Document:

EXHIBIT 4.13
                                                                  EXECUTION COPY

                             DATED 23 SEPTEMBER 2002

                           GRANITE MORTGAGES 02-2 PLC
                                as Current Issuer

                                NORTHERN ROCK PLC
                         as Current Issuer Cash Manager

                                 CITIBANK, N.A.
                         as Current Issuer Account Bank

                                     - AND -

                              THE BANK OF NEW YORK
                                 as Note Trustee

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                          ISSUER BANK ACCOUNT AGREEMENT
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                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                   UK: 557692

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                                    CONTENTS

CLAUSE                                                                PAGE NO.

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

2.  The Current Issuer Transaction Accounts................................1

3.  Payments...............................................................3

4.  Mandates and Statements................................................3

5.  Acknowledgement by the Current Issuer Account Bank.....................4

6.  Certification, Indemnity and Enforcement Notice........................5

7.  Change of Note Trustee or Current Issuer Account Bank..................7

8.  Termination............................................................7

9.  Further Assurance.....................................................10

10.   Confidentiality.....................................................10

11.   Costs...............................................................10

12.   Notices.............................................................11

13.   Interest............................................................12

14.   Withholding.........................................................12

15.   Tax Status..........................................................13

16.   Entire Agreement....................................................13

17.   Variation and Waiver................................................13

18.   Assignment..........................................................13

19.   The Note Trustee....................................................14

20.   Exclusion of Third Party Rights.....................................14

21.   Counterparts........................................................14

22.   Governing Law and Jurisdiction; Appropriate Forum...................14

SCHEDULE 1  Forms of Mandates.............................................15

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THIS AGREEMENT is made on 23 September 2002

BETWEEN:

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

(2)  NORTHERN ROCK PLC (registered number 03273685), a public limited company
     incorporated under the laws of England and Wales whose registered office is
     at Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL, in its
     capacity as Current Issuer Cash Manager;

(3)  CITIBANK, N.A., acting through its office at 5 Carmelite Street London EC4Y
     0PA in its capacity as Current Issuer Account Bank; and

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

IT IS HEREBY AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  The provisions of:

     (a)  the Master Definitions Schedule as amended and restated by (and
          appearing in Appendix 1 to) the Master Definitions Schedule Third
          Amendment Deed made on 23 September 2002 between, among others, the
          Seller, Funding and the Mortgages Trustee, and

     (b)  the Issuer Master Definitions Schedule signed for the purposes of
          identification by Sidley Austin Brown & Wood and Allen & Overy on 23
          September 2002,

     (as the same have been and may be amended, varied or supplemented from time
     to time with the consent of the parties hereto) are expressly and
     specifically incorporated into and shall apply to this Agreement. The
     Issuer Master Definitions Schedule specified above shall prevail to the
     extent that it conflicts with the Master Definitions Schedule.

2.   THE CURRENT ISSUER TRANSACTION ACCOUNTS

2.1  INSTRUCTIONS FROM CURRENT ISSUER CASH MANAGER TO CURRENT ISSUER ACCOUNT
     BANK: Subject to Clause 2.4 (No Negative Balance) and Clause 6.4
     (Consequences of an Intercompany Loan Enforcement Notice or a Current
     Issuer Note Enforcement Notice), the Current Issuer Account Bank shall
     comply with any direction of the Current Issuer Cash Manager to effect a
     payment by debiting the Current Issuer Sterling Account or the Current
     Issuer Dollar Account or the Current Issuer Euro Account provided that such
     direction from the Current Issuer Cash Manager complies with the account
     mandate of the Current Issuer for the Current Issuer Sterling Account
     and/or the account mandate of the Current Issuer for the Current Issuer

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     Dollar Account and/or the account mandate of the Current Issuer for the
     Current Issuer Euro Account, as applicable (together, the "CURRENT ISSUER
     TRANSACTION ACCOUNT MANDATES" or the "MANDATES", and each a "CURRENT ISSUER
     TRANSACTION MANDATE" or a "MANDATE").

     The Current Issuer Account Bank shall be entitled to rely on any direction
     given in writing which, in its opinion (acting reasonably and in good
     faith), purports to be given by any Authorised Signatory referred to in the
     relevant Current Issuer Transaction Account Mandate, from time to time and
     in respect of which the person giving the direction quotes a code reference
     notified in writing by the Current Issuer Cash Manager from time to time to
     the Current Issuer Account Bank.

2.2  TIMING OF PAYMENT: Without prejudice to the provisions of Clause 3.2
     (Confirmation of Payment Instructions), the Current Issuer Account Bank
     agrees that if directed pursuant to Clause 2.1 (Instructions from Current
     Issuer Cash Manager to Current Issuer Account Bank) to make any payment on
     any date other than a Payment Date (to which the provisions of Clause 3.1
     (Instructions from the Cash Current Issuer Manager) shall apply), then,
     subject to Clauses 2.4 (No Negative Balance) and 6.4 (Consequences of an
     Intercompany Loan Enforcement Notice or a Current Issuer Note Enforcement
     Notice ) below, it will do so prior to close of business on the London
     Business Day on which such direction is received and for value that day;
     provided that, if any direction is received later than 12:00 p.m. (London
     time) on any London Business Day, the Current Issuer Account Bank shall
     make such payment at the commencement of business on the following London
     Business Day for value that day.

2.3  CURRENT ISSUER ACCOUNT BANK CHARGES: The charges of the Current Issuer
     Account Bank for the operation of a Current Issuer Transaction Account
     shall be debited to that Current Issuer Transaction Account only on the
     first day of each month (or, if such day is not a London Business Day, the
     next succeeding London Business Day) in accordance with the order of
     priority set out in the Current Issuer Cash Management Agreement, or
     following enforcement of the Current Issuer Security, the Current Issuer
     Deed of Charge, and the Current Issuer by its execution hereof irrevocably
     agrees that this shall be done. The charges shall be payable at the same
     rates as are generally applicable to the business customers of the Current
     Issuer Account Bank provided that, subject to Clause 8.6 (Termination by
     Current Issuer Account Bank), if there are insufficient funds standing to
     the credit of the applicable Current Issuer Transaction Account, to pay
     such charges the Current Issuer Account Bank shall not be relieved of its
     obligations in respect of the relevant account.

2.4  NO NEGATIVE BALANCE: Notwithstanding the provisions of Clause 2.1
     (Instructions from Current Issuer Cash Manager to Current Issuer Account
     Bank) and Clause 2.3 (Current Issuer Account Bank Charges) amounts shall
     only be withdrawn from a Current Issuer Transaction Account, to the extent
     that such withdrawal does not cause the relevant account to have a negative
     balance.

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3.   PAYMENTS

3.1  INSTRUCTIONS FROM THE CURRENT ISSUER CASH MANAGER:

     (a)  The Current Issuer Cash Manager shall, no later than 11.00 a.m.
          (London time) on the second London Business Day prior to the Payment
          Date upon which any payment is due to be made from any Current Issuer
          Transaction Account (including the payments due to be made on each
          Payment Date), submit to the Current Issuer Account Bank instructions
          in compliance with the relevant Mandates as to the payments to be made
          out of the relevant account on such date.

     (b)  The Current Issuer Account Bank shall comply with such instructions
          and shall effect the payments specified therein not later than the
          time specified for payment thereof (provided that the Current Issuer
          Account Bank shall not have any liability to any person if it fails to
          effect timely payment by reason of strike, computer failure, power cut
          or other matters beyond its control) on the relevant date if the
          instructions comply with the relevant Current Issuer Transaction
          Account Mandate.

3.2  CONFIRMATION OF PAYMENT INSTRUCTIONS: The Current Issuer Account Bank
     agrees that it will, not later than 12:00 p.m. (London time) on the second
     London Business Day prior to (a) the date upon which any payment is due to
     be made from any Current Issuer Transaction Account and (b) each Payment
     Date, confirm to the Current Issuer Cash Manager (provided that such is the
     case) that it has received irrevocable instructions to effect payment on
     the relevant date or Payment Date, as applicable, and specifying the amount
     of the payment to be made and that, subject to receipt of funds, it will
     effect such payment on or before the relevant date or Payment Date, as
     applicable.

4.   MANDATES AND STATEMENTS

4.1  SIGNING AND DELIVERY OF MANDATES: The Current Issuer hereby confirms that
     it has delivered to the Current Issuer Account Bank prior to the Closing
     Date the Current Issuer Transaction Account Mandates in the forms set out
     in SCHEDULE 1 hereto duly executed and relating to each of the Current
     Issuer Transaction Accounts, respectively, and the Current Issuer Account
     Bank hereby confirms to the Note Trustee that the Current Issuer
     Transaction Account Mandates have been provided to it, that each of the
     Current Issuer Transaction Accounts is open and that the Current Issuer
     Transaction Account Mandates are operative.

4.2  AMENDMENT OR REVOCATION: The Current Issuer Account Bank agrees that it
     shall notify the Note Trustee as soon as is reasonably practicable if it
     receives any amendment or revocation of a Current Issuer Transaction
     Account Mandate that it holds (other than a change of Authorised Signatory)
     and shall require the consent of the Note Trustee to any such amendment or
     revocation (other than a change of Authorised Signatory) provided, however,
     that unless such Current Issuer Transaction Account Mandate is revoked, the
     Current Issuer Account Bank may continue to comply with the relevant
     amended Current Issuer Transaction Account Mandate unless it receives
     notice in writing from the Note Trustee to the effect that a Current Issuer
     Note Enforcement Notice has been served or that the appointment of Northern

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     Rock plc as Current Issuer Cash Manager under the Current Issuer Cash
     Management Agreement has been terminated.

4.3  STATEMENTS: The Current Issuer Account Bank shall submit monthly written
     statements to the Current Issuer Cash Manager, the Current Issuer and, upon
     request, the Note Trustee setting out the amounts standing to the credit of
     each of the Current Issuer Transaction Accounts at the close of business on
     the London Business Day immediately preceding the date of each such
     statement within three London Business Days of the statement date.

5.   ACKNOWLEDGEMENT BY THE CURRENT ISSUER ACCOUNT BANK

5.1  RESTRICTION ON RIGHTS: Notwithstanding anything to the contrary in the
     Mandates:

     (a)  the Current Issuer Account Bank hereby waives any right it has or may
          hereafter acquire to combine, consolidate or merge any Current Issuer
          Transaction Account with any other account of the Current Issuer Cash
          Manager, the Current Issuer (including, but not limited to, each other
          Current Issuer Transaction Account), the Mortgages Trustee, Funding,
          the Seller, the Note Trustee or any other person or with any
          liabilities of the Current Issuer Cash Manager, the Current Issuer,
          the Mortgages Trustee, Funding, the Current Issuer, the Seller, the
          Note Trustee or any other person;

     (b)  the Current Issuer Account Bank hereby agrees that it may not exercise
          any lien or to the extent permitted by law any set-off or transfer any
          sum standing to the credit of or to be credited to any Current Issuer
          Transaction Account in or towards satisfaction of any liabilities to
          it of the Current Issuer Cash Manager, the Current Issuer, the
          Mortgages Trustee, Funding, the Seller, the Note Trustee or any other
          person;

     (c)  each of the parties hereto hereby agrees that it shall not institute
          against the Current Issuer any winding-up, administration, insolvency
          or similar proceedings in any jurisdiction for so long as any sum is
          outstanding under any Current Issuer Notes and for two years plus one
          day since the last day on which any such sum was outstanding provided
          that the Note Trustee may prove or lodge a claim in the event of a
          liquidation initiated by any other person;

     (d)  each of the parties hereto hereby agrees that only the Note Trustee
          may enforce the security created in favour of the Note Trustee under
          the Current Issuer Deed of Charge in accordance with the provisions
          thereof;

     (e)  each of the parties hereto hereby agrees that notwithstanding any
          other provision of this Agreement or any other Current Issuer
          Transaction Document, no sum due or owing to any party to this
          Agreement from or by the Current Issuer under this Agreement shall be
          payable by the Current Issuer except to the extent that the Current
          Issuer has sufficient funds available or (following enforcement of the
          Current Issuer Security) the Note Trustee has realised sufficient
          funds from the Current Issuer Security to pay such sum subject to and
          in accordance with the relevant Current Issuer Priority of Payments
          and provided that all liabilities of the Current Issuer required to be
          paid in priority thereto or pari passu therewith pursuant to such

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          Current Issuer Priority of Payments have been paid, discharged and/or
          otherwise provided for in full;

     (f)  each of the parties hereto hereby agrees that it shall not take any
          steps for the purpose of recovering any amount payable by the Current
          Issuer or enforcing any rights arising out of this Agreement against
          the Current Issuer otherwise than in accordance with the Current
          Issuer Deed of Charge;

     (g)  the Current Issuer Account Bank hereby agrees that it will notify the
          Current Issuer Cash Manager, the Current Issuer and the Note Trustee
          if compliance with any instruction would cause any Current Issuer
          Transaction Account to have a negative balance, such notification to
          be given on the same London Business Day it determines that compliance
          with such instruction would cause any such account to have a negative
          balance; and

     (h)  the Current Issuer Account Bank hereby acknowledges that the Current
          Issuer has, pursuant to the Current Issuer Deed of Charge, inter alia,
          assigned by way of security all its rights, title, interest and
          benefit, present and future, in and to, all sums from time to time
          standing to the credit of each Current Issuer Transaction Account and
          all of its rights under this Agreement to the Note Trustee.

     The provisions of Clause 6 of the Current Issuer Deed of Charge shall
     prevail in the event that and to the extent that they conflict with the
     provision of this Clause 5.1.

5.2  NOTICE OF ASSIGNMENT AND ACKNOWLEDGEMENT: By its execution of the Current
     Issuer Deed of Charge, the Current Issuer Account Bank acknowledges and
     consents to the assignments, charges and Security Interests (including the
     Jersey Security Interests) made or granted by the Current Issuer under
     Clause 3 (Current Issuer Security) of such Current Issuer Deed of Charge.

5.3  MONTHLY STATEMENTS: Unless and until directed otherwise by the Note
     Trustee, the Current Issuer Account Bank shall provide each of the Current
     Issuer Cash Manager, the Current Issuer and the Note Trustee with a
     statement in respect of each Current Issuer Transaction Account
     automatically on a monthly basis in accordance with Clause 4.3 (Statements)
     and also as soon as reasonably practicable after receipt of a request for a
     statement (other than with respect to the Note Trustee, to which such
     statements will be provided upon request). The Current Issuer Account Bank
     is hereby authorised by the Current Issuer to provide statements in respect
     of each Current Issuer Transaction Account to the Current Issuer Cash
     Manager and the Note Trustee.

6.   CERTIFICATION, INDEMNITY AND ENFORCEMENT NOTICE

6.1  CURRENT ISSUER ACCOUNT BANK TO COMPLY WITH CURRENT ISSUER CASH MANAGER'S
     INSTRUCTIONS: Unless otherwise directed by the Security Trustee or the Note
     Trustee pursuant to Clause 6.4 (Consequences of an Intercompany Loan
     Enforcement Notice or a Current Issuer Note Enforcement Notice), in making
     any transfer or payment from any Current Issuer Transaction Account in
     accordance with this Agreement, the Current Issuer Account Bank

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     shall be entitled to act as directed by the Current Issuer Cash Manager
     pursuant to Clauses 2.1 (Instructions from Current Issuer Cash Manager to
     Current Issuer Account Bank ), 2.2 (Timing of Payment) and 3 (Payments),
     and to rely as to the amount of any such transfer or payment on the Current
     Issuer Cash Manager's instructions in accordance with the relevant Current
     Issuer Transaction Account Mandate, and the Current Issuer Account Bank
     shall have no liability to the Current Issuer Cash Manager, the Current
     Issuer or the Note Trustee except in the case of its wilful default or
     negligence.

6.2  CURRENT ISSUER'S INDEMNITY: The Current Issuer shall indemnify the Current
     Issuer Account Bank to the extent of funds available with respect to
     Current Issuer Available Revenue Receipts (1) prior to enforcement of the
     Current Issuer Security subject to the order of priority set out in the
     Current Issuer Cash Management Agreement, or (2) following enforcement of
     the Current Issuer Security, subject to the order of priority set out in
     the Current Issuer Deed of Charge, against any loss, cost, damage, charge
     or expense incurred by it in complying with any instruction delivered
     pursuant to and in accordance with this Agreement, save that this indemnity
     shall not extend to:

     (a)  the charges of the Current Issuer Account Bank (if any) for the
          operation of the Current Issuer Transaction Accounts other than as
          provided in this Agreement; and

     (b)  any loss, cost, damage, charge or expense arising from any breach by
          the Current Issuer Account Bank of its obligations under this
          Agreement.

     No termination of this Agreement shall affect the obligations created by
     this Clause 6.2.

6.3  NO LIABILITY FOR CONSEQUENTIAL LOSS: The Current Issuer Account Bank shall
     not, in any event, be liable to the Current Issuer or to any other party to
     the Current Issuer Transaction Documents for any special, indirect,
     punitive or consequential loss or damage of any kind whatsoever (including
     but not limited to lost profits), whether or not foreseeable and in each
     case however caused or arising.

6.4  CONSEQUENCES OF AN INTERCOMPANY LOAN ENFORCEMENT NOTICE OR A CURRENT ISSUER
     NOTE ENFORCEMENT NOTICE: The Current Issuer Account Bank acknowledges that,
     if it receives notice in writing from (a)(i) the Security Trustee to the
     effect that the Security Trustee has served an Intercompany Loan
     Enforcement Notice or (ii) the Note Trustee that the Note Trustee has
     served a Current Issuer Note Enforcement Notice or (b) the Current Issuer
     and/or the Note Trustee that the appointment of Northern Rock plc as
     Current Issuer Cash Manager under the Current Issuer Cash Management
     Agreement has been terminated (but without prejudice to Clause 6.1 (Current
     Issuer Account Bank to Comply with Current Issuer Cash Manager's
     Instructions) above) all right, authority and power of the Current Issuer
     Cash Manager in respect of the Current Issuer Transaction Accounts shall be
     terminated and be of no further effect and the Current Issuer Account Bank
     agrees that it shall, upon receipt of such notice from the Security
     Trustee, the Current Issuer or the Note Trustee, as the case may be, comply
     with the directions of the Security Trustee or the Note Trustee, as the
     case may be, or any successor cash manager appointed by the Security
     Trustee or the Note Trustee, as the case may be (subject to such successor
     cash manager having entered into an agreement with

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     that Current Issuer Account Bank on substantially the same terms as this
     Agreement) in relation to the operation of the Current Issuer Transaction
     Accounts.

7.   CHANGE OF NOTE TRUSTEE OR CURRENT ISSUER ACCOUNT BANK

7.1  CHANGE OF NOTE TRUSTEE: In the event that there is any change in the
     identity of the Note Trustee or an additional Note Trustee is appointed in
     accordance with the Current Issuer Deed of Charge, the existing Note
     Trustee or the retiring Note Trustee, the Current Issuer Cash Manager, the
     Current Issuer and the Current Issuer Account Bank shall execute such
     documents and take such actions as the new Note Trustee and the retiring
     Note Trustee or, as the case may be, the existing Note Trustee shall agree
     are reasonably necessary for the purpose of vesting in such new Note
     Trustee the rights, benefits and obligations of the Note Trustee under this
     Agreement and releasing the retiring Note Trustee from its future
     obligations hereunder. It is acknowledged that a trust corporation may be
     appointed as sole trustee and in the event that there are one or more Note
     Trustees, at least one of such Note Trustees shall be a trust corporation.

7.2  CHANGE OF CURRENT ISSUER ACCOUNT BANK: If there is any change in the
     identity of the Current Issuer Account Bank, the Current Issuer Cash
     Manager, the Current Issuer and the Note Trustee shall execute such
     documents and take such actions as the new Current Issuer Account Bank and
     the outgoing Current Issuer Account Bank and the Note Trustee may require
     for the purpose of vesting in the new Current Issuer Account Bank the
     rights and obligations of the outgoing Current Issuer Account Bank and
     releasing the outgoing Current Issuer Account Bank from its future
     obligations under this Agreement.

8.   TERMINATION

8.1  TERMINATION EVENTS: The Current Issuer Cash Manager or the Current Issuer:

          (i)  may (with the prior written consent of the Note Trustee)
               terminate this Agreement in the event that the matters specified
               in paragraphs (a) or (f) below occur; and

          (ii) shall (with the prior written consent of the Note Trustee)
               terminate this agreement in the event that any of the matters
               specified in paragraphs (b) to (e) (inclusive) below occur,

     in each case by serving a written notice of termination on the Current
     Issuer Account Bank in any of the following circumstances:

     (a)  if a deduction or withholding for or on account of any Tax is imposed,
          or it appears likely that such a deduction or withholding will be
          imposed, in respect of the interest payable on the Current Issuer
          Sterling Account, the Current Issuer Dollar Account or the Current
          Issuer Euro Account, as applicable; or

     (b)  if the short-term, unguaranteed and unsubordinated debt obligations of
          the Current Issuer Account Bank falls below a rating of A-1+ by S&P,
          P-1 by Moody's or F1+ by Fitch, respectively; or

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     (c)  if the Current Issuer Account Bank, otherwise than for the purposes of
          such amalgamation or reconstruction as is referred to in paragraph (d)
          below, ceases or, through an authorised action of the board of
          directors of the Current Issuer Account Bank, threatens to cease to
          carry on all or substantially all of its business or is deemed unable
          to pay its debts as and when they fall due within the meaning of
          Section 123(1) and 123(2) of the Insolvency Act 1986 (as that Section
          may be amended modified or re-enacted) or ceases to be an authorised
          institution under the Financial Services and Markets Act 2000; or

     (d)  if an order is made or an effective resolution is passed for the
          winding-up of the Current Issuer Account Bank except a winding-up for
          the purposes of or pursuant to an amalgamation or reconstruction the
          terms of which have previously been approved by the Note Trustee in
          writing (such approval not to be unreasonably withheld or delayed); or

     (e)  if proceedings are initiated against the Current Issuer Account Bank
          under any applicable liquidation, insolvency, bankruptcy, composition,
          reorganisation (other than a reorganisation where the Current Issuer
          Account Bank is solvent) 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 petition for an
          administration order) such proceedings are not, in the reasonable
          opinion of the Note Trustee, being disputed in good faith with a
          reasonable prospect of success or an administration order is granted
          or an administrative receiver or other receiver, liquidator, trustee
          in sequestration or other similar official is appointed in relation to
          the Current Issuer Account Bank or in relation to the whole or any
          substantial part of the undertaking or assets of the Current Issuer
          Account Bank, or an encumbrancer takes possession of the whole or any
          substantial part of the undertaking or assets of the Current Issuer
          Account Bank, or a distress, execution or diligence or other process
          is levied or enforced upon or sued out against the whole or any
          substantial part of the undertaking or assets of the Current Issuer
          Account Bank and such possession or process (as the case may be) is
          not discharged or otherwise ceases to apply within 30 days of its
          commencement, or the Current Issuer Account Bank initiates or consents
          to judicial proceedings relating to itself under applicable
          liquidation, insolvency, bankruptcy, composition, reorganisation or
          other similar laws or makes a conveyance or assignment or assignation
          for the benefit of its creditors generally; or

     (f)  if the Current Issuer Account Bank fails to perform any of its
          obligations under this Agreement and such failure remains unremedied
          for three London Business Days after the Current Issuer Cash Manager
          or the Note Trustee has given notice of such failure.

8.2  TERMINATION OPTION: The Current Issuer may terminate the appointment of the
     Current Issuer Account Bank upon a breach by the Current Issuer Account
     Bank of its obligations under this Agreement or the Current Issuer Deed of
     Charge, by giving one month's prior written notice to the Current Issuer
     Account Bank (with a copy to the Note Trustee), provided that:

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     (a)  such termination shall not be effective until a replacement financial
          institution or institutions (with a short-term, unguaranteed and
          unsubordinated debt obligation rating of at least A-1+ (in the case of
          S&P), P-1 (in the case of Moody's) and F1+ (in the case of Fitch))
          shall have entered into an agreement in form and substance similar to
          this Agreement; and

     (b)  such termination would not adversely affect the then current ratings
          of the Current Issuer Notes.

     The Current Issuer Cash Manager and the Current Issuer shall use reasonable
     endeavours to agree such terms with such a replacement financial
     institution or institutions within 30 days of the date of the notice. In
     the event of such termination the Current Issuer Account Bank shall assist
     the other parties hereto to effect an orderly transition of the banking
     arrangements documented hereby and the Current Issuer shall reimburse the
     Current Issuer Account Bank for its reasonable costs and any amounts in
     respect of Irrecoverable VAT thereon (including reasonable costs and
     expenses) incurred during the period of, and until completion of, such
     transition.

8.3  NOTIFICATION OF TERMINATION EVENT: Each of the Current Issuer, the Current
     Issuer Cash Manager and the Current Issuer Account Bank undertakes and
     agrees to notify the Note Trustee of any event which would or could entitle
     the Note Trustee to serve a notice of termination pursuant to Clause 8.4
     (Termination by Note Trustee) promptly upon becoming aware thereof.

8.4  TERMINATION BY NOTE TRUSTEE: In addition, prior to the service of an
     Intercompany Loan Enforcement Notice or a Current Issuer Note Enforcement
     Notice, the Note Trustee may terminate this Agreement and close the Current
     Issuer Transaction Accounts by serving a notice of termination if any of
     the events specified in Clause 8.1(a) to (f) (inclusive) (Termination
     Events) of this Agreement occurs in relation to the Current Issuer Account
     Bank. Following the service of an Intercompany Loan Enforcement Notice or a
     Current Issuer Note Enforcement Notice, the Note Trustee may serve a notice
     of termination at any time.

8.5  AUTOMATIC TERMINATION: This Agreement shall automatically terminate (if not
     terminated earlier pursuant to this Clause 8) on the date falling 90 days
     after all Current Issuer Secured Obligations have been irrevocably
     discharged in full.

8.6  TERMINATION BY CURRENT ISSUER ACCOUNT BANK: The Current Issuer Account Bank
     may terminate this Agreement and cease to operate the Current Issuer
     Transaction Accounts at any time:

     (a)  on giving not less than six months prior written notice thereof ending
          on any London Business Day which does not fall on either a Payment
          Date or less than 10 London Business Days before a Payment Date to
          each of the other parties hereto without assigning any reason
          therefor; and

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     (b)  on giving not less than three months' prior written notice thereof
          ending on any London Business Day which does not fall on either a
          Payment Date or less than 10 London Business Days before a Payment
          Date to each of the other parties hereto, if the Current Issuer
          Account Bank shall have demanded payment of its due charges or any
          interest and the same shall have remained unpaid for a period of two
          months, provided that if the relevant amounts have been paid on or
          before the date six weeks after the date of delivery of such notice
          the notice shall have no effect,

     provided that such termination shall not take effect:

     (i)  until a replacement financial institution or institutions (with a
          short-term, unguaranteed and unsubordinated debt obligation rating of
          at least A-1+ (in the case of S&P), P-1 (in the case of Moody's) and
          F1+ (in the case of Fitch)) shall have entered into an agreement in
          form and substance similar to this Agreement; and

     (ii) if the then current ratings of the Current Issuer Notes would be
          adversely affected thereby.

     In the event of such termination and cessation, the Current Issuer Account
     Bank shall assist the other parties hereto to effect an orderly transition
     of the banking arrangements documented hereby.

9.    FURTHER ASSURANCE

     The parties hereto agree that they will co-operate fully to do all such
     further acts and things and execute any further documents as may be
     necessary or reasonably desirable to give full effect to the arrangements
     contemplated by this Agreement.

10.  CONFIDENTIALITY

     None of the parties hereto shall during the term of this Agreement or after
     its termination disclose to any person whatsoever (except as provided
     herein or in any of the Current Issuer Transaction Documents to which it is
     a party or with the authority of the other parties hereto or so far as may
     be necessary for the proper performance of its obligations hereunder or
     unless required by law or any applicable stock exchange requirement or any
     governmental or regulatory authority or ordered to do so by a court of
     competent jurisdiction or by the Inland Revenue or the Commissioners of
     Customs and Excise or the Bank of England or the Financial Services
     Authority) any information relating to the business, finances or other
     matters of a confidential nature of any other party hereto of which it may
     in the course of its duties hereunder have become possessed and each of the
     parties hereto shall use all reasonable endeavours to prevent any such
     disclosure.

11.  COSTS

     The Current Issuer agrees to pay, in accordance with the Current Issuer
     Priority of Payments, the reasonable costs and any amounts in respect of
     Irrecoverable VAT thereon (including reasonable legal costs and expenses)
     of the Current Issuer Account Bank in connection with the negotiation of
     this Agreement and the establishment of each Current Issuer Transaction

                                       10

<PAGE>

     Account and the negotiation and execution of any further documents and the
     taking of any further action to be executed or taken pursuant to Clauses 7
     (Change of Note Trustee or Current Issuer Account Bank), 8.1(a)
     (Termination Events), 8.5 (Automatic Termination) and 8.6 (Termination by
     Current Issuer Account Bank) and 9 (Further Assurance), except any costs
     incurred by the Current Issuer Account Bank directly arising from the
     termination by it pursuant to Clause 8.6(a) (Termination by Current Issuer
     Account Bank) of the banking arrangements granted under this Agreement.

12.  NOTICES

12.1 Any notices to be given pursuant to this Agreement to any of the parties
     hereto shall be sufficiently served if sent by prepaid first class post, by
     hand or facsimile transmission and shall be deemed to be given (in the case
     of facsimile transmission) when despatched, (where delivered by hand) on
     the day of delivery if delivered before 17.00 hours (London time) on a
     London Business Day or on the next London Business Day if delivered
     thereafter or on a day which is not a London Business Day or (in the case
     of first class post) when it would be received in the ordinary course of
     the post and shall be sent:

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

     (b)  in the case of the Current Issuer, to Granite Mortgages 02-1 plc c/o
          Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile number 020
          7606 0643) for the attention of the Company Secretary with a copy to
          Northern Rock plc, Northern Rock House, Gosforth, Newcastle upon Tyne
          NE3 4PL (facsimile number 0191 213 2203) for the attention of the
          Group Secretary;

     (c)  in the case of the Note Trustee, to The Bank of New York, One Canada
          Square, London E14 5AL for the attention of Global Structured Finance
          (Corporate Trust), (facsimile number 0207 964 6061 / 0207 964 6399);

     (d)  in the case of the Current Issuer Account Bank, to Citibank, N.A., 5
          Carmelite Street, London EC4Y 0PA (facsimile number 0207 508 3883) for
          the attention of Specialised Agency;

     or to such other address or facsimile number or for the attention of such
     other person or entity as may from time to time be notified by any party to
     the others by written notice in accordance with the provisions of this
     Clause 12.

12.2 Notwithstanding the provisions of Clause 12.1 (Notices), irrevocable
     instructions to the Current Issuer Account Bank to effect payment on any
     date will not be deemed to have been received unless and until actual
     receipt of such instructions in legible form by the Current Issuer Account
     Bank.

                                       11

<PAGE>

12.3 The Current Issuer Account Bank covenants and undertakes that, upon receipt
     of any such payment instructions in an illegible form, it will immediately
     notify the party from whom such payment instructions were received.

13.  INTEREST

13.1 The Current Issuer Account Bank shall pay in the case of the Current Issuer
     Sterling Account on the first London Business Day of each month (or if such
     day is not a London Business Day on the next succeeding London Business
     Day) in respect of the preceding month, interest at the overnight deposit
     rate of the Current Issuer Account Bank specified as its "Core Rate" on any
     cleared credit balances in such Current Issuer Sterling Account.

13.2 The Current Issuer Account Bank shall pay in the case of the Current Issuer
     Dollar Account on the first London Business Day of each month (or if such
     day is not a London Business Day on the next succeeding London Business
     Day) in respect of the preceding month, interest at the overnight deposit
     rate of the Current Issuer Account Bank specified as its "Core Rate" on any
     cleared credit balances in such Current Issuer Dollar Account.

13.3 The Current Issuer Account Bank shall pay in the case of the Current Issuer
     Euro Account on the first London Business Day of each month (or if such day
     is not a London Business Day on the next succeeding London Business Day) in
     respect of the preceding month, interest at the EONIA Rate (being the rate
     as calculated by the European Central Bank and appearing on the DOW
     Jones/Telerate Monitor at Telerate Page No. 247) less 0.75 per cent per
     annum on any cleared balances in such Current Issuer Euro Account.

14.  WITHHOLDING

     All payments by the Current Issuer Account Bank under this Agreement shall
     be made in full without any deduction or withholding (whether in respect of
     set-off, counterclaim, duties, Taxes, charges or otherwise whatsoever)
     unless the deduction or withholding is required by law, in which event the
     Current Issuer Account Bank shall:

     (a)  ensure that the deduction or withholding does not exceed the minimum
          amount legally required;

     (b)  pay to the relevant taxation or other authorities within the period
          for payment permitted by applicable law the full amount of the
          deduction or withholding;

     (c)  furnish to the Current Issuer or the Note Trustee (as the case may be)
          within the period for payment permitted by the relevant law, either:

          (i)  an official receipt of the relevant taxation authorities involved
               in respect of all amounts so deducted or withheld; or

          (ii) if such receipts are not issued by the taxation authorities
               concerned on payment to them of amounts so deducted or withheld,
               a certificate of deduction or equivalent evidence of the relevant
               deduction or withholding; and

                                       12

<PAGE>

     (d)  account to the Current Issuer in full by credit to the applicable
          Current Issuer Transaction Account of an amount equal to the amount of
          any rebate, repayment or reimbursement of any deduction or withholding
          which the Current Issuer Account Bank has made pursuant to this Clause
          14 and which is subsequently received by the Current Issuer Account
          Bank.

15.  TAX STATUS

15.1 The Current Issuer Account Bank is a bank for the purposes of section 349
     of the Income and Corporation Taxes Act 1988, is entering into this
     Agreement in the ordinary course of its business, will pay interest
     pursuant hereto in the ordinary course of such business, will bring into
     account payments (other than deposits) made under this Agreement in
     computing its income for United Kingdom Tax purposes and will not cease to
     be or to do so otherwise than as a result of the introduction of, change
     in, or change in the interpretation, administration or application of, any
     law or regulation or any practice or concession of the United Kingdom
     Inland Revenue occurring after the date of this Agreement.

15.2 The Current Issuer Account Bank will procure that any of its successors or
     assigns will provide the same representation as to its Tax status as is
     provided by the Current Issuer Account Bank in Clause 15.1 (Tax Status)
     above.

16.  ENTIRE AGREEMENT

     This Agreement and the schedules together constitute the entire agreement
     and understanding between the parties in relation to the subject matter
     hereof and cancel and replace any other agreement or understanding in
     relation thereto.

17.  VARIATION AND WAIVER

     No variation, waiver or novation of this Agreement or any provision(s) of
     this Agreement shall be effective unless it is in writing and executed by
     (or by some person duly authorised by) each of the parties. No single or
     partial exercise of, or failure or delay in exercising, any right under
     this Agreement shall constitute a waiver or preclude any other or further
     exercise of that or any other right.

18.  ASSIGNMENT

     Subject as provided in or contemplated by Clauses 5.1(f) (Restriction on
     Rights) and 7.2 (Change of Current Issuer Account Bank):

     (a)  the Current Issuer Account Bank may not assign or transfer any of its
          rights or obligations hereunder without the prior written consent of
          the Current Issuer and the Note Trustee;

     (b)  other than its assignments made under the Current Issuer Deed of
          Charge, the Current Issuer may not assign or transfer any of its
          rights or obligations hereunder without the prior written consent of
          the Current Issuer Account Bank and the Note Trustee; and

                                       13

<PAGE>

     (c)  the Current Issuer Account Bank may not act through any other branch
          other than the branch specified on page 1 of this Agreement without
          the prior written consent of the Current Issuer and the Note Trustee
          (such consent not to be unreasonably withheld).

19.  THE NOTE TRUSTEE

     The Note Trustee has agreed to become a party to this Agreement for the
     better preservation and enforcement of its rights under this Agreement but
     shall have no responsibility for any of the obligations of, nor assume any
     liabilities to, the Current Issuer Cash Manager, the Current Issuer Account
     Bank or the Current Issuer hereunder. Furthermore, any liberty or power
     which may be exercised or any determination which may be made hereunder by
     the Note Trustee may be exercised or made in the Note Trustee's absolute
     discretion without any obligation to give reasons therefor, but in any
     event must be exercised or made in accordance with the provisions of the
     Current Issuer Deed of Charge.

20.  EXCLUSION OF THIRD PARTY RIGHTS

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

21.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts, manually or
     by facsimile, each of which (when executed) shall be an original. Such
     counterparts, when taken together, shall constitute one and the same
     document.

22.  GOVERNING LAW AND JURISDICTION; APPROPRIATE FORUM

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

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

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

IN WITNESS whereof the parties hereto have executed this Agreement the day and
year first before written.

                                       14

<PAGE>

                                   SCHEDULE 1

                                Forms of Mandates

                BANK MANDATE - GRANITE 02-2 STERLING ACCOUNT

Resolution of the Board of Directors of GRANITE MORTGAGES 02-2 PLC (the
"COMPANY")

At a meeting of the Board of Directors of the Company held at Fifth Floor, 100
Wood Street, London EC2V 7EX, London on or about [o], 2002:

IT WAS RESOLVED THAT:

1.   The account number 10456845 in the name of the Company held with Citibank,
     N.A. (the "BANK") (the "CURRENT ISSUER STERLING ACCOUNT") will be used as
     an account for the benefit of the Company.

2.   The mandate given to the Bank by virtue of this document (the "MANDATE") is
     given on the basis that the Bank complies with the procedure set out in,
     and the terms of, this document.

3.   Prior to receipt of a notice in writing from the Note Trustee to the
     contrary, in relation to the Current Issuer Sterling Account, the Bank is
     hereby authorised to honour and comply with all cheques, drafts, bills,
     payments by way of the Clearing House Automated Payment System, promissory
     notes, acceptances, negotiable instruments and orders expressed to be
     drawn, accepted, made or given and all directions given in writing or by
     way of electronic impulses in respect of the Current Issuer Sterling
     Account to the extent that compliance with the same should not result in a
     debit balance; provided that (and subject to paragraph 7) any such cheques,
     drafts, bills, promissory notes, acceptances, negotiable instruments,
     directions, orders, instructions and/or endorsements are signed by two
     people from Schedule 1. The Bank is hereby authorised to act on any
     information given by two Directors or by one Director and the Secretary of
     the Company regarding any changes to Schedule 1. For these purposes, a
     "BUSINESS DAY" is a day (other than a Saturday or Sunday) on which banks
     are generally open for business in London.

4.   This Mandate is given on the basis that the Bank:

     (a)  acknowledges that, pursuant to a Current Issuer Deed of Charge to be
          entered into between, inter alios, the Company and The Bank of New
          York (the "NOTE TRUSTEE") on or about 23 September 2002 (the "CURRENT
          ISSUER DEED OF CHARGE"), the Company has assigned its interest in the
          Current Issuer Sterling Account to the Note Trustee by way of
          security;

     (b)  prior to receipt of an Intercompany Loan Enforcement Notice (as
          defined in the Funding Deed of Charge) from the Security Trustee or a
          Current Issuer Note Enforcement Notice (as defined in the Current
          Issuer Deed of Charge) from the Note Trustee, agrees to comply with
          the directions of the Current Issuer (or, pursuant to paragraph 8, of
          Northern Rock plc (the "CURRENT ISSUER CASH MANAGER") as its agent) in
          respect of the operation of the Current Issuer Sterling Account and
          the Bank

                                       15

<PAGE>

          shall be entitled to rely on any such written direction reasonably
          purporting to have been given by or on behalf of the Current Issuer
          (or the Current Issuer Cash Manager) without enquiry; and

     (c)  upon receipt of an Intercompany Loan Enforcement Notice from the
          Security Trustee or a Current Issuer Note Enforcement Notice from the
          Note Trustee:

          (i)  agrees to comply with the directions of the Note Trustee
               expressed to be given by the Note Trustee pursuant to the Current
               Issuer Deed of Charge in respect of the operation of the Current
               Issuer Sterling Account and the Bank shall be entitled to rely on
               any such written direction reasonably purporting to have been
               given on behalf of the Note Trustee without enquiry; and

          (ii) agrees that all right, authority and power of the Company in
               respect of the operation of the Current Issuer Sterling Account
               shall be deemed terminated and of no further effect and the Bank
               agrees that it shall, upon receipt of the Intercompany Loan
               Enforcement Notice from the Security Trustee or a Current Issuer
               Note Enforcement Notice from the Note Trustee, comply with the
               directions of the Security Trustee or the Note Trustee (as the
               case may be) or any receiver appointed under the Current Issuer
               Deed of Charge or Funding Deed of Charge (as the case may be) in
               relation to the operation of the Current Issuer Sterling Account
               unless otherwise required by operation of law or by the order or
               direction of a competent Court or Tribunal.

5.   Unless and until the Bank receives notice in writing from or purporting to
     be from the Note Trustee or the Security Trustee to the contrary, the Bank
     is authorised to continue to operate the Current Issuer Sterling Account
     without regard to the security interests pursuant to the Current Issuer
     Deed of Charge.

6.   At any time prior to the release by the Note Trustee of the Current Issuer
     Deed of Charge, the mandate given to the Bank by virtue of these
     resolutions shall remain in force, unless and until the Bank has received a
     notice of amendment hereto from the Company.

7.   These resolutions shall be communicated to the Bank and remain in force
     until an amendment resolution shall be passed by the board of directors of
     the Company and a copy thereof, certified by any two of the Directors
     and/or the Secretary, shall be received by the Bank.

8.   The Current Issuer authorises the Current Issuer Cash Manager to instruct
     the Bank in relation to the Current Issuer Sterling Account and authorises
     the Bank to act on those instructions in the manner set forth in the
     Current Issuer Bank Account Agreement.

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

                              AUTHORISED SIGNATORY

                                       16

<PAGE>

                                   SCHEDULE 1

            TO THE BANK MANDATE - GRANITE 02-2 STERLING ACCOUNT

     The following sets out the signatories for the Current Issuer Sterling
     Account, in accordance with Clause 3 of the Bank Mandate - Granite 02-2
                                Sterling Account.

Northern Rock plc personnel authorised to sign any cheques, drafts, bills,
promissory notes, acceptances, negotiable instruments, directions, orders or
instructions, and/or endorsements in respect of accounts in the name of Granite
Mortgages 02-2 plc held at Citibank, N.A.:

NAME                       TITLE               SPECIMEN SIGNATURE
----                       -----               ------------------
                           Treasury Systems
A R Cunningham             Development Manager
                                               ------------------------------
                           Treasury
A Dutton                   Administrator
                                               ------------------------------
                           Deputy Treasury
C J Flinn                  Director
                                               ------------------------------
                           Senior Manager -
                           Treasury
D Paylor Wright            Settlements
                                               ------------------------------
                           Head of Treasury
T D Pickering              Risk
                                               ------------------------------
                           Senior Manager -
D Wheeler                  Treasury Accounting
                                               ------------------------------
                           Assistant Director
D Johnson                  (Securitisation)
                                               ------------------------------
K M Currie                 Treasury Director
                                               ------------------------------

                                       17

<PAGE>

                 BANK MANDATE - GRANITE 02-2 DOLLAR ACCOUNT

Resolution of the Board of Directors of GRANITE MORTGAGES 02-2 PLC (the
"COMPANY")

At a meeting of the Board of Directors of the Company held at Fifth Floor, 100
Wood Street, London EC2V 7EX, London on or about [o], 2002:

IT WAS RESOLVED THAT:

1.   The account number 10456837 in the name of the Company held with Citibank,
     N.A. (the "BANK") (the "CURRENT ISSUER DOLLAR ACCOUNT") will be used as an
     account for the benefit of the Company.

2.   The mandate given to the Bank by virtue of this document (the "MANDATE") is
     given on the basis that the Bank complies with the procedure set out in,
     and the terms of, this document.

3.   Prior to receipt of a notice in writing from the Note Trustee to the
     contrary, in relation to the Current Issuer Dollar Account, the Bank is
     hereby authorised to honour and comply with all cheques, drafts, bills,
     payments by way of the Clearing House Automated Payment System, promissory
     notes, acceptances, negotiable instruments and orders expressed to be
     drawn, accepted, made or given and all directions given in writing or by
     way of electronic impulses in respect of the Current Issuer Dollar Account
     to the extent that compliance with the same should not result in a debit
     balance; provided that (and subject to paragraph 7) any such cheques,
     drafts, bills, promissory notes, acceptances, negotiable instruments,
     directions, orders, instructions and/or endorsements are signed by two
     people from Schedule 1. The Bank is hereby authorised to act on any
     information given by two Directors or by one Director and the Secretary of
     the Company regarding any changes to Schedule 1. For these purposes, a
     "BUSINESS DAY" is a day (other than a Saturday or Sunday) on which banks
     are generally open for business in London.

4.   This Mandate is given on the basis that the Bank:

     (a)  acknowledges that, pursuant to a Current Issuer Deed of Charge to be
          entered into between, inter alios, the Company and The Bank of New
          York (the "NOTE TRUSTEE") on or about 23 September 2002 (the "CURRENT
          ISSUER DEED OF CHARGE"), the Company has assigned its interest in the
          Current Issuer Dollar Account to the Note Trustee by way of security;

     (b)  prior to receipt of an Intercompany Loan Enforcement Notice (as
          defined in the Funding Deed of Charge) from the Security Trustee or a
          Current Issuer Note Enforcement Notice (as defined in the Current
          Issuer Deed of Charge) from the Note Trustee, agrees to comply with
          the directions of the Current Issuer (or, pursuant to paragraph 8, of
          Northern Rock plc (the "CURRENT ISSUER CASH MANAGER") as its agent) in
          respect of the operation of the Current Issuer Dollar Account and the
          Bank shall be entitled to rely on any such written direction
          reasonably purporting to have been given by or on behalf of the
          Current Issuer (or the Current Issuer Cash Manager) without enquiry;
          and

                                       18

<PAGE>

     (c)  upon receipt of an Intercompany Loan Enforcement Notice from the
          Security Trustee or a Current Issuer Note Enforcement Notice from the
          Note Trustee:

          (i)  agrees to comply with the directions of the Note Trustee
               expressed to be given by the Note Trustee pursuant to the Current
               Issuer Deed of Charge in respect of the operation of the Current
               Issuer Dollar Account and the Bank shall be entitled to rely on
               any such written direction reasonably purporting to have been
               given on behalf of the Note Trustee without enquiry; and

          (ii) agrees that all right, authority and power of the Company in
               respect of the operation of the Current Issuer Dollar Account
               shall be deemed terminated and of no further effect and the Bank
               agrees that it shall, upon receipt of the Intercompany Loan
               Enforcement Notice from the Security Trustee or a Current Issuer
               Note Enforcement Notice from the Note Trustee, comply with the
               directions of the Security Trustee or the Note Trustee (as the
               case may be) or any receiver appointed under the Current Issuer
               Deed of Charge or Funding Deed of Charge (as the case may be) in
               relation to the operation of the Current Issuer Dollar Account
               unless otherwise required by operation of law or by the order or
               direction of a competent Court or Tribunal.

5.   Unless and until the Bank receives notice in writing from or purporting to
     be from the Note Trustee or the Security Trustee to the contrary, the Bank
     is authorised to continue to operate the Current Issuer Dollar Account
     without regard to the security interests pursuant to the Current Issuer
     Deed of Charge.

6.   At any time prior to the release by the Note Trustee of the Current Issuer
     Deed of Charge, the mandate given to the Bank by virtue of these
     resolutions shall remain in force, unless and until the Bank has received a
     notice of amendment hereto from the Company.

7.   These resolutions shall be communicated to the Bank and remain in force
     until an amendment resolution shall be passed by the board of directors of
     the Company and a copy thereof, certified by any two of the Directors
     and/or the Secretary, shall be received by the Bank.

8.   The Current Issuer authorises the Current Issuer Cash Manager to instruct
     the Bank in relation to the Current Issuer Dollar Account and authorises
     the Bank to act on those instructions in the manner set forth in the
     Current Issuer Bank Account Agreement.

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

                              Authorised Signatory

                                       19

<PAGE>

                                   SCHEDULE 1

             TO THE BANK MANDATE - GRANITE 02-2 DOLLAR ACCOUNT

    The following sets out the signatories for the Current Issuer Dollar
  Account, in accordance with Clause 3 of the Bank Mandate - Granite 02-2
                                 Dollar Account.

Northern Rock plc personnel authorised to sign any cheques, drafts, bills,
promissory notes, acceptances, negotiable instruments, directions, orders or
instructions, and/or endorsements in respect of accounts in the name of Granite
Mortgages 02-2 plc held at Citibank, N.A.:

NAME                       TITLE               SPECIMEN SIGNATURE
----                       -----               ------------------
                           Treasury Systems
A R Cunningham             Development Manager
                                               ------------------------------
                           Treasury
A Dutton                   Administrator
                                               ------------------------------
                           Deputy Treasury
C J Flinn                  Director
                                               ------------------------------
                           Senior Manager -
                           Treasury
D Paylor Wright            Settlements
                                               ------------------------------
                           Head of Treasury
T D Pickering              Risk
                                               ------------------------------

                           Senior Manager -
D Wheeler                  Treasury Accounting
                                               ------------------------------
                           Assistant Director
D Johnson                  (Securitisation)
                                               ------------------------------
K M Currie                 Treasury Director
                                               ------------------------------

                                       20

<PAGE>

                  BANK MANDATE - GRANITE 02-2 EURO ACCOUNT

Resolution of the Board of Directors of GRANITE MORTGAGES 02-2 PLC (the
"COMPANY")

At a meeting of the Board of Directors of the Company held at Fifth Floor, 100
Wood Street, London EC2V 7EX, London on or about [o], 2002:

IT WAS RESOLVED THAT:

1.   The account number 10456853 in the name of the Company held with Citibank,
     N.A. (the "BANK") (the "CURRENT ISSUER EURO ACCOUNT") will be used as an
     account for the benefit of the Company.

2.   The mandate given to the Bank by virtue of this document (the "MANDATE") is
     given on the basis that the Bank complies with the procedure set out in,
     and the terms of, this document.

3.   Prior to receipt of a notice in writing from the Note Trustee to the
     contrary, in relation to the Current Issuer Euro Account, the Bank is
     hereby authorised to honour and comply with all cheques, drafts, bills,
     payments by way of the Clearing House Automated Payment System, promissory
     notes, acceptances, negotiable instruments and orders expressed to be
     drawn, accepted, made or given and all directions given in writing or by
     way of electronic impulses in respect of the Current Issuer Euro Account to
     the extent that compliance with the same should not result in a debit
     balance; provided that (and subject to paragraph 7) any such cheques,
     drafts, bills, promissory notes, acceptances, negotiable instruments,
     directions, orders, instructions and/or endorsements are signed by two
     people from Schedule 1. The Bank is hereby authorised to act on any
     information given by two Directors or by one Director and the Secretary of
     the Company regarding any changes to Schedule 1. For these purposes, a
     "BUSINESS DAY" is a day (other than a Saturday or Sunday) on which banks
     are generally open for business in London.

4.   This Mandate is given on the basis that the Bank:

     (a)  acknowledges that, pursuant to a Current Issuer Deed of Charge to be
          entered into between, inter alios, the Company and The Bank of New
          York (the "NOTE TRUSTEE") on or about 23 September 2002 (the "CURRENT
          ISSUER DEED OF CHARGE"), the Company has assigned its interest in the
          Current Issuer Euro Account to the Note Trustee by way of security;

     (b)  prior to receipt of an Intercompany Loan Enforcement Notice (as
          defined in the Funding Deed of Charge) from the Security Trustee or a
          Current Issuer Note Enforcement Notice (as defined in the Current
          Issuer Deed of Charge) from the Note Trustee, agrees to comply with
          the directions of the Current Issuer (or, pursuant to paragraph 8, of
          Northern Rock plc (the "CURRENT ISSUER CASH MANAGER") as its agent) in
          respect of the operation of the Current Issuer Euro Account and the
          Bank shall be entitled to rely on any such written direction
          reasonably purporting to have

                                       21

<PAGE>

          been given by or on behalf of the Current Issuer (or the Current
          Issuer Cash Manager) without enquiry; and

     (c)  upon receipt of an Intercompany Loan Enforcement Notice from the
          Security Trustee or a Current Issuer Note Enforcement Notice from the
          Note Trustee:

          (i)  agrees to comply with the directions of the Note Trustee
               expressed to be given by the Note Trustee pursuant to the Current
               Issuer Deed of Charge in respect of the operation of the Current
               Issuer Euro Account and the Bank shall be entitled to rely on any
               such written direction reasonably purporting to have been given
               on behalf of the Note Trustee without enquiry; and

          (ii) agrees that all right, authority and power of the Company in
               respect of the operation of the Current Issuer Euro Account shall
               be deemed terminated and of no further effect and the Bank agrees
               that it shall, upon receipt of the Intercompany Loan Enforcement
               Notice from the Security Trustee or a Current Issuer Note
               Enforcement Notice from the Note Trustee, comply with the
               directions of the Security Trustee or the Note Trustee (as the
               case may be) or any receiver appointed under the Current Issuer
               Deed of Charge or Funding Deed of Charge (as the case may be) in
               relation to the operation of the Current Issuer Euro Account
               unless otherwise required by operation of law or by the order or
               direction of a competent Court or Tribunal.

5.   Unless and until the Bank receives notice in writing from or purporting to
     be from the Note Trustee or the Security Trustee to the contrary, the Bank
     is authorised to continue to operate the Current Issuer Euro Account
     without regard to the security interests pursuant to the Current Issuer
     Deed of Charge.

6.   At any time prior to the release by the Note Trustee of the Current Issuer
     Deed of Charge, the mandate given to the Bank by virtue of these
     resolutions shall remain in force, unless and until the Bank has received a
     notice of amendment hereto from the Company.

7.   These resolutions shall be communicated to the Bank and remain in force
     until an amendment resolution shall be passed by the board of directors of
     the Company and a copy thereof, certified by any two of the Directors
     and/or the Secretary, shall be received by the Bank.

8.   The Current Issuer authorises the Current Issuer Cash Manager to instruct
     the Bank in relation to the Current Issuer Euro Account and authorises the
     Bank to act on those instructions in the manner set forth in the Current
     Issuer Bank Account Agreement.

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

                              AUTHORISED SIGNATORY

                                       22

<PAGE>

                                   SCHEDULE 1

              TO THE BANK MANDATE - GRANITE 02-2 EURO ACCOUNT

   The following sets out the signatories for the Current Issuer Euro Account,
         in accordance with Clause 3 of the Bank Mandate - Granite 02-2
                                  Euro Account.

Northern Rock plc personnel authorised to sign any cheques, drafts, bills,
promissory notes, acceptances, negotiable instruments, directions, orders or
instructions, and/or endorsements in respect of accounts in the name of Granite
Mortgages 02-2 plc held at Citibank, N.A.:

NAME                       TITLE               SPECIMEN SIGNATURE
----                       -----               ------------------
                           Treasury Systems
A R Cunningham             Development Manager
                                               ------------------------------
                           Treasury
A Dutton                   Administrator
                                               ------------------------------
                           Deputy Treasury
C J Flinn                  Director
                                               ------------------------------
                           Senior Manager -
                           Treasury
D Paylor Wright            Settlements
                                               ------------------------------
                           Head of Treasury
T D Pickering              Risk
                                               ------------------------------
                           Senior Manager -
D Wheeler                  Treasury Accounting
                                               ------------------------------
                           Assistant Director
D Johnson                  (Securitisation)
                                               ------------------------------
K M Currie                 Treasury Director
                                               ------------------------------

                                       23

<PAGE>

                                 EXECUTION PAGE

EXECUTED for and on behalf of                  )
GRANITE MORTGAGES 02-2 PLC                     )
by:                                            )

Name: CARL FLINN
Title: ALTERNATE DIRECTOR

EXECUTED for and on behalf of                  )
NORTHERN ROCK PLC                              )
by:                                            )
                                               )
                                               )
                                               )
Name:                                          )
Title:

EXECUTED for and on behalf of                  )
THE BANK OF NEW YORK                           )
by:                                            )

Name: KATE RUSSELL
Title: ASSISTANT VICE PRESIDENT

EXECUTED for and on behalf of                  )
CITIBANK, N.A.                                 )
by:                                            )

Name: DAVID MARES
Title: VICE PRESIDENTEXHIBIT 4.14
                                                                  Execution Copy

                             DATED 23 SEPTEMBER 2002

                         GRANITE FINANCE FUNDING LIMITED
                                   as Funding

                                NORTHERN ROCK PLC
                                 as Cash Manager

                               LLOYDS TSB BANK PLC
                             as Funding GIC Provider

                                     - AND -

                              THE BANK OF NEW YORK
                               as Security Trustee

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

                            FUNDING (02-2) GUARANTEED
                               INVESTMENT CONTRACT

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

                           SIDLEY AUSTIN BROWN & WOOD
                              1 THREADNEEDLE STREET
                                 LONDON EC2R 8AW
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                                   REF:553080

<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>

                                                                                                Page
                                                                                                ----
<S>                                                                                              <C>
1.   Definitions and Interpretation...............................................................1

2.   The Funding (Current Issuer) GIC Account and Deposits........................................2

3.   Interest.....................................................................................2

4.   Transfers, Withdrawals and Enforcement of the Funding Security...............................3

5.   Withholding..................................................................................4

6.   Termination..................................................................................4

7.   Acknowledgement by the Funding GIC Provider..................................................5

8.   Payments.....................................................................................5

9.   Fee..........................................................................................5

10.  Representations, Warranties and Covenants of the Funding GIC Provider........................5

11.  No Enforcement and Limited Recourse..........................................................5

12.  Non Petition Covenant........................................................................7

13.  Notices......................................................................................7

14.  Incorporation of Provisions from the Funding (Current Issuer) Bank Account Agreement.........8

15.  Security Trustee as a Party..................................................................8

16.  Governing Law and Jurisdiction; Process Agents; Appropriate Forum............................8
</TABLE>

                                        i

<PAGE>

THIS AGREEMENT is made on 23 September 2002

BETWEEN:

(1)   GRANITE FINANCE FUNDING LIMITED (registered number 79308), a private
      limited company incorporated under the laws of Jersey but acting out of
      its branch office established in England (registered overseas company
      number FC022999 and branch number BR005916) at 4th Floor, New Bridge
      Street, Blackfriars, London EC4V 6BW as Funding;

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

(3)   LLOYDS TSB BANK PLC, a company incorporated in England and Wales under
      registered number 2065, acting through its office at Treasury Division, 25
      Monument Street, London EC2R 8BQ in its capacity as the Funding GIC
      Provider; and

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

WHEREAS:

(A)   The Seller has agreed to assign the Additional Mortgage Portfolio to the
      Mortgages Trustee (as trustee for the Seller and Funding upon the terms of
      the Mortgages Trust) pursuant to the terms of the Mortgage Sale Agreement.
      Funding proposes to fund its Initial Contribution to the Mortgages Trustee
      for the Funding Share of the Additional Trust Property by drawing the
      Current Issuer Intercompany Loan, which in turn has been funded by the
      Current Issuer by the proceeds of the Current Issuer Notes issued by the
      Current Issuer.

(B)   The Cash Manager provides Cash Management Services in connection with the
      business of the Mortgages Trustee and Funding pursuant to the Cash
      Management Agreement.

(C)   The Cash Management Agreement provides that Funding shall invest its
      liquid funds from time to time in interest bearing accounts and the
      Funding GIC Provider is willing to provide such an account pursuant to and
      on the terms of this Agreement and the Funding (Current Issuer) Bank
      Account Agreement.

(D)   Funding's liquid funds shall include all amounts required to be held by
      Funding as reserve funds in respect of the Current Issuer and standing at
      any time to the credit of the Current Issuer Reserve Fund Ledger or the
      Current Issuer Liquidity Reserve Ledger, if any, of the Current Issuer and
      which are not invested in Authorised Investments.

                                       1

<PAGE>

IT IS HEREBY AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing in Appendix 1 to) the Master Definitions Schedule Third
            Amendment Deed made on 23 September 2002 between, among others, the
            Seller, Funding and the Mortgages Trustee, and

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy on 23
            September 2002,

      (as the same have been and may be amended, varied or supplemented from
      time to time with the consent of the parties hereto) are expressly and
      specifically incorporated into and shall apply to this Agreement. The
      Issuer Master Definitions Schedule specified above shall prevail to the
      extent that it conflicts with the Master Definitions Schedule.

2.    THE FUNDING (CURRENT ISSUER) GIC ACCOUNT AND DEPOSITS

2.1   THE FUNDING (CURRENT ISSUER) GIC ACCOUNT: The Funding GIC Provider
      confirms that (i) (on the instructions of Funding) the Funding (Current
      Issuer) GIC Account has been opened in its books in the name of Funding,
      (ii) it has received from Funding a duly completed account mandate in the
      form set out in Schedule 1 to the Funding (Current Issuer) Bank Account
      Agreement, and (iii) it agrees to accept on deposit in the Funding
      (Current Issuer) GIC Account all monies transferred from time to time to
      that Account, subject to and upon the terms of this Agreement, the Funding
      (Current Issuer) Bank Account Agreement, the Cash Management Agreement and
      the Funding Deed of Charge.

2.2   DEPOSITS: Subject to and upon the terms of this Agreement, the Funding
      (Current Issuer) Bank Account Agreement, the Cash Management Agreement and
      the Funding Deed of Charge, on each Payment Date or other date on which in
      accordance with the relevant Funding Priority of Payments any amount of
      Issuer Allocable Revenue Receipts and/or Issuer Allocable Principal
      Receipts which are allocable to the Current Issuer is required to be
      credited to the Current Issuer Reserve Fund and/or the Current Issuer
      Liquidity Reserve Fund (if any) of the Current Issuer, Funding or the Cash
      Manager on behalf of Funding will deposit such amount into the Funding
      (Current Issuer) GIC Account and the Funding GIC Provider agrees to accept
      such monies so transferred on deposit in the Funding (Current Issuer) GIC
      Account, subject to and upon the terms of this Agreement, the Funding
      (Current Issuer) Bank Account Agreement, the Cash Management Agreement and
      the Funding Deed of Charge.

3.    INTEREST

3.1   INTEREST: Subject as provided in Clause 3.2 below, interest shall accrue
      from day to day on the balance from time to time of the Funding (Current
      Issuer) GIC Account (the "FUNDING (CURRENT ISSUER) GIC BALANCE") from (and
      including) each Payment Date (or, in the case of the first interest
      period, the Closing Date) to (but excluding) the immediately succeeding
      Payment Date (or, in the case of the first interest period, the first
      Payment Date) and shall be paid quarterly on the London Business Day
      immediately preceding each Payment Date at a rate of interest per annum
      equal to LIBOR for three-month sterling deposits (which, for the purpose
      of this Agreement, shall be the rate determined by the Funding GIC
      Provider (and not the Agent Bank)

                                       2

<PAGE>

      minus 0.375 per cent. (the "FUNDING (CURRENT ISSUER) GIC RATE")
      (calculated on the basis of the actual number of days elapsed and a 365
      day year) by payment for value on the same day to the Funding (Current
      Issuer) GIC Account or to such other account as Funding or the Cash
      Manager shall specify.

3.2   NO ACCRUAL: Interest shall not accrue on any amount deposited into the
      Funding (Current Issuer) GIC Account on the day on which it is so
      deposited unless that amount is deposited into the Funding (Current
      Issuer) GIC Account by 11.00 a.m. London time on that day.

3.3   NOTIFICATION OF THE FUNDING (CURRENT ISSUER) GIC RATE: On or as soon as
      reasonably practicable after each Payment Date and following determination
      of the applicable LIBOR rate, the Funding GIC Provider will inform Funding
      and the Cash Manager of the Funding (Current Issuer) GIC Rate which shall
      apply for the relevant interest period.

3.4   PAYMENT: On any day on which interest is payable by the Funding GIC
      Provider under this Agreement, the Funding GIC Provider shall pay the
      amount of interest then due in immediately available, freely transferable,
      cleared funds by no later than the close of business on that day.

4.    TRANSFERS, WITHDRAWALS AND ENFORCEMENT OF THE FUNDING SECURITY

4.1   TRANSFER TO FUNDING TRANSACTION ACCOUNT: Subject to the provisions of and
      only to the extent permitted under the Cash Management Agreement and the
      Funding Deed of Charge, Funding or the Cash Manager on behalf of Funding
      may on any London Business Day give notice to the Funding GIC Provider
      that it wishes to transfer on such date to the Funding Transaction Account
      from the Funding (Current Issuer) GIC Account all or such part of the
      Funding (Current Issuer) GIC Balance as Funding or the Cash Manager shall
      notify to the Funding GIC Provider and (subject to there being sufficient
      funds in the Funding (Current Issuer) GIC Account) the Funding GIC
      Provider shall comply with such notice and pay the amount specified in
      such notice to the Funding Transaction Account.

4.2   CONSENT OF SECURITY TRUSTEE: Unless the Funding GIC Provider has received
      the prior written consent of the Security Trustee, the Funding GIC
      Provider is authorised only to permit (so far as the same is within its
      control) withdrawals from the Funding (Current Issuer) GIC Account for the
      purposes of making a transfer to the Funding Transaction Account and
      unless Funding or the Cash Manager has received the prior written consent
      of the Security Trustee neither Funding nor the Cash Manager will request
      any withdrawal or transfer for any other purpose.

4.3   NO NEGATIVE BALANCE: Neither Funding nor the Cash Manager will request any
      withdrawal from the Funding (Current Issuer) GIC Account if to do so would
      cause the Funding (Current Issuer) GIC Account to have a negative balance.

4.4   INSTRUCTIONS FROM CASH MANAGER: Pursuant to the Cash Management Agreement,
      Funding has appointed the Cash Manager as its agent to administer, inter
      alia, the Funding (Current Issuer) GIC Account and to exercise Funding's
      rights and to act as Funding's agent under this Agreement. The Funding GIC
      Provider agrees and confirms that it will, unless otherwise notified in
      writing by the Security Trustee

                                       3

<PAGE>

      (including in the circumstances provided under Clause 4.5 (Direction from
      Security Trustee) below), act in accordance with the written instructions
      given by the Cash Manager on behalf of Funding in the administration and
      operation of the Funding (Current Issuer) GIC Account, and, in the event
      of being so notified in writing by the Security Trustee, it will act in
      accordance with the instructions given by the Security Trustee.
      Nevertheless, Funding, the Cash Manager and the Security Trustee
      acknowledge and agree that the Funding GIC Provider shall not be liable
      for any instructions given by any of Funding, the Cash Manager or the
      Security Trustee.

4.5   DIRECTION FROM SECURITY TRUSTEE: If the Funding GIC Provider receives
      notice in writing from the Security Trustee to the effect that (a) the
      Security Trustee has served an Intercompany Loan Enforcement Notice or (b)
      the appointment of Northern Rock as Cash Manager under the Cash Management
      Agreement has been terminated, then, save as otherwise expressly provided
      under the Funding (Current Issuer) Bank Account Agreement, the Funding GIC
      Provider agrees that it shall, upon receipt of such notice from the
      Security Trustee, comply with the directions of the Security Trustee or
      any successor cash manager appointed by the Security Trustee (subject to
      such successor cash manager having entered into an agreement with the
      relevant Account Bank on substantially the same terms as this Agreement)
      in relation to the operation of the Funding (Current Issuer) GIC Account.

5.    WITHHOLDING

      The parties agree that Clause 14 (Withholding) of the Funding (Current
      Issuer) Bank Account Agreement shall, to the extent that it relates to the
      Funding (Current Issuer) GIC Account, be incorporated in and shall apply,
      mutatis mutandis, to this Agreement (and for this purpose references to
      any "ACCOUNT BANK" shall be deemed to be replaced by the "FUNDING GIC
      PROVIDER") such that all payments to be made by the Funding GIC Provider
      hereunder will be made upon the terms and subject to the same conditions
      as are set out in Clause 14 (Withholding) of the Funding (Current Issuer)
      Bank Account Agreement.

6.    TERMINATION

6.1   AUTOMATIC TERMINATION: This Agreement shall terminate automatically upon
      termination of the Funding (Current Issuer) Bank Account Agreement in
      accordance with its terms and/or the closing of the Funding (Current
      Issuer) GIC Account in accordance with the Funding (Current Issuer) Bank
      Account Agreement, subject to the fulfilment of any requirement thereunder
      (if any) for the appointment of a financial institution or financial
      institutions (with a short-term, unguaranteed and unsubordinated debt
      obligation rating of at least A-1+ (in the case of S&P), P-1 (in the case
      of Moody's) and F1+ (in the case of Fitch)) under agreements in form and
      substance similar to the Funding (Current Issuer) Bank Account Agreement
      and/or this Agreement, as applicable.

6.2   PAYMENT ON TERMINATION: On the date of termination of this Agreement, the
      Funding GIC Provider shall pay to or to the order of the Cash Manager or
      (as required hereunder and/or under the Funding Deed of Charge) the
      Security Trustee, all amounts standing to the credit of the Funding
      (Current Issuer) GIC Account with interest accrued thereon to (but
      excluding) the date of actual payment.

                                       4

<PAGE>

7.    ACKNOWLEDGEMENT BY THE FUNDING GIC PROVIDER

      The Funding GIC Provider acknowledges and agrees that all of the
      restrictions on the rights of any Account Bank under, and the
      acknowledgements made by any Account Bank under, Clause 5 (Acknowledgement
      by the Account Bank) of the Funding (Current Issuer) Bank Account
      Agreement shall, to the extent that the same shall apply to the Funding
      (Current Issuer) GIC Account, be incorporated in and shall apply, mutatis
      mutandis, to this Agreement (and for this purpose references to any
      "ACCOUNT BANK" shall be deemed to be replaced by the "FUNDING GIC
      PROVIDER") such that the Funding GIC Provider hereby makes the same
      acknowledgements in respect of the Funding (Current Issuer) GIC Account
      and acknowledges and agrees to the same restrictions in respect of its
      rights.

8.    PAYMENTS

      Payments required to be made hereunder shall be made in accordance with
      the provisions of the Funding (Current Issuer) Bank Account Agreement.

9.    FEE

      Funding shall pay the Funding GIC Provider on the date of this Agreement a
      fee as separately agreed by Funding and the Funding GIC Provider in
      respect of the services provided pursuant to this Agreement which shall
      include the reasonable legal costs and expenses of the Funding GIC
      Provider in connection with the negotiation and execution of this
      Agreement and the Funding (Current Issuer) Bank Account Agreement.

10.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE FUNDING GIC PROVIDER

10.1  The Funding GIC Provider hereby represents and warrants, on the date
      hereof and on each date on which an amount is credited to the Funding
      (Current Issuer) GIC Account, that:

      (a)   it is duly incorporated under the laws of England and Wales;

      (b)   it is an institution authorised to carry on banking business,
            including accepting deposits under the Financial Services and
            Markets Act 2000; and

      (c)   it is a "bank" for the purposes of Section 349 of the Income and
            Corporation Taxes Act 1988.

10.2  The Funding GIC Provider shall immediately notify Funding and the Security
      Trustee in the event that any of the representations and warranties set
      out in this Clause 10 ceases to be true.

10.3  The Funding GIC Provider shall provide such information or evidence
      relating to the Funding (Current Issuer) GIC Account as the Security
      Trustee or Cash Manager may require.

                                       5

<PAGE>

11.   NO ENFORCEMENT AND LIMITED RECOURSE

11.1  The Funding GIC Provider hereby undertakes to each of the other parties
      hereto that:

      (a)   only the Security Trustee may enforce the security created in favour
            of the Security Trustee under or pursuant to the Funding Deed of
            Charge in accordance with the provisions thereof;

      (b)   notwithstanding any other provision of this Agreement or any other
            Transaction Document, no sum due or owing to the Funding GIC
            Provider from or by Funding under this Agreement shall be payable by
            Funding except to the extent that Funding has sufficient funds
            available or (following enforcement of the Funding Security) the
            Security Trustee has realised sufficient funds from the Funding
            Security to pay such sum subject to and in accordance with the
            relevant Funding Priority of Payments and provided that all
            liabilities of Funding required to be paid in priority thereto or
            pari passu therewith pursuant to such Funding Priority of Payments
            have been paid, discharged and/or otherwise provided for in full;

      (c)   it shall not take any steps for the purpose of recovering any amount
            payable under this Agreement (including, without limitation, by
            exercising any rights of set-off) or enforcing any rights arising
            out of this Agreement against Funding and it shall not take any
            steps or legal proceedings for the winding-up, dissolution or
            reorganisation of, or the institution of insolvency proceedings
            against, Funding or for the appointment of a receiver,
            administrator, liquidator or similar officer of Funding in respect
            of any or all of its revenues except to the extent expressly
            permitted under the Funding Deed of Charge; and

      (d)   following any enforcement of the Funding Security, it will hold on
            trust for, and will pay to, the Security Trustee or the Receiver, as
            the case may be, all monies received or recovered by it (whether by
            way of set-off or otherwise) other than monies owing to it and paid
            to it in accordance with the Funding Post-Enforcement Priority of
            Payments, in order that such monies may be applied by the Security
            Trustee or the Receiver in accordance with the Funding
            Post-Enforcement Priority of Payments.

11.2  CORPORATE OBLIGATIONS: To the extent permitted by law, no recourse under
      any obligation, covenant, or agreement of any person contained in this
      Agreement shall be had against any shareholder, officer or director of
      such person as such, by the enforcement of any assessment or by any legal
      proceedings, by virtue of any statute or otherwise; it being expressly
      agreed and understood that this Agreement is a corporate obligation of
      each person expressed to be a party hereto and no personal liability shall
      attach to or be incurred by the shareholders, officers, agents or
      directors of such person as such, or any of them, under or by reason of
      any of the obligations, covenants or agreements of such person contained
      in this Agreement, or implied therefrom, and that any and all personal
      liability for breaches by such person of any of such obligations,
      covenants or agreements, either under any applicable law or by statute or
      constitution, of every such shareholder, officer, agent or director is
      hereby expressly waived by each person expressed to be a party hereto as a
      condition of and consideration for the execution of this Agreement.

11.3  FUNDING DEED OF CHARGE: The provision of Clause 6 (Restrictions on
      Exercise of Certain Rights) of the Funding Deed of Charge shall prevail in
      the event that and to the extent that they conflict with the provisions of
      this Clause 11 and the provisions of Clause 12 (Non Petition Covenant).

                                       6

<PAGE>

12.   NON PETITION COVENANT

      Each of the parties hereto hereby agrees that it shall not institute
      against Funding, any winding-up, administration, insolvency or similar
      proceedings in any jurisdiction for so long as any sum is outstanding
      under any Intercompany Loan Agreement of any Issuer or for two years plus
      one day since the last day on which any such sum was outstanding provided
      that the Security Trustee may prove or lodge a claim in the event of a
      liquidation initiated by any other person.

13.   NOTICES

13.1  NOTICES: Any notices to be given pursuant to this Agreement to any of the
      parties hereto shall be sufficiently served if sent by prepaid first class
      post, by hand or facsimile transmission and shall be deemed to be given
      (in the case of facsimile transmission) when despatched, (where delivered
      by hand) on the day of delivery if delivered before 17.00 hours (London
      time) on a London Business Day or on the next London Business Day if
      delivered thereafter or on a day which is not a London Business Day or (in
      the case of first class post) when it would be received in the ordinary
      course of the post and shall be sent:

      (a)   in the case of Funding, to Granite Finance Funding Limited at 4th
            Floor, 35 New Bridge Street, Blackfriars, London EC4V 6BW (facsimile
            number 020 7332 6199) for the attention of the Company Secretary,
            with a copy to Northern Rock plc, Northern Rock House, Gosforth,
            Newcastle upon Tyne NE3 4PL, (facsimile number 0191 213 2203), for
            the attention of the Group Secretary;

      (b)   in the case of the Funding GIC Provider, to Lloyds TSB at 25
            Monument Street, London EC3R 8BQ (facsimile number, 0207 623 2338)
            for the attention of Graham Sparry, Treasury Division;

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

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

      or to such other address or facsimile number or for the attention of such
      other person or entity as may from time to time be notified by any party
      to the others by written notice in accordance with the provisions of this
      Clause 13.

13.2  ILLEGIBLE INSTRUCTIONS: Notwithstanding the provisions of Clause 13.1
      (Notices), instructions to the Funding GIC Provider to effect transfers
      and/or payment on any date will not be deemed to have been delivered
      unless and until actual receipt of such instructions in legible form by
      the Funding GIC Provider.

13.3  NOTIFICATION OF ILLEGIBILITY: The Funding GIC Provider covenants and
      undertakes that, upon receipt of any instructions in illegible form, it
      will immediately notify the party from whom such instructions were
      received.

                                       7

<PAGE>

14.   INCORPORATION OF PROVISIONS FROM THE FUNDING (CURRENT ISSUER) BANK ACCOUNT
      AGREEMENT

      The parties hereby agree that to the extent that the same shall apply to
      the Funding (Current Issuer) GIC Account, Clauses 16 (Entire Agreement),
      Clause 17 (Variation and Wavier), Clause 18 (Assignment), Clause 19 (The
      Security Trustee), Clause 20 (New Intercompany Loan Agreements), Clause 21
      (Exclusion of Third Party Rights) and Clause 22 (Counterparts) of the
      Funding (Current Issuer) Bank Account Agreement shall be incorporated in
      and shall apply, mutatis mutandis, to this Agreement and shall bind the
      parties hereto as though set out in full in this Agreement (and for this
      purpose references to any "ACCOUNT BANK" shall be deemed to be replaced by
      the "FUNDING GIC PROVIDER").

15.   SECURITY TRUSTEE AS A PARTY

      The Security Trustee has agreed to become a party to this Agreement for
      the better preservation and enforcement of its rights under this Agreement
      and the Security Trustee shall assume no liability whatsoever to Funding,
      the Funding GIC Provider or the Cash Manager.

16.   GOVERNING LAW AND JURISDICTION; PROCESS AGENTS; APPROPRIATE FORUM

16.1  GOVERNING LAW: This Agreement is governed by, and shall be construed in
      accordance with, English law.

16.2  JURISDICTION: Each of the parties hereto irrevocably agrees that the
      courts of England are to have jurisdiction to settle any suit, action or
      proceeding and to settle any disputes which may arise out of or in
      connection with this Agreement and, for such purposes, irrevocably submit
      to the jurisdiction of such courts.

16.3  PROCESS AGENTS: Funding irrevocably and unconditionally appoints Mourant &
      Co. Capital (SPV) Limited at 4th Floor, 35 New Bridge Street, Blackfriars,
      London EC4V 6BW or otherwise at its registered office for the time being
      as its agent for service of process in England in respect of any
      proceedings in respect of this Agreement and undertakes that in the event
      of Mourant & Co. Capital (SPV) Limited ceasing so to act it will appoint
      another person with a registered office in London as its agent for service
      of process.

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

                                       8

<PAGE>

                                 EXECUTION PAGE

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

EXECUTED for and on behalf of                   )
GRANITE FINANCE FUNDING LIMITED                 )
by:                                             )

Authorised Signatory

Name: NIGEL BRADLEY
Title: DIRECTOR

EXECUTED for and on behalf of                   )
LLOYDS TSB BANK PLC                             )
by:                                             )
                                                )

Authorised Signatory

Name: JOHN ROBERTS
Title: DIRECTOR, UK FINANCIAL INSTITUTIONS

EXECUTED for and on behalf of                   )
NORTHERN ROCK PLC                               )
by:                                             )
                                                )

Authorised Signatory

Name:
Title:

EXECUTED for and on behalf of                   )
THE BANK OF NEW YORK                            )
by:                                             )
                                                )

Authorised Signatory

Name: KATE RUSSELL
Title: ASSISTANT VICE PRESIDENT

                                       9

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