Document:

DATED [_____] SEPTEMBER, 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                       and

                              THE BANK OF NEW YORK
                                 as Note Trustee

--------------------------------------------------------------------------------
                                ISSUER TRUST DEED
--------------------------------------------------------------------------------

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                  LONDONEC2R8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                               REF:30507-13/550548

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                             CROSS-REFERENCE TABLE*

Section of Trust
Indenture Act of
1939, as amended                                                 Section of Deed
----------------                                                 ---------------

310(a)......................................................................14.2
310(b)......................................................................14.2
310(c)..............................................................Inapplicable
311(a)..................................................................10.3(kk)
311(b)..................................................................10.3(kk)
311(c)..............................................................Inapplicable
312(a).....................................................................5(ee)
312(b)......................................................................19.2
312(c)......................................................................19.2
313.....................................................................10.3(jj)
314(a)......................................................................5(u)
314(b).....................................................................5(gg)
314(c)................................................................16.1, 17.1
314(d)......................................................................17.1
314(e)......................................................................16.2
315(a)..................................................................... 10.1
315(b)......................................................................10.8
315(c).......................................................................2.7
315(d).....................................................................10.12
316(a).................................................................7.2, 11.2
316(b)....................................................................2.2(d)
316(c).......................................................................7.2
317(a).......................................................................6.1
317(b)......................................................................5(p)
318(a)........................................................................15
318(b)......................................................................17.4
318(c).......................................................................1.4

* This Cross-Reference Table does not constitute part of this Deed and shall not
affect the interpretation of any of its terms or provisions.

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                                TABLE OF CONTENTS

CLAUSE                                                                      PAGE

1.       Definitions...........................................................1

2.       Covenant to Repay etc.................................................3

3.       Form, Issue and Deposit of Note Certificates..........................6

4.       Covenant of Compliance................................................9

5.       Covenants by the Current Issuer.......................................9

6.       Enforcement..........................................................15

7.       Proceedings, Actions and Indemnification.............................16

8.       Application of Moneys etc............................................18

9.       Remuneration and Indemnification of Note Trustee.....................19

10.      Supplement to the Trustee Acts.......................................21

11.      Modification and Waiver..............................................32

12.      Entitlement to Treat holder as owner.................................33

13.      Currency Indemnity...................................................33

14.      Appointment, Removal and Retirement of Note Trustee..................34

15.      Trust Indenture Act Prevails.........................................36

16.      Certificates and Opinions............................................36

17.      Release of Collateral................................................37

18.      Rights Cumulative....................................................38

19.      Notices..............................................................38

20.      Third Party Rights...................................................39

21.      Execution in Counterparts; Severability..............................39

22.      Governing Law and Jurisdiction; Appropriate Forum....................39

SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATES..................................40
SCHEDULE 2 FORMS OF INDIVIDUAL NOTE CERTIFICATES..............................55
SCHEDULE 3 CURRENT ISSUER CONDITIONS OF THE NOTES.............................74
SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS.............................81

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THIS ISSUER TRUST DEED is made on [_____] September 2002

BETWEEN:

(1)  GRANITE MORTGAGES 02-2 PLC (registered number 4482804) 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 Current
     Issuer; and

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

WHEREAS:

(A)  By a resolution of a duly authorised Board of Directors of the Current
     Issuer passed on [_____] September, 2002 the Current Issuer authorised the
     creation and issue of the Current Issuer Notes.

(B)  The Note Trustee has agreed to act as trustee of these presents for the
     benefit of the Noteholders upon and subject to the Current Issuer
     Conditions.

NOW THIS ISSUER TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED:

1.   DEFINITIONS

1.1  The provisions of:

(a)  the Master Definitions Schedule as amended and restated by (and appearing
     as Appendix 1 to) the Master Definitions Schedule [Third] Amendment Deed
     made on [_____] September, 2002 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 on [_____]
     September, 2002,

     (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 Deed.

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

1.2  All references in these presents:

     (a)  to principal and/or premium and/or interest in respect of the Current
          Issuer Notes or to any monies payable by the Current Issuer under
          these presents shall be deemed to include a reference to any
          additional amounts which may be payable under Condition 4(B) (Payment
          Dates and Interest Periods) or, if applicable, under any undertaking
          or covenant given pursuant to Clause 2.2 (Covenant to Repay).

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     (b)  to "THESE PRESENTS" and/or to "THIS DEED" means this Trust Deed, the
          schedules hereto, any deed expressed to be supplemental hereto and the
          Current Issuer Deed of Charge all as from time to time supplemented or
          modified in accordance with the provisions contained in these presents
          and/or where applicable, therein contained.

     (c)  to guarantees or to an obligation being guaranteed shall be deemed to
          include respectively references to indemnities or to an indemnity
          being given in respect thereof.

     (d)  to any action, remedy or method of proceeding for the enforcement of
          the rights of creditors shall be deemed to include, in respect of any
          jurisdiction other than England, references to such action, remedy or
          method of proceeding for the enforcement of the rights of creditors
          available or appropriate in such jurisdiction as shall most nearly
          approximate to such action, remedy or method of proceeding described
          or referred to in these presents.

     (e)  to taking proceedings against the Current Issuer shall be deemed to
          include references to proving in the winding up of the Current Issuer.

     (f)  to DTC, Euroclear and Clearstream, Luxembourg shall be deemed to
          include references to any other or additional clearing system as may
          be approved in writing by the Note Trustee.

1.3  Unless the context otherwise requires words or expressions used in these
     presents shall bear the same meanings as in the Companies Act 1985 of
     England.

1.4  Whenever these presents refers to a provision of the Trust Indenture Act,
     the provision is incorporated by reference in and made part of these
     presents. All other Trust Indenture Act terms used in these presents that
     are defined by the Trust Indenture Act, defined in the Trust Indenture Act
     by reference to another statute or defined by SEC rule have the meanings
     assigned to them in the Trust Indenture Act.

1.5  For the purposes of determining whether a direction, request or consent has
     been received from the holders of at least 25 per cent. in Principal Amount
     Outstanding of any class of Notes, the Principal Amount Outstanding of any
     Note denominated in Dollars or Euro shall be converted into Sterling at the
     relevant Dollar Currency Swap Rate or Euro Currency Swap Rate, as the case
     may be.

1.6  "OUTSTANDING" means, in relation to the Current Issuer Notes, all the
     Current Issuer Notes other than:

     (a)  those which have been redeemed in accordance with these presents;

     (b)  those in respect of which the date for redemption in accordance with
          the provisions of the Current Issuer Conditions has occurred and for
          which the redemption moneys (including all interest accrued thereon to
          such date for redemption) have been duly paid to the Note Trustee or
          the Principal Paying Agent in the manner provided for in the Current
          Issuer Paying Agent and Agent Bank Agreement (and, where

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<PAGE>

          appropriate, notice to that effect has been given to the relevant
          class or classes of Noteholders in accordance with Condition 14
          (Notice to Noteholders)) and remain available for payment in
          accordance with the Current Issuer Conditions;

     (c)  those which have been purchased and surrendered for cancellation as
          provided in Condition 5 (Redemption, Purchase and Cancellation) and
          notice of the cancellation of which has been given to the Note
          Trustee;

     (d)  those which have become void under Condition 7 (Prescription);

     (e)  those mutilated or defaced Note Certificates which have been
          surrendered or cancelled and in respect of which replacement Note
          Certificates have been issued pursuant to Condition 13 (Replacement of
          Notes);

     (f)  (for the purpose only of ascertaining the amount of the Current Issuer
          Notes outstanding and without prejudice to the status for any other
          purpose of the relevant Current Issuer Notes) those Note Certificates
          which are alleged to have been lost, stolen or destroyed and in
          respect of which replacements have been issued pursuant to Condition
          13 (Replacement of Notes);

     (provided that) for each of the following purposes, namely:

     (i)   the right to attend and vote at any Meeting (as defined in Schedule 4
           (Provisions for Meetings of Noteholders) hereto);

     (ii)  the determination of how many and which Current Issuer Notes are for
           the time being outstanding for the purposes of Clauses 7
           (Proceedings, Actions and Indemnification) and 11.2 (Waiver),
           Condition 10 (Enforcement of Notes) and Schedule 4 (Provisions for
           Meetings of Noteholders); and

     (iii) any discretion, power or authority, whether contained in these
           presents or provided by law, which the Note Trustee is required to
           exercise in or by reference to the interests of the Noteholders or
           any of them,

     those Current Issuer Notes (if any) which are for the time being held by
     any person (including but not limited to the Current Issuer or any
     subsidiary or affiliate of either for the benefit of the Current Issuer or
     any subsidiary or affiliate shall (unless and until ceasing to be so held)
     be deemed not to remain outstanding.

2.   COVENANT TO REPAY ETC.

2.1  THE CURRENT ISSUER NOTES: The aggregate principal amount of:

     (a)  the Series 1 Class A Notes is limited to US[_____];

     (b)  the Series 1 Class B Notes is limited to US[_____];

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     (c)  the Series 1 Class C Notes is limited to US[_____];

     (d)  the Series 2 Class A Notes is limited to (Euro)[_____];

     (e)  the Series 2 Class B Notes is limited to (Euro)[_____];

     (f)  the Series 2 Class C Notes is limited to (Euro)[_____];

     (g)  the Series 3 Class A Notes is limited to(pound)[_____];

     (h)  the Series 3 Class B Notes is limited to(pound)[_____];

     (i)  the Series 3 Class C Notes is limited to(pound)[_____]; and

     (j)  the Series 3 Class D Notes is limited to(pound)[_____].

2.2  COVENANT TO REPAY: The Current Issuer covenants with the Note Trustee that
     it will, in accordance with these presents, on the Final Maturity Date of
     the Current Issuer Notes, or on such earlier date as the same or any part
     thereof may become due and repayable thereunder in accordance with the
     Current Issuer Conditions, pay or procure to be paid unconditionally to or
     to the order of the Note Trustee in Sterling, Euro or US dollars, as
     applicable, in London or New York City, as applicable, in immediately
     available funds or same day funds, as applicable, the principal amount of
     the Current Issuer Notes repayable on that date and shall in the meantime
     and until all such payments (both before and after any judgment or other
     order of a court of competent jurisdiction) are duly made (subject to the
     provisions of the Current Issuer Conditions) pay or procure to be paid
     unconditionally to or to the order of the Note Trustee as aforesaid
     interest (which shall accrue from day to day) on the Principal Amount
     Outstanding of the Current Issuer Notes at the rates set out in or (as the
     case may be) calculated from time to time in accordance with Condition 4
     (Interest) and on the dates on which such interest becomes due and payable
     in accordance with the Current Issuer Conditions provided that:

     (a)  every payment of principal or interest in respect of the Current
          Issuer Notes or any of them to or to the account of the Paying Agents
          in the manner provided in the Current Issuer Paying Agent and Agent
          Bank Agreement shall operate in satisfaction pro tanto of the relative
          covenant by the Current Issuer in this Clause except to the extent
          that there is default in the subsequent payment thereof to the
          Noteholders in accordance with the Current Issuer Conditions;

     (b)  if any payment of principal or interest in respect of the Current
          Issuer Notes or any of them is made after the due date, payment shall
          be deemed not to have been made until either the full amount is paid
          to the Noteholders or, if earlier, the seventh day after notice has
          been given to the Noteholders in accordance with the Current Issuer
          Conditions that the full amount has been received by the Note Trustee
          or the Paying Agents, to the extent that there is a failure in the
          subsequent payment to Noteholders under the Current Issuer Conditions;

     (c)  in any case where payment of the whole or any part of the principal
          amount of any Current Issuer Note is improperly withheld or refused
          upon due presentation thereof (if so provided in the Current Issuer
          Paying Agent and

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<PAGE>

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

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

2.3  ADDITIONAL INTEREST: The Current Issuer shall pay Additional Interest in
     accordance with Condition 4(B) (Payment Dates and Interest Periods).

2.4  ON TRUST: The Note Trustee will hold the benefit of the covenants contained
     in this Clause 2 (Covenant to Repay, etc) on trust for the Noteholders and
     itself in accordance with these presents.

2.5  NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS, ETC.: At any time after a
     Note Event of Default shall have occurred (which shall not have been waived
     by the Note Trustee or remedied to its satisfaction) or the Current Issuer
     Notes shall otherwise have become due and repayable or Individual Note
     Certificates have not been issued when so required in accordance with these
     presents and the Global Note Certificates, the Note Trustee may:

     (a)  by notice in writing to the Current Issuer, the Principal Paying
          Agent, the US Paying Agent, the Agent Bank, the Transfer Agent and the
          Registrar require such Agents or any of them pursuant to the Current
          Issuer Paying Agent and Agent Bank Agreement:

          (i)  to act thereafter, and until otherwise instructed by the Note
               Trustee, as Agents respectively of the Note Trustee on the terms
               provided in the Current Issuer Paying Agent and Agent Bank
               Agreement (with consequential amendments as necessary and save
               that the Note Trustee's liability under any provisions thereof
               for the indemnification, remuneration and payment of
               out-of-pocket expenses of the Agents shall be limited to the
               amounts for the time being held by the Note Trustee on the trusts
               of these presents relating to the Current Issuer Notes and
               available for such purpose) and thereafter to hold all Note
               Certificates and all sums, documents and records held by them in
               respect of Current Issuer Notes on behalf of the Note Trustee;
               and/or

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          (ii) to deliver up all Note Certificates and all sums, documents and
               records held by them in respect of the Current Issuer Notes to
               the Note Trustee or as the Note Trustee shall direct in such
               notice provided that such notice shall be deemed not to apply to
               any documents or records which the relevant Agent or the
               Registrar, as the case may be, is obliged not to release by any
               law or regulation; and/or

     (b)  by notice in writing to the Current Issuer require it to make all
          subsequent payments in respect of the Current Issuer Notes to or to
          the order of the Note Trustee with effect from the issue of any such
          notice to the Current Issuer and until such notice is withdrawn,
          Clause 2.2(a) above relating to the Current Issuer Notes shall cease
          to have effect.

2.6  INTEREST FOLLOWING DEFAULT: The rate of interest payable in respect of the
     Current Issuer Notes if they become immediately repayable pursuant to a
     notice given to the Note Trustee pursuant to the Current Issuer Conditions
     shall be calculated at three monthly intervals, the first of which shall
     commence on the expiry of the Interest Period (as defined in the Current
     Issuer Conditions) during which the Current Issuer Notes become so
     repayable, in accordance with the Current Issuer Conditions (with
     consequential amendments as necessary) except that the rates of interest
     need not be published.

2.7  EXERCISE BY TRUSTEE FOLLOWING DEFAULT: If a Note Event of Default has
     occurred and is continuing, the Note Trustee shall exercise any or all of
     the rights and powers vested in it by these presents and use the same
     degree of care and skill in its exercise as a prudent person would exercise
     or use under the circumstances in the conduct of such person's own affairs
     in accordance with Section 315(c) of the Trust Indenture Act.

3.   FORM, ISSUE AND DEPOSIT OF NOTE CERTIFICATES

3.1  GLOBAL NOTE CERTIFICATES:

     (a)  The US Notes will be initially offered and sold pursuant to a
          Registration Statement filed with the SEC. Each class of the US Notes
          will be issued in fully registered global form and be initially
          represented by a US Global Note Certificate and which, in aggregate,
          will represent the aggregate Principal Amount Outstanding of the US
          Notes.

     (b)  The Reg S Notes will be initially offered and sold outside the United
          States to non-US persons pursuant to Reg S. Each class of the Reg S
          Notes will be issued in fully registered global form and be initially
          represented by a Reg S Global Note Certificate and which, in
          aggregate, will represent the aggregate Principal Amount Outstanding
          of the Reg S Notes.

     (c)  The Global Note Certificates shall be issued by the Current Issuer and
          (1) in the case of the US Notes, the US Global Note Certificates will
          be registered in the name of Cede & Co. as nominee for DTC, and be
          deposited with, the DTC Custodian and (2) in the case of the Reg S
          Notes, the Reg S Global Note Certificates will be registered in the
          name of Citivic Nominees Limited as nominee for, and will be deposited
          with, the Common Depositary.

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     (d)  Interests in the US Global Note Certificates and the Reg S Global Note
          Certificates shall be exchangeable, in accordance with their
          respective terms and as set out in Clause 3.3 (Individual Note
          Certificates) hereof, for Individual Note Certificates.

3.2  FORM OF GLOBAL NOTE CERTIFICATES: The Global Note Certificates shall be
     printed or typewritten and shall be in the form or substantially in the
     respective forms set out in Schedule 1 (Forms of Global Note Certificates)
     and may be a facsimile which the Current Issuer shall deposit with the DTC
     Custodian or the Common Depositary, as the case may be. Each Global Note
     Certificate shall represent such of the outstanding Current Issuer Notes of
     the relevant class as shall be specified therein and shall be endorsed with
     the relevant Current Issuer Conditions and each shall provide that it shall
     represent the aggregate Principal Amount Outstanding of the relevant class
     of Current Issuer Notes from time to time endorsed on the relevant Global
     Note Certificate and that the aggregate Principal Amount Outstanding of the
     Current Issuer Notes represented thereby may from time to time be reduced
     or increased, as appropriate, to reflect exchanges, redemptions, purchases
     and transfers of interests therein in accordance with the terms of these
     presents and the Current Issuer Paying Agent and Agent Bank Agreement. Any
     notation on the Register to reflect the amount of any increase or decrease
     in the Principal Amount Outstanding of the Current Issuer Notes represented
     by a Global Note Certificate shall be made by or on behalf of the Registrar
     in accordance with such Global Note Certificate and the Current Issuer
     Paying Agent and Agent Bank Agreement. The Global Note Certificates shall
     be issued only in registered form without coupons or talons and signed
     manually or in facsimile by a person duly authorised by the Current Issuer
     on behalf of the Current Issuer and the Current Issuer shall procure that
     the Global Note Certificates shall be authenticated by or on behalf of the
     Registrar on the Closing Date. The Global Note Certificates so executed and
     authenticated shall be binding and valid obligations of the Current Issuer,
     notwithstanding that such duly authorised person no longer holds that
     office at the time the Registrar authenticates the relevant Global Note
     Certificate. Title to the Current Issuer Notes shall only pass by and upon
     the registration in the Register in respect thereof in accordance with the
     provisions of the Current Issuer Paying Agent and Agent Bank Agreement.

3.3  INDIVIDUAL NOTE CERTIFICATES: The Current Issuer shall issue Individual
     Note Certificates only if one or more of the following applies while the
     Current Issuer Notes are represented by Global Note Certificates. At any
     time after the 40th day following the later of the Closing Date and the
     date of the issue of such Global Note Certificates:

     (a)  (i) (in the case of the US Global Note Certificates) DTC has notified
          the Current Issuer that it is at any time unwilling or unable to
          continue as, or has ceased to be, a clearing agency registered under
          the Exchange Act, and a successor to DTC registered as a clearing
          agency under the Exchange Act is not able to be appointed by the
          Current Issuer within 90 days of such notification; or (ii) (in the
          case of the Reg S Global Note Certificates) both Euroclear and
          Clearstream, Luxembourg are closed for business for a continuous
          period of 14 days (other than by reason of holiday, statutory or
          otherwise) or announce an intention permanently to cease business and
          do so

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          cease to do business and no alternative clearing system satisfactory
          to the Note Trustee is available; or

     (b)  as a result of any amendment to, or change in, the laws or regulations
          of the United Kingdom (or of any political sub-division thereof) or of
          any authority therein or thereof having power to tax or in the
          interpretation or administration by a revenue authority or a court or
          administration of such laws or regulations which becomes effective on
          or after the Closing Date, the Current Issuer or any Paying Agent is
          or will be required to make any deduction or withholding from any
          payment in respect of the Current Issuer Notes which would not be
          required were the Current Issuer Notes represented by Individual Note
          Certificates.

     If required by this Clause 3.3 (Individual Note Certificates), then the
     Current Issuer shall, at its sole cost and expense within 30 days of the
     occurrence of the relevant event, issue Individual Note Certificates of the
     same class as the class of Current Issuer Notes represented by the relevant
     Global Note Certificate.

     If Individual Note Certificates are issued, the beneficial interests
     represented by the Reg S Global Note Certificate representing each class
     shall be exchanged by the Current Issuer for Reg S Individual Note
     Certificates of that class and the beneficial interests represented by the
     US Global Note Certificate representing each class shall be exchanged by
     the Current Issuer for US Individual Note Certificates of that class.

3.4  FORM OF INDIVIDUAL NOTE CERTIFICATES: The Individual Note Certificates
     shall be printed or typewritten in accordance with all applicable legal and
     stock exchange requirements and be in the form or substantially in the
     relevant form set out in Schedule 2 (Forms of Individual Note
     Certificates). Individual Note Certificates will be in the denominations,
     and transferable in units, of (i) US$1,000 and US$10,000 (in the case of
     the Dollar Notes) (ii) (pound)1,000 or (pound)10,000 (in the case of the
     Sterling Notes) (iii) (Euro)1,000 or (Euro)10,000 (in the case of the Euro
     Notes) each, shall be serially numbered and shall be endorsed with the
     relevant Current Issuer Conditions and a form of transfer in the form or
     substantially in the relevant form also set out in Schedule 2 (Forms of
     Individual Note Certificates). Title to the Individual Note Certificates
     shall only pass by and upon the registration in the Register in respect
     thereof in accordance with the provisions of the Current Issuer Paying
     Agent and Agent Bank Agreement. The Individual Note Certificates shall be
     issued only in registered form and signed manually or in facsimile by a
     person duly authorised by or on behalf of the Current Issuer and the
     Current Issuer shall procure that the Individual Note Certificates shall be
     authenticated by or on behalf of the Registrar. Each Individual Note
     Certificate so executed and authenticated shall be a binding and valid
     obligation of the Current Issuer notwithstanding that such duly authorised
     person no longer holds that office at the time the Registrar authenticates
     the relevant Individual Note Certificate.

3.5  INDEMNITY: If the Current Issuer is obliged to issue or procure the issue
     of any Individual Note Certificate pursuant to Clause 3.3 (Individual Note
     Certificates) but fails to do so within 30 days of the occurrence of the
     relevant event described in Clause 3.3 (Individual Note Certificates), then
     the Current Issuer shall indemnify the Note Trustee and the relevant
     Noteholders and keep them indemnified against any loss or damage incurred
     by any of them if the amount received by the Note Trustee or the relevant
     Noteholders in respect of the Current Issuer Notes is less than the amount

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     that would have been received had Individual Note Certificates been issued
     in accordance with Clause 3.4 (Form of Individual Note Certificates). If
     and for so long as the Current Issuer discharges its obligations under this
     indemnity, the breach by the Current Issuer of the provisions of Clause 3.4
     (Form of Individual Note Certificates) shall be deemed to be cured ab
     initio.

4.   COVENANT OF COMPLIANCE

4.1  COVENANT: The Current Issuer covenants with the Note Trustee that it will
     comply with and perform and observe all the provisions of these presents,
     the Current Issuer Notes (including the Current Issuer Conditions), the
     Current Issuer Deed of Charge, the Current Issuer Paying Agent and Agent
     Bank Agreement, and the documents executed pursuant thereto and the other
     Current Issuer Transaction Documents. The Current Issuer Conditions shall
     be binding on the Current Issuer, the Noteholders, the Note Trustee and all
     persons claiming through or under any of them. The Current Issuer Notes are
     subject to the provisions of these presents, all of which shall be binding
     on the Current Issuer, the Noteholders, the Note Trustee and all persons
     claiming through or under any of them.

4.2  ON TRUST: The Note Trustee shall hold the benefit of the covenants
     contained in this Clause 4 (Covenant of Compliance) upon trust for itself
     and the Noteholders according to its and their respective interests.

5.   COVENANTS BY THE CURRENT ISSUER

     The Current Issuer hereby covenants with the Note Trustee that, so long as
     any of the Current Issuer Notes remains outstanding, it will:

     (a)  BOOKS AND RECORDS: at all times keep such books of account and records
          as may be necessary to comply with all applicable laws and so as to
          enable accounts of the Current Issuer to be prepared and allow the
          Note Trustee and any person appointed by the Note Trustee free access
          to such books of account and records at all reasonable times during
          normal business hours;

     (b)  ACCOUNTS FOR STOCK EXCHANGE: cause to be prepared and certified by the
          Auditors of the Current Issuer in respect of each Financial Year,
          accounts in such form as will comply with all relevant legal and
          accounting requirements and all requirements for the time being of any
          stock exchange, competent listing authority and/or quotation system on
          which the Current Issuer Notes are listed, quoted and/or traded;

     (c)  NOTEHOLDER INFORMATION: send to the Note Trustee two copies of every
          balance sheet, profit and loss account, report, circular and notice of
          general meeting and every other document issued or sent to its
          shareholders or holders of securities other than its shareholders
          (including the Noteholders) (or any class of them) as soon as
          practicable after the issue or publication thereof;

     (d)  INFORMATION: so far as permitted by applicable law, give or procure to
          be given to the Note Trustee such opinions, certificates, information
          and evidence as it shall require and in such form as it shall require,
          including without limitation the procurement by the Current Issuer of
          all such certificates called for by the

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          Note Trustee pursuant to these presents or the purpose of the
          discharge or exercise of the duties, trusts, powers, authorities and
          discretions vested in it under these presents or by operation of law;

     (e)  NOTICE OF NOTE EVENT OF DEFAULT: give notice in writing to the Note
          Trustee forthwith upon becoming aware of the occurrence of any Note
          Event of Default or any Potential Note Event of Default immediately
          upon becoming aware thereof, including the status of any such default
          or matter and what action the Current Issuer is taking or proposes to
          take with respect thereto, and without waiting for the Note Trustee to
          take any action;

     (f)  CERTIFICATES RELATING TO FINANCIAL INFORMATION: give to the Note
          Trustee (a) within 14 days after demand by the Note Trustee therefor
          and (b) (without the necessity for any such demand) promptly after the
          publication of its audited accounts in respect of each Financial Year
          commencing with the Financial Year first ending after the date hereof
          and in any event not later than 180 days after the end of each such
          Financial Year a certificate signed by two directors of the Current
          Issuer to the effect that as at a date not more than seven days prior
          to the date of such certificate (the "CERTIFICATION DATE") there did
          not exist and had not existed since the certification date of the
          previous certificate (or in the case of the first such certificate the
          date hereof) any Note Event of Default (or if such exists or existed
          specifying the same) and that during the period from and including the
          certification date of the last such certificate (or in the case of the
          first such certificate the date hereof) to and including the
          certification date of such certificate the Current Issuer has
          complied, with all its obligations contained in these presents and
          each of the Current Issuer Transaction Documents to which it is a
          party or (if such is not the case) specifying the respects in which it
          has not so complied;

     (g)  NOTICE OF DEFERRAL OF PAYMENTS: as soon as practicable after becoming
          aware that any part of a payment of interest on the Current Issuer
          Notes will be deferred or that a payment previously deferred will be
          made in accordance with Condition 4 (Interest), give notice thereof to
          the Noteholders in accordance with the Current Issuer Conditions and,
          for so long as the Current Issuer Notes are listed on the Official
          List of the UK Listing Authority and admitted to trading by the London
          Stock Exchange and/or such other exchange(s) or securities market(s)
          upon which the Current Issuer Notes may become listed, to the UK
          Listing Authority and to the London Stock Exchange and/or such other
          exchange(s) or securities market(s);

     (h)  FURTHER ASSURANCES: so far as permitted by applicable law, at all
          times execute and do all such further documents, acts and things as
          may be necessary at any time or times in the opinion of the Note
          Trustee to give effect to these presents and the other Current Issuer
          Transaction Documents;

     (i)  AGENT BANK, REFERENCE BANKS ETC.: at all times maintain an Agent Bank,
          four Reference Banks, a Paying Agent, a Transfer Agent and a Registrar
          in accordance with the Current Issuer Conditions;

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<PAGE>

     (j)  NOTIFICATION OF NON-PAYMENT: procure that any Paying Agent notify the
          Note Trustee forthwith in the event that (i) such Paying Agent does
          not, on or before any Payment Date or due date, as the case may be,
          for any payment in respect of any of the Current Issuer Notes, receive
          unconditionally pursuant to the Current Issuer Paying Agent and Agent
          Bank Agreement the full amount in the requisite currency of the monies
          payable on such Payment Date or due date, as the case may be, on all
          such Current Issuer Notes, or (ii) there are insufficient funds in
          Sterling, Euro or US dollars, as the case may be, available to the
          relevant Paying Agent to discharge the amount of the monies payable on
          such Payment Date or due date, as the case may be;

     (k)  NOTIFICATION OF LATE PAYMENT: in the event of the unconditional
          payment to the Paying Agents or the Note Trustee of any sum due in
          respect of any of the Current Issuer Notes or any of them being made
          after the due date for payment thereof, forthwith give or procure to
          be given notice to the relevant Noteholders in accordance with the
          Current Issuer Conditions that such payment has been made;

     (l)  LISTING AND ADMISSION TO TRADING: use reasonable endeavours to
          maintain the listing of the Current Issuer Notes on the Official List
          of the UK Listing Authority and their admission to trading by the
          London Stock Exchange or, if it is unable to do so having used
          reasonable endeavours, use reasonable endeavours to obtain and
          maintain a quotation or listing of the Current Issuer Notes on such
          other stock exchange or exchanges or securities market or markets as
          the Current Issuer may decide (with the prior written approval of the
          Note Trustee) and shall also upon obtaining a quotation or listing of
          the Current Issuer Notes on such other stock exchange or exchanges or
          securities market or markets enter into a trust deed supplemental to
          these presents to effect such consequential amendments to these
          presents as the Note Trustee may require or as shall be requisite to
          comply with the requirements of any such stock exchange or securities
          market;

     (m)  CHANGE OF AGENTS, ETC.: subject to the Current Issuer Paying Agent and
          Agent Bank Agreement, give notice to the Noteholders in accordance
          with the Current Issuer Conditions of any appointment, resignation or
          removal of any Agent Bank, Reference Bank, Paying Agent, Transfer
          Agent or Registrar (other than the appointment of the initial Agent
          Bank, Reference Banks, Paying Agents, Transfer Agent and Registrar)
          after, except in the case of resignation, having obtained the prior
          written approval of the Note Trustee (not to be unreasonably withheld
          or delayed) thereto or any change of the Specified Office of any Agent
          Bank, Paying Agent, Transfer Agent or Registrar provided always that
          so long as any of the Current Issuer Notes remains outstanding, in the
          case of the termination of the appointment of the Agent Bank, the
          Transfer Agent or the Registrar, or so long as any of the Current
          Issuer Notes remains liable to prescription, in the case of the
          termination of the appointment of the Principal Paying Agent, no such
          termination shall take effect until a new Agent Bank, the Transfer
          Agent, Registrar or Principal Paying Agent (as the case may be) has
          been appointed on terms previously approved in writing by the Note
          Trustee;

                                       11
<PAGE>

     (n)  PRE-APPROVAL OF NOTICES: obtain the prior written approval of the Note
          Trustee to, and upon publication promptly give to the Note Trustee and
          the Rating Agencies two copies of, every notice given to the
          Noteholders in accordance with the Current Issuer Conditions (such
          approval, unless so expressed, not to constitute approval for the
          purposes of Section 21 of the Financial Services and Markets Act 2000
          (the "FSMA") of the United Kingdom of any such notice the content of
          which is an invitation or inducement to engage in investment
          activities within the meaning of Section 21 of the FSMA);

     (o)  MEETINGS: from time to time as required or contemplated by these
          presents or as reasonably requested by the Note Trustee, make
          available through the Paying Agents or otherwise such documents as may
          be required by the Noteholders in connection with Meetings;

     (p)  COMPLIANCE WITH CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT:
          (A) observe and comply with its obligations and use its reasonable
          endeavours to procure that the Agent Bank, the Paying Agents, the
          Transfer Agent and the Registrar comply with and perform all their
          respective obligations under the Current Issuer Paying Agent and Agent
          Bank Agreement and any notice given by the Note Trustee pursuant to
          Clause 2.5(a) and not make any amendment or modification to such
          agreement or agree to waive or authorise any breach thereof without
          the prior written approval of the Note Trustee and notify the Note
          Trustee forthwith upon becoming aware of any breach by any of the
          Agent Bank, the Paying Agents, the Transfer Agent and/or the
          Registrar, and (B) ensure that each Paying Agent under the Current
          Issuer Paying Agent and Agent Bank Agreement agrees in writing to (1)
          hold funds received by such Paying Agent for the payment of any sums
          due in respect of any Current Issuer Notes for the relevant
          Noteholders or the Note Trustee in trust to the extent required by
          Section 317(b) of the Trust Indenture Act, and (2) notify the Note
          Trustee of any default by the Current Issuer in making any such
          payment;

     (q)  COMPLIANCE WITH CURRENT ISSUER TRANSACTION DOCUMENTS: observe and
          comply with its obligations and use its reasonable endeavours to
          procure that each other party to any of the Current Issuer Transaction
          Documents complies with and performs all its respective obligations
          under any Current Issuer Transaction Document and not make any
          amendment or modification to such agreement or agree to waive or
          authorise any breach thereof without the prior written approval of the
          Note Trustee and notify the Note Trustee forthwith upon becoming aware
          of any breach by such other party to any Current Issuer Transaction
          Document;

     (r)  INDIVIDUAL NOTE CERTIFICATES: notify the Note Trustee upon the
          occurrence of any of the events referred to in Clause 3.3 (Individual
          Note Certificates) and shall promptly give notice thereto and of its
          obligations to issue Individual Note Certificates to the Noteholders
          in accordance with Condition 14 (Notice to Noteholders);

     (s)  EXERCISE OF REDEMPTION RIGHTS: subject to paragraph (t) below, in the
          event that any notice of prepayment of the Current Issuer Intercompany
          Loan is given under Clause 8 (Prepayment) of the Intercompany Loan
          Terms and

                                       12
<PAGE>

          Conditions, the Current Issuer shall exercise its right to redeem the
          Current Issuer Notes on the same Payment Date under Condition 5(D)
          (Optional Redemption in Full) or, as applicable, Condition 5(E)
          (Optional Redemption for Tax and other Reasons);

     (t)  REDEMPTION REQUIREMENTS: not redeem or, as the case may be, give
          notice of redemption to Noteholders of all or any part of a class or
          classes of Current Issuer Notes pursuant to Condition 5(D) (Optional
          Redemption in Full) or Condition 5(E) (Optional Redemption for Tax and
          other Reasons) unless it shall first have provided to the Note Trustee
          such certificates and opinions as may be required to be given to the
          Note Trustee pursuant to and in accordance with Condition 5(D)
          (Optional Redemption in Full) or, as the case may be Condition
          5(E)(Optional Redemption for Tax and other Reasons);

     (u)  UNITED STATES REPORTING REQUIREMENTS: file with the Note Trustee
          copies of the annual reports and of the information, documents, and
          other reports (or copies of such portions of any of the foregoing as
          the SEC may by rules and regulations prescribe) which the Current
          Issuer is required to file with the SEC pursuant to Section 13 or
          15(d) of the Exchange Act within 15 days after it files them with the
          SEC and comply with the other provisions of Section 314(a) of the
          Trust Indenture Act;

     (v)  INTEREST IN CURRENT ISSUER CHARGED PROPERTY: ensure that, save as
          permitted in these presents, the Current Issuer Deed of Charge and the
          other Current Issuer Transaction Documents, no person other than the
          Current Issuer and the Note Trustee shall have any equitable interest
          in the Current Issuer Charged Property;

     (w)  MAINTENANCE OF CURRENT ISSUER CASH MANAGER: ensure that there is at
          all times a cash manager appointed in accordance with the provisions
          of the Current Issuer Cash Management Agreement;

     (x)  TAX DEDUCTION: take reasonable steps to ensure that it does not engage
          in any course of conduct that would lead to a deduction, for United
          Kingdom corporation tax purposes, in respect of accrued interest or
          discount on the Current Issuer Notes by the Current Issuer being
          denied, postponed or restricted (whether such denial, postponement or
          restriction results from the application of paragraph 2 or 13 of
          Schedule 9 of the Finance Act 1996 or otherwise);

     (y)  UNITED KINGDOM AND UNITED STATES TAX STATUS: ensure that it is at all
          times solely resident in the United Kingdom for United Kingdom tax
          purposes and has no branch, business establishment or other fixed
          establishment outside the United Kingdom; and furthermore, ensure that
          it will not engage in any activities in the United States (directly or
          through agents), will not derive any income from United States sources
          as determined under United States income tax principles, will not hold
          any property if doing so would cause it to be engaged or deemed to be
          engaged in a trade or business within the United States as determined
          under United States income tax principles, and will not (and will use
          its best efforts to procure that any affiliate of the Current Issuer,
          including Funding, will not) take any position that would contradict
          the

                                       13
<PAGE>

          treatment of the Current Issuer Notes as indebtedness for United
          States federal income tax purposes;

     (z)  CURRENT ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS: prior to any
          enforcement of the security created under the Current Issuer Deed of
          Charge, ensure that amounts standing to the credit of the Current
          Issuer Transaction Account on a Payment Date will be applied by the
          Current Issuer in or towards satisfaction of such of the obligations
          set out in the applicable Current Issuer Pre-Enforcement Priority of
          Payments as may be, at any given time, then due and payable (in each
          case only if and to the extent that payments or provisions of a higher
          order of priority which are also due and payable or, where relevant,
          are likely to fall due at that time or prior to the next succeeding
          Payment Date have been made or provided for in full);

     (aa) AVAILABILITY OF INFORMATION: make available for inspection by
          Noteholders at the Specified Office of the Principal Paying Agent
          during normal business hours on any London Business Day copies of each
          balance sheet and profit and loss account sent to the Note Trustee
          pursuant to these presents, the Current Issuer Paying Agent and Agent
          Bank Agreement and the other Current Issuer Transaction Documents;

     (bb) RATINGS: furnish, or procure that there is furnished, from time to
          time, any and all documents, instruments, information and undertakings
          that may be reasonably necessary in order to maintain the current
          ratings of the Current Issuer Notes by the Rating Agencies (save that
          when any such document, instrument, information and/or undertaking is
          not within the possession or control of the Current Issuer, the
          Current Issuer agrees to use its reasonable efforts to furnish, or
          procure that there is furnished, from time to time any such documents,
          instruments, information and undertakings as may be reasonably
          necessary in order to maintain the current ratings of the Current
          Issuer Notes by the Rating Agencies);

     (cc) CALCULATIONS: procure that there are done on its behalf, all
          calculations required pursuant to the Current Issuer Conditions;

     (dd) DTC, EUROCLEAR AND CLEARSTREAM, LUXEMBOURG: use its reasonable
          endeavours to procure that DTC, Euroclear and/or Clearstream,
          Luxembourg (as the case may be) issue(s) any certificate or other
          document requested by the Note Trustee acting reasonably pursuant to
          these presents as soon as practicable after such request;

     (ee) INFORMATION REGARDING NOTEHOLDERS: pursuant to Section 312(a) of the
          Trust Indenture Act, furnish or cause to be furnished to the Note
          Trustee on 31st March and 30th September of each year, commencing
          [_____], and at such other times as the Note Trustee may request in
          writing, all information in the possession or control of the Current
          Issuer or of any of its Paying Agents as to the names and addresses of
          the Noteholders, and requiring the Note Trustee to preserve, in as
          current a form as is reasonably practicable, all such information so
          furnished to it;

                                       14
<PAGE>

     (ff) OFFICERS' CERTIFICATES AND OPINIONS OF COUNSEL; STATEMENTS TO BE
          CONTAINED THEREIN: upon any application, demand or request by the
          Current Issuer to the Note Trustee to take any action under any of the
          provisions of these presents (other than the issuance of Current
          Issuer Notes) and upon request of the Note Trustee, furnish to the
          Note Trustee an officers' certificate and opinion of counsel complying
          with the provisions of Section 314 of the Trust Indenture Act (an
          "OFFICERS' CERTIFICATE" and "OPINION OF COUNSEL", respectively);

     (gg) PROTECTION OF SECURITY: promptly after the execution and delivery of
          these presents and each supplement hereto, pursuant to Section 314(b)
          of the Trust Indenture Act furnish to the Note Trustee an Opinion of
          Counsel stating that in the opinion of such counsel, appropriate steps
          have been taken to protect the security interests of the Note Trustee
          in the Current Issuer Charged Property under the Current Issuer Deed
          of Charge and reciting the details of such action, or stating that in
          the opinion of such counsel no such action is necessary; and the
          Current Issuer shall furnish annually to the Note Trustee, not more
          than three (3) months after the anniversary of the signing of this
          Deed, commencing with calendar year 2003, an Opinion of Counsel
          stating either that, in the opinion of such counsel, (i) such action
          has been taken as is necessary for the proper protection of the
          security interests of the Note Trustee in the Current Issuer Charged
          Property under the Current Issuer Deed of Charge and reciting the
          details of such action or (ii) no such action is necessary for any of
          such purposes;

     (hh) AUTHORISED SIGNATORIES: upon the execution of this Deed and thereafter
          forthwith upon any change of the same, deliver to the Note Trustee
          (with a copy to the Principal Paying Agent and the Registrar) a list
          of the Authorised Signatories of the Current Issuer, together with
          certified specimen signatures of the same; and

     (ii) CURRENT ISSUER NOTES: in order to enable the Note Trustee to ascertain
          the number and amount of Current Issuer Notes for the time being
          outstanding for any of the purposes referred to in the proviso to the
          definition of "OUTSTANDING" contained in Clause 1.6, deliver to the
          Note Trustee forthwith upon being so requested in writing by the Note
          Trustee a certificate in writing signed by two Authorised Signatories
          of the Current Issuer setting out the total number and the principal
          amount of the Current Issuer Notes, if any, which:

          (a)  up to and including the date of such certificate have been
               purchased by the Current Issuer and cancelled; and

          (b)  are at the date of such certificate beneficially held by or for
               the account of the Current Issuer, any of its subsidiaries or
               holding companies or other subsidiaries of such holding
               companies.

6.   ENFORCEMENT

6.1  PROCEEDINGS: At any time after the occurrence of a Note Event of Default,
     the Note Trustee may, at its discretion and without notice (and in
     compliance with Section 317(a) of the Trust Indenture Act), recover
     judgment in its own name and as trustee of an express trust against the
     Current Issuer for the whole amount of principal and

                                       15
<PAGE>

     interest remaining unpaid; institute such proceedings and/or take other
     action against or in relation to the Current Issuer or any other person as
     it may think fit to enforce the obligations of the Current Issuer under
     these presents, the Current Issuer Notes and/or any of the other Current
     Issuer Transaction Documents but it shall not be bound to take such action
     save as provided in Clause 7 (Proceedings, Actions and Indemnification).

6.2  EXERCISE OF POWERS: The Note Trustee shall be entitled to enforce the
     obligations of the Current Issuer under the Current Issuer Notes (including
     the Current Issuer Conditions) and to exercise any other rights, powers,
     authorities and discretions conferred upon the Note Trustee in the Current
     Issuer Conditions as scheduled to this Trust Deed, which shall be read and
     construed as one document with the Current Issuer Notes.

6.3  EVIDENCE OF DEFAULT: Unless the contrary be proved, proof that as regards
     any specified Current Issuer Note the Current Issuer has made default in
     paying any amount due in respect of such Current Issuer Note shall be
     sufficient evidence that the Current Issuer has made the like default as
     regards all other Current Issuer Notes in respect of which the
     corresponding amount is then due and payable in accordance with the Current
     Issuer Conditions and for the purposes of this Clause 6.3 (Evidence of
     Default) an amount shall be a corresponding amount notwithstanding that it
     is due in respect of a Current Issuer Note of a different denomination from
     that in respect of the above specified Current Issuer Note. The Note
     Trustee may file such proofs of claim and other papers or documents as may
     be necessary or advisable in order to have the claims of the Note Trustee
     and the Noteholders allowed in any judicial proceedings relative to the
     Current Issuer, its creditors or its property.

7.   PROCEEDINGS, ACTIONS AND INDEMNIFICATION

7.1  The Note Trustee shall not be bound to take any proceedings mentioned in
     Clause 6.1 (Proceedings) or any other action in relation to these presents,
     the Current Issuer Notes or any documents executed pursuant thereto or any
     of the other Current Issuer Transaction Documents to which the Note Trustee
     is a party unless:

     (a)  it shall have been so directed by an Extraordinary Resolution of the
          Senior Noteholders or the Mezzanine Noteholders or the Junior
          Noteholders or the Special Noteholders as appropriate; or

     (b)  it shall have been so requested in writing by the holders of at least
          one quarter of the aggregate Principal Amount Outstanding of the
          Senior Notes or by the holders of at least one quarter of the
          aggregate Principal Amount Outstanding of the Mezzanine Notes or by
          the holders of at least one quarter of the aggregate Principal Amount
          Outstanding of the Junior Notes or by the holders of at least one
          quarter of the aggregate Principal Amount Outstanding of the Special
          Notes; and

     (c)  in either case it shall have been indemnified and/or secured to its
          satisfaction against all liabilities, proceedings, claims, demands,
          costs, charges and expenses to which it may thereby become liable or
          which may be incurred by it in connection therewith,

                                       16
<PAGE>

     provided that:

          (i)   the Note Trustee shall not be held liable for the consequence of
                taking any such action and may take such action without having
                regard to the effect of such action on individual Noteholders or
                any other Current Issuer Secured Creditor; and

          (ii)  save to the extent provided otherwise under the Current Issuer
                Conditions, the Note Trustee shall not and shall not be obliged
                to act at the direction or request of the Mezzanine Noteholders
                as aforesaid unless at such time no Senior Notes are then
                outstanding; and

          (iii) save to the extent provided otherwise under the Current Issuer
                Conditions, the Note Trustee shall not and shall not be obliged
                to act at the direction or request of the Junior Noteholders as
                aforesaid unless at such time there are no Senior Notes and no
                Mezzanine Notes then outstanding; and

          (iv)  save to the extent provided otherwise under the Current Issuer
                Conditions, the Note Trustee shall not and shall not be obliged
                to act at the direction or request of the Special Noteholders as
                aforesaid unless at such time there are no Senior Notes, no
                Mezzanine Notes and no Junior Notes then outstanding.

7.2  ONLY NOTE TRUSTEE TO ENFORCE: Only the Note Trustee may enforce the
     provisions of these presents, the Current Issuer Conditions or the Current
     Issuer Notes. No Noteholder or other Current Issuer Secured Creditor shall
     be entitled to proceed directly against the Current Issuer or any other
     party to any of the Transaction Documents unless the Note Trustee having
     become bound as aforesaid to institute proceedings has failed to do so
     within 30 days of becoming so bound and such failure is continuing;
     provided that save to the extent provided in the Current Issuer Conditions,
     no Special Noteholder, no Junior Noteholder and no Mezzanine Noteholder
     shall be entitled to take proceedings for the winding up or administration
     of the Current Issuer unless there are no outstanding Current Issuer Notes
     of a class with higher priority, or if Current Issuer Notes of a class with
     higher priority are outstanding, there is consent of Noteholders of not
     less than 25 per cent. of the aggregate principal amount of the Current
     Issuer Notes outstanding of the class or classes of Current Issuer Notes
     with higher priority. Notwithstanding the foregoing and notwithstanding any
     other provision of these presents, consistent with Section 316 of the Trust
     Indenture Act, the right of each Noteholder to receive principal and/or
     interest on its Current Issuer Notes on or after the due date for payment
     of such principal or interest in accordance with the Current Issuer
     Conditions or to institute suit for the enforcement of the payment of that
     principal and/or interest may not be impaired or affected without the
     consent of the such Noteholder. Notwithstanding anything herein to the
     contrary any action to be taken under Section 316(a) of the Trust Indenture
     Act shall comply with Section 316(c) of the Trust Indenture Act and the
     record date for the purpose of Section 316(c) shall be such date as the
     Current Issuer shall notify to the relevant Noteholders in accordance with
     the Current Issuer Conditions.

                                       17
<PAGE>

8.   APPLICATION OF MONEYS ETC.

8.1  APPLICATION OF MONEYS: All moneys received by the Note Trustee in respect
     of the Current Issuer Notes or amounts payable under these presents will
     (including any moneys which represent principal or interest in respect of
     Current Issuer Notes which have become void under the Current Issuer
     Conditions) be held by the Note Trustee on trust to apply them (subject to
     Clause 8.3 (Authorised Investments)) in accordance with the Current Issuer
     Priority of Payments.

8.2  INVESTMENT OF MONEYS: If the amount of the moneys at any time available for
     payment of principal and interest in respect of the Current Issuer Notes
     under Clause 8.1 (Application of Moneys) shall be less than a sum
     sufficient to pay at least one-tenth of the principal amount of the Current
     Issuer Notes then outstanding, the Note Trustee may, at its discretion,
     invest such moneys upon some or one of the investments hereinafter
     authorised with power from time to time, with like discretion, to vary such
     investments; and such investment with the resulting income thereof may be
     accumulated until the accumulations together with any other funds for the
     time being under the control of the Note Trustee and available for the
     purpose shall amount to a sum sufficient to pay at least one-tenth of the
     principal amount of the Current Issuer Notes then outstanding and such
     accumulation and funds (after deduction of any taxes and any other
     deductibles applicable thereto) shall then be applied in the manner
     aforesaid.

8.3  AUTHORISED INVESTMENTS: Any moneys which under the trusts herein contained
     may be invested by the Note Trustee may be invested in the name or under
     the control of the Note Trustee in any Authorised Investments and the Note
     Trustee may at any time vary or transfer any of such Authorised Investments
     for or into other such Authorised Investments as the Note Trustee in its
     absolute discretion may determine, and shall not be responsible (save where
     any loss results from the Note Trustee's fraud, wilful default or
     negligence or that of its officers or employees) for any loss occasioned by
     reason of any such investments whether by depreciation in value or
     otherwise, provided that such Authorised Investments were made in
     accordance with the foregoing provisions.

8.4  PAYMENT TO NOTEHOLDERS: Any payment to be made in respect of the Current
     Issuer Notes by the Current Issuer or the Note Trustee may be made in the
     manner provided in the Current Issuer Conditions and any payment so made
     shall be a good discharge, to the extent of such payment, to the Current
     Issuer or the Note Trustee, as the case may be.

8.5  PRODUCTION OF NOTE CERTIFICATES: Upon any payment under Clause 8.4 (Payment
     to Noteholders) of principal or interest, the Note Certificate representing
     the relevant Current Issuer Note in respect of which such payment is made
     shall, if the Note Trustee so requires, be produced to the Note Trustee or
     the Paying Agent by or through whom such payment is made and the Note
     Trustee shall, in the case of part payment, require the Registrar to make a
     notation in the Register of the amount and date of payment thereon or, in
     the case of payment in full, shall cause such Note Certificate to be
     surrendered or shall cancel or procure the same to be cancelled and shall
     certify or procure the certification of such cancellation, in each case
     subject to and in accordance with the Current Issuer Paying Agent and Agent
     Bank Agreement.

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<PAGE>

9.   REMUNERATION AND INDEMNIFICATION OF NOTE TRUSTEE

9.1  NORMAL REMUNERATION: The Current Issuer shall (subject as hereinafter
     provided) pay to the Note Trustee remuneration of such amount as shall from
     time to time be agreed by the Current Issuer and the Note Trustee. The rate
     of remuneration in force from time to time may upon the final redemption of
     the whole of the Current Issuer Notes of any Series be reduced by such
     amount as shall be agreed between the Current Issuer and the Note Trustee,
     such reduced remuneration to be calculated from such date as shall be
     agreed as aforesaid. Such remuneration shall be payable in priority to
     payments to Noteholders and other Current Issuer Secured Creditors on each
     Payment Date subject to and in accordance with the relevant Current Issuer
     Priority of Payments. Such remuneration shall accrue from day to day and be
     payable up to and including the date when, all the Current Issuer Notes
     having become due for redemption, the redemption monies and interest
     thereon to the date of redemption have been paid to the Principal Paying
     Agent or, as the case may be, the Note Trustee PROVIDED THAT if upon due
     presentation of any Note Certificate or any cheque payment of the monies
     due in respect thereof is improperly withheld or refused, remuneration will
     commence again to accrue until payment to Noteholders is made.

9.2  EXTRA REMUNERATION: In the event of the occurrence of a Note Event of
     Default or the Note Trustee considering it expedient or necessary or being
     requested by the Current Issuer to undertake duties which the Note Trustee
     and the Current Issuer agree to be of an exceptional nature or otherwise
     outside the scope of the normal duties of the Note Trustee under these
     presents, the Current Issuer shall pay to the Note Trustee such additional
     remuneration as shall be agreed between them;

9.3  FAILURE TO AGREE: In the event of the Note Trustee and the Current Issuer
     failing to agree:

     (a)  (in a case to which Clause 9.1 (Normal Remuneration) applies) upon
          normal remuneration; or

     (b)  (in a case to which Clause 9.2 (Extra Remuneration) applies) upon
          whether such duties shall be of an exceptional nature or otherwise
          outside the scope of the normal duties of the Note Trustee under these
          presents, or upon such additional remuneration;

     such matters shall be determined by an investment bank (acting as an expert
     and not as an arbitrator) selected by the Note Trustee and approved by the
     Current Issuer or, failing such approval, nominated (on the application of
     the Note Trustee) by the President for the time being of The Law Society of
     England and Wales (the expenses involved in such nomination and the fees of
     such investment bank being payable by the Current Issuer) and the
     determination of any such investment bank shall be final and binding upon
     the Note Trustee and the Current Issuer.

9.4  EXPENSES: In addition to the remuneration hereunder, the Current Issuer
     shall on written request, pay all other costs, charges and expenses
     (against production of invoices) which the Note Trustee may properly incur
     in relation to:

     (a)  the negotiation, preparation and execution of, the exercise of its
          powers and discretions and the performance of its duties under these
          presents and any

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<PAGE>

          other Current Issuer Transaction Documents including, but not limited
          to legal and travelling expenses; and

     (b)  any other action taken by or on behalf of the Note Trustee to enforce
          the obligations of the Current Issuer under or resolving any doubt in
          respect of these presents and/or any of the other Current Issuer
          Transaction Documents.

9.5  INDEMNITY: The Current Issuer shall indemnify the Note Trustee in respect
     of all proceedings, claims, demands, losses, costs, charges, expenses and
     liabilities to which it (or any person appointed by it to whom any trust,
     power, authority or discretion may be delegated by it in the execution or
     purported execution of the trusts, powers, authorities or discretions
     vested in it by or pursuant to these presents and any of the other Current
     Issuer Transaction Documents) may be or become liable or which may be
     properly incurred by it (or any such person as aforesaid) in the execution
     or purported execution of any of its trusts, powers, authorities and
     discretions hereunder or its functions under any such appointment or in
     respect of any other matter or thing done or omitted in any way relating to
     these presents and any of the other Current Issuer Transaction Documents
     provided that it is expressly stated that Clause 10.12 (Note Trustee Liable
     for Negligenc etc.) shall apply in relation to these provisions.

9.6  STAMP DUTIES: The Current Issuer shall, pay all stamp duties and other
     duties or taxes of a similar nature, including for the avoidance of doubt
     any duty levied under the Stamp Act 1891 as amended and supplemented, (if
     any) payable in the United Kingdom and/or Jersey on or arising out of or in
     consequence of:

     (a)  the execution and delivery of these presents and any other Current
          Issuer Transaction Document to which the Note Trustee is a party;

     (b)  the constitution and issue of the Current Issuer Notes;

     (c)  the initial delivery of the Note Certificates representing the Current
          Issuer Notes; and

     (d)  any action in any jurisdiction taken by or on behalf of the Note
          Trustee. If the Note Trustee (or any Noteholder or Current Issuer
          Secured Creditor) where permitted under these presents so to do) shall
          take any proceedings against the Current Issuer in any other
          jurisdiction and if for the purpose of any such proceedings these
          presents or any Note Certificates are taken into any such jurisdiction
          and any stamp duties or other duties or taxes become payable thereon
          in any such jurisdiction, the Current Issuer will pay (or reimburse
          the person making payment of) such stamp duties or other duties or
          taxes (including penalties).

9.7  VAT: The Current Issuer shall in addition pay to the Note Trustee an amount
     equal to any value added tax or similar tax chargeable in respect of its
     remuneration under these presents.

9.8  INTEREST: Subject as provided in Clause 9.9 (Payment), all sums payable by
     the Current Issuer under this Clause 9 (Remuneration and Indemnification of
     Note Trustee) shall be payable on demand or, in the case of any
     remuneration payable under Clause 9.1 (Normal Remuneration) on the due date
     specified therein and shall

                                       20
<PAGE>

     carry interest at the rate per annum, which is one per cent. per annum
     above the base rate from time to time of the National Westminster Bank Plc
     from the date on which they were paid, charged or incurred by the Note
     Trustee or, in the case of remuneration, the due date for payment thereof,
     to the date of actual payment, and in all other cases shall (if not paid on
     the date specified in such demand or, if later, within three days after
     such demand and, in either case, the Note Trustee so requires) carry
     interest at such rate from the date specified in such demand.

9.9  PAYMENT: Notwithstanding the other provisions of this Deed, any amount
     owing by the Current Issuer pursuant to this Clause 9 (Remuneration and
     Indemnification of Note Trustee) shall only be payable by the Current
     Issuer subject to and in accordance with the applicable Current Issuer
     Priority of Payments which applies at such time.

9.10 APPORTIONMENT: The Note Trustee shall be entitled in its absolute
     discretion to determine in respect of which Series of Current Issuer Notes
     any costs, charges, expenses or liabilities incurred under these presents
     have been incurred or to allocate such costs, charges, expenses or
     liabilities between two or more Series of Current Issuer Notes.

9.11 SURVIVAL: Unless otherwise specifically stated in any discharge of this
     Deed, the provisions of this Clause 9 (Remuneration and Indemnification of
     Note Trustee) shall continue in full force and effect notwithstanding such
     discharge.

10.  SUPPLEMENT TO THE TRUSTEE ACTS

10.1 TRUSTEE ACT 1925 AND TRUSTEE ACT 2000: The Note Trustee shall have all the
     powers conferred upon trustees by the Trustee Act 1925 and the Trustee Act
     2000 of England and Wales and by way of supplement thereto it is expressly
     declared as set out in the remaining provisions of this Clause 10
     (Supplement to Trustee Acts) (which provisions, except as expressly
     provided therein, shall be in lieu of the provisions contained in Section
     315(a) of the Trust Indenture Act).

10.2 RELIANCE ON INFORMATION:

     (a)  The Note Trustee may in relation to these presents act on the opinion
          or advice of, or a certificate or any information obtained from, any
          lawyer, banker, valuer, surveyor, securities company, broker,
          auctioneer, accountant or other expert in the United Kingdom or
          elsewhere, whether obtained by the Current Issuer, the Note Trustee or
          otherwise, and shall not be responsible for any loss occasioned by so
          acting. Any such opinion, advice, certificate or information may be
          sent or obtained by letter, facsimile reproduction or in any other
          form and the Note Trustee shall not be liable for acting in good faith
          on any opinion, advice, certificate or information purporting to be so
          conveyed although the same shall contain some error or shall not be
          authentic provided that such error or lack of authenticity is not
          manifest.

     (b)  Except in the event of wilful default or manifest error, the Note
          Trustee may call for and shall be entitled to rely upon a certificate,
          reasonably believed by it to be genuine, of the Current Issuer or any
          other person in respect of every matter and circumstance for which a
          certificate is expressly provided for under these presents, the
          Current Issuer Conditions or any other Current Issuer

                                       21
<PAGE>

          Transaction Document and to call for and rely upon a certificate of
          the Agent Bank, any Paying Agent, Registrar, Transfer Agent, any
          Reference Bank or any other person reasonably believed by it to be
          genuine as to any other fact or matter prima facie within the
          knowledge of such Agent Bank, Paying Agent, Registrar, Transfer Agent,
          Reference Bank or such other person as sufficient evidence thereof and
          the Note Trustee shall not be bound in any such case to call for
          further evidence or be responsible for any loss, liability, costs,
          damages, expenses or inconvenience that may be caused by it failing to
          do so.

10.3 POWERS AND DUTIES:

     (a)  The Note Trustee shall not have any responsibility for or have any
          duty to make any investigation in respect of or in any way be liable
          whatsoever for the nature, status, creditworthiness or solvency of the
          Current Issuer. Each Noteholder and each other Current Issuer Secured
          Creditor shall be solely responsible for making its own independent
          appraisal of and investigation into the financial condition,
          creditworthiness, affairs, status and nature of the Current Issuer and
          the Note Trustee shall not at any time have any responsibility for the
          same and each Noteholder and other Current Issuer Secured Creditors
          shall not rely on the Note Trustee in respect thereof.

     (b)  Save as required for the purposes of the Trust Indenture Act, the Note
          Trustee shall not be responsible for the execution, legality,
          effectiveness, adequacy, genuineness, validity or enforceability or
          admissibility in evidence of any Current Issuer Transaction Document
          or any other document entered into in connection therewith or any
          security thereby constituted or purported to be constituted thereby
          nor shall it be responsible or liable to any person because of any
          invalidity of any provision of such documents or the unenforceability
          thereof, whether arising from statute, law or decision of any court.

     (c)  The Note Trustee shall not be responsible for the scope or accuracy of
          any recitals, statements, warranty, representation or covenant of any
          party (other than the Note Trustee) contained herein or in any other
          Current Issuer Transaction Document or any other document entered into
          in connection therewith and shall assume the accuracy and correctness
          thereof.

     (d)  The Note Trustee may accept without enquiry, requisition or objection
          such title as the Current Issuer may have to the Current Issuer
          Charged Property or as Funding may have to the Funding Charged
          Property or any part thereof from time to time and shall not be
          required to investigate or make any enquiry into or be liable for any
          defect in the title of the Current Issuer to the Current Issuer
          Charged Property or of Funding to the Funding Charged Property or any
          part thereof from time to time whether or not any defect was known to
          the Note Trustee or might have been discovered upon examination,
          inquiry or investigation and whether or not capable of remedy.

     (e)  The Note Trustee shall not be bound to give notice to any person of
          the execution of these presents or of an Event of Default under the
          Current Issuer Intercompany Loan Agreement nor shall it have any duty
          to make any investigation in respect of or in any way be liable
          whatsoever for the registration, filing, protection or perfection of
          any security constituted by any

                                       22
<PAGE>

          Current Issuer Transaction Document relating to the Current Issuer
          Charged Property or the priority of the security created thereby and
          shall not be liable for any failure, omission or defect in perfecting,
          protecting, procuring the registration of or further assuring the
          security created or purported to be created thereby.

     (f)  The Note Trustee shall not have any duty to make any investigation in
          respect of or in any way be liable whatsoever for the failure to call
          for delivery of documents of title to or require any transfers, legal
          mortgages, charges or other further assurances in relation to any of
          the assets the subject matter of any of these presents or any other
          document.

     (g)  The Note Trustee shall be under no obligation to monitor or supervise
          and shall not have any duty to make any investigation in respect of or
          in any way be liable whatsoever for the performance or observance by
          the Current Issuer or any other person of the provisions of these
          presents or any other Current Issuer Transaction Document and shall be
          entitled to assume that each person is properly performing and
          complying with its obligations.

     (h)  The Note Trustee shall not have any responsibility for or have any
          duty to make any investigation in respect of or in any way be liable
          whatsoever for the existence, accuracy or sufficiency of any legal or
          other opinions, searches, reports, certificates, valuations or
          investigations delivered or obtained or required to be delivered or
          obtained at any time in connection with the Current Issuer Charged
          Property or any Current Issuer Transaction Document.

     (i)  The Note Trustee shall have no responsibility whatsoever to any
          Current Issuer Secured Creditor as regards any deficiency which might
          arise because the Note Trustee is subject to any Tax in respect of the
          Current Issuer Charged Property or any part thereof or any income
          therefrom or any proceeds thereof or is required by law to make any
          withholding or deduction from any payment to any Current Issuer
          Secured Creditor.

     (j)  The Note Trustee will not be responsible or liable for any inadequacy
          or unfitness of any Current Issuer Charged Property as security or any
          decline in value of any loss realised upon any disposition of the
          Current Issuer Charged Property.

     (k)  The Note Trustee shall not be responsible for, nor shall it have any
          liability with respect to, any loss or theft of the Current Issuer
          Charged Property.

     (l)  The Note Trustee shall not be liable or responsible for any loss,
          cost, damage, expense or inconvenience which may result from anything
          done or omitted to be done by it under these presents or under any of
          the other Current Issuer Transaction Documents save where the same
          arises as a result of the Note Trustee's fraud, wilful default or
          gross negligence.

     (m)  The Note Trustee shall not be responsible for the receipt or
          application by the Current Issuer of the proceeds of the Current
          Issuer Notes, the exchange of any Global Note Certificate for another
          Global Note Certificate or Individual Note Certificates or the
          exchange of any Individual Note Certificate for

                                       23
<PAGE>

          another Individual Note Certificate or the delivery of any Global Note
          Certificate or Individual Note Certificates to the person(s) entitled
          to it or them.

     (n)  The Note Trustee may appoint and pay any person to act as a custodian
          or nominee on any terms in relation to such assets of the trust as the
          Note Trustee may determine, including for the purpose of depositing
          with a custodian this Trust Deed or any Current Issuer Transaction
          Document and the Note Trustee shall not be responsible for any loss,
          liability, expense, demand, cost, claim or proceedings incurred by
          reason of the misconduct, omission or default on the part of any
          person appointed by it hereunder or be bound to supervise the
          proceedings or acts of any such person.

     (o)  The Note Trustee shall (save as expressly otherwise provided in these
          presents or in any other Current Issuer Transaction Document) as
          regards all rights, powers, authorities and discretions vested in it
          by these presents or any other Current Issuer Transaction Document, or
          by operation of law, have absolute and uncontrolled discretion as to
          the exercise or non-exercise thereof and whenever the Note Trustee is
          bound to act at the request or direction of the Noteholders or any
          class of them, the Note Trustee shall nevertheless not be so bound
          unless first indemnified to its satisfaction against all actions,
          proceedings, claims and demands to which it may render itself liable
          and all costs, expenses, damages and liabilities which it may incur by
          so doing.

     (p)  The Note Trustee as between itself and the Noteholders or any class of
          them shall have full power to determine all questions and doubts
          arising in relation to any of the provisions of these presents and/or
          any other Current Issuer Transaction Document and every such
          determination, whether made upon a question actually raised or implied
          in the acts or proceedings of the Note Trustee, shall be conclusive
          and shall bind the Note Trustee, the Noteholders and the other Current
          Issuer Secured Creditors.

     (q)  In connection with the exercise by it of any of its trusts, powers,
          authorities and discretions under these presents (including without
          limitation any power to authorise any amendment or to waive any breach
          or to make any determination) the Note Trustee shall always have
          regard to all the Noteholders, provided that:

          (i)  without prejudice to the provisions of sub-paragraph (ii) below
               where it is required to have regard to the interests of the
               Noteholders, it shall have regard to the interests of the
               Noteholders as a class and, in particular but without prejudice
               to the generality of the foregoing, shall not have regard to, or
               be in any way liable for, the consequences of any exercise
               thereof for any individual Noteholder resulting from their being
               domiciled or resident or otherwise connected with or subject to
               the jurisdiction of, any particular territory or any political
               sub-division thereof and the Note Trustee shall not be entitled
               to require, nor shall any Noteholder be entitled to claim, from
               the Current Issuer, the Note Trustee or any other person any
               indemnification or payment in respect of any tax consequence of
               any such exercise upon individual Noteholders;

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<PAGE>

          (ii)  except where expressly provided otherwise in these presents or
                any other Current Issuer Transaction Document, the Note Trustee
                shall solely have regard to the interests of the Noteholders
                provided that (a) if in the opinion of the Note Trustee there is
                a conflict between the interests of the Senior Noteholders, on
                the one hand and the interests of the Mezzanine Noteholders
                and/or the Junior Noteholders and/or the Special Noteholders on
                the other hand, the Note Trustee shall have regard only to the
                interests of the Senior Noteholders, (b) if in the opinion of
                the Note Trustee there is a conflict between the interests of
                the Mezzanine Noteholders on the one hand and the interests of
                the Junior Noteholders and/or the Special Noteholders on the
                other hand, the Note Trustee shall have regard only to the
                interests of the Mezzanine Noteholders or (c) if in the opinion
                of the Note Trustee there is a conflict between the interests of
                the Junior Noteholders on the one hand and the interests of the
                Special Noteholders on the other hand, the Note Trustee shall
                have regard only to the interests of the Junior Noteholders; but
                so that this proviso shall not apply in the case of powers,
                authorities or discretions in relation to which it is expressly
                stated that they may be exercised by the Note Trustee only if in
                its opinion the interests of all the Noteholders would not be
                materially prejudiced thereby; and

          (iii) it shall not have regard to, or be in any way liable for, the
                consequences of any exercise thereof for any other Current
                Issuer Secured Creditor or any other person.

     (r)  The Note Trustee may determine whether or not a default in the
          performance by the Current Issuer of any obligation under the
          provisions of this Deed or any other Current Issuer Transaction
          Document or a default in the performance by Funding of any obligation
          under the Current Issuer Intercompany Loan Agreement is capable of
          remedy and/or whether the same is materially prejudicial to the
          interests of the Noteholders or any class or classes of them and if
          the Note Trustee shall certify that any such default is, in its
          opinion, not capable of remedy and/or materially prejudicial to the
          interests of the Noteholders or any class or classes of them, such
          certificate shall be conclusive and binding upon the Current Issuer,
          the Noteholders and the other Current Issuer Secured Creditors.

     (s)  The Note Trustee may, in the conduct of its trust business, instead of
          acting personally, employ and pay an agent on any terms, whether or
          not a lawyer or other professional person, to transact or conduct, or
          concur in transacting or conducting, any business and to do or concur
          in doing all acts required to be done by the Note Trustee (including
          the receipt and payment of monies).

     (t)  In relation to any asset held by the Note Trustee under these
          presents, the Note Trustee may appoint any person to act as its
          nominee on any terms.

     (u)  Any trustee of these presents being a lawyer, accountant, broker or
          other person engaged in any profession or business shall be entitled
          to charge and be paid all usual professional and other charges for
          business transacted and acts done by him or his firm in connection
          with the trusts of this Deed and the

                                       25
<PAGE>

          Current Issuer Transaction Documents and also his charges in addition
          to disbursements for all other work and business done and all time
          spent by him or his firm in connection with matters arising in
          connection with this Deed and the Current Issuer Transaction
          Documents, including matters which might or should have been attended
          to in person by a trustee not being a banker, lawyer, broker or other
          professional person.

     (v)  The Note Trustee may, in the execution of all or any of the trusts,
          powers, authorities and discretions vested in it by these presents or
          any of the other Current Issuer Transaction Documents, act by
          responsible officers or a responsible officer for the time being of
          the Note Trustee. The Note Trustee may also, whenever it thinks
          expedient in the interests of the Noteholders, whether by power of
          attorney or otherwise, delegate to any person or persons all or any of
          the trusts, rights, powers, duties, authorities and discretions vested
          in it by these presents or any of the other Current Issuer Transaction
          Documents. Any such delegation may be made upon such terms and subject
          to such Current Issuer Conditions and subject to such regulations
          (including power to sub-delegate) as the Note Trustee may think fit in
          the interests of the Noteholders. The Note Trustee shall give prompt
          notice to the Current Issuer of the appointment of any delegate as
          aforesaid and shall procure that any delegate shall also give prompt
          notice of the appointment of any sub-delegate to the Current Issuer.

     (w)  If the Note Trustee exercises reasonable care in selecting any
          custodian, agent, delegate, nominee or any other person appointed
          under this Clause 10.3 (Powers and Duties) (each, an "APPOINTEE") it
          will not have any obligation to supervise such Appointee or be
          responsible for any loss, liability, costs, claim, proceedings or
          expenses incurred by reason of such Appointee's misconduct, omission
          or default or the misconduct, omission or default of any substitute
          lawfully appointed by such Appointee.

     (x)  Where it is necessary or desirable for any purpose in connection with
          these presents to convert any sum from one currency to another it
          shall (unless otherwise provided by this Deed or required by law) be
          converted at such rate or rates in accordance with such method and as
          at such date for the determination of such rate of exchange, as may be
          specified by the Note Trustee in its absolute discretion but having
          regard to current rates of exchange if available and the Note Trustee
          shall not be liable for any loss occasioned by the said conversion
          under this paragraph (x) and any rate mentioned and date so specified
          shall be binding on the Current Issuer Secured Creditors.

     (y)  Any consent given by the Note Trustee for the purposes of these
          presents or any of the other Current Issuer Transaction Documents may
          be given on such terms and subject to such conditions (if any) as the
          Note Trustee thinks fit and may be given retrospectively.

     (z)  The Note Trustee shall not be liable for any error of judgment made in
          good faith by any officer or employee of the Note Trustee assigned by
          the Note Trustee to administer its corporate trust matters unless the
          Note Trustee was negligent in ascertaining the pertinent facts.

                                       26
<PAGE>

     (aa) The Note Trustee shall not (unless required by law or ordered to do so
          by a court of competent jurisdiction) be required to disclose to any
          Noteholder or any other person any information made available to the
          Note Trustee by the Current Issuer or any other person in connection
          with the trusts of these presents or any other Current Issuer
          Transaction Documents and no Noteholder or any other person shall be
          entitled to take any action to obtain from the Note Trustee any such
          information. The Note Trustee shall not be responsible for exercising
          the rights of any of the parties under the Current Issuer Transaction
          Documents or considering the basis upon which the approvals or
          consents are granted by any of the parties under the Current Issuer
          Transaction Documents.

     (bb) Notwithstanding anything else in these presents, the Current Issuer
          Notes or any other Current Issuer Transaction Document, the Note
          Trustee may refrain from doing anything which would or might in its
          opinion be contrary to any law of any jurisdiction or any directive or
          regulation of any governmental agency or which would or might
          otherwise render it liable to any person and may do anything which is,
          in its opinion, necessary to comply with any such law, directive or
          regulation.

     (cc) The Note Trustee shall not be liable to any person by reason of having
          acted upon an Extraordinary Resolution in writing or any Extraordinary
          Resolution or other resolution whether in writing or purporting to
          have been passed at any Meeting of all or any class or classes in
          respect whereof minutes have been made and signed even though
          subsequent to its acting it may be found that there was some defect in
          the constitution of the Meeting or the passing of the resolution or
          (in the case of an Extraordinary Resolution or other resolution in
          writing) that not all Noteholders had signed the Extraordinary
          Resolution or other resolution or that for any reason the resolution
          was not valid or binding upon such Noteholders.

     (dd) Without prejudice to the right of the Note Trustee to require and/or
          accept any other evidence, the Note Trustee may accept as conclusive
          evidence of any fact or matter in relation to the Current Issuer or
          required to be certified by the Current Issuer under the Current
          Issuer Conditions, a certificate signed by two directors of the
          Current Issuer and the Note Trustee shall not be bound in any such
          case to call for further evidence or be responsible for any liability
          that may be occasioned by it or any other person acting on such
          certificate.

     (ee) The Note Trustee shall not be liable to any person by reason of having
          accepted as valid or not having rejected any Note Certificate
          purporting to be such and subsequently found to be forged or not
          authentic.

     (ff) The Note Trustee shall not be liable to the Current Issuer or any
          Noteholder by reason of having accepted as valid or not having
          rejected any entry on the Register later found to be forged or not
          authentic and can assume for all purposes in relation hereto that any
          entry on the Register is correct.

     (gg) The Note Trustee shall be entitled to assume, for the purposes of
          exercising any power, right, trust, authority, duty or discretion
          under or in relation to these presents or any of the other Current
          Issuer Transaction Documents, that

                                       27
<PAGE>

          such exercise will not be materially prejudicial to the interests of
          any class of Senior Noteholders if each of the Rating Agencies has
          confirmed that the then current rating by it of the Senior Notes would
          not be adversely affected by such exercise, that such exercise will
          not be materially prejudicial to the interests of any class of
          Mezzanine Noteholders if each of the Rating Agencies has confirmed
          that the then current rating by it of the Mezzanine Notes would not be
          adversely affected by such exercise, that such exercise will not be
          materially prejudicial to the interests of any class of Junior
          Noteholders if each of the Rating Agencies has confirmed that the then
          current rating by it of the Junior Notes will not be adversely
          affected by such exercise and that such exercise will not be
          materially prejudicial to the interests of the Special Noteholders if
          each of the Rating Agencies has confirmed that the then current rating
          by it of the Special Notes will not be adversely affected by such
          exercise.

     (hh) The Note Trustee may call for any certificate or other document to be
          issued by DTC, Euroclear or Clearstream, Luxembourg as to the
          Principal Amount Outstanding of Current Issuer Notes standing to the
          account of any person. Any such certificate or other document shall be
          conclusive and binding for all purposes. The Note Trustee shall not be
          liable to any person by reason of having accepted as valid or not
          having rejected any certificate or other document to such effect
          purporting to be issued by DTC, Euroclear or Clearstream, Luxembourg
          and subsequently found to be forged or not authentic.

     (ii) The Note Trustee shall have no responsibility for the maintenance of
          any rating of any of the Current Issuer Notes by the Rating Agencies
          or any other person.

     (jj) If required by Section 313(a) of the Trust Indenture Act, within 60
          days after 31st December of any year and commencing 31st December
          2002, the Note Trustee shall deliver to each Noteholder a brief report
          dated as of such 31st December that complies with Section 313(a) of
          the Trust Indenture Act. The Note Trustee also shall comply with
          Sections 313(b), 313(c) and 313(d) of the Trust Indenture Act. Reports
          delivered pursuant to this paragraph (jj) shall be sent as provided in
          Clause 19 (Notices).

     (kk) The Note Trustee shall comply with Trust Indenture Act Section 311(a),
          excluding any creditor relationship listed in Trust Indenture Act
          Section 311(b). A Note Trustee who has resigned or been removed shall
          be subject to Trust Indenture Act Section 311(a) to the extent
          indicated therein. The provisions of Trust Indenture Act Section 311
          shall apply to the Current Issuer as the obligor of the Current Issuer
          Notes.

     (ll) If a Note Event of Default occurs and is continuing and if it is known
          to an Authorised Officer of the Note Trustee, the Note Trustee shall
          mail to each Noteholder notice of such Note Event of Default within 90
          days after it occurs.

     (mm) The Note Trustee has no responsibility to verify or monitor the
          contents of, or (if applicable) to check any calculations contained
          in, any reports, information, documents, Officers' Certificates and
          Opinions of Counsel delivered to the

                                       28
<PAGE>

          Note Trustee in accordance with paragraphs (u) (United States
          Reporting Requirements), (ee) (Information Regarding Noteholders) or
          (ff) (Officers' Certificates and Opinions of Counsel; Statements to be
          Contained Therein) of Clause 5 (Covenants by Current Issuer) or Clause
          16 (Certificates and Opinions), and is under no obligation to inform
          Noteholders of the contents of any such reports, information,
          documents, Officers' Certificates and Opinions of Counsel, other than
          allowing Noteholders upon reasonable notice, to inspect such reports,
          information, documents, Officers' Certificates and Opinions of
          Counsel.

     (nn) The powers conferred by these presents upon the Note Trustee or any
          Receiver shall be in addition to and not in substitution for any
          powers which may from time to time be conferred on the Note Trustee or
          any such Receiver by statute or under common law.

     (oo) The Note Trustee has no duties or responsibilities except those
          expressly set out in this Trust Deed or in the other Current Issuer
          Transaction Documents.

     (pp) In the absence of knowledge or express notice to the contrary, the
          Note Trustee may assume without enquiry (other than requesting a
          certificate of the Current Issuer) that no Current Issuer Notes are
          for the time being held by or for the benefit of the Current Issuer.

     (qq) The Note Trustee may, without the consent of the Current Issuer or the
          Noteholders prescribe such regulations regarding the giving of
          directions by the Noteholders as provided in the Current Issuer
          Conditions, as the Note Trustee may in its sole discretion determine.

     (rr) Without prejudice to the provisions of any Current Issuer Transaction
          Documents relating to insurance, the Note Trustee shall not be under
          any obligation to insure any of the Current Issuer Charged Property or
          the Funding Charged Property or any deeds or documents of title or
          other evidence in respect of the Current Issuer Charged Property or
          the Funding Charged Property or to require any other person to
          maintain any such insurance or monitor the adequacy of any such
          insurance and shall not be responsible for any liability which may be
          suffered by any person as a result of the lack of or inadequacy of any
          such insurance.

     (ss) The Note Trustee shall have no liability whatsoever for any loss,
          cost, damages or expenses directly or indirectly suffered or incurred
          by a person as a result of the delivery by the Note Trustee to the
          Current Issuer or to any other party to the Current Issuer Transaction
          Documents of a certificate as to material prejudice pursuant to the
          Current Issuer Conditions or any Current Issuer Transaction Documents
          on the basis of an opinion formed by it in good faith.

     (tt) For the purpose of either Condition 5(D) (Optional Redemption in Full)
          or Condition 5(E) (Optional Redemption for Tax and other Reasons), the
          Note Trustee shall not be satisfied that the Current Issuer will be in
          a position to fulfil its obligations referred to therein unless, inter
          alia, either (i) the Current Issuer has available to it sufficient
          cash in the Current Issuer Transaction

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<PAGE>

          Account and/or in Authorised Investments which will mature on or
          before the relevant Payment Date or (ii) the Current Issuer has
          entered into a legally binding contract with an entity (a) the long
          term unsecured debt of which is rated at least as high as the then
          current rating of the Current Issuer Notes by the Rating Agencies or
          (b) any of whose short term unsecured debt is rated A-1 by S&P and P-1
          by Moody's to provide sufficient cash on or before the relevant
          Payment Date, in each case to enable the Current Issuer to fulfil its
          obligations as aforesaid.

     (uu) Where, in connection with the Current Issuer Transaction Documents or
          any of them, the Note Trustee is required to give instructions (given
          to it by the Noteholders of more than one Issuer) to the Security
          Trustee, if the Noteholders of a particular issue fail to give
          instructions to the Note Trustee within a reasonable time the Note
          Trustee shall be entitled to act on the instructions of the
          Noteholders of the other Issuer or Issuers who have responded and
          shall not and shall not be obliged to have regard to the interests of
          the Noteholders who have failed to give instructions to the Note
          Trustee.

10.4 NO FINANCIAL LIABILITY: Notwithstanding any other provision of these
     presents or of any other Current Issuer Transaction Document, nothing shall
     require the Note Trustee to risk its own funds or otherwise incur any
     financial liability in the performance of any of its duties or in the
     exercise of any of its rights or powers or otherwise in connection with
     these presents or any other Current Issuer Transaction Document (including,
     without limitation, forming any opinion or employing any legal, financial
     or other adviser), if it shall believe that repayment of such funds or
     adequate indemnity against such risk or liability is not assured to it. The
     Note Trustee shall not be responsible for exercising the rights of any of
     the parties under the Current Issuer Transaction Documents or considering
     the basis upon which the approvals or consents are granted by any of the
     parties under the Current Issuer Transaction Documents.

10.5 ASCERTAINING DEFAULT: The Note Trustee shall not be responsible or liable
     for:

     (i)  exercising any rights or powers which are assigned to it by any party
          to the Current Issuer Transaction Documents, including, without
          limitation, any servicing, administration and management functions in
          relation to the Mortgage Loans and shall not be liable to any person
          for the exercise or non-exercise of any such rights and powers;

     (ii) ascertaining whether a default has occurred under the terms of any of
          the Current Issuer Transaction Documents and nor is the Note Trustee
          responsible for taking any action in connection with any such default
          or alleged default;

10.6 RATING OF CURRENT ISSUER NOTES: The Note Trustee shall have no
     responsibility for the maintenance of any rating of the Current Issuer
     Notes by the Rating Agencies or any other credit-rating agency or any other
     person.

10.7 DELIVERY OF CERTIFICATES: The Note Trustee shall have no liability
     whatsoever for any loss, cost damages or expenses directly or indirectly
     suffered or incurred by the Current Issuer, any Noteholder or any other
     person as a result of the delivery by the

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<PAGE>

      Note Trustee of a certificate, or the omission by it to deliver a
      certificate, to the Current Issuer as to material prejudice, on the basis
      of an opinion formed by it in good faith.

10.8  ASSUMPTION OF NO DEFAULT: Except to the extent required pursuant to
      Section 315(b) of the Trust Indenture Act, the Note Trustee shall not be
      bound to ascertain whether any Current Issuer Note Event of Default or
      Potential Current Issuer Event of Default has happened and, until it shall
      have actual knowledge or express notice to the contrary, the Note Trustee
      shall be entitled to assume that no such Current Issuer Note Event of
      Default or Potential Current Issuer Event of Default has happened and that
      the Current Issuer is observing and performing all the obligations on its
      part under the Current Issuer Notes and these presents and no event has
      happened as a consequence of which any Current Issuer Notes may become
      repayable.

10.9  ASSUMPTION OF NO INTERCOMPANY DEFAULT: The Note Trustee shall not be bound
      to ascertain whether any Intercompany Loan Event of Default or Potential
      Intercompany Loan Event of Default has happened and, until it shall have
      actual knowledge or express notice to the contrary, the Note Trustee shall
      be entitled to assume that no such Intercompany Loan Event of Default or
      Potential Intercompany Loan Event of Default has happened and that Funding
      is observing and performing all the obligations on its part;

10.10 COMMERCIAL TRANSACTIONS: The Note Trustee shall not, and no director,
      officer or employee of any corporation being a Note Trustee hereof shall
      by reason of the fiduciary position of the Note Trustee be in any way
      precluded from making any commercial contracts or entering into any
      commercial transactions with any party to the Current Issuer Transaction
      Documents, whether directly or through any subsidiary or associated
      company, or from accepting the trusteeship of any other debenture stock,
      debentures or securities of any party to the Current Issuer Transaction
      Documents, and without prejudice to the generality of these provisions, it
      is expressly declared that such contracts and transactions include any
      contract or transaction in relation to the placing, underwriting,
      purchasing, subscribing for or dealing with or lending monies upon or
      making payments in respect of or any stock, shares, debenture stock,
      debentures or other securities of any party to the Current Issuer
      Transaction Documents or any contract of banking or insurance of any party
      to the Current Issuer Transaction Documents and neither the Note Trustee
      nor any such director, officer or employee shall be accountable to any
      Noteholder or to any party to the Current Issuer Transaction Documents for
      any profit, fees, commissions, interest, discounts or share of brokerage
      earned, arising or resulting from any such contracts or transactions, and
      the Note Trustee and any such director, officer or employee shall also be
      at liberty to retain the same without accounting therefor.

10.11 DISAPPLICATION: Section 1 of the Trustee Act 2000 shall not apply to the
      duties of the Note Trustee in relation to the trusts constituted by this
      Trust Deed. Where there are any inconsistencies between the Trustee Acts
      and the provisions of this Trust Deed, the provisions of this Trust Deed
      shall, to the extent allowed by law, prevail and, in the case of any such
      inconsistency with the Trustee Act 2000, the provisions of this Trust Deed
      shall constitute a restriction or exclusion for the purposes of that Act.

10.12 NOTE TRUSTEE LIABLE FOR NEGLIGENCE ETC.: Notwithstanding any other
      provision of these presents, in compliance with Section 315(d) of the
      Trust Indenture Act, none of

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<PAGE>

      the provisions of these presents shall, in any case in which the Note
      Trustee has failed to show the degree of care and diligence required of it
      as trustee under these presents (including any requirement under the Trust
      Indenture Act), having regard to the provisions of these presents
      conferring on the Note Trustee any powers, authorities or discretions,
      relieve the Note Trustee from or indemnify the Note Trustee against any
      liabilities which by virtue of any rule of law (including any provision of
      the Trust Indenture Act) would otherwise attach to it in respect of any
      negligence, default, breach of duty or breach of trust of which it may be
      guilty in relation to its duties under these presents.

11.  MODIFICATION AND WAIVER

11.1 MODIFICATION: The Note Trustee may without the consent or sanction of
     relevant class or classes of the Noteholders at any time and from time to
     time concur with the Current Issuer in making any modification (except a
     Basic Terms Modification (as defined in Schedule 4 (Provisions for Meetings
     of Noteholders) hereto)) (i) to these presents, the Current Issuer Notes
     any of the other Current Issuer Transaction Documents, provided that the
     Note Trustee is of the opinion that such modification will not be
     materially prejudicial to the interests of the relevant class or classes of
     Noteholders; or (ii) to these presents, the Current Issuer Notes or any of
     the other Current Issuer Transaction Documents, if in the opinion of the
     Note Trustee such modification is of a formal, minor or technical nature or
     to correct a manifest error; or (iii) to any of the Current Issuer
     Transaction Documents which it may be necessary to make or which are
     required by the Rating Agencies in respect of any New Issuer or any other
     person who has executed an Accession Undertaking pursuant to Clause 3.11
     (New Intercompany Loans) of the Funding Deed of Charge or Clause 2.2 (New
     Intercompany Loan Agreement) of the Intercompany Loan Terms and Conditions.
     Any such modification may be made on such terms and subject to such
     conditions (if any) as the Note Trustee may determine, shall be binding
     upon the Noteholders and, unless the Note Trustee agrees otherwise, shall
     be notified by the Current Issuer to the Noteholders and the Rating
     Agencies in accordance with the Current Issuer Conditions as soon as
     practicable thereafter. So long as any of the Current Issuer Notes are
     rated by the Rating Agencies, the Current Issuer shall notify the Rating
     Agencies in writing as soon as reasonably practicable thereafter of any
     modification to the provisions of these presents, the Current Issuer Notes
     or any of the other Current Issuer Transaction Documents. The Note Trustee
     may also agree, without the consent of the Noteholders, to a change of the
     laws governing the Current Issuer Notes and/or the Current Issuer
     Transaction Documents provided that such change would not, in the opinion
     of the Note Trustee, be materially prejudicial to the interests of the
     Noteholders.

11.2 WAIVER: Subject as expressly provided otherwise in the Current Issuer Notes
     or in any other Current Issuer Transaction Document, the Note Trustee may
     from time to time and at any time without the consent or sanction of the
     relevant class or classes of Noteholders and without prejudice to its
     rights in respect of any subsequent breach, but only if and in so far as in
     its opinion the interests of the relevant class or classes of Noteholders
     shall not be materially prejudiced thereby, waive or authorise any breach
     or proposed breach by the Current Issuer or any other party thereto of any
     of the covenants or provisions contained in these presents or in any of the
     other Current Issuer Transaction Documents or determine that any Note Event
     of Default shall not

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<PAGE>

     be treated as such for the purposes of these presents and the Current
     Issuer Notes provided always that the Note Trustee shall not exercise any
     powers conferred on it by this Clause in contravention of any express
     direction given by an Extraordinary Resolution, or of a request in writing
     made by the holders of not less than 25 per cent. in aggregate principal
     amount of the relevant class of Current Issuer Notes then outstanding, in
     accordance with the Current Issuer Conditions (but so that no such
     direction or request shall affect any waiver, authorisation or
     determination previously given or made). Any such waiver, authorisation or
     determination may be given or made on such terms and subject to such
     conditions (if any) as the Note Trustee may determine, shall be binding on
     the Noteholders and, if, but only if, the Note Trustee shall so require,
     shall be notified by the Current Issuer to the Noteholders in accordance
     with the Current Issuer Conditions as soon as practicable thereafter. The
     provisions of this Clause 11.2 (Waivers) shall be in lieu of Section
     316(a)(1)(B) of the Trust Indenture Act and Section 316(a)(1)(B) of the
     Trust Indenture Act is hereby expressly excluded from these presents and
     the Current Issuer Notes, as permitted by the Trust Indenture Act.

11.3 MATERIAL PREJUDICE: For the avoidance of doubt (in the context of deciding
     material prejudice in respect of Clauses 11.1 (Modifications) and 11.2
     (Waiver)), if the Note Trustee considers in its sole opinion that the
     Noteholders of the same class of any or all series to which the
     modification or waiver relates are materially prejudiced by such waivers,
     the Note Trustee will not be able to sanction such modification or waiver
     itself, and will instead require an Extraordinary Resolution of the
     Noteholders of the Current Issuer Notes of such class outstanding to be
     passed by means of a Meeting. In accordance with the general provision
     contained herein, such Extraordinary Resolution must also be ratified by
     the Noteholders of the Current Issuer Notes of the higher class or classes
     in order for the Extraordinary Resolution which seeks approval of the
     modification or waiver to be valid and effective.

12.  ENTITLEMENT TO TREAT HOLDER AS OWNER

     The Current Issuer, the Note Trustee and any Paying Agent may (to the
     fullest extent permitted by applicable laws) deem and treat the holder of
     any Note Certificate as the absolute owner of such Note Certificate, for
     all purposes (whether or not such Current Issuer Note represented by such
     Note Certificate shall be overdue and notwithstanding any notation of
     ownership or other writing thereon or any notice of loss or theft of such
     Note Certificate), and, except as ordered by a court of competent
     jurisdiction or as required by applicable law, the Current Issuer, the Note
     Trustee and the Paying Agents shall not be affected by any notice to the
     contrary. All payments made to any such holder shall be valid and, to the
     extent of the sums so paid, effective to satisfy and discharge the
     liability for the monies payable in respect of such Current Issuer Note.

13.  CURRENCY INDEMNITY

13.1 CURRENCY AND INDEMNITY: The sole currency of account and payment (the
     "CONTRACTUAL CURRENCY") for all sums payable by the Current Issuer under or
     in connection with these presents, the Current Issuer Notes and the other
     Current Issuer Secured Obligations including damages is (a) in relation to
     any class of Current Issuer Notes, the currency in which such class of
     Current Issuer Notes is denominated and (b) in relation to Clauses 9.1
     (Normal Remuneration), 9.2 (Extra Remuneration), 9.3

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<PAGE>

     (Failure to Agree), 9.4 (Expenses), 9.5 (Indemnity), 9.7 (VAT) and 9.8
     (Interest), pounds sterling. An amount received or recovered in a currency
     other than the Contractual Currency (whether as a result of, or of the
     enforcement of, a judgment or order of a court of any jurisdiction, in the
     winding-up or dissolution of the Current Issuer or otherwise), by the Note
     Trustee or any Noteholder or other Current Issuer Secured Creditors in
     respect of any sum expressed to be due to it from the Current Issuer will
     only discharge the Current Issuer to the extent of the Contractual Currency
     amount which the recipient is able to purchase with the amount so received
     or recovered in that other currency on the date of that receipt or recovery
     (or, if it is not practicable to make that purchase on that date, on the
     first date on which it is practicable to do so). If the Contractual
     Currency amount is less than the Contractual Currency amount expressed to
     be due to the recipient under these presents or the Current Issuer Notes,
     or the other Current Issuer Transaction Documents the Current Issuer will
     indemnify the recipient against any loss sustained by it as a result. In
     any event, the Current Issuer will indemnify the recipient against the cost
     of making any such purchase.

13.2 INDEMNITIES SEPARATE: The indemnities in these presents constitute separate
     and independent obligations from the other obligations in these presents
     and the other Current Issuer Transaction Documents, will give rise to
     separate and independent causes of action, will apply irrespective of any
     indulgence granted by the Note Trustee and/or any Noteholder or other
     Current Issuer Secured Creditor and will continue in full force and effect
     despite any judgment, order, claim or proof for a liquidated amount in
     respect of any sum due under these presents, the Current Issuer Notes, any
     other Current Issuer Transaction Documents or any other judgment or order.
     Any such loss as referred to in Clause 13.1 (Currency and Indemnity) shall
     be deemed to constitute a loss suffered by the Note Trustee, the
     Noteholders or the relevant Current Issuer Secured Creditors and no proof
     or evidence of any actual loss shall be required by the Current Issuer or
     its liquidator or liquidators.

14.  APPOINTMENT, REMOVAL AND RETIREMENT OF NOTE TRUSTEE

14.1 POWER OF CURRENT ISSUER: Subject to the provisions of this Clause 14
     (Appointment, Removal and Retirement of Note Trustee), the power of
     appointing a new Note Trustee in place of an existing Note Trustee shall be
     vested in the Current Issuer but such appointment or removal must be
     approved by (save to the extent otherwise provided in the Current Issuer
     Conditions) an Extraordinary Resolution of the Senior Noteholders, the
     Mezzanine Noteholders, the Junior Noteholders and the Special Noteholders
     of the Notes then outstanding. A trust corporation may be appointed sole
     trustee hereof but subject thereto there shall be at least two trustees
     hereof, one at least of which shall be a trust corporation. Any appointment
     of a new Note Trustee and any retirement of an existing Note Trustee hereof
     shall as soon as practicable thereafter be notified by the Current Issuer
     to the Noteholders. Any new Note Trustee must meet the requirements set out
     in Clause 14.2 (Eligibility and Disqualification) and Clause 14.6
     (Retirement or Removal Not Effective).

14.2 ELIGIBILITY AND DISQUALIFICATION: This Trust Deed shall always have a Note
     Trustee which shall be eligible to act as Note Trustee under Trust
     Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee shall have
     a combined capital and surplus of at least $50,000,000 as set forth in its
     most recent published annual report of condition. If the Note Trustee has
     or shall acquire any "CONFLICTING INTEREST" within

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<PAGE>

     the meaning of Trust Indenture Act Section 310(b), the Note Trustee and the
     Current Issuer shall comply with the provisions of Trust Indenture Act
     Section 310(b); provided, however, that there shall be excluded from the
     operation of Trust Indenture Act Section 310(b)(1) any deed or deeds under
     which other securities or certificates of interest or participation in
     other securities of the Current Issuer are outstanding if the requirements
     for such exclusion set forth in Trust Indenture Act Section 310(b)(1) are
     met. If at any time the Note Trustee shall cease to be eligible in
     accordance with the provisions of this Clause 14.2 (Eligibility and
     Disqualification), the Note Trustee shall resign promptly in the manner and
     with the effect specified in Clause 14.5 (Retirement or Removal of Note
     Trustee).

14.3 POWERS OF NOTE TRUSTEE TO APPOINT: Notwithstanding the provisions of Clause
     14.1 (Power of Current Issuer), the Note Trustee may (as attorney for the
     Current Issuer) upon giving prior notice to the Current Issuer but without
     the consent of the Current Issuer or the Noteholders appoint any person
     established or resident in any jurisdiction (whether a trust corporation or
     not) to act either as a separate trustee or as a co-trustee jointly with
     the Note Trustee:

     (a)  if the Note Trustee considers such appointment to be in the interests
          of the Noteholders; or

     (b)  for the purposes of conforming to any legal requirements, restrictions
          or Current Issuer Conditions in any jurisdiction in which any
          particular act or acts is or are to be performed; or

     (c)  for the purposes of obtaining a judgment in any jurisdiction or the
          enforcement in any jurisdiction of either a judgment already obtained
          or any of the provisions of these presents or any of the other Current
          Issuer Transaction Documents against the Current Issuer or any other
          party thereto.

     The Current Issuer hereby irrevocably appoints the Note Trustee to be its
     attorney in its name and on its behalf to execute any such instrument of
     appointment. Such a person shall (subject always to the provisions of these
     presents and any other Current Issuer Transaction Document to which the
     Note Trustee is a party) have such trusts, powers, authorities and
     discretions (not exceeding those conferred on the Note Trustee by these
     presents or any of the other Current Issuer Transaction Documents to which
     the Note Trustee is a party) and such duties and obligations as shall be
     conferred or imposed on it by the instrument of appointment. The Note
     Trustee shall have power in like manner to remove any such person. Such
     proper remuneration as the Note Trustee may pay to any such person,
     together with any attributable costs, charges and expenses incurred by it
     in performing its function as such separate trustee or co-trustee, shall
     for the purposes of these presents be treated as costs, charges and
     expenses incurred by the Note Trustee.

14.4 MULTIPLE TRUSTEES: Whenever there shall be more than two trustees hereof,
     the majority of such trustees shall (provided such majority includes a
     trust corporation) be competent to execute and exercise all the trusts,
     powers, authorities and discretions vested by these presents and any of the
     other Current Issuer Transaction Documents in the Note Trustee generally.

14.5 RETIREMENT OR REMOVAL OF NOTE TRUSTEE: Subject as provided in Clause 14.6

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<PAGE>

     (Retirement or Removal not Effective), any Note Trustee for the time being
     of this Deed may retire at any time upon giving not less than three months'
     prior notice in writing to the Current Issuer without assigning any reason
     therefor and without being responsible for any costs resulting from such
     retirement. The Noteholders may by Extraordinary Resolution of each class
     of Noteholders remove any trustee or trustees for the time being of these
     presents

14.6 RETIREMENT OR REMOVAL NOT EFFECTIVE: The retirement or removal of any Note
     Trustee shall not become effective unless (i) there remains at least one
     trustee hereof being a trust corporation in office upon such retirement or
     removal and (ii) while the Bank of New York remains Note Trustee, the Bank
     of New York, in its capacity as Security Trustee shall also retire or be
     removed simultaneously. The Current Issuer covenants that, in the event of
     a trustee (being a sole trustee or the only trust corporation) giving
     notice or being removed under Clause 14.5 (Retirement or Removal of Note
     Trustee) it shall use its best endeavours to procure a new Note Trustee of
     these presents (being a trust corporation) to be appointed as soon as
     reasonably practicable thereafter (for the avoidance of doubt, on the same
     terms as these presents). If within 30 days of having given notice of its
     intention to retire, the Current Issuer has failed to appoint a replacement
     Note Trustee, the outgoing Note Trustee will be entitled to appoint its
     successor provided that the Rating Agencies confirm that the then current
     ratings of the Current Issuer Notes shall not be either downgraded or
     reviewed as a result of such appointment.

15.  TRUST INDENTURE ACT PREVAILS

     If any provision of these presents limits, qualifies or conflicts with
     another provision which is required to be included in these presents by,
     and is not subject to a contractual waiver under, the Trust Indenture Act,
     the required provision of the Trust Indenture Act shall be deemed to be
     incorporated into these presents and shall prevail.

16.  CERTIFICATES AND OPINIONS

16.1 EVIDENCE OF COMPLIANCE AS TO CONDITIONS PRECEDENT: Upon any request or
     application by the Current Issuer to the Note Trustee to take any action
     under this Trust Deed or these presents, the Current Issuer shall furnish
     to the Note Trustee in accordance with Section 314(c) of the Trust
     Indenture Act:

     (a)  an Officers' Certificate (which shall include the statements set forth
          in Clause 16.2 (Statements Required in Certificates and Opinions)
          below stating that, in the opinion of the signers, all conditions
          precedent, if any, provided for in these presents relating to the
          proposed action have been complied with; and

     (b)  an Opinion of Counsel (which shall include the statements set forth in
          Clause 16.2 (Statements Required in Certificates and Opinions) below)
          stating that, in the opinion of such counsel, all such conditions
          precedent, if any, provided for in these presents relating to the
          proposed action have been complied with.

16.2 STATEMENTS REQUIRED IN CERTIFICATES AND OPINIONS: Each certificate and
     opinion with respect to compliance with a condition or covenant provided
     for in these presents or these presents, in accordance with Section 314(e)
     of the Trust Indenture Act, shall include:

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<PAGE>

     (a)  a statement that the person making such certificate or opinion has
          read such covenant or condition and the definitions relating thereto;

     (b)  a brief statement as to the nature and scope of the examination or
          investigation upon which the statements or opinions contained in such
          certificate or opinion are based;

     (c)  a statement that, in the opinion of such person, it or he has made
          such examination or investigation as is necessary to enable such
          person to express an informed opinion as to whether or not such
          covenant or condition has been complied with; and

     (d)  a statement as to whether or not, in the opinion of such person, such
          covenant or condition has been complied with.

17.  RELEASE OF COLLATERAL

17.1 LIMITATION ON RELEASE: Except to the extent expressly provided in this
     Clause 17 (Release of Collateral), the Note Trustee shall release the
     property from the security constituted by the Current Issuer Deed of Charge
     only upon receipt of a request from the Current Issuer accompanied by an
     Officers' Certificate, an Opinion of Counsel and certificates of
     independent parties in accordance with Trust Indenture Act Sections 314(c)
     and 314(d)(1) ("INDEPENDENT CERTIFICATES") or an Opinion of Counsel in lieu
     of such Independent Certificates to the effect that the Trust Indenture Act
     does not require any such Independent Certificates.

17.2 FAIR VALUE: Prior to the release of any property or securities subject to
     the lien of the Current Issuer Deed of Charge, the Current Issuer shall, in
     addition to any obligation imposed in this Clause 17 (Release of
     Collateral) or elsewhere in these presents, furnish to the Note Trustee an
     Officers' Certificate certifying or stating the opinion of each person
     signing such certificate as to the fair value to the Current Issuer of the
     property or securities to be so released. The officers so certifying may
     consult with, and may conclusively rely upon a certificate as to the fair
     value of such property provided to such officers by an internationally
     recognised financial institution with expertise in such matters. Whenever
     the Current Issuer is required to furnish to the Note Trustee an Officers'
     Certificate certifying or stating the opinion of any signer thereof as to
     the matters described in this Clause 17.2 (Fair Value), the Current Issuer
     shall also deliver to the Note Trustee an Independent Certificate as to the
     same matters, if the fair value to the Current Issuer of the property to be
     so released and of all other such property made the basis of any such
     release since the commencement of the then current fiscal year of the
     Current Issuer, as set forth in the certificates delivered pursuant to this
     Clause 17 (Release of Collateral), is 10% or more of the Principal Amount
     Outstanding of the Current Issuer Notes, but such a certificate need not be
     furnished with respect to any property so released if the fair value
     thereof to the Current Issuer as set forth in the related Officers'
     Certificate is less than $25,000 (or its equivalent) or less than one per
     cent. of the Principal Amount Outstanding of the Current Issuer Notes.

17.3 NO IMPAIRMENT: Whenever any property is to be released from the security
     constituted by the Current Issuer Deed of Charge, the Current Issuer shall
     also furnish to the Note Trustee an Officer's Certificate certifying or
     stating the opinion of each

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<PAGE>

     person signing such certificate that in the opinion of such person the
     proposed release will not impair the security under the Current Issuer Deed
     of Charge in contravention of the provisions hereof.

17.4 PAYMENTS UNDER CURRENT ISSUER TRANSACTION DOCUMENTS: Notwithstanding
     anything to the contrary contained herein, the Current Issuer may (a) make
     cash payments out of the Current Issuer Bank Accounts relating to the
     Current Issuer Notes as and to the extent permitted or required by the
     Current Issuer Transaction Documents (b) act in relation to the Current
     Issuer Charged Property as permitted under the Current Issuer Deed of
     Charge and (c) take any other action not inconsistent with the Trust
     Indenture Act.

18.  RIGHTS CUMULATIVE

     The respective rights of the Note Trustee and the Noteholders to these
     presents are cumulative and may be exercised as often as each considers
     appropriate and are in addition to their respective rights under the
     general law. No failure on the part of the Note Trustee or any Noteholder
     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 these presents are cumulative and not
     exclusive of any remedies provided by law.

19.  NOTICES

19.1 Any notices or other communication or document to be given or delivered
     pursuant to these presents to any of the parties hereto shall be
     sufficiently served if sent by prepaid first class post, by hand or by
     facsimile transmission and shall be deemed to be given (in the case of
     facsimile transmission) when despatched or (where delivered by hand) on the
     day of delivery if delivered before 17.00 hours on a 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:

     (a)  in the case of the Current Issuer, to Granite Mortgages 02-2 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;

     (b)  in the case of the Note Trustee, to The Bank of New York, One Canada
          Square, London E14 5AL (facsimile number 020 7964 6061/6399) for the
          attention of (Corporate Trust) Global Structured Finance;

     or to such other address or facsimile number or for the attention of such
     other person or entity as may from time to time be notified by any party to
     the others by fifteen days prior written notice in accordance with the
     provisions of this Clause 19 (Notices).

19.2 COMMUNICATIONS BY NOTEHOLDERS WITH OTHER NOTEHOLDERS: Noteholders may
     communicate pursuant to Trust Indenture Act Section 312(b) with other
     Noteholders

                                       38
<PAGE>

     with respect to their rights under these presents or the Current Issuer
     Notes. The Current Issuer and the Note Trustee shall have the protection of
     Trust Indenture Act Section 312(c).

19.3 NOTICES TO NOTEHOLDERS: Any notice or communication mailed to Noteholders
     hereunder shall be transmitted by mail to (a) all Noteholders as the names
     and addresses of such Noteholders appear upon the Register and (b) such
     Noteholders to whom Trust Indenture Act Section 313(c) requires reports to
     be transmitted.

20.  THIRD PARTY RIGHTS

     A person who is not a party to these presents 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.

21.  EXECUTION IN COUNTERPARTS; SEVERABILITY

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

21.2 SEVERABILITY: Where any provision in or obligation under these presents
     shall be invalid, illegal or unenforceable in any jurisdiction, the
     validity, legality and enforceability of the remaining provisions or
     obligations under these presents, or of such provision or obligation in any
     other jurisdiction, shall not be affected or impaired thereby.

22.  GOVERNING LAW AND JURISDICTION; APPROPRIATE FORUM

22.1 GOVERNING LAW: These presents and the Current Issuer Notes are governed by,
     and shall be construed in accordance with, English law.

22.2 JURISDICTION: Each of the parties hereto agrees for the benefit of the Note
     Trustee and the Noteholders 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 these
     presents and, for such purposes, irrevocably submits to the jurisdiction of
     such courts.

22.3 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 of which these presents has been executed by the parties hereto as a
deed which has been delivered on the date first appearing on page one.

                                       39
<PAGE>

                                   SCHEDULE 1
                        FORMS OF GLOBAL NOTE CERTIFICATES

                           GRANITE MORTGAGES 02-2 PLC
                 (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND
                     AND WALES WITH REGISTERED NUMBER [O])

                   SERIES 1 CLASS [O] GLOBAL NOTE CERTIFICATE

                                  REPRESENTING
              US$[O] SERIES 1 CLASS [O] FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 1 Class [O] Global Note Certificate is issued in respect of the
     US$[O] Series 1 Class [O] Floating Rate Notes due [O] (the "NOTES") of
     Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), and is limited to the
     aggregate principal amount of

                                 [O] US Dollars
                                    (US$[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

         This is to certify that:

                                   CEDE & CO.

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

                                 [O] US Dollars

                                    (US$[O])

                                       40
<PAGE>

     in aggregate principal amount of the Notes.

4.   Promise to pay

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

5.   Exchange for Individual Note Certificates

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

6.   Delivery of Individual Note Certificates

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

                                       41
<PAGE>

     concerning the transfer and registration of Notes scheduled thereto and, in
     particular, shall be effected without charge to any Holder or the Note
     Trustee, but against such indemnity as the Registrar may require in respect
     of any tax or other duty of whatsoever nature which may be levied or
     imposed in connection with such exchange. In this paragraph, "BUSINESS DAY"
     means a day on which commercial banks are open for business in the city in
     which the Registrar has its Specified Office.

7.   Payments

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

8.   Conditions apply

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

9.   Notices

     Notwithstanding Condition 14 (Notice to Noteholders), so long as this
     Global Note Certificate is held on behalf of DTC or any other clearing
     system (an "ALTERNATIVE CLEARING SYSTEM") notices to Holders of Notes
     represented by this Global Note Certificate may be given by delivery of the
     relevant notice to DTC or (as the case may be) such Alternative Clearing
     System.

10.  Determination of Entitlement

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

11.  Authentication

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

12.  Definitions

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

13.  Rights of Third Parties

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

                                       42
<PAGE>

14.  Governing law

     This Global Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

                                       43
<PAGE>

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O] 2002.

AUTHENTICATED for and on behalf of CITIBANK, N.A.

as Registrar without recourse, warranty, or liability

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

                                       44
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ....................................., being the registered
holder of this Global Note Certificate, hereby transfers
to..............................................................................
of..............................................................................
.................................................................................
US$ ..................................... in principal amount of the US$[amount]
Series 1 Class [O] Floating Rate Notes due [maturity] (the "NOTES") of Granite
Mortgages 02-2 plc (the "CURRENT ISSUER") and irrevocably requests and
authorises Citibank, N.A., in its capacity as Registrar in relation to the Notes
(or any successor to Citibank, N.A., in its capacity as such) to effect the
relevant transfer by means of appropriate entries in the Register kept by it.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to US$10,000 or an
     integral multiple of U.S.$1,000 in excess thereof.

                                       45
<PAGE>

[Attached to the Global Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                            REGISTRAR
         [NAME]                                                    [NAME]
        [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[NAME]                                      [NAME]
[ADDRESS]                                   [ADDRESS]

                                       46
<PAGE>

                         FORM OF GLOBAL NOTE CERTIFICATE

THE CURRENT ISSUER IS NOT AN AUTHORIZED INSTITUTION OR EUROPEAN AUTHORIZED
INSTITUTION (AS SUCH TERMS ARE DEFINED IN THE BANKING ACT 1987 (EXEMPT
TRANSACTIONS) REGULATIONS 1997, AS AMENDED) AND THIS NOTE CONSTITUTES A LONGER
TERM DEBT SECURITY ISSUED IN ACCORDANCE WITH REGULATIONS MADE UNDER SECTION 4 OF
THE BANKING ACT 1987. REPAYMENT OF THE PRINCIPAL AND THE PAYMENT OF ANY INTEREST
IN CONNECTION WITH THIS NOTE HAVE NOT BEEN GUARANTEED.

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

                                       47
<PAGE>

                           GRANITE MORTGAGES 02-2 PLC
                 (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND
                     AND WALES WITH REGISTERED NUMBER [O])

                   SERIES 2 CLASS [O] GLOBAL NOTE CERTIFICATE

                                  REPRESENTING
            (EURO) [O] SERIES 2 CLASS [O] FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 2 Class [O] Global Note Certificate is issued in respect of the
     (Euro) [O] Series 2 Class [O] Floating Rate Notes due [O] (the "NOTES") of
     Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), and is limited to the
     aggregate principal amount of

                                    [O] Euro

                                   ((Euro)[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

     This is to certify that:

                              CITIVIC NOMINEES LTD.

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

                                    [O] Euro

                                   ((Euro)[O])

     in aggregate principal amount of the Notes.

                                       48
<PAGE>

4.   Promise to pay

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

5.   Exchange for Individual Note Certificates

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

6.   Delivery of Individual Note Certificates

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

                                       49
<PAGE>

     which commercial banks are open for business in the city in which the
     Registrar has its Specified Office.

7.   Payments

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

8.   Conditions apply

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

9.   Notices

     Notwithstanding Condition 14 (Notice to Noteholders), so long as this
     Global Note Certificate is held on behalf of Euroclear and Clearstream,
     Luxembourg or any alternative clearing system (an "ALTERNATIVE CLEARING
     SYSTEM"), notices to Holders of Notes represented by this Global Note
     Certificate may be given by delivery of the relevant notice to Euroclear
     and Clearstream, Luxembourg or (as the case may be) such Alternative
     Clearing System.

10.  Determination of Entitlement

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

11.  Authentication

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

12.  Definitions

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

13.  Rights of Third Parties

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

                                       50
<PAGE>

14.  Governing law

     This Global Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

                                       51
<PAGE>

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O] 2002.

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

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

                                       52
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ......................................................, being
the registered holder of this Global Note Certificate, hereby transfers to
.................................................................................
...............................................................................of
.................................................................................
.................................................................................
................................., (Euro) .......................................
in principal amount of the(euro)[amount] Series 2 Class [O] Floating Rate Notes
due [maturity] (the "NOTES") of Granite Mortgages 02-2 plc (the "CURRENT
ISSUER") and irrevocably requests and authorises Citibank, N.A., in its capacity
as Registrar in relation to the Notes (or any successor to Citibank, N.A., in
its capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to (Euro)10,000 or an
     integral multiple of (Euro)1,000 in excess thereof.

                                       53
<PAGE>

[Attached to the Global Note Certificate:]

     [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                          REGISTRAR
       [NAME]                                                     [NAME]
      [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[NAME]                                      [NAME]
[ADDRESS]                                   [ADDRESS]

                                       54
<PAGE>

                           FORM OF GLOBAL CERTIFICATE

THE CURRENT ISSUER IS NOT AN AUTHORIZED INSTITUTION OR EUROPEAN AUTHORIZED
INSTITUTION (AS SUCH TERMS ARE DEFINED IN THE BANKING ACT 1987 (EXEMPT
TRANSACTIONS) REGULATIONS 1997, AS (AMENDED) AND THIS NOTE CONSTITUTES A LONGER
TERM DEBT SECURITY ISSUED IN ACCORDANCE WITH REGULATIONS MADE UNDER SECTION 4 OF
THE BANKING ACT 1987. REPAYMENT OF THE PRINCIPAL AND THE PAYMENT OF ANY INTEREST
IN CONNECTION WITH THIS NOTE HAVE NOT BEEN GUARANTEED.

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

                                       55
<PAGE>

                           GRANITE MORTGAGES 02-2 PLC
               (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND AND
                       WALES WITH REGISTERED NUMBER [O])

                   SERIES 3 CLASS [O] GLOBAL NOTE CERTIFICATE

                                  REPRESENTING
           (POUND) [O] SERIES 3 CLASS [O] FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 3 Class [O] Global Note Certificate is issued in respect of the
     (pound) [O] Series 3 Class [O] Floating Rate Notes due [O] (the "NOTES") of
     Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), and is limited to the
     aggregate principal amount of

                               [O] Pounds Sterling
                                  ((pound)[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

     This is to certify that:

                              CITIVIC NOMINEES LTD.

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

                               [O] Pounds Sterling

                                  ((pound)[O])

     in aggregate principal amount of the Notes.

                                       56
<PAGE>

4.   Promise to pay

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

5.   Exchange for Individual Note Certificates

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

6.   Delivery of Individual Note Certificates

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

                                       57
<PAGE>

     which commercial banks are open for business in the city in which the
     Registrar has its Specified Office.

7.   Payments

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

8.   Conditions apply

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

9.   Notices

     Notwithstanding Condition 14 (Notice to Noteholders), so long as this
     Global Note Certificate is held on behalf of Euroclear and Clearstream,
     Luxembourg or any alternative clearing system (an "ALTERNATIVE CLEARING
     SYSTEM"), notices to Holders of Notes represented by this Global Note
     Certificate may be given by delivery of the relevant notice to Euroclear
     and Clearstream, Luxembourg or (as the case may be) such Alternative
     Clearing System.

10.  Determination of Entitlement

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

11.  Authentication

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

12.  Definitions

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

13.  Rights of Third Parties

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

                                       58
<PAGE>

14.  Governing law

     This Global Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

                                       59
<PAGE>

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O] 2002.

AUTHENTICATED for and on behalf of CITIBANK, N.A.

as Registrar without recourse, warranty, or liability

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

                                       60
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ......................................., being the registered
holder of this Global Note Certificate, hereby transfers to
.................................................................................
...............................................................................of
.................................................................................
.................................................................................
.................................................................................
........................................,(pound) in principal amount of
the (pound) [amount] Series 3 Class [O] Floating Rate Notes due [maturity] (the
"NOTES") of Granite Mortgages 02-2 plc (the "CURRENT ISSUER") and irrevocably
requests and authorises Citibank, N.A., in its capacity as Registrar in relation
to the Notes (or any successor to Citibank, N.A., in its capacity as such) to
effect the relevant transfer by means of appropriate entries in the Register
kept by it.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to (pound)10,000 or an
     integral multiple of (pound)1,000 in excess thereof.

                                       61
<PAGE>

[Attached to the Global Note Certificate:]

     [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                          REGISTRAR
        [NAME]                                                   [NAME]
      [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[NAME]                                      [NAME]
[ADDRESS]                                   [ADDRESS]

                                       62
<PAGE>

                                   SCHEDULE 2
                      FORMS OF INDIVIDUAL NOTE CERTIFICATES

-----------------   -------   -------   -------------   --------   ------------
US$[1,000/10,000]   [ISIN]    [CUSIP]   [COMMON CODE]   [SERIES]   [SERIAL NO.]
-----------------   -------   -------   -------------   --------   ------------

                           GRANITE MORTGAGES 02-2 PLC
                 (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND
                     AND WALES WITH REGISTERED NUMBER [O])

                 SERIES 1 CLASS [O] INDIVIDUAL NOTE CERTIFICATE

                                  REPRESENTING
              US$[O] SERIES 1 CLASS [O] FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 1 Class [O] Individual Note Certificate is issued in respect of
     the US$[O] Series 1 Class [O] Floating Rate Notes due [O] (the "NOTES") of
     Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), limited to the aggregate
     principal amount of

                                 [O] US Dollars
                                    (US$[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

     This is to certify that

                                  [NOTEHOLDER]

     is the person registered in the register maintained by the Registrar in
     relation to the Notes (the "REGISTER") as the duly registered holder (the
     "HOLDER") of Notes represented from time to time by this Individual Note
     Certificate in the aggregate principal amount of:

                                       63
<PAGE>

                                     US$[O]

                          US DOLLARS [AMOUNT IN WORDS]

     in aggregate principal amount of the Notes.

4.   Promise to pay

     Subject only as provided in this Individual Note Certificate and the
     Current Issuer Conditions, the Current Issuer, for value received, promises
     to pay to the Holder the principal amount of this Individual Note
     Certificate (being at the date hereof [O] US Dollars (US$[O]) on the
     Payment Date falling in [O] (or on such earlier date as the said principal
     amount may become repayable in accordance with the Current Issuer
     Conditions or the Current Issuer Trust Deed) and to pay interest on the
     principal amount from time to time of this Individual Note Certificate
     quarterly in arrear on each Payment Date at the rates determined in
     accordance with the Current Issuer Conditions together with such premium
     and other amounts (if any) as may be payable, all subject to and in
     accordance with the Current Issuer Conditions and the provisions of the
     Current Issuer Trust Deed.

5.   Payments

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

6.   Conditions apply

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

7.   Determination of Entitlement

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

8.   Authentication

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

9.   Definitions

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

                                       64
<PAGE>

10.  Rights of Third Parties

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

11.  Governing law

     This Individual Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O].

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

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

                                       65
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ......................................................, being
the registered holder of this Individual Note Certificate, hereby transfers to
.................................................................................
...............................................................................of
................................................................................,
US$ ..................................... in principal amount of the US$[amount]
Series 1 Class [O] Floating Rate Notes due [maturity] (the "NOTES") of Granite
Mortgages 02-2 plc (the "CURRENT ISSUER") and irrevocably requests and
authorises Citibank, N.A., in its capacity as Registrar in relation to the Notes
(or any successor to Citibank, N.A., in its capacity as such) to effect the
relevant transfer by means of appropriate entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying
Agency and Agent Bank Agreement.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to US$10,000 or an
     integral multiple of U.S.$1,000 in excess thereof.

                                       66
<PAGE>

[Attached to the Individual Note Certificate:]

     [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                          REGISTRAR
        [NAME]                                                   [NAME]
      [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[NAME]                                      [NAME]
[ADDRESS]                                   [ADDRESS]

                                       67
<PAGE>

                       FORM OF INDIVIDUAL NOTE CERTIFICATE

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

THE CURRENT ISSUER IS NOT AN AUTHORIZED INSTITUTION OR EUROPEAN AUTHORIZED
INSTITUTION (AS SUCH TERMS ARE DEFINED IN THE BANKING ACT 1987 (EXEMPT
TRANSACTIONS) REGULATIONS 1997, AS AMENDED) AND THIS NOTE CONSTITUTES A LONGER
TERM DEBT SECURITY ISSUED IN ACCORDANCE WITH REGULATIONS MADE UNDER SECTION 4 OF
THE BANKING ACT 1987. REPAYMENT OF THE PRINCIPAL AND THE PAYMENT OF ANY INTEREST
IN CONNECTION WITH THIS NOTE HAVE NOT BEEN GUARANTEED.

                                       68
<PAGE>

  --------------------    ------    -------------    --------    ------------
  (euro)[1,000/10,000]    [ISIN]    [COMMON CODE]    [SERIES]    [SERIAL NO.]
  --------------------    ------    -------------    --------    ------------

                           GRANITE MORTGAGES 02-2 PLC
                 (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND
                     AND WALES WITH REGISTERED NUMBER [O])

                 SERIES 2 CLASS [O] INDIVIDUAL NOTE CERTIFICATE

                                  REPRESENTING
            (Euro) [O] SERIES 2 [O] CLASS FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 2 Class [O] Individual Note Certificate is issued in respect of
     the (Euro) [O] Series 2 Class [O] Floating Rate Notes due [O] (the "NOTES")
     of Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), limited to the
     aggregate principal amount of

                                    [O] Euro
                                   ((Euro)[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

     This is to certify that

                                  [NOTEHOLDER]

     is the person registered in the register maintained by the Registrar in
     relation to the Notes (the "REGISTER") as the duly registered holder (the
     "HOLDER") of Notes represented from time to time by this Individual Note
     Certificate in the aggregate principal amount of:

                                   (Euro) [O]

                              EURO[AMOUNT IN WORDS]

                                       69
<PAGE>

     in aggregate principal amount of the Notes.

4.   Promise to pay

     Subject only as provided in this Individual Note Certificate and the
     Current Issuer Conditions, the Current Issuer, for value received, promises
     to pay to the Holder the principal amount of this Individual Note
     Certificate (being at the date hereof [O] Euro ((Euro)[O])) on the Payment
     Date falling in [O] (or on such earlier date as the said principal amount
     may become repayable in accordance with the Current Issuer Conditions or
     the Current Issuer Trust Deed) and to pay interest on the principal amount
     from time to time of this Individual Note Certificate quarterly in arrear
     on each Payment Date at the rates determined in accordance with the Current
     Issuer Conditions together with such premium and other amounts (if any) as
     may be payable, all subject to and in accordance with the Current Issuer
     Conditions and the provisions of the Current Issuer Trust Deed.

5.   Payments

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

6.   Conditions apply

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

7.   Determination of Entitlement

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

8.   Authentication

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

9.   Definitions

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

                                       70
<PAGE>

10.  Rights of Third Parties

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

11.  Governing law

     This Individual Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O].

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

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

                                       71
<PAGE>

FORM OF TRANSFER

FOR VALUE RECEIVED ......................................................, being
the registered holder of this Individual Note Certificate, hereby transfers to
.................................................................................
...............................................................................of
.................................................................................
................................................................................,
(Euro) ..................................... in principal amount of the (Euro)
[amount] Series 2 Class [O] Floating Rate Notes due [maturity] (the "NOTES") of
Granite Mortgages 02-2 plc (the "CURRENT ISSUER") and irrevocably requests and
authorises Citibank, N.A., in its capacity as Registrar in relation to the Notes
(or any successor to Citibank, N.A., in its capacity as such) to effect the
relevant transfer by means of appropriate entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying Agent
and Agent Bank Agreement.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to (Euro)10,000 or an
     integral multiple of (Euro)1,000 in excess thereof.

                                       72
<PAGE>

[Attached to the Individual Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                           REGISTRAR
         [NAME]                                                   [NAME]
       [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[Name]                                      [Name]
[Address]                                   [Address]

                                       73
<PAGE>

                       FORM OF INDIVIDUAL NOTE CERTIFICATE

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

THE CURRENT ISSUER IS NOT AN AUTHORIZED INSTITUTION OR EUROPEAN AUTHORIZED
INSTITUTION (AS SUCH TERMS ARE DEFINED IN THE BANKING ACT 1987 (EXEMPT
TRANSACTIONS) REGULATIONS 1997, AS AMENDED) AND THIS NOTE CONSTITUTES A LONGER
TERM DEBT SECURITY ISSUED IN ACCORDANCE WITH REGULATIONS MADE UNDER SECTION 4 OF
THE BANKING ACT 1987. REPAYMENT OF THE PRINCIPAL AND THE PAYMENT OF ANY INTEREST
IN CONNECTION WITH THIS NOTE HAVE NOT BEEN GUARANTEED.

                                       74
<PAGE>

   ---------------------   ------   -------------   --------   ------------
   (pound)[1,000/10,000]   [ISIN]   [COMMON CODE]   [SERIES]   [SERIAL NO.]
   ---------------------   ------   -------------   --------   ------------

                           GRANITE MORTGAGES 02-2 PLC
                 (INCORPORATED WITH LIMITED LIABILITY IN ENGLAND
                     AND WALES WITH REGISTERED NUMBER [O])

                 SERIES 3 CLASS [O] INDIVIDUAL NOTE CERTIFICATE

                                  REPRESENTING
           (POUND) [O] SERIES 3 CLASS [O] FLOATING RATE NOTES DUE [O]

1.   Introduction

     This Series 3 Class [O] Individual Note Certificate is issued in respect of
     the (pound) [O] Series 3 Class [O] Floating Rate Notes due [O] (the
     "NOTES") of Granite Mortgages 02-2 plc (the "CURRENT ISSUER"), limited to
     the aggregate principal amount of

                               [O] Pounds Sterling
                                  ((pound)[O])

     The Notes are constituted by, are subject to, and have the benefit of, a
     trust deed dated [O] 2002 (as amended or supplemented from time to time,
     the "CURRENT ISSUER TRUST DEED") between the Current Issuer and The Bank of
     New York as trustee (the trustee for the time being thereof being herein
     called the "NOTE TRUSTEE") and are the subject of a paying agent and agent
     bank agreement dated [O] 2002 (as amended or supplemented from time to
     time, the "CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT") between
     the Current Issuer, the Principal Paying Agent, the Agent Bank, Citibank,
     N.A. as registrar (the "REGISTRAR", which expression includes any successor
     registrar appointed from time to time in connection with the Notes), the
     Transfer Agent, the US Paying Agent and the Note Trustee.

2.   References to Conditions

     References herein to the Current Issuer Conditions (or to any particular
     numbered Condition) shall be to the Current Issuer Conditions (or that
     particular one of them) attached hereto.

3.   Registered Holder

     This is to certify that

                                  [NOTEHOLDER]

     is the person registered in the register maintained by the Registrar in
     relation to the Notes (the "REGISTER") as the duly registered holder (the
     "HOLDER") of Notes represented from time to time by this Individual Note
     Certificate in the aggregate principal amount of:

                                   (POUND) [O]

                        POUNDS STERLING [AMOUNT IN WORDS]

                                       75
<PAGE>

     in aggregate principal amount of the Notes.

4.   Promise to pay

     Subject only as provided in this Individual Note Certificate and the
     Current Issuer Conditions, the Current Issuer, for value received, promises
     to pay to the Holder the principal amount of this Individual Note
     Certificate (being at the date hereof [O] Pounds Sterling ((pound)[O])) on
     the Payment Date falling in [O] (or on such earlier date as the said
     principal amount may become repayable in accordance with the Current Issuer
     Conditions or the Current Issuer Trust Deed) and to pay interest on the
     principal amount from time to time of this Individual Note Certificate
     quarterly in arrear on each Payment Date at the rates determined in
     accordance with the Current Issuer Conditions together with such premium
     and other amounts (if any) as may be payable, all subject to and in
     accordance with the Current Issuer Conditions and the provisions of the
     Current Issuer Trust Deed.

5.   Payments

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

6.   Conditions apply

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

7.   Determination of Entitlement

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

8.   Authentication

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

9.   Definitions

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

                                       76
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10.  Rights of Third Parties

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

11.  Governing law

     This Individual Note Certificate is governed by, and shall be construed in
     accordance with, the laws of England.

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

GRANITE MORTGAGES 02-2 PLC

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

ISSUED in London, England on [O].

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

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

                                       77
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FORM OF TRANSFER

FOR VALUE RECEIVED ......................................................, being
the registered holder of this Individual Note Certificate, hereby transfers
to........................................................................... of
.................................................................................
.................................................................................
.............................................,(pound)............................
in principal amount of the (pound) [amount] Series 3 Class [O] Floating Rate
Notes due [maturity] (the "NOTES") of Granite Mortgages 02-2 plc (the "CURRENT
ISSUER") and irrevocably requests and authorises Citibank, N.A., in its capacity
as Registrar in relation to the Notes (or any successor to Citibank, N.A., in
its capacity as such) to effect the relevant transfer by means of appropriate
entries in the Register kept by it.

We as transferor of the Notes represented by this Individual Note Certificate
hereby certify that such Notes are being transferred in accordance with the
transfer restrictions set forth in Schedule 2 to the Current Issuer Paying Agent
and Agent Bank Agreement.

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

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

NOTES

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

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

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

(c)  Any transfer of Notes shall be in an amount equal to (pound)10,000 or an
     integral multiple of (pound)1,000 in excess thereof.

                                       78
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[Attached to the Individual Note Certificate:]

         [Terms and Conditions as set out in Schedule 3]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT                                          REGISTRAR
        [NAME]                                                   [NAME]
      [ADDRESS]                                                 [ADDRESS]

PAYING AGENTS AND TRANSFER AGENT

[Name]                                      [Name]
[Address]                                   [Address]

                                       79
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                                   SCHEDULE 3
                     CURRENT ISSUER CONDITIONS OF THE NOTES

                                       80
<PAGE>

                                   SCHEDULE 4

                     PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1    (A) DEFINITIONS

         As used in this Schedule the following expressions shall have the
         following meanings unless the context otherwise requires:

         "BASIC TERMS MODIFICATION" means any of the following matters, namely:

         (i)   any reduction or cancellation of the amount payable or, where
               applicable, any modification, except where such modification is
               in the opinion of the Note Trustee bound to result in an
               increase, of the method of calculating the amount payable or any
               modification of the date of payment or, where applicable, of the
               method of calculating the date of payment in respect of any
               principal, premium or interest in respect of the Current Issuer
               Notes;

         (ii)  any alteration in the priority in which payments are made to
               Noteholders pursuant to any Current Issuer Priority of Payments;

         (iii) any alteration of the currency in which payments under the
               Current Issuer Notes are to be made;

         (iv)  any alteration of the quorum or majority required to pass an
               Extraordinary Resolution in respect of any such Basic Terms
               Modification; and

         (v)   any alteration of this proviso or the proviso to paragraph 6
               below;

         "BLOCK VOTING INSTRUCTION" shall mean, in relation to any Meeting, an
         English language document issued by the Registrar and dated in which:

         (a)  it is certified that:

              (i)   certain specified Current Issuer Notes (each a "BLOCKED
                    NOTE") have been blocked in an account with a clearing
                    system and will not be released until the conclusion of the
                    Meeting and that the holder of each Blocked Note or a duly
                    authorised person on its behalf has instructed the Registrar
                    that the votes attributable to such Blocked Note are to be
                    cast in a particular way on each resolution to be put to the
                    Meeting; or

              (ii)  each registered holder of such Current Issuer Notes or a
                    duly authorised person on its behalf has instructed the
                    Registrar that the vote(s) attributable to the Current
                    Issuer Note or Current Issuer Notes so held (each a
                    "RELEVANT NOTE") should be cast in a particular way in
                    relation to the resolution or resolutions to be put to such
                    Meeting or any adjourned such Meeting;

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<PAGE>

              (iii) and in each case that, all such instructions are, during
                    the period commencing 48 hours prior to the time for which
                    such Meeting or any such adjourned Meeting is convened and
                    ending at the conclusion or adjournment thereof, neither
                    revocable nor capable of amendment;

          (b) the aggregate principal amount of the Blocked Notes and Relevant
              Notes so held are listed distinguishing with regard to each such
              resolution between those in respect of which instructions have
              been given as aforesaid that the votes attributable thereto
              should be cast in favour of the resolution and those in respect
              of which instructions have been so given that the votes
              attributable thereto should be cast against the resolution; and

          (c) one or more persons named in such document is or are authorised
              and instructed by such Registrar to cast the votes attributable
              to such Blocked Note and Relevant Notes so listed in accordance
              with the instructions referred to in (a) above as set out in such
              document;

          "CHAIRMAN" means, in relation to any Meeting, the individual who takes
          the chair in accordance with paragraph 4 (Chairman);

          "EXTRAORDINARY RESOLUTION" means (a) a resolution passed at a Meeting
          duly convened and held in accordance with the provisions of this
          Schedule 4 by a majority consisting of not less than three-fourths of
          the persons voting thereat upon a show of hands or if a poll is duly
          demanded by a majority consisting of not less than three-fourths of
          the votes cast on such poll or (b) a resolution in writing signed by
          or on behalf of all the Noteholders of a particular class which
          resolution may be contained in one document or several documents in
          like form each signed by or on behalf of one or more of the
          Noteholders;

          "FORM OF PROXY" means, in relation to any Meeting, a document in the
          English language available from the Registrar signed by a Noteholder
          or, in the case of a corporation, executed under its seal or signed on
          its behalf by a duly authorised officer of the corporation and
          delivered to the Registrar not later than 48 hours before the time
          fixed for such Meeting, appointing one or more persons who is or are
          authorised and instructed to vote in respect of the Current Issuer
          Notes held by such Noteholder;

          "MEETING" shall mean a meeting of Noteholders (whether originally
          convened or reviewed following an adjournment);

          "PROXY" means, in relation to any Meeting, a person appointed to vote
          under a Block Voting Instruction or a Form of Proxy other than:

          (a)  any such person whose appointment has been revoked and in
               relation to whom the Registrar has been notified in writing of
               such revocation by the time which is 48 hours before the time
               fixed for such Meeting; and

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<PAGE>

          (b)  any such person appointed to vote at a Meeting which has been
               adjourned for want of a quorum and who has not been re-appointed
               to vote at a Meeting when it is resumed;

          "CURRENT ISSUER NOTES" and "NOTEHOLDERS" shall mean:

          (a)  in connection with a Meeting of Senior Noteholders, Senior Notes
               and Senior Noteholders, respectively;

          (b)  in connection with a Meeting of Mezzanine Noteholders, Mezzanine
               Notes and Mezzanine Noteholders respectively;

          (c)  in connection with a Meeting of Junior Noteholders, Junior Notes
               and Junior Noteholders respectively; and

          (d)  in connection with a Meeting of Special Noteholders, Special
               Notes and Special Noteholders, respectively;

          "WRITTEN RESOLUTION" means a resolution in writing signed by or on
          behalf of all holders of a class of Current Issuer Notes who for the
          time being are entitled to receive notice of a Meeting in accordance
          with the provisions of this Schedule, whether contained in one
          document or several documents in the same form, each signed by or on
          behalf of one or more such holders of the relevant class of Current
          Issuer Notes;

          "24 HOURS" means a period of 24 hours including all or part of a day
          upon which banks are open for business in both the place where the
          relevant Meeting is to be held and in each of the places where the
          Paying Agents have their Specified Offices (disregarding for this
          purpose the day upon which such Meeting is to be held) and such period
          shall be extended by one period or, to the extent necessary, more
          periods of 24 hours until there is included as aforesaid all or part
          of a day upon which banks are open for business in all of the places
          as aforesaid; and

          "48 HOURS" means 2 consecutive periods of 24 hours.

(B)  ISSUE OF BLOCK VOTING INSTRUCTIONS

     The holder of a Current Issuer Note may require the Registrar to issue a
     Block Voting Instruction by arranging (to the satisfaction of the
     Registrar) for such Current Issuer Note to be blocked in an account with a
     clearing system not later than 48 hours before the time fixed for the
     relevant Meeting. The holder of a Current Issuer Note may require the
     Registrar to issue a Block Voting Instruction by delivering to the
     Registrar written instructions not later than 48 hours before the time
     fixed for the relevant Meeting. Any holder of a Current Issuer Note may
     obtain an uncompleted and unexecuted Form of Proxy from the Registrar. A
     Block Voting Instruction and a Form of Proxy cannot be outstanding
     simultaneously in respect of the same Current Issuer Note.

                                       83
<PAGE>

(C)  REFERENCES TO BLOCKING/RELEASE OF CURRENT ISSUER NOTES

     Where Current Issuer Notes are represented by Global Note Certificates or
     are held in individual certificated form within a Clearing System)
     references to blocking or release, of Current Issuer Notes shall be
     construed in accordance with the usual practices (including blocking the
     relevant account) of the relevant Clearing System.

(D)  ISSUE OF FORMS OF PROXY

     (i)   A holder of Current Issuer Notes may obtain an uncompleted and
           unexecuted Form of Proxy from the Registrar.

     (ii)  Any holder of Current Issuer Notes which is a corporation may by
           resolution of its directors or other governing body authorise any
           person to act as its representative (a "REPRESENTATIVE") in
           connection with any Meeting.

     (iii) Any Proxy or Representative shall, so long as such appointment
           remains in force, be deemed for all purposes in connection with the
           relevant Meeting, to be the holder of the Current Issuer Notes to
           which such appointment relates and the holder of the Current Issuer
           Notes shall be deemed for such purposes not to be the holder.

2.   CONVENING OF MEETING

     The Current Issuer or the Note Trustee may convene a Meeting at any time,
     and the Note Trustee shall be obliged to do so subject to it being
     indemnified to its satisfaction upon a request in writing of Noteholders
     holding not less than one-tenth in principal amount of the outstanding
     Current Issuer Notes of any class or classes entitled to vote and, if the
     Current Issuer defaults for a period of seven days in convening such a
     Meeting, the same may be convened by the Note Trustee or the
     requisitionists. Every such Meeting shall be held on such date and at such
     time and place as the Note Trustee may appoint or approve.

3.   NOTICE

     At least 21 days' notice (exclusive of the day on which the notice is given
     and the day on which the Meeting is to be held) specifying the place, day
     and hour of Meeting shall be given to the Noteholders or, as the case may
     be the Noteholders of any class of Current Issuer Notes entitled to vote,
     the Paying Agents, the Agent Bank and the Registrar prior to any Meeting.
     Such notice, which shall be in the English language, shall state generally
     the nature of the business to be transacted at the Meeting thereby convened
     and shall specify the terms of any resolution to be proposed. Such notice
     shall include statements, if applicable, to the effect that (a) Current
     Issuer Notes may be blocked in clearing systems for the purposes of
     appointing Proxies under Block Voting Instructions until 48 hours before
     the time fixed for the Meeting and (b) a Noteholder may appoint a Proxy
     either (i) under a Block Voting Instruction by delivering written
     instructions to the Registrar or (ii) by executing and delivering a Form of
     Proxy to the Specified Office of the Registrar, in either case until 48
     hours before the time fixed for the Meeting. A copy of the notice shall be
     sent by post to the Note Trustee (unless the Meeting is convened by the
     Note Trustee) and, to the Current Issuer (unless the Meeting is convened by
     the Current Issuer).

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<PAGE>

4.   CHAIRMAN

     A person (who may, but need not be, a Noteholder) nominated in writing by
     the Note Trustee shall be entitled to take the chair at the relevant
     Meeting, but if no such nomination is made or if at any Meeting the person
     nominated shall not be present within 15 minutes after the time appointed
     for holding the Meeting the Noteholders present shall choose one of their
     number to be Chairman, failing which the Current Issuer may appoint a
     Chairman. The Chairman of an adjourned Meeting need not be the same person
     as was Chairman of the Meeting from which the adjournment took place.

5.   QUORUM

     Subject as provided in the Current Issuer Conditions:

     (a)  any such Meeting of two or more persons present holding Current Issuer
          Notes or being Proxies or Representatives and holding or representing
          in the aggregate not less than one-twentieth of the principal amount
          of the Current Issuer Notes of the relevant class or classes for the
          time being outstanding (or, at any adjourned Meeting, two or more
          persons being or representing Noteholders whatever the aggregate
          Principal Amount Outstanding of the Current Issuer Notes of the
          relevant class or classes) shall (except for the purpose of passing an
          Extraordinary Resolution) form a quorum for the transaction of
          business and no business (other than the choosing of a Chairman) shall
          be transacted at any Meeting unless the requisite quorum be present at
          the commencement of the relevant business;

     (b)  the quorum at any such Meeting for passing an Extraordinary Resolution
          other than an Extraordinary Resolution to sanction a Basic Term
          Modification shall (subject as provided below) be two or more persons
          present holding or representing Current Issuer Notes or being Proxies
          or Representatives and holding or representing in the aggregate more
          than half of the aggregate principal amount of the Current Issuer
          Notes outstanding (as defined in Clause 1.6 of the Current Issuer
          Trust Deed) of the Current Issuer Notes of the relevant class of
          classes (or, at any adjourned Meeting, two or more persons being or
          representing Noteholders whatever the aggregate principal amount of
          the Current Issuer Notes outstanding (as defined in Clause 1.6 of the
          Current Issuer Trust Deed) of the relevant class or classes so held or
          represented); or

     (c)  at any Meeting the business of which includes the passing of an
          Extraordinary Resolution to sanction a Basic Terms Modification,

     the quorum for passing the requisite Extraordinary Resolution shall be two
     or more persons present holding Current Issuer Notes or being Proxies or
     Representatives and holding or representing in the aggregate not less than
     three quarters in aggregate principal amount of the Current Issuer Notes
     outstanding (as defined in Clause 1.6 of the Current Issuer Trust Deed) of
     the relevant class or classes (or, at any adjourned Meeting, two or more
     persons present holding or representing in the aggregate not less than one
     quarter in aggregate principal amount of the Current Issuer Notes
     outstanding (as defined in Clause 1.6 of the Current Issuer Trust Deed) of
     the relevant class or classes);

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<PAGE>

     Provided always that so long as at least the relevant fraction of the
     aggregate Principal Amount Outstanding of the relevant class of Current
     Issuer Notes referred to in sub-paragraph (a), (b) or (c) above, as the
     case may be, is represented by a Global Note Certificate or a single
     Individual Note Certificate, a single person being a Proxy or
     Representative of such class of Current Issuer Notes represented thereby
     shall be deemed to be two persons for the purpose of forming a quorum.

6.   ADJOURNMENT FOR WANT OF QUORUM

     If within 15 minutes (or such longer period not exceeding 30 minutes as the
     Chairman may decide) after the time appointed for any Meeting a quorum is
     not present for the transaction of any particular business, then, subject
     and without prejudice to the transaction of the business (if any) for which
     a quorum is present:

     (a)  if convened upon the requisition of Noteholders, the Meeting shall be
          dissolved; and

     (b)  in any other case, the Meeting shall stand adjourned to the same day
          in the next week (or if such day is a public holiday the next
          succeeding Business Day) at the same time and place (except in the
          case of a Meeting at which an Extraordinary Resolution is to be
          proposed in which case it shall stand adjourned for such period, being
          not less than 13 clear days nor more than 42 clear days, and to such
          place as may be appointed by the Chairman either at or subsequent to
          such Meeting and approved by the Note Trustee).

     Provided, however, that, if within 15 minutes (or such longer period not
     exceeding 30 minutes as the Chairman may decide) after the time appointed
     for any adjourned Meeting a quorum is not present for the transaction of
     any particular business, then, subject and without prejudice to the
     transaction of the business (if any) for which a quorum is present, the
     Meeting shall be dissolved as no Meeting may be adjourned more than once
     for want of a quorum.

7.   NOTICE FOLLOWING ADJOURNMENT

     Notice of any adjourned Meeting at which an Extraordinary Resolution is to
     be submitted shall be given in the same manner as notice of an original
     Meeting as provided in paragraph 3 above, but as if 10 days notice
     (exclusive of the day on which the notice is given and the day on which the
     Meeting is to be resumed) were substituted for the 21 days notice as
     provided in paragraph 3 above, and such notice shall specifically state the
     relevant quorum requirements which will apply when the Meeting resumes.
     Subject as aforesaid it shall not be necessary to give any notice of an
     adjourned Meeting.

8.   SHOW OF HANDS

     Every question submitted to a Meeting shall be decided in the first
     instance by a show of hands and in case of equality of votes the Chairman
     shall both on a show of hands and on a poll have a casting vote in addition
     to the vote or votes (if any) to which he may be entitled as a Noteholder
     or as a Proxy or as a Representative.

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9.   CHAIRMAN'S DECLARATION

     At any Meeting, unless a poll is (before or on the declaration of the
     result of the show of hands) validly demanded by the Chairman, the Current
     Issuer, the Note Trustee or any person present holding a Individual Note
     Certificate or being a Proxy or Representative (whatever the principal
     amount of the Current Issuer Notes so held or represented by him) a
     declaration by the Chairman that a resolution has been carried or carried
     by a particular majority or lost or not carried by a particular majority
     shall be conclusive evidence of the fact without proof of the number or
     proportion of the votes recorded in favour of or against such resolution.

10.  POLL

     Subject to paragraph 12 (Limitation on Adjournments) below, if at such
     Meeting a poll is demanded it shall be taken in such manner and subject as
     hereinafter provided either at once or after an adjournment as the Chairman
     directs and the result of such poll shall be deemed to be the resolution of
     the Meeting at which the poll was demanded as at the date of the taking of
     the poll. The demand for a poll shall not prevent the continuance of the
     Meeting for the transaction of any business other than the motion on which
     the poll has been demanded.

11.  ADJOURNED MEETING

     The Chairman may with the consent of (and shall if directed by) any such
     Meeting adjourn the same from time to time and from place to place, but no
     business shall be transacted at any adjourned Meeting except business which
     might lawfully (but for lack of required quorum) have been transacted at
     the Meeting from which the adjournment took place.

12.  LIMITATION ON ADJOURNMENTS

     Any poll demanded at any adjourned Meeting on the election of a Chairman or
     on any question of adjournment shall be taken at the Meeting without
     adjournment.

13.  PARTICIPATION

     Any Proxy and/or Representative, the Note Trustee and its lawyers and
     financial advisers and any director, officer or employee of a corporation
     being a trustee of the Current Issuer Trust Deed and any director or
     officer of the Current Issuer and its lawyers and financial advisers, the
     Registrar, and any other person authorised so to do by the Meeting or the
     Note Trustee may attend and speak at any Meeting. Save as aforesaid, but
     without prejudice to the definition of "Principal Amount Outstanding", no
     person shall be entitled to attend and speak nor shall any person be
     entitled to vote at any Meeting or join with others in requesting the
     convening of such a Meeting or to exercise the rights conferred on the
     Noteholders by Clause 7 (Proceedings, Actions and Indemnification) of the
     Current Issuer Trust Deed unless he either produces a Note Certificate or
     is a Proxy or a Representative or is the holder of an Individual Note
     Certificate or Individual Note Certificates. No person shall be entitled to
     vote at any Meeting in respect of Current Issuer Notes held by, for the
     benefit of, or on behalf of, the Current Issuer or the Borrowers. Nothing
     herein shall prevent any of the Proxies named in any Block Voting
     Instruction or Form of Proxy or any

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     Representative from being a director, officer or representative of or
     otherwise connected with the Current Issuer.

14.  VOTES

     Subject as provided in paragraph 13 (Participation) hereof at any Meeting:

     (a)  on a show of hands every person who is present in person and is a
          holder of Current Issuer Notes or is a Proxy or Representative shall
          have one vote; and

     (b)  on a poll every such person who is so present shall have one vote in
          respect of each US$10,000 (in the case of the Dollar Notes) or
          (pound)10,000 (in the case of the Sterling Notes) or (euro)10,000 (in
          the case of the Euro Notes) in Principal Amount Outstanding of the
          Current Issuer Notes in respect of which he is a Proxy or
          Representative or in respect of which he is the holder.

     Without prejudice to the obligations of the proxies named in any Block
     Voting Instruction or Form of Proxy any person entitled to more than one
     vote need not use all his votes or cast all the votes to which he is
     entitled in the same way.

15.  PROXIES NEED NOT BE NOTEHOLDERS

     The Proxies named in any Block Voting Instruction or Form of Proxy and
     representatives need not be Noteholders.

16.  DEPOSIT OF VOTES

     Each Block Voting Instruction together (if so requested by the Note
     Trustee) with proof satisfactory to the Note Trustee of its due execution
     on behalf of the Registrar and each Form of Proxy shall be deposited by the
     Registrar at such place as the Note Trustee shall approve not less than 24
     hours before the time appointed for holding the Meeting or adjourned
     Meeting at which the Proxies named in the Block Voting Instruction or Form
     of Proxy propose to vote and in default the Block Voting Instruction or
     Form of Proxy shall not be treated as valid unless the Chairman decides
     otherwise before such Meeting or adjourned Meeting proceeds to business. A
     notarially certified copy of each Block Voting Instruction and Form of
     Proxy shall be deposited with the Note Trustee before the commencement of
     the Meeting or adjourned Meeting but the Note Trustee shall not thereby be
     obliged to investigate or be concerned with the validity of or the
     authority of the Proxies named in any such Block Voting Instruction or Form
     of Proxy.

17.  VALIDITY OF VOTES BY PROXIES

     Any vote by a Proxy given in accordance with the terms of a Block Voting
     Instruction or Form of Proxy shall be valid notwithstanding the previous
     revocation or amendment of the Block Voting Instruction or the Form of
     Proxy or of any of the Noteholders' instructions pursuant to which it was
     executed provided that no intimation in writing of such revocation or
     amendment shall have been received from the Noteholder by the Registrar by
     the time being 24 hours before the time appointed for holding the Meeting
     or adjourned Meeting at which the Block Voting Instruction or Form of Proxy
     is to be used. Unless revoked, any appointment of a Proxy under a Block
     Voting Instruction or Form of Proxy in relation to a Meeting shall remain
     in

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     force in relation to any resumption of such Meeting following an
     adjournment; provided, however, that no such appointment of a Proxy in
     relation to a Meeting originally convened which has been adjourned for want
     of a quorum shall remain in force in relation to such Meeting when it is
     resumed. Any person appointed to vote at such a Meeting must be
     re-appointed under a Block Voting Instruction or Form of Proxy to vote at
     the Meeting when it is resumed.

18.  RECORD DATE

     The Current Issuer may fix a record date for the purposes of any Meeting or
     any resumption thereof following its adjournment for want of a quorum
     provided that such record date is not more than 10 days prior to the time
     fixed for such Meeting or (as the case may be) its resumption. The person
     in whose name a Current Issuer Note is registered in the Register on the
     record date at close of business in the city in which the Registrar has its
     Specified Office shall be deemed to be the holder of such Current Issuer
     Note for the purposes of such Meeting and notwithstanding any subsequent
     transfer of such Current Issuer Note or entries in the Register; and
     provided that any Proxy appointed pursuant to a Form of Proxy shall so long
     as such appointment remains in force, be deemed for all purposes in
     connection with any Meeting or proposed Meeting specified in such
     appointment, to be the holder of the Current Issuer Note to which such
     appointment relates and the holder of the Current Issuer Note shall be
     deemed for the purposes not to be the holder.

19.  POWERS

     Subject always to the provisions of Clause 11 (Modification and Waiver) of
     the Current Issuer Trust Deed and the Current Issuer Conditions, a Meeting
     shall, in addition to the powers hereinbefore given, have the following
     powers exercisable only by Extraordinary Resolution (subject to the
     provisions relating to quorum contained in paragraphs 5 (Quorum) and 6
     (Adjournment for want of Quorum) above) namely:

     (A)  power to sanction any compromise or arrangement proposed to be made
          between the Current Issuer, the Note Trustee, any appointee of the
          Note Trustee and the Noteholders or any of them;

     (B)  power to sanction any abrogation, modification, compromise or
          arrangement in respect of the rights of the Note Trustee, any
          appointee of the Note Trustee, the Noteholders or the Current Issuer
          against any other or others of them or against any other party to any
          of the Current Issuer Transaction Documents or against any of their
          property whether such rights shall arise under the Current Issuer
          Trust Deed, any other Current Issuer Transaction Document or
          otherwise;

     (C)  power to assent to any modification of the provisions of the Current
          Issuer Conditions, the Current Issuer Trust Deed or any other Current
          Issuer Transaction Document which shall be proposed by the Current
          Issuer, the Note Trustee, or any Noteholder or any other person;

     (D)  power to give any authority or sanction which under the provisions of
          the Current Issuer Conditions or the Current Issuer Trust Deed is
          required to be given by Extraordinary Resolution;

                                       89
<PAGE>

     (E)  power to appoint any persons (whether Noteholders or not) as a
          committee or committees to represent the interests of the Noteholders
          and to confer upon such committee or committees any powers or
          discretions which the Noteholders could themselves exercise by
          Extraordinary Resolution;

     (F)  power to approve of a person to be appointed a trustee and power to
          remove any trustee or trustees for the time being of the Current
          Issuer Trust Deed;

     (G)  power to discharge or exonerate the Note Trustee and/or any appointee
          of the Note Trustee from all liability in respect of any act or
          omission for which the Note Trustee and/or such appointee may have
          become responsible under the Current Issuer Trust Deed;

     (H)  power to remove any trustee;

     (I)  power to authorise the Note Trustee and/or any appointee of the Note
          Trustee to concur in and execute and do all such deeds, instruments,
          acts and things as may be necessary to carry out and give effect to
          any Extraordinary Resolution;

     (J)  power to sanction any scheme or proposal for the exchange or sale of
          the Current Issuer Notes for or the conversion of the Current Issuer
          Notes into or the cancellation of the Current Issuer Notes in
          consideration of shares, stock, notes, bonds, debentures, debenture
          stock and/or other obligations and/or notes of the Current Issuer or
          any other company formed or to be formed, or for or into or in
          consideration of cash, or partly for or into or in consideration of
          such shares, stock, notes, bonds, debentures, debenture stock and/or
          other obligations and/or notes as aforesaid and partly for or into or
          in consideration of cash and for the appointment of some person with
          power on behalf of the Noteholders to execute an instrument of
          transfer of the Individual Note Certificates held by them in favour of
          the persons with or to whom the Current Issuer Notes are to be
          exchanged or sold respectively,

     provided, however, that:

     (i)  no Extraordinary Resolution of the Senior Noteholders or the Mezzanine
          Noteholders or the Junior Noteholders or the Special Noteholders to
          sanction a Basic Terms Modification shall be effective for any purpose
          unless it shall have been sanctioned by an Extraordinary Resolution of
          (in the case of an Extraordinary Resolution of the Senior Noteholders)
          the Mezzanine Noteholders, the Junior Noteholders and the Special
          Noteholders or (in the case of an Extraordinary Resolution of the
          Mezzanine Noteholders) the Senior Noteholders (to the extent that any
          Senior Notes are then outstanding), the Junior Noteholders and the
          Special Noteholders, or (in the case of an Extraordinary Resolution of
          the Junior Noteholders) the Senior Noteholders, the Mezzanine
          Noteholders (to the extent that any Senior Notes and/or and Mezzanine
          Notes are then outstanding) and the Special Noteholders or (in the
          case of an Extraordinary Resolution of the Special Noteholders) the
          Senior Noteholders, the Mezzanine Noteholders and the Junior
          Noteholders (to the extent that any Senior Notes and/or and Mezzanine
          Notes and/or Junior Notes are then outstanding).

                                       90
<PAGE>

      (ii)  subject as provided above in relation to an Extraordinary Resolution
            concerning a Basic Terms Modification, no Extraordinary Resolution
            of the Mezzanine Noteholders shall be effective for any purpose
            while any Senior Notes remain outstanding unless either (aa) the
            Note Trustee is of the opinion that it will not be materially
            prejudicial to the interests of any or all of the Senior Noteholders
            or (bb) it is sanctioned by an Extraordinary Resolution of the
            Senior Noteholders.

      (iii) subject as provided above in relation to an Extraordinary Resolution
            concerning a Basic Terms Modification, no Extraordinary Resolution
            of the Junior Noteholders shall be effective for any purpose while
            any Senior Notes or Mezzanine Notes remain outstanding unless either
            (aa) the Note Trustee is of the opinion that it will not be
            materially prejudicial to the interests of any or all of the Senior
            Noteholders and/or the Mezzanine Noteholders (as the case may be) or
            (bb) it is sanctioned by an Extraordinary Resolution of the Senior
            Noteholders and/or the Mezzanine Noteholders (as the case may be).

      (iv)  subject as provided above in relation to an Extraordinary Resolution
            concerning a Basic Terms Modification, no Extraordinary Resolution
            of the Special Noteholders shall be effective for any purpose while
            any Senior Notes, Mezzanine Notes or Junior Notes remain outstanding
            unless either (aa) the Note Trustee is of the opinion that it will
            not be materially prejudicial to the interests of any or all of the
            Senior Noteholders and/or the Mezzanine Noteholders and/or the
            Junior Noteholders (as the case may be) or (bb) it is sanctioned by
            an Extraordinary Resolution of the Senior Noteholders and/or the
            Mezzanine Noteholders and/or the Junior Noteholders (as the case may
            be).

      (v)   for the avoidance of doubt (in the context of deciding material
            prejudice in respect of sub-clauses (ii), (iii) and (iv) above, if
            the Note Trustee considers in its sole opinion that the Noteholders
            of the same class of Notes of any or all series are materially
            prejudiced, the Note Trustee will not be able to sanction the
            Meeting of the Noteholders of the lower class itself, and will
            instead require an Extraordinary Resolution of the Noteholders of
            the higher class or classes to be passed by means of a Meeting in
            order for the Extraordinary Resolution of the Noteholders of the
            lower class to be valid and effective.

20.  EXTRAORDINARY RESOLUTION BINDS ALL NOTEHOLDERS

     Subject to the provisos to paragraph 19 (Powers), any Extraordinary
     Resolution passed at a Meeting duly convened and held in accordance with
     the Current Issuer Trust Deed shall be binding upon the Noteholders of all
     classes whether present or not present at such Meeting and whether or not
     voting and each of them shall be bound to give effect thereto accordingly
     and the passing of any such Extraordinary Resolution shall be conclusive
     evidence that the circumstances justify the passing thereof. Notice of the
     result of the voting on any Extraordinary Resolution duly considered by the
     Noteholders shall be given by the Current Issuer to the Noteholders in
     accordance with Condition 14 (Notice to Noteholders) within 14 days of such
     result being known provided that the non-publication of such notice shall
     not invalidate such result.

                                       91
<PAGE>

21. SENIOR NOTES

    Notwithstanding the foregoing, the following additional provisions shall
    apply to Senior Notes:

    (i)   a single Meeting of the holders of all classes of Senior Notes may be
          held whether or not there is a conflict of interest between the
          holders of such series of the Senior Notes;

    (ii)  there shall be no provision for a Meeting of the holders of one class
          only of the Senior Notes; and

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

22. MEZZANINE NOTES

    Notwithstanding the foregoing, the following additional provisions shall
    apply to Mezzanine Notes:

    (i)   a single Meeting of the holders of all classes of Mezzanine Notes may
          be held whether or not there is a conflict of interest between the
          holders of such series of the Mezzanine Notes;

    (ii)  there shall be no provision for a Meeting of the holders of one class
          only of the Mezzanine Notes; and

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

23. JUNIOR NOTES

    Notwithstanding the foregoing, the following additional provisions shall
    apply to Junior Notes

    (i)   a single Meeting of the holders of all classes of Junior Notes may be
          held whether or not there is a conflict of interest between the
          holders of such series of the Junior Notes;

    (ii)  there shall be no provision for a Meeting of the holders of one class
          only of the Junior Notes; and

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

                                       92
<PAGE>

24.  MINUTES

     Minutes of all resolutions and proceedings at every Meeting shall be made
     and entered in books to be from time to time provided for that purpose by
     the Current Issuer and any such minutes as aforesaid if purporting to be
     signed by the Chairman of the Meeting at which such resolutions were passed
     or proceedings transacted shall be conclusive evidence of the matters
     therein contained and until the contrary is proved every such Meeting in
     respect of the proceedings of which minutes have been made shall be deemed
     to have been duly held and convened and all resolutions passed or
     proceedings transacted thereat to have been duly passed or transacted.

25.  FURTHER REGULATIONS

     Subject to all other provisions of the Current Issuer Trust Deed, the Note
     Trustee may without the consent of the Current Issuer or the Noteholders:-

     (i)  prescribe such further regulations regarding the requisitioning and/or
          the holding of Meetings of Noteholders and attendance and voting
          thereat as the Note Trustee may in its sole discretion think fit; and

     (ii) interpret the Current Issuer Conditions in the context of the more
          detailed provisions set out herein.

                                       93
<PAGE>

THE CURRENT ISSUER                                            )
EXECUTED and DELIVERED as a DEED by                           )
GRANITE MORTGAGES 02-2 PLC                                    )
acting by                                                     )

Name:
Title:

Name:
Representing LDC Securitisation Director No. 1 Limited
Title:

THE NOTE TRUSTEE                                              )
EXECUTED as a deed for and on behalf of                       )
THE BANK OF NEW YORK                                          )
                                                              )

Authorised Signatory

Name:
Title:

                                       94EXHIBIT 4.7

                          DATED [____] SEPTEMBER, 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

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

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

                                       and

                      THE BANK OF NEW YORK (LONDON BRANCH)
                                 as Note Trustee

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

                  ISSUER PAYING AGENT AND AGENT BANK AGREEMENT

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                               REF:30507-13/551088

<PAGE>

                                    CONTENTS

1.  Definitions and Interpretation..........................................  4

2.  Appointment of the Agents...............................................  5

3.  The Current Issuer Notes; Authentication................................  6

4.  Duties of Agents........................................................  7

5.  Exchanges of Global Note Certificates and Delivery of Individual
    Note Certificates.......................................................  9

6.  Replacement Note Certificates...........................................  9

7.  Payments to the Paying Agents........................................... 10

8.  Payments to Noteholders................................................. 12

9.  Transfers of Current Issuer Notes....................................... 14

10. Miscellaneous Duties of the Agents...................................... 15

11. Agents to act for Note Trustee.......................................... 18

12. Fees and Expenses....................................................... 19

13. Terms of Appointment.................................................... 20

14. No Liability for Consequential Loss..................................... 21

15. Termination of Appointment.............................................. 21

16. Non-Petition and Limited Recourse....................................... 25

17. Notices................................................................. 26

18. Third Party Rights...................................................... 27

19. Time of the Essence..................................................... 27

20. Variation and Waiver.................................................... 27

21. Execution in Counterparts; Severability................................. 27

22. Governing Law and Jurisdiction; Process Agent; Appropriate Forum........ 27

23. Exclusion of Liability.................................................. 28

    SCHEDULE 1 SPECIFIED OFFICES OF THE AGENTS.............................. 29

                                       2

<PAGE>

    SCHEDULE 2 REGULATIONS CONCERNING THE TRANSFER, EXCHANGE AND
       REGISTRATION OF THE CURRENT ISSUER NOTES............................. 30

    EXECUTION PAGE.......................................................... 34

                                       3

<PAGE>

THIS AGREEMENT is made on [____] September, 2002

BETWEEN:

(1)  GRANITE MORTGAGES 02-2 PLC (registered number 4482804), a public limited
     company incorporated under the laws of England and Wales whose registered
     office is Fifth Floor, 100 Wood Street, London EC2V 7EX as Current Issuer;

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

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

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

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

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

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

WHEREAS:

By a resolution of a duly authorised Board of Directors of the Current Issuer
passed on [____] September, 2002, the Current Issuer authorised the creation and
issue of the Current Issuer Notes constituted by the Current Issuer Trust Deed
and secured by the Current Issuer Deed of Charge.

IT IS AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing as Appendix 1 to) the Master Definitions Schedule [Third]
          Amendment Deed made on [____] September, 2002 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 on
          [____] September, 2002,

          (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.

                                       4

<PAGE>

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

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

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

2.   APPOINTMENT OF THE AGENTS

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

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

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

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

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

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

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

2.3  ACCEPTANCE OF APPOINTMENT BY PAYING AGENTS AND AGENT BANK: Each of the
     Principal Paying Agent, the US Paying Agent and the Agent Bank accepts its
     appointment as agent of the Current Issuer and, for the purpose of Clause
     11 (AGENTS TO ACT FOR NOTE TRUSTEE) only, the Note Trustee in relation to
     the Current Issuer Notes and agrees to comply with the provisions of this
     Agreement and to perform its duties under the Current Issuer Conditions.

2.4  ACCEPTANCE OF APPOINTMENT BY REGISTRAR AND TRANSFER AGENT: Each of the
     Registrar and the Transfer Agent accepts its appointment as agent of the
     Current Issuer and, for the purpose of Clause 11 (AGENTS TO ACT FOR NOTE
     TRUSTEE) only, the Note Trustee in relation to the Current Issuer Notes and
     agrees to comply with the provisions of this Agreement and to perform its
     duties under the Current Issuer Conditions.

                                       5

<PAGE>

3.   THE CURRENT ISSUER NOTES; AUTHENTICATION

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

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

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

     (b)  be in substantially the form set out in Schedule 2 (FORMS OF
          INDIVIDUAL NOTE CERTIFICATES) to the Current Issuer Trust Deed;

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

     (d)  bear a unique serial number; and

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

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

3.4  AUTHENTICATION AND DEPOSIT OF GLOBAL NOTE CERTIFICATES: The Current Issuer
     shall, on or prior to the Closing Date, deliver each unauthenticated Global
     Note Certificate to or to the order of the Registrar for authentication in
     accordance with Clause 3.1 (GLOBAL NOTE CERTIFICATES). The Registrar shall,
     on or about the Closing Date, authenticate each Global Note Certificate in
     accordance with Clause 3.1 (GLOBAL NOTE

                                       6

<PAGE>

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

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

4.   DUTIES OF AGENTS

4.1  DUTIES OF THE AGENT BANK: The Agent Bank shall perform such duties at its
     Specified Office as are set forth in this Agreement and in the Current
     Issuer Conditions and such other duties as are reasonably incidental
     thereto at the request of the Current Issuer or the Registrar or the Paying
     Agents (or for the purposes of Clause 11 (AGENTS TO ACT FOR NOTE TRUSTEE),
     the Note Trustee) and agrees to comply with the provisions of Condition 4
     (INTEREST). In particular and save as hereinafter provided, the Agent Bank
     shall:

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

                                       7

<PAGE>

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

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

     (d)  determine LIBOR for three-month sterling deposits in accordance with
          Condition 4(C) (RATES OF INTEREST) of the Current Issuer Notes and
          notify the Funding GIC Provider of such rate of interest which shall
          apply for the relevant interest period;

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

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

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

4.3  DUTIES OF THE REGISTRAR: The Registrar and the Transfer Agent shall hold or
     shall procure the holding in safe custody of any unauthenticated Global
     Note Certificates delivered to it in accordance with Clause 3.4
     (AUTHENTICATION, AND DEPOSIT OF GLOBAL NOTE CERTIFICATES) and any
     Individual Note Certificates delivered to it in accordance with Clause 3.5
     (AVAILABILITY OF INDIVIDUAL NOTE CERTIFICATES) and shall ensure that such
     Global Note Certificates and Individual Note Certificates are authenticated
     and delivered only in accordance with the terms of this Agreement, the
     Current Issuer Trust Deed, the Global Note Certificates and the Current
     Issuer Conditions.

                                       8

<PAGE>

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

5.   EXCHANGES OF GLOBAL NOTE CERTIFICATES AND DELIVERY OF INDIVIDUAL NOTE
     CERTIFICATES

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

5.2  EXCHANGE OF GLOBAL NOTE CERTIFICATES: Global Note Certificates may also be
     exchanged or replaced, in whole or in part, as provided in Clause 6
     (REPLACEMENT NOTE CERTIFICATES). Every Global Note Certificate
     authenticated and delivered in exchange for, or in lieu of, another Global
     Note Certificate or any portion thereof, pursuant to Clause 6 (REPLACEMENT
     NOTE CERTIFICATES) hereof, shall be authenticated and delivered in the form
     of, and shall be, a Global Note Certificate. A Global Note Certificate may
     not be exchanged for another Global Note Certificate other than as provided
     in this Clause 5 (EXCHANGES OF GLOBAL NOTE CERTIFICATES AND DELIVERY OF
     INDIVIDUAL NOTE CERTIFICATES).

6.   REPLACEMENT NOTE CERTIFICATES

6.1  DELIVERY OF REPLACEMENTS: Subject to and in accordance with this Clause 6
     (REPLACEMENT NOTE CERTIFICATES) and Condition 13 (REPLACEMENT OF NOTES) and
     receipt of replacement Global Note Certificates and/or Individual Note
     Certificates (as the

                                       9

<PAGE>

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

6.2  REPLACEMENTS TO BE NUMBERED: Each replacement Global Note Certificate or
     Individual Note Certificate delivered hereunder shall bear a unique serial
     number.

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

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

7.   PAYMENTS TO THE PAYING AGENTS

7.1  CURRENT ISSUER TO PAY THE PAYING AGENTS: In order to provide for the
     payment of interest and principal in respect of the Current Issuer Notes as
     the same become due and payable in accordance with the Current Issuer
     Conditions and the Current Issuer Trust Deed, the Current Issuer shall pay
     to the Paying Agents or otherwise cause the Paying Agents to receive on or
     before the date on which such payment becomes due, an amount which is equal
     to the amount of principal and interest then falling due in respect of the
     Current Issuer Notes on such Payment Date.

7.2  MANNER AND TIME OF PAYMENT: The Current Issuer shall, not later than 10.00
     a.m. (London time) or, in the case of any payment in dollars, 10.00 a.m.
     (New York time)

                                       10

<PAGE>

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

7.3  NOTIFICATION OF PAYMENT BY CURRENT ISSUER: The Current Issuer shall procure
     that each bank or other person effecting payment for it in accordance with
     Clause 7.2 (MANNER AND TIME OF PAYMENT) shall by not later than 2.00 p.m.
     (Local time) on the second Local Banking Day before the due date of each
     payment under Clause 7.2 (MANNER AND TIME OF PAYMENT) confirm by tested
     telex, facsimile or authenticated SWIFT message to the Paying Agents that
     it has issued irrevocable payment instructions for the transfer of the
     relevant sum due to the relevant account of the Paying Agents.

7.4  CONFIRMATION OF AMOUNTS PAYABLE IN RESPECT OF THE CURRENT ISSUER NOTES: The
     Current Issuer shall by not later than 2.00 p.m. (Local time) on the second
     Local Banking Day before each Payment Date or other date on which any
     payment is due under Clause 7.2 (MANNER AND TIME OF PAYMENT), notify, or
     procure the notification by the Current Issuer Cash Manager or other person
     on behalf of the Current Issuer to, the Paying Agents, the Note Trustee and
     the Registrar of the amount of interest and/or principal (as the case may
     be) payable to Noteholders in accordance with the Current Issuer Conditions
     in respect of each class of the Current Issuer Notes on the Payment Date or
     other date in question and the apportionment of such amount as between
     principal and interest. All such amounts shall be payable subject to and in
     accordance with the Current Issuer Priority of Payments.

7.5  EXCLUSION OF LIENS AND INTEREST: Save as expressly provided otherwise in
     this Agreement, the Paying Agents shall be entitled to deal with each
     amount paid to them under this Clause 7 (PAYMENTS TO THE PAYING AGENTS) in
     the same manner as other amounts paid to them as bankers by their
     customers; PROVIDED, HOWEVER, THAT:

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

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

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

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<PAGE>

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

7.7  NOTIFICATION IF FUNDS NOT RECEIVED ON PAYMENT DATE: Each Paying Agent shall
     forthwith notify the Current Issuer, the Current Issuer Cash Manager, the
     Note Trustee and the other Agents if it has not, by the due date of payment
     to it specified in Clause 7.2 (MANNER AND TIME OF PAYMENT), received
     unconditionally the full amount required for any payment.

8.   PAYMENTS TO NOTEHOLDERS

8.1  PAYMENTS IN RESPECT OF CURRENT ISSUER NOTES: Each Paying Agent acting
     through its Specified Office shall make payments of interest and principal
     in respect of the Current Issuer Notes in accordance with the Current
     Issuer Conditions and so long as the Current Issuer Notes are evidenced by
     Global Note Certificates, the terms thereof, PROVIDED HOWEVER, THAT:

     (a)  no Paying Agent will make any payment of interest or principal in
          respect of any class of the Current Issuer Notes in an amount which is
          greater than the amount of interest or principal payable in accordance
          with the Current Issuer Conditions in respect of such class of Current
          Issuer Notes and notified to the Paying Agents in accordance with
          Clause 7.4 (CONFIRMATION OF AMOUNTS PAYABLE IN RESPECT OF THE CURRENT
          ISSUER NOTES);

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

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

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

     (e)  all payments in respect of the Current Issuer Notes will be
          distributed without deduction or withholding for any taxes, duties,
          assessments or other governmental charges of whatever nature except as
          and then only to the extent

                                       12

<PAGE>

          required by applicable law, in which case each Paying Agent shall be
          entitled to make such deduction or withholding from any payment which
          it makes hereunder. If any such deduction or withholding is required
          to be made, then neither the Current Issuer nor any other person will
          be obliged to pay any additional amounts in respect thereof; and

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

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

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

8.4  APPROPRIATION BY PAYING AGENT: If any Paying Agent makes any payment in
     accordance with Clause 8.1 (PAYMENTS IN RESPECT OF CURRENT ISSUER NOTES),
     it shall be entitled to appropriate for its own account out of the funds
     received by it under Clause 7.1 (CURRENT ISSUER TO PAY THE PAYING AGENTS)
     an amount equal to the amount so paid by it.

8.5  REIMBURSEMENT BY CURRENT ISSUER: If any Paying Agent makes a payment in
     respect of the Current Issuer Notes at any time at which the relevant
     Paying Agent has not received the full amount of the relevant payment due
     to it under Clause 7.1 (CURRENT ISSUER TO PAY THE PAYING AGENTS) and that
     Paying Agent is not able out of the funds received by it under Clause 7.1
     (CURRENT ISSUER TO PAY THE PAYING AGENTS) to reimburse such Paying Agent
     therefor by appropriation under Clause 8.4 (APPROPRIATION BY PAYING AGENT),
     the Current Issuer shall from time to time on written demand pay to that
     Paying Agent for account of such Paying Agent:

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<PAGE>

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

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

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

9.   TRANSFERS OF CURRENT ISSUER NOTES

9.1  AUTHENTICATION AND DELIVERY OF INDIVIDUAL NOTE CERTIFICATES: The Registrar
     shall authenticate and deliver, or cause the Transfer Agent or other
     designated agent to authenticate and deliver, any Individual Note
     Certificate issued upon a transfer in accordance with this Agreement and
     the Current Issuer Conditions.

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

9.3  REGISTRATION OF TRANSFERS IN THE REGISTER: The Registrar shall make
     available forms of transfer and receive requests for the transfer of
     Current Issuer Notes and shall make the necessary entries in the Register
     to record all transfers in each case subject to and in accordance with the
     Current Issuer Notes, the Current Issuer Conditions, the Regulations and
     the Current Issuer Trust Deed. In particular the Registrar shall, subject
     to and in accordance with the Current Issuer Conditions and the
     Regulations, within such period of time as is set out in the Current Issuer
     Conditions after the receipt by it of (or the receipt by it of notification
     from the Transfer Agent of delivery to it of) the relevant Note
     Certificates duly endorsed for transfer, authenticate and issue the duly
     dated and completed new Note Certificate(s) and deliver the new Note
     Certificate(s) in the name of the transferee at its Specified Office or (at
     the risk of the transferee) send the new Note Certificate(s) by mail to
     such address as may be specified in the form of transfer and make all
     necessary entries on the Register to record such transfer.

9.4  CLOSED PERIOD: No transfer shall be registered for a period of 15 days
     immediately preceding any due date for payment of principal or interest in
     respect of the Current

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<PAGE>

     Issuer Notes or, as the case may be, the due date for redemption, or as the
     case may be, payment of any of the relevant Current Issuer Notes.

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

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

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

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

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

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

10.  MISCELLANEOUS DUTIES OF THE AGENTS

10.1 MAINTENANCE OF RECORDS: Each of the Agents shall maintain records of all
     documents received by it in connection with its duties hereunder and shall
     make such records available for inspection at all reasonable times by the
     Current Issuer, the Current Issuer Cash Manager, the Note Trustee and the
     other Agents and, in particular, the Registrar shall:

     (a)  maintain a full and complete record of all Note Certificates delivered
          hereunder and of their exchange, redemption, payment, partial payment,
          cancellation, mutilation, defacement, alleged destruction, theft, loss
          or, as the case may be, replacement (including all replacement Note
          Certificates issued

                                       15
<PAGE>

          in substitution for any lost, stolen, mutilated, defaced or destroyed
          Note Certificates);

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

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

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

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

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

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

10.3 INFORMATION FROM AGENTS: The Agents shall make available to the other
     Agents such information as is reasonably required for the maintenance of
     the records referred to in Clause 10.1 (MAINTENANCE OF RECORDS).

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

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

10.6 SAFE CUSTODY OF NOTE CERTIFICATES: Each of the Registrar and the Transfer
     Agent shall maintain in safe custody all Note Certificates delivered to it
     and held by it hereunder.

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

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<PAGE>

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

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

10.10 ADDITIONAL DUTIES OF THE REGISTRAR: If Individual Note Certificates are
      required to be delivered pursuant to the terms of any Global Note
      Certificate and the Current Issuer Trust Deed, the Registrar shall:

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

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

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

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

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

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<PAGE>

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

10.11 ADDITIONAL DUTIES OF THE TRANSFER AGENT: Subject as provided in and in
      accordance with the Current Issuer Conditions, the Regulations and this
      Agreement or if otherwise requested by the Current Issuer, the Transfer
      Agent shall:

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

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

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

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

11.   AGENTS TO ACT FOR NOTE TRUSTEE

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

     (a)  act thereafter, and until otherwise instructed by the Note Trustee, as
          the Agents of the Note Trustee on the terms MUTATIS MUTANDIS provided
          herein (with consequential amendments as necessary and save that the
          Note Trustee's liability under any provision herein contained for the
          remuneration indemnification and payment of out-of-pocket expenses of
          such Agents shall be limited to the amount for the time being held by
          the Note Trustee on the trusts of the Current Issuer Trust Deed which
          is available to be applied by the Note Trustee for such purpose) and
          thereafter hold all Note Certificates and all sums, documents and
          records held by them in their respective capacities in respect of the
          Current Issuer Notes on behalf of the Note Trustee; and/or

                                       18

<PAGE>

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

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

12.   FEES AND EXPENSES

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

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

12.3  TAXES AND EXPENSES OCCASIONED BY DEFAULT: The Current Issuer shall pay all
      stamp, registration and other similar taxes, duties and governmental
      levies of whatsoever nature (including any interest and penalties thereon
      or in connection therewith) which are payable upon or in connection with
      the execution and delivery of this Agreement.

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

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<PAGE>

13.   TERMS OF APPOINTMENT

13.1  RIGHTS AND POWERS OF THE PAYING AGENTS:

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

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

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

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

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

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

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

13.2  PROVISION OF SPECIMEN SIGNATURES: The Current Issuer will supply the
      Paying Agents, the Transfer Agent and the Registrar with the names and
      specimen signatures of its Authorised Signatories.

13.3  EXTENT OF DUTIES: Each Agent shall only be obliged to perform the duties
      set out herein and such other duties as are necessarily incidental
      thereto. No Agent shall (i)

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<PAGE>

      be under any fiduciary duty towards or have any relationship of agency or
      trust for or with any person other than the Current Issuer and (to the
      extent expressly provided herein only) the Note Trustee (ii) be
      responsible for or liable in respect of the authorisation, validity or
      legality or enforceability of any Current Issuer Note or any Note
      Certificate (other than in respect of the authentication of Note
      Certificates by it in accordance with this Agreement) or any act or
      omission of any other person including, without limitation, any other
      Agent (except to the extent that such liability arises out of any breach
      of contract, bad faith, misconduct or negligence on the part of any such
      Agent), (iii) be under any obligation towards any person other than the
      Current Issuer, the other Agents and the Note Trustee or (iv) assume any
      relationship of agency or trust for or with any Noteholder except that
      funds received by the Paying Agents for the payment of any sums due in
      respect of any Current Issuer Notes shall be held by them on trust for the
      relevant Noteholders to the extent required by the Trust Indenture Act
      until the expiration of the relevant prescription period under the Current
      Issuer Trust Deed.

13.4  FREEDOM TO TRANSACT: Each Agent may purchase, hold and dispose of
      beneficial interests in a Current Issuer Note and may enter into any
      transaction (including, without limitation, any depository, trust or
      agency transaction) with the Current Issuer or any holders or owners of
      any Current Issuer Notes or with any other party hereto in the same manner
      as if it had not been appointed as the agent of the Current Issuer or the
      Note Trustee in relation to the Current Issuer Notes.

13.5  INDEMNITY IN FAVOUR OF THE AGENTS: The Current Issuer agrees to indemnify
      each Agent for, and to hold such Agent harmless against, any loss,
      liability or expense incurred by it arising out of, or in connection with,
      its acting as agent of the Current Issuer or the Note Trustee in relation
      to the Current Issuer Notes provided that such loss, liability and/or
      expense has not arisen as a result of its own fraud, negligence, wilful
      misconduct or breach of contract. No termination of this Agreement shall
      affect the obligations created by this Clause 13.5 (INDEMNITY IN FAVOUR OF
      THE Agents).

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

14.   NO LIABILITY FOR CONSEQUENTIAL LOSS

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

                                       21

<PAGE>

15.   TERMINATION OF APPOINTMENT

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

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

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

15.2  REVOCATION: Subject to Clause 15.7 (MAINTENANCE OF A PAYING AGENT IN THE
      EUROPEAN UNION) and Clause 15.8 (LIMITATIONS ON RESIGNATION AND
      REVOCATION), the Current Issuer may at any time with the prior written
      consent of the Note Trustee revoke its appointment of any Agent as its
      agent in relation to the Current Issuer Notes by not less than 60 days'
      written notice to the Note Trustee and such Agent whose appointment is to
      be revoked, which notice shall expire not less than 30 days before a
      Payment Date, provided, however, that in the case of the Registrar, the
      Principal Paying Agent, the Agent Bank or the only remaining Paying Agent
      with its Specified Office outside the United Kingdom, such resignation
      shall not take effect until a successor has been duly appointed
      consistently with Clause 15.4 (ADDITIONAL AND SUCCESSOR AGENTS) and notice
      of such appointment has been given to the Noteholders.

15.3  AUTOMATIC TERMINATION: The appointment of any Agent shall terminate
      forthwith if at any time:

      (a)   such Agent becomes incapable of acting;

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

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

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

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

                                       22

<PAGE>

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

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

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

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

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

15.6  RIGHTS OF SUCCESSOR AGENT: Upon the execution by the Current Issuer and
      any successor agent of an instrument effecting the appointment of a
      successor agent, such successor agent shall, without any further act, deed
      or conveyance, become vested with all the authority, rights, powers,
      trusts, immunities, duties and obligations of its predecessor with like
      effect as if originally named as the relevant agent herein and such
      predecessor, upon payment to it of the pro rata proportion of its
      administration fee and disbursements then unpaid (if any), shall thereupon
      become obliged to transfer, deliver and pay over, and such successor agent
      shall be entitled to receive, all monies, records and documents (including
      any Note Certificates of the relevant class or classes of Current Issuer
      Notes, if any) held by such predecessor hereunder.

15.7  MAINTENANCE OF A PAYING AGENT IN THE EUROPEAN UNION: The Current Issuer
      undertakes that, if the conclusions of the ECOFIN Council meeting of 26-27
      November 2000 are implemented, it shall ensure that it maintains a Paying
      Agent in a European Union member state that will not be obliged to
      withhold or deduct tax pursuant to the Directive.

                                       23

<PAGE>

15.8  LIMITATIONS ON RESIGNATION AND REVOCATION: Notwithstanding Clause 15.1
      (RESIGNATION) and Clause 15.2 (REVOCATION):

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

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

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

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

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

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

15.9  EFFECT OF RESIGNATION, REVOCATION AND TERMINATION: Upon any resignation or
      revocation taking effect under Clause 15.1 (RESIGNATION) or Clause 15.2
      (REVOCATION) or any termination under Clause 15.3 (AUTOMATIC TERMINATION),
      the relevant Agent shall:

      (a)   without prejudice to any accrued liabilities and obligations, be
            released and discharged from any further obligations under this
            Agreement (save that it shall remain entitled to the benefit of, and
            subject to, Clauses 12 (FEES AND EXPENSES), Clause 13 (TERMS OF
            APPOINTMENT) and Clause 15 (TERMINATION OF APPOINTMENT));

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

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

      (d)   forthwith transfer all monies and papers (including any unissued
            Note Certificates held by it hereunder) to its successor in that
            capacity and provide

                                       24

<PAGE>

            reasonable assistance to its successor for the discharge by it of
            its duties and responsibilities hereunder; and

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

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

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

16.   NON-PETITION AND LIMITED RECOURSE

16.1  LIMITED RECOURSE: Each party hereto agrees that notwithstanding any other
      provisions hereof, all payments to be made by the Current Issuer under
      this Agreement will be payable only from, and to the extent of, the sums
      paid to, or net proceeds recovered by or on behalf of, the Current Issuer
      or the Note Trustee in respect of the Current Issuer Charged Property less
      any amount which is required to be paid to any other person in priority to
      or in the same priority as the relevant party hereto subject to and in
      accordance with the Current Issuer Priority of Payments and there will be
      no other assets of the Current Issuer available for any further payments
      and following the realisation of the Current Issuer Charged Property and
      the distribution of the proceeds thereof in accordance with the Current
      Issuer Deed of Charge none of the parties hereto shall be entitled to take
      any further steps against the Current Issuer to recover any sums due
      hereunder but still unpaid and all outstanding claims in respect of such
      sums due but still unpaid shall be extinguished. The parties hereto look
      solely to such sums and proceeds and the rights of the Current Issuer in
      respect of the Current Issuer Charged Property (net as aforesaid) for
      payments to be made by the Current Issuer. The obligations of the Current
      Issuer to make such payments hereunder will be limited to such sums and
      the proceeds of realisation of the

                                       25

<PAGE>

      Current Issuer Charged Property (net as aforesaid) and the parties hereto
      will have no further recourse in respect thereof.

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

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

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

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

17.   NOTICES

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

      (a)   in the case of the Current Issuer, to Granite Mortgages 02-2 plc,
            c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile number
            020 7606 0643) for the attention of: Company Secretary with a copy
            to Northern Rock plc, Northern Rock House, Gosforth, Newcastle upon
            Tyne NE3 4PL (facsimile number 0191 213 2203) for the attention of
            the Group Secretary;

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

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

                                       26

<PAGE>

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

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

18.   THIRD PARTY RIGHTS

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

19.   TIME OF THE ESSENCE

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

20.   VARIATION AND WAIVER

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

21.   EXECUTION IN COUNTERPARTS; SEVERABILITY

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

21.2  SEVERABILITY: Where any provision in or obligation under this Agreement
      shall be invalid, illegal or unenforceable in any jurisdiction, the
      validity, legality and enforceability of the remaining provisions or
      obligations under this Agreement, or of such provision or obligation in
      any other jurisdiction, shall not be affected or impaired thereby.

22.   GOVERNING LAW AND JURISDICTION; PROCESS AGENT; APPROPRIATE FORUM

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

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

                                       27

<PAGE>

      jurisdiction of such courts.

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

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

23.   EXCLUSION OF LIABILITY

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

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

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<PAGE>

                                   SCHEDULE 1

                         SPECIFIED OFFICES OF THE AGENTS

THE PRINCIPAL PAYING AGENT

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

THE US PAYING AGENT

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

THE AGENT BANK

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

THE REGISTRAR

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

THE TRANSFER AGENT

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

THE NOTE TRUSTEE

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

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<PAGE>

                                   SCHEDULE 2

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

1.   The Current Issuer Notes are in their respective Authorised Denominations
     of (pound)1,000, (pound)10,000, $1,000, $10,000, (euro)1,000 or
     (euro)10,000 depending on the currency of denomination, or in such other
     denominations as the Note Trustee shall determine and notify to the
     relevant Noteholders. Each Dollar Note shall be held in an Authorised
     Dollar Holding, each Sterling Note shall be held in an Authorised Sterling
     Holding and each Euro Note shall be held in an Authorised Euro Holding.

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

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

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

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

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

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<PAGE>

     persons recognised by the Current Issuer as having any title to such
     Current Issuer Note.

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

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

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

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

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

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

13.  Provided a transfer of a Current Issuer Note is duly made in accordance
     with all applicable requirements and restrictions upon transfer and the
     Note Certificate(s) issued in relation to such Current Issuer Note
     transferred are presented to the Transfer Agent and/or the Registrar in
     accordance with the Current Issuer Paying Agency and Agent Bank Agreement
     and these Regulations and subject to unforeseen

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<PAGE>

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

14.  No transfer may be effected unless:

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

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

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

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

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

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

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

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

                                       32

<PAGE>

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

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

                                       33

<PAGE>

                                 EXECUTION PAGE

Executed for and on behalf of:
GRANITE MORTGAGES 02-2 PLC
By:

Name:
Title:

THE PRINCIPAL PAYING AGENT, THE AGENT BANK,
THE REGISTRAR AND THE TRANSFER AGENT AND THE
US PAYING AGENT
By:

Name:
Title:

THE US PAYING AGENT
By:

Name:
Title:

Executed for and on behalf of:
THE BANK OF NEW YORK
By:

Name:
Title:

                                       34

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