Executed by
CITIBANK, N.A.
as follows:                                                     By      ______________________________________________
Signed for and on its behalf by one of its duly                         Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                                Name    ______________________________________________

The Note Trustee

Executed by
THE BANK OF NEW YORK
as follows:                                                     By      ______________________________________________
Signed for and on its behalf by one of its duly                         Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                                Name    ______________________________________________
</TABLE>

                                      31

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