Document:

EXHIBIT 4.13

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP

C H A N C E

                                BARCLAYS BANK PLC
                         as Excess Interest Beneficiary

                                       and

                             BARCLAYCARD FUNDING PLC
   as Series 99-1 Investor Beneficiary and as Series 02-1 Investor Beneficiary

                                       and

                     GRACECHURCH RECEIVABLES TRUSTEE LIMITED
                             as Receivables Trustee

   ---------------------------------------------------------------------------
                         AGREEMENT BETWEEN BENEFICIARIES
   ---------------------------------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1. Interpretation.............................................................2

2. Assignment Of Entitlement To Excess Spread Relating To Series 02-1.........3

3. Acknowledgements...........................................................3

4. Representations And Warranties.............................................3

5. Third Party Rights.........................................................3

6. Governing Law..............................................................3

7. Jurisdiction...............................................................3

                                       1
<PAGE>

THIS DEED is made on [___] October 2002

BETWEEN:

(1)     GRACECHURCH RECEIVABLES TRUSTEE LIMITED, a company incorporated in
        Jersey with registered number 75210 having its registered office at 26
        New Street, St. Helier, Jersey JE2 3RA in its capacity as trustee of the
        trust constituted by a Declaration of Trust and Trust and Cash
        Management Agreement dated 23 November 1999 (the "RECEIVABLES TRUSTEE");

(2)     BARCLAYS BANK PLC, an institution authorised for the purposes of the
        Financial Services and Markets Act 2000 of the United Kingdom, acting
        through its business unit "Barclaycard", having its principal place of
        business at 1234 Pavilion Drive, Northampton NN4 7SG, in its capacity as
        Excess Interest Beneficiary (the "EXCESS INTEREST BENEFICIARY") of the
        Receivables Trust pursuant to the terms of a receivables securitisation
        agreement dated 23 November 1999; and

(3)     BARCLAYCARD FUNDING PLC, a public limited company incorporated in
        England and Wales, with company number 2530163, having its registered
        office at 54 Lombard Street, London EC3P 3AH, in its capacity as
        Investor Beneficiary for Series 99-1 (in respect of the Series 99-1
        Investor Interest, the "SERIES 99-1 INVESTOR BENEFICIARY") and in its
        capacity as Investor Beneficiary for Series 02-1 (in respect of the
        Series 02-1 Investor Interest, the "SERIES 02-1 INVESTOR BENEFICIARY").

WHEREAS:

(1)     The MTN Issuer has issued the Series 02-1 MTN Certificate to the Issuer
        at par with a right to further payments of subscription price as
        deferred consideration.

(2)     The Deferred Subscription Price will be an amount equal to the excess
        spread paid as additional interest on the Series 02-1 MTN Certificate to
        the Issuer but which is not utilised by the Issuer.

(3)     The Excess Interest Beneficiary wishes to assign to the MTN Issuer its
        entitlement to excess spread in relation to Series 02-1 to the Series
        02-1 Investor Beneficiary in consideration for payments from the MTN
        Issuer of amounts equal to the Deferred Subscription Price.

THE PARTIES AGREE as follows:

1.      INTERPRETATION

1.1     In this Deed the following expressions have the following meanings:

        "DEFERRED SUBSCRIPTION PRICE" means the deferred subscription price
        payable by the Issuer to the MTN Issuer as deferred consideration for
        the issue of the Series 02-1 MTN Certificate.

        "EXCESS ENTITLEMENT CONSIDERATION" means the consideration payable by
        the Series 02-1 Investor Beneficiary to the Excess Interest Beneficiary
        in respect of the assignment made pursuant to clause 2.1 hereof in an
        amount equal to the Deferred Subscription Price.

                                       2

<PAGE>

1.2     The headings in this Deed do not affect its interpretation.

1.3     Terms defined in the Master Definitions Schedule and the Series 02-1
        Supplement to the Declaration of Trust and Trust Cash Management
        Agreement dated [___] October 2002 shall have the same meanings when
        used in this Deed unless the context requires otherwise.

2.      ASSIGNMENT OF ENTITLEMENT TO EXCESS SPREAD RELATING TO SERIES 02-1

2.1     The Excess Interest Beneficiary hereby assigns its entitlement to excess
        spread relating to Series 02-1 to the Series 02-1 Investor Beneficiary
        (the "ASSIGNED EXCESS SPREAD") and in consideration for that assignment
        the Series 02-1 Investor Beneficiary hereby undertakes to pay to the
        Excess Interest Beneficiary the Excess Entitlement Consideration from
        time to time on each Distribution Date.

2.2     Each of the Series 99-1 Investor Beneficiary, the Series 02-1 Investor
        Beneficiary and the Excess Interest Beneficiary agree that the Assigned
        Excess Spread shall henceforth for calculation purposes be treated as
        forming part of the Series 02-1 Investor Interest.

3.      ACKNOWLEDGEMENTS

3.1     The Receivables Trustee acknowledges that the Assigned Excess Spread
        shall henceforth for calculation purposes be treated as forming part of
        the Series 02-1 Investor Interest.

3.2     The Assigned Excess Spread will be pledged by the Series 02-1 Investor
        Beneficiary under the Series 02-1 MTN Supplement to the Security Trust
        Deed and MTN Cash Management Agreement.

4.      REPRESENTATIONS AND WARRANTIES

        Each party hereto represents and warrants to the other parties, in each
        case with respect to itself only, that this Deed constitutes its legal,
        valid and binding obligation enforceable in accordance with its terms.

5.      THIRD PARTY RIGHTS

        A person who is not a party to this Deed has no right under the
        Contracts (Rights of Third Parties) Act 1999 to enforce any provision of
        the terms of this Deed.

6.      GOVERNING LAW

        The laws of England and Wales shall govern this Deed and all matters
        arising from or connected with it.

7.      JURISDICTION

7.1     Each of the parties hereto irrevocably agrees for the benefit of each
        other party that the Royal Courts of Jersey shall have exclusive
        jurisdiction to hear and determine any suit, action or proceeding, and
        to settle any disputes, which may arise out of or in connection with
        this Deed and agrees not to claim that any such court is not a
        convenient or appropriate forum, and, for such purposes, irrevocably
        submits to the exclusive jurisdiction of such courts.

                                       3

<PAGE>

7.2     Each party hereto irrevocably waives any objection which it might now or
        hereafter have to the courts of Jersey referred to above being nominated
        as the forum to hear and determine any suit, action or proceeding, and
        to settle any disputes, which may arise out of or in connection with
        this Deed and the transactions which it acknowledges and agrees not to
        claim that any such court is not a convenient or appropriate forum.

BY THEIR SIGNATURE HEREOF the Receivables Trustee, the Excess Interest
Beneficiary, the Series 99-1 Investor Beneficiary and the Series 02-1 Investor
Beneficiary have caused this Deed to be duly executed and delivered in Jersey by
their duly authorised representatives, on the day and year first written above.

                                       4

<PAGE>

                                    EXECUTION

Receivables Trustee

EXECUTED as a Deed by                    )
GRACECHURCH RECEIVABLES                  )
TRUSTEE  LIMITED                         )
by its duly authorised signatory         )

Excess Interest Beneficiary

EXECUTED as a Deed by                    )
BARCLAYS BANK PLC                        )
acting by its duly authorised attorney   )
in the presence of:                      )

Series 99-1 Investor Beneficiary and
Series 02-1 Investor Beneficiary

EXECUTED as a Deed by                    )
BARCLAYCARD FUNDING PLC                  )
By                                       )
in the presence of:

                                       5EXHIBIT 10.3

CLASS B CONFIRMATION

                               Confirmation to the
                          1992 ISDA Master(R) Agreement
                     relating to the Class B Swap Agreement
                            Dated [___] October 2002

GRACECHURCH CARD FUNDING (NO. 2) PLC

Re:   Transaction between Barclays Bank PLC ("PARTY A") and Gracechurch Card
      Funding (No. 2) PLC ("PARTY B")

Dear Sirs:

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between you and us on the Trade Date specified
below (the "SWAP TRANSACTION"). References herein to a TRANSACTION shall be
deemed to be references to a SWAP TRANSACTION for the purposes of the
Definitions.

The definitions and provisions contained in the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation. In the event of any inconsistency between
those Definitions and this Confirmation, this Confirmation will govern.

1.    This Confirmation incorporates the ISDA Master Agreement, including the
      schedule thereto (the "ISDA MASTER") dated as of [___] October 2002,
      between you and us and this Confirmation, together with the ISDA Master,
      constitutes a single agreement (the "AGREEMENT"). All provisions contained
      in the ISDA Master apply to this Confirmation except as expressly modified
      below.

2.    The terms of the particular Transaction to which this Confirmation relates
      are as follows:

<TABLE>
<S>                                               <C>
      Party A:                                    Barclays Bank PLC

      Party B:                                    Gracechurch Card Funding (No. 2) PLC

      Trade Date:                                 [___] October 2002

      Effective Date:                             [___] October 2002; provided, however, that
                                                  effectiveness is subject to the issuance of the Notes
                                                  and the receipt by the Series 02-1 Issuer on or prior to
                                                  [___] October 2002 of unconditional confirmation that
                                                  upon issue the Class B Notes will be rated [___] by
                                                  Moody's and [___] by Standard & Poor's.
</TABLE>

<PAGE>

<TABLE>
<S>                                               <C>
      Termination Date:                           [___], subject to adjustment in accordance with the
                                                  Following Business Day Convention, and subject to
                                                  adjustment in accordance with Section 3.3 below

      Business Days for USD:                      A day other than a Saturday, a Sunday or a day on which
                                                  banking institutions in London, England or New York, New
                                                  York are authorised or obliged by law to be closed

      Business                                    Days for GBP: Any day other than a Saturday, a Sunday or
                                                  a day on which banking institutions in London, England
                                                  or New York, New York are authorised or obliged by law
                                                  or executive order to be closed. [ensure definition
                                                  conforms with MTN]

      Calculation Agent                            Party A

      INITIAL EXCHANGE AMOUNTS AND FINAL EXCHANGE AMOUNTS

      Party A Initial Exchange Amount:             GBP [___]

      Party A Initial Exchange Date:               Effective Date

      Party A Final Exchange Amount:               Party A Currency Amount on the Termination Date

      Party A Final Exchange Date:                 Termination Date

      Party B Initial Exchange Amount:             USD [___]

      Party B Initial Exchange Date:               Effective Date

      Party B Final Exchange Amount:               Party B Currency Amount on the Termination Date

      Party B Final Exchange Date:                 Termination Date

      PARTY A FLOATING RATE AMOUNTS

      Party A Floating Rate Payer:                 Party A

      Party A Currency Amount:                     USD  [___]   (subject   to   adjustment   during  the
                                                   Redemption Period as set out herein)

      Party A Floating Rate Payer                  The  15th  day of  each  calendar  month  from  and
      Period End Dates:                            including  15 [___] 2002 to and  including 15 [___], in
                                                   each case subject to adjustment in accordance  with
                                                   the Following Business Day Convention
</TABLE>

                                      -2-
<PAGE>

<TABLE>
<S>                                               <C>
      Party A Floating Rate Payer                  Each Party A Floating Rate Payer Period End Date. Party
      Payment Dates:                               A will provide a clearing system notice as to the amount
                                                   to be paid on each Party A Floating Rate Payer Payment
                                                   Date 2 Business Days prior to each such Party A Floating
                                                   Rate Payer Payment Date.

      Party A Floating Rate Option:                USD-LIBOR  as   calculated   in   accordance   with
                                                   Condition 4 of the  Conditions  of the Notes,  [and
                                                   provided that in accordance  with such Condition in
                                                   respect of the first  Calculation  Period the Party
                                                   A   Floating   Rate   Option   shall  be  a  linear
                                                   interpolation  of the  rates  for [___] USD  deposits
                                                   and [___] USD deposits]

      Designated Maturity:                         1 month

      Spread:                                      [___]%

      Party A Floating Rate                        Actual/360 as calculated in accordance with Condition 4
      Day Count Fraction:                          of the Conditions

      Reset Dates:                                 First day of each Calculation Period

      PARTY B FLOATING RATE AMOUNTS

      Party B Floating Rate Payer:                 Party B

      Party B Currency Amount:                     GBP  [___]   (subject   to   adjustment   during  the
                                                   Redemption Period as set out herein)

      Party B Floating Rate Payer                  The 15th day of each calendar month from and including
      Period End Dates:                            15 [___] 2002 to and including 15 [___], in each case
                                                   subject to adjustment in accordance with the Following
                                                   Business Day Convention

      Party B Floating Rate Payer                  Each Party B Floating Rate Payer Period End Date
      Payment Dates:
</TABLE>

                                      -3-
<PAGE>

<TABLE>
<S>                                               <C>
      Party B Floating Rate Option:                GBP-LIBOR-BBA  calculated  in  accordance  with the
                                                   Series 02-1 Class B Debt Amount  [provided  that in
                                                   respect of the first  Calculation  Period the Party
                                                   B   Floating   Rate   Option   shall  be  a  linear
                                                   interpolation  of  the   GBP-LIBOR-BBA   rates  for
                                                   [___]-month GBP deposits and [___]-month GBP deposits]

      Designated Maturity:                         1 month

      Spread:                                      [___]%

      Party B Floating Rate                        A fraction, the numerator of which is the actual number
      Day Count Fraction:                          of days in such Calculation Period and the denominator
                                                   of which is 365 (or 366 in the case of any Calculation
                                                   Period ending in a leap year) as calculated in
                                                   accordance with the interest rate applicable to the
                                                   Series 02-1 Class B Debt Amount

      Reset Dates:                                 First day of each Calculation Period
</TABLE>

3.    DETAILS OF VARIATION TO AGREEMENT:

3.1   TAXATION: Neither Party A nor Party B is under any obligation to gross up
      any payments to be made under this Agreement for amounts withheld with
      respect to any Tax. In the event that a Tax is imposed such that Party B's
      payment hereunder shall be net of the amount of any Taxes so withheld,
      accounted for, deducted or suffered, then Party A's payment obligation
      shall be reduced in proportion to the amount by which the payments to be
      made by Party B are so reduced. In the event that a Tax is imposed such
      that Party A's payment hereunder shall be net of the amount of any Taxes
      so withheld, accounted for, deducted or suffered, then (subject to the
      first sentence of this Section 3.1 and Section 3.2, 3.3 and 3.4 below) the
      payment obligations of Party B shall remain the same.

3.2   INTEREST DEFERRAL:

(A)   The obligation of Party B to pay the Party B Floating Rate Amount on any
      Party B Floating Rate Payer Payment Date will be reduced to the extent
      that, on such Party B Floating Rate Payer Payment Date, the amount
      referable to Finance Charge Collections referable to the Series 02-1 Class
      B Debt Amount (other than any funds relating to excess spread attributable
      to Series 02-1) having been credited to the Series 02-1 Distribution
      Account of Barclaycard Funding plc (the "MTN ISSUER") by the Receivables
      Trustee is less than the Class B Monthly Distribution Amount calculated
      for the relevant Calculation Period (as such terms are defined in relation
      to the Series 02-1 Investor Interest) (any such amount, the "DEFERRED
      INTEREST AMOUNT") occurring

                                      -4-
<PAGE>

      during the period from the preceding Party B Floating Rate Payer Payment
      Date and ending on or immediately prior to that Party B Floating Rate
      Payer Payment Date.

      The obligation of Party A to pay the Party A Floating Rate Amount on any
      Party A Floating Rate Payer Payment Date will be reduced by an amount
      equal to the Party A Floating Rate Amount otherwise payable on such Party
      A Floating Rate Payer Payment Date (prior to any adjustment thereof in
      accordance with this Section 3.2) multiplied by the Reduction Ratio. The
      "REDUCTION RATIO" is a fraction equal to:

                 Deferred Interest Amount
            --------------------------------
            Aggregate Party B Payment Amount

      The "AGGREGATE PARTY B PAYMENT AMOUNT" is equal to the Party B Floating
      Rate Amount, before any adjustment thereof in accordance with the terms of
      the provisions of this Section 3.2, that would otherwise have been payable
      on such Party B Floating Rate Payer Payment Date.

(B)   The obligation of Party B to pay the Party B Floating Rate Amount on any
      Party B Floating Rate Payer Payment Date shall be increased in the event
      of (and to the extent of available funds in relation to) additional
      amounts referable to Finance Charge Collections in respect of the Series
      02-1 Class B Debt Amount (other than any funds relating to excess spread
      attributable to Series 02-1) having been credited to the Series 01-2
      Distribution Account by the Receivables Trustee to make up any previous
      Deferred Interest Amount.

      The obligation of Party A to pay the Party A Floating Rate Amount on any
      Party A Floating Rate Payer Payment Date will be increased by an amount
      (the "ADDITIONAL PARTY A AMOUNT") equal to the Party A Floating Rate
      Amount otherwise payable on such Party A Floating Rate Payer Payment Date
      (prior to any adjustment thereof in accordance with this Section 3.2)
      multiplied by the Increase Ratio. Accordingly, on such Party A Floating
      Rate Payer Payment Date, Party A shall pay the Party A Floating Rate
      Amount as well as the Additional Party A Amount. The "INCREASE RATIO" is a
      fraction equal to:

                Increased Interest Amount
           ---------------------------------
            Aggregate Party B Payment Amount

      The "INCREASED INTEREST AMOUNT" is equal to the amount of Finance Charge
      Collections referable to the Series 02-1 Class B Debt Amount and credited
      to the Series 02-1 Distribution Account by the Receivables Trustee on the
      Party B Floating Rate Payer Payment Date which corresponds to such Party A
      Floating Rating Payer Payment Date and so deposited to make up any
      previous Deferred Interest Amount.

3.3   REDEMPTION PERIOD. On the earlier of (a) the Series 02-1 Scheduled
      Redemption Date in the event that the Class B Debt Amount is not redeemed
      in full on such date, (b) the first distribution date for the Regulated
      Amortisation Period or (c) the first distribution

                                      -5-
<PAGE>

      date for the Rapid Amortisation Period (any such event, a "REDEMPTION
      TRIGGER") then the following provisions shall apply. The "REDEMPTION
      PERIOD END DATE" is the early of (a) the Party B Floating Rate Payer
      Payment Date falling in [___] [note to draft: legal final redemption date]
      and (b) the date upon which the Class B Debt Amount is redeemed in full.
      From the occurrence of the Redemption Trigger, the Termination Date shall
      be amended to be the Redemption Period End Date. The period from and
      including the date on which the Redemption Trigger occurs and the
      Redemption Period End Date is called the "REDEMPTION PERIOD".

3.4   AMORTISATION OF PARTY A CURRENCY AMOUNT AND PARTY B CURRENCY AMOUNT DURING
      REDEMPTION PERIOD

      During the Redemption Period, on each Party B Floating Rate Payer Period
      End Date (including the Series 02-1 Scheduled Redemption Date if the
      Redemption Trigger falls on the Series 02-1 Scheduled Redemption Date),
      the Party B Currency Amount shall be reduced (for the next following
      Calculation Period for Party B) by the amount on deposit on that Party B
      Floating Rate Payer Period End Date in the Series 02-1 Issuer Account and
      referable to the Class B Debt Amount and credited to the Class B Notes
      principal ledger (the amount of such reduction, the "PARTY B AMORTISATION
      AMOUNT"). On each Party B Floating Rate Payer Payment Date corresponding
      to such Party B Floating Rate Payer Period End Date, Party B shall pay to
      Party A an amount equal to the Party B Amortisation Amount.

      During the Redemption Period, on each Party A Floating Rate Payer Period
      End Date (including the Series 02-1 Scheduled Redemption Date if the
      Redemption Trigger occurs on the Series 02-1 Scheduled Redemption Date),
      the Party A Currency Amount shall be reduced (for the next following
      Calculation Period for Party A) by an amount (the "PARTY A AMORTISATION
      AMOUNT") calculated as specified below. The Party A Amortisation Amount is
      equal to A x B/C where:

      A = the Party A Currency Amount calculated on the Effective Date

      B = the Party B Amortisation Amount applicable on the Party B Floating
      Rate Payer Period End Date occurring on such Party A Floating Rate Payer
      Period End Date

      C = the Party B Currency Amount calculated on the Effective Date.

      On the Party A Floating Rate Payer Payment Date, Party A shall pay to
      Party B an amount equal to the Party A Amortisation Amount.

4.    ACCOUNT DETAILS

             Account for           Barclays Bank PLC, 54 Lombard Street, London
             Payments to Party A   CHAPS: [20-00-00]
             in GBP:               Beneficiary: [Barclays Swaps]
                                   Beneficiary Account: [00152021]

                                      -6-
<PAGE>

             Account for           Barclays Bank PLC
             Payments to Party A   SWIFT: [BARCGB22]
             in USD                Beneficiary: [Barclays Bank PLC London]
                                   Beneficiary Account: [___]

             Account for           Barclays Bank PLC [___]
             Payments to Party B   Sort code [___]
             in GBP:               Account number [___]

             Account for           Barclays Bank PLC [___]
             Payments to Party B   Sort code [___]
             in USD:               Account number [___]

5.    CONTACT FOR PARTY A DOCUMENTATION AND OPERATIONS:

        Barclays Bank PLC

        Attention:                  [Derivatives Director, Legal Division
                                    (marked urgent)]
        Telephone:                  +44 20 [7773 2224]
        Fax No:                     +44 20 [7773 4932]

6.       GOVERNING LAW:  England

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                        BARCLAYS BANK PLC

                                        By:
                                           ------------------------------------
                                        Name:
                                        Title:  Authorised Signatory

                                        Confirmed as of the date first written:

                                        GRACECHURCH CARD FUNDING (NO. 2) PLC

                                        By:
                                           ------------------------------------
                                        Name:
                                        Title:  Authorised Signatory

                                      -7-
<PAGE>

                                    SCHEDULE
                                     TO THE
                          1992 ISDA MASTER(R) AGREEMENT
                          DATED AS OF [_] OCTOBER 2002
                                     BETWEEN

                                BARCLAYS BANK PLC
                                   ("PARTY A")
                                       AND

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                                   ("PARTY B")
                                       AND

                         BANK OF NEW YORK, LONDON BRANCH
                                   ("PARTY C")

1.   TERMINATION PROVISIONS

     (a)  "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

          Section 5(a)(v), None Specified
          Section 5(a)(vi), None Specified
          Section 5(a)(vii), None Specified
          Section 5(b)(iv), None Specified
          and in relation to Party B for the purpose of
          Section 5(a)(v), None Specified
          Section 5(a)(vi), None Specified
          Section 5(a)(vii), None Specified
          Section 5(b)(iv), None Specified

     (b)  "SPECIFIED TRANSACTION" has the meaning specified in Section 14.

     (c)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will not
          apply to Party B.

          The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will not
          apply to Party B.

          The "MISREPRESENTATION" provisions of Section 5(a)(iv) will not apply
          to Party B.

          The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section
          5(a)(v) will not apply to Party A and Party B.

          The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to
          Party A and Party B.

          The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
          apply to Party A and Party B.

<PAGE>

     (d)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
          apply to Party A and Party B.

     (e)  PAYMENTS ON EARLY TERMINATION. "Second Method" and "Market Quotation"
          will apply for the purpose of Section 6(e) of this Agreement.

     (f)  "TERMINATION CURRENCY" means GBP.

     (g)  The "TAX EVENT" provisions of Section 5(b)(ii) (and accordingly
          5(b)(iii)) will not apply to Party A and Party B.

     (h)  ADDITIONAL TERMINATION EVENT will apply. Each of the following shall
          constitute an Additional Termination Event.

          (i)  EVENT OF DEFAULT

               An Event of Default under the Conditions occurs and Bank of New
               York, London Branch, in its capacity as trustee (the "NOTE
               TRUSTEE"), gives notice that the notes (the "NOTES") issued by
               the Party B pursuant to the Trust Deed (as defined below) are due
               and repayable as provided in Condition 9 of the Conditions (in
               which event Party B shall be the Affected Party).

               In the case of the Additional Termination Event described in
               sub-paragraph (i) above, the provisions of Section 6(b)(iv) shall
               be modified to provide that Party B will, by not more than 20
               days notice to Party A, and provided that the Additional
               Termination Event is then continuing, designate as the day which
               is the day such notice by the Note Trustee declaring the Notes
               due and repayable is effective as an Early Termination Date in
               respect of all Affected Transactions.

          (ii) WITHHOLDING TAX EVENT

               In the event that there is a withholding tax imposed (1) in
               relation to the Issuer's payments under the Notes; (2) in
               relation to any payments to Party B under the Series 02-1 MTN;
               (3) in relation to Party B's payments under this Agreement, (4)
               in relation to Party A's payments under this Agreement (following
               the expiration of a period of 30 days from Party B or the Note
               Trustee becoming aware of the imposition of such withholding tax
               and notwithstanding Party A's obligations in relation to Section
               6(b)(ii)(2) of this Agreement).

               In the case of the Additional Termination Event described in
               sub-paragraph (ii) above, Party A shall be the Affected Party.

2.   TAX REPRESENTATIONS

     (a)  PAYER REPRESENTATIONS

          For the purpose of Section 3(e) of this Agreement, Party A and Party B
          make the representations specified below:

<PAGE>

               Party A makes the following representation: It is a bank
               organised under the laws of England and Wales and is resident for
               United Kingdom tax purposes in the United Kingdom.

               Party B makes the following representation: It is a company duly
               incorporated under the laws of England and Wales and is resident
               for United Kingdom tax purposes in the United Kingdom.

     (b)  PAYEE REPRESENTATIONS

          For the purpose of Section 3(f) of this Agreement, Party A and Party B
          make the representations specified below:

               Party A makes the following representation: It is a bank
               organised under the laws of England and Wales.

               Party B makes the following representation: It is a company duly
               incorporated under the laws of England and Wales.

3.   AGREEMENT TO DELIVER DOCUMENTS

     For the purpose of Section 4(a) of this Agreement, each party agrees to
     deliver the following documents as applicable:

     (a)  Tax forms, documents or certificates to be delivered are:

================================================================================
PARTY REQUIRED TO   |                                |    DATE BY WHICH TO
DELIVER DOCUMENT    |    FORM/DOCUMENT/CERTIFICATE   |    BE DELIVERED
--------------------|--------------------------------|--------------------------
Party A/Party B     |    Any document required       |    Promptly upon the
                    |    or reasonably               |    earlier of (i)
                    |    requested to allow the      |    reasonable demand by
                    |    other party to make         |    the other party and
                    |    payments under the          |    (ii) learning that
                    |    Agreement without any       |    the form or document
                    |    deduction or                |    is required
                    |    withholding for or on       |
                    |    account of any Tax, or      |
                    |    with such deduction or      |
                    |    withholding at a            |
                    |    reduced rate, or to         |
                    |    enable the relevant         |
                    |    party to claim back or      |
                    |    be refunded for any         |
                    |    amount of Tax so            |
                    |    withheld or deducted        |
                    |    where such relevant         |
                    |    party received a            |
                    |    payment under this          |
                    |    Agreement net of such       |
                    |    Tax                         |
================================================================================

<PAGE>

     (b)  Other documents to be delivered are:

PARTY REQUIRED            FORM/               DATE BY WHICH         COVERED BY
 TO DELIVER             DOCUMENT/                 TO BE            SECTION 3(D)
  DOCUMENT             CERTIFICATE              DELIVERED         REPRESENTATION
---------------    --------------------    -------------------    --------------
Party A/Party B    Certificate or other    At the execution of        Yes
                   documents evidencing    this Agreement, and,
                   the authority of the    if a Confirmation so
                   party entering into     requires it on or
                   this Agreement and      before the date set
                   the persons acting      forth therein
                   on behalf of such
                   party (including any
                   incumbency
                   certificates
                   delivered in
                   connection with the
                   execution of the
                   Trust Deed)

Party A/Party B    Legal Opinions in       At the execution of        No
                   the form reasonably     this Agreement
                   acceptable to the
                   other party

Party B            A duly executed copy    Upon execution of          No
                   of the Trust Deed       this Agreement

4.   MISCELLANEOUS

     (a)  ADDRESSES FOR NOTICES: For the purpose of Section 12(a) of this
          Agreement:

          Addresses for notices or communications to Party A:

          For notices regarding operation, payment and confirmation matters
          only, notices should be sent to the address of the relevant branch set
          out in the relevant Confirmation (as may be amended from time to
          time), with a copy in the case of notices or communications relating
          to Sections 5, 6, 7, 11 or 13 to:

          Address:          [_]
          Attention:        Derivatives Director, Legal Division (marked urgent)
          Fax No.:          +44 20 7[_]
          Telephone:        +44 20 7[_]

          Address for notices or communications to Party B:

          Address:          Gracechurch Card Funding (No. 2) PLC
                            54 Lombard Street
                            London EC3P 3AH
          Attention:        The Directors
          Fax No.:          [_]

     (b)  OFFICES. The Provisions of Section 10(a) will apply to this Agreement.

     (c)  MULTIBRANCH PARTY. For the purpose of Section 10:

          Party A is not a Multibranch Party.

          Party B is not a Multibranch Party.

     (d)  CALCULATION AGENT. The Calculation Agent is Party A.

<PAGE>

     (e)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

          Party A: None

          Party B: None

     (f)  CREDIT SUPPORT PROVIDER.

          Party A: Not applicable

          Party B: Not applicable

     (g)  GOVERNING LAW. This Agreement and each Confirmation will be governed
          by and construed in accordance with the laws of England.

     (h)  "AFFILIATE" will have the meaning specified in Section 14 of this
          Agreement.

5.   OTHER PROVISIONS

     (a)  Neither Party A nor Party B will in any circumstances be required to
          pay additional amounts in respect of any Indemnifiable Tax or be under
          any obligation to pay to the other any amount in respect of any
          liability of such other party for or on account of any Tax, and,
          accordingly, Section 2(d)(i)(4) and Section 2(d)(ii) of this Agreement
          shall not apply.

     (b)  Section 6(b)(ii) is hereby amended to read as follows:

          TRANSFER OF RIGHTS AND OBLIGATIONS.

          (1)  If an Illegality under Section 5(b)(i)(1) occurs and there is
               only one Affected Party, the Affected Party will, as a condition
               to its right to designate an Early Termination Date under Section
               6(b)(iv), use all reasonable efforts (which will not require such
               party to incur a loss, excluding immaterial, incidental expenses)
               to transfer within 20 days after it gives notice under Section
               6(b)(i) all its rights and obligations under this Agreement in
               respect of the Affected Transactions to (A) in the case of Party
               A, another of its Offices or Affiliates and (B) in the case of
               Party B, another of its Offices or Affiliates, if any, or another
               company so that such Termination Event ceases to exist. If the
               Affected Party is not able to make such a transfer it will give
               notice to the other party to that effect within such 20 day
               period, whereupon the other party may effect such a transfer
               within 30 days after the notice is given under Section 6(b)(i).
               Any such transfer by a party under this Section 6(b)(ii)(1) will
               be subject to and conditional upon the prior written consent of
               the other party, which consent will not be withheld if such other
               party's policies in effect at such time would permit it to enter
               into transactions with the transferee on the terms proposed.

          (2)  If Party A, on the occasion of the next date for payment in
               respect of this Agreement, would be required by any relevant
               taxing authority or court of competent jurisdiction or by
               operation of law to withhold or account for any Tax, Party A
               shall forthwith upon becoming aware of such circumstance so

<PAGE>

               inform Party B and the Note Trustee and shall use its best
               endeavours (which will not require such Party A to incur a loss,
               excluding immaterial, incidental expenses) to arrange the
               substitution of an Affiliate incorporated in another jurisdiction
               in the place of Party A under this Agreement or to change the
               Office through which it acts under this Agreement, but not so as
               in any event to (1) result in the ratings of the Notes by Moody's
               Investors Service, Inc. ("MOODY'S") or Standard & Poor's Ratings
               Services, a division of the McGraw Hill Inc. group of companies
               ("STANDARD & POOR'S") to be reduced or adversely affected by
               reference to the ratings which would otherwise have applied to
               the Notes if such circumstances described in this paragraph had
               not occurred or (2) otherwise prejudice the position of Party B
               under this Agreement. If Party A is unable to arrange such
               substitution or change, Party A shall so inform Party B and the
               Note Trustee and shall use its best endeavours (which will not
               require Party A to incur a loss, excluding immaterial, incidental
               expenses) to arrange the substitution of a company incorporated
               in another jurisdiction in the place of Party A under this
               Agreement, but not so as in any event to (x) result in the
               ratings of the Notes by Moody's or Standard & Poor's to be
               reduced or adversely affected by reference to the ratings which
               would otherwise have applied to the Notes if such circumstance
               described in this paragraph had not occurred or (y) otherwise
               prejudice the position of Party B under this Agreement.

          No transfer or substitution pursuant to this Section 6(b)(ii) shall
          occur unless and until the Note Trustee has received the written
          affirmation of each of Standard & Poor's and Moody's that such
          transfer or substitution shall not adversely affect the then-current
          ratings of the Notes.

     (c)  Section 6(d)(i) is hereby amended to read in its entirety as follows:

          STATEMENT On or as soon as reasonably practicable following the
          occurrence of an Early Termination Date, the Calculation Agent shall
          make computations of the amounts owing pursuant to Section 6(e) and
          will provide to each party a statement (1) showing, in reasonable
          detail, such calculations and specifying the net amount payable by the
          applicable party pursuant to Section 6(e) and (2) giving details of
          the relevant account to which any amount payable is to be paid.

     (d)  Section 7 is hereby amended to read in its entirety as follows:

          Except as stated under Section 6(b)(ii), as provided in the Schedule
          or as provided in this Section 7, and except for the assignment by way
          of security in favour of The Bank of New York, London Branch under the
          trust deed dated [_] October 2002 (including any supplement thereto)
          (collectively, the "TRUST DEED") between Party B and The Bank of New
          York, London Branch, neither Party A nor Party B is permitted to
          assign, novate or transfer as a whole or in party any of its rights,
          obligations or interests under this Agreement. Party A may transfer
          its rights and obligations under this Agreement (but, not its rights
          only) to another of Party A's Offices, branches or Affiliates (the
          "TRANSFEREE") on ten Business Days' prior written notice, PROVIDED
          that (i) Party A delivers an opinion of independent counsel

<PAGE>

          of recognised standing in form and substance satisfactory to Party B
          (or, following the security becoming enforceable as described in the
          Conditions, the Note Trustee on behalf of Party B) and the Note
          Trustee confirming that as at the date of such transfer the Transferee
          will not, as a result of such transfer, be required to withhold or
          deduct on account of tax under this Agreement, (ii) a Termination
          Event or Event of Default does not occur under this Agreement as a
          result of such transfer and (iii) the Note Trustee has received
          written affirmation of Standard & Poor's and Moody's (or their
          successors) that such transfer shall not adversely affect the
          then-current ratings of the Notes. Party B may transfer is rights and
          obligations under this Agreement (but not its rights only) to any
          other body corporate which has been duly substituted as the holder of
          the Series 02-1 MTN.

     (e)  ADDITIONAL REPRESENTATIONS Section 3 is hereby amended by adding at
          the end thereof the following Subparagraph:

          (i)  It is entering into this Agreement, any Credit Support Document
               to which it is a party and any other documentation relating to
               this Agreement as principal (and not as agent or in any other
               capacity, fiduciary or otherwise).

     (f)  RELATIONSHIP BETWEEN PARTIES Each party will be deemed to represent to
          the other party on the date on which it enters into this Agreement
          that (absent a written agreement between the parties duly executed by
          each of them that expressly imposes affirmative obligations to the
          contrary);

          (i)  NON-RELIANCE. It is acting for its own account, and it has made
               its own independent decisions to enter into this Agreement and as
               to whether this Agreement is appropriate or proper for it based
               upon its own judgment and upon advice from such advisers as it
               has deemed necessary. It is not relying on any communication
               (written or oral) of the other party as investment advice or as a
               recommendation to enter into this Agreement; it being understood
               that information and explanations related to the Conditions of
               this Agreement shall not be considered investment advice or a
               recommendation to enter into this Agreement. No communication
               (written or oral) received from the other party shall be deemed
               to be an assurance or guarantee as to the expected results of
               this Agreement.

          (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
               merits of an understanding (on its own behalf or through
               independent professional advice), and understands and accepts,
               the terms, conditions and risks of this Agreement. It is also
               capable of assuming, and assumes, the risks of this Agreement.

         (iii) STATUS OF PARTIES. The other party is not acting as a fiduciary
               for or as adviser to it in respect of this Agreement.

     (g)  AMENDMENTS. Section 9(b) of this Agreement is hereby amended to read:

          AMENDMENTS. No amendment, modification or waiver in respect of this
          Agreement will be effective unless in writing and executed by each of
          the parties

<PAGE>

          and approved by the Note Trustee; provided, however, that all such
          amendments, modifications or waivers shall require the written
          affirmation of each of Standard & Poor's and Moody's that such
          amendments, modifications or waivers shall not adversely affect the
          then current ratings of the Notes.

     (h)  NON-PETITION.

          (i)  Only The Bank of New York, London Branch may pursue the remedies
               available under the general law or under this Agreement, the
               Trust Deed and the Series 02-1 MTN to enforce the rights of Party
               A, and Party A shall not be entitled to proceed directly against
               Party B unless The Bank of New York, London Branch, having become
               bound to proceed in accordance with the terms of the Trust Deed,
               fails or neglects to do so within a reasonable period and such
               failure or neglect is continuing provided always that, for the
               avoidance of doubt, the foregoing shall not prevent Party A from
               exercising any right to terminate this Agreement pursuant to the
               provisions hereof.

          (ii) Notwithstanding any other provision of this Agreement, Party A
               agrees to be bound by the provisions of the Trust Deed.

         (iii) In particular, Party A shall not be entitled to petition or take
               any other step for the winding-up of Party B or for the purpose
               of commencing or sustaining a case against Party B under any
               bankruptcy, insolvency, conservatorship, receivership or similar
               law or appointing a conservator, receiver, liquidator, assignee,
               trustee, custodian, sequestrator, or other similar official of
               Party B or any substantial part of its property, provided that
               the Note Trustee and/or Party A may prove or lodge a claim in the
               liquidation of Party B initiated by another party and that the
               Note Trustee and Party A may take proceedings to obtain a
               declaration or similar judgment order as to the obligations and
               liabilities of Party B under this Agreement.

     (i)  ADDITIONAL DEFINITIONS. Terms defined or referred to in each of the
          Trust Deed, and the Series 02-1 MTN shall bear the same respective
          meanings herein.

     (j)  INTEREST RATE AND CURRENCY EXCHANGES DEFINITIONS. Reference is hereby
          made to the 2000 ISDA Definitions (as published by the International
          Swaps and Derivatives Association, Inc.) (the "DEFINITIONS"), which
          are incorporated by reference herein.

     (k)  Section 2(b) is hereby amended to read in its entirety as follows:

          CHANGE OF ACCOUNT. Party A may change its account for receiving
          payment or delivery by giving notice to Party B at least ten Local
          Business Days prior to the scheduled date for payment or delivery to
          which such change applies unless Party B gives timely notice of a
          reasonable objection to such change. Party B may change its account
          for receiving payment or delivery by giving notice to Party A at least
          ten Local Business Days prior to the scheduled date for payment or
          delivery to which such change applied unless Party A gives timely
          notice of a reasonable objection to such change.

<PAGE>

     (l)  PAYMENTS FROM PARTY B. Notwithstanding anything contained in this
          Agreement to the contrary, any amount required to be paid by Party B
          pursuant to this Agreement will be paid in accordance with the
          priority of payments provided in the Trust Deed. For the avoidance of
          doubt, Party A shall not bring any claim whatsoever against Capital
          One Bank (Europe) plc or Capital One Bank or its assets or any of its
          directors, officers employees or agents with respect to any amounts
          owing pursuant to this Agreement.

     (m)  OPTIONAL TRANSFER AND MAINTAINING RATING OF THE NOTES. If any rating
          in respect of any of (I) Party A, or (II) any Rating Support (as
          defined below) is:

          (i)  downgraded or withdrawn by Standard & Poor's; or

          (ii) downgraded or withdrawn by Moody's;

               (either of (i) or (ii) a "PARTY A RATING REDUCTION")

          then, immediately upon such Party A Rating Reduction

          (1)  Party A (acting reasonably) shall determine, or either of
               Standard & Poor's or Moody's shall indicate, that as a direct
               consequence of such Party A Rating Reduction, the then current
               rating of the Notes could be adversely affected, then

          (2)  Party A shall immediately consult with the relevant rating agency
               and if such rating agency confirms that as a direct consequence
               of the Party A Rating Reduction the then rating of the Notes is
               or will be adversely affected, then

          (3)  Party A shall thereupon use its best efforts (subject to the
               proviso at the end of the last sentence of this paragraph (n)) to
               assist Party B in ensuring (if necessary) that, within thirty
               days of such Party A Rating Reduction (with the prior written
               confirmation of each rating agency (or agencies, as applicable)
               carrying out the Party A Rating Reduction) all necessary actions
               are taken to maintain the rating of the Notes at the rating that
               would subsist but for the Party A Rating Reduction or, in the
               case of an immediate adverse effect on the rating of the Notes,
               to restore the rating of the Notes to the rating that existed
               immediately prior to such Party A Rating Reduction. These efforts
               shall include (A) obtaining a third party, acceptable to Party B,
               to guarantee the obligations of Party A under this Agreement or
               to whom the obligations under this Agreement may be transferred
               or (B) posting collateral (and, (1) in the event the Party A
               Rating Reduction is carried out by Standard & Poor's, such
               posting of collateral shall be in accordance with the Standard &
               Poor's interest rate and currency swap criteria dated January
               1999 for calculating swap collateral (including all
               mark-to-market and volatility buffer calculations set forth
               therein), as such criteria may be amended, supplemented or
               replaced from time to time and (2) in the event that the Party A
               Rating Reduction is carried out by Moody's, such posting of
               collateral shall be undertaken only in accordance with the
               Moody's Collateral Requirement (as defined below)) or (C) any
               other action as Party A, in its sole discretion, deems to be
               reasonably necessary (and any of (A), (B) or (C) called "RATING
               SUPPORT") to assist Party B and the

<PAGE>

               Issuer in maintaining the rating of the Notes or (in the event
               the Notes have been downgraded) in restoring the rating of the
               Notes to the rating that existed immediately prior to such Party
               A Rating Reduction, provided that if Rating Support cannot be
               completed despite the exercise of Party A's best efforts as
               outlined above, Party A shall nonetheless post collateral as
               specified in (B) above. Any Rating Support collateral posted
               pursuant to (B) or (C) above shall be deposited in an account at
               an eligible institution (other than Party A) in the name of the
               Issuer or the Note Trustee and invested in eligible investments
               at the direction of Party A (such eligible investments to be as
               specified pursuant to the Standard & Poor's interest rate and
               currency swap criteria dated January 1999).

               "MOODY'S COLLATERAL REQUIREMENT" means: (i) in the event that the
               Party A Rating Reduction is in relation to a downgrade below Aa3,
               102% of the weekly mark-to-market in relation to the Agreement
               plus 25 basis points to be calculated as follows: A + (B x C x D)
               where A=102% of the weekly mark-to-market in relation to this
               Agreement; B=0.25%; C = the notional amount of the Transactions
               represented by this Agreement and D = the remaining years to the
               Termination Date; (ii) in the event that the Party A Rating
               Reduction is in relation to a downgrade below A2, the formula set
               forth in (i) shall continue to apply except that A shall be
               amended as follows: A=110% of the weekly mark-to-market in
               relation to this Agreement.

     (n)  Pari Passu The following Section 3(a)(vi) shall be inserted after
          Section 3(a)(v):

          (iv) Pari Passu. Party A represents and warrants to Party B that its
               payment obligations hereunder rank and will rank at all times at
               least pari passu in all respects with all of its unsecured
               obligations (except for those which are preferred by operation of
               law).

     (o)  SEPARATE AGREEMENTS Section 1(c) (Single Agreement) will be deleted
          and replaced with the following:

          "Each Transaction is entered into on the basis that this Master
          Agreement (including the Schedule) is incorporated by reference into
          the Confirmation relating to that Transaction so that this Master
          Agreement and the relevant Confirmation shall form a single agreement
          with respect to that Transaction. This Master Agreement shall not be
          construed to form a single agreement with two or more Confirmations
          together unless specific provision to that effect is made in the
          relevant Confirmation. Accordingly, all references to this "AGREEMENT"
          mean, with respect to any Transaction, this Master Agreement together
          with the Confirmation relating to that Transaction. It is understood
          that the parties would not enter into any Transaction except on the
          foregoing terms."

     (p)  INCONSISTENCY In the event of an inconsistency among or between any of
          the following documents, the relevant document first listed below
          shall govern.

          (i)  Confirmation;

          (ii) Schedule;

<PAGE>

          (iii) Definitions.

     (q)  RECORDING OF TELEPHONE CONVERSATIONS. Each party consents to the
          recording of the telephone conversations of trading and marketing
          personnel of the parties. Party A agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

     (r)  SEVERABILITY. Any provision of this Agreement which is prohibited (for
          reasons other than those constituting an illegality) or unenforceable
          in any jurisdiction shall, as to such jurisdiction, be ineffective to
          the extent of such prohibition or unenforceability without
          invalidating the remaining provisions of the Agreement or affecting
          the validity or enforceability of such provision in any other
          jurisdiction unless the severance shall substantially impair the
          benefits of the remaining portions of this Agreement or change the
          reciprocal obligations of the parties.

     (s)  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999. A person who is not a
          party to this Agreement shall have no right under the Contracts
          (Rights of Third Party) Act 1999 to enforce any of its terms but this
          shall not affect any right or remedy of a third party which exists or
          is available apart from that Act.

     IN WITNESS WHEREOF, the parties have executed this Schedule by their duly
     authorised officers as of [_] October 2002 effective as of [_] October
     2002.

                                           BARCLAYS BANK PLC

                                           By:
                                               ---------------------------------

                                           GRACECHURCH CARD FUNDING (NO. 2) PLC

                                           By:
                                                --------------------------------

Party C is a party to this Agreement to take the benefit of the provisions
herein and Party C will not be assuming any obligations under this Agreement
other than pursuant to Part 5(n) of this Schedule in the event that any Rating
Support collateral is posted to an account in the name of Party C or to an
account in the name of the Issuer where such account is charged in favour of
Party C:

THE BANK OF NEW YORK, LONDON BRANCH

By:
    ------------------------------
    Name:
    Title:

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