Document:

Exhibit 4.9

                            Dated 22 September 2004

                               NORTHERN ROCK PLC
                        as Current Issuer Cash Manager

                          GRANITE MORTGAGES 04-3 PLC
                               as Current Issuer

                                    - and -

                             THE BANK OF NEW YORK
                                as Note Trustee

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                       ISSUER CASH MANAGEMENT AGREEMENT

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

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                               Table of Contents
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1.   Definitions and Interpretation..........................................1

2.   Appointment of Current Issuer Cash Manager..............................2

3.   The Current Issuer Cash Management Services.............................2

4.   Payments, Accounts, Ledgers.............................................3

5.   Payments Under Current Issuer Swap Agreements;
     Termination & Swap Collateral...........................................6

6.   No Liability...........................................................10

7.   Costs and Expenses.....................................................10

8.   Information............................................................10

9.   Remuneration...........................................................13

10.  Covenants, Representations and
     Warranties of Current Issuer Cash Manager..............................13

11.  Current Issuer Cash Management Services Non-Exclusive..................14

12.  Termination............................................................14

13.  Further Assurances.....................................................17

14.  Miscellaneous..........................................................17

15.  Confidentiality........................................................18

16.  No Partnership.........................................................19

17.  Assignment.............................................................19

18.  The Note Trustee.......................................................19

19.  Non Petition Covenant; Limited Recourse................................20

20.  Amendments and Waiver..................................................21

21.  Notices................................................................21

22.  Third Party Rights.....................................................22

23.  Execution in Counterparts; Severability................................22

24.  Governing Law and Jurisdiction; Appropriate Forum......................23

SCHEDULE 1  The Current Issuer Cash Management Services.....................24

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                               Table of Contents
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                                  (continued)

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SCHEDULE 2  Cash Management and Maintenance of Ledgers......................27
SCHEDULE 3  Form of Issuer Quarterly Report.................................51
SCHEDULE 4  Controlled Amortisation Amount/Target Balance...................56
SCHEDULE 5  Current Issuer Cash Manager Representations and Warranties......62

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THIS ISSUER CASH MANAGEMENT AGREEMENT is made on 22 September 2004

BETWEEN:

(1)  NORTHERN ROCK PLC (registered number 3273685), a public limited company
     incorporated under the laws of England and Wales whose registered office
     is at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL in its
     capacity as the Current Issuer Cash Manager;

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

(3)  THE BANK OF NEW YORK, whose principal office is at 48th Floor, One Canada
     Square, London E14 5AL, in its capacity as Note Trustee.

WHEREAS:

(A)  On the Closing Date the Current Issuer will issue the Current Issuer
     Notes constituted by the Current Issuer Trust Deed. From the proceeds of
     the issue of those Current Issuer Notes, the Current Issuer shall make an
     Intercompany Loan to Granite Finance Funding Limited pursuant to the
     terms of the Current Issuer Intercompany Loan Agreement.

(B)  The Current Issuer Cash Manager is willing to provide cash management
     services to the Current Issuer and the Note Trustee on the terms and
     subject to the conditions contained in this Agreement.

IT IS HEREBY AGREED as follows:

1.   Definitions and Interpretation

1.1  The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing in 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,

     (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.

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2.   Appointment of Current Issuer Cash Manager

2.1  Appointment: Until termination pursuant to Clause 12 (Termination), the
     Current Issuer and the Note Trustee (according to their respective
     estates and interests) each hereby appoints the Current Issuer Cash
     Manager as its lawful agent on each of their behalves to provide the
     Current Issuer Cash Management Services set out in this Agreement,
     including in relation to the Current Issuer Notes to be issued by the
     Current Issuer. The Current Issuer Cash Manager in each case hereby
     accepts such appointment on the terms and subject to the conditions of
     this Agreement.

2.2  Duties prescribed by Transaction Documents: For the avoidance of doubt
     and in connection with the powers conferred under Clause 2.1
     (Appointment), save as expressly provided elsewhere in this Agreement,
     nothing herein shall be construed so as to give the Current Issuer Cash
     Manager any powers, rights, authorities, directions or obligations other
     than as specified in this Agreement or any of the other Transaction
     Documents.

2.3  Appointment conditional upon issuance of Current Issuer Notes: The
     appointment pursuant to Clause 2.1 (Appointment) is conditional upon the
     issue of the Current Issuer Notes and the making of the Current Issuer
     Intercompany Loan under the Current Issuer Intercompany Loan Agreement
     and shall take effect upon and from the Closing Date automatically
     without any further action on the part of any person, PROVIDED THAT if
     the issue of the Current Issuer Notes has not occurred by 30 September
     2004, or such later date as the Current Issuer and the Lead Managers may
     agree, this Agreement shall cease to be of further effect.

3.   The Current Issuer Cash Management Services

3.1  General: The Current Issuer Cash Manager shall provide the services set
     out in this Agreement (including, without limitation, Schedules 1 and 2
     attached hereto) (the "Current Issuer Cash Management Services").

3.2  Approvals and authorisations: The Current Issuer Cash Manager shall
     maintain, or use reasonable endeavours to procure the maintenance of, the
     approvals, authorisations, consents and licences required in connection
     with the business of the Current Issuer and shall prepare and submit, or
     procure the preparation and submission of, on behalf of the Current
     Issuer, all necessary applications and requests for any further
     approvals, authorisations, consents or licences which may be required in
     connection with the business of the Current Issuer and shall, so far as
     it reasonably can do so, perform the Current Issuer Cash Management
     Services in such a way as not to prejudice the continuation of any such
     approvals, authorisations, consents or licences.

3.3  Compliance with Transaction Documents, etc.: The Current Issuer Cash
     Management Services shall include procuring (so far as the Current Issuer
     Cash Manager, using its reasonable endeavours, is able so to do)
     compliance by the Current Issuer with all applicable legal requirements
     and with the terms of the Current Issuer Transaction Documents, PROVIDED
     THAT the Current Issuer Cash Manager shall not lend or provide any sum to
     the Current Issuer and the Current Issuer Cash Manager shall have no
     liability whatsoever to the Current Issuer, the Note Trustee or any other
     person for any failure by the Current Issuer to make any payment due by

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     any of them under any of the Current Issuer Transaction Documents (other
     than to the extent arising from the Current Issuer Cash Manager failing
     to perform any of its obligations under any of the Transaction
     Documents).

3.4  Liability of Current Issuer Cash Manager:

     (a)  The Current Issuer Cash Manager shall indemnify each of the Current
          Issuer and the Note Trustee on demand for any loss, liability,
          claim, expense or damage suffered or incurred by it in respect of
          the negligence, bad faith or wilful default of the Current Issuer
          Cash Manager in carrying out its functions as Current Issuer Cash
          Manager under, or as a result of a breach by the Current Issuer Cash
          Manager of, the terms and provisions of this Agreement or such other
          Transaction Documents to which the Current Issuer Cash Manager is a
          party (in its capacity as such) in relation to such functions.

     (b)  For the avoidance of doubt, the Current Issuer Cash Manager shall
          not be liable in respect of any loss, liability, claim, expense or
          damage suffered or incurred by the Current Issuer or the Note
          Trustee and/or any other person as a result of the proper
          performance of the Current Issuer Cash Management Services (as
          defined in Clause 3.1 (General)) by the Current Issuer Cash Manager
          save to the extent that such loss, liability, claim, expense or
          damage is suffered or incurred as a result of any negligence, bad
          faith or wilful default of the Current Issuer Cash Manager under, or
          as a result of a breach by the Current Issuer Cash Manager of, the
          terms and provisions of this Agreement or any of the other
          Transaction Documents to which the Current Issuer Cash Manager is a
          party (in its capacity as such) in relation to such functions.

4.   Payments, Accounts, Ledgers

4.1  Current Issuer Bank Accounts: The Current Issuer Cash Manager hereby
     confirms that each of the Current Issuer Transaction Accounts have been
     established on or before the date hereof and that the mandates in the
     agreed form will apply thereto at the Closing Date. The Current Issuer
     Cash Manager undertakes (to the extent to which the same is within its
     control in its capacity as Current Issuer Cash Manager) that at the
     Closing Date the Current Issuer Transaction Accounts will be operative
     and that the Current Issuer Cash Manager will not knowingly create or
     permit to subsist any Security Interest in relation to the Current Issuer
     Transaction Accounts other than as created under or permitted pursuant to
     the Current Issuer Deed of Charge.

4.2  Current Issuer Ledgers:

     (a)  The Current Issuer Cash Manager shall open and maintain in the books
          of the Current Issuer the following ledgers:

          (i)  the Current Issuer Revenue Ledger, which shall record all
               Current Issuer Revenue Receipts standing to the credit of the
               Current Issuer Transaction Accounts from time to time;

          (ii) the Current Issuer Principal Ledger, which shall record all
               Current Issuer Principal Receipts standing to the credit of the
               Current Issuer Transaction Accounts from time to time;

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         (iii) the Current Issuer Principal Deficiency Ledger, which shall
               comprise four sub-ledgers to be known as the Class A Principal
               Deficiency Sub Ledger, the Class B Principal Deficiency Sub
               Ledger, the Class M Principal Deficiency Sub Ledger and the
               Class C Principal Deficiency Sub Ledger, and which shall record
               (A) any principal deficiencies arising from Losses on the
               Mortgage Loans which have been allocated by Funding to the
               Current Issuer Intercompany Loan, (B) the application of
               Current Issuer Principal Receipts to meet any deficiency in
               Current Issuer Revenue Receipts, (C) the application of Funding
               Available Principal Receipts to fund the Current Issuer
               Liquidity Reserve Fund and (D) the application of Current
               Issuer Available Revenue Receipts to be applied to reduce the
               balances on the Current Issuer Principal Deficiency Ledger; and

          (iv) the Swap Collateral Ledger, (which shall comprise of such
               sub-ledgers as the Current Issuer Cash Manager considers
               appropriate) to record all payments, transfers and receipts in
               connection with Swap Collateral, including, without limitation:

               (A)  the receipt of any Swap Collateral by the Current Issuer
                    from the Swap Providers;

               (B)  the receipt of any income or distributions in respect of
                    such Swap Collateral;

               (C)  the payment or transfer of all, or any part of, such Swap
                    Collateral to the relevant Current Issuer Swap Provider;
                    and

               (D)  the realisation of such Swap Collateral,

               provided that the Swap Collateral Ledger (and sub-ledgers)
               shall only be established in the event that any Current Issuer
               Swap Provider pays or transfers Swap Collateral to the Issuer
               in accordance with the relevant Current Issuer Swap Agreement.

     (b)  The Current Issuer Cash Manager shall make credits and debits to the
          Current Issuer Ledgers in accordance with the provisions of
          paragraphs 5, 6, 7, 8, 9 and 10 of Schedule 2 hereto.

4.3  Payments:

     (a)  The Current Issuer Cash Manager shall procure that the following
          amounts payable to the Current Issuer are paid into the Current
          Issuer Transaction Accounts:

          (i)  all Current Issuer Revenue Receipts;

          (ii) all Current Issuer Principal Receipts;

         (iii) all amounts (excluding Swap Collateral Excluded Amounts)
               received by the Current Issuer pursuant to the Current Issuer
               Swap Agreements; and

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          (iv) any other amounts whatsoever received by or on behalf of the
               Current Issuer on or after the Closing Date,

          and the Current Issuer Cash Manager shall procure that all
          investment proceeds from Authorised Investments purchased from
          amounts standing to the credit of any of the Current Issuer
          Transaction Accounts are credited to each such account. All amounts
          received by the Current Issuer denominated (i) in Sterling shall be
          paid into the Current Issuer Sterling Account, (ii) in U.S. Dollars
          shall be paid into the Current Issuer Dollar Account and (iii) in
          Euro shall be paid into the Current Issuer Euro Account.

     (b)  The Current Issuer Cash Manager shall procure that all transfers and
          withdrawals of amounts standing to the credit of the Current Issuer
          Transaction Accounts and Swap Collateral Accounts shall be made in
          accordance with the provisions of the Current Issuer Bank Account
          Agreement and the Current Issuer Deed of Charge.

     (c)  Each of the payments into the Current Issuer Transaction Accounts
          referred to in Clause 4.3(a) shall be made forthwith upon receipt by
          the Current Issuer or the Current Issuer Cash Manager of the amount
          in question.

     (d)  For the avoidance of doubt, as soon as reasonably practicable after
          becoming aware of the same, the Current Issuer Cash Manager may, and
          shall, withdraw Cash from the Current Issuer Transaction Accounts
          and Swap Collateral Cash Accounts, if, and to the extent that, such
          Cash was credited thereto in error and shall use its reasonable
          endeavours to ensure that such Cash is applied correctly thereafter.

     (e)  The Current Issuer Cash Manager shall promptly notify each of the
          Current Issuer and the Note Trustee of any additional account or
          sub-account which supplements or replaces any account or sub-account
          specifically referred to in the definition of the "Current Issuer
          Transaction Accounts" in the Current Issuer Master Definitions
          Schedule.

     (f)  Each of the Current Issuer Cash Manager and the Current Issuer
          undertakes that, so far as it is able to procure the same, the
          Current Issuer Transaction Accounts and all instructions and
          mandates in relation thereto will continue to be operative and will
          not, save as permitted pursuant to the Current Issuer Bank Account
          Agreement, be changed without the prior written consent of the Note
          Trustee (such consent not to be unreasonably withheld or delayed).
          For the avoidance of doubt, the Current Issuer Cash Manager may
          change the authorised signatories in respect of any instructions or
          mandates relating to the Current Issuer, without the prior written
          consent of the Note Trustee, in accordance with the terms of the
          Current Issuer Bank Account Agreement.

4.4  Withdrawals:

     (a)  The Current Issuer Cash Manager may make withdrawals on behalf of
          the Current Issuer from the Current Issuer Transaction Accounts (but
          only until receipt of a copy of a Current Issuer Note Enforcement
          Notice served by the Note Trustee on the Current Issuer) and Swap
          Collateral Accounts as

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          permitted by this Agreement, the Current Issuer Trust Deed, the
          Current Issuer Bank Account Agreement and the Current Issuer Deed of
          Charge, but shall not in carrying out its functions as Current
          Issuer Cash Manager under this Agreement otherwise make withdrawals
          from the Current Issuer Transaction Accounts and Swap Collateral
          Accounts.

     (b)  Upon receipt of such a Current Issuer Note Enforcement Notice, no
          amount shall be withdrawn from any Current Issuer Transaction
          Account by the Current Issuer Cash Manager without the prior written
          consent of the Note Trustee.

4.5  Cash Management: In administering the Current Issuer Transaction Accounts
     on behalf of the Current Issuer and the Note Trustee, the Current Issuer
     Cash Manager shall comply with the provisions of Schedule 2 prior to
     receipt by the Current Issuer Cash Manager of a copy of any Current
     Issuer Note Enforcement Notice served on the Current Issuer. Following
     service of a Current Issuer Note Enforcement Notice, the Note Trustee or
     any Receiver appointed by the Note Trustee will administer the Current
     Issuer Transaction Accounts in accordance with the terms of the Current
     Issuer Deed of Charge.

5.   Payments Under Current Issuer Swap Agreements; Termination & Swap
     Collateral

5.1  Current Issuer Available Revenue Receipts: Subject to the order of
     priorities of payment set out in Schedule 2 or, as the case may be, the
     Current Issuer Deed of Charge, on each Payment Date prior to the
     enforcement of the Current Issuer Security under the Current Issuer Deed
     of Charge, the Current Issuer Cash Manager will pay Current Issuer
     Available Revenue Receipts received in respect of the Current Issuer
     Intercompany Loan (after making payments ranking higher in the order or
     priority of payments) to the Current Issuer Basis Rate Swap Provider.
     Amounts received by the Current Issuer Cash Manager from the Current
     Issuer Basis Rate Swap Provider will be applied to pay (1) in respect of
     the Dollar Notes, the Current Issuer Dollar Currency Swap Provider, and
     amounts received by the Current Issuer Cash Manager from the Current
     Issuer Dollar Currency Swap Provider will be applied to pay amounts due
     to the holders of the relevant classes of Dollar Notes in accordance with
     the Current Issuer Pre-Enforcement Revenue Priority of Payments, (2) in
     respect of the Sterling Notes (excluding the Series 3 Class A2 Notes),
     amounts due to the holders of the relevant classes of Sterling Notes in
     accordance with the Current Issuer Pre-Enforcement Revenue Priority of
     Payments and in respect of the Series 3 Class A2 Notes, the Current
     Issuer Interest Rate Swap Provider, amounts received by the Current
     Issuer Cash Manager from the Current Issuer Interest Rate Swap Provider
     will be applied to pay amounts due to the holders of the Series 3 Class
     A2 Notes in accordance with the Current Issuer Pre-Enforcement Revenue
     Priority of Payments; and, (3) in respect of the Euro Notes, the Current
     Issuer Euro Currency Swap Provider, and amounts received by the Current
     Issuer Cash Manager from the Current Issuer Euro Currency Swap Provider
     will be applied to pay amounts due to the holders of the relevant classes
     of Euro Notes in accordance with the Current Issuer Pre-Enforcement
     Revenue Priority of Payments.

5.2  Current Issuer Available Principal Receipts: Subject to the order of
     priorities of payment set out in Schedule 2 or, as the case may be, the
     Current Issuer Deed of

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     Charge, on each Payment Date prior to enforcement of the Current Issuer
     Security under the Current Issuer Deed of Charge, the Current Issuer Cash
     Manager will pay Current Issuer Available Principal Receipts received in
     respect of the Current Issuer Intercompany Loan (after making payments
     ranking higher in the order or priority of payments) to (1) in respect of
     the Dollar Notes, the Current Issuer Dollar Currency Swap Provider, and
     amounts received by the Current Issuer Cash Manager from the Current
     Issuer Dollar Currency Swap Provider will be applied to pay amounts due
     to the holders of the relevant classes of Dollar Notes in accordance with
     the Current Issuer Pre-Enforcement Principal Priority of Payments, (2) in
     respect of the Sterling Notes, amounts due to the holders of the relevant
     classes of Sterling Notes in accordance with the Current Issuer
     Pre-Enforcement Principal Priority of Payments, and (3) in respect of the
     Euro Notes, the Current Issuer Euro Currency Swap Provider, and amounts
     received by the Current Issuer Cash Manager from the Current Issuer Euro
     Currency Swap Provider will be applied to pay amounts due to the holders
     of the relevant classes of Euro Notes in accordance with the Current
     Issuer Pre-Enforcement Principal Priority of Payments.

5.3  Following a Non-Asset Trigger Event: On each Payment Date following the
     occurrence of a Non-Asset Trigger Event under the Mortgages Trust Deed
     but prior to enforcement of the Funding Security under the Funding Deed
     of Charge or the Current Issuer Security under the Current Issuer Deed of
     Charge, the Current Issuer Cash Manager will pay Current Issuer Available
     Principal Receipts received in respect of the Current Issuer Intercompany
     Loan (after making payments ranking higher in the order or priority of
     payments) to (1) in respect of the Dollar Notes, the Current Issuer
     Dollar Currency Swap Provider, and amounts received by the Current Issuer
     Cash Manager from the Current Issuer Dollar Currency Swap Provider will
     be applied to pay amounts due to the holders of the relevant classes of
     Dollar Notes, and (2) in respect of the Sterling Notes, amounts due to
     the holders of the relevant classes of Sterling Notes, and (3) in respect
     of the Euro Notes, the Current Issuer Euro Currency Swap Provider, and
     amounts received by the Current Issuer Cash Manager from the Current
     Issuer Euro Currency Swap Provider will be applied to pay amounts due to
     the holders of the relevant classes of Euro Notes, each in accordance
     with the priority of payments set forth in Clause 4.2 (Distribution of
     Current Issuer Available Principal Receipts Following the Occurrence of a
     Non-Asset Trigger Event) of Schedule 2.

5.4  Following an Asset Trigger Event: On each Payment Date following the
     occurrence of an Asset Trigger Event under the Mortgages Trust Deed but
     prior to enforcement of the Funding Security under the Funding Deed of
     Charge or the Current Issuer Security under the Current Issuer Deed of
     Charge, the Current Issuer Cash Manager will pay Current Issuer Available
     Principal Receipts received in respect of the Current Issuer Intercompany
     Loan (after making payments ranking higher in the order or priority of
     payments) to (1) in respect of the Dollar Notes, the Current Issuer
     Dollar Currency Swap Provider, and amounts received by the Current Issuer
     Cash Manager from the Current Issuer Dollar Currency Swap Provider will
     be applied to pay amounts due to the holders of the relevant classes of
     Dollar Notes, and (2) in respect of the Sterling Notes, amounts due to
     the holders of the relevant classes of Sterling Notes, and (3) in respect
     of the Euro Notes, the Current Issuer Euro Currency Swap Provider, and
     amounts received by the Current Issuer Cash Manager from the Current
     Issuer Euro Currency Swap Provider will be applied to pay amounts due to
     the

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     holders of the relevant classes of Euro Notes, each in accordance with
     the priority of payments set forth in Clause 4.3 (Distribution of Current
     Issuer Available Principal Receipts Following the Occurrence of an Asset
     Trigger Event) of Schedule 2.

5.5  Termination: If on or prior to the date of the earlier of (i) repayment
     in full of the Current Issuer Notes or (ii) the service of a Current
     Issuer Note Enforcement Notice, any of the Current Issuer Swap Agreements
     is terminated, the Current Issuer Cash Manager (on behalf of the Current
     Issuer and the Note Trustee) shall purchase a replacement hedge, as
     applicable, in respect of the relevant Series of Current Issuer Notes in
     each case on terms acceptable to the Rating Agencies, the Current Issuer
     and the Note Trustee and with a swap provider that the Rating Agencies
     have previously confirmed in writing to the Current Issuer and the Note
     Trustee will not cause the then-current ratings of the Current Issuer
     Notes to be downgraded, withdrawn or qualified. The Current Issuer may
     apply any early termination payment received from, as appropriate, the
     relevant Current Issuer Swap Provider for such purpose.

5.6  Swap Collateral:

     (a)  In the event that pursuant to the terms of a Current Issuer Swap
          Agreement a Current Issuer Swap Provider pays or transfers Swap
          Collateral to the Current Issuer, the Current Issuer Cash Manager
          shall:

          (i)  create the Swap Collateral Ledger in the books of the Current
               Issuer if not already created so as to record the amount and
               type of such Swap Collateral and identify the relevant Current
               Issuer Swap Agreement in respect of which it has been posted;

          (ii) upon receipt of such Swap Collateral, credit it to and record
               the relevant details in the Swap Collateral Ledger;

         (iii) to the extent that such Swap Collateral is in the form of
               Cash, pay it into the relevant Swap Collateral Cash Account;
               and

          (iv) to the extent that such Swap Collateral is in the form of
               securities, arrange for it to be credited to the relevant Swap
               Collateral Securities Account.

     (b)  Any such Swap Collateral shall not form part of the Current Issuer
          Available Revenue Receipts and the Current Issuer Available
          Principal Receipts. If the terms of the relevant Current Issuer Swap
          Agreement permit such Swap Collateral to be applied in or towards
          satisfaction of the Current Issuer's Swap Provider's obligations
          under the relevant Current Issuer Swap Agreement, and in the event
          that such Swap Collateral is to be so applied, the Current Issuer
          Cash Manager shall:

          (i)  where the relevant Swap Collateral is in the form of Cash,
               transfer the relevant amount of Cash from the relevant Swap
               Collateral Cash Account to the relevant Current Issuer
               Transaction Account; and/or

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          (ii) where the relevant Swap Collateral is in the form of
               securities, realise the Swap Collateral and pay the amount of
               the net proceeds into the relevant Current Issuer Transaction
               Account,

          and, in each case, make the appropriate debits and credits to the
          Swap Collateral Ledger, apply such amount as if it had been paid to
          the Current Issuer by the Current Issuer Swap Provider under the
          relevant Current Issuer Swap Agreement and make appropriate ledger
          entries.

     (c)  To the extent that pursuant to the terms of the relevant Current
          Issuer Swap Agreement Swap Collateral is to be transferred or paid
          to the Current Issuer Swap Provider, the Current Issuer Cash Manager
          shall:

          (i)  where the relevant Swap Collateral is in the form of Cash, pay
               the relevant amount of Cash out of the relevant Swap Collateral
               Cash Account to the Current Issuer Swap Provider; and/or

          (ii) where the relevant Swap Collateral is in the form of
               securities, transfer and deliver the Swap Collateral to the
               Current Issuer Swap Provider,

          and, in each case, debit the Swap Collateral Ledger as appropriate.

     (d)  Where:

          (i)  Swap Collateral is to be applied in satisfaction of the Current
               Issuer Swap Provider's obligations under the relevant Current
               Issuer Swap Agreement; and

          (ii) such Swap Collateral or the proceeds of such Swap Collateral
               are in a different currency to the currency (the "Required
               Currency") in which such obligations of the Current Issuer Swap
               Provider are payable,

          then, the Current Issuer Cash Manager shall arrange for such Swap
          Collateral to be converted (by such person as the Current Issuer
          Cash Manager may reasonably select) at the prevailing spot rate of
          exchange into the Required Currency.

     (e)  The terms of this Clause 5.6 shall prevail if and to the extent that
          they are inconsistent with the other paragraphs of this Clause 5.

5.7  Interest Payment Dates: [Not required]

5.8  Spot Rate Conversions: In the event that any payment is to be made from
     the Current Issuer Available Revenue Receipts or the Current Issuer
     Available Principal Receipts by the Current Issuer under the Current
     Issuer Priority of Payments and the Current Issuer Available Revenue
     Receipts or the Current Issuer Available Principal Receipts, as
     applicable, do not comprise a sufficient amount in the relevant currency
     in which such payment is to be made, the Current Issuer Cash Manager
     shall arrange for any remaining amounts comprised in the Current Issuer
     Available Revenue Receipts or the Current Issuer Available Principal
     Receipts, as applicable, to be converted (by such person as the Current
     Issuer Cash Manager may reasonably select) into such

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     currency at the then prevailing spot rate of exchange as may be required
     in order to be applied in or towards such payment.

6.   No Liability

     Save as otherwise provided in this Agreement, the Current Issuer Cash
     Manager shall have no liability for the obligations of either the Note
     Trustee or the Current Issuer under any of the Transaction Documents or
     otherwise and nothing herein shall constitute a guarantee, or similar
     obligation, by the Current Issuer Cash Manager of either the Note Trustee
     or the Current Issuer in respect of any of them.

7.   Costs and Expenses

7.1  Subject to and in accordance with the Current Issuer Pre-Enforcement
     Priority of Payments or, as the case may be, the Current Issuer
     Post-Enforcement Priority of Payments, the Current Issuer will on each
     Payment Date reimburse the Current Issuer Cash Manager for all
     out-of-pocket costs, expenses and charges (together with any amounts in
     respect of Irrecoverable VAT due thereon) properly incurred by the
     Current Issuer Cash Manager in the performance of the Current Issuer Cash
     Management Services, including any such costs, expenses or charges not
     reimbursed to the Current Issuer Cash Manager on any previous Payment
     Date and the Current Issuer Cash Manager shall supply the Current Issuer
     with an appropriate VAT invoice issued by the Current Issuer Cash Manager
     or, if the Current Issuer Cash Manager has treated the relevant cost,
     expense or charge as a disbursement for VAT purposes, by the person
     making the supply.

7.2  Unless and until otherwise agreed by the Current Issuer and the Note
     Trustee in writing (notified to the Current Issuer Cash Manager), the
     Current Issuer shall be solely responsible for reimbursing the Current
     Issuer Cash Manager for the out-of-pocket costs, expenses and charges
     (together with any amounts in respect of Irrecoverable VAT due thereon)
     referred to in Clause 7.1 (Costs and Expenses).

8.   Information

8.1  Use of information technology systems:

     (a)  The Current Issuer Cash Manager represents and warrants that at the
          date hereof (and in respect of the software which is to be used by
          the Current Issuer Cash Manager in providing the Current Issuer Cash
          Management Services) it has in place all necessary licences and/or
          consents from the respective licensor or licensors (if any) of such
          software.

     (b)  The Current Issuer Cash Manager undertakes that it shall for the
          duration of this Agreement, use reasonable endeavours to:

          (i)  ensure that the licences and/or consents referred to in
               paragraph (a) are maintained in full force and effect; and

          (ii) except insofar as it would breach any other of its legal
               obligations, grant to any person to whom it may sub-contract or
               delegate the performance of all or any of its powers and
               obligations under this

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               Agreement (and/or to such person as the Current Issuer and the
               Note Trustee elects as a substitute cash manager in accordance
               with the terms of this Agreement) a licence to use any
               proprietary software together with any updates which may be
               made thereto from time to time.

     (c)  The Current Issuer Cash Manager shall use reasonable endeavours to
          maintain in working order the information technology systems used by
          the Current Issuer Cash Manager in providing the Current Issuer Cash
          Management Services.

     (d)  The Current Issuer Cash Manager shall pass to any person to whom it
          may sub-contract or delegate the performance of all or any of its
          powers and obligations under this Agreement (and/or to such person
          as the Current Issuer and the Note Trustee elects as a substitute
          cash manager in accordance with the terms of this Agreement) the
          benefit of any warranties in relation to such software insofar as
          the same are capable of assignment.

8.2  Bank Account Statements: The Current Issuer Cash Manager shall take all
     reasonable steps to ensure that it receives a monthly bank statement in
     relation to each Current Issuer Transaction Account and Swap Collateral
     Cash Account and that it furnishes a copy of such statements to the
     Current Issuer, with a copy to the Note Trustee upon its request.

8.3  Access to Books and Records: Subject to all applicable laws, the Current
     Issuer Cash Manager shall permit the Current Issuer, the Auditors of the
     Current Issuer, the Note Trustee and/or any other person nominated by the
     Note Trustee (to whom the Current Issuer Cash Manager has no reasonable
     objection) at any time during normal office hours upon reasonable notice
     to have access, or procure that such person or persons are granted
     access, to all books of record and account relating to the Current Issuer
     Cash Management Services provided by the Current Issuer Cash Manager and
     related matters in accordance with this Agreement.

8.4  Statutory Obligations: The Current Issuer Cash Manager will use its
     reasonable endeavours, on behalf of the Current Issuer, to prepare or
     procure the preparation of and file all reports, annual returns,
     financial statements, statutory forms and other returns which the Current
     Issuer is required by law to prepare and file. Subject to approval
     thereof by the directors of the Current Issuer, the Current Issuer Cash
     Manager shall cause such accounts to be audited by the Auditors and shall
     procure so far as it is able so to do that the Auditors shall make a
     report thereon as required by law, and copies of all such documents shall
     be delivered to the Note Trustee, the Current Issuer and the Rating
     Agencies as soon as practicable after the end of each accounting
     reference period of the Current Issuer.

8.5  Information Covenants:

     (a)  The Current Issuer Cash Manager shall provide the Current Issuer,
          the Note Trustee, the Seller and the Rating Agencies quarterly with
          a report in, or substantially in, the form set out in Schedule 3 in
          respect of the Current Issuer. Such quarterly report shall be
          delivered to the Current Issuer, the Note Trustee

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<PAGE>

          (upon its request), the Seller and the Rating Agencies by the last
          Business Day of the month in which each Payment Date occurs.

     (b)  The Current Issuer Cash Manager shall provide, or procure the
          provision of, to the Current Issuer, the Note Trustee and the Rating
          Agencies copies of any annual returns or financial statements
          referred to in Clause 8.4 (Statutory Obligations) as soon as
          reasonably practicable after the preparation thereof.

     (c)  The Current Issuer Cash Manager shall notify the Rating Agencies and
          the Note Trustee in writing of the details of (i) any material
          amendment to the Transaction Documents to which the Current Issuer
          is a party and of which it is or becomes aware, (ii) the occurrence
          of a Current Issuer Note Event of Default, or a Current Issuer
          Intercompany Loan Event of Default or a Current Issuer Cash Manager
          Termination Event (as defined in Clause 12.1 (Current Issuer Cash
          Manager Termination Events)) and (iii) any other information
          relating to the Current Issuer Cash Manager as the Rating Agencies
          and the Note Trustee may reasonably request in connection with its
          obligations under this Agreement, PROVIDED THAT the Note Trustee
          shall not make such a request more than once every three months
          unless, in the belief of the Note Trustee, a Current Issuer
          Intercompany Loan Event of Default, a Current Issuer Note Event of
          Default or a Current Issuer Cash Manager Termination Event shall
          have occurred and is continuing or may reasonably be expected to
          occur, and PROVIDED FURTHER THAT any such request by the Note
          Trustee does not adversely interfere with the Current Issuer Cash
          Manager's day-to-day provision of the Current Issuer Cash Management
          Services under the other terms of this Agreement.

     (d)  After becoming aware of any event described in paragraph (c)(i) or
          (ii) above, the Current Issuer Cash Manager shall give details to
          the Current Issuer and the Note Trustee of any pending legal action
          and any judgments given in respect of the Current Issuer Cash
          Manager if it could have a potential material adverse effect on the
          ability of the Current Issuer Cash Manager to perform its
          obligations hereunder.

     (e)  The Current Issuer Cash Manager shall, at the request of the Note
          Trustee, furnish the Note Trustee and the Rating Agencies with such
          other information relating to its business and financial condition
          as the Note Trustee may request in connection with this Agreement,
          PROVIDED THAT the Note Trustee shall not make such a request more
          than once every three months unless, in the belief of the Note
          Trustee, a Current Issuer Intercompany Loan Event of Default, a
          Current Issuer Note Event of Default or a Current Issuer Cash
          Manager Termination Event (as defined in Clause 12.1 (Current Issuer
          Cash Manager Termination Events)) shall have occurred and is
          continuing or may reasonably be expected to occur, and PROVIDED
          FURTHER THAT any such request of the Note Trustee does not adversely
          interfere with the Current Issuer Cash Manager's day-to-day
          provision of the Current Issuer Cash Management Services under the
          other terms of this Agreement.

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<PAGE>

9.   Remuneration

9.1  Fee payable:

     (a)  Subject to paragraph (b) below, the Current Issuer shall pay to the
          Current Issuer Cash Manager for the provision of the Current Issuer
          Cash Management Services hereunder a cash management fee which shall
          be agreed in writing between the Current Issuer, the Note Trustee
          and the Current Issuer Cash Manager from time to time.

     (b)  Unless and until otherwise agreed by the Current Issuer and the Note
          Trustee in writing (notified to the Current Issuer Cash Manager),
          the Current Issuer shall be solely responsible for paying the cash
          management fee to the Current Issuer Cash Manager which is referred
          to in paragraph (a) above.

9.2  Payment of fee: The cash management fee referred to in Clause 9.1 (Fee
     Payable) shall only be payable to the Current Issuer Cash Manager on each
     Payment Date in the manner contemplated by, in accordance with and
     subject to the provisions of the Current Issuer Pre-Enforcement Revenue
     Priority of Payments or, as the case may be, the Current Issuer
     Post-Enforcement Priority of Payments.

10.  Covenants, Representations and Warranties of Current Issuer Cash Manager

10.1 Covenants: The Current Issuer Cash Manager hereby covenants with and
     undertakes to each of the Current Issuer and the Note Trustee that
     without prejudice to any of its specific obligations hereunder:

     (a)  it will exercise all due skill, care and diligence to the
          performance of its obligations and the exercise of its discretions
          hereunder;

     (b)  it will comply with any proper directions, orders and instructions
          which the Current Issuer or the Note Trustee may from time to time
          give to it in accordance with the provisions of this Agreement and,
          in the event of any conflict, those of the Note Trustee shall
          prevail;

     (c)  it will obtain and keep in force all licences, approvals,
          authorisations and consents which are necessary in connection with
          the performance of the Current Issuer Cash Management Services and
          prepare and submit all necessary applications and requests for any
          further approval, authorisation, consent or licence required in
          connection with the performance of the Current Issuer Cash
          Management Services;

     (d)  it will not knowingly fail to comply with any legal requirements in
          the performance of the Current Issuer Cash Management Services;

     (e)  it will make all payments required to be made by it pursuant to this
          Agreement on the due date for payment thereof for value in the
          specified currency on such day without set-off (including, without
          limitation, in respect of any fees owed to it) or counterclaim; and

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<PAGE>

     (f)  it will not without the prior written consent of the Note Trustee
          amend or terminate any of the Current Issuer Transaction Documents
          save in accordance with their terms.

10.2 Duration of covenants: The covenants of the Current Issuer Cash Manager
     in Clause 10.1 (Covenants) shall remain in force until this Agreement is
     terminated but without prejudice to any right or remedy of the Current
     Issuer and/or the Note Trustee arising from breach of any such covenant
     prior to the date of termination of this Agreement.

10.3 Representations and Warranties: The Current Issuer Cash Manager hereby
     makes the representations and warranties to each of the Current Issuer
     and the Note Trustee that are specified on Schedule 5 hereto.

11.  Current Issuer Cash Management Services Non-Exclusive

     Nothing in this Agreement shall prevent the Current Issuer Cash Manager
     from rendering or performing services similar to those provided for in
     this Agreement to or for itself or other persons, firms or companies or
     from carrying on business similar to or in competition with the business
     of the Current Issuer or the Note Trustee.

12.  Termination

12.1 Current Issuer Cash Manager Termination Events: If any of the following
     events ("Current Issuer Cash Manager Termination Events") shall occur:

     (a)  default is made by the Current Issuer Cash Manager in the payment on
          the due date of any payment due and payable by it under this
          Agreement and such default continues unremedied for a period of five
          (5) London Business Days after the earlier of the Current Issuer
          Cash Manager becoming aware of such default and receipt by the
          Current Issuer Cash Manager of written notice from the Current
          Issuer or the Note Trustee, as the case may be, requiring the same
          to be remedied; or

     (b)  default is made by the Current Issuer Cash Manager in the
          performance or observance of any of its other covenants and
          obligations under this Agreement, which in the opinion of the Note
          Trustee is materially prejudicial to the interests of the holders of
          the Current Issuer Notes and such default continues unremedied for a
          period of twenty (20) days after the earlier of the Current Issuer
          Cash Manager becoming aware of such default and receipt by the
          Current Issuer Cash Manager of written notice from the Note Trustee
          requiring the same to be remedied; or

     (c)  the Current Issuer Cash Manager suffers an Insolvency Event,

     then the Current Issuer and/or Note Trustee may at once or at any time
     thereafter while such default continues by notice in writing to the
     Current Issuer Cash Manager with a copy to the Current Issuer Account
     Bank terminate its appointment as Current Issuer Cash Manager under this
     Agreement with effect from a date (not earlier than the date of the
     notice) specified in the notice.

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<PAGE>

     Upon termination of the appointment of the Current Issuer Cash Manager,
     the Note Trustee agrees to use its reasonable endeavours to appoint a
     substitute Current Issuer Cash Manager. Any substitute Current Issuer
     Cash Manager must agree to enter into an agreement substantially on the
     same terms as the relevant provisions of this Agreement or on such terms
     as are satisfactory to the Current Issuer and the Note Trustee.

     Any termination of the appointment of the Current Issuer Cash Manager and
     the appointment of a substitute Current Issuer Cash Manager under this
     Clause 12.1 is conditional upon the Rating Agencies having previously
     confirmed in writing to the Current Issuer and the Note Trustee that the
     then-current ratings of the Current Issuer Notes will not be downgraded,
     withdrawn or qualified.

     The Note Trustee shall have no liability to any person in the event that,
     having used reasonable endeavours, it is unable to appoint a substitute
     Current Issuer Cash Manager. In any event, the Note Trustee shall only be
     required to use its reasonable endeavours to appoint such substitute
     Current Issuer Cash Manager. Notwithstanding any other provision of the
     Transaction Documents, the Note Trustee shall not itself be required to
     perform any duties of the Current Issuer Cash Manager.

     The Note Trustee shall not be obliged to monitor or supervise the
     performance by any substitute Current Issuer Cash Manager of its duties
     hereunder or in relation to the other Transaction Documents nor shall the
     Note Trustee be responsible or liable for any act or omission of any
     substitute Current Issuer Cash Manager or for any loss caused thereby.

12.2 Resignation of Current Issuer Cash Manager: The Current Issuer Cash
     Manager may resign from its appointment under this Agreement only upon
     giving not less than twelve (12) months' notice to each of the Current
     Issuer and the Note Trustee, PROVIDED THAT:

     (a)  the Current Issuer and the Note Trustee each consent in writing to
          such resignation;

     (b)  a substitute cash manager shall be appointed, such appointment to be
          effective not later than the effective date of such resignation;

     (c)  such substitute cash manager enters into an agreement substantially
          on the same terms as the relevant provisions of this Agreement or on
          such terms as are satisfactory to the Current Issuer and the Note
          Trustee, and the Current Issuer Cash Manager shall not be released
          from its obligations under the relevant provisions of this Agreement
          until such substitute cash manager has entered into such new
          agreement and the rights of the Current Issuer under such agreement
          are charged in favour of the Note Trustee on terms satisfactory to
          the Note Trustee; and

     (d)  the Rating Agencies have confirmed to the Current Issuer and the
          Note Trustee that the then-current ratings of the Current Issuer
          Notes are not adversely affected as a result thereof.

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<PAGE>

12.3 Effect of Termination or Resignation:

     (a)  On and after termination or resignation of the appointment of the
          Current Issuer Cash Manager under this Agreement pursuant to this
          Clause 12, all authority and power of the Current Issuer Cash
          Manager under this Agreement shall be terminated and be of no
          further effect and the Current Issuer Cash Manager shall not
          thereafter hold itself out in any way as the agent of the Current
          Issuer or the Note Trustee pursuant to this Agreement.

     (b)  Upon termination or resignation of the appointment of the Current
          Issuer Cash Manager under this Agreement pursuant to this Clause 12,
          the Current Issuer Cash Manager shall:

          (i)  forthwith deliver (and in the meantime hold on trust for, and
               to the order of, the Current Issuer or the Note Trustee, as the
               case may be) to the Current Issuer or the Note Trustee, as the
               case may be or as it shall direct, all books of account,
               papers, records, registers, correspondence and documents in its
               possession or under its control relating to the affairs of or
               belongings of the Current Issuer or the Note Trustee, as the
               case may be, (if practicable, on the date of receipt) any
               monies then held by the Current Issuer Cash Manager on behalf
               of the Current Issuer, the Note Trustee and any other assets of
               the Current Issuer and the Note Trustee;

          (ii) take such further action as the Current Issuer or the Note
               Trustee, as the case may be, may reasonably direct PROVIDED
               THAT the Note Trustee shall not be required to take or direct
               to be taken such further action unless it has been indemnified
               to its satisfaction (and in the event of a conflict between the
               directions of Current Issuer and the Note Trustee, the
               directions of the Note Trustee shall prevail);

         (iii) provide all relevant information contained on computer records
               in the form of magnetic tape, together with details of the
               layout of the files encoded on such magnetic tapes; and

          (iv) co-operate and consult with and assist the Current Issuer or
               the Note Trustee or its nominee, as the case may be, (which
               shall, for the avoidance of doubt, include any Receiver
               appointed by it) for the purposes of explaining the file
               layouts and the format of the magnetic tapes generally
               containing such computer records on the computer system of the
               Current Issuer or the Note Trustee or such nominee, as the case
               may be.

12.4 Notice of event of default: The Current Issuer Cash Manager shall deliver
     to the Current Issuer and the Note Trustee as soon as reasonably
     practicable (but in any event within three London Business Days of
     becoming aware thereof) a notice of any Current Issuer Cash Manager
     Termination Event, any Current Issuer Note Event of Default or any
     Current Issuer Intercompany Loan Event of Default, or any event which
     with the giving of notice or expiry of any grace period or certification,
     as specified in such Current Issuer Cash Manager Termination Event or
     Current Issuer Note Event of Default or Current Issuer Intercompany Loan
     Event of Default, would

                                      16
<PAGE>

     constitute the same.

12.5 General provisions relating to termination:

     (a)  Termination of this Agreement or the appointment of the Current
          Issuer Cash Manager under this Agreement shall be without prejudice
          to the liabilities of the Current Issuer to the Current Issuer Cash
          Manager and vice versa incurred before the date of such termination.
          The Current Issuer Cash Manager shall have no right of set-off or
          any lien in respect of such amounts against amounts held by it on
          behalf of the Current Issuer or the Note Trustee.

     (b)  This Agreement shall terminate at such time as the Current Issuer
          Secured Obligations have been fully discharged.

     (c)  On termination of the appointment of the Current Issuer Cash Manager
          under the provisions of this Clause 12, the Current Issuer Cash
          Manager shall be entitled to receive all fees and other monies
          accrued up to (but excluding) the date of termination but shall not
          be entitled to any other or further compensation. The Current Issuer
          shall pay such moneys so receivable by the Current Issuer Cash
          Manager in accordance with the Current Issuer Pre-Enforcement
          Revenue Priority of Payments or, as the case may be, the Current
          Issuer Post-Enforcement Priority of Payments, on the dates on which
          they would otherwise have fallen due hereunder. For the avoidance of
          doubt, such termination shall not affect the Current Issuer Cash
          Manager's rights to receive payment of all amounts (if any) due to
          it from the Current Issuer other than under this Agreement.

     (d)  Any provision of this Agreement, which is stated to continue after
          termination of the Agreement, shall remain in full force and effect
          notwithstanding termination.

13.  Further Assurances

13.1 Co-operation, etc: The parties hereto agree that they will co-operate
     fully to do all such further acts and things and execute any further
     documents as may be necessary or desirable to give full effect to the
     arrangements contemplated by this Agreement and the other Transaction
     Documents.

13.2 Powers of attorney: Without prejudice to the generality of Clause 13.1
     (Co-operation, etc), the Current Issuer shall upon request by the Current
     Issuer Cash Manager forthwith give to the Current Issuer Cash Manager
     such further powers of attorney or other written authorisations, mandates
     or instruments as are necessary to enable the Current Issuer Cash Manager
     to perform the Current Issuer Cash Management Services.

14.  Miscellaneous

14.1 No set-off: The Current Issuer Cash Manager agrees that it will not:

     (a)  set off or purport to set off any amount which either the Current
          Issuer is or will become obliged to pay to it under this Agreement
          against any amount

                                      17
<PAGE>

          from time to time standing to the credit of or to be credited to the
          Current Issuer Transaction Accounts or the Swap Collateral Accounts
          or any replacement or additional bank account of the Current Issuer
          and established from time to time; or

     (b)  make or exercise any claims or demands, any rights of counterclaim
          or any other equities against or withhold payment of any and all
          sums of money which may at any time and from time to time standing
          to the credit of the Current Issuer Transaction Accounts or the Swap
          Collateral Accounts or any replacement or additional bank account of
          the Current Issuer and established from time to time.

14.2 No recourse:

     (a)  In relation to all sums due and payable by the Current Issuer to the
          Current Issuer Cash Manager, the Current Issuer Cash Manager agrees
          that it shall have recourse only to sums paid to or received by (or
          on behalf of) the Current Issuer pursuant to the provisions of the
          Current Issuer Transaction Documents.

     (b)  For the avoidance of doubt, the Note Trustee shall not be liable to
          pay any amounts due under Clauses 7 (Costs and Expenses) and 9
          (Remuneration), but without prejudice to the obligations of the
          Current Issuer, or any receiver appointed pursuant to the Current
          Issuer Deed of Charge in respect of such amounts.

     (c)  Notwithstanding any other provisions of this Agreement, all
          obligations to, and rights of, the Note Trustee under or in
          connection with this Agreement (other than its obligations under
          Clause 13 (Further Assurances)) shall automatically terminate upon
          the discharge in full of all Current Issuer Secured Obligations,
          PROVIDED THAT this shall be without prejudice to any claims in
          respect of such obligations and rights arising on or prior to such
          date.

15.  Confidentiality

     During the continuance of this Agreement or after its termination, each
     of the Current Issuer, the Current Issuer Cash Manager and the Note
     Trustee shall use its best endeavours not to disclose to any person, firm
     or company whatsoever any information relating to the business, finances
     or other matters of a confidential nature of any other party hereto of
     which it may exclusively by virtue of being party to the Transaction
     Documents have become possessed and shall use all reasonable endeavours
     to prevent any such disclosure as aforesaid, PROVIDED HOWEVER that the
     provisions of this Clause 15 shall not apply:

     (a)  to any information already known to the recipient otherwise than as
          a result of entering into any of the Transaction Documents;

     (b)  to any information subsequently received by the recipient which it
          would otherwise be free to disclose;

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<PAGE>

     (c)  to any information which is or becomes public knowledge otherwise
          than as a result of the conduct of the recipient;

     (d)  to any extent that the recipient is required to disclose the same
          pursuant to any law or order of any court or pursuant to any
          direction, request or requirement (whether or not having the force
          of law) of any central bank or any governmental or other authority
          (including, without limitation, any official bank examiners or
          regulators);

     (e)  to the extent that the recipient needs to disclose the same for
          determining the existence of, or declaring, a Current Issuer Note
          Event of Default, or a Current Issuer Cash Manager Termination
          Event, the protection or enforcement of any of its rights under any
          of the Current Issuer Transaction Documents or in connection
          herewith or therewith or for the purpose of discharging, in such
          manner as it thinks fit, its duties under or in connection with such
          agreements in each case to such persons as require to be informed of
          such information for such purposes; or

     (f)  in relation to any information disclosed to the professional
          advisers of the recipient or (in connection with a prospective
          rating of any debt to be issued by the Current Issuer or any New
          Issuer) to any credit rating agency or any prospective new cash
          manager or prospective new Note Trustee.

16.  No Partnership

     It is hereby acknowledged and agreed by the parties that nothing in this
     Agreement shall be construed as giving rise to any partnership between
     any of the parties.

17.  Assignment

17.1 Assignment by the Current Issuer: The Current Issuer may not assign or
     transfer any of its rights and obligations under this Agreement without
     the prior written consent of each of the Note Trustee and the Current
     Issuer Cash Manager, except that the Current Issuer may assign its
     respective rights hereunder without such consent pursuant to the Current
     Issuer Deed of Charge.

17.2 No assignment by Current Issuer Cash Manager: The Current Issuer Cash
     Manager may not assign or transfer any of its rights and obligations
     under this Agreement without the prior written consent of the Current
     Issuer and the Note Trustee.

18.  The Note Trustee

18.1 Change in Note Trustee: If there is any change in the identity of the
     note trustee in accordance with the Issuer Deed of Charge, the Current
     Issuer and the Current Issuer Cash Manager shall execute such documents
     and take such action as the successor note trustee and the outgoing Note
     Trustee may require for the purpose of vesting in the successor note
     trustee the rights and obligations of the outgoing Note Trustee under
     this Agreement and releasing the outgoing Note Trustee from its future
     obligations under this Agreement.

18.2 No Obligations: It is hereby acknowledged and agreed that by its
     execution of this

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<PAGE>

     Agreement the Note Trustee shall not assume or have any of the
     obligations or liabilities of the Current Issuer or the Current Issuer
     Cash Manager under this Agreement. Furthermore, any liberty or power
     which may be exercised or any determination which may be made hereunder
     by the Note Trustee may be exercised or made in the Note Trustee's
     absolute and unfettered discretion without any obligation to give reasons
     therefor, but in any event must be exercised or made in accordance with
     the provisions of the Current Issuer Deed of Charge.

19.  Non Petition Covenant; Limited Recourse

19.1 Note Trustee to Enforce: The Current Issuer Cash Manager hereby
     undertakes to each of the other parties hereto that only the Security
     Trustee, at the direction of the Note Trustee, may enforce the security
     created in favour of the Note Trustee by the Current Issuer Deed of
     Charge in accordance with the provisions thereof.

19.2 Limited Recourse: The Current Issuer Cash Manager hereby undertakes to
     each of the other parties hereto that, notwithstanding any other
     provision of this Agreement or any other Transaction Document, no sum due
     or owing to the Current Issuer Cash Manager from or by the Current Issuer
     under this Agreement shall be payable by the Current Issuer except to the
     extent that the Current Issuer has sufficient funds available or
     (following enforcement of the Current Issuer Security) the Security
     Trustee has realised sufficient funds from the Current Issuer Security to
     pay such sum subject to and in accordance with the relevant Current
     Issuer Priority of Payments, and provided that all liabilities of the
     Current Issuer required to be paid in priority thereto or pari passu
     therewith pursuant to such Current Issuer Priority of Payments have been
     paid, discharged and/or otherwise provided for in full.

19.3 Non Petition: The Current Issuer Cash Manager hereby undertakes to each
     of the other parties hereto that it shall not take any steps for the
     purpose of recovering any amount payable under this Agreement (including,
     without limitation, by exercising any rights of set-off) or enforcing any
     rights arising out of this Agreement against the Current Issuer and it
     shall not take any steps or legal proceedings for the winding-up,
     dissolution or reorganisation of, or the institution of insolvency
     proceedings against, the Current Issuer or for the appointment of a
     receiver, administrator, liquidator or similar officer of the Current
     Issuer in respect of any or all of its revenues except to the extent
     expressly permitted under the Current Issuer Deed of Charge.

19.4 Following Enforcement: The Current Issuer Cash Manager hereby undertakes
     to each of the other parties hereto that, following any enforcement of
     the Current Issuer Security, it will hold on trust for, and will pay to,
     the Note Trustee or the Receiver, as the case may be, all monies received
     or recovered by it (whether by way of set-off or otherwise) otherwise
     than in accordance with the Current Issuer Post-Enforcement Priority of
     Payments in order that such monies may be applied by the Note Trustee or
     the Receiver in accordance with the Current Issuer Post-Enforcement
     Priority of Payments.

19.5 Corporate Obligations: To the extent permitted by law, no recourse under
     any obligation, covenant, or agreement of any person contained in this
     Agreement shall be had against any shareholder, officer or director of
     such person as such, by the enforcement of any assessment or by any legal
     proceeding, by virtue of any statute or otherwise; it being expressly
     agreed and understood that this Agreement is a corporate

                                      20
<PAGE>

     obligation of each person expressed to be a party hereto and no personal
     liability shall attach to or be incurred by the shareholders, officers,
     agents or directors of such person as such, or any of them, under or by
     reason of any of the obligations, covenants or agreements of such person
     contained in this Agreement, or implied therefrom, and that any and all
     personal liability for breaches by such person of any of such
     obligations, covenants or agreements, either under any applicable law or
     by statute or constitution, of every such shareholder, officer, agent or
     director is hereby expressly waived by each person expressed to be a
     party hereto as a condition of and consideration for the execution of
     this Agreement.

19.6 Current Issuer Deed of Charge: The provisions of Clause 6 of the Current
     Issuer Deed of Charge shall prevail in the event that and to the extent
     that they conflict with the provisions of this Clause 19.

20.  Amendments and Waiver

20.1 Entire Agreement: This Agreement sets out the entire agreement and
     understanding between the parties with respect to the subject matter of
     this Agreement superseding all prior oral or written understandings other
     than the other Current Issuer Transaction Documents.

20.2 Amendments and Waiver: No amendment or waiver of any provision of this
     Agreement nor consent to any departure by any of the parties therefrom
     shall in any event be effective unless the same shall be in writing and
     signed by each of the parties hereto. In the case of a waiver or consent,
     such waiver or consent shall be effective only in the specific instance
     and as against the party or parties giving it for the specific purpose
     for which it is given.

20.3 Rights Cumulative: The respective rights of each of the parties to this
     Agreement are cumulative and may be exercised as often as they consider
     appropriate. No failure on the part of any party to exercise, and no
     delay in exercising, any right hereunder shall operate as a waiver
     thereof, nor shall any single or partial exercise of any such right
     preclude any other or further exercise thereof or the exercise of any
     other right. The remedies in this Agreement are cumulative and not
     exclusive of any remedies provided by law.

20.4 Ratings: No variation or waiver of this Agreement shall be made if the
     same would adversely affect the then-current ratings of any of the Notes.

21.  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 (London time) on a
     London Business Day or on the next London Business Day 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:

                                      21
<PAGE>

     (a)  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;

     (b)  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 0643) for the attention of The 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;

     (c)  in the case of the Note Trustee, to The Bank of New York (London
          Branch), at 48th Floor, One Canada Square, London E14 5AL (facsimile
          number 020 7964 6399) for the attention of Corporate Trust (Global
          Structured Finance);

     (d)  in the case of Fitch, to Fitch Ratings Ltd., at Eldon House, 2 Eldon
          Street, London EC2M 7UA (facsimile number 0207 417 6262) for the
          attention of European Structured Finance Surveillance;

     (e)  in the case of Moody's, to Moody's Investors Services, Inc., at 1st
          Floor, 2 Minster Court, Mincing Lane, London EC3R 7XB (facsimile
          number 0207 772 5400) for the attention of the Head of Monitoring
          Group, Structured Finance;

     (f)  in the case of S&P, to Standard & Poor's Ratings Services, a
          division of The McGraw-Hill Companies, Inc., at 20 Canada Square,
          Canary Wharf, London E14 5LH (facsimile number 0207 176 3598) for
          the attention of Andre Vollmann;

     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
     or by any Rating Agency to the others by written notice in accordance
     with the provisions of this Clause 21. All notices served under this
     Agreement shall be simultaneously copied to the Note Trustee by the
     person serving the same.

22.  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.

23.  Execution in Counterparts; Severability

23.1 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.

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

                                      22
<PAGE>

     thereby.

24.  Governing Law and Jurisdiction; Appropriate Forum

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

24.2 Jurisdiction: Each of the parties hereto irrevocably agrees that the
     courts of England shall have jurisdiction to hear and determine 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
     submits to the jurisdiction of such courts.

24.3 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.

IN WITNESS WHEREOF the parties have caused this Agreement to be executed the
day and year first before written.

                                      23
<PAGE>

                                  SCHEDULE 1

                  The Current Issuer Cash Management Services

The Current Issuer Cash Manager shall:

(a)  make the determinations as set forth in Schedule 2;

(b)  invest sums, if any, standing to the credit of the Current Issuer
     Transaction Accounts in short-term Authorised Investments as determined
     by the Current Issuer and, if applicable, the Note Trustee;

(c)  apply the Current Issuer Available Revenue Receipts and Current Issuer
     Available Principal Receipts in accordance with the relevant order of
     priority of payments for the Current Issuer set out in Schedule 2;

(d)  maintain the Current Issuer Principal Deficiency Ledger, and record (1)
     principal deficiencies arising from Losses on the Mortgage Loans which
     have been allocated by Funding to the Current Issuer Intercompany Loan,
     (2) the use of Current Issuer Principal Receipts to meet any deficiency
     in Current Issuer Revenue Receipts and (3) the use of Funding Available
     Principal Receipts to fund or replenish, as the case may be, the Current
     Issuer Liquidity Reserve Fund, if any, and (4) the application of Current
     Issuer Available Revenue Receipts to reduce the balances on the Current
     Issuer Principal Deficiency Ledger;

(e)  each time it records a debit on a Current Issuer Principal Deficiency Sub
     Ledger, also record on such Current Issuer Principal Deficiency Sub
     Ledger whether such debit was caused by (1) Losses on the Mortgage Loans
     which have been allocated by Funding to the Current Issuer Intercompany
     Loan, (2) the application of Current Issuer Principal Receipts to meet
     any deficiency in Current Issuer Revenue Receipts, and (3) the
     application of Funding Available Principal Receipts to fund or replenish,
     as the case may be, the Current Issuer Liquidity Reserve Fund, if any;

(f)  provide the Current Issuer, Funding, the Note Trustee (upon its request)
     and the Rating Agencies with quarterly reports in relation to the Current
     Issuer as set out in Schedule 3;

(g)  operate the Current Issuer Bank Accounts and ensure that payments are
     made into and from such account in accordance with this Agreement, the
     Current Issuer Deed of Charge, the Current Issuer Bank Account Agreement
     and any other relevant Current Issuer Transaction Document, PROVIDED
     HOWEVER THAT nothing herein shall require the Current Issuer Cash Manager
     to make funds available to the Current Issuer to enable such payments to
     be made other than as expressly required by the provisions of this
     Agreement;

(h)  keep records for all taxation purposes (including, without limitation
     VAT);

(i)  subject to any applicable law, assist the auditors of the Current Issuer
     and provide such information to them as they may reasonably request for
     the purpose of carrying out their duties as auditors;

                                      24
<PAGE>

(j)  make all returns and filings, give all notices and make all registrations
     and other notifications required in the day-to-day operation of the
     business of the Current Issuer or required to be given by the Current
     Issuer pursuant to the Current Issuer Transaction Documents;

(k)  arrange for all payments due to be made by the Current Issuer under any
     of the Current Issuer Transaction Documents, PROVIDED THAT such moneys
     are at the relevant time available to the Current Issuer and PROVIDED
     FURTHER that nothing herein shall constitute a guarantee by the Current
     Issuer Cash Manager of all or any of the obligations of the Current
     Issuer under any of the Current Issuer Transaction Documents;

(l)  without prejudice to the role of and in conjunction with the Current
     Issuer Corporate Services Provider under the Current Issuer Corporate
     Services Agreement, keep general books of account and records of the
     Current Issuer; provide accounting services, including reviewing receipts
     and payments, supervising and assisting in the preparation of interim
     statements and final accounts and supervising and assisting in the
     preparation of tax returns;

(m)  without prejudice to the role of and in conjunction with the Current
     Issuer Corporate Services Provider under the Current Issuer Corporate
     Services Agreement, provide or procure the provision of company
     secretarial and administration services to the Current Issuer including
     the keeping of all registers and the making of all returns and filings
     required by applicable law or by UK regulatory authorities, co-operate in
     the convening of board and general meetings and provide registered office
     facilities;

(n)  itself on behalf of the Current Issuer, PROVIDED THAT such monies are at
     the relevant time available to the Current Issuer, pay all the
     out-of-pocket expenses of the Current Issuer, incurred by the Current
     Issuer Cash Manager on behalf of the Current Issuer in the performance of
     the Current Issuer Cash Manager's duties hereunder including without
     limitation:

     (i)  all Taxes which may be due or payable by the Current Issuer;

     (ii) all necessary filing and other fees in compliance with regulatory
          requirements;

    (iii) all legal and audit fees and other professional advisory fees; and

     (iv) all communication expenses including postage, courier and telephone
          charges;

(o)  the Current Issuer Cash Manager may invest monies standing from time to
     time to the credit of the Current Issuer Transaction Accounts subject to
     the following provisions:

     (i)  any such Authorised Investment shall be made in the joint names of
          the Current Issuer and the Note Trustee;

     (ii) any costs properly and reasonably incurred in making and changing
          Authorised Investments will be reimbursed to the Current Issuer Cash
          Manager and the Note Trustee by the Current Issuer;

    (iii) all income or proceeds following the disposal or maturity of
          Authorised Investments shall be credited to the Current Issuer
          Transaction Accounts from

                                      25
<PAGE>

          which moneys were withdrawn to make the relevant Authorised
          Investment; and

     (iv) following the enforcement of the Current Issuer Security no such
          investment may be made without the prior written consent of the Note
          Trustee.

     The Note Trustee and the Current Issuer Cash Manager shall not be
     responsible (save where any loss results from the Note Trustee's or the
     Current Issuer Cash Manager's own fraud, wilful default or gross
     negligence or that of its officers or employees) for any loss occasioned
     by reason of any such Authorised Investments whether by depreciation in
     value or otherwise provided that such Authorised Investments were made in
     accordance with the above provisions;

     (p)  (i)  if necessary, perform all currency conversions free of
               charge, cost or expense at the relevant exchange rate; and

          (ii) if necessary, perform all interest rate conversions free of
               charge, cost or expense at the relevant interest swap rate.

     for the purposes of any calculations referred to in sub-paragraphs (i)
     and (ii) above, all percentages resulting from such calculations will be
     rounded, if necessary, to the nearest one hundred-thousandth of a
     percentage point (e.g. 9.876541% (or 0.09876541) being rounded down to
     9.87654% (or 0.0987654)) and (ii) any currency amounts used in or
     resulting from such calculations will be rounded in accordance with the
     relevant market practice;

(q)  arrange payment of all fees to the London Stock Exchange plc or, as
     applicable, the UK Listing Authority; and

(r)  provide services in relation to Swap Collateral (including, without
     limitation, in connection with the transfer, receipt, administration
     and/or holding of Swap Collateral, the making of calculations,
     determinations, communications or valuations, the opening and maintenance
     of the Swap Collateral Accounts and the Swap Collateral Ledger; and the
     entering into of Swap Collateral Ancillary Documents).

                                      26
<PAGE>

                                  SCHEDULE 2

                  Cash Management and Maintenance of Ledgers

1.   Determination

     (a)  On or before each Current Issuer Note Determination Date immediately
          preceding a Payment Date, the Current Issuer Cash Manager shall
          determine each of the following in accordance with this paragraph 1:

          (i)  the amount of any Current Issuer Available Revenue Receipts to
               be applied on the following Payment Date in accordance with the
               Current Issuer Pre-Enforcement Revenue Priority of Payments set
               forth in paragraph 3 of this Schedule 2;

          (ii) the amount of any Current Issuer Available Principal Receipts
               to be applied on the following Payment Date in accordance with
               the Current Issuer Pre-Enforcement Principal Priority of
               Payments set forth in paragraph 4 of this Schedule 2;

         (iii) whether there will be an excess or a deficit of the Current
               Issuer Available Revenue Receipts to pay items (A) through (P)
               of the Current Issuer Pre-Enforcement Revenue Priority of
               Payments (after taking account of any Group 1 Shared Issuer
               Revenue Receipts or Group 2 Shared Issuer Revenue Receipts
               available therefor) as set forth in paragraph 3 of this
               Schedule 2;

          (iv) the various amounts, balances and rates to be calculated in
               accordance with the Current Issuer Swap Agreements, and shall
               promptly notify the Current Issuer, the Note Trustee and each
               Calculation Agent (as defined in each Current Issuer Swap
               Agreement) of such amounts, balances and rates; and

          (v)  the Principal Amount Outstanding of the Current Issuer Notes,
               the Pool Factor, and the Note Principal Payment of the Current
               Issuer Notes in accordance with the Conditions.

     (b)  If the Current Issuer Cash Manager determines (as set forth in
          paragraph 1(a)(iii)) that there is a Current Issuer Income Deficit
          and the Current Issuer has provided for that deficit by the
          application of funds standing to the credit of the Current Issuer
          Principal Ledger, if any, then the Current Issuer Cash Manager shall
          make a corresponding debit entry in the relevant Current Issuer
          Principal Deficiency Sub Ledger, PROVIDED THAT the Current Issuer
          Cash Manager shall ensure that Current Issuer Principal Receipts are
          not used to pay interest on any class of Current Issuer Notes if and
          to the extent that would result in a deficiency being recorded, or
          an existing deficiency being increased, on a Current Issuer
          Principal Deficiency Sub Ledger relating to a higher ranking Class
          of Current Issuer Notes, and furthermore that Current Issuer
          Principal Receipts are not used to make up any deficit other than in
          respect of items (A) through (E), (G), (I) and (K) of the Current
          Issuer Pre-

                                      27
<PAGE>

          Enforcement Revenue Priority of Payments. The Current Issuer Cash
          Manager shall thereafter record as a debit on the Current Issuer
          Revenue Ledger the application by the Current Issuer of any excess
          Current Issuer Available Revenue Receipts to extinguish any balance
          on a Current Issuer Principal Deficiency Sub Ledger.

     (c)  The Current Issuer Cash Manager may make all the determinations
          referred to in paragraph 1(a) on the basis of any reasonable and
          proper assumptions as the Current Issuer Cash Manager considers
          appropriate (including without limitation as to the amount of any
          payments to be made under paragraph 3 below during the period from
          and including the Current Issuer Note Determination Date immediately
          preceding a Payment Date to but excluding such Payment Date).

          The Current Issuer Cash Manager shall notify the Current Issuer and
          the Note Trustee on request of any such other assumptions and shall
          take account of any representations made by the Current Issuer and
          the Note Trustee (as the case may be) in relation thereto.

     (d)  Each determination made in accordance with this paragraph 1 shall
          (in the absence of bad faith, wilful default, negligence and
          manifest error) be final and binding on all persons.

2.   Notification of Determinations

     (a)  The Current Issuer Cash Manager will cause each determination of
          Current Issuer Available Principal Receipts and Current Issuer
          Available Revenue Receipts (in accordance with paragraph 1(a)(i) and
          (ii)) and any Current Issuer Income Deficit (in accordance with
          paragraph 1(a)(iii)) to be notified forthwith, following the
          calculation thereof, to the Current Issuer.

     (b)  The Current Issuer Cash Manager shall procure that the
          determinations and notifications required to be made pursuant to
          Condition 5(C) of the Conditions are made.

3.   Priority of Payments for Current Issuer Available Revenue Receipts

     Current Issuer Available Revenue Receipts will be applied, as applicable:

     (a)  on each Payment Date; or

     (b)  on each day when due in respect of amounts due to third parties
          pursuant to paragraph (C) below,

     in each case prior to the enforcement of the Current Issuer Security
     pursuant to the Current Issuer Deed of Charge or until such time as there
     are no Current Issuer Secured Obligations outstanding, in making such
     payments and provisions in the following order of priority (in each case
     only if and to the extent that payments or provisions of a higher
     priority have been made in full) (the "Current Issuer Pre-Enforcement
     Revenue Priority of Payments"):

                                      28
<PAGE>

     (A)  first, to pay amounts due to the Note Trustee, together with
          interest and (to the extent not already inclusive) VAT on those
          amounts, and to provide for any amounts due or to become due during
          the following Interest Period to the Note Trustee under the Current
          Issuer Trust Deed, the Current Issuer Deed of Charge or any other
          Transaction Document;

     (B)  second, in no order of priority among them but in proportion to the
          respective amounts due, to pay amounts due to the Agent Bank, the
          Paying Agents, the Transfer Agent and the Registrar, together with
          interest and (to the extent not already inclusive) VAT on those
          amounts, and to provide for any costs, charges, liabilities and
          expenses due or to become due during the following Interest Period
          to the Agent Bank, the Paying Agents, the Transfer Agent and the
          Registrar under the Current Issuer Paying Agent and Agent Bank
          Agreement;

     (C)  third, to pay amounts due to any third party creditors of the
          Current Issuer (other than those referred to later in this order of
          priority of payments or in the Current Issuer Pre-Enforcement
          Principal Priority of Payments), of which the Current Issuer Cash
          Manager has notice prior to the relevant Payment Date, which amounts
          have been incurred without breach by the Current Issuer of the
          Transaction Documents to which it is a party and for which payment
          has not been provided for elsewhere and to provide for any such
          amounts expected to become due and payable during the following
          Interest Period by the Current Issuer and to pay or discharge any
          liability of the Current Issuer for corporation tax on any
          chargeable income or gain of the Current Issuer;

     (D)  fourth, in no order of priority among them but in proportion to the
          respective amounts due, to pay amounts due to the Current Issuer
          Cash Manager under the Current Issuer Cash Management Agreement, the
          Current Issuer Corporate Services Provider under the Current Issuer
          Corporate Services Agreement and the Current Issuer Account Bank
          under the Current Issuer Bank Account Agreement together with (to
          the extent not already inclusive) VAT on those amounts, and to
          provide for any amounts due, or to become due in the immediately
          succeeding Interest Period, to the Current Issuer Cash Manager under
          the Current Issuer Cash Management Agreement, to the Current Issuer
          Corporate Services Provider under the Current Issuer Corporate
          Services Agreement and to the Current Issuer Account Bank under the
          Current Issuer Bank Account Agreement;

     (E)  fifth, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (1)  amounts (including such part of any termination payment) due to
               the Current Issuer Basis Rate Swap Provider (except for any
               termination payment or any part thereof due and payable to the
               Current Issuer Basis Rate Swap Provider as a result of a Basis
               Rate Swap Provider Default, save to the extent such termination
               payment may be satisfied by any Swap Replacement Payment
               received by the Current Issuer following a Downgrade
               Termination Event and applied in accordance with this order of
               priority of payments);

                                      29
<PAGE>

          (2)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class A1 Dollar
               Currency Swap Provider under the Series 1 Class A1 Dollar
               Currency Swap (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of a
               Dollar Currency Swap Provider Default by that Swap Provider,
               save to the extent such termination payment may be satisfied by
               any Swap Replacement Payment received by the Current Issuer
               following a Downgrade Termination Event in respect of the
               Series 1 Class A1 Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received on each Payment Date in respect of interest
               from the Series 1 Class A1 Dollar Currency Swap Provider to pay
               on such Payment Date interest due or overdue on the Series 1
               Class A1 Notes to holders of the Series 1 Class A1 Notes;

          (3)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class A2 Euro Currency
               Swap Provider under the Series 1 Class A2 Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 1 Class A2
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received on each Payment
               Date in respect of interest from the Series 1 Class A2 Euro
               Currency Swap Provider to pay on such Payment Date interest due
               or overdue on the Series 1 Class A2 Notes to holders of the
               Series 1 Class A2 Notes;

          (4)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class A3 Dollar
               Currency Swap Provider under the Series 1 Class A3 Dollar
               Currency Swap (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of a
               Dollar Currency Swap Provider Default by that Swap Provider,
               save to the extent such termination payment may be satisfied by
               any Swap Replacement Payment received by the Current Issuer
               following a Downgrade Termination Event in respect of the
               Series 1 Class A3 Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received on each Payment Date in respect of interest
               from the Series 1 Class A3 Dollar Currency Swap Provider to pay
               on such Payment Date interest due or overdue on the Series 1
               Class A3 Notes to the holders of the Series 1 Class A3 Notes;

          (5)  amounts due in respect of interest and such part of any
               termination payment due to the Series 2 Class A1 Dollar
               Currency Swap Provider under the Series 2 Class A1 Dollar
               Currency Swap (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of a
               Dollar Currency Swap Provider Default by

                                      30
<PAGE>

               that Swap Provider, save to the extent such termination payment
               may be satisfied by any Swap Replacement Payment received by
               the Current Issuer following a Downgrade Termination Event in
               respect of the Series 2 Class A1 Dollar Currency Swap and
               applied in accordance with this order of priority of payments)
               and from amounts received on each Payment Date in respect of
               interest from the Series 2 Class A1 Dollar Currency Swap
               Provider to pay on such Payment Date interest due or overdue on
               the Series 2 Class A1 Notes to the holders of the Series 2
               Class A1 Notes;

          (6)  amounts due in respect of interest and such part of any
               termination payment due to the Series 2 Class A2 Euro Currency
               Swap Provider under the Series 2 Class A2 Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class A2
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received on each Payment
               Date in respect of interest from the Series 2 Class A2 Euro
               Currency Swap Provider to pay on such Payment Date interest due
               or overdue on the Series 2 Class A2 Notes to the holders of the
               Series 2 Class A2 Notes;

          (7)  amounts due to pay on each Payment Date interest due or overdue
               on the Series 3 Class A1 Notes to the holders of the Series 3
               Class A1 Notes; and

          (8)  (i) on any Payment Date up to and including the earlier of (a)
               the Payment Date in September 2011, (b) the occurrence of a
               Trigger Event or (c) the enforcement of the Funding Security
               and/or the Current Issuer Security, amounts due in respect of
               interest and such part of any termination payment due to the
               Interest Rate Swap Provider under the Interest Rate Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of an Interest Rate
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Interest Rate
               Swap and applied in accordance with this order of priority of
               payments) and from amounts received on each Payment Date in
               respect of interest from the Interest Rate Swap Provider to pay
               on such Payment Date interest due or overdue on the Series 3
               Class A2 Notes to the holders of the Series 3 Class A2 Notes,
               and (ii) thereafter, amounts due in respect of interest and
               such part of any termination payment due to the Interest Rate
               Swap Provider under the Interest Rate Swap, to the extent not
               already paid (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of an
               Interest Rate Swap Provider Default by that Swap

                                      31
<PAGE>

               Provider, save to the extent such termination payment may be
               satisfied by any Swap Replacement Payment received by the
               Current Issuer following a Downgrade Termination Event in
               respect of the Interest Rate Swap and applied in accordance
               with this order of priority of payments) and amounts due to pay
               on such Payment Date interest due or overdue on the Series 3
               Class A2 Notes to the holders of the Series 3 Class A2 Notes;

     (F)  sixth, towards a credit to the Class A Principal Deficiency Sub
          Ledger in an amount up to the amount necessary to eliminate any
          debit on the Class A Principal Deficiency Sub Ledger;

     (G)  seventh, in no order of priority among them but in proportion to the
          respective amounts due, to pay:

          (1)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class B Dollar Currency
               Swap Provider under the Series 1 Class B Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 1 Class B
               Dollar Currency Swap and applied in accordance with this order
               of priority of payments) and from amounts received on each
               Payment Date in respect of interest from the Series 1 Class B
               Dollar Currency Swap Provider to pay on such Payment Date
               interest due or overdue on the Series 1 Class B Notes to the
               holders of the Series 1 Class B Notes;

          (2)  amounts due in respect of interest and such part of any
               termination payment due to the Series 2 Class B Euro Currency
               Swap Provider under the Series 2 Class B Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class B
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received on each Payment
               Date in respect of interest from the Series 2 Class B Euro
               Currency Swap Provider to pay on such Payment Date interest due
               or overdue on the Series 2 Class B Notes to the holders of the
               Series 2 Class B Notes; and

          (3)  amounts due to pay on each Payment Date interest due or overdue
               on the Series 3 Class B Notes to the holders of the Series 3
               Class B Notes.

     (H)  eighth, towards a credit to the Class B Principal Deficiency Sub
          Ledger in an amount up to the amount necessary to eliminate any
          debit on the Class B Principal Deficiency Sub Ledger;

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<PAGE>

     (I)  ninth, in no order or priority among them but in proportion to the
          respective amounts due, to pay:

          (1)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class M Dollar Currency
               Swap Provider under the Series 1 Class M Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any swap
               replacement payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 1 Class M
               Dollar Currency Swap and applied in accordance with this order
               of priority of payments) and from amounts received on each
               Payment Date in respect of interest from the Series 1 Class M
               Dollar Currency Swap Provider to pay on such Payment Date
               interest due or overdue on the Series 1 Class M Notes to the
               holders of the Series 1 Class M Notes;

          (2)  amounts due in respect of interest and such part of any
               termination payment due to the Series 2 Class M Euro Currency
               Swap Provider under the Series 2 Class M Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class M
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received on each Payment
               Date in respect of interest from the Series 2 Class M Euro
               Currency Swap Provider to pay on such Payment Date interest due
               or overdue on the Series 2 Class M Notes to the holders of the
               Series 2 Class M Notes; and

          (3)  amounts due to pay on each Payment Date interest due or overdue
               on the Series 3 Class M Notes to the holders of the Series 3
               Class M Notes;

     (J)  tenth, to credit to the Class M Principal Deficiency Sub Ledger in
          an amount up to the amount necessary to eliminate any debit on that
          ledger;

     (K)  eleventh, in no order of priority among them but in proportion to
          the respective amounts due, to pay:

          (1)  amounts due in respect of interest and such part of any
               termination payment due to the Series 1 Class C Dollar Currency
               Swap Provider under the Series 1 Class C Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of

                                      33
<PAGE>

               the Series 1 Class C Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received on each Payment Date in respect of interest
               from the Series 1 Class C Dollar Currency Swap Provider to pay
               on such Payment Date interest due or overdue on the Series 1
               Class C Notes to the holders of the Series 1 Class C Notes;

          (2)  amounts due in respect of interest and such part of any
               termination payment due to the Series 2 Class C Euro Currency
               Swap Provider under the Series 2 Class C Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class C
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received on each Payment
               Date in respect of interest from the Series 2 Class C Euro
               Currency Swap Provider to pay on such Payment Date interest due
               or overdue on the Series 2 Class C Notes to the holders of the
               Series 2 Class C Notes; and

          (3)  amounts due to pay on each Payment Date interest due or overdue
               on the Series 3 Class C Notes to the holders of the Series 3
               Class C Notes;

     (L)  twelfth, to credit the Class C Principal Deficiency Sub Ledger in an
          amount up to the amount necessary to eliminate any debit on the
          Class C Principal Deficiency Sub Ledger;

     (M)  thirteenth, on the Payment Date falling in December of each year, to
          pay to the Current Issuer Account Bank an amount equal to the amount
          of any debit balance on any Current Issuer Transaction Account as
          permitted by the Current Issuer Cash Manager, incurred in accordance
          with the provisions of the Current Issuer Transaction Documents and
          outstanding as at such Payment Date;

     (N)  fourteenth, in no order of priority among them but in proportion to
          the respective amounts due, to pay any termination payment to:

          (1)  the Current Issuer Basis Rate Swap Provider following a Basis
               Rate Swap Provider Default;

          (2)  the Current Issuer Interest Rate Swap Provider following an
               Interest Rate Swap Provider Default;

          (3)  any Dollar Currency Swap Provider following a Dollar Currency
               Swap Provider Default; and

          (4)  any Euro Currency Swap Provider following a Euro Currency Swap
               Provider Default;

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<PAGE>

     (O)  fifteenth, to pay to the Current Issuer an amount equal to 0.01% per
          annum of the interest received under the Current Issuer Intercompany
          Loan, to be retained by the Current Issuer as profit, less
          corporation tax in respect of those profits provided for or paid at
          item (C) above; and

     (P)  last, to pay to shareholders of the Current Issuer any dividend
          declared by the Current Issuer.

     If any Swap Collateral Available Revenue Amounts are received by the
     Current Issuer on a Payment Date, such Swap Collateral Available Revenue
     Amounts shall be applied by the Current Issuer Cash Manager on that
     Payment Date in the same manner as it would have applied the receipts
     which such Swap Collateral Available Revenue Amounts replace.

     If, on any Payment Date, an amount equal to the cash benefit relating to
     any Tax Credit obtained by the Current Issuer is required to be paid by
     the Current Issuer to any Current Issuer Swap Provider (in accordance
     with Part 5(r) of the Schedule to the relevant Current Issuer Swap
     Agreement), then the Current Issuer shall make such payment on such
     Payment Date out of the Current Issuer Available Revenue Receipts in
     priority to the payments and provisions to be made on such Payment Date
     in accordance with the Current Issuer Pre-Enforcement Revenue Priority of
     Payments. The amount of any such cash benefit paid to the relevant
     Current Issuer Swap Provider in accordance with this paragraph shall, to
     avoid double counting, be deducted from the amount to be paid to that
     Current Issuer Swap Provider under the relevant Current Issuer Swap
     Agreement in accordance with the Current Issuer Pre-Enforcement Revenue
     Priority of Payments on the relevant Payment Date.

4.   Priority of Payments for Current Issuer Available Principal Receipts

4.1  Distribution of Current Issuer Available Principal Receipts Prior to
     Enforcement of the Current Issuer Security

     Prior to enforcement of the Current Issuer Security pursuant to the
     Current Issuer Deed of Charge and/or the occurrence of a Trigger Event,
     or until such time as there are no Current Issuer Notes outstanding,
     Current Issuer Available Principal Receipts will be applied in the
     following order of priority (the "Current Issuer Pre-Enforcement
     Principal Priority of Payments"):

     (A)  first, amounts due in respect of principal and such part of any
          termination payment due to the Series 1 Class A1 Dollar Currency
          Swap Provider under the Series 1 Class A1 Dollar Currency Swap
          (except for any termination payment or any part thereof due and
          payable to that Swap Provider as a result of a Dollar Currency Swap
          Provider Default by that Swap Provider, save to the extent such
          termination payment may be satisfied by any Swap Replacement Payment
          received by the Current Issuer following a Downgrade Termination
          Event in respect of the Series 1 Class A1 Dollar Currency Swap and
          applied in accordance with this order of priority of payments) and
          from amounts received in respect of principal from the Series 1
          Class A1 Dollar Currency Swap Provider to pay up to the Series 1
          Class A1 Controlled Amortisation Amount to the holders of the Series
          1 Class A1 Notes;

                                      35
<PAGE>

     (B)  second, amounts due in respect of principal and such part of any
          termination payment due to the Series 1 Class A2 Euro Currency Swap
          Provider under the Series 1 Class A2 Euro Currency Swap (except for
          any termination payment or any part thereof due and payable to that
          Swap Provider as a result of a Euro Currency Swap Provider Default
          by that Swap Provider, save to the extent such termination payment
          may be satisfied by any Swap Replacement Payment received by the
          Current Issuer following a Downgrade Termination Event in respect of
          the Series 1 Class A2 Euro Currency Swap and applied in accordance
          with this order of priority of payments) and from amounts received
          in respect of principal from the Series 1 Class A2 Euro Currency
          Swap Provider to pay up to the Series 1 Class A2 Controlled
          Amortisation Amount to the holders of the Series 1 Class A2 Notes;

     (C)  third, in no order of priority between them but in proportion to the
          amounts due, to pay:

          (1)  amounts due in respect of principal and such part of any
               termination payment due to the Series 1 Class A3 Dollar
               Currency Swap Provider under the Series 1 Class A3 Dollar
               Currency Swap (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of a
               Dollar Currency Swap Provider Default by that Swap Provider,
               save to the extent such termination payment may be satisfied by
               any Swap Replacement Payment received by the Current Issuer
               following a Downgrade Termination Event in respect of the
               Series 1 Class A3 Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received in respect of principal from the Series 1
               Class A3 Dollar Currency Swap Provider to pay up to the Series
               1 Class A3 Controlled Amortisation Amount to the holders of the
               Series 1 Class A3 Notes;

          (2)  amounts due in respect of principal and such part of any
               termination payment due to the Series 2 Class A1 Dollar
               Currency Swap Provider under the Series 2 Class A1 Dollar
               Currency Swap (except for any termination payment or any part
               thereof due and payable to that Swap Provider as a result of a
               Dollar Currency Swap Provider Default by that Swap Provider,
               save to the extent such termination payment may be satisfied by
               any Swap Replacement Payment received by the Current Issuer
               following a Downgrade Termination Event in respect of the
               Series 2 Class A1 Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received in respect of principal from the Series 2
               Class A1 Dollar Currency Swap Provider to pay up to the Series
               2 Class A1 Controlled Amortisation Amount to the holders of the
               Series 2 Class A1 Notes;

          (3)  amounts due in respect of principal and such part of any
               termination payment due to the Series 2 Class A2 Euro Currency
               Swap Provider under the Series 2 Class A2 Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current

                                      36
<PAGE>

               Issuer following a Downgrade Termination Event in respect of
               the Series 2 Class A2 Euro Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received in respect of principal from the Series 2
               Class A2 Euro Currency Swap Provider to pay up to the Series 2
               Class A2 Controlled Amortisation Amount to the holders of the
               Series 2 Class A2 Notes;

          (4)  to pay up to the Series 3 Class A1 Controlled Amortisation
               Amount to the holders of the Series 3 Class A1 Notes; and

          (5)  to pay up to the Series 3 Class A2 Controlled Amortisation
               Amount to the holders of the Series 3 Class A2 Notes;

     (D)  fourth, provided that the Issuer Reserve Requirement and the Issuer
          Arrears Test are satisfied on such Payment Date (or, if either the
          Issuer Reserve Requirement or the Issuer Arrears Test is not
          satisfied on such Payment Date, but the Class A Notes have been
          repaid in full) no order of priority among them but in proportion to
          the respective amounts due, to pay:

          (1)  amounts due in respect of principal and such part of any
               termination payment due to the Series 1 Class B Dollar Currency
               Swap Provider under the Series 1 Class B Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 1 Class B
               Dollar Currency Swap and applied in accordance with this order
               of priority of payments) and from amounts received in respect
               of principal from the Series 1 Class B Dollar Currency Swap
               Provider to pay up to the Series 1 Class B Controlled
               Amortization Amount to the holders of the Series 1 Class B
               Notes;

          (2)  amounts due in respect of principal and such part of any
               termination payment due to the Series 2 Class B Euro Currency
               Swap Provider under the Series 2 Class B Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class B
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received in respect of
               principal from the Series 2 Class B Euro Currency Swap Provider
               to pay up to the Series 2 Class B Controlled Amortization
               Amount to the holders of the Series 2 Class B Notes; and

          (3)  up to the Series 3 Class B Controlled Amortization Amount to
               the holders of the Series 3 Class B Notes;

                                      37
<PAGE>

     (E)  fifth, provided that the Issuer Reserve Requirement and the Issuer
          Arrears Test are satisfied on such Payment Date (or, if either the
          Issuer Reserve Requirement or the Issuer Arrears Test is not
          satisfied on such Payment Date, but the Class A Notes have been
          repaid in full), in no order of priority among them but in
          proportion to the respective amounts due, to pay:

          (1)  amounts due in respect of principal and such part of any
               termination payment due to the Series 1 Class M Dollar Currency
               Swap Provider under the Series 1 Class M Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 1 Class M
               Dollar Currency Swap and applied in accordance with this order
               of priority of payments) and from amounts received in respect
               of principal from the Series 1 Class M Dollar Currency Swap
               Provider to pay up to the Series 1 Class M Controlled
               Amortization Amount to the holders of the Series 1 Class M
               Notes;

          (2)  amounts due in respect of principal and such part of any
               termination payment due to the Series 2 Class M Euro Currency
               Swap Provider under the Series 2 Class M Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class M
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received in respect of
               principal from the Series 2 Class M Euro Currency Swap Provider
               to pay up to the Series 2 Class M Controlled Amortization
               Amount to the holders of the Series 2 Class M Notes; and

          (3)  up to the Series 3 Class M Controlled Amortization Amount to
               the holders of the Series 3 Class M Notes; and

     (F)  last, provided that the Issuer Reserve Requirement and the Issuer
          Arrears Test are satisfied on such Payment Date (or, if either the
          Issuer Reserve Requirement or the Issuer Arrears Test is not
          satisfied on such Payment Date, but the Class A Notes have been
          repaid in full) in no order of priority among them but in proportion
          to the respective amounts due, to pay:

          (1)  amounts due in respect of principal and such part of any
               termination payment due to the Series 1 Class C Dollar Currency
               Swap Provider under the Series 1 Class C Dollar Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Dollar Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of

                                      38
<PAGE>

               the Series 1 Class C Dollar Currency Swap and applied in
               accordance with this order of priority of payments) and from
               amounts received in respect of principal from the Series 1
               Class C Dollar Currency Swap Provider to pay up to the Series 1
               Class C Controlled Amortisation Amount to the holders of the
               Series 1 Class C Notes;

          (2)  amounts due in respect of principal and such part of any
               termination payment due to the Series 2 Class C Euro Currency
               Swap Provider under the Series 2 Class C Euro Currency Swap
               (except for any termination payment or any part thereof due and
               payable to that Swap Provider as a result of a Euro Currency
               Swap Provider Default by that Swap Provider, save to the extent
               such termination payment may be satisfied by any Swap
               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class C
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received in respect of
               principal from the Series 2 Class C Euro Currency Swap Provider
               to pay up to the Series 2 Class C Controlled Amortisation
               Amount to the holders of the Series 2 Class C Notes; and

          (3)  up to the Series 3 Class C Controlled Amortisation Amount to
               the holders of the Series 3 Class C Notes.

     The Controlled Amortisation Amount of each class of Current Issuer Notes
     for each Payment Date is as set forth on Schedule 4.

     If any Swap Collateral Available Principal Amounts are received by the
     Current Issuer on a Payment Date, such Swap Collateral Available
     Principal Amounts shall be applied by the Current Issuer Cash Manager on
     that Payment Date in the same manner as it would have applied the
     receipts which such Swap Collateral Available Principal Amounts replace.

4.2  Distribution of Current Issuer Available Principal Receipts Following the
     Occurrence of a Non-Asset Trigger Event and prior to the occurrence of an
     Asset Trigger Event

     Following the occurrence of a Non-Asset Trigger Event and prior to the
     occurrence of an Asset Trigger Event but prior to enforcement of the
     Funding Security under the Funding Deed of Charge and/or the Current
     Issuer Security under the Current Issuer Deed of Charge, the Current
     Issuer Cash Manager will apply Current Issuer Available Principal
     Receipts in the following order of priority:

     (A)  first, to pay amounts (including such part of any termination
          payment) due to the Series 1 Class A1 Dollar Currency Swap Provider
          under the Series 1 Class A1 Dollar Currency Swap (except for any
          termination payment or any part thereof due and payable to that Swap
          Provider as a result of a Dollar Currency Swap Provider Default by
          that Swap Provider, save to the extent such termination payment may
          be satisfied by any Swap Replacement Payment received by the Current
          Issuer following a Downgrade Termination Event in respect of the
          Series 1 Class A1 Dollar Currency Swap and applied in accordance
          with this order of priority of payments) and from amounts

                                      39
<PAGE>

          received from the Series 1 Class A1 Dollar Currency Swap Provider to
          repay the Series 1 Class A1 Notes until the Series 1 Class A1 Notes
          have been repaid in full;

     (B)  second, to pay amounts (including such part of any termination
          payment) due to the Series 1 Class A2 Euro Currency Swap Provider
          under the Series 1 Class A2 Euro Currency Swap (except for any
          termination payment or any part thereof due and payable to that Swap
          Provider as a result of a Euro Currency Swap Provider Default by
          that Swap Provider, save to the extent such termination payment may
          be satisfied by any Swap Replacement Payment received by the Current
          Issuer following a Downgrade Termination Event in respect of the
          Series 1 Class A2 Euro Currency Swap and applied in accordance with
          this order of priority of payments) and from amounts received from
          the Series 1 Class A2 Euro Currency Swap Provider to repay the
          Series 1 Class A2 Notes until the Series 1 Class A2 Notes have been
          repaid in full;

     (C)  third, in no order of priority between them but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class A3 Dollar Currency Swap Provider
               under the Series 1 Class A3 Dollar Currency Swap (except for
               any termination payment or any part thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class A3 Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class A3 Dollar Currency Swap Provider to repay the Series 1
               Class A3 Notes until the Series 1 Class A3 Notes have been
               repaid in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class A1 Dollar Currency Swap Provider
               under the Series 2 Class A1 Dollar Currency Swap (except for
               any termination payment or any amount thereof due and payable
               to that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class A1 Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class A1 Dollar Currency Swap Provider to repay the Series 2
               Class A1 Notes until the Series 2 Class A1 Notes have been
               repaid in full;

          (3)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class A2 Euro Currency Swap Provider under
               the Series 2 Class A2 Euro Currency Swap (except for any
               termination

                                      40
<PAGE>

               payment or any part thereof due and payable to that Swap
               Provider as a result of a Euro Currency Swap Provider Default
               by that Swap Provider, save to the extent such termination
               payment may be satisfied by any Swap Replacement Payment
               received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class A2 Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class A2 Euro Currency Swap Provider to repay the Series 2
               Class A2 Notes until the Series 2 Class A2 Notes have been
               repaid in full;

          (4)  to repay the Series 3 Class A1 Notes until the Series 3 Class
               A1 Notes have been repaid in full; and

          (5)  to repay the Series 3 Class A2 Notes until the Series 3 Class
               A2 Notes have been repaid in full;

     (D)  fourth, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class B Dollar Currency Swap Provider under
               the Series 1 Class B Dollar Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class B Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class B Dollar Currency Swap Provider to repay the Series 1
               Class B Notes until the Series 1 Class B Notes have been repaid
               in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class B Euro Currency Swap Provider under
               the Series 2 Class B Euro Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class B Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class B Euro Currency Swap Provider to repay the Series 2
               Class B Notes until the Series 2 Class B Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class B Notes until the Series 3 Class B
               Notes have been repaid in full;

     (E)  fifth, in no order of priority among them, but in proportion to the
          amounts due:

                                      41
<PAGE>

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class M Dollar Currency Swap Provider under
               the Series 1 Class M Dollar Currency Swap (except for any
               termination payment or any part thereof due and payable to that
               Swap Provider, as a result of a Dollar Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment, received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class M Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class M Dollar Currency Swap Provider to repay the Series 1
               Class M Notes until the Series 1 Class M Notes have been repaid
               in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class M Euro Currency Swap Provider under
               the Series 2 Class M Euro Currency Swap (except for any
               termination payment or any part thereof due and payable to that
               Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class M Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class M Euro Currency Swap Provider to repay the Series 2
               Class M Notes until the Series 2 Class M Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class M Notes until the Series 3 Class M
               Notes have been repaid in full; and

     (F)  last, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class C Dollar Currency Swap Provider under
               the Series 1 Class C Dollar Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class C Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class C Dollar Currency Swap Provider to repay the Series 1
               Class C Notes until the Series 1 Class C Notes have been repaid
               in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class C Euro Currency Swap Provider under
               the Series 2 Class C Euro Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap

                                      42
<PAGE>

               Replacement Payment received by the Current Issuer following a
               Downgrade Termination Event in respect of the Series 2 Class C
               Euro Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class C Euro Currency Swap Provider to repay the Series 2
               Class C Notes until the Series 2 Class C Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class C Notes until the Series 3 Class C
               Notes have been repaid in full.

     If any Swap Collateral Available Principal Amounts are received by the
     Current Issuer on a Payment Date, such Swap Collateral Available
     Principal Amounts shall be applied by the Current Issuer Cash Manager on
     that Payment Date in the same manner as it would have applied the
     receipts which such Swap Collateral Available Principal Amounts replace.

4.3  Distribution of Current Issuer Available Principal Receipts Following the
     Occurrence of an Asset Trigger Event

     Following the occurrence of an Asset Trigger Event but prior to
     enforcement of the Funding Security under the Funding Deed of Charge
     and/or the Current Issuer Security under the Current Issuer Deed of
     Charge, the Current Issuer Cash Manager will apply Current Issuer
     Available Principal Receipts in the following order of priority:

     (A)  first, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class A1 Dollar Currency Swap Provider
               under the Series 1 Class A1 Dollar Currency Swap (except for
               any termination payment or any amount thereof due and payable
               to that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class A1 Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class A1 Dollar Currency Swap Provider to repay the Series 1
               Class A1 Notes until the Series 1 Class A1 Notes have been
               repaid in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class A2 Euro Currency Swap Provider under
               the Series 1 Class A2 Euro Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class A2 Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the

                                      43
<PAGE>

               Series 1 Class A2 Euro Currency Swap Provider to repay the
               Series 1 Class A2 Notes until the Series 1 Class A2 Notes have
               been repaid in full;

          (3)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class A3 Dollar Currency Swap Provider
               under the Series 1 Class A3 Dollar Currency Swap (except for
               any termination payment or any part thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class A3 Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class A3 Dollar Currency Swap Provider to repay the Series 1
               Class A3 Notes until the Series 1 Class A3 Notes have been
               repaid in full;

          (4)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class A1 Dollar Currency Swap Provider
               under the Series 2 Class A1 Dollar Currency Swap (except for
               any termination payment or any amount thereof due and payable
               to that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class A1 Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class A1 Dollar Currency Swap Provider to repay the Series 2
               Class A1 Notes until the Series 2 Class A1 Notes have been
               repaid in full;

          (5)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class A2 Euro Currency Swap Provider under
               the Series 2 Class A2 Euro Currency Swap (except for any
               termination payment or any part thereof due and payable to that
               Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class A2 Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class A2 Euro Currency Swap Provider to repay the Series 2
               Class A2 Notes until the Series 2 Class A2 Notes have been
               repaid in full;

          (6)  to repay the Series 3 Class A1 Notes until the Series 3 Class
               A1 Notes have been repaid in full; and

          (7)  to repay the Series 3 Class A2 Notes until the Series 3 Class
               A2 Notes have been repaid in full;

                                      44
<PAGE>

     (B)  second, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class B Dollar Currency Swap Provider under
               the Series 1 Class B Dollar Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class B Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class B Dollar Currency Swap Provider to repay the Series 1
               Class B Notes until the Series 1 Class B Notes have been repaid
               in full; and

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class B Euro Currency Swap Provider under
               the Series 2 Class B Euro Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class B Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class B Euro Currency Swap Provider to repay the Series 2
               Class B Notes until the Series 2 Class B Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class B Notes until the Series 3 Class B
               Notes have been repaid in full;

     (C)  third, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class M Dollar Currency Swap Provider under
               the Series 1 Class M Dollar Currency Swap (except for any
               termination payment or any part thereof due and payable to that
               Swap Provider as a result of a Dollar Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class M Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class M Dollar Currency Swap Provider to repay the Series 1
               Class M Notes until the Series 1 Class M Notes have been repaid
               in full; and

                                      45
<PAGE>

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class M Euro Currency Swap Provider under
               the Series 2 Class M Euro Currency Swap (except for any
               termination payment or any part thereof due and payable to that
               Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class M Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class M Euro Currency Swap Provider to repay the Series 2
               Class M Notes until the Series 2 Class M Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class M Notes until the Series 3 Class M
               Notes have been repaid in full; and

     (D)  last, in no order of priority among them, but in proportion to the
          amounts due:

          (1)  to pay amounts (including such part of any termination payment)
               due to the Series 1 Class C Dollar Currency Swap Provider under
               the Series 1 Class C Dollar Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Dollar Currency Swap
               Provider Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 1 Class C Dollar
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               1 Class C Dollar Currency Swap Provider to repay the Series 1
               Class C Notes until the Series 1 Class C Notes have been repaid
               in full;

          (2)  to pay amounts (including such part of any termination payment)
               due to the Series 2 Class C Euro Currency Swap Provider under
               the Series 2 Class C Euro Currency Swap (except for any
               termination payment or any amount thereof due and payable to
               that Swap Provider as a result of a Euro Currency Swap Provider
               Default by that Swap Provider, save to the extent such
               termination payment may be satisfied by any Swap Replacement
               Payment received by the Current Issuer following a Downgrade
               Termination Event in respect of the Series 2 Class C Euro
               Currency Swap and applied in accordance with this order of
               priority of payments) and from amounts received from the Series
               2 Class C Euro Currency Swap Provider to repay the Series 2
               Class C Notes until the Series 2 Class C Notes have been repaid
               in full; and

          (3)  to repay the Series 3 Class C Notes until the Series 3 Class C
               Notes have been repaid in full.

     If any Swap Collateral Available Principal Amounts are received by the
     Current Issuer on a Payment Date, such Swap Collateral Available
     Principal Amounts shall be applied by the Current Issuer Cash Manager on
     that Payment Date in the same

                                      46
<PAGE>

     manner as it would have applied the receipts which such Swap Collateral
     Available Principal Amounts replace.

5.   Use of Ledgers

     The Current Issuer Cash Manager shall forthwith record monies received or
     payments made by it on behalf of the Current Issuer in the ledgers in the
     manner set out in this Agreement. If, at any time, the Current Issuer
     Cash Manager is in any doubt as to which ledger a particular amount
     should be credited or debited, it shall consult with the Note Trustee
     thereon.

     Except in the case of the Current Issuer Principal Deficiency Ledger and
     except as provided in Clause 2.4.(b) of the Current Issuer Bank Account
     Agreement, a debit item shall only be made in respect of any of the
     Current Issuer Ledgers, and the corresponding payment or transfer (if
     any) may only be made from the Current Issuer Transaction Accounts, to
     the extent that such entry does not cause the relevant ledger to have a
     debit balance. In the case of the Current Issuer Principal Deficiency
     Ledger and each Current Issuer Principal Deficiency Sub Ledger, a credit
     item shall only be made to the extent that such entry does not cause such
     ledger to have a credit balance.

6.   Current Issuer Revenue Ledger

     The Current Issuer Cash Manager shall ensure that:

     (a)  the following amounts shall be credited to the Current Issuer
          Revenue Ledger:

          (i)  all interest fees and any other amount (not including
               principal), if any, paid by Funding to the Current Issuer under
               the terms of the Current Issuer Intercompany Loan;

          (ii) all interest received by the Current Issuer in respect of the
               Current Issuer Bank Accounts;

         (iii) all amounts received by the Current Issuer representing income
               on any Current Issuer Authorised Investments;

          (iv) all amounts (including any early termination payment which is
               to be used to acquire, if necessary, a new basis rate swap)
               received by the Current Issuer under the Basis Rate Swap
               Agreement;

          (v)  all revenue amounts (including any early termination payment
               which is to be used to acquire, if necessary, a new currency
               swap) received by the Current Issuer under the Currency Swap
               Agreements;

          (vi) all revenue amounts (including any early termination payment
               which is to be used to acquire, if necessary, a new interest
               rate swap) received by the Current Issuer under the Interest
               Rate Swap Agreement; and

         (vii) any amount debited to the Current Issuer Principal Ledger
               under paragraph 8; and

                                      47
<PAGE>

     (b)  any payment or provision made under paragraphs 1 and 3 of this
          Schedule 2 shall be debited to the Current Issuer Revenue Ledger.

7.   Current Issuer Principal Ledger

     Without prejudice to paragraph 8 below, the Current Issuer Cash Manager
     shall ensure that:

     (a)  the following amounts shall be credited to the Current Issuer
          Principal Ledger:

          (i)  all principal paid by Funding to the Current Issuer under the
               terms of the Current Issuer Intercompany Loan;

          (ii) amounts credited to the Current Issuer Principal Deficiency
               Ledger under paragraphs 3 and 8 (excluding amounts credited to
               the Current Issuer Principal Deficiency Ledger under paragraph
               8(d)); and

     (b)  any payment or provision made under paragraph 4 of this Schedule 2
          shall be debited to the Current Issuer Principal Ledger.

8.   Current Issuer Principal Deficiency Ledger

     (a)  Without prejudice to paragraph 7, the Current Issuer Cash Manager
          shall ensure that there shall be debited to the Current Issuer
          Principal Deficiency Ledger:

          (i)  principal deficiencies arising from Losses on the Mortgage
               Loans which have been allocated by Funding to the Current
               Issuer Intercompany Loan;

          (ii) the use of Current Issuer Available Principal Receipts to meet
               any deficiency in Current Issuer Available Revenue Receipts;
               and

         (iii) the use of Funding Available Principal Receipts to fund the
               Current Issuer Liquidity Reserve Fund, if any.

     (b)  The Current Issuer Cash Manager shall ensure that there shall be
          credited to the Current Issuer Principal Deficiency Ledger any
          amount to be credited in accordance with paragraph 3 above.

     (c)  Amounts to be debited to the Current Issuer Principal Deficiency
          Ledger shall be debited in the following order:

          (i)  first, on the Class C Principal Deficiency Sub Ledger, until
               the balance of the Class C Principal Deficiency Sub Ledger is
               equal to the aggregate Outstanding Principal Balance of the
               Class C Notes;

          (ii) second, on the Class M Principal Deficiency Sub Ledger, until
               the balance of the Class M Principal Deficiency Sub Ledger is
               equal to the aggregate Outstanding Principal Balance of the
               Class M Notes;

                                      48
<PAGE>

         (iii) third, on the Class B Principal Deficiency Sub Ledger, until
               the balance of the Class B Principal Deficiency Sub Ledger is
               equal to the aggregate Outstanding Principal Balance of the
               Class B Notes; and

          (iv) last, on the Class A Principal Deficiency Sub Ledger, at which
               point an Asset Trigger Event will have occurred.

     (d)  The Current Issuer Cash Manager shall ensure that there shall be
          credited to the Current Issuer Principal Deficiency Ledger amounts
          to be credited to cure the deficiencies set out below and each time
          such a credit is made, the Current Issuer shall deemed to have cured
          the relevant deficiency in the following order:

          (i)  first, deficiencies which have resulted from the application of
               Current Issuer Available Principal Receipts to meet any
               deficiency in Current Issuer Available Revenue Receipts;

          (ii) second, deficiencies which have arisen from Principal Losses on
               the Mortgage Loans being allocated by Funding to the Current
               Issuer Intercompany Loan; and

         (iii) last, deficiencies which have arisen from the application by
               Funding of Funding Allocable Principal Receipts to fund the
               Current Issuer Liquidity Reserve Fund.

     (e)  If, on any Payment Date, any Funding Available Revenue Receipts are
          applied by Funding as Funding Available Principal Receipts pursuant
          to rule 4 of the rules of application of Funding Available Revenue
          Receipts as set forth in Part 1 of Schedule 3 to the Funding Deed of
          Charge, then on such Payment Date the Current Issuer Cash Manger
          shall ensure that there shall be credited to the Current Issuer
          Principal Deficiency Ledger an amount equal to the amount so applied
          as Funding Available Principal Receipts.

9.   Records

     (a)  The Current Issuer Cash Manager shall ensure that a separate record
          is kept of any amount received from each of the Current Issuer Swap
          Providers pursuant to each of the Current Issuer Swap Agreements.

     (b)  The Current Issuer Cash Manager hereby agrees that, each time the
          Current Issuer Cash Manager records a debit on a Current Issuer
          Principal Deficiency Sub Ledger, the Current Issuer Cash Manager
          shall also record on such Current Issuer Principal Deficiency Sub
          Ledger whether such debit was caused by (A) Losses on the Mortgage
          Loans which have been allocated by Funding to the Current Issuer
          Intercompany Loan, (B) the application of Current Issuer Available
          Principal Receipts to meet any deficiency in Current Issuer
          Available Revenue Receipts, or (C) the application of Funding
          Available Principal Receipts to fund the Current Issuer Liquidity
          Reserve Fund, if any.

                                      49
<PAGE>

     (c)  The Current Issuer Cash Manager hereby agrees that, each time the
          Current Issuer Cash Manager records a credit on the Current Issuer
          Principal Deficiency Ledger to cure a deficiency, the Current Issuer
          Cash Manager shall also record on such Current Issuer Principal
          Deficiency Ledger the source of such deficiency as being one of the
          categories set forth in 8(d) above (as appropriate).

10.  Swap Collateral Ledger

     In connection with Swap Collateral the Current Issuer Cash Manager shall
     ensure that the appropriate debits and credits are made to the Swap
     Collateral Ledger in accordance with Clause 5.6 (Swap Collateral).

                                      50
<PAGE>

                                  SCHEDULE 3

                        Form of Issuer Quarterly Report

Granite Mortgages 04-3 plc

Profit & Loss Account

Period Ended

                                                         This         Prior
                                                        Quarter      Quarter

                                                      (GBP) 000's  (GBP) 000's

Interest Receivable - Intercompany Loan

Interest  Receivable - Cash  Deposits/Authorised
Investments

                                                      -----------------------
                                                      0            0

Interest Payable - Notes

Interest Payable

                                                      -----------------------
                                                      0            0

                                                      -----------------------
Net Operating Income                                  0            0

Other Income

Operating Expenses

                                                      -----------------------
Profit/loss on ordinary activities before tax         0            0

Taxation

                                                      -----------------------
Profit/loss on ordinary activities after tax          0            0

Dividend                                              0            0

Retained profit brought forward                       0            0

                                                      -----------------------
Retained profit for the year                          0            0
                                                      =======================

                                      51
<PAGE>

Granite Mortgages 04-3 plc

Balance Sheet

Period Ended

                                                      (GBP)  000's (GBP) 000's
Fixed Asset Investments

Intercompany Lending                                               0

Current Assets

Interest Receivable                                   0

Other debtors                                         0

Cash at Bank                                          0

Current Issuer Transaction Account:
                                                      ------------
                                                      0

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

Creditors: Amounts falling due within one year

Accruals                                              0

Interest Payable Accrual                              0

Taxation                                              0

                                                      ------------
                                                      0

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

Net current assets                                    0

Creditors: Amounts falling due after one year

Amount due to Noteholders                             0

                                                      ------------
Total Assets less current liabilities                 0
                                                      ============

Share Capital                                         0

Reserves                                              0

                                                      ------------
                                                      0

                                                      ============

                                      52
<PAGE>

Granite Mortgages 04-3 plc

Balance Sheet

Period Ended

Current Issuer Notes to Balance Sheet:

Principal Deficiency Ledger

Class A Principal Deficiency Sub Ledger

Opening PDL Balance

Losses this Quarter

Amount of PDL top-up

Closing PDL Balance

Class B Principal Deficiency Sub Ledger

Opening PDL Balance

Losses this Quarter

Amount of PDL top-up

Closing PDL Balance

Class M Principal Deficiency Sub Ledger

Opening PDL Balance

Losses this Quarter

Amount of PDL top-up

Closing PDL Balance

Class C Principal Deficiency Sub Ledger

Opening PDL Balance

Losses this Quarter

Amount of PDL top-up

Closing PDL Balance

                                      53
<PAGE>

Granite Mortgages 04-3 plc

Balance Sheet

Period Ended

<TABLE>
Granite Mortgages 04-3 plc
Notes Outstanding
<CAPTION>

Period Ended

                                  Series 1  Series 1  Series 1  Series 2  Series 2  Series 3  Series 3
                                  Class A1  Class A2  Class A3  Class A1  Class A2  Class A1  Class A2
<S>                               <C>       <C>       <C>       <C>       <C>       <C>       <C>

Moody's Current Rating
Fitch Ratings Current Rating
S&P Current Rating

                                  Series 1                      Series 2            Series 3
                                  Class B                       Class B             Class B
Moody's Current Rating
Fitch Ratings Current Rating
S&P Current Rating

                                  Series 1                      Series 2            Series 3
                                  Class M                       Class M             Class M
Moody's Current Rating
Fitch Ratings Current Rating
S&P Current Rating

                                  Series 1                      Series 2            Series 3
                                  Class C                       Class C             Class C
Moody's Current Rating
Fitch Ratings Current Rating
S&P Current Rating

                                  Series 1  Series 1  Series 1  Series 2  Series 2  Series 3  Series 3
                                  Class A1  Class A2  Class A3  Class A1  Class A2  Class A1  Class A2
Initial Note Balance
Previous Quarters Note Principal
Note Redemptions
Outstanding Note Principal

                                  Series 1                      Series 2            Series 3
                                  Class B                       Class B             Class B
Initial Note Balance
Previous Quarters Note Principal
Note Redemptions
Outstanding Note Principal

                                  Series 1                      Series 2            Series 3
                                  Class M                       Class M             Class M
Initial Note Balance
Previous Quarters Note Principal
Note Redemptions
Outstanding Note Principal

                                  Series 1                      Series 2            Series 3
                                  Class C                       Class C             Class C
Initial Note Balance
Previous Quarters Note Principal
Note Redemptions
Outstanding Note Principal

                                      54
<PAGE>

Granite Mortgages 04-3 plc

Balance Sheet

Period Ended

                                  Series 1  Series 1  Series 1  Series 2  Series 2  Series 3  Series 3
                                  Class A1  Class A2  Class A3  Class A1  Class A2  Class A1  Class A2
Note Interest Margins
Step Up Dates
Step Up Margins

                                  Series 1                      Series 2            Series 3
                                  Class B                       Class B             Class B
Note Interest Margins
Step Up Dates
Step Up Margins

                                  Series 1                      Series 2            Series 3
                                  Class M                       Class M             Class M
Note Interest Margins
Step Up Dates
Step Up Margins

                                  Series 1                      Series 2            Series 3
                                  Class C                       Class C             Class C
Note Interest Margins
Step Up Dates
Step Up Margins

Payment Cycle
Payment Date
Next Payment Date

Amount Credited to Principal
Deficiency Sub Ledger:
Current Quarter:
Aggregate:

</TABLE>

                                      55
<PAGE>

                                  SCHEDULE 4

                 Controlled Amortisation Amount/Target Balance

The "Controlled Amortisation Amount" for each Class of Current Issuer Notes
for any Payment Date set forth below is an amount equal to the amount which
the Current Issuer would be required to repay in respect of such Class of
Current Issuer Notes so that on the relevant Payment Date the aggregate
Principal Amount Outstanding of such Class of Current Issuer Notes has been
reduced to (but is not less than) the "Target Balance" set out in the
following table:

                                      56
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Payment date      target balance for series 1      target balance for series 1     target balance for series 1
occurring in:     class A1 notes                   class A2 notes                  class A3 notes
----------------- -------------------------------- ------------------------------- ------------------------------
                      (GBP)              $             (GBP)          (EURO)           (GBP)             $
                  --------------- ---------------- -------------- ---------------- --------------- --------------
<S>               <C>             <C>              <C>            <C>              <C>             <C>
Dec 04               334,095,041      600,034,693    337,201,365      494,000,000     694,933,185  1,248,100,000
Mar 05               128,582,251      230,933,723    337,201,365      494,000,000     694,933,185  1,248,100,000
Jun 05                         0                0    271,421,620      397,632,647     694,933,185  1,248,100,000
Sep 05                         0                0     87,605,393      128,341,901     694,933,185  1,248,100,000
Dec 05                         0                0              0                0     618,129,471  1,110,160,529
Mar 06                         0                0              0                0     471,704,174    847,180,679
Jun 06                         0                0              0                0     333,223,679    598,469,728
Sep 06                         0                0              0                0     202,256,913    363,253,416
Dec 06                         0                0              0                0      78,396,193    140,799,562
Mar 07                         0                0              0                0               0              0
Jun 07                         0                0              0                0               0              0
Sep 07                         0                0              0                0               0              0
Dec 07                         0                0              0                0               0              0
Mar 08                         0                0              0                0               0              0
Jun 08                         0                0              0                0               0              0
Sep 08                         0                0              0                0               0              0
Dec 08                         0                0              0                0               0              0
Mar 09                         0                0              0                0               0              0
Jun 09                         0                0              0                0               0              0
Sep 09                         0                0              0                0               0              0
Dec 09                         0                0              0                0               0              0
Mar 10                         0                0              0                0               0              0
Jun 10                         0                0              0                0               0              0
Sep 10                         0                0              0                0               0              0
Dec 10                         0                0              0                0               0              0
Mar 11                         0                0              0                0               0              0
Jun 11                         0                0              0                0               0              0
Sep 11                         0                0              0                0               0              0
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
Payment date      target balance for series 1      target balance for series 1     target balance for series 1
occurring in:     class B notes                    class M notes                   class C notes
----------------- -------------------------------- ------------------------------- ------------------------------
                       (GBP)             $             (GBP)             $             (GBP)             $
                  --------------- ---------------- -------------- ---------------- --------------- --------------
Dec 04                 32,962,138      59,200,000      17,483,296      31,400,000      34,910,913      62,700,000
Mar 05                 32,962,138      59,200,000      17,483,296      31,400,000      34,910,913      62,700,000
Jun 05                 32,962,138      59,200,000      17,483,296      31,400,000      34,910,913      62,700,000
Sep 05                 32,962,138      59,200,000      17,483,296      31,400,000      34,910,913      62,700,000
Dec 05                 29,319,177      52,657,242      15,551,050      27,929,686      31,052,547      55,770,423
Mar 06                 22,373,918      40,183,557      11,867,247      21,313,576      23,696,700      42,559,274
Jun 06                 15,805,498      28,386,674       8,383,321      15,056,445      16,739,944      30,064,940
Sep 06                  9,593,469      17,229,871       5,088,428       9,138,817      10,160,651      18,248,529
Dec 06                  3,718,496       6,678,418       1,972,310       3,542,269       3,938,339       7,073,257
Mar 07                          0               0               0               0               0               0
Jun 07                          0               0               0               0               0               0
Sep 07                          0               0               0               0               0               0
Dec 07                          0               0               0               0               0               0
Mar 08                          0               0               0               0               0               0
Jun 08                          0               0               0               0               0               0
Sep 08                          0               0               0               0               0               0
Dec 08                          0               0               0               0               0               0
Mar 09                          0               0               0               0               0               0
Jun 09                          0               0               0               0               0               0
Sep 09                          0               0               0               0               0               0
Dec 09                          0               0               0               0               0               0
Mar 10                          0               0               0               0               0               0
Jun 10                          0               0               0               0               0               0
Sep 10                          0               0               0               0               0               0
Dec 10                          0               0               0               0               0               0
Mar 11                          0               0               0               0               0               0
Jun 11                          0               0               0               0               0               0
Sep 11                          0               0               0               0               0               0
-----------------------------------------------------------------------------------------------------------------
</TABLE>

                                      57
<PAGE>

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------
Payment date        target balance for series 2     target balance for series 2     target balance for series 2
occurring in:       class A1 notes                  class A2 notes                  class B notes
------------------- ------------------------------- ------------------------------- --------------------------------
                        (GBP)             $             (GBP)           (EURO)          (GBP)           (EURO)
                    -------------- ---------------- -------------- ---------------- --------------- ----------------
<S>                 <C>            <C>              <C>            <C>              <C>             <C>
Dec 04                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Mar 05                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Jun 05                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Sep 05                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Dec 05                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Mar 06                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Jun 06                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Sep 06                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Dec 06                 397,383,073     713,700,000     546,177,475     800,150,000      50,784,983       74,400,000
Mar 07                 382,068,080     686,194,272     525,128,001     769,312,521      48,827,749       71,532,652
Jun 07                 338,276,515     607,544,621     464,939,312     681,136,092      43,231,250       63,333,781
Sep 07                 296,861,010     533,162,375     408,016,364     597,743,974      37,938,408       55,579,768
Dec 07                 257,692,644     462,815,989     354,181,964     518,876,578      32,932,748       48,246,476
Mar 08                 220,649,490     396,286,485     303,268,532     444,288,400      28,198,686       41,311,075
Jun 08                 185,616,239     333,366,765     255,177,581     373,747,256      23,721,487       34,751,979
Sep 08                 152,483,835     273,860,967     209,579,223     307,033,562      19,487,214       28,548,768
Dec 08                 121,149,142     217,583,859      66,511,703     243,939,645      15,482,685       22,682,134
Mar 09                  91,514,619     164,360,255      25,780,957     184,269,102      11,695,436       17,133,814
Jun 09                  63,488,017     114,024,479      87,260,196     127,836,188       8,113,677       11,886,537
Sep 09                  36,982,094      66,419,841      50,829,510      74,465,232       4,726,258        6,923,968
Dec 09                  11,914,340      21,398,154      16,375,494      23,990,098       1,522,635        2,230,661
Mar 10                           0               0               0               0               0                0
Jun 10                           0               0               0               0               0                0
Sep 10                           0               0               0               0               0                0
Dec 10                           0               0               0               0               0                0
Mar 11                           0               0               0               0               0                0
Jun 11                           0               0               0               0               0                0
Sep 11                           0               0               0               0               0                0
--------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
Payment date        target balance for series 2   target balance for series 2
occurring in:       class M notes                 class C notes
------------------- ----------------------------- ------------------------------
                        (GBP)          (EURO)          (GBP)          (EURO)
                    ------------- --------------- -------------- ---------------

Dec 04                 39,522,184     57,900,000     94,914,676   139,050,000
Mar 05                 39,522,184     57,900,000     94,914,676   139,050,000
Jun 05                 39,522,184     57,900,000     94,914,676   139,050,000
Sep 05                 39,522,184     57,900,000     94,914,676   139,050,000
Dec 05                 39,522,184     57,900,000     94,914,676   139,050,000
Mar 06                 39,522,184     57,900,000     94,914,676   139,050,000
Jun 06                 39,522,184     57,900,000     94,914,676   139,050,000
Sep 06                 39,522,184     57,900,000     94,914,676   139,050,000
Dec 06                 39,522,184     57,900,000     94,914,676   139,050,000
Mar 07                 37,999,014     55,668,556     91,256,700   133,691,066
Jun 07                 33,643,675     49,287,983     80,797,115   118,367,773
Sep 07                 29,524,648     43,253,610     70,905,050   103,875,898
Dec 07                 25,629,114     37,546,652     61,549,712    90,170,328
Mar 08                 21,944,945     32,149,345     52,701,980    77,208,401
Jun 08                 18,460,674     27,044,887     44,334,312    64,949,767
Sep 08                 15,165,453     22,217,388     36,420,660    53,356,267
Dec 08                 12,049,025     17,651,822     28,936,390    42,391,811
Mar 09                  9,101,690     13,333,976     21,858,204    32,022,269
Jun 09                  6,314,273      9,250,410     15,164,070    22,215,362
Sep 09                  3,678,096      5,388,411      8,833,148    12,940,562
Dec 09                  1,184,954      1,735,958      2,845,732     4,168,997
Mar 10                          0              0              0             0
Jun 10                          0              0              0             0
Sep 10                          0              0              0             0
Dec 10                          0              0              0             0
Mar 11                          0              0              0             0
Jun 11                          0              0              0             0
Sep 11                          0              0              0             0
--------------------------------------------------------------------------------

                                      58
<PAGE>

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------
Payment Date          (GBP) target balance for     (GBP) target balance for     (GBP) target balance for
occurring in:         series 3 class A1 notes       series 3 class A2 notes      series 3 class B Notes
------------------- ----------------------------- ---------------------------- -----------------------------
                        (GBP)             GBP          (GBP)           GBP          (GBP)           GBP
                    -------------- -------------- -------------- ------------- -------------- --------------
<S>                 <C>            <C>            <C>            <C>           <C>            <C>
Dec 04                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 05                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Jun 05                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Sep 05                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Dec 05                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 06                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Jun 06                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Sep 06                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Dec 06                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 07                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Jun 07                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Sep 07                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Dec 07                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 08                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Jun 08                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Sep 08                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Dec 08                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 09                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Jun 09                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Sep 09                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Dec 09                411,250,000    411,250,000    600,000,000   600,000,000     54,350,000    54,350,000
Mar 10                383,190,576    383,190,576    600,000,000   600,000,000     52,841,936    52,841,936
Jun 10                329,844,237    329,844,237    600,000,000   600,000,000     49,974,818    49,974,818
Sep 10                279,392,385    279,392,385    600,000,000   600,000,000     47,263,264    47,263,264
Dec 10                231,677,969    231,677,969    600,000,000   600,000,000     44,698,836    44,698,836
Mar 11                186,552,460    186,552,460    600,000,000   600,000,000     42,273,549    42,273,549
Jun 11                143,875,389    143,875,389    600,000,000   600,000,000     39,979,854    39,979,854
Sep 11                103,513,907    103,513,907    600,000,000   600,000,000     37,810,611    37,810,611
------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
Payment date        (GBP) target balance for      (GBP) target balance for
occurring in:       series 3 class M notes        series 3 class C notes
------------------- ----------------------------- ------------------------------
                        (GBP)             GBP          (GBP)           GBP
                    -------------- -------------- -------------- ---------------

Dec 04                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 05                 42,250,000     42,250,000     99,450,000    99,450,000
Jun 05                 42,250,000     42,250,000     99,450,000    99,450,000
Sep 05                 42,250,000     42,250,000     99,450,000    99,450,000
Dec 05                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 06                 42,250,000     42,250,000     99,450,000    99,450,000
Jun 06                 42,250,000     42,250,000     99,450,000    99,450,000
Sep 06                 42,250,000     42,250,000     99,450,000    99,450,000
Dec 06                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 07                 42,250,000     42,250,000     99,450,000    99,450,000
Jun 07                 42,250,000     42,250,000     99,450,000    99,450,000
Sep 07                 42,250,000     42,250,000     99,450,000    99,450,000
Dec 07                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 08                 42,250,000     42,250,000     99,450,000    99,450,000
Jun 08                 42,250,000     42,250,000     99,450,000    99,450,000
Sep 08                 42,250,000     42,250,000     99,450,000    99,450,000
Dec 08                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 09                 42,250,000     42,250,000     99,450,000    99,450,000
Jun 09                 42,250,000     42,250,000     99,450,000    99,450,000
Sep 09                 42,250,000     42,250,000     99,450,000    99,450,000
Dec 09                 42,250,000     42,250,000     99,450,000    99,450,000
Mar 10                 41,077,678     41,077,678     96,690,534    96,690,534
Jun 10                 38,848,869     38,848,869     91,444,261    91,444,261
Sep 10                 36,740,992     36,740,992     86,482,643    86,482,643
Dec 10                 34,747,485     34,747,485     81,790,234    81,790,234
Mar 11                 32,862,142     32,862,142     77,352,427    77,352,427
Jun 11                 31,079,095     31,079,095     73,155,409    73,155,409
Sep 11                 29,392,794     29,392,794     69,186,114    69,186,114
--------------------------------------------------------------------------------

                                      59
<PAGE>

PROVIDED THAT on the Payment Date immediately following the Step-up Date in
September 2011 in respect of the Current Issuer and on each Payment Date
thereafter:

(1)  the Target Balance for the Series 1 Class A1 Notes and the Series 1 Class
     A2 Notes will be zero; and

(2)  the Target Balances for each other Class of Notes will be an amount equal
     to the greater of:

     (a)  zero, and

     (b)  the aggregate Principal Amount Outstanding on such Class of Notes as
          at the immediately preceding Payment Date for Group 2 Issuers (after
          taking into account principal payments on such Payment Date) less an
          amount equal the product of:

          (i)  the sum of (1) the aggregate of the product of (A) the
               Mortgages Trustee Principal Receipts for each Distribution Date
               since the immediately preceding Payment Date for Group 2
               Issuers, and (B) the Funding Share Percentage or, as
               applicable, the Weighted Average Funding Share Percentage
               applicable as at the later to occur of the Assignment Date, the
               Funding Contribution Date and the Distribution Date, in each
               case immediately preceding each Distribution Date referred to
               in (A) above and (2) the amount standing to the credit of the
               Funding Principal Ledger as at the end of the preceding Payment
               Date for Group 2 Issuers (after application of Funding
               Available Principal Receipts on that Preceding Payment Date);
               and

          (ii) the quotient of (A) the Outstanding Principal Balance on such
               Current Issuer's Intercompany Loan as at the immediately
               preceding Payment Date for Group 2 Issuers (after taking into
               account principal payments on such Payment Date) less the
               aggregate of amounts recorded on the Principal Deficiency
               Ledger of the Current Issuer and less the aggregate Outstanding
               Principal Balances of all Special Repayment Notes divided by
               (B) the aggregate Outstanding Principal Balance on all
               Intercompany Loans as at the immediately preceding Payment Date
               for Group 2 Issuers (after taking into account principal
               payments on such Payment Date) less the sum of (1) the
               aggregate Outstanding Principal Balance of all Special
               Repayment Notes and (2) the aggregate of amounts recorded on
               the Principal Deficiency Ledgers of all Issuers; and

          (iii) either:

               (A)  if the Class A Notes have not been repaid in full on that
                    Payment Date and either the Issuer Arrears Test or the
                    Issuer Reserve Requirement has not been satisfied on such
                    Payment Date:

                    (I)  in relation to Class A Notes, the quotient of (A) the
                         aggregate Principal Amount Outstanding on the

                                      60
<PAGE>

                         relevant Class of Notes as at the immediately
                         preceding Payment Date for Group 2 Issuers (after
                         taking into account principal payments on Payment
                         Date), divided by (B) the Aggregate Principal Amount
                         Outstanding on all Class A Notes of the Issuer as at
                         the immediately preceding Payment Date for Group 2
                         Issuers (after taking into account principal payments
                         on such Payment Date); and

                    (II) in relation to any other Class of Notes, zero; or

               (B)  In any other case, the quotient of (A) the aggregate
                    Principal Amount Outstanding on the relevant Class of
                    Notes as at the immediately preceding Payment Date for
                    Group 2 Issuers (after taking into account principal
                    payments on such Payment Date) divided by (B) the
                    aggregate Principal Amount Outstanding on all Notes of the
                    Current Issuer as at the immediately preceding Payment
                    Date for Group 2 Issuers (after taking into account
                    principal payments on such Payment Date).

     Notwithstanding the foregoing, upon and after the occurrence of an ACA
     Trigger Event in respect of an ACA Issuer the Target Balance for each
     Class of Notes of such ACA Issuer will be zero.

     To the extent not repaid earlier, the full Principal Amount Outstanding
     on a Class of Current Issuer Notes will become due and payable on the
     final maturity date of that Class of Notes.

                                      61
<PAGE>

                                  SCHEDULE 5

          Current Issuer Cash Manager Representations and Warranties

The Current Issuer Cash Manager makes the following representations and
warranties to each of the Mortgages Trustee, Funding and the Note Trustee:

1.   Status: It is a public limited company duly incorporated, validly
     existing and registered under the laws of the jurisdiction in which it is
     incorporated, capable of being sued in its own right and not subject to
     any immunity from any proceedings, and it has the power to own its
     property and assets and to carry on its business as it is being
     conducted.

2.   Powers and authority: It has the power to enter into, perform and
     deliver, and has taken all necessary corporate and other action to
     authorise the execution, delivery and performance by it of each of the
     Transaction Documents to which it is or will be a party, and each such
     Transaction Document has been duly executed and delivered by it.

3.   Legal validity: Each Transaction Document to which it is or will be a
     party constitutes or when executed in accordance with its terms will
     constitute, a legal, valid and binding obligation.

4.   Non-conflict: The execution by it of each of the Transaction Documents to
     which it is a party and the exercise by it of its rights and the
     performance of its obligations under such Transaction Documents will not:

     (a)  conflict with any document which is binding upon it or any of its
          assets;

     (b)  conflict with its constitutional documents; or

     (c)  conflict with any law, regulation or official or judicial order of
          any government, governmental body or court, domestic or foreign,
          having jurisdiction over it.

5.   No litigation: It is not a party to any material litigation, arbitration
     or administrative proceedings and, to its knowledge, no material
     litigation, arbitration or administrative proceedings are pending or
     threatened against it.

6.   Consents and Licenses: All governmental consents, licences and other
     approvals and authorisations required in connection with the entry into,
     performance, validity and enforceability of, and the transactions
     contemplated by, the Transaction Documents have been obtained or effected
     (as appropriate) and are in full force and effect.

7.   Solvency: No Insolvency Event has occurred in respect of the Current
     Issuer Cash Manager, and the Current Issuer Cash Manager is not
     insolvent.

8.   Financial Statements: The most recent financial statements of the Current
     Issuer Cash Manager:

                                      62
<PAGE>

     (a)  were prepared in accordance with accounting principles generally
          accepted in England and Wales consistently applied;

     (b)  disclose all liabilities (contingent or otherwise) and all
          unrealised and or anticipated losses of the Current Issuer Cash
          Manager; and

     (c)  save as disclosed therein, give a true and fair view of the
          financial condition and operations of the Current Issuer Cash
          Manager during the relevant financial year.

9.   No Adverse Change: Since the date as of which the most recent financial
     statements of the Current Issuer Cash Manager were stated to be prepared,
     there has been:

     (a)  no significant change in the financial position of the Current
          Issuer Cash Manager; and

     (b)  no material adverse change in the financial position or prospects of
          the Current Issuer Cash Manager.

10.  Ranking of Claims

     Under the laws of England and Wales in force as at the date of making
     this representation, claims against the Current Issuer Cash Manager under
     the Transaction Documents will rank at least pari passu with the claims
     of all its other unsecured and unsubordinated creditors, save those whose
     claims are preferred solely by any bankruptcy, liquidation or other
     similar laws of general application.

11.  Information in Prospectus and Offering Circular:

     All information in the Prospectus and the Offering Circular with regard
     to the Current Issuer Cash Manager is true and accurate in all material
     respects and not misleading in any material respect.

The Current Issuer Cash Manager has made all proper inquiries to ascertain and
to verify the foregoing.

                                      63
<PAGE>

                                EXECUTION PAGE

The Current Issuer Cash Manager

<TABLE>
<CAPTION>
<S>                                                     <C>
Executed by
NORTHERN ROCK PLC
as follows:                                                By___________________________________________
Signed for and on its behalf by one of its duly              Duly Authorised Attorney/Signatory
authorised attorneys/signatories
                                                         Name___________________________________________

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 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>

                                      64Exhibit 4.11

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

                          GRANITE MORTGAGES 04-3 PLC
                               as Current Issuer

                                 GPCH LIMITED
                    as Post-Enforcement Call Option Holder

                                    - and -

                             THE BANK OF NEW YORK
                                as Note Trustee

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

                      ISSUER POST-ENFORCEMENT CALL OPTION
                                   AGREEMENT

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

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

<PAGE>

                                   CONTENTS

1.  Interpretation...........................................................1

2.  Option...................................................................1

3.  Representations and Warranties...........................................2

4.  Consideration............................................................2

5.  Acknowledgement by Note Trustee..........................................2

6.  Notices..................................................................3

7.  Contracts (Rights of Third Parties) Act 1999.............................3

8.  Governing Law and Jurisdiction; Appropriate Forum........................3

                                      i
<PAGE>

THIS AGREEMENT IS MADE BY WAY OF DEED dated 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 at Fifth Floor, 100 Wood Street, London EC2V 7EX
      (the "Current Issuer");

(2)   GPCH LIMITED (registered number 4128437), a private limited company
      incorporated under the laws of England whose registered office is at
      Fifth Floor, 100 Wood Street, London EC2V 7EX (the "Post-Enforcement
      Call Option Holder"); and

(3)   THE BANK OF NEW YORK acting through its office at 48th Floor, One Canada
      Square, London E14 5AL (in its capacity as the "Note Trustee", which
      expressions shall include such persons and all other persons for the
      time being acting as note trustee or note trustees under the Current
      Issuer Deed of Charge).

IT IS HEREBY AGREED AS FOLLOWS:

1.    Interpretation

      The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing in Appendix 1 to) the Master Definitions Schedule Ninth
            Amendment and Restatement 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,

      (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 shall prevail to the extent that
      it conflicts with the Master Definitions Schedule.

2.    Option

2.1   In the event that (a) the Current Issuer Security is enforced and, after
      payment of all other claims ranking in priority to the Current Issuer
      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 Current
      Issuer Notes and all other claims ranking pari passu therewith, or (b)
      within 20 days following the Final Maturity Date of the latest maturing
      Notes, the Note Trustee certifies that there is no further amount
      outstanding under the Current Issuer Intercompany Loan, then all
      interests in the Global Note Certificates will be automatically
      exchanged (such date of exchange being the "Option Exercise Date") for
      equivalent interests in an equivalent amount of Notes in an equivalent
      Principal

                                      1
<PAGE>

      Amount Outstanding represented by Individual Note Certificates and such
      Global Note Certificates will be cancelled.

2.2   In connection with the issuance of the Current Issuer Notes, the Note
      Trustee hereby grants, and the Current Issuer hereby acknowledges, an
      option (the "Option"), under which the Note Trustee has no personal
      liability, exercisable by the Post-Enforcement Call Option Holder (or by
      any designated subsidiary of the Post-Enforcement Call Option Holder, to
      be designated by notice from the Post-Enforcement Call Option Holder to
      the Note Trustee at the discretion of the Post-Enforcement Call Option
      Holder (the "Designated Subsidiary")) permitting the Post-Enforcement
      Call Option Holder (or any Designated Subsidiary) to acquire at any time
      on or after the Option Exercise Date all (but not some only) of the
      Relevant Notes (as defined below) outstanding as at the Option Exercise
      Date, together with accrued interest thereon ("Relevant Notes" being for
      the purposes of this Deed, all the Current Issuer Notes represented by
      Individual Note Certificates as at the Option Exercise Date).

2.3   The Option shall be exercised by the Post-Enforcement Call Option Holder
      (or any Designated Subsidiary) by notice from the Post-Enforcement Call
      Option Holder (or the Designated Subsidiary) to the Note Trustee and the
      Noteholders in accordance with Condition 14 of the Current Issuer Notes.

3.    Representations and Warranties

      The Post-Enforcement Call Option Holder represents and warrants for the
      benefit of the Current Issuer and the Note Trustee that:

      (a)   it is resident for tax purposes solely in, and has its usual place
            of abode, in the United Kingdom;

      (b)   it does not hold, and has not at any time held, any shares in or
            other interests in any company;

      (c)   it has not engaged in, nor will it engage in, any activities other
            than those contemplated by the Transaction Documents;

      (d)   it will discharge all of its liabilities and meet all of its
            obligations (including any liability in respect of United Kingdom
            corporation tax) as and when they fall due.

4.    Consideration

      The Post-Enforcement Call Option Holder (or the Designated Subsidiary)
      shall pay to the Noteholders in respect of the exercise of the Option,
      the sum of one pence sterling in respect of each Current Issuer Note
      then outstanding.

5.    Acknowledgement by Note Trustee

      The Note Trustee acknowledges that the Current Issuer Notes are to be
      issued subject to the Option and the Note Trustee hereby grants the
      Option but does so entirely without warranty, responsibility or
      liability as to its effectiveness or otherwise on the part of the Note
      Trustee to the Noteholders or any other person. In accordance with the
      Conditions, each of the Noteholders, by subscribing for or purchasing
      the Current

                                      2
<PAGE>

      Issuer Notes, shall, upon subscription or purchase, be deemed to have
      agreed to be bound by and, to the extent necessary, to have ratified the
      granting of the Option.

6.    Notices

      Any notices to be given pursuant to this Deed to any of the parties
      hereto shall be sufficiently served if sent by prepaid first class post,
      by hand or facsimile transmission and shall be deemed to be given (in
      the case of facsimile transmission) when despatched, (where delivered by
      hand) on the day of delivery if delivered before 17.00 hours on a
      Business Day or on the next Business Day if delivered thereafter or on a
      day which is not a Business Day 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: 020
            7606 0643) for the attention of the Company Secretary;

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

      (b)   in the case of the Post-Enforcement Call Option Holder to: GPCH
            Limited c/o Fifth Floor, 100 Wood Street, London EC2V 7EX
            (facsimile: 020 7606 0643) for the attention of The Company
            Secretary; and

      (c)   in the case of the Note Trustee to: The Bank of New York, 48th
            Floor, One Canada Square, London E14 5AL (facsimile: 020 7964
            6399) for the attention of Global Structured Finance Corporate
            Trust,

      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 written notice in accordance with the provisions
      of this Clause 6.

7.    Contracts (Rights of Third Parties) Act 1999

      A person who is not a party to this Deed 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.

8.    Governing Law and Jurisdiction; Appropriate Forum

8.1   This Deed shall be governed by, and construed in accordance with,
      English law.

8.2   Each of the parties hereto irrevocably agrees that the courts of England
      shall have jurisdiction to hear and determine any suit, action or
      proceeding, and to settle any disputes, which may arise out of or in
      connection with this Deed and, for such purposes, irrevocably submits to
      the jurisdiction of such courts.

8.3   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

                                      3
<PAGE>

      such court is not a convenient or appropriate forum.

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

                                      4
<PAGE>

                                EXECUTION PAGE

The Current Issuer

Executed by
GRANITE MORTGAGES 04-3 PLC
as its deed as follows:
Signed for and on its behalf by  By
one of its directors                -------------------------------------------
and by another of its               for and on behalf of LDC Securitisation
directors/its secretary             Director No.1 Limited

                                 Name Clive Rakestrow
                                      -----------------------------------------

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

                                 Name Sharon Tyson
                                      -----------------------------------------

The Post-Enforcement Call Option Holder

Executed by
GPCH LIMITED
as its deed as follows:
Signed for and on its behalf by  By
one of its directors               --------------------------------------------
and by another of its              for and on behalf of LDC Securitisation
directors/its secretary            Director No.1 Limited

                                 Name Clive Rakestrow
                                      -----------------------------------------

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

                                 Name Sharon Tyson
                                      -----------------------------------------

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

                                      5

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