Document:

CLIFFORD                                           LIMITED LIABILITY PARTNERSHIP
CHANCE

                                                                  CONFORMED COPY

                           TURQUOISE FUNDING 1 LIMITED
                               as Loan Note Issuer

                                  HSBC BANK PLC
                               as LNI Account Bank

                                       and

                     LAW DEBENTURE TRUST COMPANY OF NEW YORK
                               as Security Trustee

                                   ----------

                                LOAN NOTE ISSUER
                             ACCOUNT BANK AGREEMENT

                                   ----------

                                    CONTENTS

CLAUSE                                                                      PAGE
                                                                            ----
1.    Definitions..........................................................    1
2.    The Accounts.........................................................    3
3.    Mandate..............................................................    4
4.    Acknowledgement By The LNI Account Bank..............................    4
5.    Indemnity............................................................    5
6.    Change Of Security Trustee Or LNI Account Bank.......................    5
7.    Further Assurance....................................................    6
8.    Confidentiality......................................................    6
9.    Costs................................................................    6
10.   Notices..............................................................    7
11.   Consideration........................................................    7
12.   Limited Recourse And Non-Petition....................................    7
13.   Assignment...........................................................    8
14.   Counterparts.........................................................    8
15.   Third Party Rights...................................................    8
16.   Governing Law And Jurisdiction.......................................    8
SCHEDULE 1   LNI ACCOUNT BANK MANDATE......................................   10
SCHEDULE LIST OF SIGNATORIES...............................................   12

THIS AGREEMENT is made on 23 May 2006

BETWEEN:

(1)  TURQUOISE FUNDING 1 LIMITED, a private limited liability company
     incorporated in Jersey with registration number 92327 and having its
     registered office at 26 New Street, St Helier, Jersey, in its capacities as
     the loan note issuer (the "LOAN NOTE ISSUER");

(2)  HSBC BANK PLC whose registered office is at 8 Canada Square, London E14 5HQ
     acting through its Jersey Branch at PO Box 14, 8 Library Place, St Helier,
     Jersey, JE4 8NJ (the "LNI ACCOUNT BANK"); and

(3)  LAW DEBENTURE TRUST COMPANY OF NEW YORK, acting through its New York branch
     whose principal place of business is at 767 Third Avenue - 31st floor, New
     York, New York 10017 (in its capacity as "SECURITY TRUSTEE" which
     expression shall include such company and all other persons or companies
     for the time being acting as the trustee or trustees under the Security
     Trust Deed).

IT IS HEREBY AGREED AS FOLLOWS:

1.   DEFINITIONS

1.1  In this Agreement, except so far as the context otherwise requires:

     "ACCOUNTS" means (together with any redesignation or sub-account thereof or
     any replacement therefor with any bank which is a Qualifying Institution),
     with respect to each Series, each account designated the "Turquoise Funding
     1 Limited - Distribution Account" and designated with reference to the
     number of such Series (each, the "SERIES LOAN NOTE ISSUER DISTRIBUTION
     ACCOUNT") in the name of the Loan Note Issuer and maintained by the LNI
     Account Bank (Sort Code 40-25-34) or any account at any branch of the LNI
     Account Bank or a Qualifying Institution which replaces it from time to
     time and "ACCOUNT" shall mean any one such Account;

     "BUSINESS DAY" means a TARGET settlement day and a day on which commercial
     banks and foreign exchange markets settle payments generally in London,
     England, Jersey, Channel Islands, Edinburgh, Scotland and New York, New
     York and each (if any) additional business centre;

     "ELECTRONIC MEANS" means, in respect of transfers, by way of CHAPS or such
     other system(s) as may replace it, and in respect of electronic messaging,
     SWIFT or such other systems as may replace it, or any other system as may
     be agreed by the parties;

     "LNI ACCOUNT BANK" means HSBC Bank plc;

     "LOAN NOTE" means each loan note issued by the Loan Note Issuer from time
     to time constituted by the Security Trust Deed as supplemented by each
     relevant Loan Note Supplement;

     "LOAN NOTE EVENT OF DEFAULT" means any of the events set out in Condition 9
     (Loan Note Events of Default) of the Loan Note with respect to a Series;

                                      -1-

     "LOAN NOTE SUPPLEMENT" means the relevant supplement to the Security Trust
     Deed with respect to a Series;

     "MASTER FRAMEWORK AGREEMENT" means the master framework agreement entered
     into on or about 23 May 2006 by, inter alios, the Loan Note Issuer, the
     Security Trustee, Turquoise Receivables Trustee Limited and HSBC Bank plc;

     "MANDATES" means the resolutions, instructions and signature authorities
     relating to each of the Accounts of each Series in the form set out in the
     Schedules hereto as they may be amended from time to time and notified as
     provided herein;

     "MOODY'S" means Moody's Investors Service Limited;

     "QUALIFYING INSTITUTION" means an institution (i) outside the United
     Kingdom which at all times has a short-term unsecured debt rating of at
     least A-1+ by Standard & Poor's and P-1 by Moody's or (ii) which is
     acceptable to each Rating Agency;

     "RATING AGENCY" means each of Moody's and Standard & Poor's;

     "SECURITY TRUST DEED" means the security trust deed dated on or about 23
     May 2006 between, inter alios, the Security Trustee and the Loan Note
     Issuer;

     "SERVICER ANNUAL REPORT" means the Servicer Annual Report as defined by
     Clause 9.6 of the Receivables Trust Deed and Servicing Agreement entered
     into on or about 23 May 2006 by Turquoise Receivables Trustee Limited, HSBC
     Bank plc, and the Loan Note Issuer;

     "SERVICER DAILY REPORT" means the Servicer Daily Report as defined by
     Clause 9.5(a) of the Receivables Trust Deed and Servicing Agreement entered
     into on or about 23 May 2006 by Turquoise Receivables Trustee Limited, HSBC
     Bank plc, and the Loan Note Issuer;

     "SERVICER MONTHLY REPORT" means the Servicer Monthly Report as defined by
     Clause 9.5(b) of the Receivables Trust Deed and Servicing Agreement entered
     into on or about 23 May 2006 by Turquoise Receivables Trustee Limited, HSBC
     Bank plc, and the Loan Note Issuer;

     "STANDARD & POOR'S" means Standard & Poor's Ratings Group; and

The headings in this Agreement shall not affect its interpretation.

1.2  Words denoting the singular number only shall include the plural number
     also and vice versa; words denoting one gender only shall include the other
     genders and words denoting persons only shall include firms and
     corporations and vice versa.

1.3  References to this or any other agreement or document include any amendment
     or supplement thereto or variation thereof for the time being having
     effect.

1.4  The parties hereto acknowledge that references to:

     (i)   the Master Framework Agreement;

                                      -2-

     (ii)  the Receivables Trust Deed and Servicing Agreement;

     (iii) the Loan Note Supplement; and

     (iv)  the Security Trust Deed,

     in this Agreement are for definition purposes only and that (other than as
     expressly provided herein) the LNI Account Bank, in its capacity as the
     account operating bank under this Agreement, shall not be deemed to have
     notice of their terms. If there is any conflict between any terms defined
     in the Master Framework Agreement and terms defined herein, the terms
     defined herein shall prevail.

2.   THE ACCOUNTS

2.1  Prior to the occurrence of a Loan Note Event of Default with respect to a
     Series, the LNI Account Bank shall comply with any direction of the Loan
     Note Issuer or its Delegate to debit any of the Accounts provided that such
     direction shall:

     (a)  be in writing; and

     (b)  comply with the Mandates.

     Notwithstanding the provisions of this Clause 2.1 amounts shall only be
     withdrawn from an Account to the extent that such withdrawal does not cause
     the Account to become overdrawn and furthermore credits shall only be made
     to an Account when the LNI Account Bank shall have received cleared funds.

2.2  Notwithstanding any term of the Mandates, the Loan Note Issuer revocably
     instructs the LNI Account Bank to debit from or credit to the relevant
     Accounts to or from the relevant persons and accounts specified therein the
     amounts specified in each Servicer Daily Report, Servicer Monthly Report or
     Servicer Annual Report received by the LNI Account Bank by means of secure
     facsimile transmission that includes the signal number authentication code
     issued to the Servicer by the LNI Account Bank (or such other secure method
     as agreed by the Loan Note Issuer and the LNI Account Bank in writing from
     time to time) PROVIDED THAT the LNI Account Bank may also act on any report
     received by it by means of secure facsimile transmission that includes the
     signal number authentication code issued to the Servicer. The LNI Account
     Bank agrees to comply with such instructions without any further
     verification unless it receives any instructions in writing from the Loan
     Note Issuer or following the occurrence of a Loan Note Event of Default
     with respect to a Series, the Security Trustee to the contrary one Business
     Day prior to the time by which it is required to fulfil any instruction
     contained in any such instructions.

     Notwithstanding the provisions of this Clause 2.2 amounts shall only be
     withdrawn from any Account to the extent that such withdrawal does not
     cause such Account to become overdrawn and furthermore credits shall only
     be made to such Account when the LNI Account Bank shall have received
     cleared funds.

2.3  The LNI Account Bank agrees that if directed pursuant to Clause 2.1 or
     Clause 2.2 to make any payment, and provided such direction is given or
     report is received in

                                      -3-

     sufficient time to allow the LNI Account Bank to transfer amounts on the
     required date, it will do so prior to close of business on the Business Day
     on which such direction or report is received and for value that day
     provided that if any direction or report is received by the LNI Account
     Bank later than 2.00 p.m. on any Business Day the LNI Account Bank shall
     make such payment as soon as practicable after the commencement of business
     on the following Business Day for value that day.

2.4  The charges of the LNI Account Bank (if any) for the operation of the
     Accounts shall not be debited to the Accounts but shall be payable by the
     Loan Note Issuer within 30 days or less of receipt of a written invoice and
     charged by the LNI Account Bank to the Loan Note Issuer on the same basis
     and at the same rates as are generally applicable to its business customers
     and the LNI Account Bank hereby acknowledges that it will have no recourse
     against any funds standing to the credit of the Accounts or against any
     party hereto other than the Loan Note Issuer in respect of the said
     charges.

3.   MANDATE

3.1  The Loan Note Issuer has agreed to deliver the Mandates to the LNI Account
     Bank (with a copy to the Security Trustee) and the LNI Account Bank will
     confirm to the Loan Note Issuer and the Security Trustee:

     (a)  receipt by it of the relevant Mandate from the Loan Note Issuer; and

     (b)  that each relevant Mandate is operative and supersedes any previous
          mandates or arrangements relating to the relevant Account.

4.   ACKNOWLEDGEMENT BY THE LNI ACCOUNT BANK

4.1  Notwithstanding anything to the contrary in the Mandates, the LNI Account
     Bank hereby:

     (a)  acknowledges that, pursuant to each relevant Loan Note Supplement, the
          Loan Note Issuer has assigned or intends to assign its rights, title
          and interest in the Accounts to the Security Trustee by way of
          security with respect to each relevant Series; and

     (b)  subject to execution of each relevant Loan Note Supplement, waives any
          right it has or may hereafter acquire to combine, consolidate or merge
          the Series Loan Note Issuer Distribution Account with any other
          account or ledger of the Loan Note Issuer or any other person or any
          liabilities of the Loan Note Issuer or any other person to the LNI
          Account Bank and agrees that it may not set off, transfer,
          consolidate, combine or withhold payment of any sum standing to the
          credit of the Series Loan Note Issuer Distribution Account in or
          towards or conditionally upon satisfaction of any liabilities to it of
          the Loan Note Issuer or any other person.

4.2  Subject to execution of each relevant Loan Note Supplement, the LNI Account
     Bank agrees (with the consent of the Loan Note Issuer):

     (a)  to comply with any direction of the Security Trustee expressed to be
          given by the Security Trustee pursuant to the Security Trust Deed and
          the Loan Note

                                      -4-

          Supplement in respect of the operation of the Accounts and the LNI
          Account Bank shall be entitled to rely on any such direction
          purporting to have been given on behalf of the Security Trustee
          without enquiry; and

     (b)  after the occurrence of a Loan Note Event of Default with respect to a
          Series, that all right, authority and power of the Loan Note Issuer in
          respect of the operation of the Accounts shall be deemed to be
          terminated and of no further effect and the LNI Account Bank and the
          Loan Note Issuer agree that the LNI Account Bank shall, upon receipt
          of such notice (to be given in writing) from the Security Trustee,
          comply with the directions of the Security Trustee or any receiver
          appointed under the relevant Loan Note Supplement in relation to the
          operation of the Accounts.

4.3  Until the LNI Account Bank shall have been notified in writing by the
     Security Trustee that there are no Loan Notes outstanding, the LNI Account
     Bank shall provide the Loan Note Issuer with a monthly statement in respect
     of each of the Accounts or upon request from time to time, and in the
     latter case such statement shall be provided as soon as reasonably
     practicable after receipt of a request for a statement.

5.   INDEMNITY

5.1  Unless otherwise directed by the Security Trustee pursuant to Clause 4.2,
     the LNI Account Bank in making payment from any Account, in accordance with
     this Agreement, shall be entitled to act as directed by the Loan Note
     Issuer pursuant to Clause 2.1 and Clause 2.2 and to rely as to the amount
     of any such transfer or payment on the instructions of the Loan Note Issuer
     in accordance with the relevant Mandate or as set out in the relevant
     Servicer Daily Report, Servicer Monthly Report or Servicer Annual Report in
     accordance with Clause 2.2 and the LNI Account Bank shall have no liability
     for any loss, injury or consequence suffered or incurred by the Loan Note
     Issuer for any action taken as a consequence of relying on any such
     instruction or in accordance with any Servicer Daily Report, Servicer
     Monthly Report or Servicer Annual Report except in the case of the LNI
     Account Bank's wilful default, gross negligence or unremedied breach of
     this Agreement.

5.2  The Loan Note Issuer shall indemnify the LNI Account Bank against any loss,
     cost, damage, charge or expense incurred by the LNI Account Bank in
     complying with any direction or instruction of the Loan Note Issuer or the
     Security Trustee delivered pursuant to and in accordance with this
     Agreement, save that this indemnity shall not extend to:-

     (a)  the charges of the LNI Account Bank (if any) for the operation of the
          Accounts; and

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

6.   CHANGE OF SECURITY TRUSTEE OR LNI ACCOUNT BANK

6.1  If there is any change in the identity of the Security Trustee in
     accordance with the Security Trust Deed, or a change in the identity of the
     LNI Account Bank, the parties

                                      -5-

     hereto or any of them as appropriate shall execute such documents and take
     such actions as the new Security Trustee or LNI Account Bank and the
     outgoing Security Trustee or LNI Account Bank may require for the purpose
     of vesting in the new Security Trustee or LNI Account Bank the rights and
     obligations of the outgoing Security Trustee or LNI Account Bank, and
     releasing the outgoing Security Trustee or LNI Account Bank from its future
     obligations under this Agreement.

6.2  The LNI Account Bank shall give not less than 4 weeks' notice to the Loan
     Note Issuer and the Security Trustee of any termination of the banking
     arrangements granted by it pursuant hereto to the Loan Note Issuer. In the
     event of any such termination the LNI Account Bank shall take reasonable
     steps (for a period of no longer than three months after such termination)
     to assist the other parties hereto to effect an orderly transition of the
     Loan Note Issuer's banking arrangements.

6.3  In the event that the LNI Account Bank ceases to be a Qualifying
     Institution, the LNI Account Bank shall immediately give notice of that
     fact to the Security Trustee and the Loan Note Issuer. As soon as
     practicable thereafter and in any event within 30 days of such notice, the
     LNI Account Bank shall transfer the closing credit balance of each of the
     Accounts, together with all interest accrued on such balances up to but not
     including the date of transfer, to an appropriate successor account with a
     Qualifying Institution, approved by the Security Trustee.

7.   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 desirable to give full effect to the arrangements contemplated
     by this Agreement.

8.   CONFIDENTIALITY

     None of the parties hereto shall during the continuance of this Agreement
     or after its termination disclose to any person whatsoever (except as
     provided herein 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
     by any 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) any information relating to the business, finances or other matters
     of a confidential nature of any other party of which it may in the course
     of its duties hereunder have become possessed and all parties hereto shall
     use all reasonable endeavours to prevent any such disclosure.

9.   COSTS

     The Loan Note Issuer agrees to pay the proper costs (including proper legal
     costs and expenses) of the LNI Account Bank and of the Security Trustee in
     connection with the negotiation of this Agreement and the establishment of
     the Accounts and the negotiation and execution of any further documents and
     the taking of any further action to be executed or taken pursuant to Clause
     7 (Further Assurance) of this Agreement.

                                      -6-

10.  NOTICES

     Any notices, including directions to the LNI Account Bank, the Loan Note
     Issuer or the Security Trustee to be given pursuant to this Agreement,
     shall be sufficiently served or given if sent by prepaid post or by
     facsimile transmission and shall be deemed to be given (in the case of any
     notice by facsimile transmission) when despatched and (in the case of any
     notice by post) when it would be received in the ordinary course of the
     post and (in the case of any direction to the LNI Account Bank by post or
     facsimile transmission) when actually received, and shall be sent:

     (a)  in the case of the Loan Note Issuer, to it at its registered office at
          26 New Street, St Helier, Jersey for the attention of the Directors;

     (b)  in the case of the LNI Account Bank, to HSBC Bank plc whose address is
          at 8 Canada Square, London E14 5HQ for attention of Product Control,
          fax number +44 (0) 20 7992 4498;

     (c)  in the case of the Security Trustee at 767 Third Avenue - 31st floor,
          New York, New York 10017, for the attention of HSBC Card Services, fax
          number 020 7991 4663.

     or to such other address or for the attention of such other person or to
     such other number or numbers as may from time to time be notified by any
     party to the other parties by written notice in accordance with the
     provisions of this clause.

11.  CONSIDERATION

     The LNI Account Bank acknowledges that it enters into this Agreement in
     consideration of the Loan Note Issuer having opened the Accounts, and that
     such opening of the Accounts constitutes good consideration with respect to
     this Agreement.

12.  LIMITED RECOURSE AND NON-PETITION

12.1 The LNI Account Bank hereby agrees and undertakes that until all amounts
     payable by the Loan Note Issuer under the Loan Notes have been paid in
     full, the LNI Account Bank will not petition or commence proceedings for
     liquidation, bankruptcy, reorganisation or winding up (or similar
     proceedings) under the laws of any jurisdiction nor join any person in
     doing so, nor commence any proceedings against the Loan Note Issuer.

12.2 The LNI Account Bank acknowledges that the obligations of the Loan Note
     Issuer under this Agreement at any time are limited to the lesser, at such
     time, of (a) the nominal amount thereof (the "NOMINAL AMOUNT") and (b) an
     amount (the "AVAILABLE AMOUNT") equivalent to the cash amounts deposited in
     the Accounts of the Loan Note Issuer at such time or realised by the
     Security Trustee following the enforcement of security pursuant to the
     Security Trust Deed. The LNI Account Bank shall not have a right to have
     recourse to, or make demand or initiate proceedings against the Loan Note
     Issuer at any time whilst the nominal amount exceeds the available amount.
     The Loan Note Issuer shall incur no liability and be under no additional
     duty to any person solely as a result of any inability on its part to make
     payments or to perform other obligations under this Agreement, which
     inability results from the operation of the foregoing provisions of this
     Clause 12.2.

                                      -7-

12.3 The LNI Account Bank acknowledges that it shall have no recourse, in
     respect of any obligation, covenant or agreement of the Loan Note Issuer,
     against any shareholder, officer, agent or director of the Loan Note
     Issuer.

13.  ASSIGNMENT

     The Loan Note Issuer may assign all its rights, title and benefit under
     this Agreement to the Security Trustee under or pursuant to the Security
     Trust Deed as supplemented by a Loan Note Supplement but may not otherwise
     assign or transfer any or all of its rights, title and benefit under this
     Agreement without the prior written consent of the Security Trustee.

14.  COUNTERPARTS

     This Agreement may be executed in any number of copies, and by the
     different parties hereto on the same or separate counterparts, each of
     which shall be deemed to be an original and all of which when taken
     together shall constitute one and the same agreement.

15.  THIRD PARTY RIGHTS

     Without prejudice to the rights of any such shareholders, officers, agents
     or directors as referred to at clause 12.3 to enforce clause 12.3, a person
     who is not a party to this Agreement has no right under the Contract
     (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

16.  GOVERNING LAW AND JURISDICTION

16.1 This Agreement shall be governed by and construed in accordance with the
     laws of England.

16.2 Each of the parties hereto other than the Security Trustee irrevocably
     agrees for the benefit of each other party that the courts of England 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 Agreement, and, for such purposes, irrevocably submits
     to the jurisdiction of such courts.

16.3 Each party hereto other than the Security Trustee irrevocably waives any
     objection which it might now or hereafter have to the courts of England
     referred to above being nominated as the forum to hear and determine any
     suit, action or proceeding, and to settle any dispute, which may arise out
     of or in connection with this Agreement and agrees not to claim that any
     such court is not a convenient or appropriate forum.

16.4 This Clause 16 is for the benefit of the Security Trustee and as a result
     each party hereto acknowledges that this Clause 16 does not prevent the
     Security Trustee from taking any suit, action or proceeding in any other
     courts with jurisdiction. To the extent allowed by law, the Security
     Trustee may take concurrent proceedings in any number of jurisdictions.

16.5 Each party hereto (if it is not incorporated in England) irrevocably
     appoints the person specified against its name on the execution pages
     hereto below to accept service of any

                                      -8-

     process on its behalf and further undertakes to the other parties hereto
     that it will at all times during the continuance of this Agreement maintain
     the appointment of some person in England as its agent for the service of
     process and irrevocably agrees that service of any writ, notice or other
     document for the purposes of any suit, action or proceeding in the courts
     of England shall be duly served upon it if delivered or sent by registered
     post to the address of such appointee (or to such other address in England
     as that party may notify to the other parties hereto).

IN WITNESS whereof this Agreement has been executed by or on behalf of the
parties the day and year first above written.

                                      -9-

                                   SCHEDULE 1

                            LNI ACCOUNT BANK MANDATE

                 (SERIES LOAN NOTE ISSUER DISTRIBUTION ACCOUNT)

At a duly constituted meeting of the Board of Directors of Turquoise Funding 1
Limited (the "COMPANY") held at 26 New Street, St Helier, Jersey on 23 May 2006.

IT WAS RESOLVED that:

1.   The opening of the account number 60211142 sort code 40-25-34 in the name
     of the Company designated the "Turquoise Funding 1 Limited - Distribution
     Account - Series 2006-1" (the "SERIES LOAN NOTE ISSUER DISTRIBUTION
     ACCOUNT") held with HSBC Bank plc (the "LNI ACCOUNT BANK" for the purpose
     of this Resolution and Resolutions 2 to 7) at PO Box 14, 8 Library Place,
     St Helier, Jersey, JE4 8NJ be and is hereby approved and ratified and that
     the Series Loan Note Issuer Distribution Account be used as an account for
     the benefit of the Company.

2.   Terms defined in the Loan Note Issuer Bank Agreement entered into on or
     about 23 May 2006 between the Company, the Security Trustee and the LNI
     Account Bank (the "LOAN NOTE ISSUER ACCOUNT BANK AGREEMENT") have the same
     meanings herein, unless defined herein or the context otherwise requires.

3.   In relation to the Series Loan Note Issuer Distribution Account, the LNI
     Account 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 in respect of the Series Loan Note Issuer Distribution Account
     opened pursuant to the Loan Note Issuer Account Bank Agreement PROVIDED
     THAT any such cheques, bills, promissory notes, acceptances, negotiable
     instruments, directions, orders and/or endorsements are signed by any of
     the persons whose names and specimen signatures are set out in the schedule
     attached to these Resolutions or that any directions or orders are received
     by the LNI Account Bank by means of secure facsimile transmission that
     includes the signal number authentication code supplied to the Loan Note
     Issuer.

4.   Notwithstanding Resolution 3 above, the LNI Account Bank be and is hereby
     instructed to act on any copy of such advice to the Company contained in
     any Servicer Daily Report, Servicer Monthly Report or Servicer Annual
     Report received by the LNI Account Bank by means of secure facsimile
     transmission that includes the signal number authentication code issued to
     the Servicer with respect to the debiting and crediting of monies from and
     to the Series Loan Note Issuer Distribution Account provided that the LNI
     Account Bank may also act on any report received by it by means of secure
     facsimile transmission that includes the signal number authentication code
     supplied to the Servicer unless notified otherwise in writing by the
     Company (or, following a Loan Note Event of Default with respect to any
     Series, the Security Trustee). The LNI Account Bank shall be instructed to
     comply with any such instruction without any further verification unless it
     receives any instructions in writing from the Loan Note

                                      -10-

     Issuer to the contrary one Business Day prior to the time by which it is
     required to fulfil such instruction.

5.   The mandates given to the LNI Account Bank by virtue of these resolutions
     shall, subject as provided in Resolution 6 below, remain in force, unless
     and until the LNI Account Bank has received from the Security Trustee
     notice to the contrary (the "SECURITY TRUSTEE'S NOTICE").

6.   If the LNI Account Bank receives a Security Trustee's Notice, the LNI
     Account Bank will be instructed to comply with any direction or notice of
     the Security Trustee pursuant to the relevant Loan Note Supplement in
     respect of the operation of the Series Loan Note Issuer Distribution
     Account and that any instruction, advice or other direction referred to in
     Resolutions 3 or 4 as it relates to amounts in the Series Loan Note Issuer
     Distribution Account shall, if purporting to be dated after the date of
     receipt of the Security Trustee's Notice by the LNI Account Bank, be signed
     by or on behalf of the Security Trustee or any substitute administrator or
     by the person or persons specified by the Security Trustee in writing or as
     otherwise agreed or directed by the Security Trustee hereafter.

7.   The LNI Account Bank be supplied with the list of names of Directors, the
     Secretary and other officers of the Company and the LNI Account Bank be and
     is hereby authorised to act on any information given by a Director or the
     Secretary of the Company as to any changes therein.

8.   These Resolutions be communicated to the LNI Account Bank and remain in
     force until an amending Resolution shall be passed by the Board of
     Directors of the Company with the prior written consent of the Security
     Trustee and a copy thereof and of such consent, certified by any one of the
     Directors or the Secretary, shall be received by the LNI Account Bank.

I hereby certify the above to be a true extract from the Minutes of the said
Meeting.

-------------------------------------
Director

                                      -11-

                                    SCHEDULE

                               LIST OF SIGNATORIES

NAMES                                                         SPECIMEN SIGNATURE

[o]

[o]

[o]

[o]

                                      -12-

                                 EXECUTION PAGE

LOAN NOTE ISSUER AND INVESTOR BENEFICIARY

EXECUTED by
TURQUOISE FUNDING 1 LIMITED

By: S.M. HOLLYWOOD
    ---------------------------------
    Director

PROCESS AGENT:
Clifford Chance Secretaries Limited
10 Upper Bank Street
London E14 5JJ

LNI ACCOUNT BANK

EXECUTED by
HSBC BANK PLC

By: MICHAEL WORSFOLD
    ---------------------------------

SECURITY TRUSTEE

LAW DEBENTURE TRUST
COMPANY OF NEW YORK
AS SECURITY TRUSTEE

By: PATRICK J. HEALY
    ---------------------------------
Name: PATRICK J. HEALY
Title: VICE PRESIDENT

                                      -13-CLIFFORD                                           LIMITED LIABILITY PARTNERSHIP
CHANCE

                                                                  CONFORMED COPY

                       TURQUOISE RECEIVABLES TRUST LIMITED
                             as Receivables Trustee

                                       and

                          BEDELL TRUST COMPANY LIMITED
                           as Trust Accounts Operator

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                       TRUST ACCOUNTS OPERATING AGREEMENT

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                                    CONTENTS

CLAUSE                                                                      PAGE
------                                                                      ----
1.    Interpretation.....................................................     2
2.    Services Provided By The Trust Accounts Operator...................     2
3.    Sub-Contracting....................................................     3
4.    Agency Provisions..................................................     3
5.    Retirement Of The Trust Accounts Operator..........................     4
6.    Representations Of The Receivables Trustee.........................     5
7.    Undertakings Of The Trust Accounts Operator........................     5
8.    Trust Accounts Operator's Liability And Indemnity..................     6
9.    Records And Reports................................................     7
10.   Fees Of The Trust Accounts Operator................................     7
11.   No Liability And No Petition.......................................     7
12.   Benefit Of Agreement...............................................     8
13.   Remedies And Waivers...............................................     8
14.   Partial Invalidity.................................................     9
15.   Amendments.........................................................     9
16.   No Conflict Of Interest............................................     9
17.   Notices............................................................     9
18.   Counterparts.......................................................     9
19.   Law................................................................     9
20.   Jurisdiction.......................................................     9
21.   Rights Of Third Parties............................................    10

THIS AGREEMENT is made the 23 May 2006

BETWEEN:

(1)  TURQUOISE RECEIVABLES TRUST LIMITED, a company incorporated in Jersey with
     registration number 92324 and having its registered office at 26 New
     Street, St. Helier, Jersey JE2 3RA, Channel Islands (as trustee of the
     trust constituted by the Receivables Trust Deed and Servicing Agreement,
     the "RECEIVABLES TRUSTEE"); and

(2)  BEDELL TRUST COMPANY LIMITED, whose registered office is at 26 New Street,
     St Helier, Jersey JE2 3RA (the "TRUST ACCOUNTS OPERATOR").

WHEREAS

(A)  Pursuant to the terms and subject to the conditions of the Receivables
     Securitisation Deed and the Receivables Trust Deed and Servicing Agreement,
     HSBC Bank plc as Transferor may from time to time offer to sell by way of
     assignment certain of the Receivables to the Receivables Trustee and the
     Receivables Trustee may from time to time accept any such offer in the
     manner provided in the Receivables Securitisation Deed. In connection with
     any such Receivables which may be assigned, the Receivables Trustee has
     entered into a declaration of trust on the terms set out in the Receivables
     Trust Deed and Servicing Agreement.

(B)  The Receivables Securitisation Deed and the Receivables Trust Deed and
     Servicing Agreement contemplate (and any related Supplement may also so
     contemplate) that in various circumstances specified therein the
     Receivables Trustee will exercise certain rights and powers in relation to
     the Trust Accounts and other matters referred to herein.

(C)  Pursuant to the terms and subject to the conditions of this Agreement, the
     Receivables Trustee and the Trust Accounts Operator have agreed that the
     Receivables Trustee will constitute the Trust Accounts Operator as the
     Trust Accounts Operator of the Receivables Trust and the Receivables
     Trustee will accordingly entrust the matters referred to in recital (B) to
     the Trust Accounts Operator.

(D)  The Receivables Trustee hereby acknowledges that it has also appointed the
     Trust Accounts Operator as its Corporate Services Provider.

                                      -1-

NOW IT IS HEREBY AGREED as follows:

1.   INTERPRETATION

     In this Agreement and the Recitals, terms defined in the master definitions
     schedule attached as schedule 6 to the Receivables Trust Deed and Servicing
     Agreement dated on or about 23 May 2006 (as amended) (the "MASTER
     DEFINITIONS SCHEDULE") shall bear the same meaning herein, and all other
     references shall be construed in accordance therewith, and the following
     terms shall have the following meanings except to the extent that the
     context otherwise requires:

     "BUSINESS DAY" means a week-day (other than a Saturday or Sunday) when
     clearing banks are open for business in London and Jersey.

     "TRUST ACCOUNTS BANK" means HSBC Bank plc.

2.   SERVICES PROVIDED BY THE TRUST ACCOUNTS OPERATOR

2.1

     (a)  The Receivables Trustee appoints the Trust Accounts Operator to act as
          its account operator in order to implement, administer and carry out
          those responsibilities and obligations of, or with respect to, the
          Receivables Trustee which are set out in paragraph (b) below under and
          in connection with the Receivables Securitisation Deed, the
          Receivables Trust Deed and Servicing Agreement, any related Supplement
          and any documents and/or any matter contemplated by any of the said
          documents.

     (b)  The authority granted to and obligations accepted by the Trust
          Accounts Operator pursuant to paragraph (a) shall comprise the
          following:

          (i)   giving directions in relation to the movement of monies from the
                Trust Accounts following advice from the Servicer;

          (ii)  subject to this Agreement, implementing any directions of the
                Receivables Trustee in relation to the Trust Accounts;

          (iii) dealing with third parties (including HSBC Bank plc in its
                various capacities (including as Trust Accounts Bank), the
                Beneficiaries, any Enhancement Provider, any substitute
                servicer, and any other Person);

          (iv)  subject always to the Transaction Documents, taking or
                refraining from taking any other action whatsoever in relation
                to the Trust Accounts and the movement of monies thereon which
                may be taken or not taken, pursuant to the Transaction
                Documents, by the Receivables Trustee or the Trust Accounts
                Operator; and

          (v)   any other activities by agreement between the Receivables
                Trustee (or any Person acting on its behalf) and the Trust
                Accounts Operator.

                                      -2-

          In each case for and on behalf of the Receivables Trustee as
          contemplated in the Receivables Securitisation Deed, the Receivables
          Trust Deed and Servicing Agreement and any related Supplement.

2.2  The Trust Accounts Operator hereby agrees:

     (a)  save as provided herein, not to enter into, on behalf of the
          Receivables Trustee, any commitments, loans or obligations or
          otherwise restrict or dispose of the Receivables Trustee's property or
          assets and subject to law, regulation or order of any court generally
          not to take any action which would be inconsistent with the business
          of the Receivables Trustee or in breach of the Receivables Trustee's
          constitutive documents or in breach of any of the Transaction
          Documents to which the Receivables Trustee is or becomes a party; and

     (b)  to keep confidential all documents, materials and other information
          relating to the business of the Receivables Trustee and not to
          disclose any of the aforesaid to any person other than the Receivables
          Trustee without the prior consent of the Receivables Trustee unless
          required to do so by law, regulation or order of any court provided
          that disclosure to any person for the purposes of the performance of
          their contractual obligations towards the Receivables Trustee (or the
          Trust Accounts Operator) pursuant to the Transaction Documents, or the
          exercise of their rights thereunder, is permitted.

     PROVIDED THAT nothing in this Clause 2.2 shall obligate the Trust Accounts
     Operator to carry out any duties in relation to the Transaction Documents
     to which the Receivables Trustee is or becomes a party which have been
     delegated by the Receivables Trustee specifically to other persons pursuant
     to such Transaction Documents.

3.   SUB-CONTRACTING

     The Trust Accounts Operator may appoint any company in the same group of
     companies as the Trust Accounts Operator as its sub-agent, sub-contractor
     or representative to carry out or to assist the Trust Accounts Operator to
     carry out all or any part of the services to be provided by it under this
     Agreement. No such delegation shall relieve the Trust Accounts Operator of
     its obligations under this Agreement.

4.   AGENCY PROVISIONS

4.1  The Trust Accounts Operator may rely upon any communication or document
     reasonably believed by it to be genuine.

4.2  The Trust Accounts Operator shall promptly inform the Receivables Trustee
     of the contents of any notice or document received by it from any of the
     parties to any of the Transaction Documents to which the Receivables
     Trustee is or becomes a party which the Trust Accounts Operator considers
     to be extraordinary in the context of the Receivables Trustee's day-to-day
     operation.

4.3  Notwithstanding anything to the contrary expressed or implied herein, the
     Trust Accounts Operator shall not:

                                      -3-

     (a)  be bound to account to the Receivables Trustee for any sum or the
          profit element of any sum received by it for its own account; or

     (b)  be bound to disclose to any other person any information relating to
          the Receivables Trustee if such disclosure would or might in its
          opinion constitute a breach of the law or regulation or be otherwise
          actionable at the suit of any person.

4.4  The Trust Accounts Operator does not accept any responsibility for the
     legality, validity, effectiveness, adequacy or enforceability of any of the
     Transaction Documents.

5.   RETIREMENT OF THE TRUST ACCOUNTS OPERATOR

5.1  The Trust Accounts Operator may retire its appointment hereunder at any
     time without assigning any reason therefor by giving written notice to that
     effect to the Receivables Trustee provided that the retirement of the Trust
     Accounts Operator shall not be effective until a replacement acceptable to
     the Receivables Trustee (such acceptance not to be unreasonably withheld)
     for the Trust Accounts Operator is appointed and has agreed to act as the
     Trust Accounts Operator for the purposes hereof.

5.2  The Receivables Trustee:

     (a)  may require the Trust Accounts Operator to retire its appointment
          hereunder at any time by giving written notice to that effect to the
          Trust Accounts Operator (provided that the retirement shall not be
          effective until a replacement acceptable to the Receivables Trustee
          has been appointed); and

     (b)  shall require the Trust Accounts Operator to so retire (provided that
          the retirement shall not be effective until a replacement acceptable
          to the Receivables Trustee has been appointed) if:

          (i)   the Trust Accounts Operator defaults in the payment on the due
                date of any payment to be made by it under this Agreement and
                such default continues unremedied for a period of 2 Business
                Days;

          (ii)  the Trust Accounts Operator defaults in any material respect in
                the performance or observance of any of its other undertakings
                and obligations under this Agreement and such default continues
                unremedied for a period of 10 Business Days after the receipt by
                the Trust Accounts Operator of written notice from the
                Receivables Trustee requiring the same to be remedied;

          (iii) the Trust Accounts Operator becomes insolvent or bankrupt or
                unable to pay, or generally is not paying, its debts as such
                debts become due, or takes any action for the purposes of
                entering into any winding-up, dissolution, bankruptcy,
                reorganisation, receivership or similar proceedings analogous in
                purpose or effect, or any order is made by any competent court
                or any resolution is passed for the appointment of a liquidator,
                trustee in bankruptcy or similar officer of the Trust Accounts
                Operator, or the Trust Accounts Operator appoints or suffers the

                                      -4-

                appointment of any receiver, trustee or similar officer of the
                whole or a substantial part of its assets or business or enters
                into any composition, restructuring or renegotiation of debt
                with its general creditors; or

          (iv)  the Trust Accounts Operator is subject to any material
                litigation, arbitration or administrative proceeding or claim
                which would, if adversely determined, be in the opinion of the
                Receivables Trustee, acting reasonably, materially prejudicial
                to the interests of the Beneficiaries.

5.3  If a successor to the Trust Accounts Operator is appointed pursuant to
     Clauses 5.1 or 5.2 then, upon a replacement account operator agreeing to
     act as such:

     (a)  the retiring Trust Accounts Operator shall be discharged from any
          further obligation hereunder other than any liability or obligation
          accrued at the date of its retirement; and

     (b)  its successor and each of the other parties hereto shall have the same
          rights and obligations amongst themselves as they would have had if
          such successor had been an original party hereto.

6.   REPRESENTATIONS OF THE RECEIVABLES TRUSTEE

     The Receivables Trustee represents and warrants to the Trust Accounts
     Operator that:

     (a)  the execution, delivery and performance by the Receivables Trustee of
          this Agreement (a) are within the Receivables Trustee's corporate
          powers, (b) have been duly authorised by all necessary corporate
          action and (c) do not contravene the Receivables Trustee's memorandum
          and articles of association or any law or any contractual restriction
          binding on or affecting the Receivables Trustee;

     (b)  no authorisation or approval or other action by and no notice to or
          filing with, any governmental authority or regulatory body is required
          for the due execution, delivery and performance by the Receivables
          Trustee of this Agreement; and

     (c)  this Agreement is the legal, valid and binding obligation of the
          Receivables Trustee (except as may be limited by bankruptcy,
          insolvency, moratorium and other similar laws affecting the rights of
          creditors generally).

7.   UNDERTAKINGS OF THE TRUST ACCOUNTS OPERATOR

     The Trust Accounts Operator undertakes with the Receivables Trustee that,
     without prejudice to any of its specific obligations under this Agreement:

     (a)  it will devote to the performance of its obligations under this
          Agreement at least the same amount of time and attention, and exercise
          at least the same level of skill, care and diligence, in the
          performance of those obligations as it would if it were administering
          its own rights and obligations as opposed to those of the Receivables
          Trustee;

                                      -5-

     (b)  it will comply with any proper directions, orders and instructions
          which the Receivables Trustee may from time to time give to it in
          connection with the performance of its obligations under this
          Agreement;

     (c)  it will use its reasonable endeavours to keep in force all licences,
          approvals, authorisations and consents which may be necessary in
          connection with the performance of its obligations under this
          Agreement and shall, so far as it can reasonably do so, perform its
          obligations under this Agreement in such a way as not to prejudice the
          continuation of any such approval, authorisation, consent or licence;

     (d)  it will observe and perform all the duties and obligations as required
          by any Transaction Document to which it is a party to be performed by
          it in its capacity as Trust Accounts Operator;

     (e)  it will promptly upon becoming aware thereof notify the Receivables
          Trustee in writing of any condition, event, act, matter or thing which
          is a breach of any of the representations, warranties, covenants and
          undertakings of any of the parties to the Transaction Documents to
          which the Receivables Trustee is or becomes a party contained therein;

     (f)  it will make available office facilities, equipment and staff
          sufficient to enable it to fulfil its obligations under this
          Agreement;

     (g)  it will not fail in any material respect to comply with any legal,
          administrative and regulatory requirements in the performance of its
          obligations under this Agreement;

     (h)  subject to timely receipt by the Trust Accounts Operator of sufficient
          funds it will make or give directions for the making of all payments
          on behalf of the Receivables Trustee required to be made by the Trust
          Accounts Operator pursuant to the Transaction Documents to which the
          Receivables Trustee is or becomes a party on their due date and at or
          before the time required thereby without set-off or counterclaim and
          (unless required by law to deduct or withhold) without deduction or
          withholding for any taxes; and

     (i)  it will execute and do all such further documents, acts and things as
          may be necessary at any time or times to give effect to this
          Agreement, of which it has notice.

8.   TRUST ACCOUNTS OPERATOR'S LIABILITY AND INDEMNITY

8.1  The Trust Accounts Operator hereby indemnifies and undertakes to keep the
     Receivables Trustee and its directors, officers, employees and agents
     indemnified against all actions, proceedings, claims, costs and demands
     (including costs and reasonable expenses arising therefrom or incidental
     thereto) which may be brought against, suffered or incurred by it or any of
     them as a result of any failure by the Trust Accounts Operator to comply
     with any of its obligations hereunder where such failure arises from the
     gross negligence, wilful default, dishonesty or fraud of the Trust Accounts
     Operator. This indemnity is, for

                                      -6-

     the avoidance of doubt, in addition to and without prejudice to any
     indemnity allowed under any applicable law.

8.2  The Receivables Trustee shall, from time to time on demand of the Trust
     Accounts Operator, indemnify and hold harmless the Trust Accounts Operator,
     its directors, officers, employees and agents and any person providing
     services relating to its role hereunder at the time of such demand, against
     any liabilities, actions, proceedings, claims or demands which it or any of
     them may incur or be subject to arising out of or in consequence of this
     Agreement or as a result of the performance of the functions and the
     services provided for hereunder except as a result of the gross negligence,
     wilful default, dishonesty or fraud of the Trust Accounts Operator of any
     of its directors, officers, employees or agents and any person providing
     services relating to its role hereunder as the case may be. This indemnity
     shall expressly inure to the benefit of any director, officer, employee or
     agent existing or future and to the benefit of any successor of the Trust
     Accounts Operator hereunder.

8.3  The termination of this Agreement shall not affect the rights and
     obligations of the parties arising hereunder prior to such termination.

9.   RECORDS AND REPORTS

9.1  The Trust Accounts Operator shall keep, for and on behalf of the
     Receivables Trustee, any computer and/or physical records relating to the
     Receivables Trustee and/or the Trust Accounts or delivered to the Trust
     Accounts Operator on behalf of the Receivables Trustee (the "RELEVANT
     FILES") and maintain them in an adequate form and in such a way that they
     can clearly be distinguished from the records relating to other companies
     maintained by the Trust Accounts Operator. The Trust Accounts Operator
     shall ensure that the Relevant Files held by the Trust Accounts Operator
     (or to its order) shall at all reasonable hours be made available for
     inspection by the Receivables Trustee or any person acting on its behalf
     and shall procure that the Receivables Trustee or any person acting on its
     behalf shall be provided with such assistance as either of them may
     reasonably require to properly perform their duties. All Relevant Files
     held by the Trust Accounts Operator shall be held by it to the order of the
     Receivables Trustee. The Trust Accounts Operator hereby waives any lien to
     which it would otherwise be entitled in relation thereto. The Trust
     Accounts Operator shall, on demand by the Receivables Trustee or any person
     on its behalf, provide copies (and where copies are not available, the
     originals) of the Relevant Files to the Receivables Trustee.

10.  FEES OF THE TRUST ACCOUNTS OPERATOR

10.1 Any fees payable by the Receivables Trustee to the Trust Accounts Operator
     shall be set out in a letter sent by the Trust Accounts Operator to the
     Receivables Trustee (as the same may be varied, amended or replaced from
     time to time), in the amounts and at the times set out in such letter.

11.  NO LIABILITY AND NO PETITION

11.1 No recourse under any obligation, covenant, or agreement of any party
     contained in this Agreement shall be had against any shareholder, officer
     or director of the relevant party as such, by the enforcement of any
     assessment or by any proceeding, by virtue of any

                                      -7-

     statute or otherwise; it being expressly agreed and understood that this
     Agreement is a corporate obligation of the relevant party and no personal
     liability shall attach to or be incurred by the shareholders, officers,
     agents or directors of the relevant party as such, or any of them, under or
     by reason of any of the obligations, covenants or agreements of such party
     contained in this Agreement, or implied therefrom, and that any and all
     personal liability for breaches by such party of any such obligations,
     covenants or agreements, either at law or by statute or constitution, of
     every such shareholder, officer, agent or director is hereby expressly
     waived by the other party as a condition of and consideration for the
     execution of this Agreement.

11.2 The Trust Accounts Operator hereby undertakes to the Receivables Trustee
     for itself and as trustee for each Beneficiary that it will not take any
     corporate action or other steps or legal proceedings for the winding up,
     dissolution or re-organisation or for the appointment of a receiver,
     administrative receiver, trustee, liquidator, sequestrator or similar
     officer of any Beneficiary (unless such Beneficiary agrees otherwise in any
     related Supplement), the Receivables Trustee or any successor trustee or
     the Receivables Trust or any or all of the revenues and assets of any of
     them nor participate in any ex parte proceedings nor seek to enforce any
     judgement against such Persons.

11.3 The Trust Accounts Operator acknowledges that the obligations of the
     Receivables Trustee under this Agreement at any time are limited to the
     lesser, at such time, of (a) the nominal amount thereof (the "NOMINAL
     AMOUNT") and (b) an amount (the "AVAILABLE AMOUNT") equivalent to the value
     of the Trust Property at such time. The Trust Accounts Operator shall not
     have a right to have recourse to, or make demand or initiate proceedings
     against the Receivables Trustee at any time whilst the nominal amount
     exceeds the available amount. The Receivables Trustee shall incur no
     liability and be under no additional duty to any person solely as a result
     of any inability on its part to make payments or to perform other
     obligations under this Agreement, which inability results from the
     operation of the foregoing provisions of this Clause 11.3.

11.4 The Trust Accounts Operator agrees that it shall have no recourse, in
     respect of any obligation, covenant or agreement of the Receivables
     Trustee, against any shareholder, officer, agent or director of the
     Receivables Trustee.

12.  BENEFIT OF AGREEMENT

12.1 This Agreement shall be binding upon and enure to the benefit of each of
     the parties hereto and their respective successors, transferees and
     assigns.

12.2 The Trust Accounts Operator shall not be entitled to assign or transfer all
     or any of its rights, benefits and obligations hereunder without the prior
     written consent of the Receivables Trustee.

13.  REMEDIES AND WAIVERS

     No failure to exercise, nor any delay in exercising, on the part of the
     Trust Accounts Operator any right or remedy hereunder shall operate as a
     waiver thereof, nor shall any single or partial exercise of any right or
     remedy prevent any further or other exercise thereof or the exercise of any
     other right or remedy. The rights and remedies provided herein are
     cumulative and not exclusive of any rights or remedies provided by law.

                                      -8-

14.  PARTIAL INVALIDITY

     If, at any time, any provision hereof is or becomes illegal, invalid or
     unenforceable in any respect under the law of any jurisdiction, neither the
     legality, validity or enforceability of the remaining provisions hereof nor
     the legality, validity or enforceability of such provision under the law of
     any other jurisdiction shall in any way be affected or impaired thereby.

15.  AMENDMENTS

     The provisions of this Agreement may be waived or amended by the parties
     hereto at any time provided that such waiver or amendment (including this
     Clause 15) shall not be effective unless it is in writing and signed by (or
     by some person duly authorised by) each of the parties.

16.  NO CONFLICT OF INTEREST

     The services of the Trust Accounts Operator to the Receivables Trustee
     hereunder are not to be deemed exclusive and the Trust Accounts Operator
     shall be free to render similar services to any other person for so long as
     its services hereunder are not impaired thereby and shall not be liable to
     account for any profits arising therefrom.

17.  NOTICES

17.1 Each communication to be made hereunder shall be made in writing but,
     unless otherwise stated, may be made by facsimile or letter.

17.2 Any communication or document to be made or delivered by one person to
     another pursuant to this Agreement shall (unless that other person has by
     15 Business Days' written notice to the other specified another address) be
     made or delivered to that other person at the address identified with its
     signature below and shall be deemed to have been made or delivered when
     despatched (in case of any communication made by facsimile in respect of
     which telephone confirmation form the intended recipient as to legible
     receipt has been received) or (in the case of any communication made by
     letter) when left at that address.

17.3 Each communication and document made or delivered by one party to another
     pursuant to this Agreement shall be in the English language.

18.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts each of which
     will be deemed to be an original and all of which shall when taken together
     constitute one and the same document.

19.  LAW

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

20.  JURISDICTION

20.1 The parties hereto irrevocably agree for the benefit of each of them that
     the courts of Jersey, Channel Islands shall have jurisdiction to hear and
     determine any suit, action or

                                      -9-

     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.

20.2 The parties hereto irrevocably waive any objection which they might now or
     hereafter have to the courts referred to in Clause 19.1 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
     Agreement and agree not to claim that any such court is not a convenient or
     appropriate forum.

21.  RIGHTS OF THIRD PARTIES

     Without prejudice to the rights of any such shareholders, officers, agents
     or directors as referred to at clauses 8, 11.1 and 11.4 to enforce clauses
     8, 11.1 and 11.4, a person who is not a party to this Agreement has no
     right under the Contract (Rights of Third Parties) Act 1999 to enforce any
     term of this Agreement.

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

                                      -10-

THE RECEIVABLES TRUSTEE

TURQUOISE RECEIVABLES TRUST LIMITED

By:          S.M. HOLLYWOOD
             Director

Address:     26 New Street
             St Helier
             Jersey JE2 3RA
             Channel Islands

Facsimile:   (01534) 814 815

Attention:   The Directors

THE TRUST ACCOUNTS OPERATOR

BEDELL TRUST COMPANY LIMITED

By:          S.M. HOLLYWOOD
             Director

Address:     26 New Street
             St. Helier
             Jersey JE2 3RA

Facsimile:   (01534) 814815

Attention:   Trust Officer

                                      -11-

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