Document:

Exhibit
4.2

TERMS AND CONDITIONS OF THE NOTES

The following is the text of the terms
and conditions which, subject to completion and as supplemented,
amended and/or replaced in accordance with the provisions of the
relevant Trust Deed Supplement and as reflected in the relevant
Prospectus Supplement/Final Terms, will be endorsed on each Note issued
under the Programme in definitive form. References in these terms and
conditions to ‘‘Notes’’ are to the Notes of a
particular Series only and not to all Notes that may be issued under
the Programme.

		
	1. 	Introduction

Programme

Turquoise Card Backed Securities
plc (the ‘‘Issuing Entity’’) has
established a medium term note programme (the
‘‘Programme’’) under which the
maximum aggregate principal amount of notes outstanding at any time may
not exceed US$10,000,000,000. The notes of a particular series (the
‘‘Notes’’) are constituted and
secured by a Trust Deed (the ‘‘Trust
Deed’’) between the Issuing Entity and Law
Debenture Trust Company of New York (the ‘‘Note
Trustee’’) (which expression includes the trustee
or trustees for the time being of the Trust Deed) and a supplement to
the Trust Deed (the ‘‘Trust Deed
Supplement’’) in respect of Notes issued in each
Series. References to the Trust Deed include reference to the relevant
Trust Deed Supplement where the context admits.

Prospectus
Supplement/Final Terms

Notes issued under the
Programme are issued in series (each a
‘‘Series’’) and each Series
comprises three Classes of Notes. A Series will be constituted by Class
A Notes, Class B Notes and Class C Notes. Each Class may comprise
Sub-Classes of Notes (each a
‘‘Sub-Class’’), which may be
denominated in any of sterling, US dollar or euro. The Sub-Classes
within each Class of Notes will rank pari passu and with no
priority or preference among them. Each Series is the subject of a
Prospectus Supplement/Final Terms (the ‘‘Prospectus
Supplement/Final Terms’’). The terms and conditions
applicable to any particular Series are these terms and conditions (the
‘‘Conditions’’) as supplemented,
amended and/or replaced by the relevant Trust Deed Supplement and as
reflected in the relevant Prospectus Supplement/Final Terms. In the
event of any inconsistency between these Conditions and the Conditions
as reflected in the relevant Prospectus Supplement/Final Terms, the
Conditions as reflected in the relevant Prospectus Supplement/Final
Terms shall prevail.

Agency Agreement

The Notes are the subject of an Agency Agreement (the
‘‘Agency Agreement’’) between,
among others, the Issuing Entity, the Note Trustee, HSBC Bank plc
(‘‘HSBC’’) as Principal Paying
Agent (the ‘‘Principal Paying
Agent’’), HSBC Bank USA, National Association as US
Paying Agent (the ‘‘US Paying
Agent’’), the Paying Agents named in the Agency
Agreement (together with the Principal Paying Agent and the US Paying
Agent, the ‘‘Paying Agents’’,
and in each case, the expressions ‘‘Principal Paying
Agent’’, ‘‘US Paying Agent’’ and
‘‘Paying Agents’’ include any successor to such
Person in such capacity), the Agent Bank named in the Agency Agreement
(the ‘‘Agent Bank’’ which
expression includes any successor to such Person in such capacity), the
Transfer Agents named in the Agency Agreement (each a
‘‘Transfer Agent’’, which
expression includes any successor to such Person in such capacity), and
the Registrars named in the Agency Agreement (each, a
‘‘Registrar’’ which expression
includes any successor to such Person in such capacity).

The Notes

All subsequent references in
these Conditions to ‘‘Notes’’ are to the Notes
which are the subject of the relevant Prospectus Supplement/Final
Terms. Copies of the relevant Prospectus Supplement/Final Terms are
available for inspection by you the holders of the Notes (the
‘‘Noteholders’’) during normal
business hours at the Specified Office of the Principal Paying Agent,
the initial Specified Office of which is set out below.

1

Summaries

Certain
provisions of these Conditions are summaries of the Trust Deed and the
Agency Agreement and are subject to their detailed provisions. The
holders of the Notes (the
‘‘Noteholders’’) are bound by,
and are deemed to have notice of, all the provisions of the Trust Deed,
the Trust Deed Supplement, the Prospectus Supplement/Final Terms and
the Agency Agreement applicable to them. Copies of the Trust Deed, the
Trust Deed Supplement, the Prospectus Supplement/Final Terms and the
Agency Agreement are available for inspection by Noteholders during
normal business hours at the Specified Office of each of the Paying
Agents, the initial Specified Offices of which are set out below.

		
	2. 	Interpretation

Definitions

Unless otherwise defined in
these Conditions or the context requires otherwise, capitalised terms
used in these Conditions have the meanings and constructions ascribed
to them in the Master Definitions Schedule set out in Schedule 1 of the
Issuing Entity Master Framework Agreement which is dated on or about 23
May 2006 and signed for the purpose of identification by, amongst
others, the Issuing Entity and the Note Trustee.

In these
Conditions the following expressions have the following meanings:

‘‘Account Bank
Agreements’’ means the relevant Series Issuing
Entity Distribution Account Bank Agreement and the Jersey Account Bank
Operating Agreement and ‘‘Account Bank
Agreement’’ means either one of them;

‘‘Additional Business
Centre(s)’’ means the city or cities specified as
such in the relevant Prospectus Supplement/Final Terms;

‘‘Additional Financial
Centre(s)’’ means the city or cities specified as
such in the relevant Prospectus Supplement/Final Terms;

‘‘Additional Interest
Margin’’ has the meaning given in the relevant
Prospectus Supplement/Final Terms (if applicable);

‘‘Administrator’’
means Bedell Trust Company Limited.

‘‘Amortisation
Period’’ means the Regulated Amortisation Period
and the Rapid Amortisation Period or such other period specified as an
Amortisation Period in the relevant Prospectus Supplement/Final
Terms;

‘‘Bank
Mandate’’ means any bank mandate in relation to the
Issuing Entity Bank Accounts;

‘‘Basic
Terms Modification’’ means any change to any date
fixed for payment of principal or interest in respect of the Notes of
any Class or Sub-Class, to reduce the amount of principal or interest
payable on any date in respect of the Notes of any Class or Sub-Class,
to alter the method of calculating the amount of any payment in respect
of the Notes of any Class or Sub-Class or the date for any such
payment, (except in accordance with the Conditions and the Trust Deed)
to effect the exchange, conversion or substitution of the Notes of any
Class for, or the conversion of such Notes into, shares, bonds or other
obligations or securities of the Issuing Entity or any other person or
body corporate formed or to be formed, to alter the priority of payment
of interest or principal in respect of the Notes, to change the
currency of any payment under the Notes of any Class or Sub-Class, to
change the quorum requirements relating to meetings or the majority
required to pass an Extraordinary Resolution or to amend this
definition;

‘‘Business
Day’’, unless otherwise specified in the relevant
Prospectus Supplement/Final Terms, means in relation to any sum payable
in any currency, a TARGET Settlement Day and a day on which commercial
banks and foreign exchange markets settle payments generally in London,
England; Jersey, Channel Islands; New York, New York; the Principal
Financial Centre of the relevant currency and in each (if any)
Additional Business Centre;

‘‘Business
Day Convention’’, in relation to any particular
date, has the meaning given in the relevant Prospectus Supplement/Final
Terms and, if so specified in the relevant Prospectus Supplement/Final

2

Terms, may have different meanings in relation
to different dates and, in this context, the following expressions
shall have the following meanings:

		
	(a) 	‘‘Following
Business Day Convention’’ means that the Relevant
Date shall be postponed to the first following day that is a Business
Day;

		
	(b) 	‘‘Modified
Following Business Day Convention’’ or
‘‘Modified Business Day
Convention’’ means that the Relevant Date shall be
postponed to the first following day that is a Business Day unless that
day falls in the next calendar month in which case that date will be
the first preceding day that is a Business Day;

		
	(c) 	‘‘No
Adjustment’’ means that the Relevant Date shall not
be adjusted in accordance with any Business Day Convention; and

		
	(d) 	‘‘Preceding
Business Day Convention’’ means that the Relevant
Date shall be brought forward to the first preceding day that is a
Business Day;

‘‘Calculation
Agent’’ means the Agent Bank or such other Person
specified in the relevant Prospectus Supplement/Final Terms as the
party responsible for calculating the Rate(s) of Interest and Interest
Amount(s) and/or such other amount(s) as may be specified in the
relevant Prospectus Supplement/Final Terms, including any successor
thereto;

‘‘Class’’
means, in respect of a Series, the Notes of such Series designated in
the relevant Prospectus Supplement/Final Terms as being in the same
class;

‘‘Class A
Notes’’ means Notes of any Series designated as
such in the relevant Prospectus Supplement/Final Terms and, where
applicable, a reference to ‘‘Class A Notes’’
shall be construed mutatis mutandis as a reference to a relevant
Sub-Class thereof;

‘‘Class B
Notes’’ means Notes of any Series designated as
such in the relevant Prospectus Supplement/Final Terms and, where
applicable, a reference to ‘‘Class B Notes’’
shall be construed mutatis mutandis as a reference to a relevant
Sub-Class thereof;

‘‘Class C
Notes’’ means Notes of any Series designated as
such in the relevant Prospectus Supplement/Final Terms and, where
applicable, a reference to ‘‘Class C Notes’’
shall be construed mutatis mutandis as a reference to a relevant
Sub-Class thereof;

‘‘Closing
Date’’ has the meaning given in the relevant RTDSA
Supplement;

‘‘Controlled Accumulation
Period’’ for any Series has the meaning defined in
the relevant RTDSA Supplement;

‘‘Controlled Accumulation Period
Commencement Date’’ has the meaning given in the
relevant Prospectus Supplement/Final Terms;

‘‘Counterparty Fault Swap Termination
Amount’’ means any termination payment under a Swap
Agreement where the Swap Agreement is terminated as a result of a Swap
Counterparty Swap Event of Default;

‘‘Day Count Fraction’’
means, in respect of the calculation of an amount for any period of
time (the ‘‘Day Count Calculation
Period’’), such Day Count Fraction as may be
specified in these Conditions or the relevant Prospectus
Supplement/Final Terms and:

		
	(i) 	if
‘‘Actual/Actual (ICMA)’’ is so
specified, means

			
		(a) 	where the Day
Count Calculation Period is equal to or shorter than the Regular Period
during which it falls, the actual number of days in the Day Count
Calculation Period divided by the product of (1) the actual number of
days in such Regular Period and (2) the number of Regular Periods in
any year; and

			
		(b) 	where the Day
Count Calculation Period is longer than one Regular Period, the sum
of:

			
		(A) 	the actual number of days
in such Day Count Calculation Period falling in the Regular Period in
which it begins divided by the product of (1) the actual number of days
in such Regular Period and (2) the number of Regular Periods in any
year; and

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		(B) 	the actual
number of days in such Day Count Calculation Period falling in the next
Regular Period divided by the product of (a) the actual number of days
in such Regular Period and (2) the number of Regular Periods in any
year;

		
	(ii) 	if
‘‘Actual/365’’ or
‘‘Actual/Actual (ISDA)’’ is so
specified, means the actual number of days in the Day Count Calculation
Period divided by 365 (or, if any portion of the Day Count Calculation
Period falls in a leap year, the sum of (A) the actual number of days
in that portion of the Day Count Calculation Period falling in a leap
year divided by 366 and (B) the actual number of days in that portion
of the Day Count Calculation Period falling in a non-leap year divided
by 365);

		
	(iii) 	if
‘‘Actual/365 (fixed)’’ is so
specified, means the actual number of days in the Day Count Calculation
Period divided by 365;

		
	(iv) 	if
‘‘Actual/360’’ is so specified,
means the actual number of days in the Day Count Calculation Period
divided by 360; and

		
	(v) 	if
‘‘30/360’’ is so specified,
means the number of days in the Day Count Calculation Period divided by
360 (the number of days to be calculated on the basis of a year of 360
days with 12 30-day months (unless (i) the last day of the Day Count
Calculation Period is the 31st day of a month but the first day of the
Day Count Calculation Period is a day other than the 30th or 31st day
of a month, in which case the month that includes that last day shall
not be considered to be shortened to a 30-day month, or (ii) the last
day of the Day Count Calculation Period is the last day of the month of
February, in which case the month of February shall not be considered
to be lengthened to a 30-day month));

‘‘Dealer Agreement’’
means the agreement between the Issuing Entity, the arranger and
certain Dealers (as named therein) concerning the subscription and
purchase of Notes to be issued pursuant to the Programme as amended
from time to time or any restatement thereof for the time being in
force and in any Prospectus Supplement/Final Terms relating to a Series
of Notes;

‘‘Distribution
Ledger’’ means a ledger within the relevant Series
Issuing Entity Distribution Account in relation to a specific Series
and Class or Sub-Class of Notes;

‘‘Expenses Loan
Drawing’’ means a drawing under the expenses loan
agreement to be dated on or about 23 May  2006 between the
Issuing Entity and HSBC;

‘‘Extraordinary
Resolution’’ has the meaning given in the Trust
Deed;

‘‘Final Redemption
Date’’ means the date specified as such in, or
determined in accordance with the provisions of, the relevant
Prospectus Supplement/Final Terms, and where the Final Redemption Date
is not a Business Day, as the same may be adjusted in accordance with
the relevant Business Day Convention;

‘‘First Interest Payment
Date’’ means the date specified as such in, or
determined in accordance with the provisions of, the relevant
Prospectus Supplement/Final Terms, and where the First Interest Payment
Date is not a Business Day, as the same may be adjusted in accordance
with the relevant Business Day Convention;

‘‘Floating Rate Commencement
Date’’ is specified in the relevant Prospectus
Supplement/Final Terms as either the Payment Date of the first month
falling in the Regulated Amortisation Period or the Rapid Amortisation
Period (or if such date has passed, the immediately following Payment
Date) or the Scheduled Redemption Date;

‘‘Global Note
Certificate’’ means a note certificate in global
form;

‘‘Indebtedness’’ means
any indebtedness of any Person for money borrowed or raised including
(without limitation) any indebtedness for or in respect of:

		
	(i) 	amounts raised by acceptance under any
acceptance credit facility;

		
	(ii) 	amounts raised under any note
purchase facility;

		
	(iii) 	the amount of
any liability in respect of leases or hire purchase contracts which
would, in accordance with applicable law and generally accepted
accounting principles, be treated as finance or capital leases;

4

		
	(iv) 	the amount
of any liability in respect of any purchase price for assets or
services the payment of which is deferred for a period in excess of 60
days; and

		
	(v) 	amounts raised under any
other transaction (including, without limitation, any forward sale or
purchase agreement) having the commercial effect of a borrowing;

‘‘Individual Note
Certificate’’ means an individual note certificate
issued in the circumstances set out in the Trust Deed;

‘‘Initial Rate’’ has
the meaning given in the relevant Prospectus Supplement/Final
Terms;

‘‘Interest
Amount’’ means, in relation to a Note and an
Interest Period, the amount of interest payable in respect of that Note
for that Interest Period;

‘‘Interest
Commencement Date’’ means the Issue Date of the
Notes or such other date as may be specified as the Interest
Commencement Date in the relevant Prospectus Supplement/Final
Terms;

‘‘Interest Determination
Date’’ has the meaning given herein, unless
otherwise specified in the relevant Prospectus Supplement/Final
Terms;

‘‘Interest Payment
Date’’ has the relevant meaning given to it in
Condition 7(a), (b), (c), (d), (e), (f), (g), (h), (i), (j) or (k) (as
applicable);

‘‘ISDA
Definitions’’ means the 2000 ISDA Definitions (as
amended and updated as at the date of issue of the first Notes of the
relevant Series (as specified in the relevant Prospectus
Supplement/Final Terms) as published by the International Swaps and
Derivatives Association, Inc.);

‘‘Issue Date’’ has the
meaning given in the relevant Prospectus Supplement/Final Terms for a
Series;

‘‘Issuing Entity Bank
Accounts’’ means the relevant Series Issuing Entity
Distribution Account;

‘‘Issuing Entity
Fault Swap Termination Amount’’ means any
termination payment under a Swap Agreement where the Swap Agreement is
terminated otherwise than as a result of a Swap Counterparty Swap Event
of Default;

‘‘Issuing Entity Profit
Amount’’ means (a) the number of days in the
relevant calculation period divided by 365, multiplied by (b) the
aggregate Principal Amount Outstanding of the Notes, multiplied by (c)
0.01 per cent. per annum for the first £250,000,000 equivalent of
the aggregate Principal Amount Outstanding of the Notes and 0.001 per
cent. per annum for the remaining aggregate Principal Amount
Outstanding;

‘‘Loan
Note’’ means each Series' Loan Note issued by
the Loan Note Issuing Entity under the Programme as set out in the
relevant Prospectus Supplement/Final Terms;

‘‘Loan Note Issuing
Entity’’ means Turquoise Funding 1 Limited;

‘‘Margin’’ has the
meaning given in the relevant Prospectus Supplement/Final Terms;

‘‘Note Certificate’’
means a Global Note Certificate or an Individual Note Certificate;

‘‘Notices’’ means any
notices that are required to be given to Noteholders under these
Conditions;

‘‘Optionco’’ means
Turquoise Option Co Limited;

‘‘Originator
Beneficiary’’ means
HSBC;

‘‘Participating Member
State’’ means a member state of the European
Communities which adopts the euro as its lawful currency in accordance
with the Treaty;

‘‘Payment Business
Day’’ means, unless otherwise specified in the
Prospectus Supplement/Final Terms, a Business Day;

‘‘Payment Date’’ means
the 15th day in each month or, if such day is not a Business
Day, as the same may be adjusted in accordance with the relevant
Business Day Convention, or any other date as may be specified in the
relevant Prospectus Supplement/Final Terms;

‘‘Pay Out Commencement
Date’’ shall, in respect of a particular Series,
have the meaning specified in the RTDSA Supplement for such Series;

5

‘‘Pay Out
Event’’ means in respect of a particular Series a
‘‘Trust Payout Event’’ as defined in Clause 6.1
of the RTDSA, as modified in respect of such Series by the relevant
RTDSA Supplement;

‘‘Person’’ means any
individual, company, corporation, firm, partnership, joint venture,
association, organisation, state or agency of a state or other entity,
whether or not having separate legal personality;

‘‘Post Enforcement Call Option
Agreement’’ means, in respect of a particular
Series of Notes, the relevant Post Enforcement Call Option Agreement
for such Series;

‘‘Principal Amount
Outstanding’’ means, in relation to a Note on any
date, the principal amount of that Note on the Issue Date less the
aggregate amount of all Principal Payments in respect of that Note that
have become due and payable by the Issuing Entity to the Noteholder
concerned by virtue of the Issuing Entity having received funds in
respect thereof from the Loan Note Issuing Entity as described in
Condition 8 (whether or not such Principal Payments have been paid to
such Noteholder) prior to such date in accordance with the terms and
conditions of the Related Loan Note; provided, however, that solely for
the purpose of calculating the Principal Amount Outstanding under
Condition 7, Condition 8 and Condition 11, all such Principal Payments
due and unpaid on or prior to such date shall also be taken into
account as forming part of such Principal Amount Outstanding;

‘‘Principal Financial
Centre’’ means, in relation to sterling, London, in
relation to US dollars, New York and in relation to euro, the principal
financial centre of such member state of the European Communities as is
selected (in the case of a payment) by the payee or (in the case of a
calculation) by the Calculation Agent;

‘‘RTDSA’’ means the
Receivables Trust Deed and Servicing Agreement;

‘‘RTDSA Supplement’’
means each Series Supplement to the RTDSA;

‘‘Rapid Amortisation
Period’’ means, for any Series, for the purposes of
these Conditions, the period commencing on the day on which a Rapid
Amortisation Trigger Event is deemed to occur for the related Series
Investor Interest pursuant to the provisions of the relevant RTDSA
Supplement, and ending on the earlier of (i) the day on which the
outstanding principal amount of the related Series Investor Interest is
reduced to zero and (ii) the Final Redemption Date of the relevant
Series of Notes;

‘‘Rapid Amortisation
Trigger Event’’ means, any Rapid Amortisation Trigger
Event as set out in the relevant RTDSA Supplement;

‘‘Rapid Amortisation Trigger
Event’’ shall mean in respect of a particular
Series, the ‘‘Pay Out Commencement Date’’ for
that Series (as determined under the relevant RTDSA Supplement) other
than a Pay Out Commencement Date resulting solely from a Regulated
Amortisation Trigger Event;

‘‘Rate of
Interest’’ means the rate or rates (expressed as a
percentage per year) of interest payable in respect of the Notes
specified in the relevant Prospectus Supplement/Final Terms or
calculated or determined in accordance with the provisions of these
Conditions and/or the relevant Prospectus Supplement/Final Terms;

‘‘Reference Banks’’
means the principal London office of each of HSBC, Royal Bank of
Scotland plc, Deutsche Bank AG London and Barclays Bank plc or any duly
appointed substitute reference bank(s) as may be appointed by the
Issuing Entity to provide the Agent Bank with its offered quotation to
leading banks in the London interbank market;

‘‘Regular Interest Payment
Dates’’ has the meaning given herein unless
otherwise specified in the relevant Prospectus Supplement/Final
Terms;

‘‘Regular
Period’’ means unless specified otherwise in a
Condition containing a specific provision or the relevant Prospectus
Supplement/Final Terms:

		
	(i) 	in the
case of Notes where interest is scheduled to be paid only by means of
regular payments, each period from and including the Interest
Commencement Date to but excluding the First Interest Payment Date and
each successive period from and including one Interest Payment Date to
but excluding the next Interest Payment Date;

6

		
	(ii) 	in the case
of Notes where, apart from the first Interest Period, interest is
scheduled to be paid only by means of regular payments, each period
from and including a Regular Date falling in any year to but excluding
the next Regular Date, where ‘‘Regular
Date’’ means the day and month (but not the year)
on which any Interest Payment Date falls; and

		
	(iii) 	in the case of Notes where, apart
from one Interest Period other than the first Interest Period, interest
is scheduled to be paid only by means of regular payments, each period
from and including a Regular Date falling in any year to but excluding
the next Regular Date, where ‘‘Regular
Date’’ means the day and month (but not the year)
on which any Interest Payment Date falls other than the Interest
Payment Date falling at the end of the irregular Interest Period.

‘‘Regulated Amortisation
Period’’ means, for any Series, for the purposes of
these Conditions, the period commencing on the day on which a
‘‘Regulated Amortisation Trigger Event’’ is
deemed to occur for the related Series Investor Interest pursuant to
the provisions of the relevant RTDSA Supplement, and ending on the
earlier of (i) the day on which the outstanding principal amount of the
related Series Investor Interest is reduced to zero, (ii) the
commencement of a Rapid Amortisation Period for the Related Loan Note
and (iii) the Final Redemption Date of the Notes;

‘‘Regulated Amortisation Trigger
Event’’ means any Regulated Amortisation Trigger
Event as set out in the relevant RTDSA Supplement;

‘‘Related Loan Note’’
means, for any Series, the Loan Note specified in the relevant
Prospectus Supplement/Final Terms as the Loan Note the subject of first
fixed Security to collateralise that Series of Notes;

‘‘Relevant Date’’
means in relation to any payment, whichever is the later of (a) the
date on which the payment in question first becomes due and (b) if the
full amount payable has not been received in London by the Principal
Paying Agent or the Note Trustee on or prior to such due date, the date
on which (the full amount having been so received) notice to that
effect has been given to the Noteholders in accordance with Condition
17;

‘‘Relevant
Indebtedness’’ means any indebtedness which is in
the form of or represented by any bond, note, debenture, debenture
stock, loan stock, certificate or other instrument which is, or is
capable of being, listed, quoted or traded on any stock exchange or in
any securities market (including, without limitation, any
over-the-counter market);

‘‘Relevant
Screen Page’’ means the page of the Reuters screen
or such other medium for the electronic display of data as may be
approved by the Note Trustee and notified to the Noteholders of the
relevant Series;

‘‘Revolving
Period’’ means for any Series, for the purposes of
these Conditions, any period which is not a Controlled Accumulation
Period or an Amortisation Period for such Series;

‘‘Scheduled Redemption
Date’’ has the meaning given in the relevant
Prospectus Supplement/Final Terms;

‘‘Security Interest’’
means any mortgage, charge, pledge, lien or other security interest
including, without limitation, anything analogous to any of the
foregoing under the laws of any jurisdiction;

‘‘Series’’ means those
Notes with the same terms and conditions issued in accordance with a
particular Prospectus Supplement/Final Terms;

‘‘Series Investor
Interest’’ means the total principal amount of the
interest (in respect of amounts held by the Receivables Trustee on an
undivided basis) of an Investor Beneficiary in respect of a particular
Series and reflects the total amount of the proportional entitlement to
Principal Receivables calculated as available to that Series;

‘‘Series Issuing Entity Distribution
Account’’ means the accounts, at HSBC at its
offices in London or with another bank which meets Rating Agency
approval, opened pursuant to the relevant Series Issuing Entity
Distribution Account Bank Agreement in relation to all Notes issued by
the Issuing Entity comprising a euro account, a US dollar account and a
sterling account;

7

‘‘Series Issuing
Entity Distribution Account Bank Agreement’’ means
the agreement dated on or about 23  May  2006 between the
Issuing Entity and the Issuing Entity Account Bank;

‘‘Specified Currency’’
has the meaning given in the relevant Prospectus Supplement/Final
Terms;

‘‘Specified
Denomination(s)’’ has the meaning given in the
relevant Prospectus Supplement/Final Terms;

‘‘Specified Office’’
has the meaning given in the Agency Agreement;

‘‘Sub-Class’’ has the
meaning given in Condition 5;

‘‘Subsidiary’’ means,
in relation to any Person (the ‘‘First
Person’’) at any particular time, any other Person
(the ‘‘Second Person’’):

		
	(i) 	whose affairs and policies the First
Person controls or has the power to control, whether by ownership of
share capital, contract, the power to appoint or remove members of the
governing body of the Second Person or otherwise; or

		
	(ii) 	whose financial statements are, in
accordance with applicable law and generally accepted accounting
principles, consolidated with those of the First Person;

‘‘Swap Counterparty Swap Event of
Default’’ means either (i) an event of default
specified in the relevant Swap Agreement and pertaining to the Swap
Counterparty, or (ii) a termination by the Issuing Entity of the Swap
Agreement as a result of a downgrade occuring with respect to the
rating of the Swap Counterparty which downgrade is not cured by the
Swap Counterparty, during the requisite cure period pursuant to the
terms of the Swap Agreement.

‘‘TARGET
Settlement Day’’ means any day on which the TARGET
System is open;

‘‘TARGET
System’’ means the Trans-European Automated
Real-Time Gross Settlement Express Transfer (TARGET) System; and

‘‘Treaty’’ means the
Treaty establishing the European Communities, as amended.

Interpretation

In these Conditions:

		
	(i) 	any reference to principal shall be
deemed to include the redemption amount, any premium (excluding
interest) payable to the holder in respect of a Note and any other
amount in the nature of principal payable pursuant to these
Conditions;

		
	(ii) 	any reference to
interest shall be deemed to include any other amount in the nature of
interest payable pursuant to these Conditions;

		
	(iii) 	references to Notes being
‘‘outstanding’’ shall be construed in
accordance with the Agency Agreement and the Trust Deed;

		
	(iv) 	if an expression is stated in
Condition 1 to have the meaning given in the relevant Prospectus
Supplement/Final Terms, but the relevant Prospectus Supplement/Final
Terms gives no such meaning or specifies that such expression is
‘‘not applicable’’ then such expression is not
applicable to the Notes; and

		
	(v) 	any
reference to the Agency Agreement and the Trust Deed shall be construed
with respect to any Series of Notes as a reference to the Agency
Agreement or the Trust Deed, as the case may be, as amended and/or
supplemented up to and including the Issue Date of the Notes of that
Series.

		
	3. 	Form, Denomination and
Title

Unless otherwise specified in the relevant Trust
Deed Supplement, the Notes will be issued in registered form
(‘‘Registered Notes’’), in a
specified denomination (as specified in the relevant Prospectus
Supplement/Final Terms) or an integral multiple thereof provided that
in the case of any Notes which are to be admitted to trading on a
regulated market within the European Economic Area or offered to the

8

public in a Member State of the European
Economic Area in circumstances which require the publication of a
prospectus under the Prospectus Directive, the minimum denomination
shall be €50,000 (or such amount as shall be at least equal
to its equivalent in any other currency as at the date of issue of
those Notes as specified in the relevant Prospectus Supplement/Final
Terms). References in these Conditions to
‘‘Notes’’ include Registered Notes and all
applicable Classes and Sub-Classes (if any) in the Series.

		
	(a) 	Register:    The relevant
Registrar will maintain a register (a
‘‘Register’’) in respect of the
Notes in accordance with the provisions of the Agency Agreement. The
‘‘holder’’ of a Note means the Person in whose
name such note is for the time being registered in the Register
maintained by the relevant Registrar (or, in the case of a joint
holding, the first named thereof) and
‘‘Noteholder’’ shall be construed
accordingly.

		
	(b) 	Title:    The holder of
each note shall (except as otherwise required by law) be treated as the
absolute owner of such note for all purposes (whether or not it is
overdue and regardless of any notice of ownership, trust or any other
interest therein, any writing on the Note Certificate relating thereto
(other than the endorsed form of transfer) or any notice of any
previous loss or theft of such Note Certificate) and no Person shall be
liable for so treating such holder. A certificate (each, a
‘‘Note Certificate’’) will be
issued to each Noteholder in respect of its registered holding. Each
Note Certificate will be numbered serially with an identifying number
which will be recorded in the Register maintained by the relevant
Registrar.

		
	(c) 	Transfers:    Subject to
paragraphs (g) (Closed periods) and (h) (Regulations
concerning transfers and registration) below, a Note may be
transferred upon surrender of the relevant Note Certificate, with the
endorsed form of transfer duly completed, at the Specified Office of
the relevant Registrar or any Transfer Agent, together with such
evidence as such Registrar or, as the case may be, such Transfer Agent
may reasonably require to prove the title of the originator and the
authority of the individuals who have executed the form of transfer;
provided, however, that a Note may not be transferred unless the
principal amount of Notes transferred and (where not all of the Notes
held by a holder are being transferred) the principal amount of the
balance of Notes not transferred are an authorised denomination or
multiple thereof. Where not all the Notes represented by the
surrendered Note Certificate are the subject of the transfer, a new
Note Certificate in respect of the balance of the Notes will be issued
to the originator.

		
	(d) 	Tradeable
amount:    So long as the Notes are represented by a Global Note
Certificate and the relevant clearing system(s) so permit, the Notes
shall be tradeable only in principal amounts of at least
€50,000 (or such amount as shall be at least equal to its
equivalent in any other currency as at the date of issue of those Notes
as specified in the relevant Prospectus Supplement/Final Terms) and
integral multiples of the tradeable amount as specified in the relevant
Prospectus Supplement/Final Terms.

		
	(e) 	Registration and delivery of Note
Certificates:    Within five Business Days of the surrender of a
Note Certificate in accordance with paragraph (c) (Transfers)
above, the relevant Registrar will register the transfer in question
and deliver a new Note Certificate of a like principal amount to the
Notes transferred to each relevant holder at its Specified Office or,
as the case may be, the Specified Office of any Transfer Agent or (at
the request and risk of any such relevant holder) by uninsured first
class mail (airmail if overseas) to the address specified for the
purpose by such relevant holder.

		
	(f) 	No charge:    The transfer
of a Note will be effected without charge by or on behalf of the
Issuing Entity, the relevant Registrar or any Transfer Agent but
against such indemnity as such Registrar or, as the case may be, such
Transfer Agent may require in respect of any tax or other duty of
whatsoever nature which may be levied or imposed in connection with
such transfer.

		
	(g) 	Closed
periods:    Noteholders may not require transfers to be
registered during the period of 15  days ending on the due date
for any payment of principal or interest in respect of the
Notes.

9

		
	(h) 	Regulations
concerning transfers and registration:    All transfers of Notes
and entries on the relevant Register are subject to the detailed
regulations concerning the transfer of Notes scheduled to the Agency
Agreement. The regulations may be changed by the Issuing Entity with
the prior written approval of the Note Trustee and the relevant
Registrar. A copy of the current regulations will be mailed (free of
charge) by the relevant Registrar to any Noteholder who requests in
writing a copy of such regulations.

		
	4. 	Intentionally left blank

		
	5. 	Status, Security and Priority of
Payments

		
	(a) 	Status

Each Class and Sub-Class (if any) of Notes in each Series are
direct, secured and unconditional obligations of the Issuing Entity
which will at all times rank pari passu and pro rata
without preference or priority amongst themselves. Each Class may
comprise Sub-Classes of Notes (each a
‘‘Sub-Class’’), which may be
denominated in any of sterling, US dollars or euro. The Sub-Classes of
each Class of Notes will rank pari passu and with no priority or
preference among them.

In these Conditions,
‘‘Most Senior Class’’ means the
Class A Notes while they remain outstanding and thereafter the Class B
Notes while they remain outstanding and thereafter the Class C Notes.
If any proposed action or inaction affects a particular Sub-Class of
Notes, this term shall mean the specific Sub-Class of Notes with the
greatest aggregate principal amount outstanding of the Most Senior
Class of Notes.

The Trust Deed contains provisions
requiring the Note Trustee to have regard to the interests of the
Noteholders equally as a single Class as regards all rights, powers,
trusts, authorities, duties and discretions of the Note Trustee (except
where expressly provided otherwise) but where there is, in the Note
Trustee's opinion, a conflict among the interests of the Classes
of Noteholders, the Note Trustee is required to have regard only to the
interests of the holders of the Most Senior Class of Notes then
outstanding.

The Trust Deed contains provisions limiting
the powers of the Class B Noteholders or the Class C Noteholders to
request or direct the Note Trustee to take any action or to pass an
Extraordinary Resolution which may affect the interests of each of the
other Classes of Notes ranking senior to such Class. Except in certain
circumstances, the Trust Deed contains no such limitation on the powers
of the holders of the Most Senior Class of Notes then outstanding, the
exercise of which will be binding on all Classes of Notes, irrespective
of the effect thereof on their interests.

		
	(b) 	Security

As
security for the payment of all monies payable in respect of the Notes
of a Series under the Trust Deed (including the remuneration, expenses
and any other claims of the Note Trustee and any receiver appointed
under the Trust Deed), the Issuing Entity will pursuant to the Trust
Deed and the Trust Deed Supplement for each Series of Notes create the
following security (the
‘‘Security’’) in favour of the
Note Trustee for itself and on trust for, among others, the Noteholders
of each Series:

		
	(i) 	an assignment by
way of first fixed security under Jersey law of the Issuing Entity
Jersey Collateral (as defined in the Trust Deed and the relevant Trust
Deed Supplement);

		
	(ii) 	an assignment
by way of first fixed security under English law of the Issuing
Entity's right, title, interest and benefit in and to the Related
Loan Note for that Series save to the extent that such right, title and
interest constitutes assets situate in Jersey;

		
	(iii) 	an assignment by way of first fixed
security under English law of the Issuing Entity's right, title
and interest in the Security Interest created in favour of the Security
Trustee by the Loan Note Issuing Entity in respect of the Related Loan
Note (to the extent it relates to such Series of Notes) save to the
extent that such right, title and interest constitutes assets situate
in Jersey;

		
	(iv) 	an assignment by way
of first fixed security under English law of the Issuing Entity's
right, title, interest and benefit in and to any agreements or
documents to which the Issuing Entity is a party (and sums received or
recoverable thereunder) relating to such Series of Notes save to the
extent that such right, title and interest constitutes assets situate
in Jersey; and

10

		
	(v) 	a first
floating charge under English law over the Issuing Entity's
undertaking and assets not charged under (i) to (iv) above,

all as more particularly described in the Trust Deed and the
relevant Trust Deed Supplement. In addition, pursuant to the Trust
Deed, the Issuing Entity has, by way of first fixed security for
payment of all monies payable in respect of the Notes of such Series
under the Trust Deed, assigned to the Note Trustee those assets that
are situate in Jersey.

Application of Proceeds Upon
Enforcement

The Trust Deed and
each Trust Deed Supplement thereto will contain provisions regulating
the priority of application of amounts prior to the enforcement of
Security. Following the service of an Enforcement Notice (as defined in
Condition 11) in respect of a Series of Notes, all moneys received or
held in a specific Distribution Ledger shall be credited to the Series
Ledger in the relevant Series Issuing Entity Distribution Account and
payments from that ledger shall be applied in the following order of
priority (subject in the case of the Issuing Entity Jersey Collateral
to the Security Interests (Jersey) Law 1983 (as amended)):

		
	(i) 	firstly,    in no order of
priority among the respective amounts then due but proportionally to
such amounts then due, to pay any outstanding Issuing Entity Costs
Amount due and unpaid and any remuneration then due to any receiver or
the Note Trustee or any other appointee of the Note Trustee and all
amounts due in respect of legal fees and other costs, charges,
liabilities, expenses, losses, damages, proceedings, claims and demands
then incurred by the Note Trustee under and in respect of the
Conditions and Related Documents (as defined in Condition 6(ii)(A) but
excluding the Dealer Agreements) and in enforcing the Security created
by or pursuant to the Trust Deed and each Trust Deed Supplement thereto
or in perfecting title to the Security, together with interest thereon
as provided in any such document;

		
	(ii) 	secondly,    in the
following order of priority, (A) (to the extent not met by (i) above)
in payment or satisfaction of all amounts then due and unpaid to the
Note Trustee and/or any appointee of the Note Trustee under the Trust
Deed and the Trust Deed Supplement for the Series thereto, and (B) in
payment or satisfaction of all amounts than due and unpaid under the
Corporate Services Agreement;

		
	(iii) 	thirdly,    in no order of
priority among the following amounts but proportionally to the
respective amounts then due, in respect of the Class A Notes and each
and every Sub-Class thereof (if any):

			
		(A) 	if the Issuing Entity has entered
into a Swap Agreement for the Class A Notes or any Sub-Class
thereof:

			
		(i) 	in and towards (a)
prior to termination of such Swap Agreement, any amounts payable under
such Swap Agreement and (b) following termination of such Swap
Agreement, any Issuing Entity Fault Swap Termination Amount; and

			
		(ii) 	in and towards payments of amounts
due and unpaid in respect of the Class A Notes or any Sub-Class thereof
in priority, first to any interest amount, second to any outstanding
Deferred Interest, third to any Additional Interest on the Class A
Notes or any Sub-Class thereof and fourth to principal;

			
		(B) 	if the Issuing Entity has not
entered into a Swap Agreement for the Class A Notes or any Sub-Class
thereof, in or towards payment of amounts due and unpaid in respect of
such Notes in priority, first to any interest amount, second to any
outstanding Deferred Interest, third to any Additional Interest on the
Class A Notes or any Sub-Class thereof and fourth to principal;

		
	(iv) 	fourthly,    in no order of
priority among the following amounts but proportionally to the
respective amounts then due, in respect of the Class B Notes and each
and every Sub-Class thereof (if any):

			
		(A) 	if the Issuing Entity has entered
into a Swap Agreement for the Class B Notes or any Sub-Class
thereof:

11

			
		(i) 	in and
towards (a) prior to termination of such Swap Agreement, any amounts
payable under such Swap Agreement and (b) following termination of such
Swap Agreement, any Issuing Entity Fault Swap Termination Amount;
and

			
		(ii) 	in and towards payments of
amounts due and unpaid in respect of the Class B Notes or any Sub-Class
thereof in priority, first to any interest amount, second to any
outstanding Deferred Interest, third to any Additional Interest on the
Class B Notes or any Sub-Class thereof and fourth to principal;

			
		(B) 	if the Issuing Entity has not
entered into a Swap Agreement for the Class B Notes or any Sub-Class
thereof, in or towards payment of amounts due and unpaid in respect of
such Notes in priority, first to any interest amount, second to any
outstanding Deferred Interest, third to any Additional Interest on the
Class B Notes or any Sub-Class thereof and fourth to principal;

		
	(v) 	fifthly,    in no order of
priority among the following amounts but proportionally to the
respective amounts then due, in respect of the Class C Notes and each
and every Sub-Class thereof (if any):

			
		(A) 	if the Issuing Entity has entered
into a Swap Agreement for the Class C Notes or any Sub-Class
thereof:

			
		(i) 	in and towards (a)
prior to termination of such Swap Agreement, any amounts payable under
such Swap Agreement and (b) following termination of such Swap
Agreement, any Issuing Entity Fault Swap Termination Amount; and

			
		(ii) 	in and towards payments of amounts
due and unpaid in respect of the Class C Notes or any Sub-Class thereof
in priority, first to any interest amount, second to any outstanding
Deferred Interest, third to any Additional Interest on the Class C
Notes or any Sub-Class thereof and fourth to principal;

			
		(B) 	if the Issuing Entity has not
entered into a Swap Agreement for the Class C Notes or any sub Class
thereof, in or towards payment of amounts due and unpaid in respect of
such Notes in priority first to any interest amount, second to any
outstanding Deferred Interest, third to any Additional Interest on the
Class C Notes or any Sub-Class thereof and fourth to principal;

		
	(vi) 	sixthly,    if the Issuing
Entity has entered into a Swap Agreement for the Class A Notes or any
Sub-Class thereof, in and towards any Counterparty Fault Swap
Termination Amount;

		
	(vii) 	seventhly,    if the
Issuing Entity has entered into a Swap Agreement for the Class B Notes
or any Sub-Class thereof, in and towards any Counterparty Fault Swap
Termination Amount;

		
	(viii) 	eighthly,    if the
Issuing Entity has entered into a Swap Agreement for the Class C Notes
or any Sub-Class thereof, in and towards any Counterparty Fault Swap
Termination Amount;

		
	(ix) 	ninthly,    in or towards
payment of any sums due from (or required to be provided for by) the
Issuing Entity to meet its liabilities to any taxation authority;

		
	(x) 	tenthly,    towards payment
of any amounts due and unpaid to the lender under the terms of the
Expenses Loan Agreement; and

		
	(xi) 	eleventhly,    in payment
of the balance (if any) of the aggregate amount remaining from the
proceeds of the first fixed security granted in favour of each relevant
Series, after the payment of the items set out above, to the Loan Note
Issuing Entity identified as ‘‘Deferred Subscription
Price’’ in respect of the Related Loan Note.

		
	6. 	Negative Covenants of the Issuing
Entity

So long as any of the Notes remains outstanding,
the Issuing Entity shall not, save to the extent permitted or
contemplated by the Related Documents or with the prior written consent
of the Note Trustee:

		
	(i) 	create or permit to subsist
any mortgage, charge, pledge, lien or other Security Interest
including, without limitation, anything analogous to any of the
foregoing under the laws of any jurisdiction upon the whole or any part
of its present or future undertaking, assets or revenues (including
uncalled capital);

12

		
	(ii) 	carry
on any business other than as described in this Base Prospectus and the
relevant Prospectus Supplement/Final Terms relating to the issue of the
Notes and in respect of that business shall not engage in any activity
or do anything whatsoever except:

			
		(A) 	preserve and/or exercise and/or
enforce any of its rights and perform and observe its obligations under
the Notes, the Trust Deed and each Trust Deed Supplement thereto, the
Agency Agreement, the Dealer Agreements, each Swap Agreement, the Loan
Notes, each Prospectus Supplement/Final Terms and the Account Bank
Agreement and any Bank Mandate regarding the relevant Series Issuing
Entity Distribution Account (together the ‘‘Related
Documents’’);

			
		(B) 	use, invest or dispose of any of
its property or assets in the manner provided in or contemplated by the
Related Documents; and

			
		(C) 	perform
any act incidental to or necessary in connection with paragraphs (A) or
(B) above;

		
	(iii) 	have or form,
or cause to be formed, any subsidiaries or subsidiary undertakings or
undertakings of any other nature or have any employees or premises or
have an interest in a bank account other than the Issuing Entity Bank
Accounts;

		
	(iv) 	create, incur
or suffer to exist any Indebtedness (other than Indebtedness permitted
to be incurred under the terms of its articles of association) or give
any guarantee or indemnity in respect of any obligation of any
person;

		
	(v) 	repurchase any
shares of its capital stock or declare or pay any dividend or other
distribution to its shareholders other than a lawful dividend under
English law of amounts not exceeding Issuing Entity Profit Amounts from
time to time received by it (after payment of any applicable taxes
thereon);

		
	(vi) 	waive, modify
or amend, or consent to any waiver, modification or amendment of, any
of the provisions of the Related Documents without the prior written
consent of the Note Trustee (and, in the case of the Notes, of (i) the
Rate of Interest, or (ii) any Interest Period, without the prior
written consent of the Originator Beneficiary);

		
	(vii) 	offer to surrender to any
company any amounts which are available for surrender by way of group
relief; or

		
	(viii) 	consolidate
or merge with any other Person or convey or transfer its properties or
assets substantially as an entirety to any other person.

		
	7. 	Interest

		
	(a) 	Specific Provision:
Floating Rate Sterling Notes

This Condition
7(a) is applicable to the Notes if the Specified Currency is sterling
and the Notes are issued as floating rate Notes.

Each Note bears interest at a floating rate on its
Principal Amount Outstanding from (and including) the Interest
Commencement Date. Interest in respect of the Notes is payable in
arrear in sterling on each Interest Payment Date.

‘‘Interest Payment
Date’’ means the following dates:

		
	(i) 	during any period that is not
an Amortisation Period, the First Interest Payment Date and each
Regular Interest Payment Date (being the third Payment Date following
the preceding Interest Payment Date (unless otherwise specified in the
relevant Prospectus Supplement/Final Terms)); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that with respect to an Interest Period that commences during
any period that is not an Amortisation Period and ends during the
Regulated Amortisation Period or the Rapid Amortisation Period, such
Interest Period will end on the originally scheduled Interest Payment
Date (and for the 

13

avoidance of doubt, in the case of an
Interest Period which commences on the Interest Payment Date which
falls at the end of the Interest Period during which the Rapid
Amortisation Period or Regulated Amortisation Period begins, the
Interest Period shall end on the next Payment Date). The first interest
payment will be made on the First Interest Payment Date in respect of
the Interest Period from (and including) the Interest Commencement Date
to the First Interest Payment Date.

The Rate of Interest
applicable to the Notes (the ‘‘Rate of
Interest’’) for each Interest Period will be
determined by the Agent Bank as the sum of the Margin and LIBOR for the
relevant Interest Period (or in the case of the first Interest Period,
a linear interpolation of the LIBOR rates for such periods as specified
in the relevant Prospectus Supplement/Final Terms).

LIBOR
shall be determined on the following basis:

		
	(i) 	on the Interest Commencement Date in
respect of the first Interest Period and thereafter on each
‘‘Interest Determination Date’’,
namely the first day of the Interest Period for which the rate will
apply, the Agent Bank will determine the offered quotation to leading
banks in the London interbank market, in respect of the first Interest
Period from (and including) the Interest Commencement Date to (but
excluding) the First Interest Payment Date, a linear interpolation of
the rates for sterling deposits for such period as specified in the
relevant Prospectus Supplement/Final Terms and for each Interest Period
thereafter, for sterling deposits for the relevant Interest Period, by
reference to the display designated as the British Bankers Association
LIBOR Rates as quoted on the Moneyline Telerate Monitor (as Moneyline
Telerate Screen No.  3750 or (aa) such other page as may replace
Moneyline Telerate Screen No.  3750 on that service for the
purposes of displaying such information or (bb) if that service ceases
to display such information, such page as displays such information on
such service (or, if more than one, that one previously approved in
writing by the Note Trustee) as may replace the Moneyline Telerate
Monitor) as at or about 11.00 a.m. (London time) on that date, (the
‘‘Screen Rate’’);

		
	(ii) 	if, on any Interest Determination
Date, the Screen Rate is unavailable, the Agent Bank will:

			
		(1) 	request each Reference Bank to
provide the Agent Bank with its offered quotation to leading banks in
the London interbank market, in respect of the first Interest Period
from (and including) the Interest Commencement Date to (but excluding)
the First Interest Payment Date, a linear interpolation of the rates
for such periods as specified in the relevant Prospectus
Supplement/Final Terms and for each Interest Period thereafter, for
sterling deposits for the relevant Interest Period, as at approximately
11.00 a.m. (London time) on the Interest Determination Date in question
and in an amount that is representative for a single transaction in
that market at that time; and

			
		(2) 	determine the arithmetic mean
(rounded upwards to four decimal places) of such quotations;

		
	(iii) 	if on any Interest Determination
Date the Screen Rate is unavailable and two or three only of the
Reference Banks provide offered quotations, LIBOR for the relevant
Interest Period shall be determined in accordance with the provisions
of paragraph (ii) on the basis of the arithmetic mean (rounded upwards
to four decimal places) of the offered quotations of those Reference
Banks providing the offered quotations; and

		
	(iv) 	if fewer than two such quotations are
provided by the Reference Banks as requested, the Agent Bank will
determine the arithmetic mean (rounded upwards to four decimal places)
of the rates quoted by major banks in London, selected by the Agent
Bank, at approximately 11.00 a.m. (London time) on the first day of the
relevant Interest Period for loans in sterling to leading European
banks for a period equal to the relevant Interest Period and in an
amount that is representative for a single transaction in that market
at that time,

provided that if the Agent Bank is unable
to determine LIBOR in accordance with the above provisions in relation
to any Interest Period, the Rate of Interest applicable to the Notes
during such Interest Period will be the sum of the Margin in respect of
the Notes and LIBOR last determined in relation to the Notes in respect
of the preceding Interest Period.

14

The Agent Bank will, as soon as
practicable after the Interest Determination Date in relation to each
Interest Period, calculate the amount of interest (the
‘‘Interest Amount’’) payable in
respect of the Notes for such Interest Period.

The
Interest Amount in respect of the Notes will be calculated by applying
the relevant Rate of Interest for such Interest Period to the Principal
Amount Outstanding of the Notes during such Interest Period,
multiplying by the relevant Day Count Fraction and rounding the
resulting figure to the nearest penny (half a penny rounded
upwards).

		
	(b) 	Specific Provisions:
Floating Rate US Dollar Notes

This Condition 7(b) is
applicable to the Notes if the Specified Currency is US dollars and the
Notes are designated as floating rate Notes.

Each Note
bears interest at a floating rate on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in US dollars on each
Interest Payment Date.

‘‘Interest
Payment Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (being the third Payment Date following the
preceding Interest Payment Date (unless otherwise specified in the
relevant Prospectus Supplement/Final Terms)); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that with respect to an Interest Period that commences during
any period that is not an Amortisation Period and ends during the
Regulated Amortisation Period or the Rapid Amortisation Period, such
Interest Period will end on the originally scheduled Interest Payment
Date (and for the avoidance of doubt, in the case of an Interest Period
which commences on the Interest Payment Date which falls at the end of
the Interest Period during which the Rapid Amortisation Period or
Regulated Amortisation Period begins, the Interest Period shall end on
the next Payment Date). The first interest payment will be made on the
First Interest Payment Date in respect of the Interest Period from (and
including) the Interest Commencement Date to the First Interest Payment
Date.

The rate of interest applicable to the Notes for
each Interest Period will be determined by the Agent Bank as the sum of
the Margin and LIBOR for the relevant interest period (or, in the case
of the first Interest Period, a linear interpretation of the LIBOR
rates for such periods as specified in the relevant Prospectus
Supplement/Final Terms).

LIBOR shall be determined on the
following basis:

		
	(i) 	on each
Quotation Date (as defined below) until the first Quotation Date during
the Regulated Amortisation Period or the Rapid Amortisation Period, the
Agent Bank will determine the offered quotation to leading banks in the
London interbank market – called LIBOR – for
one-month US dollar deposits or three-month US dollar deposits (in
accordance with the relevant Interest Period specified in the relevant
Prospectus Supplement/Final Terms). In the case of the first Interest
Period the Agent Bank will determine LIBOR based upon the linear
interpolation of LIBOR for US dollar deposits as specified in the
relevant Prospectus Supplement/Final Terms. On each Quotation Date
during the Regulated Amortisation Period or the Rapid Amortisation
Period, the Agent Bank will determine the offered quotation to leading
banks in the London interbank market for one-month US dollar
deposits.

This will be determined by reference to the
British Bankers Association LIBOR Rates display as quoted on the Bridge
Telerate monitor as Telerate Screen No. 3750. If the Telerate Screen
No. 3750 stops providing these quotations, the replacement service for
the purposes of displaying this information will be used. If the
replacement service stops displaying the information, any page showing
this information will be used. If there is more than one service
displaying the information, the one approved in writing by the Note
Trustee in its sole discretion will be used.

15

In each case above, the
determination will be made as at or about 11.00 a.m. London time, on
that date. These are called the ‘‘Screen
Rates’’.

A
‘‘Quotation Date’’ means the
second London Business Day before the first day of an Interest
Period.

		
	(ii) 	if, on any Quotation
Date, a Screen Rate is unavailable, the Agent Bank will:

			
		(1) 	request each Reference Bank to
provide the Agent Bank with its offered quotation to leading banks in
the London interbank market of the equivalent of that Screen Rate on
that Quotation Date in an amount that represents a single transaction
in that market at that time; and

			
		(2) 	determine the arithmetic mean
rounded upwards to four decimal places, of those quotations;

		
	(iii) 	if, on any quotation date, the
Screen Rate is unavailable and two or three only of the Reference Banks
provide offered quotations, the Rate of Interest for that Interest
Period will be the arithmetic mean of the quotations provided by those
Reference Banks calculated in the manner described in (ii) above;

		
	(iv) 	if fewer than two Reference Banks
provide quotations, the Agent Bank will determine (in its absolute
discretion) the arithmetic mean (rounded upwards to four decimal
places) of the leading rates quoted by major banks in London
– selected by the Agent Bank at approximately 11.00 a.m.
London time on the relevant Quotation Date – to leading
European banks for a period equal to the relevant Interest Period and
in an amount that is representative for a single transaction in that
market at that time, for loans in US dollars.

The Agent
Bank will, as soon as practicable after the Quotation Date in relation
to each Interest Period, calculate the amount of interest (the
‘‘Interest Amount’’) payable in
respect of the Notes for such Interest Period. The Interest Amount in
respect of the Notes will be calculated by applying the relevant rate
of interest for such Interest Period to the Principal Amount
Outstanding of the Notes during such Interest Period and multiplying
the product by the relevant Day Count Fraction and rounding the
resulting figure to the nearest US dollar 0.01 (half of a cent being
rounded upwards).

		
	(c) 	Specific
Provision: Floating Rate Euro Notes

This Condition
7(c) is applicable to the Notes if the Specified Currency is euro and
the Notes are designated to be floating rate Notes.

Each
Note bears interest at a floating rate on its Principal Amount
Outstanding from (and including) the Interest Commencement Date.
Interest in respect of the Notes is payable in arrear in euros on each
Interest Payment Date.

‘‘Interest
Payment Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (being the third Payment Date following the
preceding Interest Payment Date (unless otherwise specified in the
relevant Prospectus Supplement/Final Terms)); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that with respect to an Interest Period that commences during
any period that is not an Amortisation Period and ends during the
Regulated Amortisation Period or the Rapid Amortisation Period, such
Interest Period will end on the originally scheduled Interest Payment
Date (and for the avoidance of doubt, in the case of an Interest Period
which commences on the Interest Payment Date which falls at the end of
the Interest Period during which the Rapid Amortisation Period or
Regulated Amortisation Period begins, the Interest Period shall end on
the next Payment Date). The first interest payment will be made on the
First Interest Payment Date in respect of the Interest Period from (and
including) the Interest Commencement Date to the First Interest Payment
Date.

16

The Rate of Interest applicable to
the Notes (the ‘‘Rate of
Interest’’) for each Interest Period will be
determined by the Agent Bank as the sum of the Margin and EURIBOR for
the relevant Interest Period (or in the case of the first Interest
Period, a linear interpolation of the EURIBOR rates for such periods as
specified in the relevant Prospectus Supplement/Final Terms).

EURIBOR shall be determined on the following basis:

		
	(iii) 	on the second TARGET Settlement Day
before the Interest Commencement Date in respect of the first Interest
Period and thereafter on each ‘‘Interest
Determination Date’’, namely 11.00 a.m. (Brussels
time) on the second TARGET Settlement Day before the first day of the
Interest Period for which the rate will apply, the Agent Bank will
determine the offered quotation to prime banks in the Euro-Zone
interbank market, in respect of the first Interest Period from (and
including) the Interest Commencement Date to (but excluding) the First
Interest Payment Date, a linear interpolation of the rates for euro
deposits for such period as specified in the relevant Prospectus
Supplement/Final Terms and for each Interest Period thereafter, for
euro deposits for the relevant Interest Period, by reference to (aa) on
the display page designated 248 on the Dow Jones Telerate Service (or
such other page as may replace that page on that service, or such other
service as may be nominated by the Agent Bank as the information
vendor, for the purpose of displaying comparable rates) as of the
Interest Determination Date or (bb) if that service ceases to display
such information, such page as displays such information on such
service (or, if more than one, that one previously approved in writing
by the Note Trustee) as may replace the Dow Jones Telerate Monitor as
at or about 11.00 a.m. (Brussels time) on that date (the
‘‘Screen Rate’’);

		
	(iv) 	if, on any Interest Determination
Date, the Screen Rate is unavailable, the Agent Bank will:

			
		(1) 	request the principal euro-zone
office of each of four major banks in the Euro-Zone interbank market to
provide a quotation of the rate at which deposits in euro are offered
by it at approximately 11.00 a.m. (Brussels time) on the Interest
Determination Date to prime banks in the Euro-Zone interbank market for
a period equal to the relevant Interest Period and in an amount that is
representative for a single transaction in that market at that time;
and

			
		(2) 	determine the arithmetic
mean (rounded, if necessary, to the nearest one hundred thousandth of a
percentage point, 0.000005 being rounded upwards) of such quotations;
and

			
		(3) 	if fewer than two such
quotations are provided as requested, the Agent Bank will determine the
arithmetic mean (rounded, if necessary, as aforesaid) of the rates
quoted by major banks in the Euro-Zone interbank market, selected by
the Agent Bank, at approximately 11.00 a.m. (Brussels time) on the
Interest Determination Date for loans in euro to leading European banks
for a period equal to the relevant Interest Period and in an amount
that is representative for a single transaction in that market at that
time,

provided that if the Agent Bank is unable to
determine EURIBOR in accordance with the above provisions in relation
to any Interest Period, the Rate of Interest applicable to the Notes
during such Interest Period will be the sum of the Margin and the
EURIBOR last determined in relation to such Notes in respect of a
preceding Interest Period.

The Agent Bank will, as soon
as practicable after the Interest Determination Date in relation to
each Interest Period, calculate the amount of interest (the
‘‘Interest Amount’’) payable in
respect of the Notes for such Interest Period. The Interest Amount in
respect of the Notes will be calculated by applying the relevant Rate
of Interest for such Interest Period to the Principal Amount
Outstanding of the Notes during such Interest Period and multiplying
the product by the relevant Day Count Fraction and rounding the
resulting figure to the nearest euro 0.01 (half of a cent being rounded
upwards).

		
	(d) 	Specific Provision:
Fixed Rate Sterling Notes (Option 1 )

This Condition
7(d) is applicable to the Notes if the Specified Currency is sterling
and the Notes are designated to be fixed rate Notes (Option 1).

Each Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in sterling on each Interest
Payment Date.

17

‘‘Interest
Payment Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (as specified in the relevant Prospectus
Supplement/Final Terms); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that where the Floating Rate Commencement Date is a date
falling prior to the Scheduled Redemption Date, with respect to an
Interest Period that commences during the Revolving Period or the
Controlled Accumulation Period and ends during the Regulated
Amortisation Period or the Rapid Amortisation Period, such Interest
Period will end on, and exclude, the Floating Rate
Commencement Date.

Subject to the following
paragraph, each Note bears interest at the Initial Rate on its
Principal Amount Outstanding during the period from (and including) the
Interest Commencement Date to, but excluding, the Floating Rate
Commencement Date (the ‘‘Initial
Period’’). Interest in respect of the Notes during
the Initial Period is payable in arrear in sterling on each Regular
Interest Payment Date and the final Interest Payment Date during the
Initial Period shall be the Scheduled Redemption Date.

The amount of the interest payable (the
‘‘Interest Amount’’) in respect
of the Notes for any Interest Period during the Initial Period shall be
calculated by applying the Initial Rate to the Principal Amount
Outstanding of the Notes, multiplying the resulting product by the
relevant Day Count Fraction, and rounding the resultant figure to the
nearest sterling 0.01 (half of a penny being rounded upwards).

However, in the event that the Regulated Amortisation Period
or the Rapid Amortisation Period has commenced, then from and including
the Floating Rate Commencement Date to, but excluding, the Final
Redemption Date (the ‘‘Redemption
Period’’), each Note bears interest at a floating
rate on its Principal Amount Outstanding to be determined in accordance
with the provisions below, payable in arrear on each Payment Date.
During the Redemption Period, each period beginning on, and including,
a Payment Date to but excluding the next Payment Date is called an
‘‘Interest Period’’.

The rate of interest applicable to the Notes which are the
subject of this Condition 7(d) (the ‘‘Redemption
Rate’’) for each Interest Period during the
Redemption Period will be determined by the Agent Bank as the sum of
the Margin and LIBOR for the relevant Interest Period.

LIBOR shall be determined on the following basis:

		
	(i) 	on the Floating Rate Commencement
Date in respect of the first Interest Period during the Redemption
Period and thereafter on each ‘‘Interest
Determination Date’’, namely the first day of the
Interest Period for which the Redemption Rate will apply, the Agent
Bank will determine the offered quotation to leading banks in the
London interbank market, for sterling deposits for the relevant
Interest Period, by reference to the display designated as the British
Bankers Association LIBOR Rates as quoted on the Moneyline Telerate
Monitor as Moneyline Telerate Screen No.  3750 or (aa) such
other page as may replace Moneyline Telerate Screen No.  3750 on
that service for the purposes of displaying such information or (bb) if
that service ceases to display such information, such page as displays
such information on such service (or, if more than one, that one
previously approved in writing by the Note Trustee) as may replace the
Moneyline Telerate Monitor) as at or about 11.00 a.m. (London time) on
that date, (the ‘‘Screen
Rate’’);

		
	(ii) 	if,
on any Interest Determination Date, the Screen Rate is unavailable, the
Agent Bank will:

			
		(1) 	request each
Reference Bank to provide the Agent Bank with its offered quotation to
leading banks in the London interbank market, for sterling deposits for
the relevant Interest Period, as at approximately 11.00 a.m. (London
time) on the Interest Determination Date in question and in an amount
that is representative for a single transaction in that market at that
time; and

			
		(2) 	determine the
arithmetic mean (rounded upwards to four decimal places) of such
quotations;

18

		
	(iii) 	if on any
Interest Determination Date the Screen Rate is unavailable and two or
three only of the Reference Banks provide offered quotations, LIBOR for
the relevant Interest Period shall be determined in accordance with the
provisions of paragraph (ii) on the basis of the arithmetic mean
(rounded upwards to four decimal places) of the offered quotations of
those Reference Banks providing the offered quotations; and

		
	(iv) 	if fewer than two such quotations are
provided by the Reference Banks as requested, the Agent Bank will
determine the arithmetic mean (rounded upwards to four decimal places)
of the rates quoted by major banks in London, selected by the Agent
Bank, at approximately 11.00 a.m. (London time) on the first day of the
relevant Interest Period for loans in sterling to leading European
banks for a period equal to the relevant Interest Period and in an
amount that is representative for a single transaction in that market
at that time,

provided that if the Agent Bank is unable
to determine LIBOR in accordance with the above provisions in relation
to any Interest Period, the Redemption Rate applicable to the Notes in
respect of such Interest Period during the Redemption Period will be
the sum of the Margin in respect of the Notes and LIBOR last determined
in relation to the Notes in respect of the preceding Interest
Period.

During the Redemption Period, the Agent Bank
will, as soon as practicable after the Interest Determination Date in
relation to each Interest Period during the Redemption Period,
calculate the amount of interest (the ‘‘Interest
Amount’’) payable in respect of the Notes for such
Interest Period. The Interest Amount will be calculated by applying the
Redemption Rate for such Interest Period to the Principal Amount
Outstanding of the Notes during such Interest Period and multiplying
the product by the relevant Day Count Fraction, and rounding the
resulting figure to the nearest sterling 0.01 (half of a penny being
rounded upwards).

		
	(e) 	Specific
Provision: Fixed Rate Dollar Notes (Option 1)

This
Condition 7(e) is applicable to the Notes if the Specified Currency is
US dollars and the Notes are designated to be fixed rate Notes (Option
1).

Each Note bears interest on its Principal Amount
Outstanding from (and including) the Interest Commencement Date.
Interest in respect of the Notes is payable in arrear in US dollars on
each Interest Payment Date.

‘‘Interest
Payment Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (as specified in the relevant Prospectus
Supplement/Final Terms); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided
however, that, where the Floating Rate Commencement Date is a date
falling prior to the Scheduled Redemption Date, with respect to an
Interest Period that commences during the Revolving Period or the
Controlled Accumulation Period and ends during the Regulated
Amortisation Period or the Rapid Amortisation Period, such Interest
Period will end on, and exclude, the Floating Rate Commencement
Date.

Subject to the following paragraph, each Note bears
interest at the Initial Rate on its Principal Amount Outstanding during
the period from (and including) the Interest Commencement Date to, but
excluding, the Floating Rate Commencement Date (the
‘‘Initial Period’’). Interest in
respect of such Note during the Initial Period is payable in arrear in
US dollars on each Regular Interest Payment Date and the final Interest
Payment Date during the Initial Period shall be the Scheduled
Redemption Date.

The amount of the interest payable (the
‘‘Interest Amount’’) in respect
of the Notes for any Interest Period during the Initial Period shall be
calculated by applying the Initial Rate to the Principal Amount
Outstanding of the Notes, multiplying the resulting product by the
relevant Day Count Fraction, and rounding the resultant figure to the
nearest US dollar 0.01 (half of a cent being rounded upwards).

19

However, in the event that the
Regulated Amortisation Period or the Rapid Amortisation Period has
commenced, then from and including the Floating Rate Commencement Date
to, but excluding, the Final Redemption Date (the
‘‘Redemption Period’’), each
Note bears interest at a floating rate on its Principal Amount
Outstanding to be determined in accordance with the provisions below,
payable in arrear on each Payment Date. During the Redemption Period,
each period beginning on, and including, a Payment Date to but
excluding the next Payment Date is called an
‘‘Interest Period’’.

The rate of interest applicable to the Notes which are the
subject of this Condition 7(e) (the ‘‘Redemption
Rate’’) for each Interest Period during the
Redemption Period will be determined by the Agent Bank as the sum of
the Margin and LIBOR for the relevant Interest Period.

LIBOR shall be determined on the following basis:

		
	(i) 	on each Quotation Date during the
Redemption Period, the Agent Bank will determine the offered quotation
to leading banks in the London interbank market – called LIBOR
– for one-month US dollar deposits.

This will be
determined by reference to the British Bankers Association LIBOR Rates
display as quoted on the Bridge Telerate monitor as Telerate Screen No.
3750. If the Telerate Screen No. 3750 stops providing these quotations,
the replacement service for the purposes of displaying this information
will be used. If the replacement service stops displaying the
information, any page showing this information will be used. If there
is more than one service displaying the information, the one approved
in writing by the Note Trustee in its sole discretion will be used.

In each case above, the determination will be made as at or
about 11.00 a.m. London time, on that date. These are called the
‘‘Screen Rates’’.

A ‘‘Quotation Date’’
means the second London Business Day before the Floating Rate
Commencement Date in respect of the first Interest Period during the
Redemption Period and thereafter the second London Business Day before
the first day of an Interest Period.

		
	(ii) 	if, on any Quotation Date, a Screen
Rate is unavailable, the Agent Bank will:

			
		(1) 	request each Reference Bank to
provide the Agent Bank with its offered quotation to leading banks of
the equivalent of that Screen Rate on that Quotation Date in an amount
that represents a single transaction in that market at that time;
and

			
		(2) 	determine the arithmetic
mean rounded upwards to four decimal places, of those quotations;

		
	(iii) 	if, on any Quotation Date, the
Screen Rate is unavailable and only two or three of the Reference Banks
provide offered quotations, LIBOR for that Interest Period will be the
arithmetic mean of the quotations provided by those Reference Banks
calculated in the manner described in (ii) above; and

		
	(iv) 	if fewer than two Reference Banks
provide quotations, the Agent Bank will determine (in its absolute
discretion) the arithmetic mean (rounded upwards to four decimal
places) of the leading rates quoted by major banks in London –
selected by the Agent Bank at approximately 11.00 a.m. London time on
the relevant Quotation Date – to leading European banks for a
period equal to the relevant Interest Period and in an amount that is
representative for a single transaction in that market at that time,
for loans in US dollars.

During the Redemption Period,
the Agent Bank will, as soon as practicable after the Quotation Date in
relation to each Interest Period during the Redemption Period,
calculate the amount of interest (the ‘‘Interest
Amount’’) payable in respect of the Notes for such
Interest Period. The Interest Amount will be calculated by applying the
Redemption Rate for such Interest Period to the Principal Amount
Outstanding of the Notes during such Interest Period and multiplying
the product by the relevant Day Count Fraction, and rounding the
resulting figure to the nearest US dollar 0.01 (half of a cent being
rounded upwards).

		
	(f) 	Specific
Provision: Fixed Rate Euro Notes (Option 1)

This
Condition 7(f) is applicable to the Notes if the Specified Currency is
euro and the Notes are designated to be fixed rate Notes (Option
1).

20

Each Note bears interest on its
Principal Amount Outstanding from (and including) the Interest
Commencement Date. Interest in respect of the Notes is payable in
arrear in euro on each Interest Payment Date.

‘‘Interest Payment
Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (as specified in the relevant Prospectus
Supplement/Final Terms); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that, where the Floating Rate Commencement Date is a date
falling prior to the Scheduled Redemption Date, with respect to an
Interest Period that commences during the Revolving Period or the
Controlled Accumulation Period and ends during the Regulated
Amortisation Period or the Rapid Amortisation Period, such Interest
Period will end on, and exclude, the Floating Rate
Commencement Date.

Subject to the following
paragraph, each Note bears interest at the Initial Rate on its
Principal Amount Outstanding during the period from (and including) the
Interest Commencement Date to, but excluding, the Floating Rate
Commencement Date (the ‘‘Initial
Period’’). Interest in respect of such Note during
the Initial Period is payable in arrear in euro on each Regular
Interest Payment Date and the final Interest Payment Date during the
Initial Period shall be the Scheduled Redemption Date.

The amount of the interest payable (the
‘‘Interest Amount’’) in respect
of the Notes for any Interest Period during the Initial Period shall be
calculated by applying the Initial Rate to the Principal Amount
Outstanding of the Notes, multiplying the resulting product by the
relevant Day Count Fraction, and rounding the resultant figure to the
nearest euro 0.01 (half of a cent being rounded upwards).

However, in the event that the Regulated Amortisation Period
or the Rapid Amortisation Period has commenced, then from and including
the Floating Rate Commencement Date to, but excluding, the Final
Redemption Date (the ‘‘Redemption
Period’’), each Note bears interest at a floating
rate on its Principal Amount Outstanding to be determined in accordance
with the provisions below, payable in arrear on each Payment Date.
During the Redemption Period, each period beginning on, and including,
a Payment Date to but excluding the next Payment Date is called an
‘‘Interest Period’’.

The rate of interest applicable to the Notes which are the
subject of this Condition 7(f) (the ‘‘Redemption
Rate’’) for each Interest Period during the
Redemption Period will be determined by the Agent Bank as the sum of
the Margin and EURIBOR for the relevant Interest Period.

EURIBOR shall be determined on the following basis:

		
	(i) 	on the second TARGET Settlement Day
before the Floating Rate Commencement Date in respect of the first
Interest Period during the Redemption Period and thereafter on each
‘‘Interest Determination Date’’,
namely 11.00 a.m. (Brussels time) on the second TARGET Settlement Day
before the first day of the Interest Period for which the rate will
apply, the Agent Bank will determine the offered quotation to prime
banks in the Euro-Zone interbank market for euro deposits for the
relevant Interest Period, by reference to (aa) on the display page
designated 248 on the Dow Jones Telerate Service (or such other page as
may replace that page on that service, or such other service as may be
nominated by the Agent Bank as the information vendor, for the purpose
of displaying comparable rates) as of the Interest Determination Date
or (bb) if that service ceases to display such information, such page
as displays such information on such service (or, if more than one,
that one previously approved in writing by the Note Trustee) as may
replace the Dow Jones Telerate Monitor as at or about 11.00 a.m.
(Brussels time) on that date (the ‘‘Screen
Rate’’);

21

		
	(ii) 	if, on
any Interest Determination Date, the Screen Rate is unavailable, the
Agent Bank will:

			
		(1) 	request the
principal Euro-Zone office of each of four major banks in the Euro-Zone
interbank market to provide a quotation of the rate at which deposits
in euro are offered by it at approximately 11.00 a.m. (Brussels time)
on the Interest Determination Date to prime banks in the euro-zone
interbank market for a period equal to the relevant Interest Period and
in an amount that is representative for a single transaction in that
market at that time; and

			
		(2) 	determine the arithmetic mean
(rounded, if necessary, to the nearest one hundred thousandth of a
percentage point, 0.000005 being rounded upwards) of such quotations;
and

		
	(iii) 	if fewer than two such
quotations are provided as requested, the Agent Bank will determine the
arithmetic mean (rounded, if necessary, as aforesaid) of the rates
quoted by major banks in the Euro-Zone interbank market, selected by
the Agent Bank, at approximately 11.00 a.m. (Brussels time) on the
Interest Determination Date for loans in euro to leading European banks
for a period equal to the relevant Interest Period and in an amount
that is representative for a single transaction in that market at that
time,

provided that if the Agent Bank is unable to
determine EURIBOR in accordance with the above provisions in relation
to any Interest Period, the Redemption Rate applicable to the Notes
during such Interest Period will be the sum of the Margin and EURIBOR
last determined in relation to such Notes in respect of the preceding
Interest Period.

During the Redemption Period, the Agent
Bank will, as soon as practicable after the Interest Determination Date
in relation to each Interest Period during the Redemption Period,
calculate the amount of interest (the ‘‘Interest
Amount’’) payable in respect of the Notes for such
Interest Period. The Interest Amount will be calculated by applying the
Redemption Rate for such Interest Period to the Principal Amount
Outstanding of the Notes during such Interest Period and multiplying
the product by the relevant Day Count Fraction, and rounding the
resulting figure to the nearest euro 0.01 (half of a cent being rounded
upwards).

		
	(g) 	Specific Provision:
Fixed Rate Sterling Notes (Option 2)

This Condition
7(g) is applicable to the Notes if the Specified Currency is sterling
and the Notes are designated to be fixed rate Notes (Option 2).

Each Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in sterling on each Interest
Payment Date.

‘‘Interest Payment
Date’’ means the First Interest Payment Date and
each Regular Interest Payment Date (as specified in the relevant
Prospectus Supplement/Final Terms).

Each period beginning
on (and including) any Interest Payment Date and ending on (but
excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’.

Subject to the following paragraph, each Note bears interest
at the Initial Rate on its Principal Amount Outstanding during the
period from (and including) the Interest Commencement Date. Interest in
respect of the such Note is payable in arrear in sterling on each
Regular Interest Payment Date.

The amount of the interest
payable (the ‘‘Interest
Amount’’) in respect of the Notes for any Interest
Period shall be calculated by applying the Initial Rate to the
Principal Amount Outstanding of the Notes, multiplying the resulting
product by the relevant Day Count Fraction, and rounding the resultant
figure to the nearest sterling 0.01 (half of a pence being rounded
upwards).

		
	(h) 	Specific Provision:
Fixed Rate Dollar Notes (Option 2)

This Condition
7(h) is applicable to the Notes if the Specified Currency is US dollars
and the Notes are designated to be fixed rate Notes (Option 2).

Each Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in US dollars on each
Interest Payment Date.

22

‘‘Interest
Payment Date’’ means the First Interest Payment
Date and each Regular Interest Payment Date (as specified in the
relevant Prospectus Supplement/Final Terms).

Each period
beginning on (and including) any Interest Payment Date and ending on
(but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’.

Subject to the following paragraph, each Note bears interest
at the Initial Rate on its Principal Amount Outstanding during the
period from (and including) the Interest Commencement Date. Interest in
respect of the such Note is payable in arrear in US dollars on each
Regular Interest Payment Date.

The amount of the interest
payable (the ‘‘Interest
Amount’’) in respect of the Notes for any Interest
Period shall be calculated by applying the Initial Rate to the
Principal Amount Outstanding of the Notes, multiplying the resulting
product by the relevant Day Count Fraction, and rounding the resultant
figure to the nearest US dollar 0.01 (half of a cent being rounded
upwards).

		
	(i) 	Specific Provision:
Fixed Rate Euro Notes (Option 2)

This Condition 7(i)
is applicable to the Notes if the Specified Currency is euro and the
Notes are designated to be fixed rate Notes (Option 2).

Each Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in euro on each Interest
Payment Date.

‘‘Interest Payment
Date’’ means the First Interest Payment Date and
each Regular Interest Payment Date (as specified in the relevant
Prospectus Supplement/Final Terms).

Each period beginning
on (and including) any Interest Payment Date and ending on (but
excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’.

Subject to the following paragraph, each Note bears interest
at the Initial Rate on its Principal Amount Outstanding during the
period from (and including) the Interest Commencement Date. Interest in
respect of the such Note is payable in arrear in euro on each Regular
Interest Payment Date.

The amount of the interest payable
(the ‘‘Interest Amount’’) in
respect of the Notes for any Interest Period shall be calculated by
applying the Initial Rate to the Principal Amount Outstanding of the
Notes, multiplying the resulting product by the relevant Day Count
Fraction, and rounding the resultant figure to the nearest euro 0.01
(half of a cent being rounded upwards).

		
	(j) 	Specific Provision: Fixed Rate
Dollar Notes (Option 3)

This Condition 7(j) is
applicable to the Notes if the Specified Currency is US dollars and the
Notes are designated to be fixed rate Notes (Option 3).

Each Note bears interest on its Principal Amount Outstanding
from (and including) the Interest Commencement Date. Interest in
respect of the Notes is payable in arrear in US dollars on each
Interest Payment Date.

‘‘Interest
Payment Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (as specified in the relevant Prospectus
Supplement/Final Terms); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that, where the Floating Rate Commencement Date is a date
falling prior to the Scheduled Redemption Date with respect to an
Interest Period that commences during the Revolving Period or the
Controlled Accumulation Period and ends during the Regulated
Amortisation Period or the Rapid Amortisation Period, such Interest
Period will end on, and exclude the Floating Rate Commencement
Date.

23

Subject to the second following
paragraph, each Note bears interest at the Initial Rate on its
Principal Amount Outstanding during the period from (and including) the
Interest Commencement Date to, but excluding, the Floating Rate
Commencement Date (the ‘‘Initial
Period’’). Interest in respect of the such Note
during the Initial Period is payable in arrear in US dollars on each
Regular Interest Payment Date and the final Interest Payment Date
during the Initial Period shall be the Scheduled Redemption Date.

The amount of the interest payable (the
‘‘Interest Amount’’) in respect
of the Notes for any Interest Period during the Initial Period shall be
calculated by applying the Initial Rate to the Principal Amount
Outstanding of the Notes, multiplying the resulting product by the
relevant Day Count Fraction, and rounding the resultant figure to the
nearest US dollar 0.01 (half of a cent being rounded upwards).

However, in the event that the Regulated Amortisation Period
or the Rapid Amortisation Period has commenced, then from and including
the Floating Rate Commencement Date to, but excluding, the Final
Redemption Date (the ‘‘Redemption
Period’’), each Note bears interest on its
Principal Amount Outstanding in accordance with this Condition 7(j),
but subject as provided in the following paragraph, payable in arrear
on each Payment Date. During the Redemption Period, each period
beginning on, and including, a Payment Date to but excluding the next
Payment Date is called an ‘‘Interest
Period’’.

During the Redemption
Period, the obligations of the Issuing Entity to pay interest on the
Principal Amount Outstanding of the Notes on each Payment Date shall be
satisfied in full by the Issuing Entity paying to the Principal Paying
Agent all interest amounts standing to the credit of the relevant
Distribution Ledger for the Notes on such Payment Date. Interest will
be payable on the relevant Notes by the relevant Paying Agent in
accordance with the provisions of the Agency Agreement.

		
	(k) 	Specific Provision: Fixed Rate
Euro Notes (Option 3)

This Condition 7(k) is
applicable to the Notes if the Specified Currency is euro and the Notes
are designated to be fixed rate Notes (Option 3).

Each
Note bears interest on its Principal Amount Outstanding from (and
including) the Interest Commencement Date. Interest in respect of the
Notes is payable in arrear in euro on each Interest Payment Date.

‘‘Interest Payment
Date’’ means the following dates:

		
	(i) 	during any period that is not an
Amortisation Period, the First Interest Payment Date and each Regular
Interest Payment Date (as specified in the relevant Prospectus
Supplement/Final Terms); and

		
	(ii) 	during an Amortisation Period, each
Payment Date.

Each period beginning on (and including)
the Interest Commencement Date or any Interest Payment Date and ending
on (but excluding) the next Interest Payment Date is herein called an
‘‘Interest Period’’; provided,
however, that, where the Floating Rate Commencement Date is a date
falling prior to the Scheduled Redemption Date, with respect to an
Interest Period that commences during the Revolving Period or the
Controlled Accumulation Period and ends during the Regulated
Amortisation Period or the Rapid Amortisation Period, such Interest
Period will end on, and exclude, the Floating Rate
Commencement Date.

Subject to the second
following paragraph, each Note bears interest at the Initial Rate on
its Principal Amount Outstanding during the period from (and including)
the Interest Commencement Date to, but excluding, the Floating Rate
Commencement Date (the ‘‘Initial
Period’’). Interest in respect of the such Note
during the Initial Period is payable in arrear in euro on each Regular
Interest Payment Date and the final Interest Payment Date during the
Initial Period shall be the Scheduled Redemption Date.

The amount of the interest payable (the
‘‘Interest Amount’’) in respect
of the Notes for any Interest Period during the Initial Period shall be
calculated by applying the Initial Rate to the Principal Amount
Outstanding of the Notes, multiplying the resulting product by the
relevant Day Count Fraction, and rounding the resultant figure to the
nearest euro 0.01 (half of a cent being rounded upwards).

However, in the event that the Regulated Amortisation Period
or the Rapid Amortisation Period has commenced, then from and including
the Floating Rate Commencement Date to, but excluding, the Final

24

Redemption Date (the
‘‘Redemption Period’’), each
Note bears interest on its Principal Amount Outstanding in accordance
with this Condition 7(k), but subject as provided in the following
paragraph, payable in arrear on each Payment Date. During the
Redemption Period, each period beginning on, and including, a Payment
Date to but excluding the next Payment Date is called an
‘‘Interest Period’’.

During the Redemption Period, the obligations of the Issuing
Entity to pay interest on the Principal Amount Outstanding of the Notes
on each Payment Date shall be satisfied in full by the Issuing Entity
paying to the Principal Paying Agent all interest amounts standing to
the credit of the relevant Distribution Ledger for the Notes on such
Payment Date. Interest will be payable on the relevant Notes by the
relevant Paying Agent in accordance with the provisions of the Agency
Agreement.

		
	(l) 	General Provision:
Deferred Interest and Additional Interest

To the
extent that the monies which are deposited in the relevant Series
Issuing Entity Distribution Account to the credit of the relevant
Distribution Ledger for a Series by the Loan Note Issuing Entity on an
Interest Payment Date in accordance with the provisions of the Related
Loan Note are insufficient to pay the full amount of interest on the
relevant Class or Sub-Class of Notes of such Series on such Interest
Payment Date, payment of the interest shortfall
(‘‘Deferred Interest’’), which
will be borne by each Note of that class or sub-class of the relevant
Series in a proportion equal to the proportion that the Principal
Amount Outstanding of the Note of the relevant Class or Sub-Class of
such Series bears to the aggregate Principal Amount Outstanding of the
relevant Notes of the relevant Series (as determined on the Interest
Payment Date on which such Deferred Interest arises), will be deferred
until the Interest Payment Date occurring thereafter on which funds are
available to the Issuing Entity (by being deposited to the relevant
Series Issuing Entity Distribution Account to the credit of the
Distribution Ledger of the relevant Class or Sub-Class for that Series
by the Loan Note Issuing Entity on such Interest Payment Date) to pay
such Deferred Interest to the extent of such available funds. Such
Deferred Interest will accrue interest (‘‘Additional
Interest’’) at the then current Rate of Interest
(or in the case of a fixed rate Note which may become a floating rate
Note, the Initial Rate (during the Initial Period) or the Redemption
Rate (during the Redemption Period)) applicable to that Class or
Sub-Class, and payment of any Additional Interest will also be deferred
until the Interest Payment Date thereafter on which funds are available
to the Issuing Entity (by being deposited to the relevant Series
Issuing Entity Distribution Account to the credit of the Distribution
Ledger of the relevant Class or Sub-Class for such a Series by the Loan
Note Issuing Entity on such Interest Payment Date in accordance with
the provisions of the Related Loan Note) to pay such Additional
Interest to the extent of such available funds.

		
	(m) 	General Provision: Calculation of
Interest Amount

On each Interest Payment Date, the
Agent Bank shall determine the actual amount of interest which will be
paid on the Notes on that Interest Payment Date and the amount of
Deferred Interest (if any) on the Notes in respect of the related
Interest Period and the amount of Additional Interest (if any) which
will be paid on such Interest Payment Date. The amount of Additional
Interest shall be calculated by applying the then current relevant Rate
of Interest, Initial Rate or, as the case may be, Redemption Rate for
the Notes to the sum of the Deferred Interest and any Additional
Interest from prior Interest Periods which remains unpaid and
multiplying such sum by the relevant Day Count Fraction.

In the event that, on any Interest Payment Date, the amount
of monies which are deposited to the Series Issuing Entity Distribution
Account for a Series by the Loan Note Issuing Entity on such day in
accordance with the provisions of the Related Loan Note is insufficient
to pay in full the Interest Amount, any outstanding Deferred Interest
and any Additional Interest due on such Interest Payment Date in
respect of any Class or Sub-Class of Notes, such monies will be applied
first to the payment of any Interest Amount, secondly to the payment of
any outstanding Deferred Interest and thereafter to the payment of any
Additional Interest in respect of the relevant Class or Sub-Class.

		
	(n) 	General Provision: Interest cease
to accrue

Interest will cease to accrue on any part
of the Principal Amount Outstanding of a Note from the Scheduled
Redemption Date unless, upon due presentation, payment of principal is
improperly withheld or refused or default is otherwise made in the
payment thereof, in which case it will continue to bear interest in
accordance with this Condition (as well after as before judgement)
until whichever is the earlier 

25

of (i) the day on which all sums due in
respect of such Note up to that day are received by or on behalf of the
relevant Noteholder and (ii) the day which is seven days after the
Principal Paying Agent or the Note Trustee has notified the relevant
Noteholders either in accordance with Condition 17 or individually that
it has received all sums due in respect of the relevant Notes up to
such seventh day (except to the extent that there is any subsequent
default in payment).

		
	(o) 	General
Provision: Failure of Agent Bank

If the Agent Bank
fails at any time to determine a Rate of Interest or to calculate an
Interest Amount or amount of Deferred Interest (if any) or amount of
Additional Interest (if any), the Note Trustee, or its appointed agent
without any liability therefore, will determine such Rate of Interest
as it considers fair and reasonable in the circumstances (having such
regard as it thinks fit to the other provisions of these Conditions,
including paragraph (l) or (n) above (as applicable)) or, as the case
may be, calculate such Interest Amount or amount of Deferred Interest
(if any) or amount of Additional Interest (if any), in accordance with
paragraph (m) above, and each such determination or calculation shall
be deemed to have been made by the Agent Bank.

		
	(p) 	General Provision:
Publication

The Agent Bank will cause each Rate of
Interest, Interest Amount, amount of Deferred Interest (if any) and
amount of Additional Interest (if any) determined by it, together with
the relevant Interest Payment Date, to be notified to the Issuing
Entity, the Paying Agents, the Note Trustee and, for so long as the
respective Notes are admitted to trading on the Regulated Market of the
London Stock Exchange plc (the ‘‘Regulated Market of
the London Stock Exchange’’), the Regulated Market
of the London Stock Exchange as soon as practicable after such
determination but in any event not later than the seventh day
thereafter or such earlier day as the Regulated Market of the London
Stock Exchange may require and the Agent Bank will cause the same to be
notified to the Noteholders in accordance with Condition 17 as soon as
possible thereafter. The Agent Bank will be entitled to recalculate any
Interest Amount and amount of Additional Interest (on the basis of the
foregoing provisions) without notice in the event of an extension or
shortening of the relevant Interest Period.

		
	(q) 	General Provision: Notifications
etc.

All notifications, opinions, determinations,
certificates, calculations, quotations and decisions given, expressed,
made or obtained for the purposes of this Condition 7, whether by the
Agent Bank or the Note Trustee will (in the absence of wilful default,
bad faith or manifest error) be binding on the Issuing Entity, the
Paying Agents, the Note Trustee, the Agent Bank and the Noteholders and
no liability to any such Person will attach to the Agent Bank or the
Note Trustee in connection with the exercise or non-exercise by them or
of them of their powers, duties and discretions for such purposes.

		
	8. 	Redemption and
Purchase

		
	(a) 	Scheduled
Redemption

The Notes will become due and payable on
the Final Redemption Date in accordance with Condition 8(c) or if
earlier shall be redeemed as follows and to the following extent.
Unless previously redeemed in full and cancelled or unless an
Amortisation Period has earlier commenced, the Notes of a Class or
Sub-Class will be redeemed in full or part (as set out below) on the
Interest Payment Date which falls on the Scheduled Redemption Date
specified in the relevant Prospectus Supplement/Final Terms for the
Series to which the Class or Sub-Class belongs.

		
	(i) 	Scheduled Redemption in
Full

		
	 	if, on the Scheduled
Redemption Date, the Loan Note Issuing Entity deposits into the
relevant Distribution Ledger (in accordance with the provisions of the
Related Loan Note of such Series) an amount at least equal to the
Principal Amount Outstanding of each Class or Sub-Class of such Series,
then the Notes of such Class or Sub-Class will be redeemed pari
passu and in full (after exchange of such principal amount to the
relevant currency pursuant to the relevant Swap Agreement, if such a
currency Swap Agreement has been entered into);
and

26

		
	(ii) 	Scheduled
Redemption in Part

		
	 	if, on the
Scheduled Redemption Date, the Loan Note Issuing Entity deposits into
the relevant Distribution Ledger (in accordance with the provisions of
the Related Loan Note for such Series) an amount which is less than the
Principal Amount Outstanding of each Class or Sub-Class of such Series,
then the Notes of such Class or Sub-Class will only become due and
payable be redeemed in part pro rata to the extent of the amount
(the ‘‘Available Redemption Amount’’) which is
so deposited (after exchange of such principal amount to the relevant
currency pursuant to the relevant Swap Agreement, if such a currency
Swap Agreement has been entered into), and the Rapid Amortisation
Period will commence with effect from the Scheduled Redemption Date.
For the avoidance of doubt, the remaining Notes which have not been
redeemed in full or in part shall remain outstanding and shall only
become due and payable in accordance with Condition 8(a)(iii) below or
Condition 8(c).

		
	(iii) 	Scheduled
Redemption after the Scheduled Redemption
Date

		
	 	Upon the Rapid Amortisation
Period for a Series of Notes commencing in the circumstances referred
to in (ii)  above, then on each Interest Payment Date which
thereafter occurs during the Rapid Amortisation Period, the remaining
Notes will be redeemed in full or, as the case may be, in part pro
rata to the extent of the amount (after exchange of such amount to
the relevant currency at the rate of exchange applicable to such Class
or Sub-Class under any relevant Swap Agreement or if there is no longer
a Swap Agreement then at a spot rate of exchange, if such Class or
Sub-Class is not denominated in sterling) which, if any, is deposited
to the relevant Distribution Ledger on such day in accordance with the
provisions of the Related Loan Note until the earlier of (a) such time
as the Series of Notes is redeemed in full and (b) the Final Redemption
Date specified in the relevant Prospectus Supplement/Final Terms for
such Series of Notes.

		
	(b) 	Mandatory Early Redemption

If an Amortisation Period commences prior to the Scheduled
Redemption Date with respect to any Series of Notes, then on each
Interest Payment Date (including the Scheduled Redemption Date) which
thereafter occurs during such Amortisation Period, each Class or
Sub-Class of Notes that belong to the relevant Series now subject to an
Amortisation Period will be redeemed in part pro rata to the
extent of the amount (being the ‘‘Available
Redemption Funds’’) (after exchange of such amount
to the relevant currency at the rate of exchange applicable to such
Class or Sub-Class under any relevant Swap Agreement or if there is no
longer a Swap Agreement then at a spot rate of exchange, if such Class
or Sub-Class is not denominated in sterling) which is deposited into
the relevant corresponding Distribution Ledger by the Loan Note Issuing
Entity on each such date in accordance with the provisions of the Class
or Sub-Class until the earliest of (a) such time as each Class
or Sub-Class of the relevant Series is redeemed in full, (b) such date
prior to the Final Redemption Date (if any) specified in the relevant
Prospectus Supplement/Final Terms and (c) the Final Redemption Date
specified in the relevant Prospectus Supplement/Final Terms.

		
	(c) 	Final
Redemption

If the Notes have not previously been
cancelled or redeemed in full pursuant to Condition 8(a), 8(b) or 11
(including any case where any interest (including Deferred Interest and
Additional Interest) thereon has not earlier been paid), the Notes will
be finally redeemed at their then Principal Amount Outstanding together
with accrued interest (including Deferred Interest and Additional
Interest) thereon on the Final Redemption Date specified in the
relevant Prospectus Supplement/Final Terms.

		
	(d) 	Other Redemption

The Issuing Entity shall not be entitled to redeem the Notes
otherwise than as provided in paragraphs (a), (b) and (c) above.

		
	(e) 	Purchase

The
Issuing Entity may not, at any time, purchase the Notes in the open
market or otherwise.

27

		
	(f) 	Cancellation

All Notes redeemed in full pursuant to the foregoing
provisions shall be cancelled forthwith and may not be reissued or
resold.

		
	(g) 	Post Enforcement Call
Option

All of the Noteholders will, at the request of
Optionco, sell all (but not some only) of their holdings of Notes to
Optionco, pursuant to the option granted to it under the Post
Enforcement Call Option Agreement by the Note Trustee (on behalf of the
Noteholders but without any liability on the part of the Note Trustee)
to acquire all (but not some only) of the Notes (plus accrued interest
thereon), for the consideration of US$0.01 per note, on the earlier of
(i) any date falling 20 days after the Final Redemption Date for such
Series and (ii) in the event that the Security is enforced, the date on
which the Note Trustee determines that the proceeds of such enforcement
are insufficient after payment of all other claims ranking in priority
to the Notes to pay in full any amount due in respect of the Notes,
after paying in full any amounts available to pay amounts outstanding
under the Notes. Furthermore, each of the Noteholders acknowledges that
the Note Trustee has the authority and the power without incurring any
liability, to bind Noteholders in accordance with the terms and
conditions set out in the Post Enforcement Call Option Agreement and
each Noteholder, by subscribing for and purchasing the relevant
Note(s), agrees to be so bound.

		
	(i) 	Determinations

On each Interest Payment Date, the Agent Bank shall determine
(i) the amount of each ‘‘Principal
Payment’’ payable on each Note, which will be the
pro rata share of that Note in the Available Redemption Funds
(converted into the relevant currency if the relevant Class or
Sub-Class is not denominated in sterling) calculated by dividing such
Available Redemption Funds by the number of Notes in the relevant Class
or Sub-Class then outstanding, and (ii) the Principal Amount
Outstanding of each Note on the first day of the next following
Interest Period (after deducting any Principal Payment due to be made
in respect of each Note on the Interest Payment Date).

If
the Agent Bank fails at any time to determine a Principal Payment or
Principal Amount Outstanding as aforesaid, the Note Trustee, or its
appointed agent without accepting liability therefore, shall calculate
such Principal Payment or Principal Amount Outstanding in accordance
with the above provisions of this Condition, and each such
determination or calculation shall be deemed to have been made by the
Agent Bank. Any such determination or calculation will be binding on
the Issuing Entity, the Paying Agents, the Note Trustee and the
Noteholders.

The Principal Paying Agent will cause each
Principal Payment and Principal Amount Outstanding to be notified to
the Issuing Entity, the Paying Agents, the Note Trustee and (for so
long as the Notes are admitted to trading on the Regulated Market of
the London Stock Exchange, the Regulated Market of the London Stock
Exchange), as soon as practicable after the determination, by the Agent
Bank but in any event not later than the seventh day thereafter or such
earlier day as the Regulated Market of the London Stock Exchange may
require and will cause the same to be notified to the Noteholders in
accordance with Condition 17 as soon as possible thereafter. All
notifications, opinions, determinations, certificates, calculations,
quotations and decisions given, expressed, made or obtained for the
purposes of this Condition by the Principal Paying Agent or The Agent
Bank will (in the absence of wilful default, bad faith or manifest
error) be binding on the Issuing Entity, the Paying Agents, the Note
Trustee and the Noteholders and (subject as aforesaid) no liability to
any such person will attach to the Principal Paying Agent or the Agent
Bank in connection with the exercise or non-exercise by it of its
powers, duties and discretions for such
purposes.

		
	9. 	Payments

		
	(a) 	Principal in
Euro:    Payments of principal shall be made by euro cheque
drawn on, or, upon application by a holder of a Note to the Specified
Office of the Principal Paying Agent not later than the fifteenth day
before the due date for any such payment, by transfer to a euro account
(or 

28

		
	 	
other account to which euro may be credited
or transferred) maintained by the payee with, a bank in a city in which
banks have access to the TARGET System and (in the case of redemption)
upon surrender (or, in the case of part payment only, endorsement) of
the relevant Note Certificates at the Specified Office of any Paying
Agent.

		
	(b) 	Interest in
Euro:    Payments of interest shall be made by euro cheque drawn
on, or, upon application by a holder of a Note to the Specified Office
of the Principal Paying Agent not later than the fifteenth day before
the due date for any such payment, by transfer to a euro account (or
other account to which euro may be credited or transferred) maintained
by the payee with, a bank in a city in which banks have access to the
TARGET System and (in the case of interest payable on redemption) upon
surrender (or, in the case of part payment only, endorsement) of the
relevant Note Certificates at the Specified Office of any Paying
Agent.

		
	(c) 	Principal in US
dollars:    Payments of principal shall be made by US dollar
cheque drawn on, or, upon application by a holder of a Note to the
Specified Office of the Principal Paying Agent not later than the
fifteenth day before the due date for any such payment, by transfer to
a US dollar account (or other account to which US dollars may be
credited or transferred) maintained by the payee with, a bank in New
York City and (in the case of redemption) upon surrender (or, in the
case of part payment only, endorsement) of the relevant Note
Certificates at the Specified Office of any Paying Agent.

		
	(d) 	Interest in US
dollars:    Payments of interest shall be made by US dollar
cheque drawn on, or, upon application by a holder of a Note to the
Specified Office of the Principal Paying Agent not later than the
fifteenth day before the due date for any such payment, by transfer to
a US Dollar account (or other account to which US dollars may be
credited or transferred) maintained by the payee with, a bank in New
York City and (in the case of interest payable on redemption) upon
surrender (or, in the case of part payment only, endorsement) of the
relevant Note Certificates at the Specified Office of any Paying
Agent.

		
	(e) 	Principal in
Sterling:    Payments of principal shall be made by sterling
cheque drawn on, or, upon application by a holder of a Note to the
Specified Office of the Principal Paying Agent not later than the
fifteenth day before the due date for any such payment, by transfer to
a sterling account (or other account to which sterling may be credited
or transferred) maintained by the payee with, a bank in a city in which
banks have access to the TARGET System and (in the case of redemption)
upon surrender (or, in the case of part payment only, endorsement) of
the relevant Note Certificates at the Specified Office of any Paying
Agent.

		
	(f) 	Interest in
Sterling:    Payments of interest shall be made by sterling
cheque drawn on, or, upon application by a holder of a Note to the
Specified Office of the Principal Paying Agent not later than the
fifteenth day before the due date for any such payment, by transfer to
a sterling account (or other account to which sterling may be credited
or transferred) maintained by the payee with, a bank in a city in which
banks have access to the TARGET System and (in the case of interest
payable on redemption) upon surrender (or, in the case of part payment
only, endorsement) of the relevant Note Certificates at the Specified
Office of any Paying Agent.

Payments subject to fiscal
laws

All payments in respect of the Notes are
subject in all cases to any applicable fiscal or other laws and
regulations in the place of payment, but without prejudice to the
provisions of Condition 10 (Taxation). No commissions or
expenses shall be charged to the Noteholders in respect of such
payments.

Payments on Business Days

If
the due date for payment of any amount in respect of any Note is not a
Payment Business Day in the place of payment, the holder shall not be
entitled to payment in such place of the amount due until the next
succeeding Payment Business Day in such place and shall not be entitled
to any Further Interest or other payment in respect of any such
delay.

29

		
	(a) 	Partial
payments:    If a Paying Agent makes a partial payment in
respect of any Note, the Issuing Entity shall procure that the amount
and date of such payment are noted on the relevant Register and, in the
case of partial payment upon presentation of a Note Certificate, that a
statement indicating the amount and the date of such payment is
endorsed on the relevant Note Certificate.

		
	(b) 	Record date:    Each
payment in respect of a Note will be made to the Person shown as the
holder in the Register maintained by the relevant Registrar at the
opening of business in the place of the such Registrar's Specified
Office on the fifteenth day before the due date for such payment (the
‘‘Record Date’’). Where payment
in respect of a Note is to be made by cheque, the cheque will be mailed
to the address shown as the address of the holder in such Register at
the opening of business on the relevant Record Date.

Paying
Agent

The Issuing Entity reserves the right,
subject to the prior written approval of the Note Trustee, at any time
to vary or terminate the appointment of the Principal Paying Agent and
to appoint additional or other Paying Agents. The Issuing Entity will
at all times maintain (i) a Paying Agent with a Specified Office in
London (so long as the Notes are admitted to the Official List of the
Financial Services Authority in its capacity as the UK Listing
Authority (the ‘‘UKLA’’) and/or
admitted to trading on the Regulated Market of the London Stock
Exchange) and (ii) a paying agent in a European Union member state that
will not be obliged to withhold or deduct tax payments pursuant to
European Council Directive 2003/48/EC or any other directive
implementing the conclusions of the ECOFIN Council meeting of 26-27
November  2000 or any law implementing or complying with, or
introduced in order to conform to, such directive.

		
	10. 	Taxation

		
	(a) 	Principal and
Interest

All payments of principal and interest in
respect of the Notes by or on behalf of the Issuing Entity shall be
made free and clear of, and without withholding or deduction for or on
account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed, levied, collected,
withheld or assessed by or on behalf of Jersey, the United Kingdom or
any other jurisdiction to whose tax laws such payments may be subject
or any political subdivision therein or any authority in or of any of
the foregoing having power to tax, unless the withholding or deduction
of such taxes, duties, assessments, or governmental charges is required
by law. In that event, the Issuing Entity or the Paying Agents shall
make such payment after such withholding or deduction of such amounts
has been made and shall account to the relevant authorities for the
amount so required to be withheld or deducted. Neither the Issuing
Entity nor the Paying Agents will be required to make any additional
payments to any Noteholder in respect of any amounts deducted or
withheld as mentioned in this Condition
10.

		
	(b) 	U.S. Tax Treatment of
Notes

Each holder of Notes, by acceptance of such
Notes, agrees to treat the Notes as indebtedness of the Issuing Entity
and to report all income (or loss) in accordance with such treatment,
and to take no action inconsistent with such treatment, except as
otherwise required by any taxing authority under applicable law.

		
	11. 	Events of Default

If any of
the following events (each an ‘‘Event of
Default’’) occurs in respect of a Series:

		
	(a) 	Non-payment

The
Issuing Entity fails to pay any amount of principal in respect of the
relevant Series of Notes within seven days of the due date for payment
thereof or fails to pay any amount of interest in respect of the
relevant Series of Notes within fifteen days of the due date for
payment thereof; or

		
	(b) 	Breach of
other obligations

The Issuing Entity defaults in the
performance or observance of any of its other obligations under or in
respect of the relevant Series of Notes, the Trust Deed or any Trust
Deed Supplement (other than in such 

30

cases, any obligation for the payment of any
principal or interest on the Notes) or the Agency Agreement and (except
where such default is incapable of remedy) such default remains
unremedied for 30 days after written notice thereof by the Note
Trustee, addressed to the Issuing Entity, certifying that such default
is, in the opinion of the Note Trustee, materially prejudicial to the
interests of the Most Senior Class outstanding of Notes of such Series;
or

		
	(c) 	Unsatisfied
judgement

One or more judgement(s) or order(s) for
the payment of any amount is rendered against the Issuing Entity and
continue(s) unsatisfied and unstayed for a period of 30 days after the
date(s) thereof or, if later, the date therein specified for payment;
or

		
	(d) 	Security enforced

A secured party takes possession, or a receiver, manager or
other similar officer is appointed, of the whole or any part of the
undertaking, assets and revenues of the Issuing Entity or an
enforcement action is begun or a distress or execution is levied
against any assets of the Issuing Entity; or

		
	(e) 	Insolvency, etc.

(i) The Issuing Entity becomes insolvent or is unable to pay
its debts as they fall due, (ii) an administrator or liquidator of the
Issuing Entity or the whole or any part of the undertaking, assets and
revenues of the Issuing Entity is appointed (or application for any
such appointment is made), (iii) the Issuing Entity takes any action
for a readjustment or deferment of any of its obligations or makes a
general assignment or an arrangement or composition with or for the
benefit of its creditors or declares a moratorium in respect of any of
its indebtedness or any guarantee of indebtedness given by it or (iv)
the Issuing Entity ceases or threatens to cease to carry on all or any
substantial part of its business; or

		
	(f) 	Winding up, etc.

An order is made or an effective resolution is passed for the
winding up, liquidation or dissolution of the Issuing Entity; or

		
	(g) 	Analogous event

Any event occurs which under the laws of England and Wales
has an analogous effect to any of the events referred to in paragraphs
(c) to (f) above; or

		
	(h) 	Failure to
take action, etc.

Any action, condition or thing at
any time required to be taken, fulfilled or done in order (i) to enable
the Issuing Entity lawfully to enter into, exercise its respective
rights and perform and comply with its respective obligations under and
in respect of the Notes and the Related Documents, (ii) to ensure that
those obligations are legal, valid, binding and enforceable (except as
such enforceability may be limited by applicable bankruptcy,
insolvency, moratorium, reorganisation or other similar laws affecting
the enforcement of the rights of creditors generally and as such
enforceability may be limited by the effect of general principles of
equity) and (iii) to make the Note Certificates and the Related
Documents admissible in evidence in the courts of England and Wales is
not taken, fulfilled or done; or

		
	(i) 	Unlawfulness

It
is or will become unlawful for the Issuing Entity to perform or comply
with any of its obligations under or in respect of the relevant Series
of Notes; or

		
	(j) 	Government
intervention

All or any substantial part of the
undertaking, assets and revenues of the Issuing Entity is condemned,
seized or otherwise appropriated by any Person acting under the
authority of any national, regional or local government or (B) the
Issuing Entity is prevented by any such Person from exercising normal
control over all or any substantial part of its undertaking, assets and
revenues; or

		
	(k) 	Swap
Termination

If the Issuing Entity has entered into,
in respect of the relevant Class or Sub-Class of Notes, a Swap
Agreement, an early termination of such Swap Agreement without
replacement within 30 days of such 

31

early termination, then the Note Trustee may
at its discretion and, if so required in writing by holders of at least
one-quarter of the aggregate Principal Amount Outstanding of the Most
Senior Class Outstanding of Notes of such Series or if so directed by
an Extraordinary Resolution (as defined in the Trust Deed) of the
Noteholders of the Most Senior Class Outstanding of Notes of such
Series shall be bound to (subject in each case to being indemnified
and/or to its satisfaction), give written notice (an
‘‘Enforcement Notice’’) to the
Issuing Entity declaring all of the Notes of the relevant Series to be
immediately due and repayable, whereupon they shall become immediately
due and repayable at their Principal Amount Outstanding together with
accrued interest (including Deferred Interest and Additional Interest)
without further action or formality and the Security shall become
enforceable. Notice of any such declaration shall promptly be given to
all the Noteholders of the relevant Series by the Issuing Entity.

		
	12. 	Prescription

Claims for
principal and interest on redemption shall become void unless the
relevant Note Certificates are surrendered for payment within 10 years
of the appropriate Relevant Date.

		
	13. 	Note Trustee
and Agents

The Note Trustee is entitled to be
indemnified and/or secured and relieved from responsibility in certain
circumstances and to be paid its costs and expenses in priority to the
claims of the Noteholders.

In the exercise of its powers
and discretions under these Conditions and the Trust Deed, the Note
Trustee will have regard to the interests of the Noteholders as a Class
and will not be responsible for any consequence (including any tax
consequence) for individual Holders of Notes as a result of such
Holders being connected in any way with a particular territory or
taxing jurisdiction.

In acting under the Agency
Agreement, and in connection with the Notes, the Agents act solely as
agents of the Issuing Entity and (to the extent provided therein) the
Note Trustee and do not assume any obligations towards or relationship
of agency or trust for or with any of the Noteholders.

If
in the opinion of the Note Trustee there is a conflict between the
interests of the holders of any of the Classes of Notes, the Note
Trustee shall in the exercise of its duties, powers and discretions,
have regard solely to the interests of the most senior class which is
still outstanding.

The Note Trustee is relieved of
liability for making searches or other enquiries in relation to the
assets comprising the Security. The Note Trustee has no responsibility
in relation to the legality and the enforceability of the trust
arrangements and the connected Security. The Note Trustee will not be
obliged to take any action which might result in its incurring personal
liabilities. The Note Trustee is not obliged to monitor or investigate
the performance of any other Person under any document relating to the
Notes or the Security or the documents relating to the Loan Note
Issuing Entity or the documents relating to the Receivables Trust and
shall be entitled to assume, until it has actual notice to the
contrary, that all such Persons are properly performing their duties
and that no Event of Default, Potential Event of Default, Pay Out Event
or Series Pay Out Event has occurred, unless it receives express notice
to the contrary.

The Note Trustee is not responsible for
any deficiency which may arise because it is liable to tax in respect
of the proceeds of the Security.

The Note Trustee is not
responsible for checking the calculations contained in or otherwise
verifying any information coming into its possession in relation to the
Receivables Trust. Neither shall the Note Trustee be responsible for
monitoring or determining whether or not any or all of the issuance
tests in respect of the Related Loan Note for a Series are satisfied
prior to or at the time of any issue of a Series and its Related Loan
Note or any increase of the Principal Amount Outstanding of an existing
Series and its Related Loan Note by the Loan Note Issuing Entity.

The Note Trustee is entitled to enter into business
transactions with the Issuing Entity, any Secured Creditor and/or
related companies without accounting for any profit resulting
therefrom.

The initial Paying Agents and their initial
Specified Offices are listed below. The initial Agent Bank is specified
in the relevant Prospectus Supplement/Final Terms. Subject to the
provisions of the Agency Agreement, the Issuing Entity reserves the
right at any time to vary or terminate the appointment of any Paying
Agent and to appoint successor or additional Paying Agents or a
successor Agent Bank, provided, however, that:

32

		
	(a) 	the
Issuing Entity shall at all times maintain a Principal Paying
Agent;

		
	(b) 	the Issuing Entity will
ensure that it maintains a Paying Agent in a European Union member
state such that the Paying Agent will not be obliged to withhold or
deduct tax pursuant to European Council Directive 2003/48/EC or any
other directive implementing the conclusions of the ECOFIN Council
meeting of 26-27 November  2000 or any law implementing or
complying with, or introduced to conform to, such directive;

		
	(c) 	if a calculation agent is specified
in the relevant Prospectus Supplement/Final Terms, the Issuing Entity
shall at all times maintain a calculation agent; and

		
	(d) 	if and for so long as the Notes are
admitted to listing, trading and/or quotation by any listing authority,
stock exchange and/or quotation system which requires the appointment
of a Paying Agent in any particular place, the Issuing Entity shall
maintain a Paying Agent having its Specified Office in the place
required by such listing authority, stock exchange and/or quotation
system.

Notice of any change in any of the Agents or in
their Specified Offices shall promptly be given to the Noteholders.

		
	14. 	Replacement of Note Certificates

If any Note Certificate is lost, stolen, mutilated, defaced
or destroyed, it may be replaced at the Specified Office of the
relevant Registrar, subject to all applicable laws and stock exchange
requirements, upon payment by the claimant of the expenses incurred in
connection with such replacement and on such terms as to evidence,
Security, indemnity and otherwise as the Issuing Entity may reasonably
require. Mutilated or defaced Note Certificates must be surrendered
before replacements will be issued.

		
	15. 	Meetings of
Noteholders; Modification and Waiver

Meetings of
Noteholders

The Trust Deed contains provisions for
convening meetings of Noteholders of each Class or Sub-Class of any
Series to consider matters relating to the Notes of that Series,
including the modification of any provision of these Conditions or the
Trust Deed. Any such modification may be made if sanctioned by an
Extraordinary Resolution of the Noteholders of the relevant Class or
Sub-Class.

The Trust Deed provides that:

		
	(a) 	an Extraordinary Resolution which in
the opinion of the Note Trustee affects the Notes of only one Class or
Sub-Class shall be transacted at a separate meeting of the Noteholders
of that Class or Sub-Class;

		
	(b) 	an
Extraordinary Resolution which in the opinion of the Note Trustee
affects the Noteholders of more than one Class or Sub-Class of Notes
but does not give rise to an actual or potential conflict of interest
between the Noteholders of one Class or Sub-Class of Notes and the
holders of another Class or Sub-Class of Notes shall be transacted
either at separate meetings of the Noteholders of each such Class or
Sub-Class or at a single meeting of the Noteholders of all such Classes
or Sub-Classes of Notes as the Note Trustee shall determine in its
absolute discretion; and

		
	(c) 	an
Extraordinary Resolution which in the opinion of the Note Trustee
affects the Noteholders of more than one Class or Sub-Class and gives
rise to any actual or potential conflict of interest between the
Noteholders of one Class or Sub-Class of Notes and the Noteholders of
any other Class or Sub-Class of Notes shall be transacted at separate
meetings of the Noteholders of each such Class or Sub-Class.

The quorum for a meeting of a particular Class or Classes or
Sub-Class or Sub-Classes of Notes to vote on an Extraordinary
Resolution, other than regarding a Basic Terms Modification, will be
two or more Persons holding or representing a clear majority of the
Principal Amount Outstanding of the outstanding Notes in that Class or
those Classes or Sub-Class or Sub-Classes or, at any adjourned meeting,
two or more Persons being or representing Noteholders of that Class or
those Classes or Sub-Class or 

33

Sub-Classes, whatever the Principal Amount
Outstanding of the outstanding Notes so held or represented in such
Class or Classes or Sub-Class or Sub-Classes.

The quorum
for a meeting of a particular Class or Classes or Sub-Class or
Sub-Classes of Notes to vote on an Extraordinary Resolution relating to
a Basic Terms Modification (which must be proposed separately to each
Class or Sub-Class of Noteholders) will be two or more Persons holding
or representing in the aggregate not less than 75 per cent. of the
Principal Amount Outstanding of the outstanding Notes in the relevant
Class or Classes, Sub-Class or Sub-Classes or, at any adjourned
meeting, two or more Persons holding or representing not less than in
the aggregate 33 1/3 per cent. of the Principal Amount
Outstanding of the outstanding Notes in the relevant Class or Classes
or Sub-Class or Sub-Classes.

In relation to each Class or
Sub-Class of Notes:

		
	(a) 	no
Extraordinary Resolution involving a Basic Terms Modification that is
passed by the holders of one Class or Sub-Class of Notes shall be
effective unless it is sanctioned by an Extraordinary Resolution of the
holders of each of the other Classes or Sub-Classes of Notes (to the
extent that there are outstanding Notes in each such other Classes or
Sub-Classes);

		
	(b) 	no Extraordinary
Resolution to approve any matter other than a Basic Terms Modification
of any Class or Sub-Class of Notes shall be effective unless it is
sanctioned by an Extraordinary Resolution of the holders of each of the
other Classes or Sub-Classes of Notes ranking senior to such Class or
Sub-Class (to the extent that there are outstanding Notes ranking
senior to such Class or Sub-Class) unless the Note Trustee considers
that none of the holders of each of the other Classes of Notes ranking
senior to such Class or Sub-Class would be materially prejudiced by the
absence of such sanction; and

		
	(c) 	any
Extraordinary Resolution passed at a meeting of Noteholders of one or
more Classes or Sub-Classes of Notes duly convened and held in
accordance with the Trust Deed shall be binding upon all Noteholders of
such Class or Classes or Sub-Class or Sub-Classes, whether or not
present at such meeting and whether or not voting and, except in the
case of a meeting relating to a Basic Terms Modification, any
Extraordinary Resolution passed at a meeting of the holders of the Most
Senior Class or Sub-Class of Notes duly convened and held as aforesaid
shall also be binding upon the holders of all the other Classes or
Sub-Classes of Notes.

Modification and Waiver

The Note Trustee may agree, without the consent of the
Noteholders (i) to any modification (except a Basic Terms
Modification) of, or to the waiver or authorisation of any breach
(other than in relation to a Basic Terms Modification) or proposed
breach of, the Notes of the relevant Series (including these
Conditions) or any other Document, the Related Loan Note in respect of
a Series, the Trust Deed or the Trust Deed Supplement and which is not,
in the opinion of the Note Trustee, materially prejudicial to the
interests of the holders of the Most Senior Class of Notes then
outstanding of the relevant Series or (ii) to any modification of any
of the provisions of these Conditions or any of the Documents which, in
the opinion of the Note Trustee, is of a formal, minor or technical
nature or is to correct a manifest or proven (to the satisfaction of
the Note Trustee) error. The Note Trustee may also, without the consent
of the Noteholders, determine that any Event of Default or Potential
Event of Default shall not, or shall not subject to specified
conditions, be treated as such. The Note Trustee shall not so
determine, modify, waive or authorise (i) in contravention of any
express direction by an Extraordinary Resolution of the holders of the
Most Senior Class of Notes then outstanding or by a request in writing
by holders of at least one-quarter of the aggregate Principal Amount
Outstanding of the Most Senior Class of Notes then outstanding (but so
that no such direction or request shall affect any authorisation,
waiver or determination previously given or made); or (ii) any such
proposed breach or breach relating to a Basic Terms Modification.

Any such modification, authorisation, waiver or determination
shall be binding on the Noteholders of the Relevant Series and, unless
the Note Trustee agrees otherwise, shall be notified by the Issuing
Entity to the Noteholders in accordance with Condition 17 as soon as
practicable thereafter. Where each of Standard & Poor's,
Moody's and Fitch Ratings which is then rating the relevant Series
of Notes has given 

34

written confirmation that such rating agency
would not, as a result of the Note Trustee exercising any powers,
trust, authority, duty or discretion under or in relation to the Notes
or the Trust Deed or any other Document, reduce or withdraw its then
current rating of the relevant Class or Sub-Class of Notes, the Note
Trustee in considering whether such exercise is materially prejudicial
to the interests of the Noteholders or, as the case may be, the holders
of the Most Senior Class of outstanding Notes then outstanding, shall
be entitled to take into account such written confirmation from each
rating agency, provided that the Note Trustee shall continue to be
responsible for taking into account any other matters which it
considers would be relevant to such consideration.

Notwithstanding the forgoing, the Note Trustee shall be
entitled to make any modification or amendment to any Document upon
receipt of an opinion of counsel that such modification or amendment is
necessary in order to register any Series of Notes under the Securities
Act.

Substitution

As more fully set
forth in the Trust Deed (and subject to these Conditions and the more
detailed provisions which are contained in the Trust Deed) subject to
such amendment of the Trust Deed and such other Conditions as the Note
Trustee may require, but without the consent of the Noteholders, the
Note Trustee may also agree to the substitution of any other body
corporate in place of the Issuing Entity (the
‘‘substituted Issuing Entity’’)
as principal debtor under the Trust Deed and the Notes and in the case
of such a substitution the Note Trustee may agree, without the consent
of the Noteholders, to a change of the law governing the Notes and/or
the Trust Deed provided that such change would not in the opinion of
the Note Trustee be materially prejudicial to the interests of the
holders of the Most Senior Class of Notes then outstanding. Any such
substitution or change shall be notified to the Noteholders in
accordance with Condition 17 as soon as practicable thereafter.

		
	16. 	Enforcement

The Note Trustee
may, at its discretion and without notice, institute such proceedings
as it thinks fit to enforce any obligation of the Issuing Entity or
payment of the Notes of the relevant Series (including, at any time
after the Notes of a Series become due and repayable, the right to
repayment of the relevant Series of Notes together with accrued
interest thereon and including enforcing the Security in relation to
the relevant Series) and shall be bound to do so if (and only if):

		
	(a) 	it shall have been so directed in
writing by holders of at least one-quarter of the aggregate Principal
Amount Outstanding of the Most Senior Class of Notes then outstanding
or by an Extraordinary Resolution of the holders of the Most Senior
Class of Notes then outstanding; and

		
	(b) 	it shall have been indemnified or
provided with security to its satisfaction.

No Noteholder
may institute any proceedings against the Issuing Entity to enforce its
rights under or in respect of the Notes or the Trust Deed unless (i)
the Note Trustee has become bound to institute proceedings and has
failed to do so within a reasonable time and (ii) such failure is
continuing. The Note Trustee may only enforce the floating charge given
to it if it shall have been so directed by the holders of the Most
Senior Class of outstanding Notes of each and every Series.

		
	17. 	Notices

Notices to the
Noteholders shall be valid if published in a leading English language
daily newspaper published in London (which is expected to be the
Financial Times) and New York (which is expected to be The Wall Street
Journal). Any such notice shall be deemed to have been given on the
date of first publication.

Until such time as any
Individual Note Certificates are issued, there may, so long as the
Global Note Certificate(s) is or are held in its or their entirety on
behalf of Euroclear and/or Clearstream and/or are deposited with the
DTC Custodian, be substituted for such publication in such newspaper
the delivery of the relevant notice to Euroclear, Clearstream and DTC,
for communication by them to the holders of the Notes. Any such notice
shall be deemed to have been given to the holders of the relevant Notes
on the day after the day on which such notice was given to Euroclear,
Clearstream and DTC (as applicable).

35

Any Notices specifying the Rate of
Interest, the Redemption Rate, an Interest Amount, an amount of
Additional Interest or of Deferred Interest, a Principal Payment or a
Principal Amount Outstanding shall be deemed to have been duly given if
the information contained in such notice appears on the relevant page
of the Reuters Screen or such other medium for the electronic display
of data as may be approved by the Note Trustee and notified to the
relevant Class of Noteholders (the ‘‘Relevant
Screen’’). Any such notice shall be deemed to have
been given on the first date on which such information appeared on the
Relevant Screen. If it is impossible or impracticable to give notice in
accordance with this paragraph, then notice of the matters referred to
in this Condition shall be given in accordance with the preceding
paragraph.

Copies of all Notices given in accordance with
these provisions shall be sent to the London Stock Exchange and to
Euroclear, Clearstream and DTC.

		
	18. 	Currency Indemnity

If any
sum due from the Issuing Entity in respect of the Notes or any order or
judgement given or made in relation thereto has to be converted from
the currency (the ‘‘First
Currency’’) in which the same is payable under
these Conditions or such order or judgement into another currency (the
‘‘Second Currency’’) for the
purpose of (a) making or filing a claim or proof against the Issuing
Entity, (b) obtaining an order or judgement in any court or other
tribunal or (c) enforcing any order or judgement given or made in
relation to the Notes, the Issuing Entity shall indemnify each
Noteholder, on the written demand of such Noteholder addressed to the
Issuing Entity and delivered to the Issuing Entity or to the Specified
Office of the Principal Paying Agent, against any loss suffered as a
result of any discrepancy between (i) the rate of exchange used for
such purpose to convert the sum in question from the First Currency
into the Second Currency and (ii) the rate or rates of exchange at
which such Noteholder may in the ordinary course of business purchase
the First Currency with the Second Currency upon receipt of a sum paid
to it in satisfaction, in whole or in part, of any such order,
judgement, claim or proof.

This indemnity constitutes a
separate and independent obligation of the Issuing Entity and shall
give rise to a separate and independent cause of action.

		
	19. 	Rounding

For the purposes of
any calculations referred to in these Conditions (unless otherwise
specified in these Conditions or the relevant Prospectus
Supplement/Final Terms), (a) all percentages resulting from such
calculations will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point (with 0.000005 per cent. being
rounded up to 0.00001 per cent.), (b) all United States dollar amounts
used in or resulting from such calculations will be rounded to the
nearest cent (with one half cent being rounded up), and (c) all amounts
denominated in any other currency used in or resulting from such
calculations will be rounded to the nearest two decimal places in such
currency, with 0.005 being rounded upwards.

		
	20. 	Redenomination, Renominalisation and
Reconventioning

Application

This
Condition 20 (Redenomination, Renominalisation and Reconventioning) is
applicable to the Notes only if it is specified in the relevant
Prospectus Supplement/Final Terms as being applicable.

Notice of Redenomination

If the country of
the Specified Currency becomes or, announces its intention to become, a
Participating Member State, the Issuing Entity may, without the consent
of the Noteholders, on giving at least 30 days' prior notice to
the Noteholders and the Paying Agents, designate a date (the
‘‘Redenomination Date’’), being
an Interest Payment Date under the Notes falling on or after the date
on which such country becomes a Participating Member State.

Redenomination

Notwithstanding the other
provisions of these Conditions, with effect from the Redenomination
Date:

36

		
	(i) 	the Notes
shall be deemed to be redenominated into euro in the denomination of
euro 0.01 with a Principal Amount Outstanding for each Note equal to
the Principal Amount Outstanding of that Note in the Specified
Currency, converted into euro at the rate for conversion of such
currency into euro established by the Council of the European Union
pursuant to the Treaty (including compliance with rules relating to
rounding in accordance with European Community regulations); provided,
however, that, if the Issuing Entity determines, with the agreement of
the Principal Paying Agent then market practice in respect of the
redenomination into euro 0.01 of internationally offered securities is
different from that specified above, such provisions shall be deemed to
be amended so as to comply with such market practice and the Issuing
Entity shall promptly notify the Noteholders, each listing authority,
stock exchange and/or quotation system (if any) by which the Notes have
then been admitted to listing, trading and/or quotation and the Paying
Agents of such deemed amendments;

		
	(ii) 	if Notes have been issued in
definitive form:

			
		(A) 	the payment
obligations contained in all Notes denominated in the Specified
Currency will become void on the redenomination date but all other
obligations of the Issuing Entity thereunder (including the obligation
to exchange such Notes in accordance with this Condition 20) shall
remain in full force and effect; and

			
		(B) 	new Notes denominated in euro will
be issued in exchange for Notes denominated in the Specified Currency
in such manner as the Principal Paying Agent may specify and as shall
be notified to the Noteholders;

		
	(iii) 	all payments in respect of the Notes
(other than, unless the Redenomination Date is on or after such date as
the Specified Currency ceases to be a sub-division of the euro,
payments of interest in respect of periods commencing before the
Redenomination Date) will be made solely in euro by cheque drawn on, or
by credit or transfer to a euro account (or any other account to which
euro may be credited or transferred) maintained by the payee with, a
bank in the Principal Financial Centre of any member state of the
European Communities.

Any Individual Note Certificate
issued pursuant to such redenomination shall have a minimum
denomination of €50,000 (or its equivalent in another
currency).

Interest

Following
redenomination of the Notes pursuant to this Condition 20, where Notes
have been issued in definitive form, the amount of interest due in
respect of the Notes will be calculated by reference to the aggregate
Principal Amount Outstanding of the Notes.

Interest
Determination Date

If the floating rate Note
provisions are specified in the relevant Prospectus Supplement/Final
Terms as being applicable to a Class or Sub-Class and a screen rate is
used in order to determine the rate(s) of interest, with effect from
the Redenomination Date, the Interest Determination Date shall be
deemed to be the second TARGET Settlement Day before the first day of
the relevant Interest Period with respect to such Class or
Sub-Class.

		
	21. 	Governing Law and
Jurisdiction

Governing law

The Notes
and all matters arising from or connected with the Notes are governed
by, and shall be construed in accordance with, English law.

English courts

The courts of England have
exclusive jurisdiction to settle any dispute (a
‘‘Dispute’’) arising from or
connected with the Notes.

37

Appropriate forum

The Issuing Entity agrees that the courts of England are the
most appropriate and convenient courts to settle any dispute and,
accordingly, that it will not argue to the contrary.

Rights
of the Note Trustee to take proceedings outside England

Condition 21 (English courts) is for the benefit of
the Note Trustee only. As a result, nothing in this Condition 21
(Governing law and jurisdiction) prevents the Note Trustee from
taking proceedings relating to a dispute
(‘‘Proceedings’’) in any other
courts with jurisdiction. To the extent allowed by law, the Note
Trustee may take concurrent proceedings in any number of
jurisdictions.

The Trust Deed

The Trust
Deed provides for the courts of England to have exclusive jurisdiction
in connection with the Notes, and the Trust Deed.

Consent
to enforcement etc.

The Issuing Entity consents
generally in respect of any proceedings to the giving of any relief or
the issue of any process in connection with such proceedings including
(without limitation) the making, enforcement or execution against any
property whatsoever (irrespective of its use or intended use) of any
order or judgement which is made or given in such proceedings.

		
	22. 	Third Party Rights

No Person
shall have any right to enforce any term or condition of the Notes or
the Trust Deed under the Contracts (Rights of Third Parties) Act
1999.

38Exhibit
4.3

LIMITED
LIABILITY PARTNERSHIP

EXECUTION
COPY

DATED 22 November  2006

TURQUOISE CARD
BACKED SECURITIES PLC

as
Issuer

AND

HSBC BANK PLC

as Principal
Paying Agent, UK Registrar, Agent Bank and UK Transfer Agent

AND

LAW DEBENTURE TRUST COMPANY OF NEW
YORK

as Note Trustee and Security
Trustee

AND

TURQUOISE FUNDING 1
LIMITED

as Loan Note Issuer No.
1

AND

TURQUOISE FUNDING 2 LIMITED

as
Loan Note Issuer No. 2

AND

HSBC BANK USA,
NATIONAL ASSOCIATION

as US Registrar, US Transfer Agent and US
Paying Agent

AND

HSBC BANK PLC

as
Bank Account Operator and Account
Bank

AND

HSBC USA Inc.

as Swap
Counterparty

	
				
	

NOTE
TRUST DEED SUPPLEMENT
SUPPLEMENTAL TO THE NOTE TRUST DEED
DATED
23 MAY 2006

SERIES 2006-2 NOTES SCHEDULED FOR REDEMPTION IN
OCTOBER 2009

ISSUED UNDER THE
TURQUOISE FUNDING MEDIUM TERM
NOTE
PROGRAMME

	
				
	

CONTENTS

										
	Clause			 			Page
	1.			Definitions					3	

	2.			Provisions
Supplemental To The Note Trust
Deed					7	

	3.			Amount, Form And
Status Of The
Notes					8	

	4.			Issuer's
Undertaking And Covenant To
Pay					8	

	5.			Negative
Covenants					9	

	6.			Creation Of
Fixed
Security					9	

	7.			Representation
And Warranty By The
Issuer					11	

	8.			Notice Of
Security					11	

	9.			Redemption
And
Release					11	

	10.			Continuance
Of
Security					12	

	11.			Payments
Prior To
Enforcement					12	

	12.			Security
Enforceable					12	

	13.			Enforcement					12	

	14.			Covenants
Of Swap
Counterparty					14	

	15.			Consent
To Supplements And
Variations					14	

	16.			Miscellaneous					14	

	17.			Accession					14	

	18.			Governing
Law					15	

	Schedule
1			Supplement To Terms And Conditions Of The
Notes					16	

	Schedule
2			Addition To Clause 12 Of The Note Trust
Deed					17	

	Schedule
3			Form Of Notice To Transaction
Parties					24	

	Part 1 Notice Of
Assignment					24	

	Part 2 Acknowledgement
Of Assignment					25	

	Schedule
4			Form Of Notice Of Assignment – Issuer Jersey
Security
Interests					26	

	Execution
Pages					28	

	

1

Table of Contents
THIS
NOTE TRUST DEED SUPPLEMENT is made on 22 November
2006

    
BETWEEN:

		
	(1) 	TURQUOISE
CARD BACKED SECURITIES PLC, a public limited liability company
incorporated in England and Wales (registered number
5506646) whose registered office is at c/o Wilmington Trust
SP Services (London) Limited, Tower 42 (Level 11), 25 Old Broad Street,
London EC2N 1HQ (the
‘‘Issuer’’);

		
	(2) 	HSBC
BANK PLC, a banking corporation acting through its office at 8
Canada Square, London E14 5HQ as principal paying agent (the
‘‘Principal Paying Agent’’),
registrar (the ‘‘UK
Registrar’’) agent bank (the
‘‘Agent Bank’’) and transfer
agent (the ‘‘UK Transfer
Agent’’) under the Agency Agreement);

		
	(3) 	HSBC BANK USA, NATIONAL
ASSOCIATION, a New York banking corporation acting through its
office at 10 East 40th Street, New York, NY 10016, United
States as registrar (the  ‘‘US
Registrar’’), transfer agent (the
‘‘US Transfer Agent’’) and
as US paying agent (the ‘‘US Paying
Agent’’) under the Agency
Agreement;

		
	(4) 	TURQUOISE FUNDING 1
LIMITED, a private limited liability company incorporated in
Jersey, Channel Islands with registered number 92327, having its
registered office at 26 New Street, St.  Helier, Jersey, Channel
Islands JE2 3RA (the ‘‘Loan Note Issuer No.
1’’);

		
	(5) 	TURQUOISE
FUNDING 2 LIMITED, a private limited liability company incorporated
in Jersey, Channel Islands, with registration number 92329 and having
its registered office at 26 New Street, St. Helier, Jersey, Channel
Islands JE2 3RA (the ‘‘Loan Note Issuer No.
2’’);

		
	(6) 	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 United States of
America as Note Trustee (the ‘‘Note
Trustee’’), which expression shall include such
company and all other persons for the time being acting as the trustee
or trustees under the Note Trust Deed and as security trustee (the
‘‘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;

		
	(7) 	HSBC
BANK PLC, whose registered office is at 8 Canada Square, London E14
5HQ in its capacity as bank account operator (the
‘‘Bank Account Operator’’)
and as the account bank (the ‘‘Account
Bank’’);
and

		
	(8) 	HSBC USA INC., whose
principal executive office is at 452 Fifth Avenue, New York, New York,
10018, as swap counterparty (the ‘‘Swap
Counterparty’’) under each of the Swap Agreements
(in such respective capacities, the ‘‘Class A Swap
Counterparty’’, the ‘‘Class
B Swap Counterparty’’ and the
‘‘Class C Swap
Counterparty’’).

WHEREAS

		
	(A) 	The
Issuer has established the Programme for the issuance of Notes pursuant
to the terms of the Note Trust
Deed.

		
	(B) 	This Note Trust Deed
Supplement is supplemental to the Note Trust Deed. The Principal Paying
Agent, the US Paying Agent, the Agent Bank and the Swap Counterparty
wish to accede to the Note Trust Deed pursuant to this Note Trust Deed
Supplement.

		
	(C) 	By virtue of Clause 2
(Amount and Issue of the Series of Notes) of the Note Trust
Deed, the Issuer is at liberty (subject as therein provided) to create
and issue new Series of Notes, each Series of Notes to be constituted
by a Note Trust Deed Supplement to the Note Trust Deed upon such terms
as the Issuer may determine.

		
	(D) 	The
Issuer has by resolution of its board of directors authorised the issue
of $10,000,000,000 in aggregate principal amount of the Series 2006-2
Notes to be constituted and secured in the manner hereinafter
appearing.

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	(E) 	The
Principal Paying Agent has agreed to act as principal paying agent in
respect of the Series 2006-2
Notes.

		
	(F) 	The Note Trustee has agreed
to act as trustee in relation to the Series 2006-2 Notes upon and
subject to the terms and conditions hereinafter
contained.

		
	(G) 	The issue of the Series
2006-2 Notes will not cause the Programme Limit to be
exceeded.

		
	(H) 	The Security Trustee,
the Loan Note Issuer No. 1, the Loan Note Issuer No. 2 and the Account
Bank are each party to this Note Trust Deed Supplement for the purpose
of acknowledging the notice of assignment contained in Clause 6.2
herein.

NOW THIS NOTE TRUST DEED SUPPLEMENT WITNESSES
AND IT IS HEREBY AGREED AND DECLARED as
follows:

		
	1. 	DEFINITIONS

		
	1.1 	Unless
defined herein or the context requires otherwise, the words and phrases
defined in (i) the master framework agreement dated 23 May  2006
as amended and restated from time to time between, inter alios,
the Issuer and the Note Trustee (the ‘‘Issuer
Master Framework Agreement’’) (ii) the Note Trust
Deed (iii) the Terms and Conditions set out in Schedule 1 to the Note
Trust Deed (as amended and supplemented by Schedule 1 hereto) (the
‘‘Conditions’’) and (iv) the
Trust Master Framework Agreement, shall have the same meanings in this
Note Trust Deed Supplement. In the case of any inconsistency
between the defined terms in each of the said documents, such
definitions shall take precedence in the following order with respect
to Series 2006-2 only: this Note Trust Deed Supplement, the Conditions,
the Note Trust Deed, the Issuer Master Framework Agreement and the
Trust Master Framework
Agreement.

		
	1.2 	Incorporation of
Common Terms

Except as provided below, the Common
Terms apply to this Note Trust Deed Supplement, where applicable, and
shall be binding on the parties to this Note Trust Deed Supplement and
the Noteholders as if set out in full in this Note Trust Deed
Supplement.

		
	1.3 	Amendment to Common
Terms

The Common Terms are, for the purposes of this
Note Trust Deed Supplement, amended so that Paragraph 1 (Further
Assurance) of the Common Terms applies to this Note Trust Deed
Supplement as if set out in full in this Note Trust Deed Supplement,
and as if the Issuer were the Obligor (as defined therein) and the Note
Trustee were the Obligee (as defined
therein).

		
	1.4 	Conflict with Common
Terms

If there is any conflict between the
provisions of the Common Terms and the provisions of this Note Trust
Deed Supplement, the provisions of this Note Trust Deed Supplement
shall prevail, save for where any provision of this Note Trust Deed
Supplement relates to VAT, in which case the provisions of the Common
Terms shall prevail.

		
	1.5 	In this Note
Trust Deed Supplement:

‘‘Class A
Credit Support Annex’’ means a 1995 ISDA Credit
Support Annex (Bilateral Form– Transfer)
to the Class A Swap Agreement entered into between the Issuer and the
Class A Swap Counterparty in support of the obligations of the Class A
Swap Counterparty under the Class A Swap
Agreement;

‘‘Class A Distribution
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution
Account;

‘‘Class A Monthly
Distribution Amount’’ has the meaning given to it
in the Series 2006-2
Supplement;

‘‘Class A Monthly
Distribution Amount’’ has the meaning given to it
in Paragraph 12.8.1 of Schedule 2 of this Note Trust Deed
Supplement;

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‘‘Class A
Monthly Principal Amount’’ has the meaning given
to it in the Series 2006-2
Supplement;

‘‘Class A
Notes’’ means the $660,000,000 Class A Floating
Rate Asset Backed Notes scheduled for redemption in October
2009;

‘‘Class A
Noteholders’’ means the Noteholders of Class A
Notes;

‘‘Class A Swap
Agreement’’ means an ISDA Master Agreement
between the Issuer and the Class A Swap Counterparty and one or more
confirmations entered into pursuant thereto each of which relates to
the Class A Notes of Series
2006-2;

‘‘Class B Credit Support
Annex’’ means a 1995 ISDA Credit Support Annex
(Bilateral Form – Transfer) to the Class B Swap Agreement entered
into between the Issuer and the Class B Swap Counterparty in support of
the obligations of the Class B Swap Counterparty under the Class B Swap
Agreement;

‘‘Class B Distribution
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution
Account;

‘‘Class B Monthly
Distribution Amount’’ has the meaning given to it
in the Series 2006-2 Loan Note
Supplement;

‘‘Class B Monthly
Principal Amount’’ has the meaning given to it in
the Series 2006-2
Supplement;

‘‘Class B
Notes’’ means the $41,250,000 Class B Floating
Rate Asset Backed Notes scheduled for redemption in October
2009;

‘‘Class B
Noteholders’’ means the Noteholders of Class B
Notes;

‘‘Class B Swap
Agreement’’ means an ISDA Master Agreement
between the Issuer and the Class B Swap Counterparty and one or more
confirmations entered into pursuant thereto each of which relates to
the Class B Notes of Series
2006-2;

‘‘Class C Credit Support
Annex’’ means a 1995 ISDA Credit Support Annex
(Bilateral Form – Transfer) to the Class C Swap
Agreement entered into between the Issuer and the Class C Swap
Counterparty in support of the obligations of the Class C Swap
Counterparty under the Class C Swap
Agreement;

‘‘Class C Distribution
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution
Account;

‘‘Class C Monthly
Distribution Amount’’ has the meaning given to it
in the Series 2006-2
Supplement;

‘‘Class C Monthly
Distribution Amount’’ has the meaning given to it
in Clause 12.8.1 of Schedule 2 of this Note Trust Deed
Supplement;

‘‘Class C Monthly
Principal Amount’’ has the meaning given to it in
the Series 2006-2
Supplement;

‘‘Class C
Notes’’ means the $48,750,000 Class C Floating
Rate Asset Backed Notes scheduled for redemption in October
2009;

‘‘Class C
Noteholders’’ means the Noteholders of Class C
Notes;

‘‘Class C Swap
Agreement’’ means an ISDA Master Agreement
between the Issuer and the Class C Swap Counterparty and one or more
confirmations entered into pursuant thereto each of which relates to
the Class C Notes of Series
2006-2;

‘‘Controlled Accumulation
Period’’ means, in respect of Series 2006-2,
unless an Amortisation Period has earlier commenced, the period
commencing on the opening of business on the Controlled Accumulation
Period Commencement Date for Series 2006-2 or such later date as is
determined in accordance with the provisions of the Series 2006-2
Supplement and ending on the first to occur of (a) the commencement of
an Amortisation Period for Series 2006-2 (b) the day the outstanding
principal amount of the Series 2006-2 Loan Note is reduced to zero and
(c) the date specified in the Final Terms;

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‘‘Controlled
Accumulation Period Commencement Date’’ means the
date specified as such in the Final
Terms;

‘‘Counterparty Fault Swap
Termination Amount’’ means any termination
payment payable by the Issuer pursuant to a Swap Agreement where the
Swap Agreement is terminated as a result of a Swap Counterparty Swap
Event of Default.

‘‘Credit Support
Annexes’’ means the Class A Credit Support Annex,
the Class B Credit Support Annex and the Class C Credit Support Annex,
and ‘‘Credit Support Annex’’
means any one of
them;

‘‘Dealers’’
means HSBC Bank plc and HSBC Securities (USA) Inc. and, in relation to
the Class A Notes only, JP Morgan Securities Inc and Banc of America
Securities LLC;

‘‘Deferred
Subscription Price’’ means the deferred
subscription price paid to the Loan Note Issuer No. 1 by the Issuer as
additional consideration for the issuance by the Loan Note Issuer No. 1
of the Series 2006-2 Loan Note to the
Issuer;

‘‘Documents’’
shall, in respect of Series 2006-2, have the meaning given to
‘‘Series 2006-2
Documents’’;

‘‘Excess
Spread Ledger’’ means the ledger so named with
respect to the Series 2006-2 Issuer Distribution
Account;

‘‘Expenses Loan
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution
Account;

‘‘Final Redemption
Date’’ means, in respect of Series 2006-2, 17
October  2011;

‘‘Final
Terms’’ means, in respect of Series 2006-2 only,
the final terms dated 15 November  2006 in respect of the Series
2006-2 Notes;

‘‘First Interest
Payment Date’’ means the date specified in the
Final Terms;

‘‘Further
Interest’’ shall, in respect of the Series 2006-2
Loan Note, have the meaning given to it in the Series 2006-2 Loan Note
Supplement;

‘‘Interest Commencement
Date’’ means the date specified in the Final
Terms;

‘‘ISDA Master
Agreement’’ means a 1992 ISDA Master Agreement
(Multicurrency – Cross Border) dated on or around the date hereof
between the Issuer and the relevant Swap Counterparty, together with
the schedule thereto;

‘‘Issue
Date’’ means 22 November
2006;

‘‘Issuer Costs
Amount’’ shall have the meaning given to it in
the Series 2006-2
Supplement;

‘‘Issuer Costs
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution
Account;

‘‘Issuer Fault Swap
Termination Amount’’ means any termination
payment payable by the Issuer pursuant to a Swap Agreement where the
Swap Agreement is terminated otherwise than as a result of a Swap
Counterparty Swap Event of
Default;

‘‘Issuer Jersey Secured
Property’’ shall, in respect of Series 2006-2,
have the meaning given to ‘‘Series 2006-2 Issuer
Jersey Secured
Property’’;

‘‘Issuer
Jersey Security Interest’’ means the security
interest created pursuant to Clause 6.3 of this Note Trust Deed
Supplement in accordance with the requirements of the Jersey Security
Interests Law;

‘‘Issuer Profit
Amount’’ shall have the meaning given to it in
the Series 2006-2
Supplement;

‘‘Issuer Profit
Ledger’’ means the ledger so named with respect
to the Series 2006-2 Issuer Distribution Account;

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Table of Contents
‘‘Jersey
Assets’’ means in relation to the Issuer all or
any of its undertaking, property, assets, rights and revenues
whatsoever, present and future, situated in Jersey (including, without
limitation, the Issuer Jersey Secured
Property);

‘‘Jersey Security
Interests Law’’ means the Security Interests
(Jersey) Law 1983, as
amended;

‘‘Lead
Dealer’’ means, in respect of Series 2006-2, HSBC
Bank plc;

‘‘Monthly Expenses Loan
Amount’’ shall have the meaning given to it in
the Series 2006-2
Supplement;

‘‘Monthly
Period’’ means the period from and including the
first day of a calendar month to and including the last day of the same
calendar
month;

‘‘Noteholders’’
shall be construed in accordance with the definition of Series 2006-2
Notes in this Note Trust Deed
Supplement;

‘‘Note Trust Deed
Supplement’’ means, in respect of Series 2006-2
only, this Note Trust Deed
Supplement;

‘‘Registrar’’
means the UK Registrar or the US Registrar, as
applicable;

‘‘Scheduled Redemption
Date’’ means 15 October
2009;

‘‘Secured
Obligations’’ shall, in respect of Series 2006-2
only, have the same meaning as ‘‘Series 2006-2
Secured
Obligations’’;

‘‘Secured
Property’’ shall, in respect of Series 2006-2
only, have the same meaning as ‘‘Series 2006-2
Secured
Property’’;

‘‘Security’’
shall, in respect of Series 2006-2 only, have the same meaning as
‘‘Series 2006-2
Security’’;

‘‘Security
Documents’’ shall, in respect of Series 2006-2
only, have the same meaning as ‘‘Series 2006-2
Security
Documents’’;

‘‘Series
2006-2’’ means the series of Notes designated as
such in accordance with the Final
Terms;

‘‘Series 2006-2 Charged
Accounts’’ means the Series 2006-2 Issuer
Distribution Account and any bank or other account in which the Issuer
may at any time acquire a Benefit in relation to Series 2006-2 and over
which the Issuer has created an Encumbrance in favour of the Note
Trustee pursuant to the Note Trust Deed or this Note Trust Deed
Supplement in respect of Series
2006-2;

‘‘Series 2006-2
Documents’’ means, in relation to Series 2006-2
only, the Series 2006-2 Loan Note Supplement, each Swap Agreement, this
Note Trust Deed Supplement, the Series 2006-2 Subscription Agreement
and any other documents in relation to Series 2006-2 to which the
Issuer is a party;

‘‘Series 2006-2
Issuer Distribution Account’’ means the account
so named in relation to Series 2006-2 opened pursuant to the Issuer
Distribution Account Bank Agreement and the relevant Mandate;

‘‘Series 2006-2 Issuer Jersey Secured
Property’’ shall mean in respect of Series
2006-2, to the extent that it constitutes a Jersey Asset, all the
Issuer's Benefit in the Series 2006-2 Loan Note, including
without limitation all rights to receive payment of any amount which
may become payable to the Issuer thereunder (in respect of Series
2006-2) or payments received by the Issuer thereunder (in respect of
Series 2006-2) or rights to serve notices and/or to take such steps as
are required to cause payments to become due and payable thereunder and
all rights of action in respect of any breach thereof and all rights to
receive damages or obtain other relief in respect
thereto;

‘‘Series 2006-2 Loan
Note’’ means the loan note issued by the Loan
Note Issuer No. 1 and the Loan Note Issuer No. 2 to the Issuer under
the Series 2006-2 Loan Note
Supplement;

‘‘Series 2006-2 Loan
Note Supplement’’ means, in respect of Series
2006-2, the loan note supplement relating to Series 2006-2 dated 22
November  2006 and supplemental to the Security Trust
Deed;

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‘‘Series
2006-2 Notes’’ means the Class A Notes, the Class
B Notes and the Class C Notes issued in accordance with the Final
Terms;

‘‘Series 2006-2 Secured
Creditors’’ means, the Secured Creditors with
respect to the Series 2006-2 Secured
Obligations;

‘‘Series 2006-2
Secured Obligations’’ means all amounts due to
the Secured Creditors in accordance with the Series 2006-2 Documents
(other than the Series 2006-2 Subscription Agreement) and any other
amounts payable by the Issuer under the Note Trust Deed which the Note
Trustee determines in its sole discretion are referable or allocable to
Series 2006-2;

‘‘Series 2006-2
Secured Property’’ means, with respect to Series
2006-2, the property of the Issuer from time to time subject, or
expressed to be subject, to the Series 2006-2 Security created pursuant
to this Note Trust Deed Supplement and any part of that property of the
Issuer subject to the security created pursuant to the Note Trust Deed
to the extent it is not subject to a prior
charge;

‘‘Series 2006-2
Security’’ means the security created or intended
to be created, or which may at any time be intended to be created, in
favour of the Note Trustee with respect to Series 2006-2, by or
pursuant to this Note Trust Deed Supplement and Clause 4 of the Note
Trust Deed;

‘‘Series 2006-2
Security Documents’’ means, in relation to Series
2006-2, the Note Trust Deed and this Note Trust Deed Supplement
(including the
Conditions);

‘‘Series 2006-2
Subscription Agreement’’ means the Subscription
Agreement relating to the Series 2006-2
Notes;

‘‘Series 2006-2
Supplement’’ means the supplement dated 22
November  2006 to the Receivables Trust Deed and Servicing
Agreement relating to Series
2006-2;

‘‘Swap
Agreements’’ means the Class A Swap Agreement,
the Class B Swap Agreement and the Class C Swap Agreement and
‘‘Swap Agreement’’ means any
one of them;

‘‘Swap Collateral
Account’’ means separate accounts opened by the
Issuer in relation to any collateral received from the Class A Swap
Counterparty, Class B Swap Counterparty or the Class C Swap
Counterparty, as the case may be, pursuant to a Credit Support
Annex;

‘‘Swap Counterparty Swap
Event of Default’’ means in respect of a Swap
Agreement, either (i) a termination of such Swap Agreement by the
Issuer as a result of the occurrence of an event of default specified
in such Swap Agreement, in respect of which event of default the Swap
Counterparty is the defaulting party, or (ii) a termination of such
Swap Agreement by the Issuer as a result of a downgrade occurring with
respect to the rating of the Swap Counterparty which downgrade is not
cured by the Swap Counterparty during the requisite cure period
pursuant to the terms of the Swap Agreement;
and

‘‘Swap Termination
Amount’’ means any termination amount payable by
either the Issuer or a Swap Counterparty pursuant to the terms of a
Swap Agreement.

		
	2. 	PROVISIONS
SUPPLEMENTAL TO THE NOTE TRUST
DEED

		
	2.1 	Provisions varying and
supplementing Note Trust Deed

The Note Trust Deed
shall be supplemented and varied in the manner and to the extent set
out below and shall from the Issue Date be read and construed for all
purposes as supplemented and varied as set out in Schedule 2 herein and
the security trust in respect of Series 2006-2 shall be constituted in
accordance with the provisions of the Note Trust Deed as supplemented
by this Note Trust Deed
Supplement:

			
		2.1.1 	Clause 1 of the
Note Trust Deed shall be interpreted with respect to Series 2006-2 in
accordance with the interpretation provision set out in Clause 1.1
herein and supplemented and varied with respect to Series 2006-2 by the
addition of the definitions set out
herein;

			
		2.1.2 	the requirements of
Clause 2.2.6 shall not apply and are hereby waived in respect of this
Note Trust Deed Supplement with respect to Series
2006-2;

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		2.1.3 	the
Conditions set out in Schedule 1 to the Note Trust Deed shall be
supplemented or varied, as applicable, with respect to Series 2006-2 as
provided in Schedule 1 hereto;
and

			
		2.1.4 	Clause 12 (Application
of Moneys) of the Note Trust Deed shall be supplemented by the
additional provisions set out in Schedule 2 hereto. Clauses 1.1 to 1.7
(inclusive) of the Note Trust Deed, as set out in Schedule 2 hereto,
shall be applicable only to Series
2006-2.

		
	3. 	AMOUNT, FORM AND STATUS
OF THE NOTES

		
	3.1 	The Series 2006-2
Notes are constituted by and issued in accordance with the Note Trust
Deed and this Note Trust Deed Supplement in the aggregate sterling
equivalent principal amount of £397,035,469. Each of the Series
2006-2 Notes shall be in registered form and shall be substantially in
the form set out in Schedule 2 of the Note Trust Deed. The Authorised
Denomination of the Class A Notes, the Class B Notes and the Class C
Notes is $100,000 and amounts in excess thereof which are an integral
multiple of $10,000.

		
	3.2 	The Series
2006-2 Notes shall be secured by the Encumbrances set out in Clause 6
(Creation of Fixed Security) of this deed and Clause 4
(Security) of the Note Trust
Deed.

		
	3.3 	The Series 2006-2 Notes will
initially be represented by 3 Global Note Certificates in the form
contained in Schedule 2 Part A (Form of Global Note Certificate)
of the Note Trust Deed. Interests in the Global Note Certificates shall
be exchangeable, in accordance with their terms for Individual Note
Certificates in the form contained in Schedule 3 Part A (Form of
Individual Note Certificate) of the Note Trust Deed.

		
	3.4 	The Individual Note Certificates will
be security printed in accordance with applicable legal and stock
exchange requirements and will be endorsed with the Conditions. The
Global Note Certificates and the Individual Note Certificates will be
signed manually or in facsimile by a duly authorised person designated
by the Issuer and will be authenticated manually by or on behalf of the
Registrar. Note Certificates so executed and authenticated will be
binding and valid obligations of the
Issuer.

		
	3.5 	So long as any of the
Series 2006-2 Notes remains outstanding, the Issuer shall not, save to
the extent permitted or contemplated by the Series 2006-2 Documents or
with the prior written consent of the Note Trustee, sell or otherwise
dispose of the Series 2006-2 Secured Property or any interest therein
or purport to do so or create or permit to exist any Encumbrance
whatsoever upon or affecting any of the Series 2006-2 Secured Property
other than as contemplated by this Note Trust Deed Supplement and the
Note Trust Deed.

		
	3.6 	Deposit of
Proceeds of Notes

In order for the issue and due
authentication and delivery of the Series 2006-2 Notes referred to in
Clause 3.1 to be effected, payments of subscription monies for the
Series 2006-2 Notes shall be made in favour of the Issuer or to its
order in such account as specified or directed by the Issuer for value
on the Issue Date by the Dealers, being a sterling equivalent amount
equal to
£397,035,469;

		
	3.7 	Exercise
of Rights

For the purposes of the Note Trust Deed
and this Note Trust Deed Supplement all rights, obligations and duties
of the Issuer shall be exercised by or at the direction of the Issuer
prior to the service of an Enforcement Notice in respect of Series
2006-2 and, after the service of an Enforcement Notice in respect of
Series 2006-2, shall be exercised by the Note
Trustee.

		
	4. 	ISSUER'S
UNDERTAKING AND COVENANT TO
PAY

		
	4.1 	The Issuer undertakes to
the Note Trustee (for its own account and as trustee for the other
Series 2006-2 Secured Creditors) that it shall duly, unconditionally
and punctually pay and discharge to each of the Series 2006-2 Secured
Creditors when due all monies and liabilities whatsoever constituting
the Series 2006-2 Secured
Obligations.

		
	4.2 	The Note Trustee
shall hold the benefit of the covenant in Clause 3.1 (Covenant to
Pay) and the other covenants of the Issuer set out in the Note
Trust Deed as incorporated herein on trust for itself and the holders
of the Series 2006-2 Notes according to their respective
interests.

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	5. 	NEGATIVE
COVENANTS

The Issuer covenants to the Note Trustee
on the terms of the Issuer
Covenants.

		
	6. 	CREATION OF
FIXED
SECURITY 

		
	6.1 	As
continuing security for the payment or discharge of the Series 2006-2
Secured Obligations save to the extent that they constitute Jersey
Assets and subject to Clause 9 (Redemption and Release) the
Issuer with full title guarantee, in favour of the Note Trustee for the
Note Trustee itself and on trust for the Series 2006-2 Secured
Creditors, hereby:

			
		6.1.1 	assigns by
way of first fixed security all the Issuer's Benefit in the
Series 2006-2 Loan Note;

			
		6.1.2 	assigns by way of first fixed
security the Issuer's Benefit in the security interest created in
favour of the Security Trustee by the Loan Note Issuer No. 1 and the
Loan Note Issuer No. 2 pursuant to the Series 2006-2 Loan Note
Supplement in respect of the Series 2006-2 Loan Note;
and

			
		6.1.3 	assigns by way of first
fixed security all the Issuer's Benefit in the Series 2006-2
Issuer Distribution Account or to the relevant ledger of any bank or
other account in which the Issuer may at any time in respect of Series
2006-2 have any
Benefit,

			
		6.1.4 	assigns by way of
first fixed security the Issuer's Benefit in each Series 2006-2
Document (other than the Note Trust Deed, this Note Trust Deed
Supplement and the Series 2006-2 Subscription Agreement and, in respect
of the Swap Agreements, subject to the application of the netting and
set-off provisions contained therein) (and sums received or recoverable
thereunder),

including without limitation all rights to
receive payment of any amount which may become payable to the Issuer
thereunder (in respect of Series 2006-2) or payments received by the
Issuer thereunder (in respect of Series 2006-2) or rights to serve
notices and/or to take such steps as are required to cause payments to
become due and payable thereunder and all rights of action in respect
of any breach thereof and all rights to receive damages or obtain other
relief in respect thereto.

For the purposes of
perfection and in connection with the creation of the security
interests pursuant hereto the Issuer agrees to give all notices of
assignment necessary to perfect the security interests (including, but
not limited to, any which may from time to time be deemed necessary by
the Note Trustee).

		
	6.2 	Notice of
Assignment

The Issuer hereby gives irrevocable
notice to each of the Loan Note Issuer No. 1, the Loan Note Issuer No.
2, the Security Trustee and the Account Bank of the assignment by way
of security made by the Issuer to the Note Trustee on trust (for itself
and the other Series 2006-2 Secured Creditors) under Clause 6.1, which
notice the Loan Note Issuer No. 1, the Loan Note Issuer No. 2, the
Security Trustee and the Account Bank each acknowledge by execution of
this Note Trust Deed Supplement.

For the avoidance of
doubt the execution of this Note Trust Deed Supplement by the Security
Trustee, the Principal Paying Agent, the Agent Bank, the Bank Account
Operator, the US Paying Agent, the UK Registrar, the US Registrar, the
UK Transfer Agent, the US Transfer Agent and the Swap Counterparty (the
‘‘Acknowledging Parties’’)
is not intended to modify, alter or change and shall not modify, alter
or change the Issuer's rights and obligations under any other
documents to which it is a
party.

		
	6.3 	Jersey Security
Assignment in respect of Series 2006-2 

The Issuer
by way of first fixed security for payment and discharge of the Secured
Obligations, as beneficial owner thereof and subject always to Clause 9
(Redemption and Release) hereby assigns to the Note Trustee (for
itself and on trust for the other Series 2006-2 Secured Creditors) the
Series 2006-2 Issuer Jersey Secured Property in order to create a
security interest or interests therein 

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pursuant to Article 2(6) of the Jersey
Security Interests Law as a continuing security for discharge of the
Secured Obligations. The Issuer covenants to join the Note Trustee in
giving notice of assignment forthwith upon demand to each party, not a
party hereto, from whom the Issuer is entitled to claim the Series
2006-2 Issuer Jersey Secured Property and to procure the
acknowledgement of such parties thereto, such notice and
acknowledgement to be substantially in the form set out in Schedule
4.

		
	6.4 	Jersey Security Interests
Law

For the purposes of Article 3 of the Jersey
Security Interests Law, and for the avoidance of doubt, it is hereby
agreed as follows:

			
		6.4.1 	the debtor
in respect of the creation of the Issuer Jersey Security Interest is
the Issuer;

			
		6.4.2 	the secured
parties in respect of the creation of the Issuer Jersey Security
Interest are the Note Trustee and the Series 2006-2 Secured Creditors,
provided however, and all rights in connection therewith are to be
exercised by the Note Trustee (on its behalf and on behalf of the
Series 2006-2 Secured Creditors) in accordance with the terms of the
Note Trust Deed, this Note Trust Deed Supplement and the Jersey
Security Interests Law;

			
		6.4.3 	the
Secured Property in respect of which the Issuer Jersey Security
Interest is created comprises the Series 2006-2 Issuer Jersey Secured
Property;

			
		6.4.4 	the events of
default in respect of the Issuer Jersey Security Interest are the
events set out in Condition 11 of the Series 2006-2 Notes under the
heading ‘‘Events of
Default’’;

			
		6.4.5 	the
obligations in respect of which the Issuer Jersey Security Interest is
created comprise the Series 2006-2 Secured Obligations;
and

			
		6.4.6 	the Issuer and the
Security Trustee hereby give notice to the parties hereto from whom the
Issuer would have been entitled to claim the Series 2006-2 Issuer
Jersey Secured Property, for the purposes of Article 2(8) of the Jersey
Security Interests Law, of the creation of the Issuer Jersey Security
Interest by way of assignment of the Series 2006-2 Issuer Jersey
Secured Property. Each of the parties hereto from whom the Issuer would
have been entitled to claim the Series 2006-2 Issuer Jersey Secured
Property hereby, by execution of this Note Trust Deed
Supplement:

			
		(a) 	acknowledges receipt
of such notice;

			
		(b) 	other than as
set out in the relevant documents to which it and the Issuer are party,
confirms that it does not have, and will not make or exercise, any
claims or demands, any rights of counterclaim, rights of set off or any
other rights against the Issuer in respect of the Series 2006-2 Issuer
Jersey Secured Property or any part thereof; and has not, as of the
date hereof, received any notice that any third party has or will have
any right or interest whatsoever in or has made or will be making any
claim or demand or taking any action whatsoever against the Series
2006-2 Issuer Jersey Secured Property or any part thereof,
and

			
		(c) 	undertakes in the event that
it becomes aware at any time that any person or entity other than the
Note Trustee (as trustee for the Series 2006-2 Secured Creditors) has
or will have any right or interest whatsoever in or has or will be
making any claim or demand or taking any action whatsoever against the
Series 2006-2 Issuer Jersey Secured Property or any part thereof, it
will immediately give written notice of any of the terms of such right
or interest, claim or demand or action to both the Note Trustee and the
Issuer.

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	7. 	REPRESENTATION
AND WARRANTY BY THE
ISSUER 

		
	7.1 	The
Issuer represents and warrants to the Note Trustee and, in the case of
Clause 7.1.3. below, to each of the Swap Counterparty and the Note
Trustee; that:

			
		7.1.1 	it has taken
all necessary steps to enable it to create the Series 2006-2 Security
in respect of the Series 2006-2 Secured Property in accordance with the
Note Trust Deed and this Note Trust Deed Supplement and has taken no
action or steps which will or may prejudice its right, title and
interest in, to and under the Series 2006-2 Secured
Property;

			
		7.1.2 	the Note Trust Deed
and this Note Trust Deed Supplement creates the Series 2006-2 Security
it purports to create and such Series 2006-2 Security is not liable to
be avoided or otherwise set aside in the winding-up of the Issuer;
and

			
		7.1.3 	it will keep any
collateral received from the Class A Swap Counterparty, Class B Swap
Counterparty or Class C Swap Counterparty, as the case may be, pursuant
to a Credit Support Annex in separate accounts and that it may only
make payments or transfers utilising any monies and securities held in
a Swap Collateral Account if such payments and transfers are made in
accordance with the terms of the relevant Credit Support
Annex.

		
	7.2 	Compliance with
Regulation AB under the Exchange Act

The Note
Trustee represents and warrants that any information that it provides
to the Issuer in accordance with Regulation AB under the Exchange Act
is correct and is not
misleading.

		
	8. 	NOTICE OF
SECURITY

		
	8.1 	Issuer's
Notices

The Issuer shall, within seven days of the
date hereof, give notice of the Series 2006-2 Security to all relevant
parties including the following
notices:

			
		8.1.1 	to the Account Bank,
a Notice of Assignment to the Account Bank in the form of Schedule 3
Part 1 (Notice of Assignment);
and

			
		8.1.2 	to each of the other
parties to the Series 2006-2 Documents, a Notice of Assignment to
Transaction Parties in the form of Schedule 3 Part 1 (Notice of
Assignment).

		
	8.2 	Acknowledgements
of Notices

The Issuer shall use all reasonable
efforts to procure that each Transaction Party which receives a Notice
of Assignment acknowledges receipt of such notice in the form of
Schedule 3 Part 2 (Acknowledgement of
Assignment).

		
	8.3 	Jersey
Security Assignment

The Issuer covenants to give
notices of assignments to each party from whom the Issuer is entitled
to claim the Series 2006-2 Issuer Jersey Secured Property and to
procure the acknowledgement of such parties thereto, such notices and
acknowledgements to be substantially in the form set out in Schedule 4
(Form of Notice of Assignment – Issuer Jersey security
interests).

		
	9. 	REDEMPTION AND
RELEASE

		
	9.1 	Release on payment
or discharge

Upon proof being given to the
satisfaction of the Note Trustee as to the irrevocable and
unconditional payment or discharge of the Series 2006-2 Secured
Obligations, the Note Trustee will, at the request and cost of the
Issuer, release, discharge or reassign the Series 2006-2 Secured
Property to the Issuer or any other person entitled thereto of whom the
Note Trustee has notice.

		
	9.2 	Following
irrevocable discharge in full of the Series 2006-2 Secured Obligations
in respect of Series 2006-2 of which the Note Trustee has notice, the
Note Trustee shall reassign to the Issuer the Series 2006-2 Issuer
Jersey Secured Property in respect of Series 2006-2.

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	9.3 	No
avoidance

No assurance, security or payment which is
avoided under any enactment relating to bankruptcy or under Sections
238 to 245 or Section 423 of the Insolvency Act or any equivalent
provision of common law and no release, settlement or discharge given
or made by the Note Trustee in reliance on any such assurance, security
or payment shall prejudice or affect the right of the Note Trustee to
enforce the Series 2006-2 Security to the full extent of the Series
2006-2 Secured Obligations. The Issuer agrees that, notwithstanding any
such avoidance release, settlement or discharge, the Series 2006-2
Security shall be deemed always to have been and to have remained held
by the Note Trustee as and by way of security for the payment to or to
the order of the Note Trustee of the Series 2006-2 Secured
Obligations.

		
	9.4 	Form of
Release

The Series 2006-2 Security shall be released
only upon the execution by or on behalf of the Note Trustee of either
an absolute and unconditional release by way of deed or a receipt, in
each case relating to all (and not part only) of the Series 2006-2
Secured
Obligations.

		
	10. 	CONTINUANCE OF
SECURITY

The Series 2006-2 Security and the
covenants, undertakings and provisions contained in this Note Trust
Deed Supplement and the Note Trust Deed shall remain in force as a
continuing security to the Note Trustee, notwithstanding any
intermediate payment or satisfaction of any part of the Series 2006-2
Secured Obligations or any settlement of account or any other act,
event or matter whatsoever, and shall secure the ultimate balance of
the Series 2006-2 Secured
Obligations.

		
	11. 	PAYMENTS PRIOR TO
ENFORCEMENT

		
	11.1 	Notwithstanding
the Series 2006-2 Security, the Note Trustee acknowledges that, until
delivery of an Enforcement
Notice:

			
		11.1.1 	payments becoming due
to the Issuer under any of the Series 2006-2 Documents, together with
all other monies payable to the Issuer pursuant to any other documents
or arrangements to which it is a party and which relate to Series
2006-2, may be made to the Issuer in accordance with the provisions of
the relevant Series 2006-2 Documents or (as the case may be) the
documents or arrangements concerned to the extent they relate to Series
2006-2;

			
		11.1.2 	the Issuer may
exercise its rights, powers and discretions and perform its obligations
in relation to the Series 2006-2 Secured Property and under the Series
2006-2 Documents in accordance with the provisions of the Series 2006-2
Documents or (as the case may be) such other documents or arrangements;
and

			
		11.1.3 	amounts standing to the
credit of the Series 2006-2 Charged Accounts from time to time may be
withdrawn therefrom by the Issuer (or any authorised person on its
behalf including the Bank Account Operator) but only for application in
accordance with the payments priorities contained in Schedule 2
(Addition to Clause 12 of the Note Trust
Deed).

		
	12. 	SECURITY
ENFORCEABLE

The whole of the Series 2006-2 Security
shall become enforceable upon the Note Trustee giving an Enforcement
Notice pursuant to the terms of the Note Trust Deed and this Note Trust
Deed Supplement subsequent to an Event of Default in respect of Series
2006-2 (subject, in the case of the Issuer Jersey Security Interest, to
the Jersey Security Interests
Law).

		
	13. 	ENFORCEMENT

		
	13.1 	Consequences
of Enforceable Security

From the date on which the
Series 2006-2 Security becomes enforceable in accordance with Clause 12
(Security Enforceable) above and subject to the provisions of
the Conditions and the Note Trust Deed including without limitation
Clause 11.2 of the Note Trust Deed:

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		13.1.1 	the
Note Trustee on behalf of the Series 2006-2 Secured Creditors may
enforce its rights in respect of the Series 2006-2 Secured
Property;

			
		13.1.2 	if it has not
already crystallised, the Floating Charge, created pursuant to the Note
Trust Deed, shall
crystallise;

			
		13.1.3 	the Note Trustee
may institute such proceedings against the Issuer and take such action
as it may think fit to enforce all or any part of the Series 2006-2
Security subject in the case of the Issuer Jersey Security Interest to
the Jersey Security Interests
Law;

			
		13.1.4 	the Note Trustee shall
hold upon trust and apply all monies received by it under the Note
Trust Deed and this Note Trust Deed Supplement in connection with the
realisation of the Series 2006-2 Secured Property or enforcement of the
security interest in respect of Series 2006-2 in accordance with the
priority of payments upon enforcement as contained in Condition
5;

			
		13.1.5 	amounts may be withdrawn
from the Series 2006-2 Charged Accounts and each and every Ledger
thereto only by the Note Trustee and shall be applied only in
accordance with the priority of payments upon enforcement as contained
in Condition 5;

			
		13.1.6 	the Note
Trustee may appoint a Receiver in accordance with Clause 6
(Appointment and Removal of Receiver and Administrator) of the
Note Trust Deed;

			
		13.1.7 	whether or
not it has appointed a Receiver, the Note Trustee may exercise all or
any of the powers, authorities and
discretions:

			
		(a) 	conferred by the
Series 2006-2 Security Documents on any
Receiver;

			
		(b) 	conferred by the LPA
(as varied or extended by the Series 2006-2 Security Documents) on
mortgagees; or

			
		(c) 	otherwise
conferred by law on mortgagees or receivers;
and

			
		13.1.8 	in the case of the Issuer
Jersey Security Interest, subject to the provisions of Articles
6(4) and 8(3) of the Jersey Security Interests Law, service
by the Note Trustee of a notice upon the Issuer specifying the Event of
Default in respect of the Series 2006-2 Notes and, if the default is
capable of remedy, requiring the Issuer to remedy it, shall constitute
notice for the purposes of the Jersey Security Interests Law of an
event of default in respect of such Issuer Jersey Security Interest and
the Note Trustee shall have an immediate power of sale over the Series
2006-2 Issuer Jersey Secured Property, without having to apply to the
Royal Court of Jersey for authority to exercise the
same.

		
	13.2 	Further provisions in
relation to enforcement of Jersey
Security

			
		13.2.1 	Following the
service of an Enforcement Notice, the power of sale in respect of the
Series 2006-2 Issuer Jersey Security Interest shall be exercisable by
the Note Trustee in such manner as the Note Trustee may in its
discretion deem appropriate and with all powers of a beneficial owner.
Without limitation the Note Trustee may, without liability and subject
to the Note Trustee having been indemnified in full to its
satisfaction, sell or dispose of the whole or part of the Series 2006-2
Issuer Jersey Secured Property at such times and in such manner and
generally on such terms and conditions and for such consideration as
the Note Trustee may think fit. Any such sale or disposal may be for
cash, debentures or other obligations, shares, stocks, securities or
other valuable consideration and may be payable immediately or by
instalment spread over such a period as the Note Trustee may think fit.
The Note Trustee shall have right of recourse to any monies forming
part of the Series 2006-2 Issuer Jersey Secured Property and may,
without liability and subject to the Note Trustee having been
indemnified in full to its satisfaction, apply such monies in the
payment or discharge of the Series 2006-2 Secured Obligations, as if
such monies were proceeds of sale.

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		13.2.2 	For
the avoidance of doubt, the power of attorney granted by the Issuer
under Clause 7.5 of the Note Trust Deed is granted in respect of the
Series 2006-2 Security created by Clause 6, inter alia, pursuant
to Article 5 of the Powers of Attorney (Jersey) Law 1995 for the
purposes of facilitating the Note Trustee's powers hereunder and
under the Jersey Security Interests Law in respect of the Series 2006-2
Issuer Jersey Security
Interest.

		
	14. 	COVENANTS OF
SWAP
COUNTERPARTY 

		
	14.1 	The
Swap Counterparty covenants with the Note Trustee
that:

			
		14.1.1 	it will comply and be
bound by the terms of each Swap Agreement; it will not amend each Swap
Agreement without the consent of the Note Trustee; its recourse in
respect of its claims under each Swap Agreement is limited to the
proceeds of the Series 2006-2 Secured Property following enforcement as
provided in the Note Trust Deed and the Common Terms and no debt shall
be owed by the Issuer in respect of any shortfall; and it may take no
action against the Issuer as provided in the Note Trust Deed and the
Common Terms including instituting, or joining with any other person in
bringing, instituting or joining, insolvency proceedings (whether court
based or otherwise) in relation to the Issuer to enforce its rights;
and

			
		14.1.2 	it has notice, will comply
with and be bound by the Note Trust Deed, this Note Trust Deed
Supplement and the Common
Terms.

		
	15. 	CONSENT TO SUPPLEMENTS
AND VARIATIONS

Each Series 2006-2 Secured Creditor
(other than the holders of the Series 2006-2 Notes) consents and
confirms, and the holders of the Series 2006-2 Notes, by purchasing or
subscribing for Series 2006-2 Notes, acknowledge, that, subject to
Clause 2.3.2 of the Note Trust Deed, the Note Trust Deed may be
supplemented and varied from time to time in accordance with the terms
of this Note Trust Deed Supplement or any other Note Trust Deed
Supplement. Such supplement or variation may be made without the
consent of the Series 2006-2 Secured Creditors and the interests of any
Series 2006-2 Secured Creditors shall be subject to any supplement or
variation so
made.

		
	16. 	MISCELLANEOUS

		
	16.1 	The
Note Trust Deed shall, in relation to the Series 2006-2 Notes,
henceforth be read and construed as one document with this Note Trust
Deed
Supplement.

		
	17. 	ACCESSION

		
	17.1 	Principal
Paying Agent/Paying Agent/Agent Bank

Each of the
Principal Paying Agent, the US Paying Agent and the Agent Bank hereby
agrees with each other person who is party to the Note Trust Deed that
with effect on and from the date hereof it will be bound by the
following provisions of the Note Trust Deed and Note Trust Deed
Supplement:

			
		(i) 	in the case of the
Principal Paying Agent, Clauses 2.3, 3.1, 3.6 and 16.2 of the Note
Trust Deed and Clauses 6.2, 8, 17.1 and the provisions in Schedule 2 of
this Note Trust Deed
Supplement;

			
		(ii) 	in the case of the
US Paying Agent, Clauses 2.3, 3.6 and 16.2 of the Note Trust Deed and
Clauses 6.2, 8, 17.1 and the provisions in Schedule 2 of this Note
Trust Deed Supplement; and

			
		(iii) 	in
the case of the Agent Bank, Clauses 2.3, 3.6 and 16.2 of the Note Trust
Deed, and Clauses 6.2, 8, 17.1 and the provisions in Schedule 2 of this
Note Trust Deed Supplement,

each in respect of the
Series 2006-2 Notes as Principal Paying Agent, Paying Agent and Agent
Bank, as applicable, as if it had been originally party to the Note
Trust Deed in that capacity.

The address for notice of
the Principal Paying Agent, Paying Agent and Agent Bank is that
specified in the Issuer Master Framework Agreement.

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	17.2 	Bank
Account Operator

The Bank Account Operator hereby
agrees with each other person who is or becomes a party to the Note
Trust Deed that with effect on and from the date hereof it will be
bound by the Note Trust Deed in respect of the Series 2006-2 Notes as
Bank Account Operator as if it had been originally party to the Note
Trust Deed in that capacity.

The address for notice of
the Bank Account Operator is that specified in the Issuer Master
Framework Agreement.

		
	17.3 	Swap
Counterparty

The Swap Counterparty hereby agrees
with each other person who is or who becomes a party to the Note Trust
Deed that with effect on and from the date hereof it will be bound by
the Note Trust Deed in respect of the Series 2006-2 Notes as Swap
Counterparty as if it had been originally party to the Note Trust Deed
in that capacity.

The address for notice of the Swap
Counterparty
is:

Address:                            8
Canada Square, London, E14 5HQ

Fax:                                    +
44 20 7991
4663

Attention:                           ABS
Swaps Desk

		
	18. 	GOVERNING
LAW 

This Note Trust Deed Supplement
and all matters arising from or connected with it shall be governed by
and construed in accordance with the laws of England save that those
parts of this Note Trust Deed Supplement concerned with the creation,
subsistence or enforcement of the Issuer Jersey Security Interest shall
be governed by and construed in accordance with Jersey law. Provided
that if it is a ‘‘qualified’’ indenture for
the purpose of the TIA, this Trust Deed Supplement will be subject to
the provisions of the TIA that are required to be part of this Note
Trust Deed Supplement and shall in such circumstances, and to the
extent applicable, be governed by such provisions. However,
notwithstanding any other provision of this Note Trust Deed Supplement,
all provisions relating to the TIA will only apply as and when this
Note Trust Deed Supplement is a
‘‘qualified’’ indenture under the
TIA.

IN WITNESS whereof this Note Trust Deed
Supplement has been executed as a deed by the parties hereto and is
intended to be and is hereby delivered on the date first above
written.

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SCHEDULE
1

SUPPLEMENT TO TERMS AND CONDITIONS OF THE
NOTES 

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Table of Contents
SCHEDULE
2    

ADDITION TO CLAUSE 12 OF THE NOTE TRUST
DEED 

		
	1.1 	Ledgers
in respect of Series 2006-2 

The following ledgers
in respect of Series 2006-2 have been created in the books of the
Issuer in relation to the Series 2006-2 Issuer Distribution Account,
each a
‘‘Ledger’’:

			
		1.1.1 	the
Class A Distribution
Ledger;

			
		1.1.2 	the Class B
Distribution Ledger;

			
		1.1.3 	the Class
C Distribution Ledger (together with the Class A Distribution Ledger
and the Class B Distribution Ledger, the
‘‘Distribution Ledgers’’,
each a ‘‘Distribution
Ledger’’);

			
		1.1.4 	the Issuer Costs
Ledger;

			
		1.1.5 	the Issuer Profit
Ledger;

			
		1.1.6 	the Excess Spread
Ledger; and

			
		1.1.7 	the Expenses Loan
Ledger.

		
	1.2 	Use of Ledgers in
respect of Series 2006-2

			
		1.2.1 	The Class A Distribution
Ledger shall reflect the amount of monies from time to time held by the
Issuer in respect of the Class A Notes in the Series 2006-2 Issuer
Distribution Account and shall also be credited or debited with any
Swap Termination Amounts received or paid by the Issuer with respect to
the Class A Swap Agreement.

			
		1.2.2 	The Class B Distribution Ledger
shall reflect the amount of monies from time to time held by the Issuer
in respect of the Class B Notes in the Series 2006-2 Issuer
Distribution Account and shall also be credited or debited with any
Swap Termination Amounts received or paid by the Issuer with respect to
the Class B Swap Agreement.

			
		1.2.3 	The Class C Distribution Ledger
shall reflect the amount of monies from time to time held by the Issuer
in respect of the Class C Notes in the Series 2006-2 Issuer
Distribution Account and shall also be credited or debited with any
Swap Termination Amounts received or paid by the Issuer with respect to
the Class C Swap Agreement.

			
		1.2.4 	The Issuer Costs Ledger shall
reflect the amount of monies from time to time held by the Issuer in
respect of the Issuer Costs Amount in the Series 2006-2 Issuer
Distribution Account.

			
		1.2.5 	The
Excess Spread Ledger shall reflect the amount of monies from time to
time held by the Issuer in respect of the Further Interest received
under the Series 2006-2 Loan Note in the Series 2006-2 Issuer
Distribution Account.

			
		1.2.6 	The
Issuer Profit Ledger shall reflect the amount of monies from time to
time held by the Issuer in respect of the Issuer Profit Amount in the
Series 2006-2 Issuer Distribution Account.

			
		1.2.7 	The Expenses Loan Ledger shall
reflect the amount of monies from time to time held by the Issuer in
respect of a Relevant Advance (as defined in the Expenses Loan
Agreement) made in relation to Series 2006-2.

			
		1.2.8 	The Issuer shall at all times
maintain accurate records, or shall procure that accurate records are
maintained, reflecting each transaction in each Ledger in respect of
the Series 2006-2 Issuer Distribution
Account.

			
		1.2.9 	The Issuer shall
record all monies received or payments made by it in respect of the
Series 2006-2 Notes, the Series 2006-2 Loan Note and each Swap
Agreement in the manner set out in this Note Trust Deed Supplement and
shall cause each Ledger of the Series 2006-2 

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Issuer Distribution Account to be credited or
debited with amounts corresponding to those records. If at any time the
Issuer is in any doubt as to which ledger or account a particular
amount should be credited to or debited from, it shall consult with the
Bank Account Operator and the Bank Account Operator shall be entitled
to consult any person it deems appropriate in this regard.

			
		1.2.10 	To the extent required, the Bank
Account Operator (and any other person so authorised by the Issuer),
shall be authorised to make transfers to and from the Series 2006-2
Issuer Distribution Account on the Issuer's behalf in accordance
with the terms of this Note Trust Deed
Supplement.

		
	1.3 	Payments credited
to Ledgers in respect of Series
2006-2

			
		1.3.1 	On each
Distribution Date, the amount equal to the sum of the Class A Monthly
Distribution Amount, Class B Monthly Distribution Amount and Class C
Monthly Distribution Amount that is used by the Loan Note Issuer No. 1
and the Loan Note Issuer No. 2 to pay interest due and unpaid on the
Series 2006-2 Loan Note shall be allocated by the Account Bank Operator
(on behalf of the Issuer) in accordance with the following instructions
of the Issuer for Series 2006-2, which are
irrevocable:

			
		(a) 	an amount relating
to the Class A Monthly Distribution Amount (less the amount relating to
the Issuer Costs Amount) (the ‘‘Class A Monthly
Distribution Amount’’), if any, shall be credited
to the Class A Distribution Ledger together with any Swap Termination
Amounts received by the Issuer pursuant to the Class A Swap
Agreement;

			
		(b) 	an amount relating to
the Class B Monthly Distribution Amount shall be credited to the Class
B Distribution Ledger together with any Swap Termination Amounts
received by the Issuer pursuant to the Class B Swap
Agreement;

			
		(c) 	an amount relating to
the Class C Monthly Distribution Amount (less the amount relating to
the Monthly Expenses Loan Amount and the Issuer Profit Amount) (the
‘‘Class C Monthly Distribution
Amount’’), if any, shall be credited to the Class
C Distribution Ledger together with any Swap Termination Amounts
received under the Class C Swap
Agreement;

			
		(d) 	an amount relating to
the Issuer Costs Amount, if any, shall be credited into the Issuer
Costs Ledger;

			
		(e) 	an amount relating
to the Issuer Profit Amount, if any, shall be credited into the Issuer
Profit Ledger;

			
		(f) 	an amount
relating to Further Interest paid in relation to the Series 2006-2 Loan
Note, if any, shall be credited into the Excess Spread Ledger;
and

			
		(g) 	an amount relating to the
Monthly Expenses Loan Amount, if any, shall be credited into the
Expenses Loan Ledger;

			
		1.3.2 	on each
Interest Payment Date during an Amortisation Period, or on the relevant
Series Scheduled Redemption Date, payments by the Series 2006-2 Loan
Note Issuer No. 1 and the Series 2006-2 Loan Note Issuer No. 2 of
principal amounts due and unpaid on the Series 2006-2 Loan Note shall
be allocated by the Account Bank Operator (on behalf of the Issuer) in
accordance with the following instructions of the Issuer for Series
2006-2, which are
irrevocable:

			
		(a) 	an amount relating
to the Class A Monthly Principal Amount, if any, shall be credited to
the Class A Distribution
Ledger;

			
		(b) 	an amount relating to
the Class B Monthly Principal Amount, if any, shall be credited to the
Class B Distribution Ledger;
and

			
		(c) 	an amount relating to the
Class C Monthly Principal Amount, if any, shall be credited to the
Class C Distribution Ledger.

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	1.4 	Application
of amounts payable on Distribution Dates not falling in an Amortisation
Period 

			
		1.4.1 	Prior to the
service of an Enforcement Notice, on each Distribution Date not falling
in an Amortisation Period, the amounts (including revenue and
principal) transferred by the Loan Note Issuer No. 1 and the Loan Note
Issuer No. 2 (or the Bank Account Operator on its behalf) on such
Distribution Date, pursuant to the Series 2006-2 Loan Note Supplement,
to the Series 2006-2 Issuer Distribution Account together with any
interest or investment proceeds earned on each Ledger (net of losses
and investment expenses) and any amount received from any Swap
Counterparty on or prior to such Distribution Date (and not previously
utilised) but excluding any collateral posted by any Swap Counterparty
pursuant to the terms of the Swap Agreements and the Credit Support
Annexes (in this Clause 12.9 ‘‘Relevant
Amounts’’) shall, subject to Clause 1.6, be
applied by the Issuer in the order of priority set out as
follows:

			
		(1) 	Relevant Amounts
relating to the Issuer Costs Amount with respect to Series 2006-2
standing to the credit of the Issuer Costs Ledger shall be applied to
pay any outstanding costs and expenses of the Issuer represented by
such amount and thereafter shall be retained in the Issuer Costs Ledger
for payment on a subsequent Business
Day;

			
		(2) 	in respect of the Class A
Notes, Relevant Amounts relating to the Class A Monthly Distribution
Amount standing to the credit of the Class A Distribution Ledger shall
be paid to the Class A Swap Counterparty as required pursuant to the
Class A Swap Agreement in exchange for an amount in US dollars. Such
amount so exchanged will be transferred by the Class A Swap
Counterparty to or to the order of the Issuer on the relevant Interest
Payment Date of the Class A Notes. Such US dollar amount shall be paid
by the Issuer as interest to the Class A Noteholders in accordance with
and subject to the Conditions of the Class A
Notes;

			
		(3) 	in respect of the Class A
Notes, on the Scheduled Redemption Date, Relevant Amounts in respect of
principal relating to the Class A Monthly Principal Amount standing to
the credit of the Class A Distribution Ledger shall be paid to the
Class A Swap Counterparty pursuant to the terms of the Class A Swap
Agreement in exchange for an amount in US dollars. Such amount so
exchanged will be transferred by the Class A Swap Counterparty to or to
the order of the Issuer on the Scheduled Redemption Date. Such US
dollar principal amount shall be paid by the Issuer to the Class A
Noteholders and the Class A Notes will be redeemed in accordance with
and subject to their
Conditions;

			
		(4) 	in respect of the
Class B Notes, Relevant Amounts relating to the Class B Monthly
Distribution Amount standing to the credit of the Class B Distribution
Ledger shall be paid to the Class B Swap Counterparty as required
pursuant to the Class B Swap Agreement in exchange for an amount in US
dollars. Such amount so exchanged will be transferred by the Class B
Swap Counterparty to or to the order of the Issuer on the relevant
Interest Payment Date of the Class B Notes. Such US dollar amount shall
be paid by the Issuer as interest to the Class B Noteholders in
accordance with and subject to the Conditions of the Class B
Notes;

			
		(5) 	in respect of the Class B
Notes, on the Scheduled Redemption Date, Relevant Amounts in respect of
principal relating to the Class B Monthly Principal Amount standing to
the credit of the Class B Distribution Ledger shall be paid to the
Class B Swap Counterparty pursuant to the terms of the Class B Swap
Agreement in exchange for an amount in US dollars. Such amount so
exchanged will be transferred by the Class B Swap Counterparty to or to
the order of the Issuer on the Scheduled Redemption Date. Such US
dollar principal amount shall be paid by the Issuer to the Class B
Noteholders and the Class B Notes will be redeemed in accordance with
and subject to their Conditions;

19

Table of Contents
			
		(6) 	in
respect of the Class C Notes, Relevant Amounts relating to the Class C
Monthly Distribution Amount standing to the credit of the Class C
Distribution Ledger shall be paid to the Class C Swap Counterparty as
required pursuant to the Class C Swap Agreement in exchange for an
amount in US dollars. Such amount so exchanged will be transferred by
the Class C Swap Counterparty to or to the order of the Issuer on the
relevant Interest Payment Date of the Class C Notes. Such US dollar
amount shall be paid by the Issuer as interest to the Class C
Noteholders in accordance with and subject to the Conditions of the
Class C Notes;

			
		(7) 	in respect of the
Class C Notes, on the Scheduled Redemption Date, Relevant Amounts in
respect of principal relating to the Class C Monthly Principal Amount
standing to the credit of the Class C Distribution Ledger shall be paid
to the Class C Swap Counterparty pursuant to the terms of the Class C
Swap Agreement in exchange for an amount in US dollars. Such amount so
exchanged will be transferred by the Class C Swap Counterparty to or to
the order of the Issuer on the Scheduled Redemption Date. Such US
dollar principal amount shall be paid by the Issuer to the Class C
Noteholders and the Class C Notes will be redeemed in accordance with
and subject to their
Conditions;

			
		(8) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to the Class A Swap
Agreement from the Class A Distribution
Ledger;

			
		(9) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to the Class B Swap
Agreement from the Class B Distribution
Ledger;

			
		(10) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to the Class C Swap
Agreement from the Class C Distribution
Ledger;

			
		(11) 	any investment proceeds
(net of losses and investment expenses) and interest earned on any
amounts retained in any Ledger since the preceding Distribution Date
shall be credited to the Excess Spread
Ledger;

			
		(12) 	in and towards payment
of any sums due from (or required to be provided for by) the Issuer to
meet its liabilities to any Tax Authority from the Issuer Profit
Ledger;

			
		(13) 	Relevant Amounts
standing to the credit of the Expenses Loan Ledger shall be applied to
pay any amounts due and unpaid pursuant to the Expenses Loan Agreement
in respect of Series
2006-2;

			
		(14) 	Relevant Amounts
identified as the Issuer Profit Amount in respect of Series 2006-2
shall be retained in the Issuer Profit Ledger; and

			
		(15) 	the remainder (if any) including
sums on the Excess Spread Ledger shall be paid to the Loan Note Issuer
No. 1 and the Loan Note Issuer No. 2 as Deferred Subscription Price for
that Distribution Date in respect of Series 2006-2 in an amount
relating to the amount of Further Interest received by the Issuer in
respect of each Class and Sub-Class of Series 2006-2 and not otherwise
utilised to make any of the payments in items (1) to (14)
above;

provided that, where the full amount of
any payment described above cannot be made due to insufficiency in the
funds credited to any relevant Ledger of the Series 2006-2 Issuer
Distribution Account, such deficiency in payment of such Ledger shall
be deferred to the next and succeeding Distribution
Date.

			
		1.4.2 	All amounts paid from
each Ledger pursuant to the priority of payments specified in
Sub-clause 1.4.1 shall be debited accordingly from each such
Ledger.

		
	1.5 	Application of amounts
payable on Distribution Dates falling in an Amortisation Period

			
		1.5.1 	Prior to the service of
an Enforcement Notice, on each Distribution Date falling in an
Amortisation Period, the amounts (including revenue and principal)
transferred by the 

20

Table of Contents
			
		 	
Loan Note Issuer No. 1 and the Loan Note
Issuer No. 2 (or the Bank Account Operator on its behalf) on such
Distribution Date, pursuant to the Series 2006-2 Loan Note Supplement,
to the Series 2006-2 Issuer Distribution Account together with any
interest or investment proceeds earned on each Ledger (net of losses
and investment expenses) and any amount received from any Swap
Counterparty on or prior to such Distribution Date (and not previously
utilised) but excluding any collateral posted by any Swap Counterparty
pursuant to the terms of the Swap Agreements and the Credit Support
Annexes (in this Clause 1.5 ‘‘Relevant
Amounts’’) shall, subject to Clause 1.6, be
applied by the Issuer in the order of priority set out as
follows:

			
		(1) 	Relevant Amounts
relating to the Issuer Costs Amount with respect to Series 2006-2
standing to the credit of the Issuer Costs Ledger shall be applied to
pay any outstanding costs and expenses of the Issuer represented by
such amount and thereafter shall be retained in the Issuer Costs Ledger
for payment on a subsequent Business
Day;

			
		(2) 	in respect of the Class A
Notes, if the Class A Swap Agreement has not terminated, Relevant
Amounts relating to, in priority (i) the Class A Monthly
Distribution Amount standing to the credit of the Class A Distribution
Ledger (such monies to be applied first to the payment of any Interest
Amount, then any outstanding Deferred Interest and, thereafter, any
Additional Interest) and (ii) the Class A Monthly Principal Amount
standing to the credit of the Class A Distribution Ledger shall be paid
to the Class A Swap Counterparty pursuant to the terms of the Class A
Swap Agreement in exchange for an amount in US dollars. Such US dollar
amount so exchanged will be transferred by the Class A Swap
Counterparty to or to the order of the Issuer. Such US dollar amounts
in respect of (i) and (ii) shall be paid by the Issuer to the Class A
Noteholders in respect of interest and principal respectively and the
Class A Notes will be redeemed in accordance with and subject to their
Conditions;

			
		(3) 	in respect of the
Class A Notes if the Class A Swap Agreement has terminated, the
following payments shall be made from the Class A Distribution Ledger
pari passu and in no priority between both following items but
in proportion to the respective amounts
due:

			
		(I) 	in and towards any Issuer
Fault Swap Termination Amount for the Class A Notes;
and

			
		(II) 	in and towards payments of
amounts due and unpaid in respect of the Class A Notes in priority,
first to interest (such monies to be applied first to the payment of
any Interest Amount, then any outstanding Deferred Interest and,
thereafter, any Additional Interest) and secondly in and towards the
Principal Amount Outstanding of the Class A Notes and the Class A Notes
will be redeemed in accordance with and subject to their Conditions
(following exchange by the Agent Bank of all such amounts into US
dollars in accordance with the Agency
Agreement);

			
		(4) 	in respect of the
Class B Notes, if the Class B Swap Agreement has not terminated,
Relevant Amounts relating to, in priority (i) the Class B
Monthly Distribution Amount standing to the credit of the Class B
Distribution Ledger (such monies to be applied first to the payment of
any Interest Amount, then any outstanding Deferred Interest and,
thereafter, any Additional Interest) and (ii) the Class B Monthly
Principal Amount standing to the credit of the Class B Distribution
Ledger shall be paid to the Class B Swap Counterparty pursuant to the
terms of the Class B Swap Agreement in exchange for an amount in US
dollars. Such US dollar amount so exchanged will be transferred by the
Class B Swap Counterparty 

21

Table of Contents
			
		 	
to or to the order of the Issuer. Such US
dollar amounts in respect of (i) and (ii) shall be paid by the Issuer
to the Class B Noteholders in respect of interest and principal
respectively and the Class B Notes will be redeemed in accordance with
and subject to their
Conditions;

			
		(5) 	in respect of the
Class B Notes, if any Class B Swap Agreement has terminated, the
following payments shall be made from the Class B Distribution Ledger
pari passu and in no priority between both following items but
in proportion to the respective amounts
due:

			
		(I) 	in and towards any Issuer
Fault Swap Termination Amount for the Class B Notes;
and

			
		(II) 	in and towards payments of
amounts due and unpaid in respect of the Class B Notes in priority,
first to interest (such monies to be applied first to the payment of
any Interest Amount, then any outstanding Deferred Interest and,
thereafter, any Additional Interest) and secondly in and towards the
Principal Amount Outstanding of the Class B Notes and the Class B Notes
will be redeemed in accordance with and subject to their Conditions
(following exchange by the Agent Bank of all such amounts into US
dollars in accordance with the Agency
Agreement);

			
		(6) 	in respect of the
Class C Notes, if the Class C Swap Agreement has not terminated,
Relevant Amounts relating to, in priority (i) the Class C
Monthly Distribution Amount standing to the credit of the Class C
Distribution Ledger (such monies to be applied first to the payment of
any Interest Amount, then any outstanding Deferred Interest and,
thereafter, any Additional Interest) and (ii) the Class C Monthly
Principal Amount standing to the credit of the Class C Distribution
Ledger shall be paid to the Class C Swap Counterparty pursuant to the
terms of the Class C Swap Agreement in exchange for an amount in US
dollars. Such US dollar amount so exchanged will be transferred by the
Class C Swap Counterparty to or to the order of the Issuer. Such US
dollar amounts in respect of (i) and (ii) shall be paid by the Issuer
to the Class C Noteholders in respect of interest and principal
respectively and the Class C Notes will be redeemed in accordance with
and subject to their
Conditions;

			
		(7) 	in respect of the
Class C Notes if any Class C Swap Agreement has terminated, the
following payments shall be made from the Class C Distribution Ledger
pari passu and in no priority between both following items but
in proportion to the respective amounts
due:

			
		(I) 	in and towards any Issuer
Fault Swap Termination Amount for the Class C Notes;
and

			
		(II) 	in and towards payments of
amounts due and unpaid in respect of the Class C Notes in priority,
first to interest (such monies to be applied first to the payment of
any Interest Amount, then any outstanding Deferred Interest and,
thereafter, any Additional Interest) and secondly in and towards the
Principal Amount Outstanding of the Class C Notes and the Class C Notes
will be redeemed in accordance with and subject to their Conditions
(following exchange by the Agent Bank of all such amounts into US
dollars in accordance with the Agency
Agreement);

			
		(8) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to any Class A Swap
Agreement from the Class A Distribution
Ledger;

			
		(9) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to any Class B Swap
Agreement from the Class B Distribution
Ledger;

			
		(10) 	in and towards any
Counterparty Fault Swap Termination Amount pursuant to any Class C Swap
Agreement from the Class C Distribution Ledger;

22

Table of Contents
			
		(11) 	any
investment proceeds (net of losses and investment expenses) and
interest earned on any amounts retained in any Ledger shall be credited
to the Excess Spread Ledger;

			
		(12) 	in
and towards payment of any sums due from (or required to be provided
for by) the Issuer to meet its liabilities to any Tax Authority from
the Issuer Profit
Ledger;

			
		(13) 	Relevant Amounts
standing to the credit of the Expenses Loan Ledger shall be applied to
pay any amounts due and unpaid pursuant to the Expenses Loan Agreement
in respect of Series
2006-2;

			
		(14) 	Relevant Amounts
identified as the Issuer Profit Amount in respect of Series 2006-2
shall be retained in the Issuer Profit Ledger; and

			
		(15) 	the remainder (if any) including
sums on the Excess Spread Ledger shall be paid to the Loan Note Issuer
No. 1 and the Loan Note Issuer No. 2 as Deferred Subscription Price for
that Distribution Date in respect of Series 2006-2 in an amount
relating to the amount of Further Interest received by the Issuer in
respect of each Class and Sub-Class of Series 2006-2 and not otherwise
utilised to make any of the payments in items (1) to (14)
above.

provided that, where the full amount of
any payment described above cannot be made due to insufficiency in the
funds credited to any relevant Ledger of the Series 2006-2 Issuer
Distribution Account, such deficiency in payment of such Ledger shall
be deferred to the next and succeeding Distribution
Date.

			
		1.5.2 	All amounts paid from
each Ledger pursuant to the priority of payments specified in
Sub-clause 1.5.1 shall be debited accordingly from each
Ledger.

		
	1.6 	If any withholding or
deduction for any taxes, duties, assessments or government charges is
imposed, levied, collected, withheld or assessed on payments of
principal or interest on any Series 2006-2 Note by any jurisdiction or
any political subdivision or authority in or of any jurisdiction having
power to tax, payments by the Issuer to the relevant Noteholder will be
reduced accordingly and neither the Issuer, nor the Note Trustee, will
be required to make any additional payments to the holders of the
Series 2006-2 Notes affected for that withholding or deduction. Such
reduced payments will not be treated as deferred interest and,
accordingly, will not bear additional
interest.

		
	1.7 	Additional provision
relating to post enforcement
payments

Notwithstanding the security rights created
in respect of Series 2006-2 by this Series 2006-2 Note Trust Deed
Supplement or the Note Trust Deed, but subject always to the provisions
of the Jersey Security Interests Law in relation to the Series 2006-2
Issuer Jersey Secured Property, the Note Trustee, each of the Series
2006-2 Secured Creditors (other than the holders of the Series 2006-2
Notes) and the Issuer hereby agrees, and the holders of the Series
2006-2 Notes, by purchasing or subscribing for Series 2006-2 Notes,
acknowledge, that any monies whatsoever recovered by each of them or on
their behalf whether by the Note Trustee or otherwise after the giving
of an Enforcement Notice in relation to Series 2006-2, shall be held on
trust by them and forthwith paid to the Note Trustee (and pending such
payment shall be held on trust for the Note Trustee) for application in
accordance with the provisions of, and, where applicable, the order of
priorities set out in Condition 5.

23

Table of Contents
SCHEDULE
3    

FORM OF NOTICE TO TRANSACTION
PARTIES

Part 1
 Notice of
Assignment

From:    Turquoise Card Backed
Securities plc

Law Debenture Trust Company of New
York

To:        [Name of each party to
a Series 2006-2 Document other than the Issuer or the Note
Trustee]

[•]

Dear
Sirs,

TURQUOISE CARD BACKED SECURITIES PLC

We
hereby give you notice that, by an Note Trust Deed Supplement dated
[•] 2006 and made between, inter alios, Turquoise
Card Backed Securities plc (the
‘‘Issuer’’) and Law
Debenture Trust Company of New York (the ‘‘Note
Trustee’’) (the ‘‘Note Trust
Deed Supplement’’), the Issuer assigned to the
Note Trustee by way of security the Issuer's Benefit in the
Series 2006-2 Documents.

Subject to any other instructions
given to any of you by the Note Trustee, you are instructed to deal
with the Issuer in relation to the Series 2006-2 Documents as if the
assignment referred to in the preceding paragraph had not taken place,
save that you are not authorised to recognise the exercise by the
Issuer of any right to vary or terminate the Series 2006-2 Documents
unless the prior written consent of the Note Trustee to such exercise
has been obtained.

This notice is irrevocable. Please
acknowledge receipt of this notice to the Note Trustee on the enclosed
Acknowledgement of Assignment. Words and expressions used in this
Notice shall have the meanings assigned to them in both Schedule 1 of
the Issuer Master Framework Agreement dated 23    May 2006 (as
amended and restated from time to time) made between, inter
alios, the Issuer and the Note Trustee and the Note Trust Deed
Supplement.

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

Yours
faithfully,

                                                

For
and on behalf of

TURQUOISE CARD BACKED SECURITIES
PLC

                                                

For
and on behalf of

LAW DEBENTURE TRUST COMPANY OF NEW
YORK

24

Table of Contents
Part 2
 Acknowledgement of
Assignment

From:    [Name of relevant
party to Series 2006-2
Document[s]]

To:         Turquoise
Card Backed Securities plc
                Law
Debenture Trust Company of New
York

[•]

Dear
Sirs,

TURQUOISE CARD BACKED SECURITIES PLC

We
hereby acknowledge receipt of the Notice of Assignment dated
[•] 2006 relating to the Note Trust Deed Supplement
dated 22 November  2006. We further acknowledge that the
assignment is effective to confer on you the Benefit of the Series
2006-2 Documents made between, among others, the Issuer and the
undersigned.

We confirm that as at the date of this
Acknowledgement of Assignment we have not received from any other
person any notice of assignment or charge of, or of any interest in,
the Series 2006-2 Documents.

We confirm that we accept the
authorisation and instructions contained in the Notice and we undertake
to act in accordance with and to comply with the terms of this
Notice.

We agree not to recognise the exercise by the
Issuer of any right to vary or terminate the Series 2006-2 Documents
without your prior written consent and to give you notice forthwith of
any attempt by the Issuer to do so. We further agree not to amend or
modify the Series 2006-2 Documents without your prior written
approval.

Words and expressions used in this
acknowledgement shall have the meanings assigned to them in both
Schedule 1 of the Issuer Funding Master Framework Agreement dated 23
May  2006 (as amended and restated from time to time) made
between, inter alios, the Issuer and the Note Trustee and the
Note Trust Deed Supplement.

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

Yours
faithfully,

                                                

For
and on behalf of

[Name of relevant party to Series
2006-2
Document[s]]

25

Table of Contents
SCHEDULE
4

FORM OF NOTICE OF ASSIGNMENT – ISSUER JERSEY
SECURITY INTERESTS 

(FOR THE PURPOSES OF THE
SECURITY INTERESTS (JERSEY) LAW 1983, AS
 AMENDED

(THE
‘‘JERSEY SECURITY INTERESTS
LAW’’))

				
	To:			Bedell
Trust Company Limited (the ‘‘Loan Note
Registrar’’)
	From:			Turquoise Card Backed Securities plc (the
‘‘Issuer ’’)
	And From:			Law Debenture Trust Company of New York as
note trustee (the ‘‘Note
Trustee’’)
	

We hereby
give you notice that by the Series 2006-2 Note Trust Deed Supplement
relating to the Issuer’s Series 2006-2 Notes (the
‘‘Series 2006-2
Supplement’’) dated 22 November  2006 and
made between the Issuer (1), the Note Trustee (2), HSBC Bank plc (as
Swap Counterparty) (3) and HSBC Bank Plc (as Principal Paying Agent, as
UK Transfer Agent and as Agent Bank) (4) HSBC Bank USA, National
Association (as US Registrar, US Transfer Agent and as US Paying Agent)
(5) and HSBC Bank plc (as Bank Account Operator) (6), for the purposes
of creating a security interest therein in favour of the Note Trustee
in accordance with the Jersey Security Interests Law, the Issuer has
assigned the following property to the extent that the same is situate
in Jersey at any relevant time to the Note Trustee:

to
the extent that it constitutes a Jersey Asset, all the Issuer's
Benefit in the Series 2006-2 Loan Note, including without limitation
all rights to receive payment of any amount which may become payable to
the Issuer thereunder (in respect of Series 2006-2) or payments
received by the Issuer thereunder (in respect of Series 2006-2) or
rights to serve notices and/or to take such steps as are required to
cause payments to become due and payable thereunder and all rights of
action in respect of any breach thereof and all rights to receive
damages or obtain other relief in respect thereto (the
‘‘Assigned
Property’’).

We irrevocably and
unconditionally authorise and instruct you (notwithstanding any
previous instructions of any kind which the Issuer may have given to
you) to disclose to the Note Trustee such information relating to the
Assigned Property as it may from time to time
require.

This notice may not be varied or revoked without
the prior consent of the Note Trustee.

We shall be
grateful if you will sign and forward to the Note Trustee the enclosed
form of acknowledgement.

Terms used in this notice shall
have the same meaning as in the Series 2006-2 Supplement unless
otherwise defined in this notice or the context requires
otherwise.

This notice shall be governed by and construed
in accordance with the laws of Jersey.

Date:
[•]
2006

							
	 			 			 
	 			 			Signed
by
	For
and on behalf of the Issuer as assignor under the Series 2006-2
Supplement and as debtor for the purposes of the Jersey Security
Interests
Law			 			for
and on behalf of the Note Trustee as secured party under the
Series 2006-2 Supplement and for the purposes of the Jersey Security
Interests Law
	

26

Table of Contents
Acknowledgement

				
	To:			Law Debenture Trust Company of New York (as Note
Trustee)
	And To:			Turquoise Card Backed
Securities plc (as Issuer)
	From:			Bedell
Trust Company Limited (as Loan Note
Registrar)
	

We hereby acknowledge receipt of
a notice (the ‘‘Notice’’)
dated [•] 2006 addressed to us by you.

We
confirm that we accept the authorisations and instructions contained in
the Notice and we undertake to act in accordance and comply with the
terms of the Notice.

We confirm as
follows:

		
	1. 	other than as set out in the relevant
documents to which we and the Issuer are party, we do not have, and
will not make or exercise, any claims or demands, any rights of
counterclaim, rights of set off or any other rights against the Issuer
in respect of the Assigned Property or any part thereof;
and

		
	2. 	we have not, as of the date hereof, received
any notice that any third party has or will have any right or interest
whatsoever in or has made or will be making any claim or demand or
taking any action whatsoever against the Assigned Property or any part
thereof.

We undertake that, in the event of our becoming
aware at any time that any person or entity other than the Note Trustee
(as trustee for the Series 2006-2 Secured Creditors) has or will have
any right or interest whatsoever in or has or will be making any claim
or demand or taking any action whatsoever against the Assigned Property
or any part thereof, we will immediately give written notice of any of
the terms of such rights or interest, claim or demand or action to both
the Note Trustee and the Issuer.

Terms used herein shall,
unless the context requires otherwise, have the same meaning as in the
Notice.

This acknowledgement shall be governed by and
construed in accordance with the laws of Jersey.

Date:
[•]
2006

                                        

Signed
by

For and on behalf of
Bedell Trust Company Limited
(as Loan Note Registrar)

27

Table of Contents
EXECUTION
PAGES

Issuer

				
	EXECUTED
as a deed by			)
	TURQUOISE CARD BACKED
SECURITIES
PLC			)
	

By:    /s/
PAUL
WINSHIP

____________________________________________________

Director

Note
Trustee and Security Trustee

LAW DEBENTURE
TRUST
COMPANY OF NEW YORK as
 Security Trustee and Note
Trustee

By    /s/ DANIEL R.
FISHER

Name

Title    Senior
Vice President

Principal Paying Agent, UK
Registrar, Agent Bank, UK Transfer
Agent

				
	EXECUTED
as a deed 			)
	By			)/s/
RICHARD BLACKBURN
	acting as
attorney			)
	for and on behalf
of			)
	HSBC BANK
PLC			)
	in the presence
of:			)
	

				
	Signature
of witness:			/s/    LINDSEY
HAIG
	Name of
witness:			Lindsey
Haig
	Address:			6 Wiltshire House, 2
Maidstone Buildings Mews, London, SE1
1GH
	Occupation:			Solicitor
	

28

Table of Contents

Loan
Note Issuer No.
1

				
	EXECUTED
as a deed by			) /s/ MICHAEL
ROBINSON
	TURQUOISE FUNDING 1
LIMITED			)
	

By: Michael
Robinson

                                                                        

Alternate
Director

Loan Note Issuer No.
2

				
	EXECUTED
as a deed by			)  /s/ MICHAEL
ROBINSON
	TURQUOISE FUNDING 2
LIMITED			)
	

By: Michael
Robinson

                                                                        

Alternate
Director

				
	Class
A Swap Counterparty, Class B Swap Counterparty, Class C Swap
Counterparty
	EXECUTED as a deed
			)
	By			)  /s/ MICHAEL
P DOHERTY
	acting as
attorney			)
	for and on behalf
of			)
	HSBC USA
Inc.			)
	in the presence
of:			)
	

				
	Signature
of
witness:			                                                                    
	Name
of
witness:			                                                                    
	Address:			                                                                    
	Occupation:			                                                                    
	

29

Table of Contents

				
	Bank
Account Operator			 
	EXECUTED as a deed
			)
	By			)  /s/
RICHARD BLACKBURN
	acting as
attorney			)
	for and on behalf
of			)
	HSBC BANK
PLC			)
	in the presence
of:			)
	

				
	Signature
of witness:			/s/ LINDSEY
HAIG
	Name of
witness:			Lindsey
Haig
	Address:			6 Wiltshire House, 2
Maidstone Buildings Mews, London, SE1
1GH
	Occupation:			Solicitor
	

Account
Bank

				
	EXECUTED
as a deed 			)
	By			)  /s/
RICHARD BLACKBURN
	acting as
attorney			)
	for and on behalf
of			)
	HSBC BANK
PLC			)
	in the presence
of:			)
	

				
	Signature
of witness:			/s/ LINDSEY
HAIG
	Name of
witness:			Lindsey
Haig
	Address:			6 Wiltshire House, 2
Maidstone Buildings Mews, London, SE1
1GH
	Occupation:			Solicitor
	

US
Registrar, US Paying Agent, US Transfer
Agent

				
	EXECUTED
as a deed by			)
	HSBC BANK USA,
NATIONAL
ASSOCIATION			)
	

By:  /s/
PAUL OLIVE

                                                    

Authorized
Signatory

30

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