Document:

GRANITE FINANCE TRUSTEES LIMITED

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                           THIRD AMENDED AND RESTATED
                           MASTER DEFINITIONS SCHEDULE

                            DATED [O] SEPTEMBER 2002

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                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                   RRF: 553357

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             THIRD AMENDED AND RESTATED MASTER DEFINITIONS SCHEDULE

1.    DEFINITIONS

Words and expressions used in any document which incorporates this clause or to
which this clause applies shall have the same meanings as are set out in this
Master Definitions Schedule except so far as the context requires otherwise.

"1925 ACT" means the Law of Property Act 1925;

"ACCESSION UNDERTAKING" means a Deed of Accession;

"ACCOUNT BANK" means, in relation to the Mortgages Trustee or Funding, the bank
at which the Mortgages Trustee Bank Accounts or, in the case of Funding, the
Funding Bank Accounts are maintained from time to time, being (in the case of
the Mortgages Trustee) Lloyds TSB Bank plc, Jersey International Branch, 4 Bond
Street, St. Helier, Jersey JE4 8ZE, Channel Islands or (in the case of Funding)
Lloyds TSB Bank plc, City Office, Bailey Drive, Gillingham Business Park, Kent
ME8 0LS or (in either case) any other Authorised Entity appointed by the
Mortgages Trustee or Funding in accordance with the Transaction Documents;

"ACCRUED INTEREST" means, in respect of any Mortgage Loan as at any date (the
"RELEVANT DATE"), the aggregate of all interest accrued but not yet due and
payable on such Mortgage Loan from and including the Monthly Payment Date
immediately preceding the relevant date until (but excluding) the relevant date;

"ADMINISTRATION AGREEMENT" means the agreement entered into on or before the
Initial Closing Date, between the Administrator, the Mortgages Trustee, Funding,
the Seller and the Security Trustee pursuant to which the administrator agrees
to provide administration services to the Mortgages Trustee and the
Beneficiaries in relation to the Mortgage Loans and their Related Security
comprised in the Mortgage Portfolio as may be amended, restated, novated, varied
or supplemented from time to time and shall include any additional and/or
replacement administration agreement entered into by such parties from time to
time;

"ADMINISTRATION FEE" has the meaning given to it in Clause 13.1 (ADMINISTRATION
FEE) of the Administration Agreement;

"ADMINISTRATION FEE RATE" means 0.12% per annum (inclusive of VAT) on the amount
of the Funding Share of the Trust Property as determined on that Distribution
Date in respect of the then current Trust Calculation Period, but only to the
extent that the Mortgages Trustee has sufficient funds available to pay such
amount in accordance with the Mortgages Trustee Revenue Priority of Payments or,
at any time when the Administrator is not Northern Rock, such other amount as
set between such substitute administrator and the Mortgages Trustee from time to
time;

"ADMINISTRATION PROCEDURES" means the administration, arrears and enforcement
policies and procedures forming part of the Seller's Policy from time to time
or, at any time when the Administrator is not also the Seller, the policies and
procedures from time to time which would be adopted by a reasonable, prudent
mortgage lender and, in either case, shall include the services set out in
Schedule 1 to the Administration Agreement;

"ADMINISTRATOR" means Northern Rock or such other person as may from time to
time be appointed

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as administrator of the Mortgage Portfolio pursuant to the Administration
Agreement;

"ADMINISTRATOR TERMINATION EVENT" means any of the events specified in Clause 19
(TERMINATION) of the Administration Agreement;

"ALTERNATIVE INSURANCE REQUIREMENTS" means the Seller's standard document
entitled Alternative Insurance Requirements, and any other document containing
similar recommendations or requirements which is sent to Borrowers in accordance
with the Administration Procedures;

"ARREARS OF INTEREST" means as at any date and in relation to any Mortgage Loan,
interest (other than Capitalised Interest or Accrued Interest) on such Mortgage
Loan which is currently due and payable on such date;

"ASSET TRIGGER EVENT" means the event that occurs when an amount is debited to
the Class A Principal Deficiency Sub Ledger established for any Issuer with
respect to the Class A Notes of that Issuer;

"ASSIGNMENT DATE" means the date of assignment of any New Mortgage Portfolio to
the Mortgages Trustee in accordance with Clause 4 (SALE AND PURCHASE OF NEW
MORTGAGE PORTFOLIOS) of the Mortgage Sale Agreement;

"ASSIGNMENT OF INSURANCE CONTRACTS" means an assignment to the Mortgages Trustee
of the Seller's right, title, benefit and interest in the Insurance Contracts
substantially in the form set out in Schedule 3 (ASSIGNMENT OF INSURANCE
CONTRACTS) to the Mortgage Sale Agreement;

"AUDITORS" or "AUDITORS" means PricewaterhouseCoopers of 89 Sandyford Road,
Newcastle upon Tyne NE99 1PL or such other internationally recognised
independent firm of auditors selected from time to time by (in the case of the
Mortgages Trustee) the Mortgages Trustee or (in the case of Funding) Funding or
(in the case of any Issuer) the relevant Issuer and appointed by the Mortgages
Trustee, Funding or, as the case may be, the relevant Issuer;

"AUTHORISED ENTITY" means (a) any entity the short term and secured,
unsubordinated, and unguaranteed debt of which is rated at least A-1+ by S&P,
P-1 by Moody's and F1+ by Fitch or (b) any other entity approved in writing by
the Security Trustee and the Rating Agencies, in each case being an institution
authorised to carry on banking business (including accepting deposits) under the
Banking Act 1987;

"AUTHORISED INSTITUTION" means an institution authorised to take deposits under
the Banking Act 1987;

"AUTHORISED INVESTMENTS" means:

(a)   sterling gilt-edged securities; and

(b)   sterling demand or time deposits, certificates of deposit and short-term
      debt obligations (including commercial paper) (which may include deposits
      into any account which earns a rate of interest related to LIBOR) provided
      that in all cases such investments have a maturity date of 90 days or less
      and mature on or before the next following Payment Date or, in relation to
      any Mortgages Trustee Bank Account, the next following Distribution Date,
      and the short-term unsecured, unguaranteed and unsubordinated debt
      obligations of the issuing or guaranteeing entity or the entity with which
      the demand or time deposits are made (being an authorised institution
      under the Financial Services and Markets Act 2000) are rated at least
      equal to A-1+ by S&P, P-1 by Moody's and F1+ by Fitch or which are
      otherwise acceptable to the Rating Agencies (if they are notified in
      advance) to maintain the then-current rating of the Notes;

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"AUTHORISED SIGNATORY" means in relation to:

(a)   any Issuer, any authorised signatory referred to in the relevant Issuer
      Account Mandates;

(b)   the Mortgages Trustee, any authorised signatory referred to in the
      Mortgages Trustee Account Mandates; and

(c)   Funding, any authorised signatory referred to in the Funding Account
      Mandates;

"AUTHORISED THIRD PARTY" means any Person appointed by the Security Trustee
pursuant to the terms of Schedule 4 of the Administration Agreement and whom the
Rating Agencies have previously confirmed in writing to Funding and the Security
Trustee will not cause the then current ratings of the relevant Issuer's Notes
to be downgraded, withdrawn or qualified provided that if the responsibilities
that such appointed Person will assume include setting the interest rate
applicable to any Mortgage Loan, such Person must be a lender in the UK
residential mortgage market;

"AUTHORISED UNDERPAYMENT" means a Borrower Underpayment in respect of a Flexible
Mortgage Loan which is funded by, and does not exceed the amount of any,
Overpayments previously made by the Borrower in respect of such Flexible
Mortgage Loan or is otherwise permitted by the Seller in accordance with the
relevant Mortgage Conditions;

"BACK-UP FUNCTIONS" has the meaning specified in Schedule 4 (AUTHORISED THIRD
PARTY) to the Administration Agreement;

"BACK-UP TRIGGER EVENT" means any of the following circumstances:

(i)   failure by the Seller to comply with any of its obligations under the
      Mortgage Sale Agreement;

(ii)  a Completion Event and any circumstances in connection therewith; or

(iii) an Administrator Termination Event and any circumstances in connection
      therewith;

"BACS" means the Bankers' Automated Clearing System as amended or supplemented
from time to time or any scheme replacing the same;

"BACS AMOUNTS" means the amounts to be received by the Collection Banks from
Borrowers whether under the Direct Debiting Scheme or otherwise and to be
credited by the Collection Banks to the Collection Accounts on each Monthly
Payment Date, which each Collection Bank shall credit to the relevant Collection
Account;

"BANK ACCOUNT AGREEMENT" means the agreement entered into on or about the
Initial Closing Date between the Account Banks, the Mortgages Trustee, Funding
and the Security Trustee which governs the operation of the Mortgages Trustee
Bank Accounts and the Funding Bank Accounts other than the Funding (Issuer) GIC
Accounts, as has been and may be amended, restated, novated, varied or
supplemented from time to time and shall include any additional and/or
replacement bank account agreement entered into by such parties from time to
time;

"BANK OF ENGLAND BASE RATE" means the Bank of England's official dealing rate
(the repo rate) as set by the UK Monetary Policy Committee and in the event that
such rate ceases to exist or becomes inappropriate as an index for the Base Rate
Pledge such alternative rate or index, not controlled by the

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Seller, that the Seller considers to be the most appropriate in the
circumstances;

"BARCLAYS" means Barclays Bank PLC;

"BARCLAYS COLLECTION ACCOUNT" means the account in the name of Northern Rock as
Administrator (sort code 20/59/42, account number 60655996) held with Barclays
Bank PLC and maintained subject to the Collection Bank Agreement and/or such
other accounts of Northern Rock held with Barclays Bank PLC as may be utilised
from time to time for the purpose of collecting sums due to Northern Rock in
respect of the Mortgage Loans;

"BASE RATE PLEDGE" means the guarantee of the Seller that where Mortgage Loans
are eligible to be charged at or based on the Standard Variable Rate (including
Fixed Rate Mortgage Loans upon conversion from a Fixed Rate to the Standard
Variable Rate) and they are within the Base Rate Pledge Period, the actual
variable gross interest rate charged on such Mortgage Loans will be the lower of
the following two rates:

(a)   the Standard Variable Rate; or

(b)   the Bank of England base rate plus a margin of 1.99%;

such variable gross interest rate to be applied as necessary within one month of
a change in the Bank of England base rate;

"BASE RATE PLEDGE PERIOD" means, in relation to any Mortgage Loan having the
benefit of the Base Rate Pledge, the period if any during which the Borrower may
be subject to an Early Repayment Charge;

"BASIS RATE SWAP" means, in relation to the First Issuer, the First Issuer Basis
Rate Swap and for any other Issuer, the swap transaction documented under the
Basis Rate Swap Agreement for such Issuer;

"BASIS RATE SWAP AGREEMENT" means, in relation to the First Issuer, the First
Issuer Basis Rate Swap Agreement and for any other Issuer, the ISDA Master
Agreement, Schedule and Confirmation thereto entered into among such Issuer, the
Basis Rate Swap Provider and the Note Trustee, as may be amended, restated,
novated, varied or supplemented from time to time and shall include any
additional and/or replacement basis rate swap agreement entered into by such
Issuer from time to time in connection with the Notes issued by such Issuer;

"BASIS RATE SWAP PROVIDER" means in relation to the First Issuer, the First
Issuer Basis Rate Swap Provider and for any other Issuer the basis rate swap
provider for such Issuer appointed from time to time in accordance with the
relevant Issuer Transaction Documents;

"BASIS RATE SWAP PROVIDER DEFAULT" means the occurrence of an Event of Default
or a Downgrade Termination Event (as defined in the relevant Basis Rate Swap
Agreement) under a Basis Rate Swap Agreement where the Basis Rate Swap Provider
is the Defaulting Party or the Affected Party (as defined in the relevant Basis
Rate Swap Agreement);

"BENEFICIARIES" means both Funding and the Seller together, as beneficiaries of
the Mortgages Trust and "BENEFICIARY" means either of them;

"BLOCK BUILDINGS POLICY" means the block buildings insurance policies listed in
paragraph 2 of Schedule 4 (INSURANCE CONTRACTS) to the Mortgage Sale Agreement
and any endorsements or extensions thereto as issued from time to time and any
additional, replacement or substitute block insurance policy which relates to
Mortgage Loans in the Mortgages Trust from time to time;

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"BORROWER" means, in relation to each Mortgage Loan, the person or persons who
is or are named and defined as such in the relevant Mortgage Deed or such other
person or persons (other than a guarantor) who shall become legally obligated to
comply with such Borrower's obligations under the related Mortgage Loan;

"BORROWER UNDERPAYMENT" means a situation where a Borrower makes a Monthly
Payment on its Mortgage Loan which is less than the required Monthly Payment for
that month;

"BUILDINGS POLICIES" means

(a)   all buildings insurance policies relating to freehold Mortgaged Properties
      which have been taken out in the name of the relevant Borrower or in the
      name of the Borrower and the Seller or in the name of the Borrower with
      the Seller's interest noted, in accordance with the applicable Mortgage
      Conditions or the Alternative Insurance Requirements, including, without
      limitation, the Block Buildings Policy; and

(b)   all landlord's buildings insurance policies relating to leasehold
      Mortgaged Properties;

"BUSINESS DAY" means, in relation to the First Issuer Notes and the First Issuer
Intercompany Loan, a day that is a London Business Day and a New York Business
Day;

"CAPITAL BALANCE" means, in relation to any Mortgage Loan at any date, the
principal balance of that Mortgage Loan to which the Seller applies the relevant
interest rate at which interest on each Mortgage Loan applies;

"CAPITAL PAYMENT" means a Monthly Payment made by a Borrower under a Mortgage
Loan (other than a Flexible Mortgage Loan) that is greater by (pound)200 or more
than the amount due for that month, and in respect of which the Borrower has
notified the Seller that such overpayment is intended to reduce the Capital
Balance of the related Mortgage Loan;

"CAPITALISED ARREARS" means, in relation to any Mortgage Loan at any date,
interest or other amounts which are overdue in respect of such Mortgage Loan and
which as at such date have been added to the Capital Balance of such Mortgage
Loan either in accordance with the Mortgage Conditions or otherwise by
arrangement with the relevant Borrower;

"CAPITALISED INTEREST" means, in relation to any Mortgage Loan at any date,
interest which is overdue in respect of such Mortgage Loan and which as at such
date has been added to the Capital Balance of such Mortgage Loan in accordance
with the Mortgage Conditions or otherwise by arrangement with the relevant
Borrower (excluding for the avoidance of doubt any Arrears of Interest which
have not been so capitalised on such date);

"CASH" means cash and/or amounts standing to the credit of a bank account, as
the context shall require;

"CASHBACK" means, in relation to any Mortgage Loan, the agreement by the Seller
to pay an amount to the relevant Borrower upon completion of the relevant
Mortgage Loan;

"CASH MANAGEMENT AGREEMENT" means the cash management agreement entered into on
or before the Initial Closing Date between the Cash Manager, the Mortgages
Trustee, Funding and the Security Trustee as may be amended, restated, novated,
varied or supplemented from time to time and shall include any additional and/or
replacement cash management agreement entered into by such parties from time to
time in accordance with the Transaction Documents;

"CASH MANAGEMENT SERVICES" means, in relation to the any Issuer, the services to
be provided to

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such Issuer and the Note Trustee pursuant to the Issuer Cash Management
Agreement and in relation to the Mortgages Trustee and Funding, the services to
be provided to the Mortgages Trustee and Funding pursuant to the Cash Management
Agreement;

"CASH MANAGER" means Northern Rock or such other person or persons for the time
being acting, pursuant to the Cash Management Agreement, as agent for the
Mortgages Trustee, Funding and (following enforcement of the Funding Security)
the Security Trustee for the purposes of, INTER ALIA, managing all cash
transactions and maintaining certain ledgers on behalf of the Mortgages Trustee,
Funding and (following enforcement of the Funding Security) the Security
Trustee;

"CASH MANAGER TERMINATION EVENT" has the meaning given in Clause 12.1
(TERMINATION) of the Cash Management Agreement;

"CASH RE-DRAW" means a cash payment granted and made by the Seller in accordance
with the Mortgage Conditions at the request of a Borrower after such Borrower
has made an Overpayment in respect of any Flexible Mortgage Loan but only to the
extent of the Overpayment so made. The Seller is solely responsible for funding
any such Cash Re-draw;

"CASH RE-DRAW AMOUNT" means, in relation to any Cash Re-Draw, the amount of
monies advanced by the Seller to the relevant Borrower in respect of such Cash
Re-Draw;

"CASH RE-DRAWS SUB LEDGER" means the sub-ledger of the Re-Draws Ledger, which
will be established by the Cash Manager on the Initial Closing Date in order to
record any Cash Re-Draws made on Flexible Mortgage Loans in the Trust Property;

"CLASS A NOTES" means, in relation to the First Issuer, the Series 1 Class A
Notes and the Series 2 Class A Notes or any of them as the context may require
and, in relation to any New Issuer, the Class A Notes as defined in the relevant
Issuer Master Definitions Schedule;

"CLASS A PRINCIPAL DEFICIENCY SUB LEDGER" means, in relation to any Issuer, the
sub-ledger of the Issuer Principal Deficiency Ledger of such Issuer
corresponding to the Class A Notes issued by such Issuer;

"CLASS B NOTES" means, in relation to the First Issuer, the Series 1 Class B
Notes and the Series 2 Class B Notes or any of them as the context may require
and, in relation to any New Issuer, the Class B Notes as defined in the relevant
Issuer Master Definitions Schedule;

"CLASS B PRINCIPAL DEFICIENCY SUB LEDGER" means, in relation to any Issuer, the
sub-ledger of the Issuer Principal Deficiency Ledger of such Issuer
corresponding to the Class B Notes issued by such Issuer;

"CLASS C NOTES" means, in relation to the First Issuer, the Series 1 Class C
Notes and the Series 2 Class C Notes or any of them as the context may require
and, in relation to any New Issuer, the Class C Notes as defined in the relevant
Issuer Master Definitions Schedule;

"CLASS C PRINCIPAL DEFICIENCY SUB LEDGER" means, in relation to any Issuer, the
sub-ledger of the Issuer Principal Deficiency Ledger of such Issuer
corresponding to the Class C Notes issued by such Issuer;

"CLASS D NOTES" means, in relation to the Second Issuer, the Series 2 Class D
Notes and in relation to any New Issuer, the Class D Notes as defined in the
Issuer Master Definitions Schedule relating to that New Issuer;

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"CLEARSTREAM, LUXEMBOURG" means Clearstream Banking, societe anonyme;

"CLOSING DATE" means, in relation to the First Issuer, the Initial Closing Date
and, in relation to any New Issuer, the date of any issue of New Notes by a New
Issuer;

"CLOSING TRUST PROPERTY" means the Initial Mortgage Portfolio assigned by the
Seller to the Mortgages Trustee on the Initial Closing Date;

"COLLECTION ACCOUNT" means the Barclays Collection Account, the Lloyds TSB
Collection Account and any other account in the name of Northern Rock which is
from time to time used for the purpose of collecting, directly or indirectly,
monies due in respect of Mortgage Loans and/or the Related Security;

"COLLECTION BANK" means any of Barclays, acting through its branch at Percy
Street, Newcastle upon Tyne NE99 1JP and Lloyds TSB acting through its branch at
City Office, Bailey Drive, Gillingham Business Park, Kent ME8 0LS and/or such
other banks as may be appointed from time to time under and in accordance with
the Transaction Documents;

"COLLECTION BANK AGREEMENT" means the collection bank agreement entered into on
or about the Initial Closing Date between the Collection Banks, Mortgages
Trustee, Funding, the Seller and the Administrator as may be amended, restated,
novated, varied or supplemented from time to time and shall include any
additional and/or replacement collection bank agreement entered into by such
parties from time to time in accordance with the Transaction Documents;

"COMBINED CREDIT BALANCE" means the average cleared credit balance in a
Borrower's linked deposit account or accounts in respect of each month or any
part of a month;

"COMBINED CREDIT BALANCE" means the average cleared credit balance in a
Borrower's linked deposit account or accounts in respect of each month or any
part of a month;

"COMMON DEPOSITARY" means Citibank, N.A., in its capacity as common depositary
for Euroclear and Clearstream, Luxembourg, in relation to the First Issuer
Notes, the CDIs (as defined in the Issuer Master Definitions Schedule relating
to the First Issuer) and, in relation to any New Notes, the Reg S Global Note
Certificates;

"COMPLETION EVENT" means a Perfection Event;

"CONDITIONS" or "TERMS AND CONDITIONS" means in relation to any Notes issued by
any Issuer, the terms and conditions to be endorsed on such Notes in the form or
substantially in the form scheduled to the Trust Deed entered into by such
Issuer with the Note Trustee and others, as any of the same may from time to
time be amended, varied or restated in accordance with the provisions of such
Trust Deed, and any reference to a numbered Condition shall be construed
accordingly;

"CONTINGENCY INSURANCE POLICY" means the contingency insurance policy identified
in paragraph 2(d) of Schedule 4 (INSURANCE CONTRACTS) to the Mortgage Sale
Agreement and any endorsements or extensions thereto as issued from time to time
and any additional, replacement or substitute contingency insurance policy which
relates to Mortgage Loans in the Mortgages Trust from time to time;

"CONTRIBUTIONS" means the consideration in the form of cash provided to the
Mortgages Trustee by any Beneficiary in respect of the share of such Beneficiary
in the Trust Property under the Mortgages Trust Deed, being any of an Initial
Contribution, a Further Contribution or a Deferred Contribution;

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"CONTRIBUTIONS LEDGER" means the ledger created to record (i) the making by
Funding to the Mortgages Trustee of Contributions to the Mortgages Trust
pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the
Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the
Mortgages Trust Deed (iii) the payment by the Mortgages Trustee to the Seller of
either (a) amounts of Initial Purchase Price for the sale of any New Mortgage
Portfolio which is acquired by the Mortgages Trustee from the Seller under the
provisions of Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in
accordance with the Mortgage Sale Agreement and (iv) the payment by the
Mortgages Trustee to the Seller of any Special Distribution in accordance with
the Mortgages Trust Deed;

"CONTROLLED AMORTISATION AMOUNT" means on any Payment Date prior to the
occurrence of a Trigger Event or enforcement of the Issuer Security:

(a)   in relation to any Note or class of Notes issued by an Issuer which is a
      Controlled Amortisation Note, the maximum aggregate principal amount which
      may be repaid by such Issuer to the relevant Noteholder or Noteholders of
      such class on such Payment Date in accordance with the relevant Conditions
      and the Issuer Cash Management Agreement of such Issuer; or

(b)   in relation to the Intercompany Loan of any Issuer, the maximum aggregate
      principal amount which may be repaid by Funding to such Issuer in respect
      of such Intercompany Loan on such Payment Date (which will be equal to the
      aggregate of the Controlled Amortisation Amounts due on such Payment Date
      under the Notes issued by such Issuer);

"CONTROLLED AMORTISATION NOTE" means any Note issued by an Issuer pursuant to
which prior to the occurrence of a Trigger Event or enforcement of the Issuer
Security, the Conditions of such Note impose a limit on the amount of principal
which may be repaid by such Issuer to the relevant Noteholder in respect of such
Note on any Payment Date;

"CORPORATE SERVICES AGREEMENT" means

(a)   in relation to any Issuer, the corporate services agreement entered into
      on or before the Closing Date of the issue of the relevant Notes among,
      INTER ALIOS, the relevant Corporate Services Provider, Holdings, the
      Post-Enforcement Call Option Holder and such Issuer, for the provision by
      the Corporate Services Provider of certain corporate services, and

(b)   in relation to the Mortgages Trustee or Funding, the corporate services
      agreement entered into on or before the Initial Closing Date between the
      relevant Corporate Services Provider and the Mortgages Trustee or Funding
      (as the case may be) for the provision by the relevant Corporate Services
      Provider of certain corporate services with respect to the Mortgages
      Trustee or Funding,

in each case as it has been and may be amended, restated, novated, varied or
supplemented from time to time and shall include any additional and/or
replacement corporate services agreements entered into by such parties from time
to time in accordance with the Transaction Documents;

"CORPORATE SERVICES PROVIDER" means in relation to any Issuer, Law Debenture
Corporate Services Limited, in relation to Funding, Mourant & Co. Capital (SPV)
Limited, and in relation to the Mortgages Trustee, Mourant & Co. Limited, or any
other person or persons for the time being acting as corporate services provider
under the relevant Corporate Services Agreement;

"CPR" means, unless otherwise defined in the text of the relevant Transaction
Document, the constant rate of scheduled and unscheduled repayments on the
Mortgage Loans in the Mortgage

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Portfolio each month relative to the aggregate principal amount outstanding of
such Mortgage Loans;

"CURRENCY SWAP AGREEMENT" means, for any Issuer, the ISDA Master Agreement(s),
Schedule(s) and Confirmation(s) thereto entered into among such Issuer, the
relevant Currency Swap Provider and the Note Trustee, as may be amended,
restated, novated, varied or supplemented from time to time and shall include
any additional and/or replacement currency swap agreement entered into by such
Issuer from time to time in connection with the Notes issued by such Issuer;

"CURRENCY SWAP PROVIDER" means in relation to any Issuer the swap counterparty
to such Issuer under any relevant Currency Swap Agreement of such Issuer;

"CURRENCY SWAP PROVIDER DEFAULT" means the occurrence of an Event of Default or
a Downgrade Termination Event (as defined in the relevant Currency Swap
Agreement) under a Currency Swap Agreement where the Currency Swap Provider is
the Defaulting Party or the Affected Party (as defined in the relevant Currency
Swap Agreement);

"CURRENT BALANCE" means in relation to any Mortgage Loan as at any given date,
the aggregate (but avoiding double counting) of (i) the original principal
amount advanced to the relevant Borrower and any Further Advances on or before
the given date to the relevant Borrower secured or intended to be secured by the
related Mortgage; and (ii) the amount of any Re-Draw under any Flexible Mortgage
Loan secured or intended to be secured by the related Mortgage; and (iii) any
interest, disbursement, legal expense, fee, charge, rent, service charge,
premium or payment which has been properly capitalised in accordance with the
relevant Mortgage Conditions or with the relevant Borrower's consent and added
to the amounts secured or intended to be secured by such Mortgage Loan
(including interest capitalised on any Re-Draw under a Flexible Mortgage Loan);
(iv) any other amount (other than unpaid interest) which is due or accrued
(whether or not due) and which has not been paid by the relevant Borrower and
has not been capitalised in accordance with the relevant Mortgage Conditions or
with the relevant Borrower's consent but which is secured or intended to be
secured by that Mortgage Loan, as at the end of the London Business Day
immediately preceding that given date less any repayment or payment of any of
the foregoing made on or before the end of the London Business Day immediately
preceding that given date and excluding any retentions made but not released and
any Further Advances committed to be made but not made by the end of the London
Business Day immediately preceding that given date;

"CURRENT FUNDING SHARE" means the amount of Trust Property beneficially owned by
Funding from time to time, as determined in accordance with Clause 8 (ADJUSTMENT
OF FUNDING SHARE PERCENTAGE AND SELLER SHARE PERCENTAGE) of the Mortgages Trust
Deed;

"CURRENT FUNDING SHARE PERCENTAGE" means the percentage share of Funding in the
Trust Property from time to time, as determined in accordance with Clause 8
(ADJUSTMENT OF FUNDING SHARE PERCENTAGE AND SELLER SHARE PERCENTAGE) of the
Mortgages Trust Deed;

"CURRENT SELLER SHARE" means the amount of Trust Property beneficially owned by
the Seller from time to time, as determined in accordance with Clause 8
(ADJUSTMENT OF FUNDING SHARE PERCENTAGE AND SELLER SHARE PERCENTAGE) of the
Mortgages Trust Deed;

"CURRENT SELLER SHARE PERCENTAGE" means the percentage share of the Seller in
the Trust Property from time to time as determined in accordance with Clause 8
(ADJUSTMENT OF FUNDING SHARE PERCENTAGE AND SELLER SHARE PERCENTAGE) of the
Mortgages Trust Deed;

"DEED OF ACCESSION" means a deed executed by, INTER ALIOS, Funding, the Security
Trustee and the

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Note Trustee and any New Funding Secured Creditor in the form set out in
Schedule 2 to the Funding Deed of Charge or, any other form of deed as agreed
between the parties;

"DEED OF CONSENT" means a deed whereby a person in or intended to be in
occupation of a Mortgaged Property agrees with the Seller to postpone his or her
interest (if any) in the Mortgaged Property so that it ranks after the interest
of the Seller created by the relevant Mortgage;

"DEED OF POSTPONEMENT" means a deed whereby a mortgagee of a Mortgaged Property
agrees with the Seller to postpone its mortgage over the Mortgaged Property so
that the sums secured by it will rank for repayment after the sums secured by
the relevant Mortgage;

"DEFERRED CONTRIBUTION" means the consideration in the form of cash payable by
Funding to the Mortgages Trustee from time to time in respect of the Funding
Share of the Trust Property pursuant to and in accordance with the Mortgages
Trust Deed and/or the Funding Deed of Charge including, for the avoidance of
doubt, Final Deferred Contribution (which Contribution will fund the payment to
the Seller by the Mortgages Trustee of amounts of Deferred Purchase Price
payable by the Mortgages Trustee to the Seller from time to time pursuant to and
in accordance with the Mortgage Sale Agreement);

"DEFERRED PURCHASE PRICE" means that portion of the Purchase Price for the sale
and assignment of the Initial Mortgage Portfolio or of any New Mortgage
Portfolio assigned to the Mortgages Trustee which is not paid to the Seller on
the Initial Closing Date or, in the case of any New Mortgage Portfolio, on the
relevant Assignment Date and which is to be paid by the Mortgages Trustee to the
Seller from time to time from Deferred Contributions received by the Mortgages
Trustee from Funding and otherwise in accordance with the Mortgage Sale
Agreement;

"DIRECT DEBIT" means a payment made pursuant to the Direct Debiting Scheme;

"DIRECT DEBITING SCHEME" means the scheme for the manual or automated debiting
of bank accounts operated in accordance with the detailed rules of certain
members of the Association for Payment Clearing Services;

"DISTRIBUTION DATE" means the London Business Day as determined by the Cash
Manager falling no later than 6 Business Days after each Trust Determination
Date;

"DISTRIBUTION PERIOD" means the period from, and including, a Distribution Date
to, but excluding, the next following Distribution Date or, in relation to the
first Distribution Period, the period from and including the relevant Closing
Date to, but excluding, the first Distribution Date;

"DRAWDOWN DATE" means, in respect of the First Issuer Intercompany Loan, the
Initial Closing Date, and in respect of any New Intercompany Loan, the date on
which such New Intercompany Loan is made to Funding by any New Issuer;

"DRAWDOWN NOTICE" means, in respect of an Intercompany Loan, a notice delivered
by Funding to the relevant Issuer and the Security Trustee requesting a drawing
under that Intercompany Loan Agreement;

"DTC" means The Depository Trust Company;

"EARLY REPAYMENT CHARGE" means any charge or fee which the Mortgage Conditions
applicable to a Mortgage Loan require the relevant Borrower to pay in the event
that all or part of that Mortgage Loan is repaid before a certain date,
including without limitation repayment of any "cashback";

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"ENCUMBRANCE" has the same meaning as "SECURITY INTEREST";

"ENFORCEMENT PROCEDURES" means the procedures for the enforcement of Mortgages
undertaken by the Administrator from time to time in accordance with the
Administration Procedures;

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

"EVENT OF DEFAULT" means, as the context requires, any of the following:

(a)   in relation to the First Issuer Notes, a First Issuer Note Event of
      Default;

(b)   in relation to the New Notes issued by any New Issuer, a Note Event of
      Default pursuant to the Terms and Conditions of such New Notes;

(c)   in relation to the First Intercompany Loan Agreement, a First Issuer
      Intercompany Loan Event of Default; or

(d)   in relation to any New Intercompany Loan Agreement, the occurrence of an
      event of default pursuant to the Intercompany Loan Terms and Conditions of
      such New Issuer;

"EXCHANGE ACT" means the United States Securities Exchange Act of 1934, as
amended;

"EXISTING BORROWER'S RE-FIX RATE" means at any date the fixed rate then being
offered to those of the Seller's existing Borrowers who at that date are seeking
to fix the rate of interest payable under their existing Fixed Rate Mortgage
Loan with the Seller for the applicable period;

"FINAL DEFERRED CONTRIBUTION" has the meaning given to it in the Mortgages Trust
Deed;

"FINAL REPAYMENT DATE" means, in respect of the First Issuer Intercompany Loan,
the Payment Date falling in January, 2041 and in relation to any New
Intercompany Loan the date specified under the relevant Issuer Transaction
Documents and as defined in the relevant Issuer Master Definitions Schedule;

"FINANCIAL PERIOD" means a Financial Year or any other period in respect of
which accounts are required to be prepared and certified by the auditors of the
relevant company to enable it to comply with all relevant legal and accounting
requirements and all requirements of any stock exchange on which any securities
of the company are listed;

"FIRST ISSUER" means Granite Mortgages 01-1 plc;

"FIRST ISSUER LIQUIDITY REQUIRED AMOUNT" means an amount as of any Payment Date
equal to the excess, if any, of 3% of the aggregate outstanding balance of the
Notes on that Payment Date over amounts standing to the credit of the Issuer
Reserve Fund on that Payment Date;

"FITCH" means Fitch Ratings Limited and includes any successor to its ratings
business;

"FIXED RATE MORTGAGE LOAN" means a Mortgage Loan which is subject to a fixed
rate of interest set by reference to a predetermined rate or series of rates for
a fixed period or periods;

"FIXED RATE PERIOD" means, in relation to any Fixed Rate Mortgage Loan or other
Mortgage Loan offered with a Fixed Rate, the period agreed between the Borrower
and the Seller or Administrator (as applicable) as set out under the terms and
conditions of such Mortgage Loan during which the interest rate applicable to
such Mortgage Loan will remain fixed;

"FLEXIBLE CASH RE-DRAW CAPACITY" has the meaning given to it in Clause 9.2
(FLUCTUATION OF MINIMUM SELLER SHARE ON DISTRIBUTION DATE) of the Mortgages
Trust Deed;

                                       12

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"FLEXIBLE MORTGAGE LOAN" means a type of Mortgage Loan product that typically
incorporates features that give the Borrower options (which may be subject to
certain conditions) to, among other things, make further drawings on the
mortgage loan account and/or to overpay or underpay interest and principal in a
given month and/or to take a Payment Holiday;

"FLEXIBLE OVERPAYMENTS SUB LEDGER" means the sub-ledger of the Overpayments
Ledger which will be established by the Cash Manager on the Initial Closing Date
in order to record any Overpayments made on Flexible Mortgage Loans;

"FUNDING" means Granite Finance Funding Limited, a company incorporated with
limited liability in Jersey, registered number 79308;

"FUNDING AVAILABLE PRINCIPAL RECEIPTS" in respect of any Payment Date will be
calculated by the Cash Manager or otherwise on behalf of Funding (or, following
enforcement of the Funding Security, the Security Trustee) on the Distribution
Date immediately preceding such Payment Date and will be an amount equal to the
sum of all Funding Principal Receipts received by Funding from the Mortgages
Trustee during the Interest Period ending on the relevant Payment Date; provided
that, subject as otherwise provided in the Transaction Documents, for the
purpose only of determining the amount of Funding Available Principal Receipts
which may be allocated and paid to any Issuer (but not to any other Issuer)
following an enforcement of the Issuer Security relating to that Issuer, it may
also include (i) the aggregate of any amounts standing to the credit of the
Issuer Liquidity Reserve Ledger, if any, and the Issuer Reserve Fund Ledger of
such Issuer remaining on that Payment Date after the application of such reserve
funds in accordance with the Funding Pre-Enforcement Revenue Priority of
Payments and (ii) in certain circumstances (as described in the rules set out in
the Funding Pre-Enforcement Revenue Priority of Payments in Part I of Schedule 3
of the Funding Deed of Charge) that Issuer's portion of any Shared Issuer
Principal Receipts for the relevant Payment Date;

"FUNDING AVAILABLE REVENUE RECEIPTS" in respect of any Payment Date will be
calculated by the Cash Manager on the Distribution Date immediately preceding
such Payment Date and will be an amount equal to the sum of:

(1)   all Mortgages Trustee Available Revenue Receipts distributed to Funding
      during the Interest Period ending on the relevant Payment Date;

(2)   other net income of Funding including all amounts of interest received on
      the Funding GIC Account and the Funding Transaction Account, and/or all
      income from Authorised Investments, in each case to be received on or
      prior to the relevant Payment Date; and

(3)   the amount standing to the credit of the Funding Reserve Ledger,

PROVIDED THAT for the purpose only of the payments to be made to any Issuer on
the relevant Payment Date in respect of the Intercompany Loan made by that
Issuer (but not for the purpose of any other payment to be made by Funding on
the relevant Payment Date including any payment in respect of any other
Intercompany Loan made by any other Issuer), it shall also include the sum of:

(4)   the amount standing to the credit of the Issuer Reserve Fund Ledger in
      respect of such Issuer (but not in respect of any other Issuer), subject
      to any limits or conditions on the purposes for which that reserve may be
      utilised as set out in the Funding Deed of Charge; and

(5)   the amount standing to the credit of the Issuer Liquidity Reserve Ledger,
      if any, in respect of such Issuer (but not in respect of any other
      Issuer), subject to any limits or conditions on the

                                       13

<PAGE>

      purposes for which that reserve may be utilised as set out in the Funding
      Deed of Charge.

"FUNDING BANK ACCOUNTS" means the Funding GIC Account, the Funding Transaction
Account and the Funding (First Issuer) GIC Account and each other Funding
(Issuer) GIC Account established after the Initial Closing Date and each such
additional or replacement account in the name of Funding that may be opened with
the prior approval of the Security Trustee after the Initial Closing Date;

"FUNDING CHARGED PROPERTY" means the property, assets and undertakings of
Funding which from time to time are or are expressed to be mortgaged, charged,
assigned, pledged or otherwise encumbered to, or in favour of the Security
Trustee for itself and for the Funding Secured Creditors under the Funding Deed
of Charge or any other Funding Transaction Document;

"FUNDING DEED OF CHARGE" means the deed of charge entered into on or about the
Initial Closing Date between Funding, the Security Trustee, the First Issuer,
the Corporate Services Provider, the Account Bank, the Funding GIC Provider, the
Mortgages Trustee, the Start-up Loan Provider and the Cash Manager and the
Schedules thereto and each Deed of Accession or Accession Undertaking entered
into in connection therewith as may be amended, restated, novated, varied or
supplemented from time to time;

"FUNDING (FIRST ISSUER) BANK ACCOUNT AGREEMENT" means the agreement entered into
on or about the Initial Closing Date between Funding, the Cash Manager, the
Security Trustee and the Account Bank which governs the operation of the Funding
(First Issuer) GIC Account as may be amended, restated, novated, varied or
supplemented from time to time and shall include any additional and/or
replacement Funding (first issuer) bank account agreement entered into by such
parties from time to time in accordance with the Transaction Documents;

"FUNDING (FIRST ISSUER) GIC ACCOUNT" the account in the name of Funding (sort
code 30-15-57, account number 00001933, reference: GRANITE011GI) held at the
Account Bank and maintained subject to the terms of the Funding (First Issuer)
Guaranteed Investment Contract, the Funding (First Issuer) Bank Account
Agreement and the Funding Deed of Charge or such additional or replacement
account as may for the time being be in place with the prior consent of the
Security Trustee;

"FUNDING (FIRST ISSUER) GIC ACCOUNT MANDATE" means the resolutions, instructions
and signature authorities relating to the Funding (First Issuer) GIC Account
substantially in the form set out in Schedule 1 to the Funding (First Issuer)
Bank Account Agreement;

"FUNDING (FIRST ISSUER) GUARANTEED INVESTMENT CONTRACT" means the guaranteed
investment contract entered into on or about the Initial Closing Date between
Funding, the Funding GIC Provider, the Security Trustee and the Cash Manager
under which the Funding GIC Provider agrees to pay Funding a guaranteed rate of
interest on the balance from time to time of the Funding (First Issuer) GIC
Account, as may be amended, restated, novated, varied or supplemented from time
to time and shall include any additional and/or replacement guaranteed
investment contract entered into by Funding from time to time in accordance with
the Transaction Documents;

"FUNDING (ISSUER) BANK ACCOUNT AGREEMENT" means, in relation to any Issuer, the
agreement entered into on or about the relevant Closing Date between Funding,
the Cash Manager, the Security Trustee and the Account Bank which governs the
operation of the Funding (Issuer) GIC Account and shall include any additional
and/or replacement Funding (Issuer) bank account agreement entered into by such
parties from time to time in accordance with the Transaction Documents;

"FUNDING (ISSUER) GIC ACCOUNT" means, in relation to any Issuer, the account in
the name of

                                       14

<PAGE>

Funding held at the Account Bank and maintained subject to the terms of the
relevant Funding (Issuer) Guaranteed Investment Contract, the relevant Funding
(Issuer) Bank Account Agreement and the Funding Deed of Charge or such
additional or replacement account as may for the time being be in place with the
prior consent of the Security Trustee;

"FUNDING (ISSUER) GUARANTEED INVESTMENT CONTRACT" means, in relation to any
Issuer, the guaranteed investment contract entered into on about the relevant
Closing Date between Funding, the Funding GIC Provider, the Security Trustee and
the Cash Manager under which the Funding GIC Provider agrees to pay Funding a
guaranteed rate of interest on the balance from time to time of the relevant
Funding (Issuer) GIC Account, as may be amended, restated, novated, varied or
supplemented from time to time and shall include any additional and/or
replacement guaranteed investment contract entered into by Funding from time to
time in accordance with the Transaction Documents;

"FUNDING GIC ACCOUNT MANDATE" means the resolutions, instructions and signature
authorities relating to the Funding GIC Account substantially in the form set
out in Schedule 1 to the Bank Account Agreement; "FUNDING GIC PROVIDER" means
Lloyds TSB Bank plc acting through its office at Treasury Division, 25 Monument
Street, London or such other person or persons as are for the time being the GIC
provider to Funding under the Funding Guaranteed Investment Contract and any
Funding (Issuer) Guaranteed Investment Contract;

"FUNDING GUARANTEED INVESTMENT CONTRACT" means the guaranteed investment
contract entered into on or about the Initial Closing Date between Funding, the
Funding GIC Provider, the Cash Manager and the Security Trustee under which the
Funding GIC Provider agrees to pay Funding a guaranteed rate of interest on the
balance from time to time of the Funding GIC Account as may be amended,
restated, novated, varied or supplemented from time to time and shall include
any additional and/or replacement guaranteed investment contract entered into by
Funding in accordance with the Transaction Documents;

"FUNDING JERSEY SECURED PROPERTY" means, at any time, the Funding Charged
Property which is situated in Jersey at such time;

"FUNDING LEDGERS" means the Funding Principal Ledger, the Funding Revenue
Ledger, the Funding Reserve Ledger, the Funding Principal Deficiency Ledger, the
Intercompany Loan Ledger and each Issuer Reserve Fund Ledger and each Issuer
Liquidity Reserve Ledger;

"FUNDING POST-ENFORCEMENT PRIORITY OF PAYMENTS" means the rules and the order of
priority in which Funding Available Revenue Receipts, Funding Available
Principal Receipts and all other monies, income, receipts and recoveries of
Funding or the Security Trustee or any Receiver of Funding and the proceeds of
enforcement of the Funding Security are to be applied following service of an
Intercompany Loan Enforcement Notice or otherwise following an enforcement of
the Funding Security as set out in Part III of Schedule 3 (FUNDING PRIORITY OF
PAYMENTS) to the Funding Deed of Charge, as the same may be amended, varied or
superseded from time to time in accordance with the terms of the Funding Deed of
Charge;

"FUNDING PRE-ENFORCEMENT PRINCIPAL PRIORITY OF PAYMENTS" means the rules and the
order of priority in which Funding Available Principal Receipts will be applied
prior to the enforcement of the Funding Security as set out in Part II of
Schedule 3 (FUNDING PRIORITY OF PAYMENTS) to the Funding Deed of Charge, as the
same may be amended, varied or superseded from time to time in accordance with
the terms of the Funding Deed of Charge;

"FUNDING PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS" means the rules and the
order of priority in which Funding Available Revenue Receipts will be applied
prior to the enforcement of the Funding Security as set out in Part I of
Schedule 3 (FUNDING PRIORITY OF PAYMENTS) to the Funding

                                       15

<PAGE>

Deed of Charge, as the same may be amended, varied or superseded from time to
time in accordance with the terms of the Funding Deed of Charge;

"FUNDING PRINCIPAL DEFICIENCY LEDGER" means the ledger maintained by the Cash
Manager in the name of Funding pursuant to the Cash Management Agreement to
record the aggregate position of the Principal Deficiency Ledgers of all Issuers
as to Losses on the Mortgage Loans and the application of Funding Available
Principal Receipts to fund the Issuer Liquidity Reserve Funds;

"FUNDING PRINCIPAL LEDGER" means the ledger maintained by the Cash Manager in
the name of Funding pursuant to the Cash Management Agreement to record receipts
and payments of Funding Principal Receipts;

"FUNDING PRINCIPAL RECEIPTS" means the Principal Receipts received by Funding
from the Mortgages Trustee on each Distribution Date;

"FUNDING PRIORITY OF PAYMENTS" means, as applicable, any of the Funding
Pre-Enforcement Revenue Priority of Payments, the Funding Pre-Enforcement
Principal Priority of Payments or the Funding Post-Enforcement Priority of
Payments;

"FUNDING RESERVE FUND" means the reserve fund established in the name of Funding
on the Initial Closing Date in an amount up to the Funding Reserve Required
Amount, which prior to enforcement may be (a) allocated among Issuers to help
meet any deficit in Funding Available Revenue Receipts and thereby any deficit
recorded on the Issuer Principal Deficiency Ledgers and/or (b) utilised to fund
initial reserves and other expenses in connection with the issuance of Notes by
New Issuers;

"FUNDING RESERVE LEDGER" means the ledger maintained by the Cash Manager in the
name of Funding pursuant to the Cash Management Agreement to record the amount
standing to the credit of the Funding Reserve Fund from time to time;

"FUNDING RESERVE REQUIRED AMOUNT" means the amount from time to time which is
equal to the sum of (1) (pound)200,000 plus (2) the product of 0.50 per cent.
and the greater of (a) the aggregate Principal Amount Outstanding of the Notes
outstanding of all Issuers on the relevant determination date and (b) the
aggregate Outstanding Principal Balance of the Intercompany Loans of all Issuers
on the relevant determination date, or such other amount as may be agreed from
time to time with the Rating Agencies. As at the Initial Closing Date, the
Funding reserve required amount will be zero;

"FUNDING REVENUE LEDGER" means the ledger maintained by the Cash Manager in the
name of Funding pursuant to the Cash Management Agreement to record all monies
received by Funding during an Interest Period other than the Funding Principal
Receipts;

"FUNDING REVENUE RECEIPTS" means the Mortgages Trustee Available Revenue
Receipts received by Funding from the Mortgages Trustee on each Distribution
Date;

"FUNDING SECURED CREDITORS" means the Security Trustee (and any Receiver of
Funding appointed pursuant to the Funding Deed of Charge), the First Issuer, the
Corporate Services Provider in relation to Funding, the Account Bank, the
Funding GIC Provider, the Mortgages Trustee, the Start-up Loan

                                       16

<PAGE>

Provider, the Cash Manager and each New Funding Secured Creditor who accedes to
the Funding Deed of Charge from time to time pursuant to a Deed of Accession
(including, for the avoidance of doubt, any New Issuer);

"FUNDING SECURED OBLIGATIONS" means any and all of the monies, obligations and
liabilities which Funding covenants to pay or discharge under or pursuant to
Clause 2 (COVENANT TO PAY AND TO PERFORM) of the Funding Deed of Charge and all
other amounts owed by it to the Funding Secured Creditors pursuant to the
Funding Transaction Documents;

"FUNDING SECURITY" means the security granted by Funding under or pursuant to
the Funding Deed of Charge in favour of the Security Trustee for the benefit of
the Funding Secured Creditors or any of them including the security granted by
Funding under or pursuant to any Deed of Accession;

"FUNDING SHARE" means, prior to the first Distribution Date, the Initial Funding
Share and thereafter means the Current Funding Share;

"FUNDING SHARE PERCENTAGE" means, prior to the first Distribution Date, the
Initial Funding Share Percentage and thereafter means the Current Funding Share
Percentage;

"FUNDING SHARE/SELLER SHARE LEDGER" means the ledger to be maintained by the
Cash Manager, on behalf of the Mortgages Trustee and the Beneficiaries, to
record the Current Funding Share, the Current Funding Share Percentage, the
Current Seller Share and the Current Seller Share Percentage of the Trust
Property;

"FUNDING TRANSACTION ACCOUNT" means the account in the name of Funding (account
no. 0625898, sort code 30-00-02) held with the Account Bank and maintained
subject to the terms of the Bank Account Agreement and the Funding Deed of
Charge or any additional or replacement account as may for the time being be in
place with the prior consent of the Security Trustee;

"FUNDING TRANSACTION ACCOUNT MANDATE" means the resolutions, instructions and
signature authorities relating to the Funding Transaction Account substantially
in the form set out in Schedule 1 to the Bank Account Agreement;

"FUNDING TRANSACTION DOCUMENT" means each of the following documents:

(a)   the Mortgages Trust Deed;

(b)   the Mortgage Sale Agreement;

(c)   the Administration Agreement;

(d)   the Funding Deed of Charge;

(e)   the Corporate Services Agreement;

(f)   the Bank Account Agreement;

(g)   the Funding (Issuer) Bank Account Agreement;

(h)   the Funding Guaranteed Investment Contract;

(i)   the Funding (Issuer) Guaranteed Investment Contract;

(j)   the Cash Management Agreement;

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(k)   the Start-up Loan Agreement;

(l)   each New Start-up Loan Agreement to be entered into by Funding after the
      Initial Closing Date;

(m)   the Collection Bank Agreement;

(n)   the First Issuer Intercompany Loan Agreement;

(o)   each New Intercompany Loan Agreement to be entered into by Funding after
      the date hereof; and

(p)   each other deed, document, agreement, instrument or certificate entered
      into or to be entered into by Funding pursuant to or in connection with
      any of the documents set out in paragraphs (a) through (o) above including
      any agreement entered into by Funding as a replacement of any of the above
      agreements upon the termination thereof;

"FURTHER ADVANCE" means, in relation to a Mortgage Loan, any advance of further
money to the relevant Borrower following the making of the initial advance of
monies in respect of such Mortgage Loan (the "INITIAL ADVANCE") which is secured
by the same Mortgage as the Initial Advance but does not include the amount of
any retention advanced to the relevant Borrower as part of the Initial Advance
after completion of the Mortgage and does not include any Re-Draw;

"FURTHER CONTRIBUTION" means the consideration in the form of cash payable to
the Mortgages Trustee by any Beneficiary to increase the Funding Share or, as
the case may be, the Seller Share of the Trust Property pursuant to and in
accordance with the Mortgages Trust Deed but excluding any Initial Contribution
or Deferred Contribution paid by Funding to the Mortgages Trustee;

"GIC PROVIDER" means in relation to any person the provider of guaranteed
investment services to such person pursuant to a guaranteed investment contract;

"GUARANTEE" means each guarantee in support of the obligations of a Borrower
under a Mortgage Loan;

"HOLDINGS" means Granite Finance Holdings Limited, a private limited company
incorporated under the laws of England and Wales, registered number 4127787;

"ICTA" means the Income and Corporation Tax Act 1988;

"IN ARREARS" or "IN ARREARS" means, in respect of a Mortgage Account, that
amount equal in the aggregate to one or more Monthly Payments in respect of such
Mortgage Account are overdue and unpaid by a Borrower;

"INDEPENDENT CERTIFICATES" means certificates of independent parties in
accordance with Trust Indenture Act Sections 314(c) and 314(d)(1);

"INITIAL CLOSING DATE" means 26 March 2001;

"INITIAL CONTRIBUTION" the consideration in the form of cash payable by Funding
to the Mortgages Trustee in respect of the Funding Share of the Trust Property
pursuant to and in accordance with the Mortgages Trust Deed, which Contribution
is to fund the payment to the Seller by the Mortgages Trustee of (and is equal
to) the Initial Purchase Price in respect of the Initial Mortgage Portfolio or
(if any is payable) any New Mortgage Portfolio assigned to the Mortgages Trustee
and is to be funded from the proceeds of the First Issuer Intercompany Loan or
any New Intercompany Loan;

                                       18

<PAGE>

"INITIAL FUNDING SHARE" means the share of Funding in the Trust Property on the
Initial Closing Date, being an amount equal to approximately
(pound)1,500,000,000;

"INITIAL FUNDING SHARE PERCENTAGE" means the percentage share of Funding in the
Trust Property on the Initial Closing Date being approximately 86.61 per cent.;

"INITIAL MORTGAGE LOANS" means the portfolio of residential first Mortgage Loans
and their Related Security to be assigned by the Seller to the Mortgages Trustee
on the Initial Closing Date pursuant to the Mortgage Sale Agreement;

"INITIAL MORTGAGE PORTFOLIO" means the portfolio of Initial Mortgage Loans and
their Related Security, particulars of which are set out in Appendix A to the
Mortgage Sale Agreement but excluding any such Mortgage Loan and its Related
Security which has been redeemed in full on or before the Initial Closing Date,
and (subject where applicable to the subsisting rights of redemption of the
Borrowers) all right, title, interest and benefit of the Seller in and to:

(a)   all sums of principal, interest (including, for the avoidance of doubt,
      all Accrued Interest, Arrears of Interest and Capitalised Arrears) and any
      other sum due or to become due under or in respect of such Mortgage Loans
      and their Related Security on or after the Initial Closing Date and
      including, without limitation, the right to demand, sue for, recover and
      give receipts for all such principal, interest or other amounts, the right
      to sue on all covenants and undertakings made or expressed to be made in
      favour of the Seller under the applicable Mortgage and all sums due or to
      become due in respect of any Early Repayment Charge;

(b)   the benefit of all securities for such principal, interest and other sums
      payable (including without limitation any interest of the Seller in any
      Life Policy), the benefit of all Deeds of Consent and Deeds of
      Postponement, any Guarantee in respect of such Mortgage Loan or any other
      collateral security for the repayment of the relevant Mortgage Loans
      secured by the Mortgages;

(c)   the right to exercise all the powers of the Seller in relation thereto
      subject to and in accordance with the relevant Mortgage Conditions;

(d)   all the estate and interest in the Mortgaged Properties in relation
      thereto vested in the Seller;

(e)   to the extent they are assignable, each Certificate of Title and Valuation
      Report and any right of action of the Seller against any solicitor, valuer
      or other person in connection with any report, valuation, opinion,
      certificate or other statement of fact or opinion given in connection with
      any Mortgage Loan and its Related Security, or any part thereof affecting
      the decision of the Seller to make or offer to make the relevant Mortgage
      Loan or part thereof;

(f)   the Buildings Policies and Insurance Contracts, in each case so far as
      they relate to such Mortgage Loans comprised in that portfolio of Mortgage
      Loans and their Related Security, including the right to receive the
      proceeds of all claims made or to be made by or on behalf of the Seller or
      to which the Seller is or may become entitled;

(g)   the MIG Policies, so far as they relate to such Mortgage Loans comprised
      in that portfolio of Mortgage Loans and their Related Security, including
      the right to receive of all claims made or to be made by or on behalf of
      the Seller or to which the Seller is or may become entitled;

"INITIAL PURCHASE PRICE" means the sum of (pound)1,480,000,000 payable by the
Mortgages Trustee to the Seller on the Initial Closing Date in consideration of
the Seller's assignment to the Mortgages Trustee of the Initial Mortgage
Portfolio or the sum agreed to from time to time between the Mortgages Trustee
and the Seller and payable by the Mortgages Trustee to the Seller on an
Assignment Date in

                                       19

<PAGE>

consideration of the Seller's assignment to the Mortgages Trustee of a New
Mortgage Portfolio in respect of which any Initial Purchase Price is payable
(together with any accrued principal, interest and expenses as at the Closing
Date or Assignment Date, as applicable) in accordance with the provisions of the
Mortgage Sale Agreement;

"INITIAL SELLER SHARE" means the share of the Seller in the Trust Property on
the Initial Closing Date being an amount equal to approximately
(pound)232,000,000;

"INITIAL SELLER SHARE PERCENTAGE" means the percentage share of the Seller in
the Trust Property on the Initial Closing Date being approximately 13.39 per
cent.;

"INITIAL TRUST PROPERTY" means the sum of (pound)100 (one hundred pounds) held
on trust absolutely as to both capital and income by the Mortgages Trustee for
the benefit of the Seller and Funding pursuant to Clause 2.1 (INITIAL TRUST
PROPERTY) of the Mortgages Trust Deed;

"INLAND REVENUE" means the Inland Revenue of the United Kingdom;

"INSOLVENCY ACT" means the Insolvency Act 1986;

"INSOLVENCY EVENT" in respect of the Seller, the Administrator, the Cash Manager
or any Issuer Cash Manager (each, for the purposes of this definition, a
"RELEVANT ENTITY") means:

(a)   an order is made or an effective resolution passed for the winding up of
      the Relevant Entity (except, in any such case, a winding-up or dissolution
      for the purpose of a reconstruction or amalgamation the terms of which
      have been previously approved by the Security Trustee);

(b)   the Relevant Entity ceases or threatens to cease to carry on its business
      or stops payment or threatens to stop payment of its debts or is deemed
      unable to pay its debts within the meaning of section 123(a), (b), (c) or
      (d) of the Insolvency Act (as amended, modified or re-enacted) or becomes
      unable to pay its debts as they fall due or the value of its assets falls
      to less than the amounts of its liabilities (taking into account, for both
      these purposes, contingent and prospective liabilities) or otherwise
      becomes insolvent;

(c)   proceedings are initiated against the Relevant Entity under any applicable
      liquidation, administration, reorganisation (other than a reorganisation
      where the Relevant Entity is solvent) or other similar laws, save where
      such proceedings are being contested in good faith; or an administrative
      or other receiver, administrator or other similar official is appointed in
      relation to the whole or any substantial part of the undertaking or assets
      of the Relevant Entity; or a distress, execution or diligence or other
      process is enforced upon the whole or any substantial part of the
      undertaking or assets of the Relevant Entity and in any of the foregoing
      cases it is not discharged within 30 London Business Days; or if the
      Relevant Entity initiates or consents to judicial proceedings relating to
      itself under any applicable liquidation, administration, insolvency,
      reorganisation or other similar laws or makes a conveyance or assignment
      for the benefit of its creditors generally;

and in respect of Funding or any Issuer (each, for the purposes of this
definition, a "RELEVANT ENTITY"), "INSOLVENCY EVENT" means:

(a)   except for the purposes of an amalgamation or restructuring as described
      in sub-clause (b) of this definition, the Relevant Entity ceases or
      threatens to cease to carry on all or a substantial part of its business
      or the Relevant Entity is deemed unable to pay its debts within the
      meaning of section 123(1)(a), (b), (c) or (d) of the Insolvency Act 1986
      (as that section may be amended) or becomes unable to pay its debts within
      the meaning of section 123(2) of the Insolvency Act 1986 (as that section
      may be amended, modified or re-enacted); or

(b)   an order is made or an effective resolution is passed for the winding up
      of the Relevant Entity

                                       20

<PAGE>

      (except for the purposes of or pursuant to an amalgamation, restructuring
      or merger previously approved by the Note Trustee or the Security Trustee,
      as the case may be, or as approved in writing by an Extraordinary
      Resolution (as defined in the Issuer Trust Deed) of the Class A
      Noteholders); or

(c)   proceedings are otherwise initiated against the Relevant Entity under any
      applicable liquidation, insolvency, composition, reorganisation or other
      similar laws (including, but not limited to, presentation of a petition
      for an administration order) and (except in the case of presentation of a
      petition for an administration order) such proceedings are not, in the
      opinion of the Note Trustee or the Security Trustee (as the case may be),
      being disputed in good faith with a reasonable prospect of success; or an
      administration order being granted or an administrative receiver or other
      receiver, liquidator or other similar official being appointed in relation
      to the Relevant Entity or in relation to the whole or any substantial part
      of the undertaking or assets of the Relevant Entity; or an encumbrancer
      taking possession of the whole or any substantial part of the undertaking
      or assets of the Relevant Entity, or a distress, execution, diligence or
      other process being levied or enforced upon or sued out against the whole
      or any substantial part of the undertaking or assets of the Relevant
      Entity and such possession or process (as the case may be) not being
      discharged or not otherwise ceasing to apply within 30 days; or the
      Relevant Entity initiating or consenting to judicial proceedings relating
      to itself under applicable liquidation, insolvency, composition,
      reorganisation or other similar laws or making a conveyance or assignment
      for the benefit of its creditors generally;

"INSURANCE CONTRACTS" means the insurance contracts or policies described in
Schedule 4 to the Mortgage Sale Agreement and any other additional, substitute
or replacement insurance contract or policy arranged by the Seller from time to
time relating to the Mortgage Loans in the Mortgages Trust;

"INSURANCE POLICIES" means:

(a)   the MIG Policies;

(b)   the Properties in Possession Policy;

(c)   the Contingency Insurance Policy; and

(d)   the Buildings Policies;

"INTERCOMPANY LOAN AGREEMENTS" means the First Issuer Intercompany Loan
Agreement and any New Intercompany Loan Agreements and "INTERCOMPANY LOAN
AGREEMENT" means any one of them;

"INTERCOMPANY LOANS" means the First Issuer Intercompany Loan and any New
Intercompany Loan and "INTERCOMPANY LOAN" means any of them;

"INTERCOMPANY LOAN CONFIRMATION" means a document substantially in the form set
out in Schedule 2 (FORM OF INTERCOMPANY LOAN CONFIRMATION) to the Intercompany
Loan Terms and Conditions confirming the principal terms of each Intercompany
Loan Agreement between Funding, any Issuer, the Security Trustee and the Agent
Bank;

"INTERCOMPANY LOAN ENFORCEMENT NOTICE" means an enforcement notice served by the
Security Trustee on Funding in relation to the enforcement of the Funding
Security following the occurrence of an Intercompany Loan Event of Default;

"INTERCOMPANY LOAN EVENT OF DEFAULT" means the occurrence of an event of default
as specified in

                                       21

<PAGE>

Clause 14 (DEFAULT) of the Intercompany Loan Terms and Conditions;

"INTERCOMPANY LOAN LEDGER" means the ledger on which the Cash Manager will
record payments of interest and repayments of principal made under any
Intercompany Loan;

"INTERCOMPANY LOAN TERMS AND CONDITIONS" means the general terms and conditions
applicable to each Intercompany Loan Agreement, which have been signed for the
purposes of identification by the Security Trustee, the Agent Bank and Funding
on the Initial Closing Date, as amended, restated, novated, varied or
supplemented from time to time and shall include any additional and/or
replacement intercompany loan terms and conditions entered into from time to
time in accordance with the Transaction Documents;

"INTEREST RATE SHORTFALL" has the meaning given to it in Clause 4.3(a) of the
Administration Agreement;

"IRRECOVERABLE VAT" means any amount in respect of VAT incurred by a party to
the Transaction Documents (for the purposes of this definition, a "RELEVANT
PARTY") as part of a payment in respect of which it is entitled to be
indemnified under the relevant Transaction Documents to the extent that the
Relevant Party does not or will not receive and retain a credit or repayment of
such VAT as input tax (as that expression is defined in section 24(1) of the
Value Added Tax Act 1994) for the prescribed accounting period (as that
expression is used in section 25(1) of the Value Added Tax Act 1994) to which
such input tax relates;

"ISSUER" means the First Issuer or, as the context may require, any New Issuer;

"ISSUER ACCOUNT BANK" means, in relation to any Issuer, the bank at which the
Issuer Bank Accounts of such Issuer are maintained from time to time pursuant to
the relevant Issuer Transaction Documents, and as defined in the Issuer Master
Definitions Schedule relating to that Issuer;

"ISSUER ACCOUNT MANDATES" means, in relation to any Issuer, the resolutions,
instructions, and Authorised Signatories relating to the Issuer Bank Accounts
substantially in the form scheduled to the relevant Issuer Bank Account
Agreement;

"ISSUER ALLOCABLE PRINCIPAL RECEIPTS" has the meaning given to it in the rules
for application of Funding Available Principal Receipts under the Funding
Pre-Enforcement Principal Priority of Payments set out in Part I of Schedule 3
to the Funding Deed of Charge;

"ISSUER ALLOCABLE REVENUE RECEIPTS" for each Issuer will be calculated by the
Cash Manager on the Distribution Date immediately preceding the relevant Payment
Date and will be an amount for each Issuer equal to the sum of:

(1)   the amount calculated by reference to the following formula:

<TABLE>
      <S>                                     <C>
      (Funding available Revenue
      Receipts (excluding all Issuer               Outstanding Principal Balance of the Intercompany Loan of such Issuer
      Reserve Funds and Issuer           x    ---------------------------------------------------------------------------------
      Liquidity Reserve Funds) - R            Aggregate Outstanding Principal Balance of the Intercompany Loans of  all Issuers
</TABLE>

                                       22

<PAGE>

      where "R" = the sum of items (A), (B), (C) and (D) of the Funding
      Pre-Enforcement Revenue Priority of Payments or, as applicable, the sum of
      items (A), (B) and (C) of the Funding Post-Enforcement Priority of
      Payments;

(2)   the amount standing to the credit of the Issuer Reserve Fund Ledger in
      respect of such Issuer (but not in respect of any other Issuer), subject
      to any limits or conditions on the purposes for which that reserve may be
      utilised; and

(3)   the amount standing to the credit of the Issuer Liquidity Reserve Ledger,
      if any, in respect of such issuer (but not in respect of any other
      Issuer), subject to any limits or conditions on the purposes for which
      that reserve may be utilised.

"ISSUER ARREARS TEST" is satisfied on a Payment Date if any Issuer Cash Manager
or the Cash Manager calculates on the Distribution Date immediately preceding
such Payment Date that as of the last day of the Trust Calculation Period
immediately preceding that Payment Date (i) the aggregate Current Balance of the
Mortgage Loans which are then in arrears for at least 3 months is less than 4%
of the aggregate Current Balance of all Mortgage Loans, unless the Rating
Agencies have confirmed that the then-current ratings of the Notes will not be
adversely affected by such test not having been met; and (ii) the aggregate
Interest Arrears in respect of all of the Mortgage loans in the Mortgages Trust
as a percentage of the aggregate gross interest due on all Mortgage Loans during
the previous 12 months, does not exceed 2%, or such other percentage as is then
acceptable to the then-current Rating Agencies at such time.

"ISSUER AVAILABLE PRINCIPAL RECEIPTS" means, in relation to the First Issuer,
the First Issuer Available Principal Receipts and in relation to any New Issuer
has the meaning specified under the relevant Issuer Transaction Documents and as
defined in that Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER AVAILABLE REVENUE RECEIPTS" means, in relation to the First Issuer, the
First Issuer Available Revenue Receipts and in relation to any New Issuer has
the meaning specified under the relevant Issuer Transaction Documents and as
defined in that Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER BANK ACCOUNT AGREEMENT" means, in relation to the First Issuer, the
First Issuer Bank Account Agreement and in relation to any New Issuer the bank
account agreement defined as such under the relevant Issuer Transaction
Documents and as defined in that Issuer Master Definitions Schedule relating to
that New Issuer;

"ISSUER BANK ACCOUNTS" means, in relation to the First Issuer, the First Issuer
Bank Accounts and, in relation to any New Issuer, the bank accounts identified
for such New Issuer under the relevant Issuer Transaction Documents and as
defined in that Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER CASH MANAGEMENT AGREEMENT" means, in relation to the First Issuer, the
First Issuer Cash Management Agreement and, in relation to any New Issuer, the
cash management agreement defined as such under the relevant Issuer Transaction
Documents and as defined in that Issuer Master Definitions Schedule relating to
that New Issuer;

"ISSUER CASH MANAGER" means, in relation to the First Issuer, the First Issuer
Cash Manager and in relation to any New Issuer, the person identified as
managing all cash transactions and maintaining certain ledgers on behalf of such
Issuer pursuant to the relevant Issuer Cash Management Agreement

                                       23

<PAGE>

or such other person as may from time to time be appointed as cash manager for
such Issuer pursuant to the relevant Issuer Cash Management Agreement;

"ISSUER DEED OF CHARGE" means in relation to the First Issuer, the First Issuer
Deed of Charge and in relation to any New Issuer, the deed of charge entered
into such Issuer with the Note Trustee;

"ISSUER JERSEY SECURED PROPERTY" means:

(a)   in relation to the First Issuer, the First Issuer Jersey Secured Property
      as defined in the Issuer Master Definitions Schedule relating to the First
      Issuer;

(b)   in relation to the Second Issuer, the Second Issuer Jersey Secured
      Property as defined in the Issuer Master Definitions Schedule relating to
      the Second Issuer; and

(c)   in relation to any other Issuer, the Current Issuer Jersey Secured
      Property as defined in the Issuer Master Definitions Schedule relating to
      that Issuer;

"ISSUER JUNIOR NOTES" means:

(a)   in relation to the First Issuer, the Series 1 Class C Notes and the Series
      2 Class C Notes as defined in the Issuer Master Definitions Schedule
      relating to the First Issuer,

(b)   in relation to the Second Issuer, the Series 1 Class C Notes, the Series 2
      Class C Notes as defined in the Issuer Master Definitions Schedule
      relating to the Second Issuer, and

(c)   in relation to any other Issuer, the Junior Notes as defined in the
      relevant Issuer Master Definitions Schedule;

"ISSUER LIQUIDITY RESERVE FUND" means, in relation to the First Issuer, the
First Issuer Liquidity Reserve Fund, in relation to the Second Issuer, the
Second Issuer Liquidity Reserve Fund and in relation to any New Issuer, the
Current Issuer Liquidity Reserve Fund as defined in the Issuer Master
Definitions Schedule which in each case Funding will be required to establish
pursuant to and in the circumstances set out in the Intercompany Loan of such
New Issuer;

"ISSUER LIQUIDITY RESERVE LEDGER" means, in relation to the First Issuer, the
First Issuer Liquidity Reserve Ledger, in relation to the Second Issuer, the
Second Issuer Liquidity Reserve Ledger and in relation to any New Issuer, the
Current Issuer Liquidity Reserve Ledger as defined in Issuer Master Definitions
Schedule in each case maintained by the Cash Manager in the name of Funding to
record the balance from time to time of the Issuer Liquidity Reserve Fund, if
any;

"ISSUER LIQUIDITY RESERVE REQUIRED AMOUNT" means, in relation to the First
Issuer, the First Issuer Liquidity Reserve Required Amount, in relation to the
Second Issuer, the Second Issuer Liquidity Reserve Required Amount and in
relation to any New Issuer, Current Issuer Liquidity Reserve Required Amount as
defined in the Issuer Master Definitions Schedule relating to that New Issuer in
each case required to be maintained in the Issuer Liquidity Reserve Fund, if
any;

"ISSUER MASTER DEFINITIONS SCHEDULE" means, in relation to the First Issuer, the
First Issuer Master Definitions Schedule and in relation to any New Issuer the
relevant master definitions schedule relating to that New Issuer;

"ISSUER MEZZANINE NOTES" means:

(a)   in relation to the First Issuer, the Series 1 Class B Notes and the Series
      2 Class B Notes as defined in the Issuer Master Definitions Schedule
      relating to the First Issuer,

                                       24

<PAGE>

(b)   in relation to the Second Issuer, the Series 1 Class B Notes, the Series 2
      Class B Notes as defined in the Issuer Master Definitions Schedule
      relating to the Second Issuer, and

(c)   in relation to any New Issuer, the Mezzanine Notes as defined in the
      relevant Issuer Master Definitions Schedule;

"ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS" means, in relation to the First
Issuer, the First Issuer Post-Enforcement Priority of Payments and in relation
to any New Issuer, the order of priority of payments in which Issuer Available
Revenue Receipts, Issuer Available Principal Receipts and all other monies and
proceeds received or recovered by or on behalf of such Issuer or the Note
Trustee or any Receiver will be applied following enforcement of the Issuer
Security and as scheduled to the Issuer Deed of Charge (as the same may be
amended or varied from time to time in accordance with the Issuer Transaction
Documents) and as defined in the Issuer Master Definitions Schedule relating to
that New Issuer;

"ISSUER POST-LIQUIDITY PAYMENTS" means, in the case of the First Issuer, the
payments set out in items (H) through (J) under the First Issuer Pre-Enforcement
Revenue Priority of Payments (or the relevant payments in the equivalent items
under such other First Issuer Priority of Payments as may apply on that Payment
Date), in the case of the Second Issuer, the payments set out in items (H)
through (J) under the Second Issuer Pre-Enforcement Revenue Priority of Payments
(or the relevant payments in the equivalent items under such other Second Issuer
Priority of Payments as may apply on that Payment Date) and in the case of any
New Issuer, means the Current Issuer Post-Liquidity Payments as defined in the
Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER POST-RESERVE PAYMENTS" means, in the case of the First Issuer, the
payments set out in item (K) under the First Issuer Pre-Enforcement Revenue
Priority of Payments (or the relevant payments in the equivalent items under
such other First Issuer Priority of Payments as may apply on that Payment Date),
in the case of the Second Issuer, the payments set out in item (K) under the
Second Issuer Pre-Enforcement Revenue Priority of Payments (or the relevant
payments in the equivalent items under such other Second Issuer Priority of
Payments as may apply on that Payment Date), and in the case of any New Issuer,
means the Current Issuer Post-Reserve Payments as defined in the Issuer Master
Definitions Schedule relating to that New Issuer;

"ISSUER POST START-UP PAYMENTS" means, in the case of the First Issuer, the
payments set out in items (L) and (M) under the First Issuer Pre-Enforcement
Revenue Priority of Payments (or the relevant payments in the equivalent items
under such other First Issuer Priority of Payments as may apply on that Payment
Date), in the case of the Second Issuer, the payments set out in items (L) and
(O) under the Second Issuer Pre-Enforcement Revenue Priority of Payments (or the
relevant payments in the equivalent items under such other Second Issuer
Priority of Payments as may apply on that Payment Date) and in the case of any
New Issuer, means the Current Issuer Post Start-Up Payments as defined in the
Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER PRE-ENFORCEMENT PRINCIPAL PRIORITY OF PAYMENTS" means, in relation to
the First Issuer, the First Issuer Pre-Enforcement Principal Priority of
Payments and in relation to any New Issuer, the order of priority in which
Issuer Available Principal Receipts of such Issuer will be applied prior to the
enforcement of the Issuer Security granted by such Issuer as scheduled to the
relevant Issuer Cash Management Agreement and as defined in the Issuer Master
Definitions Schedule relating to that New Issuer;

"ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS" means, in relation to the First
Issuer, the First

                                       25

<PAGE>

Issuer Pre-Enforcement Priority of Payments and, in relation to any New Issuer,
as applicable, any of the Issuer Pre-Enforcement Revenue Priority of Payments or
the Issuer Pre-Enforcement Principal Priority of Payments;

"ISSUER PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS" means, in relation to the
First Issuer, the First Issuer Pre-Enforcement Revenue Priority of Payments and
in relation to any New Issuer, the order of priority in which Issuer Available
Revenue Receipts of such Issuer will be applied prior to the enforcement of the
Issuer Security granted by such Issuer as scheduled to the relevant Issuer Cash
Management Agreement and as defined in the Issuer Master Definitions Schedule
relating to that New Issuer;

"ISSUER PRE-LIQUIDITY PAYMENTS" means, in the case of the First Issuer, the
payments set out in items (A) through (G) under the First Issuer Pre-Enforcement
Revenue Priority of Payments (or the relevant payments in the equivalent items
under such other First Issuer Priority of Payments as may apply on that Payment
Date), in the case of the Second Issuer, the payments set out in items (A)
through (G) under the Second Issuer Pre-Enforcement Revenue Priority of Payments
(or the relevant payments in the equivalent items under such other Second Issuer
Priority of Payments as may apply on that Payment Date) and, in the case of any
New Issuer, means the Current Issuer Pre-Liquidity Payments as defined in the
Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER PRE-RESERVE PAYMENTS" means, in relation to any Issuer (with the
exception of the First Issuer), the Current Issuer Pre-Reserve Payments as
defined in the Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER PRINCIPAL DEFICIENCY LEDGER" means, in relation to the First Issuer, the
First Issuer Principal Deficiency Ledger and in relation to any New Issuer, the
ledger maintained by the Issuer Cash Manager in the name of such Issuer which
will be established on the relevant Closing Date and will be sub-divided into
sub ledgers corresponding to the classes of Notes issued by such Issuer in order
to record Losses allocated to the Intercompany Loan of such Issuer which are to
be allocated to such Notes, the application of Issuer Available Principal
Receipts of such Issuer in paying interest on the Notes issued by such Issuer
and certain amounts ranking in priority thereto in accordance with the Issuer
Pre-Enforcement Revenue Priority of Payments of such Issuer and the application
by Funding of Issuer Allocable Principal Receipts of the such Issuer to fund or
replenish the Issuer Liquidity Reserve Fund (if any) of such Issuer;

"ISSUER PRINCIPAL DEFICIENCY SUB LEDGER" means, in relation to the First Issuer,
any First Issuer Principal Deficiency Sub Ledger and in relation to any New
Issuer, any of the sub ledgers of the Issuer Principal Deficiency Ledger of such
Issuer relating to any class of Notes issued by such Issuer;

"ISSUER PRINCIPAL PAYMENTS" means, in relation to the First Issuer, the payments
set forth in items (A) through (E) under the First Issuer Pre-Enforcement
Principal Priority of Payments (or the relevant payments set forth in the
equivalent items in such other First Issuer Priority of Payments as may apply on
that Payment Date), in relation to the Second Issuer, the payments set forth in
items (A) through (E) under the Second Issuer Pre-Enforcement Principal Priority
of Payments (or the relevant payments set forth in the equivalent items in such
other Second Issuer Priority of Payments as may apply on that Payment Date) and
in relation to any New Issuer, the Current Issuer Principal Payments as defined
in the Issuer Master Definitions Schedule relating to that New Issuer;

"ISSUER PRINCIPAL RECEIPTS" means, in relation to the First Issuer, the First
Issuer Principal Receipts and in relation to any New Issuer, the principal
amounts repaid by Funding in respect of the Intercompany Loan of such Issuer;

                                       26

<PAGE>

"ISSUER PRIORITY OF PAYMENTS" means, in relation to the First Issuer, the First
Issuer Priority of Payments and in relation to any New Issuer, as applicable,
any of the relevant Issuer Pre-Enforcement Revenue Priority of Payments, the
Issuer Pre-Enforcement Principal Priority of Payments or the Issuer
Post-Enforcement Priority of Payments;

"ISSUER RESERVE FUND" means, in relation to the First Issuer, the First Issuer
Reserve Fund, in relation to the Second Issuer, the Second Issuer Reserve Fund
and in relation to any New Issuer, the Current Issuer Reserve Fund as defined in
the Issuer Master Definitions Schedule relating to that Issuer, in each case
established in the name of Funding in respect of such Issuer as required under
the terms of the relevant Intercompany Loan of such Issuer on the relevant
Closing Date in an amount equal to the Issuer Reserve Required Amount;

"ISSUER RESERVE FUND LEDGER" means, in relation to the First Issuer, the First
Issuer Reserve Fund Ledger, in relation to the Second Issuer, the Second Issuer
Reserve Fund Ledger and in relation to any New Issuer, the Current Issuer
Reserve Ledger as defined in the Issuer Master Definitions Schedule relating to
that Issuer, in each case maintained by the Cash Manager in the name of Funding
to record the amount credited to the Issuer Reserve Fund held by Funding in
respect of such Issuer on the relevant Closing Date, and subsequent withdrawals
and deposits in respect of the Issuer Reserve Fund;

"ISSUER RESERVE REQUIRED AMOUNT" means, in relation to the First Issuer, the
First Issuer Reserve Required Amount, in relation to the Second Issuer, the
Second Issuer Reserve Required Amount and in relation to any New Issuer, the
Current Issuer Reserve Required Amount as defined in the Issuer Master
Definitions Schedule relating to that Issuer in each case required to be
maintained in the Issuer Reserve Fund of such Issuer;

"ISSUER RESERVE REQUIREMENT" means a requirement that will be satisfied in
respect of any Issuer if, after taking account of the application of any Funding
Available Revenue Receipts to the credit of the Issuer Reserve Fund Ledgers, the
amount of funds in the Issuer Reserve Fund of such Issuer is equal to the
relevant Issuer Reserve Required Amount;

"ISSUER SECURED CREDITORS" means, in relation to the First Issuer, the First
Issuer Secured Creditors and in relation to any Issuer, the persons identified
as such under the relevant Issuer Deed of Charge or the Issuer Master
Definitions Schedule for such Issuer;

"ISSUER SECURITY" means in relation to the First Issuer, the First Issuer
Security and in relation to any New Issuer, the security created by such Issuer
pursuant to the relevant Issuer Deed of Charge in favour of the Note Trustee for
the benefit of the Issuer Secured Creditors;

"ISSUER SENIOR NOTES" means:

(a)   in relation to the First Issuer, the Series 1 Class A Notes and the Series
      2 Class A Notes as defined in the Issuer Master Definitions Schedule
      relating to the First Issuer,

(b)   in relation to the Second Issuer, the Series 1 Class A Notes, the Series 2
      Class A Notes as defined in the Issuer Master Definitions Schedule
      relating to the Second Issuer, and

(c)   in relation to any other Issuer, the Senior Notes as defined in the
      relevant Issuer Master Definitions Schedule;

                                       27

<PAGE>

"ISSUER SPECIAL NOTES" means:

(a)   in relation to the Second Issuer, the Series 2 Class D Notes as defined in
      the Issuer Master Definitions Schedule relating to the First Issuer,

(b)   in relation to any other Issuer (other than the First Issuer), the Special
      Notes as defined in the relevant Issuer Master Definitions Schedule;

"ISSUER START-UP LOAN AGREEMENT" means, in relation to any Issuer, the agreement
entered into on or about the Closing Date in relation to that Issuer between
Funding, the relevant Start-up Loan Provider and the Security Trustee relating
to the provision of the Issuer Start-up Loan to Funding as may be amended,
restated, novated, varied or supplemented from time to time and shall include
any additional and/or replacement start-up loan agreement entered into by such
parties in accordance with the Transaction Documents;

"ISSUER START-UP LOAN PROVIDER" means Northern Rock, in its capacity as provider
of an Issuer Start-up Loan and/or such other person or persons for the time
being the lender under the relevant Issuer Start-up Loan Agreement;

"ISSUER TRANSACTION ACCOUNTS" means, in relation to the First Issuer, the First
Issuer Transaction Accounts and in relation to any New Issuer, the accounts
identified as such for such New Issuer in the Issuer Transaction Documents and
as defined in the Issuer Master Definitions Schedule relating to that Issuer;

"ISSUER TRANSACTION DOCUMENTS" in relation to any Issuer, has the meaning given
to it in the relevant Issuer Master Definitions Schedule;

"JERSEY ACCOUNT BANK" means Lloyds TSB Bank plc, Jersey International Branch;

"JERSEY SECURED PROPERTY" means, as the context requires, the Issuer Jersey
Secured Property or the Funding Jersey Secured Property;

"JERSEY SECURITY LAW" has the meaning given to it in Clause 3.1 (TRUST PROPERTY)
of the Funding Deed of Charge;

"LENDING CRITERIA" means the lending criteria of the Seller which may be amended
from time to time (forming part of the Seller's Policy) which as at the Initial
Closing Date is set out in Schedule 11 (LENDING CRITERIA) to the Mortgage Sale
Agreement and/or such other criteria as would be acceptable to a reasonable,
prudent mortgage lender;

"LIBOR" means, unless stated otherwise, the London inter-bank offered rate for
deposits in the relevant currency, as determined by the relevant Agent Bank in
respect of the related Notes as specified in the Conditions or otherwise on the
following basis:

(1)   on the applicable Interest Determination Date the Agent Bank will
      determine the offered quotation to leading banks for deposits in the
      relevant currency for a period equal to the relevant period, to be
      determined by reference to the display as quoted on the Dow-Jones/Telerate
      Page No. 3750. If the Telerate Page No. 3750 stops providing these
      quotations, the replacement page for the purposes of displaying this
      information will be used. If the replacement page stops displaying the
      information, another service as determined by the relevant Issuer with the
      approval of the Note Trustee will be used. In each of these cases, such
      determination will be made as at or about 11.00 a.m. (London time) on such
      date;

(2)   if, on any such Interest Determination Date, the screen rate is
      unavailable, the Agent Bank will:

                                       28

<PAGE>

      (a)   request the principal London office of each of the Reference Banks
            to provide the Agent Bank with its offered quotation to leading
            banks for deposits in the relevant currency of the equivalent
            amount, and for a time equal to the relevant period, in the London
            inter-bank market as at or about 11.00 a.m. (London time) on such
            date; and

      (b)   calculate the arithmetic mean, rounded upwards to five decimal
            places, of those quotations;

(3)   if on any such Interest Determination Date, the screen rate is unavailable
      and only two or three of the Reference Banks provide offered quotations,
      the relevant rate for the relevant period will be the arithmetic mean of
      the quotations as calculated in (2); and

(4)   if fewer than two Reference Banks provide quotations, the Agent Bank will
      consult with the Note Trustee and the relevant Issuer for the purpose of
      agreeing a total of two banks to provide such quotations and the relevant
      rate for the relevant period will be the arithmetic mean of the quotations
      as calculated in (2). If no such banks agree then the relevant rate for
      the relevant period will be the rate in effect for the last preceding such
      period for which (1) or (2) was applicable;

"LIFE POLICY" means each life insurance and/or assurance policy which serves as
collateral security for the repayment of a Mortgage Loan;

"LLOYDS TSB" means Lloyds TSB Bank plc;

"LLOYDS TSB COLLECTION ACCOUNT" means the account in the name of Northern Rock
as Administrator (sort code 30/00/02, account number 0893639) held with Lloyds
TSB Bank plc and maintained subject to the terms of the Collection Bank
Agreement or such additional or replacement account as may for the time being be
in place;

"LOAN REPURCHASE NOTICE" means the notice served upon the Seller by the
Mortgages Trustee or upon the Mortgages Trustee by the Seller requiring the
repurchase by or re-transfer to the Seller of specified Mortgage Loans and their
Related Security, as set forth in Schedule 7 to the Mortgage Sale Agreement;

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

"LONDON STOCK EXCHANGE" means at any time the London Stock Exchange plc or any
other Person which at that time administers and manages the primary market in
the United Kingdom upon which the Notes are formally admitted for public
trading;

"LOSSES" means the realised losses experienced on the Mortgage Loans which are
in the Mortgages Portfolio;

"LOSSES LEDGER" means the ledger of such name created and maintained by the Cash
Manager in the name of the Mortgages Trustee pursuant to the Cash Management
Agreement to record the Losses on the Mortgage Portfolio;

"LTV RATIO" or "LOAN-TO-VALUE RATIO" means, in respect of any Mortgage Loan
assigned to the Mortgages Trust, the ratio of the outstanding balance of such
Mortgage Loan to the value of the Mortgaged Property securing such Mortgage
Loan; and in respect of the Seller's decision as to whether to make a mortgage
loan to a prospective borrower and for purposes of determining whether

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<PAGE>

a MIG Policy is necessary in connection with a mortgage loan, the ratio of the
outstanding balance of such mortgage loan to the lower of the purchase price or
valuation of the mortgages property securing such mortgage loan as determined by
the relevant valuation by the Seller;

"LTV TESTS" mean two tests which assign a credit enhancement value (i) to each
Mortgage Loan in the Mortgage Portfolio based on its current LTV ratio and the
amount of mortgage indemnity cover on that Mortgage Loan, and (ii) calculated to
include any related unsecured portion of a Mortgage Loan in respect of the
Together product based on its current LTV ratio and the amount of mortgage
indemnity cover on that mortgage loan. The weighted average credit enhancement
value of the Mortgage Portfolio is then determined;

"MANDATES" means the resolutions, instructions and signature authorities
relating to any of the Barclays Collection Account, the Lloyds TSB Collection
Account, the Mortgages Trustee Bank Accounts, the Funding Bank Accounts and the
Issuer Transaction Accounts in the respective forms agreed between the relevant
parties from time to time in accordance with the Collection Bank Agreement, the
Bank Account Agreement, the relevant Funding (Issuer) Bank Account Agreement and
the relevant Issuer Bank Account Agreement, as applicable;

"MASTER DEFINITIONS SCHEDULE" means this Master Definitions Schedule signed for
the purposes of identification by Brown & Wood and Clifford Chance Limited
Liability Partnership on or about the Initial Closing Date, as the same may be
amended, varied or supplemented from time to time, which is a schedule of the
definitions used in the Transaction Documents;

"MIG POLICIES" means the MIG insurance policy identified in paragraph 1 of
Schedule 4 (INSURANCE CONTRACTS) to the Mortgage Sale Agreement and any
endorsements or extensions thereto as issued from time to time and any
additional, replacement or substitute MIG insurance policy which relates to the
Mortgage Loans in the Mortgages Portfolio from time to time;

"MINIMUM SELLER SHARE" means an amount included in the Initial Seller Share
which is calculated in accordance with Clause 9.2 (FLUCTUATION OF MINIMUM SELLER
SHARE ON EACH DISTRIBUTION DATE) of the Mortgages Trust Deed and which, as at
the Initial Closing Date is (pound)50,000,000. The Minimum Seller Share may be
recalculated in accordance with the Mortgages Trust Deed;

"MONTHLY PAYMENT" means, in respect of a Mortgage Loan, the amount which the
applicable Mortgage Conditions require a Borrower to pay on a Monthly Payment
Date in respect of such Mortgage Loan;

"MONTHLY PAYMENT DATE" means, in respect of a Mortgage Loan, the date in each
month on which the relevant Borrower is required to make a payment of interest
and, if applicable, principal, in respect of such Mortgage Loan, as required by
the applicable Mortgage Conditions;

"MOODY'S" means Moody's Investors Services Inc. and includes any successor to
its rating business;

"MORTGAGE" means, in relation to a Mortgage Loan, the charge by way of legal
mortgage which secures the repayment of such Mortgage Loan;

"MORTGAGE ACCOUNT" means as the context requires (i) all Mortgage Loans secured
on the same Mortgaged Property and thereby forming a single mortgage account or
(ii) an account maintained by the Administrator in respect of a particular
Mortgage Loan to record all amounts due in respect of that Mortgage Loan
(whether by way of principal, interest or otherwise) and all amounts received in
respect thereof;

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<PAGE>

"MORTGAGE CONDITIONS" means, in relation to a Mortgage Loan, the terms and
conditions applicable to that Mortgage Loan and its Related Security as set out
in the relevant Seller's "Mortgage Conditions" booklet and the Seller's relevant
general conditions from time to time as varied by the relevant Mortgage Loan
Agreement and the relevant Mortgage Deed, and any variation or supplement
thereto;

"MORTGAGE DEED" means, in relation to each Mortgage, the deed creating such
Mortgage including, unless the context otherwise requires, the Mortgage
Conditions applicable thereto;

"MORTGAGE LOAN" means unless specified otherwise any mortgage loan and any
Permitted Replacement Mortgage Loan which is assigned by the Seller to the
Mortgages Trustee from time to time pursuant to the terms of the Mortgage Sale
Agreement and referenced by its mortgage loan identifier number and comprising
the aggregate of all principal sums, interest, costs, charges, expenses and
other monies (including all Further Advances) due or owing with respect to that
Mortgage Loan under the relevant Mortgage Conditions by a Borrower on the
security of a Mortgage from time to time outstanding or, as the context may
require, the Borrower's obligations in respect of the same;

"MORTGAGE LOAN AGREEMENT" means, in relation to any Mortgage Loan, the
agreement, facility letter or accepted offer of advance pursuant to which the
monies secured by the relevant Mortgage were advanced to the Borrower (as varied
from time to time in accordance with the applicable Mortgage Conditions and
including any modifying agreement within the meaning of Section 82 of the
Consumer Credit Act 1974 insofar as it relates to that Mortgage Loan);

"MORTGAGE LOAN FILES" means, in relation to each Mortgage Loan, the file or
files (including files kept in microfiche format or similar electronic data
retrieval system) containing correspondence between the Borrower and the Seller
and including the Standard Mortgage Documentation applicable to that Mortgage
Loan, each letter of offer in respect of such Mortgage Loan and other relevant
documents;

"MORTGAGE PORTFOLIO" means, on any particular date, the combined Initial
Mortgage Portfolio and any New Mortgage Portfolio which has been assigned to the
Mortgages Trustee on such date pursuant to the Mortgage Sale Agreement, taking
account of, among other things, the addition and/or removal of any Mortgage
Loans to or from that portfolio from the relevant Closing Date but excluding any
Mortgage Loan and its Related Security which has been redeemed in full or
repurchased by the Seller pursuant to Clause 8 (WARRANTIES AND REPURCHASE BY THE
SELLER) of the Mortgage Sale Agreement;

"MORTGAGE RATE" means the rate at which interest accrues on a Mortgage Loan from
time to time;

"MORTGAGE SALE AGREEMENT" means the mortgage sale agreement entered into on or
about the Initial Closing Date among the Seller, the Mortgages Trustee, Funding
and the Security Trustee in relation to the assignment from time to time of the
Mortgage Portfolio to the Mortgages Trustee as may be amended, restated,
novated, varied or supplemented from time to time and shall include any
additional and/or replacement mortgage sale agreement entered into by such
parties from time to time in accordance with the Transaction Documents;

"MORTGAGE TERMS" means, in relation to a Mortgage Loan and the relevant
Mortgage, the applicable Mortgage Conditions;

"MORTGAGED PROPERTY" means, in relation to any Mortgage Loan, the freehold or
leasehold property in England and Wales and all rights and security attached or
appurtenant or related thereto and all

                                       31

<PAGE>

buildings and fixtures thereon which are subject to the Mortgage securing
repayment of such Mortgage Loan;

"MORTGAGEE" means, in relation to any Mortgage Loan, the person for the time
being entitled to exercise the rights of the mortgagee under the relevant
Mortgage securing repayment of such Mortgage Loan;

"MORTGAGES TRUST" means the bare trust of the Trust Property as to both capital
and income, held by the Mortgages Trustee on trust absolutely for Funding (as to
the Funding Share) and the Seller (as to the Seller Share) pursuant to the
Mortgages Trust Deed so that each Beneficiary has an undivided beneficial
interest therein;

"MORTGAGES TRUST DEED" means the mortgages trust deed entered into among the
Mortgages Trustee, Funding and the Seller on 26 March 2001 as may be amended,
restated, novated, varied or supplemented from time to time and shall include
any additional and/or replacement mortgage trust deed entered into by such
parties from time to time in accordance with the Transaction Documents;

"MORTGAGES TRUSTEE" means Granite Finance Trustees Limited, a company
incorporated with limited liability under the laws of Jersey, registered number
79309;

"MORTGAGES TRUSTEE AVAILABLE REVENUE RECEIPTS" means on any Distribution Date an
amount equal to the aggregate of:

(a)   Revenue Receipts received by the Mortgages Trustee in the immediately
      preceding Trust Calculation Period,

(b)   interest payable to the Mortgages Trustee on the Mortgages Trustee Bank
      Accounts, which will be received on or prior to the relevant Distribution
      Date, and

(c)   any Contribution paid by the Seller to the Mortgages Trustee to fund any
      Non-Cash Re-Draw in respect of any Flexible Mortgage Loan in the
      immediately preceding Trust Calculation Period,

      LESS

(d)   Third Party Amounts (including without limitation all Early Repayment
      Charges the benefit of which has been re-assigned to the Seller pursuant
      to the Mortgage Sale Agreement which shall be paid by the Mortgages
      Trustee to the Seller following receipt and identification of the same),

PROVIDED THAT Revenue Receipts in paragraph (a) above shall for this purpose
include such amount of any Overpayment made by a Borrower in respect of a
Non-Flexible Mortgage Loan and standing to the credit of the Overpayments Ledger
as is applied on such date in reduction of any Underpayment of Interest made by
such Borrower in respect of such Mortgage Loan in the immediately preceding
Trust Calculation Period (provided that such Underpayment of Interest is made
prior to 31 December in the year in which such Overpayment is received from the
Borrower) in accordance with Clause 13.1 (NON-FLEXIBLE MORTGAGE LOANS) of the
Mortgages Trust Deed;

"MORTGAGES TRUSTEE BANK ACCOUNTS" means the Mortgages Trustee Transaction
Account and the Mortgages Trustee GIC Account;

"MORTGAGES TRUSTEE COLLECTION ACCOUNTS AMOUNTS" means all amounts from time to
time standing to the credit of the Collection Accounts to the extent that such
amounts represent payments into the

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<PAGE>

Collection Accounts of sums derived or resulting from the Mortgage Loans and
their Related Security sold to the Mortgages Trustee pursuant to the Mortgage
Sale Agreement;

"MORTGAGES TRUSTEE DISTRIBUTION OF PRINCIPAL RECEIPTS" means the order in which
the Cash Manager will apply the Mortgages Trustee Principal Receipts on each
Distribution Date, as set forth in Clause 11 (DISTRIBUTION OF PRINCIPAL
RECEIPTS) of the Mortgages Trust Deed;

"MORTGAGES TRUSTEE DISTRIBUTION OF REVENUE RECEIPTS" means the order in which
the Cash Manager will apply the Mortgages Trustee Available Revenue Receipts on
each Distribution Date, as set forth in Clause 10 (DISTRIBUTION OF REVENUE
RECEIPTS) of the Mortgages Trust Deed;

"MORTGAGES TRUSTEE GIC ACCOUNT MANDATE" means the resolutions, instructions and
signature authorities relating to the Mortgages Trustee GIC Account
substantially in the form set out in Schedule 1 to the Bank Account Agreement;

"MORTGAGES TRUSTEE GIC ACCOUNT" means the account in the name of the Mortgages
Trustee (sort code 30/16/63, account number 27034016) held at the Account Bank
and maintained subject to the terms of Mortgages Trustee Guaranteed Investment
Contract and the Bank Account Agreement or such additional or replacement bank
account of the Mortgages Trustee as may for the time being be in place with the
prior consent of the Security Trustee which is subject to a Guaranteed
Investment Contract;

"MORTGAGES TRUSTEE GIC PROVIDER" means Lloyds TSB Bank plc, Jersey International
Branch, 4 Bond Street, St. Helier, Jersey JE4 8ZE, Channel Islands or such other
person or persons as are for the time being the GIC provider to Funding under
the Funding Guaranteed Investment Contract and any Funding (Issuer) Guaranteed
Investment Contract;

"MORTGAGES TRUSTEE GUARANTEED INVESTMENT CONTRACT" means the guaranteed
investment contract dated on or about the Initial Closing Date between the
Mortgages Trustee, the Mortgages Trustee GIC Provider, the Security Trustee and
the Cash Manager under which the Mortgages Trustee GIC Provider agrees to pay
the Mortgages Trustee a guaranteed rate of interest on the balance of the
Mortgages Trustee GIC Account from time to time as may be amended, restated,
novated, varied or supplemented from time to time and shall include any
additional and/or replacement guaranteed investment contract entered into by
such parties from time to time in accordance with the Transaction Documents;

"MORTGAGES TRUSTEE LEDGERS" means all of the ledgers as are required to be
maintained pursuant to Clause 15 (LEDGERS) of the Mortgages Trust Deed;

"MORTGAGES TRUSTEE PRINCIPAL PRIORITY OF PAYMENTS" means the order in which the
Cash Manager will apply the Mortgages Trustee Principal Receipts on each
Distribution Date, as set forth in Clause 11 (DISTRIBUTION OF PRINCIPAL
RECEIPTS) of the Mortgages Trust Deed;

"MORTGAGES TRUSTEE PRINCIPAL RECEIPTS" means, on any Distribution Date, the
Principal Receipts received by the Mortgages Trustee in the immediately
preceding Trust Calculation Period which may be distributed, subject to Clause
13 (OVERPAYMENTS) of the Mortgages Trust Deed, in accordance with Clause 11 of
the Mortgages Trust Deed;

"MORTGAGES TRUSTEE PRIORITY OF PAYMENTS" means, as applicable, the Mortgages
Trustee Revenue Priority of Payments or the Mortgages Trustee Principal Priority
of Payments;

"MORTGAGES TRUSTEE REVENUE PRIORITY OF PAYMENTS" means the order in which the
Cash Manager

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<PAGE>

will apply the Mortgages Trustee Available Revenue Receipts on each Distribution
Date, as set forth in Clause 10 (DISTRIBUTION OF REVENUE RECEIPTS) of the
Mortgages Trust Deed;

"MORTGAGES TRUSTEE TRANSACTION ACCOUNT" means the account in the name of the
Mortgages Trustee (sort code 30/16/63, account number 27033010) held at the
Account Bank and maintained subject to the terms of the Bank Account Agreement,
or such additional or replacement bank account of the Mortgages Trustee as may
for the time being be in place;

"MORTGAGES TRUSTEE TRANSACTION ACCOUNT MANDATE" means the resolutions,
instructions and signature authorities relating to the Mortgages Trustee
Transaction Account substantially in the form set out in Schedule 1 to the Bank
Account Agreement;

"NEW CLOSING DATE" means the date of any issue of New Notes by a New Issuer;

"NEW FUNDING SECURED CREDITOR" means any person identified as such in any Deed
of Accession executed pursuant to the Funding Deed of Charge by such person and
the other parties thereto;

"NEW INTERCOMPANY LOAN" means a loan of the net proceeds of any issue of New
Notes, such loan being advanced to Funding by a New Issuer pursuant to the terms
of a New Intercompany Loan Agreement;

"NEW INTERCOMPANY LOAN AGREEMENT" means a new intercompany loan agreement
entered into between Funding and a New Issuer in relation to a New Intercompany
Loan;

"NEW ISSUER" means a new wholly-owned subsidiary of Funding, which is
established to issue New Notes and to make a New Intercompany Loan to Funding;

"NEW MORTGAGE LOANS" means Mortgage Loans, other than the Initial Mortgage
Loans, which the Seller may assign, from time to time, to the Mortgages Trustee
after the Initial Closing Date pursuant to the Mortgage Sale Agreement;

"NEW MORTGAGE PORTFOLIO" means any portfolio of Mortgage Loans and their Related
Security which are assigned to the Mortgages Trustee on or about the Closing
Date in relation to the relevant Issuer, particulars of which are set out in the
Schedule to each New Mortgage Portfolio Notice delivered pursuant to the
Mortgage Sale Agreement but excluding any such Mortgage Loan and its Related
Security which has been redeemed in full on or before the relevant Assignment
Date, and (subject where applicable to the subsisting rights of redemption of
the Borrowers) all right, title, interest and benefit of the Seller in and to:

(a)   all sums of principal, interest (including, for the avoidance of doubt,
      all Accrued Interest, Arrears of Interest and Capitalised Arrears) and any
      other sum due or to become due under or in respect of such Mortgage Loans
      and their Related Security on or after such Closing Date and all sums of
      interest and other sums payable (but not paid before such Closing Date) in
      respect of any period before such Closing Date and including, without
      limitation, the right to demand, sue for, recover and give receipts for
      all such principal, interest or other amounts, the right to sue on all
      covenants and undertakings made or expressed to be made in favour of the
      Seller under the applicable Mortgage and all sums due or to become due in
      respect of any Early Repayment Charge;

(b)   the benefit of all securities for such principal, interest and other sums
      payable (including without limitation any interest of the Seller in any
      Life Policy), the benefit of all Deeds of Consent and Deeds of
      Postponement, any Guarantee in respect of such Mortgage Loan or any other
      collateral security for the repayment of the relevant Mortgage Loans
      secured by the Mortgages;

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<PAGE>

(c)   the right to exercise all the powers of the Seller in relation thereto
      subject to and in accordance with the relevant Mortgage Conditions;

(d)   all the estate and interest in the Mortgaged Properties in relation
      thereto vested in the Seller;

(e)   to the extent they are assignable, each Certificate of Title and Valuation
      Report and any right of action of the Seller against any solicitor, valuer
      or other person in connection with any report, valuation, opinion,
      certificate or other statement of fact or opinion given in connection with
      any Mortgage Loan and its Related Security in that portfolio of Mortgage
      Loans, or any part thereof or affecting the decision of the Seller to make
      or offer to make the relevant Mortgage Loan or part thereof;

(f)   the Buildings Policies and Insurance Contracts, in each case so far as
      they relate to such Mortgage Loans comprised in that portfolio of Mortgage
      Loans and their Related Security, including the right to receive the
      proceeds of all claims made or to be made by or on behalf of the Seller or
      to which the Seller is or may become entitled;

(g)   the MIG Policies, so far as they relate to such Mortgage Loans comprised
      in that portfolio of Mortgage Loans and their Related Security, including
      the right to receive of all claims made or to be made by or on behalf of
      the Seller or to which the Seller is or may become entitled;

"NEW NOTES" means the notes issued and/or to be issued by the New Issuers to
investors;

"NEW START-UP LOAN" means a start-up loan made by a New Start-Up Loan Provider
to Funding under a New Start-Up Loan Agreement;

"NEW START-UP LOAN AGREEMENT" means any new start-up loan agreement entered into
from time to time between Funding and a New Start-Up Loan Provider pursuant to
which a New Start-Up Loan is advanced to Funding;

"NEW START-UP LOAN PROVIDER" means the lender under any New Start-Up Loan
Agreement;

"NEW TRUST PROPERTY" means, as the context requires, each New Mortgage Portfolio
from time to time assigned by the Seller to the Mortgages Trustee or as of any
Closing Date the New Mortgage Portfolio assigned to the Mortgages Trustee on
such date or as of any Distribution Date, any and all New Mortgage Portfolios
assigned by the Seller to the Mortgages Trustee during the immediately preceding
Trust Calculation Period;

"NEW YORK BUSINESS DAY" means a day (other than a Saturday or a Sunday or public
holiday) on which banks are generally open in the city of New York;

"NON-ASSET TRIGGER EVENT" means the occurrence of any of the following events:

(a)   an Insolvency Event occurs in relation to the Seller;

(b)   the role of the Seller as Administrator under the Administration Agreement
      is terminated and a new Administrator is not appointed within 60 days; or

(c)   the Current Seller Share is equal to or less than the Minimum Seller
      Share;

"NON-CASH RE-DRAW" means an Authorised Underpayment or a Payment Holiday under a
Flexible Mortgage Loan included in the Mortgages Trust, which will result in the
Seller being required to pay to the Mortgages Trustee an amount equal to the
Unpaid Interest associated with that Authorised Underpayment or Payment Holiday;

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<PAGE>

"NON-CASH RE-DRAWS SUB LEDGER" means the sub-ledger of the Re-Draws Ledger,
which will be established by the Cash Manager on the Initial Closing Date in
order to record any Non-Cash Re-Draws made with respect to Flexible Mortgage
Loans;

"NON-FLEXIBLE MORTGAGE LOAN" means a Mortgage Loan other than a Flexible
Mortgage Loan;

"NON-FLEXIBLE OVERPAYMENTS SUB LEDGER" means the sub-ledger of the Overpayments
Ledger corresponding to Non-Flexible Mortgage Loans, which will be established
by the Cash Manager on the Initial Closing Date in order to record any
Overpayments made with respect to Non-Flexible Mortgage Loans;

"NON-FLEXIBLE UNDERPAYMENTS LEDGER" means the ledger maintained by the Cash
Manager in the name of the Mortgages Trustee pursuant to the Cash Management
Agreement to record any Underpayments made with respect to Non-Flexible Mortgage
Loans in the Mortgages Trust from time to time;

"NORTHERN ROCK COLLECTION ACCOUNTS AMOUNTS" means all amounts from time to time
standing to the credit of the Collection Accounts to the extent that such
amounts represent payments into the Collection Accounts of sums derived or
resulting from mortgage loans originated by Northern Rock which have not been
sold to the Mortgages Trustee pursuant to the Mortgage Sale Agreement; "NORTHERN
ROCK" means Northern Rock plc (registered number 3273685), a public limited
company incorporated under the laws of England and Wales, whose registered
office is at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL;

"NOTE DETERMINATION DATE" means, in relation to the First Issuer, the First
Issuer Note Determination Date and in relation to any New Notes, the
Distribution Date immediately preceding the Payment Date;

"NOTE ENFORCEMENT NOTICE" means, in relation to the First Issuer, the First
Issuer Note Enforcement Notice and in relation to any New Issuer, a notice
issued by the Note Trustee to such Issuer and the Security Trustee declaring the
Notes issued by such Issuer or any class of such Notes to be due and repayable
pursuant to Conditions of such New Notes;

"NOTE EVENT OF DEFAULT" means, in relation to the First Issuer, a First Issuer
Note Event of Default and in relation to any New Issuer, the occurrence of an
event of default by the relevant Issuer as specified in the relevant Conditions
of the Notes issued by such New Issuer;

"NOTEHOLDERS" means, in relation to the First Issuer Notes, the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders or any of them
and, in relation to any New Notes, the holders for the time being of such New
Notes;

"NOTE PRINCIPAL PAYMENT" means the principal amount redeemable from time to time
on each Note in accordance with the Conditions;

"NOTES" means in relation to the First Issuer, the First Issuer Notes and, in
relation to any New Issuer, the New Notes issued by such New Issuer;

"NOTE TRUSTEE" means The Bank of New York, or such person or persons for the
time being acting as note trustee or trustees under the Trust Deeds relating to
the Notes;

"OFFER CONDITIONS" means the terms and conditions applicable to a specified
Mortgage Loan as set out in the relevant offer letter to the Borrower;

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<PAGE>

"OFFICIAL LIST" means the Official List maintained by the UK Listing Authority;

"OPERATING AGREEMENTS" means the Administration Agreement, the Mortgage Sale
Agreement, the Seller's Power of Attorney and the Mortgages Trust Deed;

"OPTION EXERCISE DATE" means the date on which the Post-Enforcement Call Option
Holder exercises its option to acquire all of the Notes outstanding as at such
date, together with accrued interest thereon;

"OUTSTANDING PRINCIPAL BALANCE" means:

(a)   in relation to any Note and as of any date, means the unpaid principal
      balance of that Note at such date; and

(b)   in relation to any Intercompany Loan and as of any date, means the unpaid
      principal balance of that Intercompany Loan at such date;

"OVERPAYMENT" means in respect of any Mortgage Loan, any additional amounts of
Principal Receipts received in a month above the regular, scheduled Monthly
Payment, paid by the relevant Borrower which (a) is permitted by the terms of
such Mortgage Loan or by agreement with the Borrower and (b) reduces the Current
Balance of such Mortgage Loan;

"OVERPAYMENTS LEDGER" means the ledger of such name maintained by the Cash
Manager in the name of the Mortgages Trustee pursuant to the Cash Management
Agreement to record Overpayments on Mortgage Loans in the Mortgages Trust from
time to time which ledger will be sub-divided into two sub ledgers: (i) the
Non-Flexible Overpayments Sub Ledger corresponding to Overpayments made on
Non-Flexible Mortgage Loans, and (ii) the Flexible Overpayments Sub Ledger
corresponding to Overpayments made on Flexible Mortgage Loans;

"PAYING AGENT AND AGENT BANK AGREEMENT" means, in relation to the First Issuer,
the First Issuer Paying Agent and Agent Bank Agreement and, in relation to any
New Issuer, has the meaning specified under the relevant Issuer Transaction
Documents;

"PAYING AGENTS" means in relation to the First Issuer, the Principal Paying
Agent and the US Paying Agent initially appointed as paying agents pursuant to
the First Issuer Paying and Agent Bank Agreement and, in relation to any New
Issuer, the Principal Paying Agent and US Paying Agent appointed pursuant to the
Paying Agent and Agent Bank Agreement relating to that New Issuer or, if
applicable, any successor paying agents;

"PAYMENT DATE" means, in relation to the First Issuer, the twentieth day of
July, October, January and April in each year or, if such day is not a Business
Day, the next succeeding Business Day, beginning in July 2001, and, in relation
to any New Issuer, has the meaning specified under the relevant Issuer Master
Definitions Schedule;

"PAYMENT HOLIDAY" means, in respect of any Flexible Mortgage Loan, a period of
one or more Monthly Payment Dates when the relevant Borrower under such Mortgage
Loan is permitted by the Seller in accordance with the relevant Mortgage
Conditions not to make its regular Monthly Payment;

"PERFECTION" means the perfection of the assignment of the Mortgage Portfolio
pursuant to and in accordance with Clause 6 (PERFECTION OF THE ASSIGNMENT) of
the Mortgage Sale Agreement;

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"PERFECTION DATE" means the date of any Perfection;

"PERFECTION EVENT" means any of the events specified in Clause 6.1 (PERFECTION
EVENTS) of the Mortgage Sale Agreement;

"PERMITTED PRODUCT SWITCH" means any variation in the financial terms and
conditions of a Mortgage Loan in which a Borrower exchanges its then-current
Mortgage Loan product for a different mortgage loan product offered by the
Seller or (in limited circumstances) the Administrator from time to time,
provided that such new mortgage loan for which the prior Mortgage Loan is to be
exchanged is a Permitted Replacement Mortgage Loan, and further provided that no
such product switch shall be permitted unless at the date of such product switch
each of the conditions set out in Clause 4.2 (CONDITIONS TO EFFECTING AN
ASSIGNMENT OF NEW MORTGAGE LOANS) of the Mortgage Sale Agreement is satisfied
(save to the extent that conditions (a), (c), (k), (n) and (o) of such Clause
must only be satisfied on the most recent Assignment Date for the assignment of
New Mortgage Loans to the Mortgages Trust);

"PERMITTED REPLACEMENT MORTGAGE LOAN" means a mortgage loan (i) that is subject
to a variable rate of interest, (ii) that has a Maturity Date prior to January
2039, and (iii) upon which the related Borrower has made at least one Monthly
Payment;

"PERSON" means a reference to any person, individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company,
trust, unincorporated organisation, governmental entity or other entity of
similar nature (whether or not having separate legal personality);

"POST-ENFORCEMENT CALL OPTION AGREEMENT" means the post-enforcement call option
agreement entered into on or about a Closing Date between the relevant Issuer,
the relevant Post-Enforcement Call Option Holder, the Note Trustee and the Note
Depository;

"POST-ENFORCEMENT CALL OPTION HOLDER" means, in respect to the First Issuer,
GPCH Limited, a company incorporated with limited liability under the laws of
England and Wales, registered number 4128437, or such other person or persons
for the time being acting as post-enforcement call option holder under the
relevant Post-Enforcement Call Option Agreement, and, in relation to any New
Issuer, has the meaning specified under the relevant Issuer Master Definitions
Schedule;

"POTENTIAL INTERCOMPANY LOAN EVENT OF DEFAULT" means the occurrence of any event
which with the giving of notice, any relevant certificate, the lapse of time or
fulfilment of any other condition (or any combination of the foregoing) would
become an Intercompany Loan Event of Default;

"POTENTIAL NOTE EVENT OF DEFAULT" means any condition, event or act which with
the lapse of time and/or the giving of any notice and/or determination of
materiality and/or fulfilment of any similar condition would constitute a Note
Event of Default;

"PREVIOUS INTERCOMPANY LOAN" means a loan made by any Previous Issuer to Funding
on the Closing Date relating to such Previous Issuer under the relevant Previous
Intercompany Loan Agreement;

"PREVIOUS INTERCOMPANY LOAN AGREEMENT" means an intercompany loan agreement
entered into on the relevant Closing Date between, among others, Funding and a
Previous Issuer;

"PREVIOUS ISSUER" means a wholly-owned subsidiary of Funding, which was
established to issue Previous Issuer Notes and to make a Previous Issuer
Intercompany Loan to Funding;

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<PAGE>

"PREVIOUS ISSUER NOTES" means the notes issued by any Previous Issuer;

"PREVIOUS START-UP LOAN" means the start-up loan that any Previous Start-up Loan
Provider made available to Funding on the Closing Date relating to such Previous
Issuer pursuant to the relevant Previous Start-up Loan Agreement;

"PREVIOUS START-UP LOAN AGREEMENT" means a start-up loan agreement entered into
on the relevant Closing Date as amended from time to time between Funding, the
Previous Start-up Loan Provider and the Security Trustee;

"PREVIOUS START-UP LOAN PROVIDER" means Northern Rock in its capacity as
start-up loan provider under the relevant Previous Start-up Loan Agreement;

"PRINCIPAL DEFICIENCY LEDGER" means, in relation to any Issuer, the ledger of
such name maintained by the Issuer Cash Manager pursuant to the Issuer Cash
Management Agreement, comprising such sub-ledgers as relate to the classes of
Notes of differing ratings issued by such Issuer as contemplated in the relevant
Issuer Cash Management Agreement;

"PRINCIPAL DISTRIBUTION" means, in relation to the Mortgages Trust, any
distribution by the Mortgages Trustee to any Beneficiary pursuant to Clause 11
(DISTRIBUTION OF PRINCIPAL RECEIPTS) or Clause 6.3 (SPECIAL DISTRIBUTION) of the
Mortgages Trust Deed;

"PRINCIPAL LEDGER" means the ledger maintained by the Cash Manager in the name
of the Mortgages Trustee pursuant to the Cash Management Agreement to record the
Principal Receipts on the Mortgage Loans and distributions of such Principal
Receipts to the Seller and Funding on each Distribution Date;

"PRINCIPAL RECEIPTS" means in relation to the Mortgages Trustee any payment in
respect of principal received in respect of any Mortgage Loan, whether as all or
part of a Monthly Payment in respect of such Mortgage Loan, on redemption
(including partial redemption) of such Mortgage Loan, on enforcement or on the
disposal of such Mortgage Loan or otherwise (including payments pursuant to any
Insurance Policy) (and which may include the amount of any Overpayment in
respect of any Non-Flexible Mortgage Loan, but only to the extent permitted by
Clause 13.1 (NON-FLEXIBLE MORTGAGE LOANS) of the Mortgages Trust Deed, and which
also may include the amount of any Further Contribution made by Funding from
time to time);

"PROCEEDINGS" means any suit, action or proceedings arising out of or in
connection with any of the Transaction Documents;

"PRODUCT SWITCH" means a variation to the financial terms and conditions of any
Mortgage Loan but excluding:

(a)   any variation in the financial terms and conditions of a Mortgage Loan
      involving a Permitted Product Switch;

(b)   variation agreed with a Borrower to control or manage arrears on a
      Mortgage Loan;

(c)   variation in the maturity date of a Mortgage Loan unless, while the First
      Issuer Intercompany Loan is outstanding, it is extended beyond January
      2039;

(d)   variation imposed by statute;

(e)   variation of the rate of interest payable in respect of Mortgage Loan
      where that rate is offered to the Borrowers of more than 10 per cent. by
      Current Balance of Mortgage Loans comprised in the Trust Property in any
      Interest Period;

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(f)   a change between interest-only and repayment mortgage loans;

(g)   a transfer of equity; and/or

(h)   a release of a party to a mortgage loan or a release of part of the land
      subject to the mortgage;

"PROPERTIES IN POSSESSION POLICY" means the properties in possession insurance
policy identified in paragraph 2(e) of Schedule 4 (INSURANCE CONTRACTS) to the
Mortgage Sale Agreement and any endorsements or extensions thereto as issued
from time to time and any additional, replacement or substitute properties in
possession insurance policy which relates to Mortgage Loans in the Mortgages
Trust from time to time;

"PS/FA EVENT" means the occurrence of either (i) confirmation from Northern Rock
that it will purchase the relevant Mortgage Loans which are subject to any
Further Advances or Product Switches (other than Re-Fixed Mortgage Loans) in
accordance with Clause 8.5 (REPURCHASE OF PRODUCT SWITCHES AND FURTHER ADVANCES)
under the Mortgage Sale Agreement or (ii) any Mortgage Loan becoming a Re-Fixed
Mortgage Loan;

"PURCHASE PRICE" means:

(a)   in respect of the Initial Mortgage Portfolio, the amount payable therefor
      by the Mortgages Trustee pursuant to Clause 3.2 (PURCHASE PRICE) of the
      Mortgage Sale Agreement; and

(b)   in respect of each New Mortgage Portfolio, the amount payable therefor by
      the Mortgages Trustee pursuant to Clause 4.5 (PURCHASE PRICE) of the
      Mortgage Sale Agreement;

"RATING AGENCIES" means S&P, Moody's and Fitch, and "RATING AGENCY" means any of
them;

"RECEIVER" means, in relation to the Funding Deed of Charge, any person or
persons appointed (and any additional person or persons appointed or
substituted) as an administrative receiver, receiver, manager, or receiver and
manager of the Funding Charged Property by the Security Trustee pursuant the
Funding Deed of Charge and in relation to any Issuer Deed of Charge, any person
or persons appointed (and any additional person or persons appointed or
substituted) pursuant thereto by the Note Trustee as an administrative receiver,
receiver, manager, or receiver and manager of the property charged or secured
under such Issuer Deed of Charge;

"RE-DRAW" means either a Cash Re-Draw or a Non-Cash Re-Draw;

"RE-DRAWS LEDGER" means the ledger maintained by the Cash Manager in the name of
the Mortgages Trustee pursuant to the Cash Management Agreement to record
Re-Draws on Flexible Mortgage Loans in the Mortgages Trust from time to time
which ledger shall be sub-divided into two sub ledgers: (i) the Non-Cash
Re-Draws Sub Ledger corresponding to Non-Cash Re-Draws and (ii) the Cash
Re-Draws Sub Ledger corresponding to Cash Re-Draws;

"RE-FIXED MORTGAGE LOAN" means, as at any given date, a Mortgage Loan which on
or before such date had been a Fixed Rate Mortgage Loan in respect of which the
fixed period by reference to which the relevant fixed interest was charged had
come to an end, but as at or before that such date, the interest charged under
such Mortgage Loan was again fixed for a further fixed period by the Seller or
the Administrator as the case may be (following an election by the Borrower) in
accordance with the original terms of the Fixed Rate Mortgage Loan;

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"REGISTERED LAND" means land, title to which is registered at H.M. Land
Registry;

"REGISTERED TRANSFER" means, in relation to Registered Land, a deed of transfer
of a Mortgage or Mortgages over registered land in the form referred to in
paragraph (a) of Clause 6.3 (TRANSFER DOCUMENTS) of the Mortgage Sale Agreement
with such modifications as may be permitted from time to time in accordance with
such Clause;

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

"REG S GLOBAL NOTE CERTIFICATES" or "REGULATION S GLOBAL NOTE CERTIFICATES"
means the Global Note Certificates in registered form representing the Reg S
Notes;

"REG S INDIVIDUAL NOTE CERTIFICATES" or "REGULATION S INDIVIDUAL NOTE
CERTIFICATES" means the Individual Note Certificates in registered form
representing the Reg S Notes;

"REG S NOTES" means generally all Notes which are issued pursuant to Reg S and
in relation to an Issuer means the Notes issued or to be issued by that Issuer
pursuant to Reg S;

"REGULATIONS" means as the context may require either (i) the Unfair Terms in
Consumer Contracts Regulations 1999 and/or, as applicable, the Unfair Terms in
Consumer Contracts Regulations 1994 or (ii) the Regulations set out in Schedule
2 to the First Issuer Paying Agent and Agent Bank Agreement;

"RELATED SECURITY" means, in relation to a Mortgage Loan, the security for the
repayment of such Mortgage Loan including the relevant Mortgage and all other
documents, matters and things related thereto acquired and referred to as part
of the Initial Mortgage Portfolio or, as the case may be, the New Mortgage
Portfolio, sold to the Mortgages Trustee pursuant to the Mortgage Sale Agreement
and which constitute all or part of the security for the payment of all sums due
in respect of such Mortgage Loan, including for the avoidance of doubt,
guarantees, MIG Policies and assignments and charges over Life Policies;

"RELEVANT DISTRIBUTION" has the meaning given to it in Clause 4.2
(CONSIDERATION) of the Mortgages Trust Deed;

"REPAYMENT MORTGAGE LOAN" means a Mortgage Loan in respect of which the Borrower
is under an obligation to the mortgagee to make monthly payments of principal so
that the whole principal (in addition to interest) is repaid by the stated
maturity date for that Mortgage Loan;

"REPRESENTATIONS AND WARRANTIES" means the representations and warranties set
out in Schedule 1 (REPRESENTATIONS AND WARRANTIES) to the Mortgage Sale
Agreement;

"REVENUE LEDGER" means the ledger maintained by the Cash Manager in the name of
the Mortgages Trustee pursuant to the Cash Management Agreement to record
Revenue Receipts received by the Mortgages Trustee and the payment of the same
on each Distribution Date in accordance with the terms of the Mortgages Trust
Deed;

"REVENUE RECEIPTS" means, in relation to the Mortgages Trustee, any payment
received in respect of any Mortgage Loan, whether as all or part of a Monthly
Payment in respect of such Mortgage Loan, on redemption (including partial
redemption) of such Mortgage Loan, on enforcement of such Mortgage Loan
(including the proceeds of sale thereof), on the disposal of such Mortgage Loan
or otherwise (including payments pursuant to any Insurance Policy) which in any
such case is not a Principal Receipt in respect of such Mortgage Loan;

"RIGHT TO BUY MORTGAGE LOAN" means a Mortgage Loan in respect of which the
"right to buy"

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provisions of the Housing Act 1985 apply (other than any Mortgage Loan in
respect of which the period during which the statutory charge referred to in
section 156 of that Act would have existed, had the relevant circumstances
applied, has expired);

"S&P" and "STANDARD & POOR'S" means Standard & Poor's Rating Services, a
division of The McGraw-Hill Companies, Inc., and includes any successor to its
rating business;

"SEC" means the United States Securities and Exchange Commission;

"SECOND ISSUER" means Granite Mortgages 01-2 plc;

"SECOND ISSUER LIQUIDITY REQUIRED AMOUNT" means an amount as of any Payment Date
equal to the excess, if any, of 3% of the aggregate outstanding balance of the
Notes on that Payment Date over amounts standing to the credit of the Issuer
Reserve Fund on that Payment Date;

"SECURITIES ACT" means the United States Securities Act of 1933, as amended;

"SECURITY DOCUMENTS" means the any Issuer Deed of Charge and the Funding Deed of
Charge and each Deed of Accession entered into pursuant to the Funding Deed of
Charge and any other security document entered into pursuant to any of the
foregoing;

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

"SECURITY POWER OF ATTORNEY FOR FUNDING" means the power of attorney granted by
Funding in favour of the Security Trustee on the Initial Closing Date pursuant
to the Funding Deed of Charge;

"SECURITY TRUSTEE" means, The Bank of New York, whose principal office is at One
Canada Square, 48th Floor, London E14 5AL, or such other persons and all other
persons for the time being acting as the security trustee or security trustees
pursuant to the Funding Deed of Charge;

"SELLER" means Northern Rock plc;

"SELLER SHARE" means, prior to the first Distribution Date, the Initial Seller
Share and thereafter, shall mean the Current Seller Share;

"SELLER SHARE LEDGER" means a ledger which shall record the Seller Share of the
Trust Property and the Seller Share Percentage;

"SELLER SHARE PERCENTAGE" means, prior to the first Distribution Date, the
Initial Seller Share Percentage and thereafter shall mean the Current Seller
Share Percentage;

"SELLER'S POLICY" means the originating, lending and underwriting,
administration, arrears and enforcement policies and procedures which are
applied from time to time by the Seller to mortgage loans and the security for
their repayment which are beneficially owned solely by the Seller and which may
be amended by the Seller from time to time;

"SELLER'S POWER OF ATTORNEY" means the power of attorney granted by the Seller
in favour of Funding, the Mortgages Trustee and the Security Trustee on the
Initial Closing Date, substantially in the form set out in Schedule 10 (POWER OF
ATTORNEY IN FAVOUR OF THE MORTGAGES TRUSTEE, FUNDING AND THE SECURITY TRUSTEE)
to the Mortgage Sale Agreement;

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"SERIES" in relation to any Notes issued by any Issuer has the meaning given to
it in the relevant Issuer Master Definitions Schedule;

"SERVICES" has the meaning set out in Clause 3.1 (GENERAL) of the Administration
Agreement;

"SHARE TRUST DEED" means the share trust deed dated 23 January 2001 between the
Share Trustee and Holdings as has been and may be amended, restated, novated,
varied or supplemented from time to time;

"SHARE TRUSTEE" means The Law Debenture Intermediary Corporation P.L.C. as share
trustee under the Share Trust Deed;

"SHARED ISSUER PRINCIPAL RECEIPTS" has the meaning given in the rules for
application of Funding Available Principal Receipts under the Funding
Pre-Enforcement Principal Priority of Payments set out in Part II of Schedule 3
to the Funding Deed of Charge;

"SHARED ISSUER REVENUE RECEIPTS" has the meaning given in the rules for
application of Funding Available Revenue Receipts under the Funding
Pre-Enforcement Revenue Priority of Payments set out in Part I of Schedule 3 to
the Funding Deed of Charge;

"SHORTFALL" or "INTEREST RATE SHORTFALL" means, as of any Payment Date and in
respect of Funding, a deficiency of Funding Available Revenue Receipts over the
amounts due by Funding under the Funding Pre-Enforcement Revenue Priority of
Payments on such Payment Date, and, as of any Payment Date and in respect of any
Issuer, the deficiency of Issuer Allocable Revenue Receipts over the amounts due
by such Issuer under the relevant Issuer Pre-Enforcement Revenue Priority of
Payments, as the context requires;

"SPECIAL DISTRIBUTION" has the meaning given to it in Clause 6.3 (SPECIAL
DISTRIBUTION) of the Mortgages Trust Deed;

"SPECIAL REPAYMENT NOTES" means, in relation to the Second Issuer, the
(pound)10,000,000 Series 2 Class D Floating Rate Notes issued by the Second
Issuer and, in relation to any other Issuer, means any Series and/or class of
Notes issued by such Issuer that are either:

(a)   interest only Notes; or

(b)   Notes, the Outstanding Principal Balance of which is to be repaid solely
      from the Issuer Available Revenue Receipts,

and that are designated as Special Repayment Notes in the Issuer Master
Definitions Schedule relating to such Issuer;

"SPECIFIED DATE" means the date on which the United Kingdom participates in the
third stage of European economic and monetary union pursuant to the Treaty
establishing the European Community or otherwise participates in European
economic and monetary union in a manner with an effect similar to such third
stage;

"STANDARD DOCUMENTATION" or "STANDARD MORTGAGE DOCUMENTATION" means:

(a)   in relation to the First Issuer the standard documentation referred to in
      Schedule 12 (STANDARD DOCUMENTATION) to the Mortgage Sale Agreement as at
      26 March 2001,

(b)   in relation to the Second Issuer, the standard documentation referred to
      in Schedule 12 (Standard DOCUMENTATION) to the Mortgage Sale Agreement as
      at 28 September 2001, and

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(c)   in relation to any other Issuer, the standard documentation referred to in
      Schedule 1 (STANDARD DOCUMENTATION) to the relevant Issuer Master
      Definitions Schedule

or, in each case, any update or replacement therefor as the Seller may from time
to time introduce acting in accordance with the standards of a reasonable,
prudent mortgage lender;

"STANDARD VARIABLE RATE" or "SVR" means, as applicable, the Northern Rock
standard variable mortgage base rate and/or the standard variable mortgage base
rate applicable to Mortgage Loans within the Mortgages Trust in accordance with
the Mortgage Conditions;

"START-UP LOAN" means the start-up loan that the Start-up Loan Provider shall
make available to Funding pursuant to the Start-up Loan Agreement;

"START-UP LOAN AGREEMENT" means the agreement entered into on or about the
Initial Closing Date between Funding, the Start-up Loan Provider and the
Security Trustee relating to the provision of the Start-up Loan to Funding as
may be amended, restated, novated, varied or supplemented from time to time and
shall include any additional and/or replacement start-up loan agreement entered
into by such parties in accordance with the Transaction Documents;

"START-UP LOAN PROVIDER" means Northern Rock, in its capacity as provider of the
Start-up Loan and/or such other person or persons for the time being the lender
under the Start-up Loan Agreement;

"STEP-UP DATE" means the Payment Date in respect of an Issuer on which the
interest rate on the Notes issued by such Issuer increases by a pre-determined
amount following the payment made by such Issuer on such Payment Date, which
date in respect of the First Issuer is the Payment Date occurring in January
2008, and, in relation to any New Issuer, has the meaning specified under the
relevant Issuer Master Definitions Schedule;

"SUBSIDIARY" means (a) a subsidiary as defined in Section 736 of the Companies
Act 1985 and (b) unless the context requires otherwise, a subsidiary undertaking
within the meaning of Section 258 of the Companies Act 1985;

"SUBORDINATED PRINCIPAL TEST" means:

(a)   in respect of the First Issuer Notes, the test which is satisfied (1) on
      any Payment Date occurring on or after the fourth anniversary of the
      Initial Closing Date; and (2) on any Payment Date on which (a) the
      percentage equal to the aggregate Principal Amount Outstanding of the
      Class B Notes and the Class C Notes as at that Payment Date over the
      aggregate Principal Amount Outstanding of the First Issuer Notes as at
      that Payment Date is greater than (b) the product of (i) 2 and (ii) the
      percentage equal to the aggregate Principal Amount Outstanding of the
      Class B Notes and the Class C Notes as at the Initial Closing Date over
      the aggregate Principal Amount Outstanding of the First Issuer Notes as at
      the Initial Closing Date; or

(b)   in respect of any New Notes issued by any New Issuer, has the meaning
      given to it under the relevant Issuer Transaction Documents and as defined
      in the Issuer Master Definitions Schedule relating to that New Issuer;

"SWAP AGREEMENT" means, for any Issuer, any of the Basis Rate Swap Agreement,
each Currency Swap Agreement or any other ISDA Master Agreement, Schedule and
Confirmation thereto entered into among such Issuer, the relevant Swap Provider
and the Note Trustee, as may be amended, restated, novated, varied or
supplemented from time to time, and shall include any additional and/or

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<PAGE>

replacement swap agreement entered into by such Issuer from time to time in
connection with the Notes issued by such Issuer

"SWAP PROVIDER" means either of the Currency Swap Provider and/or the Basis Rate
Swap Provider, as the context requires, or any other swap provider appointed
from time to time in accordance with the Transaction Documents;

"TARGET BUSINESS DAY" means a day on which the Trans-European Automated
Real-time Gross settlement Express (TARGET) system is open;

"TAXES" means all present and future taxes, levies, imposts, duties (other than
stamp duty), fees, deductions, withholdings or charges of any nature whatsoever
and wheresoever imposed, including, without limitation, value added tax or other
tax in respect of added value and any franchise, transfer, sales, gross
receipts, use, business, occupation, excise, personal property, real property or
other tax imposed by any national, local or supranational taxing or fiscal
authority or agency together with any penalties, fines or interest thereon and

"TAX" and "TAXATION" shall be construed accordingly;

"TERMS AND CONDITIONS" has the same meaning as "CONDITIONS";

"THIRD PARTY AMOUNTS" means:

(a)   payments of insurance premiums, if any, due to the Seller in respect of
      any Insurance Policy arranged by the Seller and/or the MIG provider to the
      extent not paid or payable by the Seller (or to the extent such insurance
      premiums have been paid by the Seller in respect of any Further Advance
      which is not repurchased by the Seller to reimburse the Seller);

(b)   amounts under an unpaid Direct Debit which are repaid by the Administrator
      to the bank making such payment if such bank is unable to recoup that
      amount itself from the relevant customer's account;

(c)   payments by Borrowers of Early Repayment Charges and other charges the
      benefit of which have been re-assigned to the Seller and/or

(d)   recoveries in respect of amounts deducted from Mortgage Loans as described
      in paragraphs (a) through (e) of Clause 8.5 (ADJUSTMENTS TO TRUST
      PROPERTY) (inclusive) of the Mortgages Trust Deed;

"TITLE DEEDS" means, in relation to each Mortgage Loan and its Related Security
and the Mortgaged Property relating thereto, all conveyancing deeds and
documents which make up the title to the Mortgaged Property and the security for
the Mortgage Loan and all searches and enquiries undertaken in connection with
the grant by the Borrower of the related Mortgage including, in the case of
Registered Land, the relevant Charge Certificate;

"TOGETHER CONNECTIONS BENEFIT" means the difference between:

(a)   1. the contractual Monthly Payment due on the Combined Debit Balance; and

(b)   2. the proportion of the payment made on the excess amount by which the
      outstanding Combined Debit Balance exceeds the Combined Credit Balance;

"TOGETHER CONNECTIONS MORTGAGE LOANS" means a Flexible Mortgage Loan which has
the same basic features as a Together Mortgage Loan, but also allows the
Borrower to link the Mortgage Loan with one or more deposit accounts that are
held with the Seller;

"TOGETHER MORTGAGE LOAN" means a type of Flexible Mortgage Loan which allows a
Borrower to obtain an additional drawdown loan and, in some cases, a credit
card;

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"TOTAL PROPERTY" means at any time the aggregate amount standing to the credit
of the Collection Accounts and held by Northern Rock on trust for the Mortgages
Trustee and itself, subject to and in accordance with the Collection Bank
Agreement;

"TRANSACTION DOCUMENT" means any of the following documents:

(a)   the Subscription Agreement;

(b)   the Underwriting Agreement;

(c)   the First Issuer Intercompany Loan Agreement;

(d)   the Mortgages Trust Deed;

(e)   the Mortgage Sale Agreement;

(f)   the First Issuer Deed of Charge;

(g)   the Funding Deed of Charge;

(h)   the Basis Rate Swap Agreement;

(i)   each Currency Swap Agreement;

(j)   the Depository Agreement;

(k)   the First Issuer Trust Deed;

(l)   the First Issuer Paying Agent and Agent Bank Agreement;

(m)   the Administration Agreement;

(n)   the Cash Management Agreement;

(o)   the First Issuer Cash Management Agreement;

(p)   the Funding Guaranteed Investment Contract;

(q)   the Funding (First Issuer) Guaranteed Investment Contract;

(r)   the Mortgages Trustee Guaranteed Investment Contract;

(s)   the Post-Enforcement Call Option Agreement;

(t)   the Bank Account Agreement;

(u)   the Funding (First Issuer) Bank Account Agreement;

(v)   the First Issuer Bank Account Agreement;

(w)   the Collection Bank Agreement;

(x)   the Start-Up Loan Agreement;

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(y)   the Loyalty Discount Deed;

(z)   the First Issuer Corporate Services Agreement;

(aa)  the Share Trust Deed; and

(bb)  each Corporate Services Agreement.

"TRANSACTION" means the transaction contemplated by the Transaction Documents;

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

"TRUST CALCULATION PERIOD" means the period from (and including) the first date
of each calendar month (or in the case of the first such Trust Calculation
Period, the Initial Closing Date) to (and including) the last day of the same
calendar month;

"TRUST CORPORATION" means a corporation entitled by rules made under the Public
Trustee Act 1906, or entitled pursuant to any comparable legislation applicable
to a trustee in any jurisdiction, to carry out the function of a custodian
trustee;

"TRUST DETERMINATION DATE" means the first day (or, if not a London Business
Day, the next succeeding London Business Day) of each calendar month;

"TRUST INDENTURE ACT" means the United States Trust Indenture Act of 1939, as
amended;

"TRUST PROPERTY" means:

(a)   the Initial Trust Property;

(b)   the Closing Trust Property (excluding any Mortgage Loans that have been
      repurchased by the Seller pursuant to the Mortgage Sale Agreement and any
      Early Repayment Charges which are re-assigned to the Seller);

(c)   any New Trust Property (excluding any Mortgage Loans that have been
      repurchased by the Seller pursuant to the Mortgage Sale Agreement and any
      Early Repayment Charges which are re-assigned to the Seller);

(d)   any Contribution made from time to time to the Mortgages Trustee by any
      Beneficiary until it has been applied by the Mortgages Trustee in
      accordance with the Mortgages Trust Deed;

(e)   any Re-Draw made under a Flexible Mortgage Loan which forms part of the
      Trust Property;

(f)   any Further Advances made by the Seller to existing Borrowers which are
      assigned to the Trust in accordance with the Mortgage Sale Agreement;

(g)   amounts on deposit (and interest earned on such amounts) from time to time
      in the Mortgages Trustee Bank Accounts;

(h)   any Permitted Replacement Mortgage Loan and its Related Security
      (excluding any Early Repayment Charges which are re-assigned to the
      Seller) relating to a Permitted Product Switch;

(i)   the proceeds of sale of any Mortgage Loan and its Related Security forming
      part of the Trust Property;

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(j)   (PARA TO BE INSERTED)

(k)   all other property which shall form part of the Trust Property pursuant to
      Clause 2 (CREATION OF MORTGAGES TRUST) of the Mortgages Trust Deed;

      LESS

(1)   any actual Losses in relation to the Mortgage Loans and any actual
      reductions occurring in respect of the Mortgage Loans as described in
      Clause 8.5 (ADJUSTMENTS TO TRUST PROPERTY) of the Mortgages Trust Deed;
      and

(2)   distributions of principal made from time to time to the Beneficiaries of
      the Mortgages Trust.

"TRUSTEE ACTS" means the Trustee Act 1925 and the Trustee Act 2000;

"UK ACCOUNT BANK" means Lloyds TSB Bank plc, London Branch;

"UK LISTING AUTHORITY" means at any time the Financial Services Authority in its
capacity as competent authority for the purposes of Part VI of the Financial
Services and Markets Act 2000 or such other Person which at that time performs
an analogous role in relation to the regulation of financial markets and the
issue of public debt securities in the United Kingdom;

"UNAUTHORISED UNDERPAYMENT" means a Borrower Underpayment in respect of a
Mortgage Loan which is not funded by, or exceeds the amount of any, Overpayments
previously made by the Borrower in respect of such Mortgage Loan or is otherwise
not permitted by the Seller in accordance with the relevant Mortgage Conditions;

"UNDERPAYMENT" means any Authorised Underpayment or Unauthorised Underpayment;

"UNITED KINGDOM" means the United Kingdom of Great Britain and Northern Ireland;

"UNITED STATES" means the United States of America;

"UNPAID INTEREST" means, in relation to any Non-Cash Re-Draw of any Flexible
Mortgage Loan, the interest which would, but for such Non-Cash Re-Draw, have
been payable in respect of that Mortgage Loan on the relevant Monthly Payment
Date for such Mortgage Loan;

"UNPAID INTEREST AMOUNT" means the amount of the Unpaid Interest in relation to
any Non-Cash Re-Draw on any Flexible Mortgage Loan;

"UNREGISTERED LAND" means land title to which is not registered at H.M. Land
Registry;

"UNREGISTERED TRANSFER" means, in relation to Unregistered Land, a deed of
transfer of a Mortgage or Mortgages in the form referred to in paragraph (b) of
Clause 6.3 of the Mortgage Sale Agreement with such modifications as may be
permitted from time to time in accordance with such Clause;

"US GLOBAL NOTE CERTIFICATES" or "US GLOBAL NOTE CERTIFICATE" means the Global
Note Certificates in registered form representing the US Notes;

"US INDIVIDUAL NOTE CERTIFICATES" or "US INDIVIDUAL NOTE CERTIFICATE" means the
Individual Note Certificates in registered form representing the US Notes;

"US NOTES" means generally the Notes which are not Reg S Notes and in relation
to an Issuer the Notes issued by that Issuer which are not Reg S Notes;

"VALUER" means an Associate or Fellow of the Royal Institution of Chartered
Surveyors or the

                                       48

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Incorporated Society of Valuers and Auctioneers who was at the relevant times
either a member of a firm which was on the list of Valuers approved by or on
behalf of the Seller from time to time or an Associate or Fellow of the Royal
Institute of Chartered Surveyors or the Incorporated Society of Valuers and
Auctioneers employed in-house by the Seller acting for the Seller in respect of
the valuation of a Mortgaged Property;

"WAFF" means the weighted average repossession frequency in respect of the
Mortgage Portfolio; and

"WALS" means the weighted average loss severity in respect of the Mortgage
Portfolio.

2.    INTERPRETATION AND CONSTRUCTION

Any reference in this Master Definitions Schedule or any Transaction Document
to:

"AGREED FORM" means, in relation to any document, the draft of that document the
form of which has been agreed between the parties thereto (or if such document
is delivered pursuant to another Transaction Document, between the parties to
such Transaction Document) and initialled on their behalf for the purpose of
identification; the "ASSETS" of any person shall be construed as a reference to
the whole or any part of its business, undertakings, property, intellectual
property, shares, securities, debts, accounts, revenues (including any right to
receive revenues), goodwill, shareholdings and uncalled capital including
premium whether now or hereafter acquired and any other assets whatsoever;

"DISPOSAL" shall be construed as any sale, lease, transfer, conveyance,
assignment, assignation, licence, sub-licence or other disposal and "DISPOSE"
shall be construed accordingly;

a "GUARANTEE" means any guarantee, bond, indemnity, letter of credit, third
party security or other legally binding assurance against financial loss granted
by one person in respect of any indebtedness of another person, or any agreement
to assume any indebtedness of any other person or to supply funds or to invest
in any manner whatsoever in such other person by reason of, or otherwise in
relation to, indebtedness of such other person;

"INDEBTEDNESS" shall be construed so as to include any obligation (whether
incurred as principal or as surety) for the payment or repayment of money,
whether present or future, actual or contingent;

a "MONTH" is a reference to a period starting on one day in a calendar month and
ending on the numerically corresponding day in the next calendar month save
that, where any such period would otherwise end on a day which is not a business
day, it shall end on the next business day, unless that day falls in the
calendar month succeeding that in which it would otherwise have ended, in which
case it shall end on the preceding business day, provided that, if a period
starts on the last business day in a calendar month or if there is no
numerically corresponding day in the month in which that period ends, that
period shall end on the last business day in that later month (and references to
"MONTHS" shall be construed accordingly);

"PARTY" shall be construed as a party to a particular agreement, as the case may
be;

"SUBSIDIARY" means, (a) a subsidiary within the meaning of Section 736 of the
Companies Act 1985, and (b) unless the context requires otherwise, a subsidiary
undertaking within the meaning of Section 258 of the Companies Act 1985;

                                       49

<PAGE>

"VAT" means value added tax imposed by the United Kingdom as referred to in the
Value Added Tax Act 1994 and legislation (whether delegated or otherwise)
replacing the same or supplemental thereto or in any primary or subordinate
legislation promulgated by the European Union or any official body or agency
thereof, and any similar turnover tax replacing or introduced in addition to any
of the same;

a "WHOLLY-OWNED SUBSIDIARY" of a company or corporation shall be construed as a
reference to any company or corporation which has no other members except that
other company or corporation and that other company's or corporation's
wholly-owned subsidiaries or persons acting on behalf of that other company or
corporation or its wholly-owned subsidiaries; and

the "WINDING-UP" or "ADMINISTRATION" of a company or corporation shall be
construed so as to include any equivalent or analogous proceedings under the law
of the jurisdiction in which such company or corporation is incorporated or any
jurisdiction in which such company or corporation carries on business including
the seeking of liquidation, winding-up, bankruptcy, reorganisation, dissolution,
administration, arrangement, adjustment, protection or relief of debtors.

2.1   "(pound)", "sterling" or "pounds sterling" denotes the lawful currency for
      the time being of the United Kingdom of Great Britain and Northern
      Ireland; "(euro)", "euro" or "Euro" denotes the lawful currency for the
      time being of the member states of the European Union that adopt the
      single currency introduced at the start of the third stage of European
      Economic Monetary Union pursuant to the Treaty of Rome of 25th March,
      1957, establishing the European Community as amended from time to time and
      as amended by, INTER ALIA, the Treaty of European Union of 7th February,
      1992; "$", "US$", "US dollars" or "dollars" denotes the lawful currency
      for the time being of the United States of America.

2.2   In this Master Definitions Schedule and in any of the Transaction
      Documents in which this Master Definitions Schedule is expressed to be
      incorporated or to which this Master Definitions Schedule is expressed to
      apply:

      (a)   words denoting the singular number only shall include the plural
            number also and vice versa;

      (b)   words denoting one gender only shall include the other genders;

      (c)   words denoting persons only shall include firms and corporations and
            vice versa;

      (d)   references to any statutory provision shall be deemed also to refer
            to any statutory modification or re-enactment thereof or any
            statutory instrument, order or regulation made thereunder or under
            any such re-enactment;

      (e)   references to any agreement or other document (including any of the
            Transaction Documents) shall be deemed also to refer to such
            agreement or document as amended, varied, supplemented or novated
            from time to time;

      (f)   clause, paragraph and schedule headings are for ease of reference
            only;

      (g)   reference to a statute shall be construed as a reference to such
            statute as the same may have been, or may from time to time be,
            amended or re-enacted to the extent such amendment or re-enactment
            is substantially to the same effect as such statute on the date
            hereof;

      (h)   unless stated otherwise reference to a time of day shall be
            construed as a reference to London (GMT) time; and

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      (i)   references to any person shall include references to his successors,
            transferees and assigns and any person deriving title under or
            through him.

2.3   Any requirement in any Transaction Document for any action to be taken
      according to the standards of a "reasonable, prudent mortgage lender"
      shall be satisfied by the relevant party taking the relevant action in
      accordance with the Seller's Policy from time to time.

2.4   Save as provided otherwise, where any obligation in a Transaction Document
      is owed to more than one party that obligation is owed to each of them
      separately and may be enforced by any of them.

2.5   (a)   Where a term is defined in an Issuer Master Definitions Schedule and
            is used but not defined in this Master Definitions Schedule then, in
            connection with the relevant Issuer, that term shall have the
            meaning indicated in that Issuer Master Definitions Schedule; and

      (b)   Where a term is used but not defined in a document to which this
            Master Definitions Schedule applies and that term is not defined in
            this Master Definitions Schedule but is defined in an Issuer Master
            Definitions Schedule, then in connection with the relevant Issuer
            that term shall have the meaning indicated in that Issuer Master
            Definitions Schedule.

3.    GOVERNING LAW

This Master Definitions Schedule is governed by, and shall be construed in
accordance with, the laws of England.

                                       51DATE [o] 2002

                           GRANITE MORTGAGES 02-2 PLC

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

                       ISSUER MASTER DEFINITIONS SCHEDULE

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                            REF: LHC/30507-13/550686

<PAGE>

THIS ISSUER MASTER DEFINITIONS SCHEDULE is signed for the purposes of
identification on [o] 2002

BY:

(1) Sidley Austin Brown & Wood of 1 Threadneedle Street, London EC2R 8AW; and

(2) Allen & Overy of One New Change, London EC4M 9QQ.

1. DEFINITIONS

Words and expressions used in any document which incorporates this clause or to
which this clause applies shall, have the same meanings as are set out in this
Issuer Master Definitions Schedule except so far as the context requires
otherwise.

"ACCOUNT BANK" means, in relation to the Current Issuer, the Current Issuer
Account Bank and for any other Issuer, the Account Bank for such Issuer
appointed from time to time in accordance with the relevant Issuer Transaction
Documents;

"ADDITIONAL INTEREST" means interest which will accrue on Deferred Interest at
the rate of interest applicable from time to time on the classes of Current
Issuer Notes, as further described in Condition 4 of the Current Issuer Notes;

"ADDITIONAL MORTGAGE LOAN" means any Mortgage Loan which is assigned by the
Seller to the Mortgages Trustee on the Closing Date under the terms of the
Mortgage Sale Agreement and referenced by its mortgage loan identifier number
and comprising the aggregate of all principal sums, interest, costs, charges,
expenses and other monies (including all Further Advances) due or owing with
respect to that Mortgage Loan under the relevant Mortgage Conditions by a
Borrower on the security of a Mortgage from time to time outstanding or, as the
context may require, the Borrower's obligations in respect of the same;

"ADDITIONAL MORTGAGE PORTFOLIO" means the portfolio of Additional Mortgage
Loans, their Related Security, Accrued Interest and other amounts derived from
such Additional Mortgage Loans that the Seller anticipates assigning to the
Mortgages Trustee on the Closing Date;

"ADDITIONAL TRUST PROPERTY" means the Additional Mortgage Portfolio assigned to
the Mortgage Trustee by the Seller on the Closing Date, including the Additional
Mortgage Loans and their Related Security, the rights under the MIG Policies and
the other Insurance Policies arranged by the Seller, but excluding any Early
Repayment Charges which are reassigned to the Seller;

"AGENT BANK" means, in relation to the Current Issuer, Citibank, N.A., 5
Carmelite Street, London EC4Y 0PA initially appointed pursuant to the Current
Issuer Paying Agent and Agent Bank Agreement or, if applicable, any successor
Agent Bank at its Specified Office;

"AGENTS" means, in relation to the Current Issuer, the Principal Paying Agent,
the US Paying Agent, the Registrar and the Transfer Agent, initially appointed
pursuant to the Current Issuer Paying Agent and Agent Bank Agreement, or, if
applicable, any successor agents;

"APPOINTEE" has the meaning specified in the Current Issuer Trust Deed;

"AUDITORS" or "AUDITORS" means PricewaterhouseCoopers of 89 Sandyford Road,
Newcastle upon Tyne NE99 1PL or such other internationally recognised
independent firm of auditors selected from time to time by (in the case of the
Mortgages Trustee) the Mortgages Trustee or (in the case of

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<PAGE>

Funding) Funding or (in the case of the Current Issuer) the Current Issuer and
appointed by the Mortgages Trustee, Funding or, as the case may be, the Current
Issuer;

"AUTHORISED DENOMINATIONS" means, in relation to the Current Issuer Notes,
denominations of, in the case of any class of the Dollar Notes $1,000 and
$10,000, in the case of any class of the Sterling Notes, (pound)10,000 and
(pound)100,000, in the case of any class of the Euro Notes, 10,000 and 100,000
and in such other denominations as the Note Trustee shall determine and notify
to the relevant Noteholders;

"AUTHORISED DOLLAR HOLDING" means the aggregate principal amount of $10,000
(which shall be the minimum allowable holding with respect to each Dollar Note)
and integral multiples of $1,000 in excess thereof;

"AUTHORISED EURO HOLDING" means the aggregate principal amount of (euro)100,000
(which shall be the minimum allowable holding with respect to each Euro Note)
and integral multiples of (euro)10,000 in excess thereof;

"AUTHORISED SIGNATORY" means in relation to:

(a)   the Current Issuer, any authorised signatory referred to in the Current
      Issuer Account Mandates;

(b)   the Mortgages Trustee, any authorised signatory referred to in the
      Mortgages Trustee Account Mandates; and

(c)   Funding, any authorised signatory referred to in the Funding Account
      Mandates;

"AUTHORISED STERLING HOLDING" means the aggregate principal amount of
(pound)100,000 (which shall be the minimum allowable holding with respect to
each Sterling Note) and integral multiples of (pound)10,000 in excess thereof;

"AVERAGE FIXED RATE MORTGAGE LOAN BALANCE" has the meaning given to it in the
Current Issuer Basis Rate Swap Agreement;

"AVERAGE FLEXIBLE MORTGAGE LOAN BALANCE" has the meaning given to it in the
Current Issuer Basis Rate Swap Agreement;

"AVERAGE MORTGAGE LOAN BALANCE" has the meaning given to it in the Current
Issuer Basis Rate Swap Agreement;

"AVERAGE VARIABLE RATE MORTGAGE LOAN BALANCE" has the meaning given to it in the
Current Issuer Basis Rate Swap Agreement;

"BASIC TERMS MODIFICATION" in relation to the Current Issuer Notes has the
meaning set out in Schedule 4 to the Current Issuer Trust Deed;

"BASIS RATE SWAP" means, in relation to the Current Issuer, the Current Issuer
Basis Rate Swap and for any other Issuer, the swap transaction documented under
the Basis Rate Swap Agreement for such Issuer;

"BASIS RATE SWAP AGREEMENT" means, in relation to the Current Issuer, the
Current Issuer Basis Rate Swap Agreement and for any other Issuer, the ISDA
Master Agreement, Schedule and Confirmation thereto entered into among such
Issuer, the related Basis Rate Swap Provider and the Note Trustee, as may be
amended, restated, varied or supplemented from time to time and shall include
any additional

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<PAGE>

and/or replacement basis rate swap agreement entered into by such Issuer from
time to time in connection with the Notes issued by such Issuer;

"BASIS RATE SWAP PROVIDER" means in relation to the Current Issuer, the Current
Issuer Basis Rate Swap Provider and for any other Issuer the basis rate swap
provider for such Issuer appointed from time to time in accordance with the
relevant Issuer Transaction Documents;

"BASIS RATE SWAP PROVIDER DEFAULT" means, in relation to the Current Issuer, the
occurrence of an Event of Default (as defined in the Current Issuer Basis Rate
Swap Agreement) under the Current Issuer Basis Rate Swap Agreement where the
Current Issuer Basis Rate Swap Provider is the Defaulting Party (as defined in
the Current Issuer Basis Rate Swap Agreement);

"BLOCK VOTING INSTRUCTION" has the meaning set out in Schedule 4 to the Current
Issuer Trust Deed;

"BLOCKED NOTE" has the meaning specified in Schedule 4 to the Current Issuer
Trust Deed;

"BUSINESS DAY" means, in relation to the Current Issuer Notes and the Current
Issuer Intercompany Loan, a day that is a London Business Day, a New York
Business Day and a TARGET Business Day;

"CALCULATION AGENT" in relation to any Current Issuer Swap Agreement has the
meaning given to it under such Current Issuer Swap Agreement;

"CERTIFICATION DATE" has the meaning specified in the Current Issuer Trust Deed;

"CHAIRMAN" has the meaning set out in Schedule 4 to the Current Issuer Trust
Deed;

"CLASS A ENFORCEMENT NOTICE" means a notice issued by the Note Trustee to the
Current Issuer and the Security Trustee on the occurrence of a Current Issuer
Note Event of Default, declaring the Class A Notes to be due and repayable
pursuant to Condition 9(A) of the Current Issuer Notes;

"CLASS A NOTEHOLDERS" means the Series 1 Class A Noteholders, the Series 2 Class
A Noteholders and the Series 3 Class A Noteholders;

"CLASS A NOTES" means, in relation to the Current Issuer, the Series 1 Class A1
Notes, the Series 1 Class A2 Notes, the Series 2 Class A Notes and the Series 3
Class A Notes or any of them as the context may require and, in relation to any
other Issuer, the Notes issued by such Issuer which are defined as such under
the relevant Issuer Master Definitions Schedule;

"CLASS B ENFORCEMENT NOTICE" means a notice issued by the Note Trustee to the
Current Issuer and the Security Trustee on the occurrence of a Current Issuer
Note Event of Default, declaring the Class B Notes to be due and repayable
pursuant to Condition 9(B) of the Current Issuer Notes;

"CLASS B NOTEHOLDERS" means the Series 1 Class B Noteholders, the Series 2 Class
B Noteholders and the Series 3 Class B Noteholders;

"CLASS B NOTES" means, in relation to the Current Issuer, the Series 1 Class B
Notes, the Series 2 Class B Notes and the Series 3 Class B Notes or any of them
as the context may require; and, in relation to any other Issuer, the Notes
issued by such Issuer which are defined as such under the relevant Issuer Master
Definitions Schedule;

"CLASS C ENFORCEMENT NOTICE" means, a notice issued by the Note Trustee to the
Current Issuer and the Security Trustee on the occurrence of a Current Issuer
Note Event of Default, declaring the Class C Notes to be due and repayable
pursuant to Condition 9(C) of the Current Issuer Notes;

                                       3

<PAGE>

"CLASS C NOTEHOLDERS" means the Series 1 Class C Noteholders, the Series 2 Class
C Noteholders and the Series 3 Class C Noteholders;

"CLASS C NOTES" means, in relation to the Current Issuer, the Series 1 Class C
Notes, the Series 2 Class C Notes and the Series 3 Class C Notes or any of them
as the context may require; and, in relation to any other Issuer, the Notes
issued by such Issuer which are defined as such under the relevant Issuer Master
Definitions Schedule;

"CLEARING SYSTEM" means any of DTC (with respect to the US Notes) and Euroclear
and Clearstream, Luxembourg (with respect to the Reg S Notes), and any other or
additional organisation of a similar nature as may be approved in writing by the
Note Trustee;

"COMMON DEPOSITARY" means Citibank, N.A. in its capacity as common depositary
for Euroclear or Clearstream, Luxembourg in respect of the Reg S Global Note
Certificates;

"CONDITIONS" or "TERMS AND CONDITIONS" means, in relation to any Current Issuer
Notes, the terms and conditions to be endorsed on such Current Issuer Notes in
the form or substantially in the form scheduled to the Current Issuer Trust
Deed, as any of the same may from time to time be amended, varied or restated in
accordance with the provisions of the Current Issuer Trust Deed, and any
reference to a numbered Condition shall be construed accordingly;

"CONTRACTUAL CURRENCY" has the meaning specified in Clause 13 of the Current
Issuer Trust Deed;

"CURRENT ISSUER" means Granite Mortgages 02-2 plc, a company incorporated with
limited liability under the laws of England and Wales, registered number
4482804;

"CURRENT ISSUER ACCOUNT BANK" means the bank at which the Current Issuer Bank
Accounts are maintained from time to time, being Citibank, N.A., 5 Carmelite
Street, London EC4Y 0PA, or any other Authorised Entity appointed by the Current
Issuer in accordance with the Current Issuer Transaction Documents;

"CURRENT ISSUER AVAILABLE PRINCIPAL RECEIPTS" means:

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

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

      (b)   all Current Issuer Available Revenue Receipts which are to be used
            on that Payment Date to credit any Current Issuer Principal
            Deficiency Sub Ledger,

      Less

      (c)   the aggregate amount of all Current Issuer Principal Receipts to be
            applied on the relevant Payment Date to pay items (A) through (E),
            (G) or (I) of the Current Issuer Pre-Enforcement Revenue Priority of
            Payments; and

(2)   following enforcement of the Current Issuer Security, in respect of any
      Payment Date the sum calculated by or on behalf of the Note Trustee on the
      Distribution Date immediately preceding such Payment Date as the amount to
      be repaid by the Current Issuer under the Current Issuer Intercompany Loan
      during the relevant Interest Period and/or the sum

                                       4

<PAGE>

      otherwise recovered by the Note Trustee (or the Receiver appointed on its
      behalf) representing the Principal Amount Outstanding of the Notes;

"CURRENT ISSUER AVAILABLE REVENUE RECEIPTS" for the Current Issuer in respect of
any Payment Date will be an amount equal to the sum of:

(1)   interest, fees and any other amount (not including principal), if any,
      paid by Funding on the relevant Payment Date under the terms of the
      Current Issuer Intercompany Loan Agreement;

(2)   other net income of the Current Issuer (not otherwise included in (1)
      above or (3) below) including amounts received by the Current Issuer under
      the Current Issuer Swap Agreements on the relevant Payment Date (other
      than any early termination amounts received by the Current Issuer under
      the Current Issuer Swap Agreements);

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

(4)   (only to the extent required after making the relevant calculations set
      out in the Current Issuer Cash Management Agreement), the amount of
      Current Issuer Principal Receipts (if any) which are to be applied on the
      relevant Payment Date to pay items (A) through (E), (G) and/or (I) of the
      Current Issuer Pre-Enforcement Revenue Priority of Payments;

"CURRENT ISSUER BANK ACCOUNT AGREEMENT" means the bank account agreement dated
on or about the Closing Date between the Current Issuer, the Seller, the Current
Issuer Cash Manager, the Current Issuer Account Bank and the Note Trustee;

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

"CURRENT ISSUER BASIS RATE SWAP" means the swap transaction documented under the
Current Issuer Basis Rate Swap Agreement;

"CURRENT ISSUER BASIS RATE SWAP AGREEMENT" means the ISDA Master Agreement,
Schedule and Confirmation thereto each entered into on or about the Closing Date
among the Current Issuer, the Current Issuer Basis Rate Swap Provider and the
Note Trustee, as may be amended, restated, varied or supplemented from time to
time and shall include any additional and/or replacement basis rate swap
agreement entered into by the Current Issuer from time to time in accordance
with the Transaction Documents;

"CURRENT ISSUER BASIS RATE SWAP PROVIDER" means Northern Rock and/or, as
applicable, any other basis rate swap provider appointed from time to time by
the Current Issuer in accordance with the Current Issuer Transaction Documents;

"CURRENT ISSUER CASH MANAGEMENT AGREEMENT" means the cash management agreement
entered into on or about the Closing Date between the Current Issuer Cash
Manager, the Current Issuer and the Note Trustee, as may be amended, restated,
varied or supplemented from time to time and shall include any additional and/or
replacement cash management agreement entered into by the Current Issuer from
time to time in connection with the Current Issuer Notes;

                                       5

<PAGE>

"CURRENT ISSUER CASH MANAGEMENT SERVICES" means the services to be provided to
the Current Issuer and the Note Trustee by the Current Issuer Cash Manager
pursuant to the Current Issuer Cash Management Agreement;

"CURRENT ISSUER CASH MANAGER" means Northern Rock acting pursuant to the Current
Issuer Cash Management Agreement as agent for the Current Issuer and the Note
Trustee in managing all cash transactions and maintaining certain ledgers on
behalf of the Current Issuer;

"CURRENT ISSUER CASH MANAGER TERMINATION EVENT" means any of the events
specified in paragraphs (a) through (c) of Clause 12.1 of the Current Issuer
Cash Management Agreement;

"CURRENT ISSUER CHARGED PROPERTY" means the property, assets and undertakings of
the Current Issuer which from time to time are or are expressed to be mortgaged,
charged, assigned, pledged or otherwise encumbered to, or in favour of, the Note
Trustee for itself and for the Current Issuer Secured Creditors under the
Current Issuer Deed of Charge or any other Current Issuer Transaction Document;

"CURRENT ISSUER CONDITIONS" or "CURRENT ISSUER TERMS AND CONDITIONS" means the
terms and conditions to be endorsed on the Current Issuer Notes, substantially
in the form set out in Schedule 3 to the Current Issuer Trust Deed, as any of
the same may be amended, varied or restated in accordance with the provisions of
the Current Issuer Trust Deed, and any reference to a numbered Condition shall
be construed accordingly;

"CURRENT ISSUER CORPORATE SERVICES AGREEMENT" means the corporate services
agreement entered into on or before the Closing Date between, INTER ALIA, the
Current Issuer Corporate Services Provider, Holdings, the Current Issuer Post
Enforcement Call Option Holder, the Current Issuer and Northern Rock for the
provision by the Current Issuer Corporate Services Provider of certain corporate
services with respect to Holdings, the Current Issuer Post Enforcement Call
Option Holder and the Current Issuer as may be amended, restated, varied or
supplemented from time to time and shall include any additional and/or
replacement corporate services agreement entered into by such parties from time
to time in accordance with the Current Issuer Transaction Documents;

"CURRENT ISSUER CORPORATE SERVICES PROVIDER" means in relation to any of the
Current Issuer, Holdings or the Current Issuer Post Enforcement Call Option
Holder, Law Debenture Corporate Services Limited or such other person or persons
for the time being acting as corporate services provider under the Current
Issuer Corporate Services Agreement;

"CURRENT ISSUER CURRENCY SWAP AGREEMENTS" means the Current Issuer Dollar
Currency Swap Agreements and the Current Issuer Euro Currency Swap Agreements;

"CURRENT ISSUER CURRENCY SWAP PROVIDERS" means the Current Issuer Dollar
Currency Swap Provider and the Current Issuer Euro Currency Swap Provider;

"CURRENT ISSUER CURRENCY SWAPS" means the Current Issuer Dollar Currency Swaps
and the Current Issuer Euro Currency Swaps;

"CURRENT ISSUER DEED OF ACCESSION" means the deed of accession entered into on
or about the Closing Date between Funding, the Security Trustee, the Current
Issuer, the Current Issuer Start-Up Loan Provider and others whereby, among
other things, the Current Issuer and the Current Issuer Start-Up Loan Provider
accede to the provisions of the Funding Deed of Charge;

                                       6

<PAGE>

"CURRENT ISSUER DEED OF CHARGE" means the deed of charge entered into on or
about the Closing Date between the Current Issuer, the Note Trustee, the Current
Issuer Swap Providers, the Current Issuer Corporate Services Provider, the
Current Issuer Account Bank, the Current Issuer Cash Manager, the Principal
Paying Agent and the other Agents appointed pursuant to the Current Issuer
Paying Agent and Agent Bank Agreement as may be amended, restated, varied or
supplemented from time in accordance with the Current Issuer Transaction
Documents;

"CURRENT ISSUER DOLLAR ACCOUNT" means the account of the Current Issuer (account
number 10456837) held with the Current Issuer Account Bank, denominated in U.S.
Dollars and maintained subject to the terms of the Current Issuer Bank Account
Agreement and the Current Issuer Deed of Charge, or any additional or
replacement account denominated in U.S. Dollars as may for the time being be in
place with the prior consent of the Note Trustee;

"CURRENT ISSUER DOLLAR CURRENCY SWAP AGREEMENTS" means the ISDA Master
Agreements, Schedules and Confirmations thereto entered into on or about the
Closing Date among the Current Issuer, the Current Issuer Dollar Currency Swap
Provider and the Note Trustee, as may be amended, restated varied or
supplemented from time to time and shall include any additional and/or
replacement currency swap agreement or agreements entered into by the Current
Issuer from time to time in connection with the Current Issuer Notes;

"CURRENT ISSUER DOLLAR CURRENCY SWAP PROVIDER" means [o] as swap counterparty to
the Current Issuer under the Current Issuer Dollar Currency Swap Agreements;

"CURRENT ISSUER DOLLAR CURRENCY SWAP RATES" means, in relation to the Current
Issuer Notes, the rates at which Dollars are converted to Sterling or, as the
case may be, Sterling is converted to Dollars pursuant to the applicable Current
Issuer Dollar Currency Swap or, if there are no relevant Current Issuer Dollar
Currency Swap Agreements in effect at such time, in relation to such class of
Notes, the "spot" rate at which Dollars are converted to Sterling or, as the
case may be, Sterling is converted to Dollars, on the foreign exchange markets;

"CURRENT ISSUER DOLLAR CURRENCY SWAPS" means, in relation to the Current Issuer,
the Sterling-Dollar currency swap transactions which enable the Current Issuer
to receive and pay amounts under the Current Issuer Intercompany Loan in
Sterling and to receive and pay amounts under the Dollar Notes in Dollars;

"CURRENT ISSUER EURO ACCOUNT" means the account of the Current Issuer (account
number 10456853) held with the Current Issuer Account Bank, denominated in Euro
and maintained subject to the terms of the Current Issuer Bank Account Agreement
and the Current Issuer Deed of Charge, or any additional or replacement account
denominated in Euro as may for the time being be in place with the prior consent
of the Note Trustee;

"CURRENT ISSUER EURO CURRENCY SWAP AGREEMENTS" means the ISDA Master Agreements,
Schedules and Confirmations thereto entered into on or about the Closing Date
among the Current Issuer, the Current Issuer Euro Currency Swap Provider and the
Note Trustee, as may be amended, restated varied or supplemented from time to
time and shall include any additional and/or replacement currency swap agreement
or agreements entered into by the Current Issuer from time to time in connection
with the Current Issuer Notes;

"CURRENT ISSUER EURO CURRENCY SWAP PROVIDER" means [o] as swap counterparty to
the Current Issuer under the Current Issuer Euro Currency Swap Agreements;

                                       7

<PAGE>

"CURRENT ISSUER EURO CURRENCY SWAP RATES" means, in relation to the Current
Issuer Notes, the rates at which Euro is converted to Sterling or, as the case
may be, Sterling is converted to Euro pursuant to the applicable Current Issuer
Euro Currency Swap or, if there are no relevant Current Issuer Euro Currency
Swap Agreements in effect at such time, in relation to such class of Notes, the
"spot" rate at which Euro is converted to Sterling or, as the case may be,
Sterling is converted to Euro, on the foreign exchange markets;

"CURRENT ISSUER EURO CURRENCY SWAPS" means, in relation to the Current Issuer,
the Sterling-Euro currency swap transactions which enable the Current Issuer to
receive and pay amounts under the Current Issuer Intercompany Loan in Sterling
and to receive and pay amounts under the Euro Notes in Euro;

"CURRENT ISSUER EVENT OF DEFAULT" means a Current Issuer Note Event of Default;

"CURRENT ISSUER INCOME DEFICIT" means the amount of the shortfall between
Current Issuer Available Revenue Receipts and the amounts required to pay items
(A) through (E) (inclusive) and (G) and (I) of the Current Issuer
Pre-Enforcement Revenue Priority of Payments;

"CURRENT ISSUER INTERCOMPANY LOAN" means the loan made by the Current Issuer to
Funding on or about the Closing Date pursuant to the Current Issuer Intercompany
Loan Agreement;

"CURRENT ISSUER INTERCOMPANY LOAN AGREEMENT" means together the Current Issuer
Intercompany Loan Confirmation and the Intercompany Loan Terms and Conditions;

"CURRENT ISSUER INTERCOMPANY LOAN CONFIRMATION" means the loan confirmation in
respect of the Current Issuer Intercompany Loan Agreement entered into on or
about the Closing Date and made between Funding, the Current Issuer, the
Security Trustee and the Current Issuer Agent Bank;

"CURRENT ISSUER INTERCOMPANY LOAN EVENT OF DEFAULT" means the occurrence of an
Intercompany Loan Event of Default as specified in the Current Issuer
Intercompany Loan Agreement;

"CURRENT ISSUER JERSEY ENFORCEMENT NOTICE" has the meaning given to it in Clause
7.2 of the Current Issuer Deed of Charge;

"CURRENT ISSUER JERSEY SECURED PROPERTY" means, at any time, the Current Issuer
Charged Property which is situated in Jersey at such time;

"CURRENT ISSUER LEDGERS" means the Current Issuer Revenue Ledger, the Current
Issuer Principal Ledger, the Current Issuer Reserve Fund Ledger, the Current
Issuer Liquidity Reserve Ledger and the Current Issuer Principal Deficiency
Ledger and any other ledger required to be maintained pursuant to the Current
Issuer Cash Management Agreement;

"CURRENT ISSUER LIQUIDITY RESERVE FUND" means the liquidity reserve fund in
Funding's name which Funding will be required to establish pursuant to the
Current Issuer Intercompany Loan Agreement if the long term, unsecured,
unsubordinated and unguaranteed debt obligations of the Seller cease to be rated
at least A3 by Moody's or A- by Fitch (unless Moody's or Fitch, as applicable,
confirms that the then-current ratings of the Notes will not be adversely
affected). The Current Issuer Liquidity Reserve Fund, if any, will be funded to
the relevant Current Issuer Liquidity Reserve Required Amount;

"CURRENT ISSUER LIQUIDITY RESERVE LEDGER" means a ledger maintained by the
Current Issuer Cash Manager in the name of Funding to record the amount credited
to the Current Issuer Liquidity

                                       8

<PAGE>

Reserve Fund held by Funding in respect of the Current Issuer on the Closing
Date, and subsequent withdrawals and deposits in respect of the Current Issuer
Liquidity Reserve Fund;

"CURRENT ISSUER LIQUIDITY RESERVE REQUIRED AMOUNT" means an amount as of any
Payment Date equal to the excess, if any, of 3% of the aggregate outstanding
balance of the Notes on that Payment Date over amounts standing to the credit of
the Current Issuer Reserve Fund on that Payment Date;

"CURRENT ISSUER MASTER DEFINITIONS SCHEDULE" means this master definitions
schedule relating to the Current Issuer and the Current Issuer Transaction
Documents signed for the purposes of identification by Sidley Austin Brown &
Wood and Allen & Overy on or about the Closing Date, as the same may be amended,
restated and supplemented from time to time;

"CURRENT ISSUER NEW FUNDING SECURED CREDITORS" means the Current Issuer Start-Up
Loan Provider and the Current Issuer;

"CURRENT ISSUER NOTE DETERMINATION DATE" means the Distribution Date immediately
preceding each Payment Date;

"CURRENT ISSUER NOTE ENFORCEMENT NOTICE" means a notice issued by the Note
Trustee to the Current Issuer and the Security Trustee declaring any of the
Current Issuer Notes to be due and repayable pursuant to Condition 9 of the
Current Issuer Notes;

"CURRENT ISSUER NOTE EVENT OF DEFAULT" means the occurrence of an event of
default by the Current Issuer as specified in Condition 9 of the Current Issuer
Notes;

"CURRENT ISSUER NOTES" means the US Notes and Reg S Notes issued by the Current
Issuer or any of them as the context may require;

"CURRENT ISSUER PAYING AGENT AND AGENT BANK AGREEMENT" means the paying agent
and agent bank agreement to be entered into on or about the Closing Date
between, INTER ALIOS, the Current Issuer, the Note Trustee, the Principal Paying
Agent, the US Paying Agent and the other Agents and any other agreement for the
time being in force appointing successor agents and shall include any additional
and/or replacement paying agent and agent bank agreement entered into by the
Current Issuer from time to time in accordance with the Transaction Documents;

"CURRENT ISSUER POST-ENFORCEMENT CALL OPTION AGREEMENT" means the
post-enforcement call option agreement to be entered into on or about the
Closing Date between the Current Issuer, the Current Issuer Post-Enforcement
Call Option Holder and the Note Trustee;

CURRENT ISSUER POST-ENFORCEMENT CALL OPTION HOLDER" means GPCH Limited, a
company incorporated with limited liability under the laws of England and Wales,
registered number 4128437, or such other person or persons for the time being
acting as post-enforcement call option holder under the Current Issuer
Post-Enforcement Call Option Agreement;

"CURRENT ISSUER POST-ENFORCEMENT PRIORITY OF PAYMENTS" means the order of
priority of payments in which Current Issuer Available Revenue Receipts, Current
Issuer Available Principal Receipts and all other monies and proceeds received
or recovered by or on behalf of the Current Issuer or the Note Trustee or any
Receiver will be applied following enforcement of the Current Issuer Security
and as set out in Schedule 2 to the Current Issuer Deed of Charge (as the same
may be amended or varied from time to time in accordance with the Current Issuer
Transaction Documents);

"CURRENT ISSUER POST-LIQUIDITY PAYMENTS" means the payments set out in items (H)
through (J) under the Current Issuer Pre-Enforcement Revenue Priority of
Payments (or the relevant payments in

                                       9

<PAGE>

the equivalent items under such other Current Issuer Priority of Payments as may
apply on that Payment Date);

"CURRENT ISSUER POST-RESERVE PAYMENTS" means the payments set out in item (M)
under the Current Issuer Pre-Enforcement Revenue Priority of Payments (or the
relevant payments in the equivalent items under such other Current Issuer
Priority of Payments as may apply on that Payment Date);

"CURRENT ISSUER POST START-UP PAYMENTS" means the payments set out in items (N)
and (O) under the Current Issuer Pre-Enforcement Revenue Priority of Payments
(or the relevant payments in the equivalent items under such other Current
Issuer Priority of Payments as may apply on that Payment Date);

"CURRENT ISSUER POTENTIAL NOTE EVENT OF DEFAULT" means any condition, event or
act which with the lapse of time and/or the giving of any notice and/or
determination of materiality and/or fulfilment of any similar condition would
constitute a Current Issuer Note Event of Default;

"CURRENT ISSUER PRE-ENFORCEMENT PRINCIPAL PRIORITY OF PAYMENTS" means the order
of priority of payments in which the Current Issuer Available Principal Receipts
will be applied until enforcement of the Current Issuer Security as set out in
Schedule 2 to the Current Issuer Cash Management Agreement (as the same may be
amended or varied from time to time in accordance with the Current Issuer
Transaction Documents);

"CURRENT ISSUER PRE-ENFORCEMENT PRIORITY OF PAYMENTS" means, as applicable, any
of the Current Issuer Pre-Enforcement Revenue Priority of Payments or the
Current Issuer Pre-Enforcement Principal Priority of Payments;

"CURRENT ISSUER PRE-ENFORCEMENT REVENUE PRIORITY OF PAYMENTS" means the order of
priority of payments in which the Current Issuer Available Revenue Receipts will
be applied until enforcement of the Current Issuer Security as set out in
Schedule 2 to the Current Issuer Cash Management Agreement (as the same may be
amended or varied from time to time in accordance with the Current Issuer
Transaction Documents);

"CURRENT ISSUER PRE-LIQUIDITY PAYMENTS" means the payments set out in items (A)
through (G) under the Current Issuer Pre-Enforcement Revenue Priority of
Payments (or the relevant payments in the equivalent items under such other
Current Issuer Priority of Payments as may apply on that Payment Date);

"CURRENT ISSUER PRE-RESERVE PAYMENTS" means the payments set out in items (K)
and (L) under the Current Issuer Pre-Enforcement Revenue Priority of Payments
(or the relevant payments in the equivalent items under such other Current
Issuer Priority of Payments as may apply on that Payment Date);

"CURRENT ISSUER PRINCIPAL DEFICIENCY LEDGER" means the ledger maintained by the
Current Issuer Cash Manager in the name of the Current Issuer which will be
established on the Closing Date and will be sub-divided into sub ledgers
corresponding to the Class A Notes, the Class B Notes and the Class C Notes in
order to record Losses on Mortgage Loans allocated to the Current Issuer
Intercompany Loan which are to be applied to such Current Issuer Notes, the
application of Current Issuer Available Principal Receipts in paying interest on
such Current Issuer Notes and certain amounts ranking in priority thereto in
accordance with the Current Issuer Pre-Enforcement Revenue Priority of Payments
and the application by Funding of Issuer Allocable Principal Receipts of the
Current Issuer to fund or replenish the Current Issuer Liquidity Reserve Fund
(if any);

                                       10

<PAGE>

"CURRENT ISSUER PRINCIPAL DEFICIENCY SUB LEDGER" means any of the Class A
Principal Deficiency Sub Ledger, the Class B Principal Deficiency Sub Ledger or
the Class C Principal Deficiency Sub Ledger;

"CURRENT ISSUER PRINCIPAL LEDGER" means the ledger maintained by the Current
Issuer Cash Manager pursuant to the Current Issuer Cash Management Agreement to
record the Current Issuer Principal Receipts standing to the credit of each of
the Current Issuer Transaction Accounts from time to time;

"CURRENT ISSUER PRINCIPAL PAYMENTS" means the payments set forth in items (A)
through (E) under the Current Issuer Pre-Enforcement Principal Priority of
Payments (or the relevant payments set forth in the equivalent items in such
other Current Issuer Priority of Payments as may apply on that Payment Date);

"CURRENT ISSUER PRINCIPAL RECEIPTS" means on any Payment Date principal amounts
repaid by Funding in respect of the Current Issuer Intercompany Loan on such
Payment Date;

"CURRENT ISSUER PRIORITY OF PAYMENTS" means, as applicable, any of the Current
Issuer Pre-Enforcement Revenue Priority of Payments, the Current Issuer
Pre-Enforcement Principal Priority of Payments or the Current Issuer
Post-Enforcement Priority of Payments;

"CURRENT ISSUER RESERVE FUND" means the reserve fund established in the name of
Funding in respect of the Current Issuer as required under the terms of the
Current Issuer Intercompany Loan on the Closing Date in an amount up to the
Current Issuer Reserve Required Amount;

"CURRENT ISSUER RESERVE FUND LEDGER" means a ledger maintained by the Current
Issuer Cash Manager in the name of Funding to record the amount credited to the
Current Issuer Reserve Fund held by Funding in respect of the Current Issuer on
the Closing Date, and subsequent withdrawals and deposits in respect of the
Current Issuer Reserve Fund;

"CURRENT ISSUER RESERVE REQUIRED AMOUNT" means an amount equal to (pound)[o];

"CURRENT ISSUER RESERVE REQUIREMENT" means the Current Issuer Reserve
Requirement as the same relates to the Current Issuer and the Current Issuer
Reserve Fund;

"CURRENT ISSUER REVENUE LEDGER" means the ledger maintained by the Current
Issuer Cash Manager pursuant to the Current Issuer Cash Management Agreement to
record the Current Issuer Revenue Receipts standing to the credit of the Current
Issuer Transaction Accounts from time to time;

"CURRENT ISSUER REVENUE RECEIPTS" means for the Current Issuer in respect of any
Payment Date an amount equal to the sum of:

(1)   interest, fees and any other amount (not including principal), if any,
      paid by Funding on such Payment Date under the terms of the Current Issuer
      Intercompany Loan Agreement;

(2)   other net income of the Current Issuer (not otherwise included in (1)
      above or (3) below) including amounts received by the Current Issuer under
      the Current Issuer Swap Agreements on the such Payment Date (other than
      any early termination amounts received by the Current Issuer under the
      Current Issuer Swap Agreements);

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

                                       11

<PAGE>

(in each case for the avoidance of doubt not including amounts received in
respect of principal);

"CURRENT ISSUER SECURED CREDITORS" means the Note Trustee (and any Receiver
appointed pursuant to the Current Issuer Deed of Charge), the Current Issuer
Swap Providers, the Current Issuer Corporate Services Provider, the Current
Issuer Account Bank, the Current Issuer Cash Manager, the Paying Agents, the
Agent Bank, the Registrar, the Transfer Agent and the Noteholders;

"CURRENT ISSUER SECURED OBLIGATIONS" means any and all of the monies,
obligations and liabilities which the Current Issuer covenants to pay or
discharge under or pursuant to Clause 2 of the Current Issuer Deed of Charge and
all other amounts owed by it to the Current Issuer Secured Creditors under and
pursuant to the Current Issuer Transaction Documents;

"CURRENT ISSUER SECURITY" means the security granted by the Current Issuer under
or pursuant to the Current Issuer Deed of Charge in favour of the Note Trustee
for the benefit of the Current Issuer Secured Creditors;

"CURRENT ISSUER START-UP LOAN" means the start-up loan that the Current Issuer
Start-up Loan Provider shall make available to Funding pursuant to the Current
Issuer Start-up Loan Agreement;

"CURRENT ISSUER START-UP LOAN AGREEMENT" means the agreement entered into on or
about the Closing Date between Funding, the Current Issuer Start-up Loan
Provider and the Security Trustee relating to the provision of the Current
Issuer Start-up Loan to Funding as may be amended, restated, varied or
supplemented from time to time and shall include any additional and/or
replacement start-up loan agreement entered into by such parties in accordance
with the Current Issuer Transaction Documents;

"CURRENT ISSUER START-UP LOAN PROVIDER" means Northern Rock, in its capacity as
provider of the Current Issuer Start-up Loan and/or such other person or persons
for the time being the lender under the Current Issuer Start-up Loan Agreement;

"CURRENT ISSUER STERLING ACCOUNT" means the account of the Current Issuer (sort
code 18-50-08, account number 10456845) held with the Current Issuer Account
Bank, denominated in Sterling and maintained subject to the terms of the Current
Issuer Bank Account Agreement and the Current Issuer Deed of Charge, or any
additional or replacement account denominated in Sterling as may for the time
being be in place with the prior consent of the Note Trustee;

"CURRENT ISSUER SUBSCRIPTION AGREEMENT" means with respect to the Current Issuer
Notes, the subscription agreement relating to the sale of the Reg S Notes, dated
[o] 2002 between the Current Issuer, Funding, the Mortgages Trustee, Salomon
Brothers International Limited, J.P. Morgan Securities Ltd and the other
Managers;

"CURRENT ISSUER SWAP AGREEMENTS" means the Current Issuer Basis Rate Swap
Agreement, the Current Issuer Dollar Currency Swap Agreements and the Current
Issuer Euro Currency Swap Agreements and "CURRENT ISSUER SWAP AGREEMENT" means
any one of them;

"CURRENT ISSUER SWAP PROVIDERS" means the Current Issuer Basis Rate Swap
Provider, the Current Issuer Dollar Currency Swap Provider and the Current
Issuer Euro Currency Swap Provider and "CURRENT ISSUER SWAP PROVIDER" means any
one of them;

"CURRENT ISSUER TRANSACTION ACCOUNTS" means the day to day bank accounts of the
Current Issuer, held with the Current Issuer Account Bank and comprising the
Current Issuer Euro Account, the Current Issuer Sterling Account and the Current
Issuer Dollar Account as at the Closing Date, or any

                                       12

<PAGE>

other account of the Current Issuer that may be opened, with the prior approval
of the Note Trustee, after the Closing Date, and maintained subject to the terms
of the Current Issuer Bank Account Agreement and the Current Issuer Deed of
Charge;

"CURRENT ISSUER TRANSACTION DOCUMENT" means any of the following documents:

(a)   the Current Issuer Subscription Agreement;

(b)   the Current Issuer Underwriting Agreement;

(c)   the Current Issuer Intercompany Loan Agreement;

(d)   the Current Issuer Deed of Charge;

(e)   the Current Issuer Deed of Accession;

(f)   the Current Issuer Basis Rate Swap Agreement;

(g)   the Current Issuer Dollar Currency Swap Agreements;

(h)   the Current Issuer Euro Currency Swap Agreements;

(i)   the Current Issuer Trust Deed;

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

(k)   the Current Issuer Cash Management Agreement;

(l)   the Current Issuer Post-Enforcement Call Option Agreement;

(m)   the Current Issuer Bank Account Agreement;

(n)   the Current Issuer Notes;

(o)   the Current Issuer Corporate Services Agreement

(p)   the Current Issuer Start-up Loan Agreement; and

(q)   each other document entered into or to be entered into by the Current
      Issuer pursuant to or in connection with any of the above documents
      (including any agreement entered into by the Current Issuer as a
      replacement of any of the above agreements upon the termination thereof);

"CURRENT ISSUER TRUST DEED" means the trust deed entered into on or about the
Closing Date between the Current Issuer and the Note Trustee constituting the
Current Issuer Notes;

"CURRENT ISSUER UNDERWRITING AGREEMENT" means in relation to the Current Issuer
Notes, the underwriting agreement relating to the sale of the US Notes, dated
[o] 2002, among the Current Issuer, Funding, the Mortgages Trustee, Salomon
Smith Barney Inc, J.P. Morgan Securities Inc. and the other Underwriters;

"CUT-OFF DATE" means 31 July 2002;

"CUT-OFF DATE MORTGAGE PORTFOLIO" means as of the Cut-Off Date, the Existing
Mortgage Portfolio combined with the Additional Mortgage Portfolio;

"DEFERRED INTEREST" in relation to the Current Issuer Notes has the meaning
given to it under Condition 4 of the Current Issuer Notes;

"DESIGNATED SUBSIDIARY" means a designated subsidiary of the Current Issuer
Post-Enforcement Call Option Holder, to be designated by notice from the Current
Issuer Post-Enforcement Call Option

                                       13

<PAGE>

Holder to the Note Trustee at the discretion of the Current Issuer
Post-Enforcement Call Option Holder;

"DETERMINATION DATE" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

"DETERMINATION PERIOD" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

"DISTRIBUTION COMPLIANCE PERIOD" means, in relation to the Current Issuer Notes,
40 days after the later of the commencement of the offering of the Current
Issuer Notes and the Closing Date;

"DOLLAR CURRENCY SWAP AGREEMENTS" means, in relation to the Current Issuer, the
Current Issuer Dollar Currency Swap Agreements and for any other Issuer, the
ISDA Master Agreements, Schedule and Confirmation(s) thereto entered into among
such Issuer, the related Dollar Currency Swap Provider and the Note Trustee, as
may be amended, restated, varied or supplemented from time to time and shall
include any additional and/or replacement dollar currency swap agreements
entered into by such Issuer from time to time in connection with the Notes
issued by such Issuer;

"DOLLAR CURRENCY SWAP PROVIDER" means, in relation to the Current Issuer, the
Current Issuer Dollar Currency Swap Provider and for any other Issuer, the
Dollar Currency Swap Provider for such Issuer appointed from time to time in
accordance with the relevant Issuer Transaction Documents;

"DOLLAR CURRENCY SWAP PROVIDER DEFAULT" means, in relation to the Current
Issuer, the occurrence of an Event of Default (as defined in the Current Issuer
Dollar Currency Swap Agreements) under the Current Issuer Dollar Currency Swap
Agreements where the Current Issuer Dollar Currency Swap Provider is the
Defaulting Party (as defined in the Current Issuer Dollar Currency Swap
Agreements);

"DOLLAR CURRENCY SWAP RATES" means, in relation to the Current Issuer, the
Current Issuer Dollar Currency Swap Rates;

"DOLLAR CURRENCY SWAPS" means, in relation to the Current Issuer, the Current
Issuer Dollar Currency Swaps and for any other Issuer, the swap transaction(s)
documented under the Dollar Currency Swap Agreements for such Issuer;

"DOLLAR INTEREST DETERMINATION DATE" means two London Business Days before the
first day of the Interest Period for which the rate will apply;

"DOLLAR NOTES" means, in relation to the Current Issuer, the Series 1 Notes and,
in relation to any other Issuer, the Notes issued by such Issuer in U.S.
Dollars;

"DOWNGRADE TERMINATION EVENT" has the meaning given to it in the Current Issuer
Swap Agreements;

"DRAWDOWN DATE" means, in respect of the Current Issuer Intercompany Loan, the
Closing Date and, in respect of an Intercompany Loan made by any other Issuer,
the date on which the relevant Intercompany Loan was made to Funding by such
Issuer;

"DTC CUSTODIAN" means Citibank, N.A. in its capacity as custodian for DTC in
respect of the Dollar Global Note Certificates;

"EURO CURRENCY SWAP AGREEMENTS" means, in relation to the Current Issuer, the
Current Issuer Euro Currency Swap Agreements and for any other Issuer, the ISDA
Master Agreements, Schedule and Confirmation(s) thereto entered into among such
Issuer, the related Euro Currency Swap Provider

                                       14

<PAGE>

and the Note Trustee, as may be amended, restated, varied or supplemented from
time to time and shall include any additional and/or replacement euro currency
swap agreements entered into by such Issuer from time to time in connection with
the Notes issued by such Issuer;

"EURO CURRENCY SWAP PROVIDER" means, in relation to the Current Issuer, the
Current Issuer Euro Currency Swap Provider and for any other Issuer, the Euro
Currency Swap Provider for such Issuer appointed from time to time in accordance
with the relevant Issuer Transaction Documents;

"EURO CURRENCY SWAP PROVIDER DEFAULT" means the occurrence of an Event of
Default (as defined in the Current Issuer Euro Currency Swap Agreements) under
the Current Issuer Euro Currency Swap Agreements where the Current Issuer Euro
Currency Swap Provider is the Defaulting Party (as defined in the Current Issuer
Euro Currency Swap Agreements);

"EURO CURRENCY SWAP RATE" means, in relation to the Current Issuer, the Current
Issuer Euro Currency Swap Rate;

"EURO CURRENCY SWAPS" means, in relation to the Current Issuer, the Current
Issuer Euro Currency Swaps and for any other Issuer, the swap transaction(s)
documented under the Euro Currency Swap Agreements for such Issuer;

"EURO INTEREST DETERMINATION DATE" means two TARGET Business Days before the
first day of the Interest Period for which the rate will apply;

"EURO NOTES" means in relation to the Current Issuer, the Series 2 Notes and, in
relation to any other Issuer, the Notes issued by such Issuer in Euro;

"EVENT OF DEFAULT" means, as the context requires, any of the following:

(a)   in relation to the Current Issuer Notes, a Current Issuer Note Event of
      Default;

(b)   in relation to Previous Issuer Notes issued by a Previous Issuer, a Note
      Event of Default pursuant to the Terms and Conditions of such Previous
      Issuer Notes;

(c)   in relation to the New Notes issued by any New Issuer, a Note Event of
      Default pursuant to the Terms and Conditions of such New Notes;

(d)   in relation to the Current Issuer Intercompany Loan Agreement, a Current
      Issuer Intercompany Loan Event of Default;

(e)   in relation to the Previous Issuer Intercompany Loan Agreements, the
      occurrence of an event of default pursuant to the Intercompany Loan Terms
      and Conditions of the such Previous Issuer;

(f)   in relation to any New Intercompany Loan Agreement, the occurrence of an
      event of default pursuant to the Intercompany Loan Terms and Conditions of
      such New Issuer;

"EXCHANGE DATE" has the meaning specified in each form of Global Note
Certificate attached as Schedule 1 to the Current Issuer Trust Deed;

"EXISTING MORTGAGE LOANS" means the Mortgage Loans in the Existing Mortgage
Portfolio;

"EXISTING MORTGAGE PORTFOLIO" means the portfolio of Initial Mortgage Loans and
Further Mortgage Loans as it is constituted as of any date of determination
prior to the Closing Date, taking account of,

                                       15

<PAGE>

among other things, amortization of Mortgage Loans in that portfolio and the
addition and/or removal of any Mortgage Loans to or from that portfolio since 26
March 2001;

"EXTRAORDINARY RESOLUTION" in relation to the Current Issuer Notes has the
meaning set out in Schedule 4 to the Current Issuer Trust Deed;

"FINAL MATURITY DATE" means, in respect of the Series 1 Class A1 Notes, the
Payment Date falling in January 2017 and in respect of any other Current Issuer
Notes, the Payment Date falling in January 2043;

"FINAL REPAYMENT DATE" means, in respect of the Current Issuer Intercompany
Loan, the Payment Date falling in April 2042 and in relation to any other
Intercompany Loan the date specified under the relevant Issuer Transaction
Documents;

"FINANCIAL YEAR" means, in relation to the Current Issuer, Holdings, the
Mortgages Trustee, Funding and the Current Issuer Post Enforcement Call Option
Holder, each twelve month period ending on the last day of the calendar year;

"FIXED RATE RATIO" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"FIXED RATE SPREAD" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"FLEXIBLE RATIO" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"FLEXIBLE SPREAD" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"FLEXIBLE SWAP RATE" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

"FORM OF PROXY" has the meaning specified in Schedule 4 to the Current Issuer
Trust Deed;

"FUNDING (CURRENT ISSUER) BANK ACCOUNT AGREEMENT" means the agreement entered
into on the Closing Date among the Account Bank, Funding and others which
governs the operation of the Funding (Current Issuer) GIC Account;

"FUNDING (CURRENT ISSUER) GUARANTEED INVESTMENT CONTRACT" means the guaranteed
investment contract entered into with respect to the Current Issuer among
Funding, the Funding GIC Provider and others under which the Funding GIC
Provider agrees to pay Funding a guaranteed rate of interest on the balance from
time to time of the Funding (Current Issuer) GIC Account;

"FUNDING (CURRENT ISSUER) GIC ACCOUNT" means the account in the name of Funding
into which will be deposited amounts in respect of the related Current Issuer
Reserve Fund and the Current Issuer Liquidity Reserve Fund, if any, established
for the benefit of the Current Issuer, which account is held at the Account Bank
and maintained subject to the terms of the related Funding (Current Issuer)
Guaranteed Investment Contract, the related Funding (Current Issuer) Bank
Account Agreement and the Funding Deed of Charge, or any additional or
replacement account as may for the time being be in place with the prior consent
of the Security Trustee;

"FURTHER MORTGAGE LOANS" means any Mortgage Loan which was assigned by the
Seller to the Mortgages Trustee on 28 September 2001 under the terms of the
Mortgage Sale Agreement and referenced by its Mortgage Loan identifier number
and comprising the aggregate of all principal sums, interest, costs, charges,
expenses and other monies (including all Further Advances) due or owing with
respect to that Mortgage Loan under the relevant Mortgage Conditions by a
Borrower on

                                       16

<PAGE>

the security of a Mortgage from time to time outstanding or, as the context may
require, the Borrower's obligations in respect of the same;

"GLOBAL NOTE CERTIFICATES" means the note certificates in global form issued in
respect of the Current Issuer Notes, initially in the form of the US Global Note
Certificates and the Reg S Global Note Certificates or any of them and "GLOBAL
NOTE CERTIFICATE" means any one of them;

"HOLDER" or "HOLDER" means, in relation to the Current Issuer Notes, the person
in whose name a Current Issuer Note, for the time being is registered in the
Register (or in the case of joint holders, the first named thereof);

"INDIVIDUAL NOTE CERTIFICATES" means the note certificates representing the
Current Issuer Notes in definitive form;

"INITIAL RELEVANT SCREEN RATE" has the meaning specified in Condition 4(C) of
the Current Issuer Notes;

"INSOLVENCY EVENT" in respect of the Seller, the Administrator, the Cash Manager
or the Current Issuer Cash Manager (each, for the purposes of this definition, a
"RELEVANT ENTITY") means:

(a)   an order is made or an effective resolution passed for the winding up of
      the Relevant Entity (except, in any such case, a winding-up or dissolution
      for the purpose of a reconstruction or amalgamation the terms of which
      have been previously approved by the Security Trustee);

(b)   the Relevant Entity ceases or threatens to cease to carry on its business
      or stops payment or threatens to stop payment of its debts or is deemed
      unable to pay its debts within the meaning of section 123(a), (b), (c) or
      (d) of the Insolvency Act 1986 (as amended, modified or re-enacted) or
      becomes unable to pay its debts as they fall due or the value of its
      assets falls to less than the amounts of its liabilities (taking into
      account, for both these purposes, contingent and prospective liabilities)
      or otherwise becomes insolvent;

(c)   proceedings are initiated against the Relevant Entity under any applicable
      liquidation, administration, reorganisation (other than a reorganisation
      where the Relevant Entity is solvent) or other similar laws, save where
      such proceedings are being contested in good faith; or an administrative
      or other receiver, administrator or other similar official is appointed in
      relation to the whole or any substantial part of the undertaking or assets
      of the Relevant Entity; or a distress, execution or diligence or other
      process is enforced upon the whole or any substantial part of the
      undertaking or assets of the Relevant Entity and in any of the foregoing
      cases it is not discharged within 30 London Business Days; or if the
      Relevant Entity initiates or consents to judicial proceedings relating to
      itself under any applicable liquidation, administration, insolvency,
      reorganisation or other similar laws or makes a conveyance or assignment
      for the benefit of its creditors generally;

and in respect of the Current Issuer and Funding (for the purposes of this
definition, a "RELEVANT ENTITY"), means:

(a)   except for the purposes of an amalgamation or restructuring as described
      in sub-clause (b) below, the Relevant Entity ceases or threatens to cease
      to carry on all or a substantial part of its business or the Relevant
      Entity is deemed unable to pay its debts within the meaning of section
      123(1)(a), (b), (c) or (d) of the Insolvency Act 1986 (as amended,
      modified or re-enacted) or becomes unable to pay its debts within the
      meaning of section 123(2) of the Insolvency Act 1986 (as amended, modified
      or re-enacted); or

                                       17

<PAGE>

(b)   an order is made or an effective resolution is passed for the winding up
      of the Relevant Entity (except for the purposes of or pursuant to an
      amalgamation, restructuring or merger previously approved by the Note
      Trustee or the Security Trustee, as the case may be (or as approved in
      writing by an Extraordinary Resolution (as defined in the Current Issuer
      Trust Deed) of the Class A Noteholders); or

(c)   proceedings are otherwise initiated against the Relevant Entity under any
      applicable liquidation, insolvency, composition, reorganisation or other
      similar laws (including, but not limited to, presentation of a petition
      for an administration order) and (except in the case of presentation of a
      petition for an administration order) such proceedings are not, in the
      opinion of the Note Trustee or the Security Trustee (as the case may be),
      being disputed in good faith with a reasonable prospect of success; or an
      administration order being granted or an administrative receiver or other
      receiver, liquidator or other similar official being appointed in relation
      to the Relevant Entity or in relation to the whole or any substantial part
      of the undertaking or assets of the Relevant Entity; or an encumbrancer
      taking possession of the whole or any substantial part of the undertaking
      or assets of the Relevant Entity, or a distress, execution, diligence or
      other process being levied or enforced upon or sued out against the whole
      or any substantial part of the undertaking or assets of the Relevant
      Entity and such possession or process (as the case may be) not being
      discharged or not otherwise ceasing to apply within 30 days; or the
      Relevant Entity initiating or consenting to judicial proceedings relating
      to itself under applicable liquidation, insolvency, composition,
      reorganisation or other similar laws or making a conveyance or assignment
      for the benefit of its creditors generally;

"INTEREST AMOUNTS" has the meaning given to it under Condition 4(d) of the
Current Issuer Notes;

"INTEREST DETERMINATION DATE" means, in relation to the Current Issuer Notes:

(a)   in respect of the US Notes, the date which is two London Business Days
      before the first day of the Interest Period for which the relevant
      interest rate will apply;

(b)   in respect of the Sterling Notes, in respect of the first interest period,
      the Closing Date, and in respect of subsequent Interest Periods, the first
      day of the Interest Period for which the relevant interest rate will
      apply; and

(c)   in respect of the Euro Notes, the date which is two TARGET Business Days
      before the first day of the Interest Period for which the relevant
      interest rate will apply;

"INTEREST PERIOD" means in relation to the Current Issuer Notes the period from
(and including) a Payment Date (or in respect of the first Interest Period, the
Closing Date) to (but excluding) the next following (or first) Payment Date;

"ISSUER AMOUNT" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"JERSEY SECURED PROPERTY" means, as the context requires, the Current Issuer
Jersey Secured Property or the Funding Jersey Secured Property;

"JERSEY SECURITY INTEREST" means a Security Interest created in accordance with
Jersey law pursuant to any relevant Transaction Document;

"JUNIOR NOTEHOLDERS" means the holders for the time being of the Class C Notes;

"JUNIOR NOTES" means, in relation to the Current Issuer, the Class C Notes;

"LEAD MANAGERS" means, in relation to the Current Issuer Notes (1) in respect of
the US Notes, Salomon Smith Barney Inc. and J.P. Morgan Securities Inc. and (2)
in respect of the Reg S Notes, Salomon Brothers International Limited and J.P.
Morgan Securities Ltd;

                                       18

<PAGE>

"MANAGERS" means, in relation to the Reg S Notes issued by the Current Issuer,
Salomon Brothers International Limited, J.P. Morgan Securities Ltd, Barclays
Bank PLC, Bank Brussels Lambert NV, Deutsche Bank AG London and UBS Warburg,
London Branch;

"MASTER DEFINITIONS SCHEDULE" means the master definitions schedule signed for
the purposes of identification by Brown & Wood and Clifford Chance Limited
Liability Partnership on or about 26 March 2001, as has been and may be amended,
restated, varied or supplemented from time to time, which is a schedule of the
definitions used in the Transaction Documents;

"MEZZANINE NOTEHOLDERS" means the holders for the time being of the Class B
Notes;

"MEZZANINE NOTES" means, in relation to the Current Issuer, the Class B Notes;

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

"NOTE DETERMINATION DATE" means, in relation to the Current Issuer Notes, the
Current Issuer Note Determination Date, in relation to Notes issued by any other
Issuer, the Distribution Date immediately preceding the relevant Payment Date;

"NOTE ENFORCEMENT NOTICE" means, in relation to the Current Issuer, the Current
Issuer Note Enforcement Notice and in relation to any other Issuer, a notice
issued by the Note Trustee to such Issuer and the Security Trustee on the
occurrence of a Note Event of Default, declaring the Notes issued by that Issuer
or any class of such Notes to be due and repayable pursuant to the Conditions of
such Notes;

"NOTE EVENT OF DEFAULT" means, in relation to the Current Issuer, a Current
Issuer Note Event of Default and, in relation to any other Issuer, the
occurrence of an event of default by such Issuer as specified in the relevant
Conditions of the Notes issued by such Issuer;

"NOTEHOLDERS" means, in relation to the Current Issuer Notes, the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders or any of them,
in relation to Notes issued by any other Issuer, the holders for the time being
of such Notes;

"NOTES" means, in relation to the Current Issuer, the Current Issuer Notes and,
in relation to any other Issuer, the notes issued by such Issuer;

"NOTICE" means, in respect of notice being given to the Noteholders, a notice
duly given in accordance with, in the case of the Current Issuer Notes,
Condition 14 of the Current Issuer Notes and, in the case of Notes issued by any
other Issuer, the relevant equivalent Condition of such Notes;

"OFFERING CIRCULAR" means, in relation to the Current Issuer Notes, the offering
circular dated [o] 2002 relating to the issue of the Reg S Notes and, in
relation to Notes issued by any other Issuer, the offering circular relating to
the Reg S Notes issued by such Issuer including, in each case, the Prospectus
attached thereto;

"OFFICERS' CERTIFICATE" means with respect to any Person, a certificate signed
by any director or equivalent officer of such Person. Each such certificate
shall include the statements provided for in Clause 16 of the Current Issuer
Trust Deed if and to the extent required by the provisions thereof;

"OPINION OF COUNSEL" means an opinion in writing signed by legal counsel who
shall be acceptable to the Note Trustee and who may be counsel to the Current
Issuer or to an affiliate of the Current Issuer or to such other party as the
Note Trustee may from time to time agree. Each such opinion

                                       19

<PAGE>

shall include the statements provided for in Clause 16 of the Current Issuer
Trust Deed if and to the extent required by the provisions hereof;

"PAYING AGENT AND AGENT BANK AGREEMENT" means, in relation to the Current
Issuer, the Current Issuer Paying Agent and Agent Bank Agreement, in relation to
any other Issuer, the Paying Agent and Agent Bank Agreement with respect to such
Issuer as defined in the Issuer Master Definitions Schedule relating to such
Issuer;

"PAYING AGENTS" means the Principal Paying Agent and the US Paying Agent
initially appointed as paying agents pursuant to the Current Issuer Paying and
Agent Bank Agreement or, if applicable, any successor paying agents;

"PAYMENT DATE" means, in relation to the Current Issuer Notes the twentieth day
of January, April, July and October in each year, beginning in January 2003 or
if such day is not a Business Day, the next succeeding Business Day;

"POOL FACTOR" has the meaning specified in Condition 5(C) of the Current Issuer
Notes;

"POTENTIAL CURRENT ISSUER EVENT OF DEFAULT" has the same meaning as "POTENTIAL
NOTE EVENT OF DEFAULT";

"PRELIMINARY OFFERING CIRCULAR" means, in relation to the Current Issuer Notes,
the preliminary offering circular dated [o] 2002 relating to the Reg S Notes
and, in relation to Notes issued by any other Issuer, the preliminary offering
circular relating to the Reg S Notes issued by such Issuer including, in each
case, the Preliminary Prospectus attached thereto;

"PRELIMINARY PROSPECTUS" means, in relation to the Current Issuer Notes, the
preliminary prospectus dated [o] 2002 relating to the US Notes and, in relation
to Notes issued by any other Issuer, the preliminary prospectus relating to the
US Notes issued by such Issuer;

"PRINCIPAL AMOUNT OUTSTANDING" in relation to the Current Issuer Notes, has the
meaning set out in Condition 5(C) of the Current Issuer Notes and, in relation
to Notes issued by any other Issuer, has the meaning set out in the Conditions
of such Notes;

"PRINCIPAL PAYING AGENT" means in relation to the Current Issuer Notes,
Citibank, N.A., whose principal office is 5 Carmelite Street, London EC4Y 0PA,
in its capacity as principal paying agent at its specified office initially
appointed as a principal paying agent pursuant to the Current Issuer Principal
Paying and Agent Bank Agreement or, if applicable, any successor principal
paying agent at its specified office;

"PROSPECTUS" means, in relation to the Current Issuer Notes, the prospectus
dated [o] 2002 relating to the US Notes and, in relation to Notes issued by any
other Issuer, the prospectus relating to the US Notes issued by such Issuer;

"PROXY" has the meaning specified in Schedule 4 to the Current Issuer Trust
Deed;

"RATE OF INTEREST" in relation to the Current Issuer Notes, has the meaning
given in Condition 4 of the Current Issuer Notes and, in relation to Notes
issued by any other Issuer, has the meaning set out in the Conditions of such
Notes;

"RATING AGENCIES" means S&P, Moody's and Fitch, and "RATING AGENCY" means any of
them;

                                       20

<PAGE>

"REASONABLE PRUDENT MORTGAGE LENDER" or "REASONABLE PRUDENT MORTGAGE LENDER"
means a reasonably prudent prime residential mortgage lender lending to
Borrowers in England and Wales who generally satisfy the lending criteria of
traditional sources of residential mortgage capital;

"RECORD DATE" means the fifteenth day before the due date for any payment on the
Notes;

"REFERENCE BANKS" means the principal London office of each of Citibank N.A.,
ABN AMRO Bank N.V., Barclays Bank plc and JP Morgan Chase Bank or any bank that
replaces such bank;

"REFERENCE LENDERS" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

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

"REGISTRAR" in respect of the Current Issuer Notes, means Citibank, N.A., acting
through its office at 5 Carmelite Street, London EC4Y 0PA appointed initially
pursuant to the Current Issuer Paying Agent and Agent Bank Agreement or, if
applicable, any successor registrar at its specified office, and procured by the
Current Issuer to maintain the Register;

"REGISTRATION STATEMENT" means the registration statement on Form S-11 (No.
333-97023) as filed with the SEC;

"REGULATION S LEGEND" has the meaning given to it in Section 16 of Schedule 2 to
the Current Issuer Paying Agent and Agent Bank Agreement;

"REGULATIONS" means as the context may require either (i) the Unfair Terms in
Consumer Contracts Regulations 1999 and/or, as applicable, the Unfair Terms in
Consumer Contracts Regulations 1994 or (ii) the Regulations set out in Schedule
2 to the Current Issuer Paying Agent and Agent Bank Agreement;

"RELEVANT MARGIN" has the meaning specified in Condition 4 of the Current Issuer
Notes;

"RELEVANT NOTE" has the meaning specified in Schedule 4 to the Current Issuer
Trust Deed;

"RELEVANT SCREEN RATE" has the meaning specified in Condition 4 of the Current
Issuer Notes;

"REPRESENTATIVE" has the meaning specified in Schedule 4 to the Current Issuer
Trust Deed;

"SECURITY DOCUMENTS" means the Current Issuer Deed of Charge, the Funding Deed
of Charge and each Deed of Accession entered into pursuant to the Funding Deed
of Charge and any other security document entered into pursuant to any of the
foregoing;

"SENIOR NOTEHOLDERS" means the holders for the time being of the Class A Notes;

"SENIOR NOTES" means, in relation to the Current Issuer, the Class A Notes;

"SERIES 1 CLASS A1 DOLLAR CURRENCY SWAP" means, in relation to the Current
Issuer, the Sterling-Dollar currency swap transaction which enables the Current
Issuer to receive and pay amounts under the Current Issuer Intercompany Loan in
Sterling and to receive and pay amounts under the Series 1 Class A1 Notes in
Dollars;

"SERIES 1 CLASS A2 DOLLAR CURRENCY SWAP" means, in relation to the Current
Issuer, the Sterling-Dollar currency swap transaction which enables the Current
Issuer to receive and pay amounts under the Current Issuer Intercompany Loan in
Sterling and to receive and pay amounts under the Series 1 Class A2 Notes in
Dollars;

                                       21

<PAGE>

"SERIES 1 CLASS A1 DOLLAR CURRENCY SWAP PROVIDER" means the Current Issuer
Dollar Currency Swap Provider;

"SERIES 1 CLASS A2 DOLLAR CURRENCY SWAP PROVIDER" means the Current Issuer
Dollar Currency Swap Provider;

"SERIES 1 CLASS A1 GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 1 Class A1 Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 1 CLASS A2 GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 1 Class A2 Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 1 CLASS A GLOBAL NOTE CERTIFICATES" means the Series 1 Class A1 Global
Note Certificate and the Series 1 Class A2 Global Note Certificate and the
"SERIES 1 CLASS A GLOBAL NOTE CERTIFICATE" means any one of them;

"SERIES 1 CLASS A NOTEHOLDERS" means the Series 1 Class A1 Noteholders and the
Series 1 Class A2 Noteholders or any of them;

"SERIES 1 CLASS A1 NOTEHOLDERS" means the holders for the time being of the
Series 1 Class A1 Notes;

"SERIES 1 CLASS A2 NOTEHOLDERS" means the holders for the time being of the
Series 1 Class A2 Notes;

"SERIES 1 CLASS A NOTES" means the Series 1 Class A1 Notes and the Series 2
Class A2 Notes or any of them;

"SERIES 1 CLASS A1 NOTES" means the notes comprising the $600,000,000 Floating
Rate Notes due January 2017 constituted by the Current Issuer Trust Deed in or
substantially in the forms set out in Schedules 1 and 2 thereto and for the time
being outstanding or, as the case may be, a specific number thereof and
including any replacement Series 1 Class A1 Notes issued pursuant to Condition
13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE CERTIFICATES) and
Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed)
the Series 1 Class A1 Global Note Certificate for so long as it has not been
exchanged in accordance with the terms thereof;

"SERIES 1 CLASS A2 NOTES" means the notes comprising the $1,050,000,000 Floating
Rate Notes due January 2043 constituted by the Current Issuer Trust Deed in or
substantially in the forms set out in Schedules 1 and 2 thereto and for the time
being outstanding or, as the case may be, a specific number thereof and
including any replacement Series 1 Class A2 Notes issued pursuant to Condition
13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE CERTIFICATES) and
Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed)
the Series 1 Class A2 Global Note Certificate for so long as it has not been
exchanged in accordance with the terms thereof;

"SERIES 1 CLASS B DOLLAR CURRENCY SWAP" means, in relation to the Current
Issuer, the Sterling-Dollar currency swap transaction, which enables the Current
Issuer to receive and pay amounts under the Current Issuer Intercompany Loan in
Sterling and to receive and pay amounts under the Series 1 Class B Notes in
Dollars;

                                       22

<PAGE>

"SERIES 1 CLASS B DOLLAR CURRENCY SWAP PROVIDER" means the Current Issuer Dollar
Currency Swap Provider;

"SERIES 1 CLASS B GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 1 Class B Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 1 CLASS B NOTEHOLDERS" means the holders for the time being of the
Series 1 Class B Notes;

"SERIES 1 CLASS B NOTES" means the notes comprising the $60,000,000 Floating
Rate Notes due January 2043 constituted by the Current Issuer Trust Deed in or
substantially in the forms set out in Schedules 1 and 2 thereto and for the time
being outstanding or, as the case may be, a specific number thereof and
including any replacement Series 1 Class B Notes issued pursuant to Condition 13
and (except for the purposes of Clause 3.1 (GLOBAL NOTE CERTIFICATES) and Clause
3.2 (FORM OF GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed) the
Series 1 Class B Global Note Certificate for so long as it has not been
exchanged in accordance with the terms thereof;

"SERIES 1 CLASS C DOLLAR CURRENCY SWAP" means, in relation to the Current
Issuer, the Sterling-Dollar currency swap transaction, which enables the Current
Issuer to receive and pay amounts under the Current Issuer Intercompany Loan in
Sterling and to receive and pay amounts under the Series 1 Class C Notes in
Dollars;

"SERIES 1 CLASS C DOLLAR CURRENCY SWAP PROVIDER" means the Current Issuer Dollar
Currency Swap Provider;

"SERIES 1 CLASS C GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 1 Class C Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 1 CLASS C NOTEHOLDERS" means the holders for the time being of the
Series 1 Class C Notes;

"SERIES 1 CLASS C NOTES" means the notes comprising the $75,000,000 Floating
Rate Notes due January 2043 constituted by the Current Issuer Trust Deed in or
substantially in the forms set out in Schedules 1 and 2 thereto and for the time
being outstanding or, as the case may be, a specific number thereof and includes
any replacement Series 1 Class C Notes issued pursuant to Condition 13 and
(except for the purposes of Clause 3.1 (GLOBAL NOTE CERTIFICATES) and Clause 3.2
(FORMS OF GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed) the Series
1 Class C Global Note Certificate for so long as it has not been exchanged in
accordance with the terms thereof;

"SERIES 1 GLOBAL NOTE CERTIFICATES" means collectively the Series 1 Class A
Global Note Certificates, the Series 1 Class B Global Note Certificate and the
Series 1 Class C Global Note Certificate and "SERIES 1 GLOBAL NOTE CERTIFICATE"
means any one of them;

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

"SERIES 2 CLASS A EURO CURRENCY SWAP" means, in relation to the Current Issuer,
the Sterling-Euro currency swap transaction which enables the Current Issuer to
receive and pay amounts under the Current Issuer Intercompany Loan in Sterling
and to receive and pay amounts under the Series 2 Class A Notes in Euro;

                                       23

<PAGE>

"SERIES 2 CLASS A GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 2 Class A Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 2 CLASS A NOTEHOLDERS" means the holders for the time being of the
Series 2 Class A Notes;

"SERIES 2 CLASS A NOTES" means the notes comprising the (euro)1,100,000,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 2 Class A Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current
Issuer Trust Deed) the Series 2 Class A Global Note Certificate for so long as
it has not been exchanged in accordance with the terms thereof;

"SERIES 2 CLASS B EURO CURRENCY SWAP" means, in relation to the Current Issuer,
the Sterling-Euro currency swap transaction which enables the Current Issuer to
receive and pay amounts under the Current Issuer Intercompany Loan in Sterling
and to receive and pay amounts under the Series 2 Class B Notes in Euro;

"SERIES 2 CLASS B GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 2 Class B Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 2 CLASS B NOTEHOLDERS" means the holders for the time being of the
Series 2 Class B Notes;

"SERIES 2 CLASS B NOTES" means the notes each comprising the (euro)41,000,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 2 Class B Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current
Issuer Trust Deed) the Series 2 Class B Global Note Certificate for so long as
it has not been exchanged in accordance with the terms thereof;

"SERIES 2 CLASS C EURO CURRENCY SWAP" means, in relation to the Current Issuer,
the Sterling-Euro currency swap transaction which enables the Current Issuer to
receive and pay amounts under the Current Issuer Intercompany Loan in Sterling
and to receive and pay amounts under the Series 2 Class C Notes in Euro;

"SERIES 2 CLASS C GLOBAL NOTE CERTIFICATE means the Global Note Certificate to
be issued in respect of the Series 2 Class C Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 2 CLASS C NOTEHOLDERS" means the holders for the time being of the
Series 2 Class C Notes;

"SERIES 2 CLASS C NOTES" means the notes comprising the (euro)50,000,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 2 Class C Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL

                                       24

<PAGE>

NOTE CERTIFICATES) of the Current Issuer Trust Deed) the Series 2 Class C Global
Note Certificate for so long as it has not been exchanged in accordance with the
terms thereof;

"SERIES 2 GLOBAL NOTE CERTIFICATES" means collectively the Series 2 Class A
Global Note Certificate, the Series 2 Class B Global Note Certificate and the
Series 2 Class C Global Note Certificate and "SERIES 2 GLOBAL NOTE CERTIFICATE"
means any one of them;

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

"SERIES 3 CLASS A GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 3 Class A Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 3 CLASS A NOTEHOLDERS" means the holders for the time being of the
Series 3 Class A Notes;

"SERIES 3 CLASS A NOTES" means the notes comprising the (pound)660,000,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 3 Class A Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current
Issuer Trust Deed) the Series 3 Class A Global Note Certificate for so long as
it has not been exchanged in accordance with the terms thereof;

"SERIES 3 CLASS B GLOBAL NOTE CERTIFICATE" means the Global Note Certificate to
be issued in respect of the Series 3 Class B Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 3 CLASS B NOTEHOLDERS" means the holders for the time being of the
Series 3 Class B Notes;

"SERIES 3 CLASS B NOTES" means the notes comprising the (pound)25,000,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 3 Class B Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL NOTE CERTIFICATES) of the Current
Issuer Trust Deed) the Series 3 Class B Global Note Certificate for so long as
it has not been exchanged in accordance with the terms thereof;

"SERIES 3 CLASS C GLOBAL NOTE CERTIFICATE means the Global Note Certificate to
be issued in respect of the Series 3 Class C Notes pursuant to Clause 3.1
(GLOBAL NOTE CERTIFICATES) of the Current Issuer Trust Deed in the form or
substantially in the form set out in Schedule 1 of the Current Issuer Trust
Deed;

"SERIES 3 CLASS C NOTEHOLDERS" means the holders for the time being of the
Series 3 Class C Notes;

"SERIES 3 CLASS C NOTES" means the notes comprising the (pound)31,500,000
Floating Rate Notes due January 2043 constituted by the Current Issuer Trust
Deed in or substantially in the forms set out in Schedules 1 and 2 thereto and
for the time being outstanding or, as the case may be, a specific number thereof
and including any replacement Series 3 Class C Notes issued pursuant to
Condition 13 and (except for the purposes of Clause 3.1 (GLOBAL NOTE
CERTIFICATES) and Clause 3.2 (FORMS OF GLOBAL

                                       25

<PAGE>

NOTE CERTIFICATES) of the Current Issuer Trust Deed) the Series 3 Class C Global
Note Certificate for so long as it has not been exchanged in accordance with the
terms thereof;

"SERIES 3 GLOBAL NOTE CERTIFICATES" means collectively the Series 3 Class A
Global Note Certificate, the Series 3 Class B Global Note Certificate and the
Series 3 Class C Global Note Certificate and "SERIES 3 GLOBAL NOTE CERTIFICATE"
means any one of them;

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

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

"STEP-UP DATE" means the Payment Date in respect of an Issuer on which the
interest rate on the Notes issued by such Issuer increases by a pre-determined
amount following the payment made by such Issuer on such Payment Date, which
date in respect of the Current Issuer is the Payment Date occurring in January
2008;

"STERLING NOTES" means, in relation to the Current Issuer, the Series 3 Notes
and, in relation to any other Issuer, the Notes issued by such Issuer in
Sterling;

"SUBORDINATED PRINCIPAL TEST":

(a)   in respect of the Current Issuer Notes, means the test which is satisfied
      (1) on any Payment Date occurring on or after the fourth anniversary of
      the Closing Date; and (2) on any Payment Date on which (a) the percentage
      equal to the aggregate Principal Amount Outstanding of the Class B Notes
      and the Class C Notes as at that Payment Date over the aggregate Principal
      Amount Outstanding of the Current Issuer Notes as at that Payment Date is
      greater than (b) the product of (i) 2 and (ii) the percentage equal to the
      aggregate Principal Amount Outstanding of the Class B Notes and the Class
      C Notes as at the Closing Date over the aggregate Principal Amount
      Outstanding of the Current Issuer Notes as at the Closing Date;

(b)   in respect of any Previous Issuer Notes, has the meaning given to it in
      the Issuer Master Definitions Schedule relating to that Previous Issuer;
      or

(c)   in respect of any New Notes issued by any New Issuer, has the meaning
      given to it in the Issuer Master Definitions Schedule relating to that New
      Issuer;

"SWAP PROVIDER AMOUNT" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

"SWAP REPLACEMENT PAYMENT" means any amount received by the Current Issuer from
a replacement to any of the Current Issuer Swap Providers upon entry by the
Current Issuer into an agreement with such replacement swap provider replacing a
Current Issuer Swap Agreement which has terminated following the occurrence of a
Downgrade Termination Event;

"TELERATE PAGE NO. 3750" means the display designated as Page 3750 on the
Dow-Jones/Telerate Monitor Service (or such other page as may replace Telerate
Page No. 3750 on that service or such other service as may be nominated by the
British Bankers' Association (including the Reuters Screen)

                                       26

<PAGE>

as the information vendor for the purposes of displaying British Bankers'
Association Interest Settlement Rates for deposits in the currency concerned);

"THREE MONTH LIBOR" has the meaning given to it in the Current Issuer Basis Rate
Swap Agreement;

"TRANSACTION DOCUMENT" means any of the following documents:

(a)   the Mortgages Trust Deed;

(b)   the Mortgage Sale Agreement;

(c)   the Funding Deed of Charge;

(d)   the Administration Agreement;

(e)   the Cash Management Agreement;

(f)   the Funding Guaranteed Investment Contract;

(g)   the Mortgages Trustee Guaranteed Investment Contract;

(h)   the Bank Account Agreement;

(i)   the Collection Bank Agreement;

(j)   the Share Trust Deed;

(k)   Corporate Services Agreement; and

(l)   Current Issuer Transaction Documents;

"TRANSFER AGENT" means Citibank, N.A., acting through its Specified Office at 5
Carmelite Street, London EC4Y 0PA, and initially appointed by the Current Issuer
under the Current Issuer Paying Agent and Agent Bank Agreement to administer the
transfer of Current Issuer Notes, or such other person for the time being acting
as Transfer Agent under the Current Issuer Paying Agent and Agent Bank
Agreement;

"TRUST DEED" means, in relation to the Current Issuer, the Current Issuer Trust
Deed and, in relation to any other Issuer, the trust deed entered into on the
relevant Closing Date constituting the Notes issued by such Issuer; "TRUSTEE
ACTS" means both the Trustee Act 1925 and the Trustee Act 2000 of England and
Wales;

"UNDERWRITERS" means, in relation to the US Notes issued by the Current Issuer,
Salomon Smith Barney Inc, J.P. Morgan Securities Inc., Lehman Brothers Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Warburg;

"US PAYING AGENT" means Citibank N.A. acting through its New York office as
paying agent in the United States of America;

"VARIABLE RATE RATIO" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

"VARIABLE RATE SPREAD" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement;

                                       27

<PAGE>

"VARIABLE RATE SWAP SVR" has the meaning given to it in the Current Issuer Basis
Rate Swap Agreement; and

"WEIGHTED AVERAGE FIXED RATE" has the meaning given to it in the Current Issuer
Basis Rate Swap Agreement.

2. INTERPRETATION AND CONSTRUCTION

Any reference in this Issuer Master Definitions Schedule or any Transaction
Document to:

      "AGREED FORM" means, in relation to any document, the draft of that
      document the form of which has been agreed between the parties thereto (or
      if such document is delivered pursuant to another Transaction Document,
      between the parties to such Transaction Document) and initialled on their
      behalf for the purpose of identification;

      the "ASSETS" of any person shall be construed as a reference to the whole
      or any part of its business, undertakings, property, intellectual
      property, shares, securities, debts, accounts, revenues (including any
      right to receive revenues), goodwill, shareholdings and uncalled capital
      including premium whether now or hereafter acquired and any other assets
      whatsoever;

      "DISPOSAL" shall be construed as any sale, lease, transfer, conveyance,
      assignment, assignation, licence, sub-licence or other disposal and
      "DISPOSE" shall be construed accordingly;

      a "GUARANTEE" means any guarantee, bond, indemnity, letter of credit,
      third party security or other legally binding assurance against financial
      loss granted by one person in respect of any indebtedness of another
      person, or any agreement to assume any indebtedness of any other person or
      to supply funds or to invest in any manner whatsoever in such other person
      by reason of, or otherwise in relation to, indebtedness of such other
      person;

      "INDEBTEDNESS" shall be construed so as to include any obligation (whether
      incurred as principal or as surety) for the payment or repayment of money,
      whether present or future, actual or contingent;

      a "MONTH" is a reference to a period starting on one day in a calendar
      month and ending on the numerically corresponding day in the next calendar
      month save that, where any such period would otherwise end on a day which
      is not a business day, it shall end on the next business day, unless that
      day falls in the calendar month succeeding that in which it would
      otherwise have ended, in which case it shall end on the preceding business
      day, provided that, if a period starts on the last business day in a
      calendar month or if there is no numerically corresponding day in the
      month in which that period ends, that period shall end on the last
      business day in that later month (and references to "MONTHS" shall be
      construed accordingly);

      "PARTY" shall be construed as a party to a particular agreement, as the
      case may be;

      "SUBSIDIARY" means, (a) a subsidiary within the meaning of Section 736 of
      the Companies Act 1985, and (b) unless the context requires otherwise, a
      subsidiary undertaking within the meaning of Section 258 of the Companies
      Act 1985;

                                       28

<PAGE>

      "VAT" means value added tax imposed by the United Kingdom as referred to
      in the Value Added Tax Act 1994 and legislation (whether delegated or
      otherwise) replacing the same or supplemental thereto or in any primary or
      subordinate legislation promulgated by the European Union or any official
      body or agency thereof, and any similar turnover tax replacing or
      introduced in addition to any of the same;

      a "WHOLLY-OWNED SUBSIDIARY" of a company or corporation shall be construed
      as a reference to any company or corporation which has no other members
      except that other company or corporation and that other company's or
      corporation's wholly-owned subsidiaries or persons acting on behalf of
      that other company or corporation or its wholly-owned subsidiaries; and

      the "WINDING-UP" or "ADMINISTRATION" of a company or corporation shall be
      construed so as to include any equivalent or analogous proceedings under
      the law of the jurisdiction in which such company or corporation is
      incorporated or any jurisdiction in which such company or corporation
      carries on business including the seeking of liquidation, winding-up,
      bankruptcy, reorganisation, dissolution, administration, arrangement,
      adjustment, protection or relief of debtors.

2.1   "(POUND)", "STERLING", "STERLING" or "POUNDS STERLING" denotes the lawful
      currency for the time being of the United Kingdom of Great Britain and
      Northern Ireland; "(EURO)", "EURO" or "EURO" denotes the lawful currency
      for the time being of the member states of the European Union that adopt
      the single currency introduced at the start of the third stage of European
      Economic Monetary Union pursuant to the Treaty of Rome of 25th March,
      1957, establishing the European Community as amended from time to time and
      as amended by, INTER ALIA, the Treaty of European Union of 7th February,
      1992; "$", "US$", "US DOLLARS", "DOLLARS" or "DOLLARS" denotes the lawful
      currency for the time being of the United States of America.

2.2   In this Issuer Master Definitions Schedule and in any of the Transaction
      Documents in which this Issuer Master Definitions Schedule is expressed to
      be incorporated or to which this Issuer Master Definitions Schedule is
      expressed to apply:

      (a)   words denoting the singular number only shall include the plural
            number also and vice versa;

      (b)   words denoting one gender only shall include the other genders;

      (c)   words denoting persons only shall include firms and corporations and
            vice versa;

      (d)   references to any statutory provision shall be deemed also to refer
            to any statutory modification or re-enactment thereof or any
            statutory instrument, order or regulation made thereunder or under
            any such re-enactment;

      (e)   references to any agreement or other document (including any of the
            Transaction Documents) shall be deemed also to refer to such
            agreement or document as amended, varied, supplemented or novated
            from time to time;

      (f)   clause, paragraph and schedule headings are for ease of reference
            only;

      (g)   reference to a statute shall be construed as a reference to such
            statute as the same may have been, or may from time to time be,
            amended or re-enacted to the extent such amendment or re-enactment
            is substantially to the same effect as such statute on the date
            hereof;

                                       29

<PAGE>

      (h)   unless stated otherwise reference to a time of day shall be
            construed as a reference to London (GMT) time; and

      (i)   references to any person shall include references to his successors,
            transferees and assigns and any person deriving title under or
            through him.

2.3   Save as provided otherwise, where any obligation in a Transaction Document
      is owed to more than one party that obligation is owed to each of them
      separately and may be enforced by any of them.

2.4   Where a term is used but not defined in this Issuer Master Definitions
      Schedule, that term shall have the meaning indicated in the Master
      Definitions Schedule.

3. GOVERNING LAW

This Issuer Master Definitions Schedule is governed by, and shall be construed
in accordance with, the laws of England.

                                       30

<PAGE>

<TABLE>

                                                             SCHEDULE 1

                                                       STANDARD DOCUMENTATION

                                    PART 1 DOCUMENTS USED IN THE ORIGINATION OF ANY MORTGAGE TYPE

<CAPTION>

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

SABW           DOCUMENT                                                      REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>

           MORTGAGE BROCHURES, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        Dev 3  1.6.95             From 1 Jun 1995 to Apr 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 1.7.95            From 1 Jul 1995 to Jul 1995
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 14.7.95           From 14 Jul 1995 to Sep 1995
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143  4.9.95           From 4 Sep 1995 to Nov 1995
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 30.11.95          From 30 Nov 1995 to Dec 1995
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 13.12.95          From 13 Dec 1995 to Mar 1996
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 8.3.96            From 8 Mar 1996 to Jun 1996
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 10.6.96           From 10 Jun 1996 to Feb 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 11.2.97           From 11 Feb 1997 to Mar 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           You and your mortgage - The Mortgage Code
           [Introductory leaflet]
------------------------------------------------------------------------------------------------------------------------------------
           The Mortgage Code                                                 First Edition: March      From Mar 1997
                                                                             1997
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 27.3.97           From 27 Mar 1997 to May 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        Dev 3  10.4.97            From 10 Apr 1997 to Jul 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs                                      Dev 143 6.5.97            From 6 May 1997 to Jul 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        Dev 3  1.7.97             From 1 Jul 1997 to Oct 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       Dev 143 11.7.97           From 11 Jul 1997 to Oct 1997
           Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        MAR 1  1.10.97            From 1 Oct 1997 to Dec 1997
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2 1.10.97             From 1 Oct 1997 to Nov 1997
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2 12.11.97            From 12 Nov 1997 to Feb 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
           Hard to beat - Mortgages - An Introduction                        MAR 1 15.12.97            From 15 Dec 1997 to Feb 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        MAR 1 12.2.98             From 12 Feb 1998 to Oct 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2 12.2.98             From 12 Feb 1998 to Jun 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           The Mortgage Code                                                 Second Edition: April     From Apr 1998
                                                                             1998
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8267 17.6.98        From 17 Jun 1998 to Oct 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8528 8.10.98        From 8 Oct 1998 to Nov 1998
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Hard to beat - Mortgages - An Introduction                        MAR 1 23.10.98            From 23 Oct 1998 to Feb 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8600 5.11.98        From 5 Nov 1998 to Jan 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8729 7.1.99         From 7 Jan 1999 to Feb 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8789 4.2.99         From 4 Feb 1999 to Apr 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - An Introduction                                       MAR 1  25.2.99            From 25 Feb 1999 to Jun 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - A guide to costs - Hard to Beat                       MAR 2/8923 13.4.99        From 13 Apr 1999 to Jun 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the details                                           MAR 23/8958 16.6.99       From 16 Jun 1999 to Jan 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the costs                                             MAR 244/8958 16.6.99      From 16 Jun 1999 to Jun 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the costs                                             MAR 244/9115 28.6.99      From 28 Jun 1999 to Nov 1999
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the costs                                             MAR 244/9489 9.11.99      From 9 Nov 1999 to Jan 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the details                                           MAR 235/9611 4.1.2000     From 4 Jan 2000 to May 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Mortgages - the costs                                             MAR 244/9679 17.1.2000    From 17 Jan 2000 to Mar 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/9815 4.3.2000     From 4 Mar 2000 to Apr 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/10029 27.4.2000   From 27 Apr 2000 to Jan 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Give me the facts - Mortgage details explained                    MAR 235/9666 and 5.2000   From 1 May 2000 to Oct 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Give me a choice - Mortgage deals to suit everyone                MAR 236/10198 and         From 28 Jun 2000 to Aug 2000
           Northern Rock plc                                                 28.6.2000
------------------------------------------------------------------------------------------------------------------------------------

</TABLE>
                                                                  2

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
           Give me a choice - Mortgage deals to suit everyone                MAR 236/10332 4.8.2000    From 4 Aug 2000
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Give me the facts - Mortgage details explained                    MAR 235/10554 and         From Oct 2000 to Jan 2001
           Northern Rock plc                                                 10.2000
------------------------------------------------------------------------------------------------------------------------------------
           Give me the facts                                                 MAR 235/10899             From 10 Jan 2001 to Sep 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/10868 10.1.2001   From 10 Jan 2001 to Feb 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/10998 8.2.2001    From 8 Feb 2001 to Apr 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11170 5.4.2001    From 5 Apr 2001 to May 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11281 10.5.2001   From 10 May 2001 to Aug 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11592 2.8.2001    From 2 Aug 2001 to Sep 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Give me the facts                                                 MAR 235/11679 3.9.2001    From 3 Sep 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11592 3.9.2001    From 3 Sep 2001 to Sep 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11807 19.9.2001   From 19 Sep 2001 to Oct 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11855 4.10.2001   From 4 Oct 2001 to Nov 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Be straight with me - Mortgage costs in black and white           MAR 244/11973 8.11.2001   From 8 Nov 2001
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

           MORTGAGE SUMMARY INFORMATION - BORROWERS, INCLUDING:                                    (i.e. given to Borrowers dealing
                                                                                                   Northern Rock)
------------------------------------------------------------------------------------------------------------------------------------
           Update 18th September 2000                                        MAR 236 18.9.2000         From 18 Sept 2000
------------------------------------------------------------------------------------------------------------------------------------
           Update 2nd October 2000                                           MAR 236 2.10.2000         From 02 Oct 2000
------------------------------------------------------------------------------------------------------------------------------------
           Update 22nd November 2000                                         MAR 236 22.11.2000        From 22 Nov 2000
------------------------------------------------------------------------------------------------------------------------------------
           Update 10th January 2001                                          MAR 236 10.1.2001         From 10 Jan 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 1st February 2001                                          MAR 236 1.2.2001          From 01 Feb 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 12th February 2001                                         MAR 236 12.2.2001         From 12 Feb 2001
------------------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                                                  3
<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
           Update 22nd February 2001                                         MAR 236 22.2.2001         From 22 Feb 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 6th April 2001                                             MAR 236 6.4.2001          From 06 Apr 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 10th May 2001                                              MAR 236 10.5.2001         From 10 May 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 22nd June 2001                                             MAR 236 22.6.2001         From 22 June 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 2nd August 2001                                            MAR 236 2.8.2001          From 02 Aug 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 3rd September 2001                                         MAR 236 3.9.2001          From 03 Sept 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 19th September 2001                                        MAR 236 19.9.2001         From 19 Sept 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 4th October 2001                                           MAR 236 4.10.2001         From 04 Oct 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 5th December 2001                                          MAR 236 5.12.2001         From 05 Dec 2001
------------------------------------------------------------------------------------------------------------------------------------
           Update 7th January 2002                                           MAR 236 7.1.2002          From 07 Jan 2002
------------------------------------------------------------------------------------------------------------------------------------
           Update 15th January 2002                                          MAR 236 15.1.2002         From 15 Jan 2002
------------------------------------------------------------------------------------------------------------------------------------
           Update 25th January 2002                                          MAR 236 25.1.2002         From 25 Jan 2002
------------------------------------------------------------------------------------------------------------------------------------
           Update 9th February 2002                                          MAR 236 09.2.2002         From 9 Feb 2002
------------------------------------------------------------------------------------------------------------------------------------

           MORTGAGE SUMMARY INFORMATION - BROKERS, INCLUDING:                                     (i.e. given to Borrowers dealing
                                                                                                  directly with Northern Rock)
------------------------------------------------------------------------------------------------------------------------------------
           Mortgage Update                                                                        Regular editions from 17 Nov 1994
                                                                                                  onwards
------------------------------------------------------------------------------------------------------------------------------------

           MORTGAGE ADVICE - BORROWERS, INCLUDING:                                                (i.e. given to Borrowers dealing
                                                                                                  directly with Northern Rock)
------------------------------------------------------------------------------------------------------------------------------------
           Mortgage Product Advice and Recommendation                        Valid September 2000      From Sep 2000
------------------------------------------------------------------------------------------------------------------------------------

           OFFERS OF ADVANCE, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
           Offer of Advance                                                  ADV6F/0396                From Mar 1996
           (with General Conditions on reverse)
           Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
           Offer of Advance                                                  ADV6B/0300                From Mar 2000
           (with General Conditions on reverse)                                                        In triplicate - white, blue
           Northern Rock plc                                                                           and green copies.
------------------------------------------------------------------------------------------------------------------------------------
           Terms and Conditions - Solicitor Copy                             OBS1/0900 on cover        From Sep 2000
           Northern Rock plc                                                 OBS2/0900 on reverse
------------------------------------------------------------------------------------------------------------------------------------
           Terms and Conditions - Applicant Copy                             OBA1/0900 on cover        From Sep 2000
           Northern Rock plc                                                 OBA2/0900 on reverse
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  4

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
           Terms and Conditions - Applicant Copy                             OBA1/0101 on cover        From Jan 2001
           Northern Rock plc                                                 OBA2/0101 on reverse
------------------------------------------------------------------------------------------------------------------------------------
           Revised Offer of Loan [Northern Rock copy]                                                  From July 2001 - used in
           Northern Rock plc                                                                           conjunction with General
                                                                                                       Conditions introduced on same
                                                                                                       date
------------------------------------------------------------------------------------------------------------------------------------

           GENERAL CONDITIONS (USED ON REVERSE OF OFFER OF ADVANCE),
           INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                [ADV6/1094]              From Oct 1994 to Jun 1995
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6/0695                From Jun 1995 to Jul 1995
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6/0795                From Jul 1995 to Jan 1996
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6/0196                From Jan 1996 to Dec 1996
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6/1296                From Dec 1996 to ?
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/1296               From Dec 1996 to Oct 1997
            Northern Rock Building Society                                                             [Offer of Advance ADV6F/0396
                                                                                                       on the reverse]
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/1097               From Oct 1997 to Dec 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/1297               From Dec 1997 to Jan 1998
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/0198               From Jan 1998 to Jun 1998
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/0698               From Jun1998 to Jan 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/0199               From Jan 1999 to Sep 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/0999               From Sep 1999 to Mar 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV6B/0300               From Mar 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            General Conditions                                                ADV282/ July 2001        From July 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGE CONDITIONS/BUILDING SOCIETY RULES, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Rules of Northern Rock Building Society                           GEN 128/1.94             From 28 Apr 1992
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Conditions 1995                                          ADV72 06/95              From Jun 1995
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Conditions 1997                                          ADV 72 08/97             From Aug 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Conditions 2001                                          ADV276 07/2001           From Oct 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  5
<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            OCCUPIERS UNDERTAKINGS, INCLUDING:
------------------------------------------------------------------------------------------------------------------------------------
            Agreement and Undertaking                                         scjh0404/stand           ?
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Agreement and Undertaking                                         (LIF)LIFE30              From Aug 1997
            Northern Rock
------------------------------------------------------------------------------------------------------------------------------------
            Agreement and Undertaking                                         st/peps                  From Oct 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Agreement and Undertaking                                         JAGO3/0500               From May 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Agreement and Undertaking                                         UNDERTAK June 2000       From June 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGES OF LIFE POLICIES/INDIVIDUAL SAVERS ACCOUNT (ISA) POLICY
            SCHEME, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Mortgage of Life Policy                                           SEC 16/02.94             From Feb 1994
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage of Life Policy                                           SEC 16/06.95             From Jun 1995
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage of Life Policy                                           SEC 16T/10.97            From Oct 1997
            Northern Rock Building Society/Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage of Life Policy                                           SEC 16/10.97             From Oct 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Notice of Assignment of Life Policy                               ADV 29/11.99             From Nov 1999
------------------------------------------------------------------------------------------------------------------------------------
            Individual Savers Account (ISA) Policy Arrangements form          JAGO2/0500               From May 2000
------------------------------------------------------------------------------------------------------------------------------------
            Deed of Guarantee                                                 SOL013/July 2001         From Jul 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            CERTIFICATES OF TITLE/REPORTS ON TITLE AND INSTRUCTIONS TO
            SOLICITORS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Report on Title and Funds Request (including Instructions to      MA55 01/94               From Jan 1994
            Solicitors/Licensed Conveyancers)
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Report on Title and Funds Request (including Instructions to      MA55/04.96               From Apr 1996
            Solicitors/Licensed Conveyancers)
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Report on Title and Funds Request (including Instructions to      MA55/01.97               From Jan 1997
            Solicitors/Licensed Conveyancers)
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Report on Title and Funds Request (including Instructions to      MA55/10.97               From Oct 1997
            Solicitors/Licensed Conveyancers)
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Report on Title and Funds Request (including Instructions to      MA55/02.98               From Feb 1998
            Solicitors/Licensed Conveyancers)
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  6

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Report on Title and Funds Request (including Instructions to      MA55/04.98               From Apr 1998
            Solicitors/Licensed Conveyancers)
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Part 2 Instructions (in relation to the CML Lenders'                                       Offers of Advance issued from
            Handbook for England & Wales)                                                              Summer 1999[?]
------------------------------------------------------------------------------------------------------------------------------------
            Certificate of Title                                              MA72                     From Oct 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Certificate of Title                                              JAGO4/0500               From May 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Part 2 Instructions (in relation to the CML Lenders'                                       Offers of Advance issued from
            Handbook for England & Wales)                                                              01 Jun 2000[?]
------------------------------------------------------------------------------------------------------------------------------------
            Certificate of Title                                              JAGO4/0700               From Jul 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Certificate of Title                                              COT/0700                 From Jul 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Part 2 Instructions (in relation to the CML Lenders'                                       Offers of Advance issued from
            Handbook for England & Wales)                                                              late Summer 2000[?]
------------------------------------------------------------------------------------------------------------------------------------
            Deeds Dematerialisation [Notice to solicitors]                                             [From Apr 2000?]
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            SCHEDULES OF DOCUMENTS OF TITLE, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Schedule of Documents of Title                                    SEC 28/11.94             From Nov 1994
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Schedule of Documents of Title                                    SEC 28/01.96             From Jan 1996
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Schedule of Documents of Title                                    SEC 28/10.97             From Oct 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Schedule of Documents of Title                                    JAGO1/0500               From May 2000
            Northern Rock plc                                                 JAGO1B/0500
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                          PART 2 DOCUMENTS USED ONLY IN THE ORIGINATION OF
                               STANDARD FIXED RATE, STANDARD VARIABLE RATE, CASHBACK, CAPPED, TRACKER,
                                       CAT STANDARD, DISCOUNT AND DISCOUNT FOR LIFE MORTGAGES

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>

            MORTGAGE APPLICATION FORMS - GENERAL, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 05/95             From May 1995 to Mar 1996
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 03/96             From Mar 1996 to Jul 1997
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 07/97             From Jul 1997 to Oct 1997
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 10/97             From Oct 1997 to Dec 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 12/97             From Dec 1997 to Mar 1998
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  7

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>

            Mortgage Application Form                                         ADV 4 DRTV 3/98          From Mar 1998 to Apr 1998
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 4/98              From Apr 1998 to Jan 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 1/99              From Jan 1999 to Feb 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 2/00              From Feb 2000 to Jun 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV 4. 6/00              From Jun 2000 to Dec 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV4. 12/00              From Dec 2000 to Jan 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV4. 01/01              From Jan 2001 to May 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV4. 05/01              From May 2001 to Sept 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV4. 09/01              From Sept 2001 to Oct 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Application Form                                         ADV4. 10/01              From Oct 2001 to
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGE APPLICATION FORMS - NORTHERN ROCK DIRECT, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Your Direct Mortgage Application Form                             Dev 439 4/97             From Apr 1997 to Oct 1997
            Northern Rock Direct/Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Your Direct Mortgage Application Form                             MAR 17b 1.10.97          From Oct 1997 to Dec 1997
            Northern Rock Direct/Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Your Direct Mortgage Application Form                             MAR 17b 15.12.97         From Dec 1997 to May 1998
            Northern Rock Direct/Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Your Direct Mortgage Application Form                             MAR 124 31 May 1998      From May 1998 to ?
            Northern Rock Direct/Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            APPLICATION FORMS - SPECIALIST, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Secured Personal Loan Application Form                            ADV 31. 1/99             From Jan 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Secured Personal Loan Application Form                            ADV031 (8.5.2000)        From May 2000
            Northern Rock plc                                                 ADV031 (22.10.2001)
------------------------------------------------------------------------------------------------------------------------------------

            SPECIAL CONDITIONS (USED WITH OFFER OF ADVANCE), INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Fixed Rate Mortgage Special Conditions                                                     Various editions
------------------------------------------------------------------------------------------------------------------------------------
            Variable Rate Mortgage - Cashback Special Conditions                                       Various editions

------------------------------------------------------------------------------------------------------------------------------------
            Variable Rate Mortgage - Cashback without insurance Special                                Various editions
            Conditions
------------------------------------------------------------------------------------------------------------------------------------
            Discount Rate Mortgage Special Conditions                                                  Various editions
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  8

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Capped Rate Mortgage Special Conditions                                                    Various editions
------------------------------------------------------------------------------------------------------------------------------------
            Tracker Mortgage Special Conditions                                                        Various editions
------------------------------------------------------------------------------------------------------------------------------------
            CAT Standard Mortgage Special Conditions                                                   Various editions
------------------------------------------------------------------------------------------------------------------------------------

            CREDIT/LOAN AGREEMENTS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974 -      ACR1A/1097 on            From Oct 1997
            Flexible Plan                                                     "Original"
            ("Original" and "Copy" versions each with Conditions on the       ACR1B/1097 on "Copy"
            reverse)                                                          ACR1Z/1097 on
            Northern Rock plc                                                 "Conditions"
            [Used for Flexible Plan Loans up to (pound)25,000]
------------------------------------------------------------------------------------------------------------------------------------
            Copy of Proposed Agreement Containing Your Right to Withdraw -    ACR1Z/1097 on            From Oct 1997
            Flexible Plan                                                     "Conditions"
            (including Conditions on the reverse)
            Northern Rock plc
            [Used for Flexible Plan Loans up to (pound)25,000]
------------------------------------------------------------------------------------------------------------------------------------
            Loan Agreement - Flexible Plan                                    [ACR2A/1097 on           From Oct 1997
            (including Conditions on the reverse)                             "Original" / "Copy"?]    [Check reference of
            Northern Rock plc                                                 ACR2Z/1097 on            "Original"]
            [Used for Flexible Plan Loans over (pound)25,000]                  "Conditions"
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974 -      ADV135 10/97 on          From Oct 1997
            Personal Secured Loan                                             "Original" and "Copy"
            ("Original" and "Copy" versions each with Conditions on the       no ref on
            reverse)                                                          "Conditions")
            Northern Rock plc
            [Used for Personal Secured Loans up to (pound)25,000 -
            Variable Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Copy of Proposed Credit Agreement Containing Notice of            ADV135 10/97 on          From Oct 1998
            Your Right to Withdraw - Personal Secured Loan                    "Advance Copy"
            ("Advance Copy" version including Conditions on the reverse)      no ref on
            Northern Rock plc                                                 "Conditions")
            [Used for Personal Secured Loans up to (pound)25,000 -
            Variable Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974 -      ADV135 10/97 on          From Feb 1998
            Personal Secured Loan ("Original" and "Copy" versions each        "Original" and "Copy"
            with Conditions on the reverse)                                   ADV135/02.98 on
            Northern Rock plc                                                 "Conditions")
            [Used for Personal Secured Loans up to (pound)25,000 -
            Variable Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974        MAR 126 6/98 on          From Jun 1998
            ("Original" and "Copy" versions including Conditions on the       "Original" and "Copy"
            reverse)                                                          no ref on "Conditions"
            Northern Rock plc
            [Used for Personal Secured Loans up to (pound)25,000 -
            Fixed Rate]
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                  9

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                                <C>                       <C>
            Copy of Proposed Credit Agreement Containing Notice               MAR 126 6/98 on          From Jun 1998
            of Your Right to Withdraw ("Advance Copy" version                 "Advance Copy" no ref
            including Conditions on the reverse)                              on "Conditions"
            Northern Rock plc
            [Used for Personal Secured Loans up to (pound)25,000 -
            Fixed Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Copy of Proposed Agreement Containing Your Right                  ACR2A/1097 on            From Mar 2000
            to Withdraw - Flexible Plan                                       "Original"
            (including Conditions on the reverse)                             ACR2Z/0300 on
            Northern Rock plc                                                 "Conditions"
            [Used for Flexible Plan Loans up to (pound)25,000]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974        MAR 126 4/00 on          From Apr 2000
            ("Original" version including Conditions on the reverse)          "Original" no ref
            Northern Rock plc                                                 on "Conditions"
            [Used for Personal Secured Loans up to (pound)25,000 -
            Fixed Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974        CA135A/0900 on           From Sep 2000
            ("Original" and "Copy" versions each with Conditions on the       "Original"
            reverse)                                                          CA135B/0900 on
            Northern Rock plc                                                 "Copy"
            [Used for Personal Secured Loans                                  CA135Z/0900 on
            up to (pound)25,000 - Variable Rate]                              "Conditions"
------------------------------------------------------------------------------------------------------------------------------------
            Copy of Proposed Agreement Containing Notice of Your              CA135C/0900 on           From Sep 2000
            Right to Withdraw                                                 "Advance Copy"
            ("Advance Copy" version with Conditions on the reverse)           CA135Z/0900 on
            Northern Rock plc                                                 "Conditions"
            [Used for Personal Secured Loans up to (pound)25,000 -
            Variable Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974        CA126A/0900 on           From Sep 2000
            ("Original" and "Copy" versions each with Conditions on the       "Original"
            reverse)                                                          CA126B/0900 on "Copy"
            Northern Rock plc                                                 CA126Z/0900 on
            [Used for Personal Secured Loans - Variable Rate]                 "Conditions"
------------------------------------------------------------------------------------------------------------------------------------
            Copy of Proposed Agreement Containing Notice of Your Right to     CA126C/0900 on           From Sep 2000
            Withdraw                                                          "Advance Copy"
            ("Advance Copy" version with Conditions on the reverse)           CA126Z/0900 on
            Northern Rock plc                                                 "Conditions"
            [Used for Personal Secured Loans - Variable Rate]
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act 1974 -      ACR1A/1000 on            From Oct 2000
            Flexible Plan                                                     "Original"
            ("Original" and "Copy" versions each with Conditions on the       ACR1B/1097 on "Copy"
            reverse)                                                          ACR1Z/1097 on
            Northern Rock plc                                                 "Conditions"
            [Used for Flexible Plan Loans up to (pound)25,000]
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 10

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Loan Agreement - Flexible Plan                                    ACR2B/1000 on            From Oct 2000
            ("Original" version with Conditions on the reverse)               "Original"
            Northern Rock plc                                                 ACR2Z/1000 on
            [Used for Flexible Plan Loans over (pound)25,000]                 "Conditions"
------------------------------------------------------------------------------------------------------------------------------------
            Loan Agreement - Flexible Plan                                    ACR2C/1000 on            From Oct 2000
            ("Original" version with Conditions on the reverse)               "Original"
            Northern Rock plc                                                 ACR2Z/1000 on
            [Used for Flexible Plan Loans over (pound)25,000]                 "Conditions"
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGE DEEDS - GENERAL, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 144 E)                          SEC 8/11.93              From Nov 1993
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 144 F)                          SEC 8/06.95              From Jun 1995
            Northern Rock Building Society
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542A)                            SEC 8T/08.97             From Aug 1997
            Northern Rock Building Society/Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542A)                            SEC 8/10.97              From Oct 1997
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542B)                            SEC 8/10.97              From Oct 1997
            Northern Rock plc [Old logo]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542B)                            SEC 8/10.97              From Oct 1997
            Northern Rock plc [New logo]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD691A)                            SEC 070 07/01            From July 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD691D)                            SOL 11 07/01             From July 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGE DEEDS - SPECIALIST, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (relating to a Regulated Agreement under the        SEC 52/06/95             From Jun 1995
            Consumer Credit Act 1974)
            (HMLR filing ref MD 144 H)
            Northern Rock Building Society
            [Used for Flexible Plan CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (relating to a Regulated Agreement under the        SEC 52. 10/97            From Oct 1997
            Consumer Credit Act 1974)
            (HMLR filing ref MD 542 M)
            Northern Rock plc
            [Used for Flexible Plan CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (relating to a Regulated Agreement under the        SEC 52. 03/00            From Mar 2000
            Consumer Credit Act 1974)
            (HMLR filing ref MD 542 M)
            Northern Rock plc
            [Used for Flexible Plan CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (relating to a Regulated Agreement under the        MD1/0900 on              From Sep 2000
            Consumer Credit Act 1974)                                         cover and
            (HMLR filing ref MD 542 M)                                        MD1B/0900 on
            Northern Rock plc                                                 reverse
            [Used for Flexible Plan CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 11

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Mortgage Deed (HMLR filing ref MD 144 G)                          SEC 54/06/95             From Jun 1995
            Northern Rock Building Society
            [Used for Flexible Plan - Non-CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref 542 N)                             SEC 54. 10/97            From Oct 1997
            Northern Rock plc
            [Used for Flexible Plan - Non-CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542 N)                           SEC 54. 04.98            From Apr 1998
            Northern Rock plc
            [Used for Flexible Plan - Non-CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 144 J)                          SEC 44/06/95             From Jun 1995
            Northern Rock Building Society
            [Used for Flexible Plan - Non-CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 542 L)                          SEC 44. 10/97            From Oct 1997
            Northern Rock plc
            [Used for Flexible Plan - Non-CCA Loans]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 542L)                           MD2/0900 on              From Sep 2000
            Northern Rock plc                                                 cover and
            [Used for Flexible Plan - Non-CCA Loans]                          MD2B/0900 on
                                                                              reverse
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                          PART 3 DOCUMENTS USED ONLY IN THE ORIGINATION OF
                                             TOGETHER AND TOGETHER CONNECTIONS MORTGAGES

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>

            MORTGAGE BROCHURES, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/9662             From Mar 2000
            Northern Rock plc                                                 4.3.2000
------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/10028            From Apr 2000
            Northern Rock plc                                                 27.4.2000
------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/10329            From Aug 2000
            Northern Rock plc                                                 4.8.2000
------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/10521            From Oct 2000
            Northern Rock plc                                                 2.10.2000
------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/10715            From Nov 2000
            Northern Rock plc                                                 22.11.2000
------------------------------------------------------------------------------------------------------------------------------------
            What is it going to cost? [Together]                              MAR 302/10999            From Feb 2001
            Northern Rock plc                                                 12.2.2001
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 6th April 2001                 MAR 302                  From Apr 2001
            [Together]                                                        6.4.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 10th May 2001                  MAR 302                  From May 2001
            [Together]                                                        10.5.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 22nd June 2001                 MAR 302                  From Jun 2001
            [Together]                                                        22.6.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 12

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Together what is it going to cost? 2nd August 2001                MAR 302                  From Aug 2001
            [Together]                                                        2.8.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 3rd September 2001             MAR 302                  From Sep 2001
            [Together]                                                        3.9.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 19th September 2001            MAR 302                  From Sep 2001
            [Together]                                                        19.9.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 4th October 2001               MAR 302                  From Oct 2001
            [Together]                                                        4.10.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 8th November 2001              MAR 302                  From Nov 2001
            [Together]                                                        8.11.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Together what is it going to cost? 5th December 2001              MAR 302                  From Dec 2001
            [Together]                                                        5.12.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/10935            From May 2001
            Northern Rock plc                                                 1.5.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11282            From May 2001
            Northern Rock plc                                                 10.5.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11457            From Jun 2001
            Northern Rock plc                                                 22.6.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11593            From Aug 2001
            Northern Rock plc                                                 2.8.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11706            From Sep 2001
            Northern Rock plc                                                 3.9.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11706            From Sep 2001
            Northern Rock plc                                                 19.9.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11706            From Oct 2001
            Northern Rock plc                                                 4.10.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11706            From Nov 2001
            Northern Rock plc                                                 8.11.2001
------------------------------------------------------------------------------------------------------------------------------------
            What's it going to cost? [Together Connections]                   MAR 418/11706            From Dec 2001
            Northern Rock plc                                                 5.12.2001
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/9662             From Mar 2000
            Northern Rock plc                                                 4.3.2000
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR303/10141             From Aug 2000
            Northern Rock plc                                                 4.8.2000
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/10716            From Nov 2000
            Northern Rock plc                                                 22.11.2000
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/11069            From Mar 2001
            Northern Rock plc                                                 1.3.2001
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/11290            From May 2001
            Northern Rock plc                                                 10.5.2001
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/11577            From Aug 2001
            Northern Rock plc                                                 2.8.2001
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                 13

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            How does it work? [Together]                                      MAR 303/11756            From Sep 2001
            Northern Rock plc                                                 10.9.2001
------------------------------------------------------------------------------------------------------------------------------------
            How does it work? [Together]                                      MAR 303/12198            From Jan 2002
            Northern Rock plc                                                 8.1.2002
------------------------------------------------------------------------------------------------------------------------------------
            OK Shrink My Mortgage [Together Connections]                      MAR 419/10935            From May 2001
            Northern Rock plc                                                 1.5.2001
------------------------------------------------------------------------------------------------------------------------------------
            OK Shrink My Mortgage [Together Connections]                      MAR 419/11578            From Aug 2001
            Northern Rock plc                                                 2.8.2001
------------------------------------------------------------------------------------------------------------------------------------
            OK Shrink My Mortgage [Together Connections]                      MAR 419/11758            From Sep 2001
            Northern Rock plc                                                 10.9.2001
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/9662             From Mar 2000
            Northern Rock plc                                                 4.3.2000
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/10028            From Apr 2000
            Northern Rock plc                                                 27.4.2000
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/10328            From Aug 2000
            Northern Rock plc                                                 4.8.2000
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/10717            From Nov 2000
            Northern Rock plc                                                 22.1.2000
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/10953            From Feb 2001
            Northern Rock plc                                                 1.2.2001
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/11172            From Apr 2001
            Northern Rock plc                                                 6.4.2001
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/11289            From May 2001
            Northern Rock plc                                                 10.5.2001
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/11603            From Aug 2001
            Northern Rock plc                                                 7.8.2001
------------------------------------------------------------------------------------------------------------------------------------
            I want it all [Together]                                          MAR 305/11756            From Sep 2001
            Northern Rock plc                                                 10.9.2001
------------------------------------------------------------------------------------------------------------------------------------
            [Picture of Two Forks on cover - 1] [Together]                    MAR 172 2.99             From Feb 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            [Picture of Two Forks on cover - 1] [Together]                    MAR 189 3.99             From Mar 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            [Picture of Two Forks on cover - 2] [Together]                    MAR 237                  From Jun 1999
            Northern Rock plc                                                 14.6.99
------------------------------------------------------------------------------------------------------------------------------------
            together flexible - one loan one rate one call                    MAR 272/9255             From Sep 1999
            [Together Flexible]                                               15.9.99
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            together flexible - one loan one rate one call -                  MAR 273/9255             From Sep 1999
            all you need to know [Together Flexible]                          15.9.99
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            take control of your money and get more out of life -             MAR 305/9511             From Dec 1999
            together [Together]                                               20.12.99
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            all you need to know - together [Together]                        MAR 303/9511             From Dec 1999
            Northern Rock plc                                                 20.12.99
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 14

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            together - a guide to costs [Together]                            MAR 174 2.99             From Feb 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            together - a guide to costs [Together]                            MAR 190 3.99             From Mar 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            together - a guide to costs [Together]                            MAR 238                  From Jun 1999
            Northern Rock plc                                                 14.6.99
------------------------------------------------------------------------------------------------------------------------------------
            together - a guide to costs [Together]                            MAR 302/9511             From Dec 1999
            Northern Rock plc                                                 20.12.99
------------------------------------------------------------------------------------------------------------------------------------
            together flexible - a guide to costs [Together Flexible]          MAR 275/9255             From Sep 1999
            Northern Rock plc                                                 15.9.99
------------------------------------------------------------------------------------------------------------------------------------
            together - variable at only 6.6.9%pa 7.6%APR                      MAR 306/9657             From Jan 2000
                                                                              17.1.2000
------------------------------------------------------------------------------------------------------------------------------------
            [all you need to know - together] [Picture of                     MAR 173 2.99             From Feb 1999
            intertwined flowers on cover] [Together]
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            [all you need to know - together] [Picture of                     MAR 192 3.99             From Mar 1999
            intertwined flowers on cover] [Together]
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            [all you need to know - together] [Picture of                     MAR 239                  From Jun 1999
            intertwined flowers on cover] [Together]                          16.6.99
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            APPLICATION FORMS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form - Together                       MAR176 2/99              From Feb 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form - Together                       MAR198 3/99              From Mar 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form - Together                       MAR242 6/99              From Jun 1999
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form - Together Flexible              MAR271/9255              From Sep 1999
            Northern Rock plc                                                 and 9/99
------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form - Together                       MAR304/9511              From Dec 1999
            Northern Rock plc                                                 and 12/99
------------------------------------------------------------------------------------------------------------------------------------
            Get It Together Application Form                                  MAR304. 6/00             From Jun 2000
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------

            CREDIT/LOAN AGREEMENTS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act             DDL1/0299 on             From Feb 1999
            1974 - Drawdown Loan - Original, First and Second Copies          Original
            (each with Terms and Conditions)                                  DDL2/0299 on
            Northern Rock plc                                                 First Copy
            [Used for Together Flexible Loans up to                           DDL3/0299 on
            (pound)25,000]                                                    Second Copy
                                                                              DDLB/0299 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 15

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Credit Agreement Regulated by the Consumer Credit Act             TFCA1/1099 on Original   From Oct 1999
            1974 - Drawdown Loan - Original, First Copy and Second            TFCA2/1099 on First      [In conjunction with Together
            Copy (each with Terms and Conditions)                             Copy                     Flexible Mortgages.
            Northern Rock plc                                                 TFCA3/1099 on Second
            [Used for Together Flexible Loans up to (pound)25,000]            Copy
                                                                              TFCAB/1099 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act             TFIX1/0200 on Original   From Feb 2000
            1974 - Together Fixed - Original, First Copy and Second           TFIX2/0200 on First      [In conjunction with Together
            Copy (each with Terms and Conditions on reverse)                  Copy                     Fixed Mortgages.]
            Northern Rock plc                                                 TFIX3/0200 on Second
            [Used for Together Fixed Loans up to (pound)25,000]               Copy
                                                                              TFIXB/0200 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act             TVCA1/0200 on Original   From Feb 2000
            1974 - Together Variable - Original, First Copy and Second        TVCA2/0200 on First      [In conjunction with Together
            Copy (each with Terms and Conditions on reverse)                  Copy                     Variable Mortgages.]
            Northern Rock plc                                                 [TVCA3/0200?] on
            [Used for Together Variable Loans up to (pound)25,000]            Second Copy
                                                                              TVCAB/0200 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act             TVCA1/0200 on Original   From Jan 2001
            1974 - Together Variable - Original, First Copy and Second        TVCA2/0200 on First      [In conjunction with Together
            Copy (each with Terms and Conditions on reverse)                  Copy                     Variable Mortgages.]
            Northern Rock plc                                                 [TVCA3/0200?] on
            [Used for Together Variable Loans up to (pound)25,000]            Second Copy
                                                                              TVCAB/0101 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------
            Together Connections Conditions                                   MAR422 1.5.01            From Jan 2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Credit Agreement Regulated by the Consumer Credit Act             TVCA1/0200 on Original   From Aug 2001
            1974 - Together Variable - Original, First Copy and Second        TVCA2/0200 on First      [In conjunction with Together
            Copy (each with Terms and Conditions on reverse)                  Copy                     Variable Mortgages.]
            Northern Rock plc                                                 [TVCA3/0200?] on
            [Used for Together Variable Loans up to (pound)25,000]            Second Copy
                                                                              TVCAB/0801 on
                                                                              Conditions
------------------------------------------------------------------------------------------------------------------------------------

            CREDIT CARD APPLICATIONS/ AGREEMENTS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Together Variable - Credit Card Application                       [  ]                     From [   ]
            (with Terms and Conditions on reverse)                                                     [In conjunction with Together
            Northern Rock plc                                                                          Variable Mortgages.
------------------------------------------------------------------------------------------------------------------------------------
            Together Variable - Credit Card Application                       CV4/1000                 From Oct 2000
            (with Terms and Conditions on reverse)                                                     [In conjunction with Together
            Northern Rock plc                                                                          Variable Mortgages.
                                                                                                       [REQUEST BETTER COPY]
------------------------------------------------------------------------------------------------------------------------------------
            Northern Rock Credit Card Application Form                        MAR 151/M9C              From Mar 1999
            (with Terms and Conditions)                                       22.3.99
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 16

<PAGE>

<TABLE>
<CAPTION>

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

SABW       DOCUMENT                                                          REFERENCE                 USAGE PERIOD AND NOTES
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                               <C>                       <C>
            Northern Rock Credit Card Application Form                        MAR 341                  From Jul 2001
            (with Terms and Conditions on reverse)                            9.7.2001
            Northern Rock plc
------------------------------------------------------------------------------------------------------------------------------------
            Northern Rock Mortgage Credit Card                                [CCL/80A/2]              From Mar 2001
            (with Terms and Conditions on reverse)                            (CCL/ATA/2
            Northern Rock plc                                                 15.3.2001 on
                                                                              Conditions)
------------------------------------------------------------------------------------------------------------------------------------

            MORTGAGE DEEDS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 542Q)                                                    From Feb 1999
            Northern Rock plc [Together]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD 542T)                           SOL 1                    From Oct 1999 ?
            Northern Rock plc [Together]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542Q)                                                     From Feb 1999
            Northern Rock plc [Together]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542T)                            SOL 1                    From Oct 1999
            Northern Rock plc [Together Flexible]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542T)                            SOL 1 08/00.             From Aug 2000
            Northern Rock plc [Together]
------------------------------------------------------------------------------------------------------------------------------------
            Mortgage Deed (HMLR filing ref MD542Z)                            SOL 1 02/01.             From Feb 2001
            Northern Rock plc [Together]
------------------------------------------------------------------------------------------------------------------------------------

            SUPPLEMENTARY INSTRUCTIONS TO SOLICITORS, INCLUDING:

------------------------------------------------------------------------------------------------------------------------------------
            [Together Mortgage - Reminder of documents to be sent
            with Reporton Title]
------------------------------------------------------------------------------------------------------------------------------------
            [Notice - Unsecured funds not available for purchase              UE1/0700                 From Jul 2000
            of property]
------------------------------------------------------------------------------------------------------------------------------------
            "Together" Flexible Loan Drawdown Loan Agreement - Addendum
            to Instructions to Solicitors/Licensed Conveyancers
            (with Certificate of Solicitor/Licensed Conveyancer on reverse)
------------------------------------------------------------------------------------------------------------------------------------
            "Together" Flexible Loan Drawdown Loan Agreement - Addendum       TFDA/0700                From Jul 2000
            to Instructions to Solicitors/Licensed Conveyancers
            (with Certificate of Solicitor/Licensed Conveyancer on reverse)
------------------------------------------------------------------------------------------------------------------------------------
            "Together" Loan Drawdown Loan Agreement - Addendum to             TFDA/0501                From May 2001
            Instructions to Solicitors/Licensed Conveyancers
            (with Certificate of Solicitor/Licensed Conveyancer on reverse)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                                                 17

<PAGE>

SIGNATORIES

SIDLEY AUSTIN BROWN & WOOD

By: SIDLEY AUSTIN BROWN AND WOOD

ALLEN & OVERY

By: ALLEN & OVERY

                                       18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]