Document:

EXHIBIT 10.2.7

                                    SCHEDULE

                                     TO THE

                                MASTER AGREEMENT

                              dated as of __, 2002

between

(1)   __ ("PARTY A");

(2)   HOLMES FINANCING (NO. 6) PLC ("PARTY B"); and

(3)   JPMORGAN CHASE BANK, LONDON BRANCH (the "SECURITY TRUSTEE", which
      expression shall include its successors and assigns and which has agreed
      to become a party to this Agreement solely for the purpose of taking the
      benefit of Parts 5(b) and (k) of the Schedule to this Agreement).

Part  1. TERMINATION PROVISIONS

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

      Section 5(a)(v), none

      Section 5(a)(vi), none

      Section 5(a)(vii), none

      Section 5(b)(iv), none

      and in relation to Party B for the purpose of:-

      Section 5(a)(v), none

      Section 5(a)(vi), none

      Section 5(a)(vii), none

      Section 5(b)(iv), none

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

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

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

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

(f)   PAYMENTS ON EARLY TERMINATION. For the purposes of Section 6(e) of this
      Agreement:-

      (i)   Market Quotation will apply.

      (ii)  The Second Method will apply.

(g)   "TERMINATION CURRENCY" means Sterling.

<PAGE>

Part 2.  TAX REPRESENTATIONS

(a)   PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this Agreement,
      Party A and Party B will each make the following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to the other party under this Agreement. In
      making this representation, it may rely on (i) the accuracy of any
      representations made by the other party pursuant to Section 3(f) of this
      Agreement, (ii) the satisfaction of the agreement contained in Section
      4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
      of any document provided by the other party pursuant to Section 4(a)(i) or
      4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of
      the other party contained in Section 4(d) of this Agreement, provided that
      it shall not be a breach of this representation where reliance is placed
      on clause (ii) and the other party does not deliver a form or document
      under Section 4(a)(iii) by reason of material prejudice to its legal or
      commercial position.

(b)   PAYEE REPRESENTATIONS. For the purposes of Section 3(f) of the Agreement,
      Party A makes the representation specified below (the "ADDITIONAL TAX
      REPRESENTATION"):

      (i)   it is a party to each Transaction solely for the purposes of a trade
            (or part of a trade) carried on by it in the United Kingdom through
            a branch or agency; or

      (ii)  it is resident in the United Kingdom or in a jurisdiction with which
            the United Kingdom has a double tax treaty which makes provision,
            whether for relief or otherwise, in relation to interest.

(c)   ADDITIONAL TERMINATION EVENT. The Additional Tax Representation proves to
      have been incorrect or misleading in any material respect with respect to
      one or more Transactions (each an "Affected Transaction" for the purposes
      of this Additional Termination Event) when made or repeated or deemed to
      have been made or repeated. The sole Affected Party shall be Party A.

<PAGE>

Part 3.  AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:-

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

      PARTY REQUIRED
      TO DELIVER        FORM/DOCUMENT/        DATE BY WHICH
      DOCUMENT          CERTIFICATE           TO BE DELIVERED
      --------------    --------------        ---------------
                        None

(b)   Other documents to be delivered are:-

      PARTY REQUIRED                                              COVERED BY
      TO DELIVER        FORM/DOCUMENT/        DATE BY WHICH       SECTION 3(D)
      DOCUMENT          CERTIFICATE           TO BE DELIVERED     REPRESENTATION
      --------------    ----------------      ---------------     --------------
      Party A and       Appropriate           On signing of       Yes
      Party B           evidence of           this Agreement
                        its signatory's
                        authority

      Party B           Certified copy of     On signing of       Yes
                        board resolution      this Agreement

      Party A           Legal opinion         On signing of       No
                        in form and           this Agreement
                        substance
                        satisfactory to
                        Party B

<PAGE>

Part 4.  MISCELLANEOUS

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

      Address for notices or communications to Party A (other than by
      facsimile):-

      Address:          [________]
      Attention:        [________]

      Telex No:         [________]

      Answerback:       [________]

      For the purpose of facsimile notices or communications to Party A under
      this Agreement (other than a notice or communication under Section 5 or
      6):

      Facsimile No.:   [________]
      Attention:       [________]

      Designated responsible employee for the purposes of Section 12(a)(iii):
      [________]

      Address for notices or communications to Party B:-

      Address: [c/o Abbey National plc
               Abbey House (AAM 319)
               201 Grafton Gate East
               Milton Keynes MK9 1AN]

      Attention:      [Securitisation Team, Risk Operations]

      Facsimile No.:  [+44 1908 344217]

      With a copy to the Security Trustee:-

      Address:         [________]

      Attention:       [________]

      Facsimile No.:   [________]

(b)   PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:-

      Party A appoints as its Process Agent: None.

      Party B appoints as its Process Agent: None.

(c)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)   MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

      Party A is not a Multibranch Party [and will act through its London
      Branch].

<PAGE>

      Party B is not a Multibranch Party.

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

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

      In respect of Party A, [________]

      In respect of Party B, none

(g)   CREDIT SUPPORT PROVIDER. Credit Support Provider means in relation to
      Party A, [________].

      Credit Support Provider means in relation to Party B, none.

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

(i)   NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
      will apply to Transactions entered into under this Agreement unless
      otherwise specified in a Confirmation.

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

<PAGE>

Part 5.  OTHER PROVISIONS

(a)   NO SET-OFF

      (i)   All payments under this Agreement shall be made without set-off or
            counterclaim, except as expressly provided for in Section 6.

      (ii)  Section 6(e) shall be amended by the deletion of the following
            sentence; "The amount, if any, payable in respect of an Early
            Termination Date and determined pursuant to this Section will be
            subject to any Set-off."

(b)   SECURITY INTEREST

      Notwithstanding Section 7, Party A hereby agrees and consents to the
      assignment by way of security by Party B of its interests under this
      Agreement (without prejudice to, and after giving effect to, any
      contractual netting provision contained in this Agreement) to the Security
      Trustee (or any successor thereto) pursuant to and in accordance with the
      Sixth Issuer Deed of Charge and acknowledges notice of such assignment.
      Each of the parties hereby confirms and agrees that the Security Trustee
      shall not be liable for any of the obligations of Party B hereunder.

(c)   DISAPPLICATION OF CERTAIN EVENTS OF DEFAULT

      Section 5(a)(ii), Section 5(a)(iii), Section 5(a)(iv), Section 5(a)(v),
      Section 5(a)(vii)(2),(5),(6),(7) and (9) and Section 5(a)(viii) will not
      apply in respect of Party B.

      Section 5(a)(vii)(8) will not apply to Party B to the extent that it
      applies to Section 5(a)(vii)(2) (5),(6),(7) and (9).

(d)   DISAPPLICATION OF CERTAIN TERMINATION EVENTS

      The "Tax Event" and "Tax Event upon Merger" provisions of Section 5(b)(ii)
      and 5(b)(iii) will not apply to Party A or to Party B.

(e)   ADDITIONAL EVENT OF DEFAULT

      The following shall constitute an additional Event of Default with respect
      to Party B:

      "NOTE ENFORCEMENT NOTICE. The Security Trustee serves a Class A Issuer
      Note Enforcement Notice, as defined in Condition 9 of the Offered Issuer
      Notes, on Party B (in which case Party B shall be the Defaulting Party)."

(f)   ADDITIONAL TERMINATION EVENT

      The following shall constitute an Additional Termination Event with
      respect to Party B:

      "REDEMPTION AND PREPAYMENT OF THE SERIES 1 CLASS A NOTES. Party B
      exercises its option to redeem the Series 1 Class A Notes in whole in
      accordance with the provisions of Condition 5(E) of the Offered Issuer
      Notes."

<PAGE>

      In connection with this Additional Termination Event, Party B shall be the
      sole Affected Party and all Transactions shall be Affected Transactions.

(g)   RATINGS EVENT

      (i)   In the event that the short-term, unsecured and unsubordinated debt
            obligations of Party A (or its successor or assignee) and, if
            relevant, any Credit Support Provider of Party A, are downgraded
            below ["A-1+"] by Standard & Poor's Rating Services, a division of
            The McGraw-Hill Companies Inc. ("S&P") and, as a result of such
            downgrade, the then current rating of the Series 1 Class A Sixth
            Issuer Notes may in the reasonable opinion of S&P be downgraded or
            placed under review for possible downgrade (an "S&P RATING EVENT"),
            then Party A will, within 30 days of the occurrence of such S&P
            Rating Event, at its own cost, either:

            (A)   put in place an appropriate mark-to-market collateral
                  agreement, (which may be based on the credit support
                  documentation published by ISDA, or otherwise, and relates to
                  collateral in the form of cash or securities or both) in
                  support of its obligations under this Agreement provided that
                  (x) Party A shall be deemed to have satisfied the requirements
                  of S&P if the amount of collateral agreed to be provided in
                  the form of cash and/or securities (the "COLLATERAL AMOUNT")
                  is determined on a basis which is no more onerous than the
                  criteria of S&P as at 31st September, 1999 which enable
                  entities rated lower than a specified level to participate in
                  structured finance transactions which, through
                  collateralisation, are rated at a higher level (as referred
                  to, in part, in the article entitled New Structured Finance
                  Interest Rate and Currency Swap Criteria Broadens Allowable
                  Counterparties in the January 1999 issue of S&P's Structured
                  Finance publication) (the "S&P CRITERIA"), and (y) the
                  Collateral Amount shall not be required to exceed such amount
                  as would be required (in accordance with the S&P Criteria) to
                  restore the rating of the Series 1 Class A Sixth Issuer Notes
                  to the level they would have been at immediately prior to such
                  downgrading;

            (B)   transfer all of its rights and obligations with respect to
                  this Agreement to a replacement third party whose short-term,
                  unsecured and unsubordinated debt obligations are rated at
                  least as high as ["A-1+"] by S&P and ["F1"] by Fitch Ratings
                  Limited ("FITCH") and whose long-term, unsecured and
                  unsubordinated debt obligations are rated at least as high as
                  ["A1"] by Moody's Investors Services ("MOODY'S") or, in each
                  case, such other ratings as are commensurate with the ratings
                  assigned to the Series 1 Class A Sixth Issuer Notes by such
                  rating agencies from time to time; or

            (C)   procure another person to become co-obligor in respect of the
                  obligations of Party A under this Agreement or take such other
                  action as Party A may agree with S&P as will result in the
                  rating of the Series 1 Class A Sixth Issuer Notes then
                  outstanding following the taking of such action being rated no
                  lower than the rating of the Series 1 Class A Sixth Issuer
                  Notes immediately prior to such downgrade.

<PAGE>

      EITHER

      [(ii) In the event that (A) the long-term, unsecured and unsubordinated
            debt obligations of Party A (or its successor) and, if relevant, any
            Credit Support Provider of Party A, are downgraded below "A1" (or
            its equivalent) by Moody's or (B) the short-term, unsecured and
            unsubordinated debt obligations of Party A (or its successor) and,
            if relevant, any Credit Support Provider of Party A, are downgraded
            below "Prime-1" (or its equivalent) by Moody's, then Party A will,
            on a reasonable efforts basis and at its own cost, attempt to
            either:

            (1)   transfer all of its rights and obligations with respect to
                  this Agreement to either (x) a replacement third party with
                  the Required Ratings (as defined below) domiciled in the same
                  legal jurisdiction as Party A or Party B, or (y) a replacement
                  third party as agreed with Moody's;

            (2)   procure another person to become co-obligor in respect of the
                  obligations of Party A under this Agreement, such co-obligor
                  may be either (x) a person with the Required Ratings (as
                  defined below) domiciled in the same legal jurisdiction as
                  Party A or Party B, or (y) such other person as agreed with
                  Moody's; or

            (3)   take such other action as agreed with Moody's.

            Pending compliance with any of (ii)(1), (ii)(2) or (ii)(3) above,
            Party A will, at its own cost:

            (4)   within 30 days of the occurrence of such downgrade, put in
                  place a mark-to-market collateral agreement in a form and
                  substance acceptable to Moody's (which may be based on the
                  credit support documentation published by ISDA, or otherwise,
                  and relates to collateral in the form of cash or securities or
                  both) in support of its obligations under this Agreement
                  complies with the Moody's Criteria (as defined below) or is
                  such other lesser amount as may be agreed with Moody's.

            If any of (ii)(1), (ii)(2) or (ii)(3) above are satisfied at any
            time, all collateral (or the equivalent thereof, as appropriate)
            transferred by Party A pursuant to (b)(D) will be re-transferred to
            Party A and Party A will not be required to transfer any additional
            collateral.

      (iii) In the event that (A) the long-term, unsecured and unsubordinated
            debt obligations of Party A (or its successor) and, if relevant, any
            Credit Support Provider of Party A, are downgraded below "A3" (or
            its equivalent) by Moody's or (B) the short-term, unsecured and
            unsubordinated debt obligations of Party A (or its successor) and,
            if relevant, any Credit Support Provider of Party A, are downgraded
            below "Prime-2" (or its equivalent) by Moody's, then Party A will,
            on a reasonable efforts basis and at its own cost, attempt to
            either:

            (1)   transfer all of its rights and obligations with respect to
                  this Agreement to either (x) a replacement third party with
                  the Required Ratings (defined below) domiciled in the same
                  legal jurisdiction as Party A or Party B, or (y) a replacement
                  third party as agreed with Moody's;

<PAGE>

            (2)   procure another person to become co-obligor in respect of the
                  obligations of Party A under this Agreement, such co-obligor
                  may be either (x) a person with the Required Ratings (defined
                  below) domiciled in the same legal jurisdiction as Party A or
                  Party B, or (y) such other person as agreed with Moody's; or

            (3)   take such other action agreed with Moody's.

            Pending compliance with (iii)(1), (iii)(2) or (iii)(3) above, Party
            A will, at its own cost:

            (4)   if Party A has not already posted collateral pursuant to
                  (ii)(4), within 30 days of the occurrence of such downgrade,
                  put in place a mark-to-market collateral agreement in a form
                  and substance acceptable to Moody's (which may be based on the
                  credit support documentation published by ISDA, or otherwise,
                  and relates to collateral in the form of cash or securities or
                  both) in support of its obligations under this Agreement
                  Amount which complies with the Moody's Criteria (defined
                  below), and, if Party A has already posted collateral pursuant
                  to (ii)(4) above, within 10 days of the occurrence of such
                  downgrade, post such additional collateral as is required to
                  ensure the Collateral Amount complies with the Moody's
                  Criteria, or in each case, is such other lesser amount as may
                  be agreed with Moody's.

            If any of (iii)(1), (iii)(2) or (iii)(3) are satisfied at any time,
            all collateral (or the equivalent thereof, as appropriate)
            transferred by Party A pursuant to (iii)(4) will be retransferred to
            Party A and Party A will not be required to transfer any additional
            collateral.

            For the purposes of (ii) and (iii), "REQUIRED RATINGS" means, in
            respect of the relevant entity, its short-term, unsecured and
            unsubordinated debt obligations are rated at least as high as
            "Prime-1" and its long-term, unsecured and unsubordinated debt
            obligations are rated at least as high as "A1", or such other
            ratings as may be agreed with Moody's from time to time.

            "MOODY'S CRITERIA" means that the Collateral Amount shall equal the
            sum of (a) the product of A multiplied by the mark-to-market value
            of the outstanding Transactions as determined by Party A in good
            faith on each Local Business Day, and (b) the product of B
            multiplied by the current aggregate notional amounts of the
            outstanding Transactions, where:

            (i)   "A" means 102% and "B" means [2]% if the long-term, unsecured
                  and unsubordinated debt obligations or the short-term,
                  unsecured and unsubordinated debt obligations of Party A (or
                  its successor) and, if relevant, any Credit Support Provider
                  of Party A is downgraded below "A1" or "Prime-1" by Moody's;

            (ii)  "A" shall be equal to or greater than 102% (as determined by
                  Moody's) and "B" shall be equal to or greater than [3]% (as
                  determined by Moody's) if the long-term, unsecured and
                  unsubordinated debt obligations or the short-term, unsecured
                  and unsubordinated debt obligations of Party A (or its
                  successor) and, if relevant, any Credit

<PAGE>

                  Support Provider of Party A is downgraded below "A3" or
                  "Prime-2" by Moody's; and

            (iii) "A" means 0% and "B" means 0% in all other cases.

            In relation to paragraphs (ii)(4) and (iii)(4) above, Party A will,
            upon receipt of reasonable notice from Moody's, demonstrate to
            Moody's the calculation by it of the mark-to-market value of the
            outstanding Transactions.]

            OR

      [(ii) In the event that (A) the long-term, unsecured and unsubordinated
            debt obligations of Party A (or its successor) and, if relevant, any
            Credit Support Provider of Party A, is downgraded below "A1" (or its
            equivalent) by Moody's or (B) the short-term, unsecured and
            unsubordinated debt obligations of Party A (or its successor) and,
            if relevant, any Credit Support Provider of Party A, is downgraded
            below "Prime-1" (or its equivalent) by Moody's (an "INITIAL MOODY'S
            RATING EVENT"), then Party A will, within 30 days of such Initial
            Moody's Rating Event at its own cost, either:

            (1)   transfer all of its rights and obligations with respect to
                  this Agreement to either (x) a replacement third party with
                  the Required Ratings (as defined below) domiciled in the same
                  legal jurisdiction as Party A or Party B, or (y) a replacement
                  third party as agreed with Moody's; or

            (2)   procure another person to become co-obligor in respect of the
                  obligations of Party A under this Agreement, such co-obligor
                  may be either (x) a person with the Required Ratings (as
                  defined below) domiciled in the same legal jurisdiction as
                  Party A or Party B, or (y) such other person as agreed with
                  Moody's; or

            (3)   take such other action as agreed with Moody's; or

            (4)   put in place a mark-to-market collateral agreement in a form
                  and substance acceptable to Moody's (which may be based on the
                  credit support documentation published by ISDA, or otherwise,
                  and relates to collateral in the form of cash or securities or
                  both) in support of its obligations under this Agreement which
                  complies with the Moody's Criteria (as defined below) or such
                  other amount as may be agreed with Moody's.

            If any of (ii)(1), (ii)(2) or (iii)(3) above are satisfied at any
            time, all collateral (or the equivalent thereof, as appropriate)
            transferred by Party A pursuant to (ii)(4) will be retransferred to
            Party A and Party A will not be required to transfer any additional
            collateral.

      (iii) In the event that (A) the long-term, unsecured and unsubordinated
            debt obligations of Party A (or its successor) and, if relevant, any
            Credit Support Provider of Party A, is downgraded below "Baa2" (or
            its equivalent) by Moody's or (B) the short-term, unsecured and
            unsubordinated debt obligations of Party A (or its successor) and,
            if relevant, any Credit Support Provider of Party A, is downgraded
            below "Prime-2" (or its equivalent) by Moody's (a

<PAGE>

            "SUBSEQUENT MOODY'S RATING EVENT"), then Party A will, on a best
            efforts basis, and at its own cost, attempt to either:

            (1)   transfer all of its rights and obligations with respect to
                  this Agreement to either (x) a replacement third party with
                  the Required Ratings (defined below) domiciled in the same
                  legal jurisdiction as Party A or Party B, or (y) a replacement
                  third party as agreed with Moody's; or

            (2)   procure another person to become co-obligor in respect of the
                  obligations of Party A under this Agreement, such co-obligor
                  may be either (x) a person with the Required Ratings (defined
                  below) domiciled in the same legal jurisdiction as Party A or
                  Party B, or (y) such other person as agreed with Moody's; or

            (3)   take such other action agreed with Moody's.

            Pending compliance with (iii)(1), (iii)(2) or (iii)(3) above, Party
            A will at its own cost:

            (4)   within 10 days of the occurrence of such Subsequent Moody's
                  Rating Event, put in place a mark-to-market collateral
                  agreement in a form and substance acceptable to Moody's (which
                  may be based on the credit support documentation published by
                  ISDA, or otherwise, and relates to collateral in the form of
                  cash or securities or both) in support of its obligations
                  under this Agreement which complies with the Moody's Criteria
                  (defined below) or such other amount as may be agreed with
                  Moody's.

            If any of (iii)(1), (iii)(2) or (iii)(3) are satisfied at any time,
            all collateral (or the equivalent thereof, as appropriate)
            transferred by Party A pursuant to (iii)(4) will be retransferred to
            Party A and Party A will not be required to transfer any additional
            collateral.

            For the purposes of (ii) and (iii), "REQUIRED RATINGS" means, in
            respect of the relevant entity, its short-term, unsecured and
            unsubordinated debt obligations are rated at least as high as
            "Prime-1" and its long-term, unsecured and unsubordinated debt
            obligations are rated at least as high as "A1", or such other
            ratings as may be agreed with Moody's from time to time.

            "MOODY'S CRITERIA" means that the Collateral Amount shall equal the
            sum of (a) the product of A multiplied by the mark-to-market value
            of the outstanding Transactions as determined by Party A in good
            faith on one Local Business Day per week and (b) the product of B
            multiplied by the current aggregate notional amounts of the
            outstanding Transactions, where:

            (i)   "A" means 102% and "B" means 2% if the long-term, unsecured
                  and unsubordinated debt obligations or the short-term,
                  unsecured and unsubordinated debt obligations of Party A (or
                  its successor) and, if relevant, any Credit Support Provider
                  of Party A is downgraded below "A1" or "Prime-1" by Moody's;

            (ii)  "A" shall be equal to or greater than 102% (as determined by
                  Moody's) and "B" shall be equal to or greater than 3% (as
                  determined by

<PAGE>

                  Moody's) if the long-term, unsecured and unsubordinated debt
                  obligations or the short-term, unsecured and unsubordinated
                  debt obligations of Party A (or its successor) and, if
                  relevant, any Credit Support Provider of Party A is downgraded
                  below "Baa2" or "Prime-2" by Moody's; and

            (iii) "A" means 0% and "B" means 0% in all other cases.

                  In relation to paragraphs (b)(D) and (c)(D) above, Party A
                  will, upon receipt of reasonable notice from Moody's
                  demonstrate to Moody's the calculation by it of the
                  mark-to-market value of the outstanding Transactions. In
                  relation to paragraph (c)(D) above, Party A will, at its own
                  cost, on receipt of reasonable notice from Moody's (which, for
                  the avoidance of doubt, will be no less than 30 days) arrange
                  a third party valuation of the mark-to-market value of the
                  outstanding Transactions.]

            (iv)  If the short-term unsecured and unsubordinated debt
                  obligations of Party A (or its successor or assignee) and, if
                  relevant, any Credit Support Provider of Party A, are rated by
                  Fitch and in the event that the rating is, or is downgraded
                  below, ["F1"] (or its equivalent), and as a result the then
                  current rating of the Series 1 Class A Sixth Issuer Notes may
                  in the reasonable opinion of Fitch be downgraded or placed on
                  a credit watch for future downgrade (a "FITCH RATING EVENT"),
                  then Party A will, on a reasonable efforts basis, within 30
                  days of the occurrence of such Fitch Rating Even, at its own
                  cost, either:

                  (A)   attempt to transfer all of its rights and obligations
                        with respect to this Agreement to a replacement third
                        party whose short-term, unsecured and unsubordinated
                        debt ratings are rated at least as high as ["A-1+"] by
                        S&P and ["F1"] by Fitch and whose long-term, unsecured
                        and unsubordinated debt ratings are rated at least as
                        high as ["A1"] by Moody's or, in each case, such other
                        ratings as are commensurate with the ratings assigned to
                        the Series 1 Class A Sixth Issuer Notes by such rating
                        agencies from time to time; or

                  (B)   procure another person to become co-obligor or guarantor
                        in respect of the obligations of Party A under this
                        Agreement whose short-term, unsecured and unsubordinated
                        debt ratings are rated at least as high as ["A-1+"] by
                        S&P and ["F1"] by Fitch and whose long-term, unsecured
                        and unsubordinated debt ratings are rated at least as
                        high as ["A1"] by Moody's or, in each case, such other
                        ratings as are commensurate with the ratings assigned to
                        the Series 1 Class A Sixth Issuer Notes by such rating
                        agencies from time to time; or

                  (C)   put in place an appropriate mark-to-market collateral
                        agreement, (which may be based on the credit support
                        documentation published by ISDA, or otherwise, and
                        relates to collateral in the form of cash or securities
                        or both) in support of its obligations under this
                        Agreement provided that (x) Party A shall be deemed to
                        have satisfied the requirements of Fitch if the
                        Collateral Amount is determined on a basis which is no
                        more onerous than the Fitch Criteria (defined below) and
                        (y) the Collateral Amount shall not be required to
                        exceed such amount as would be required (in accordance
                        with the Fitch Criteria) to restore the rating of the
                        Series 1 Class A Sixth Issuer Notes to the level at

<PAGE>

                        which they would have been immediately prior to such
                        downgrading; or

                  (D)   take such other action as Party A may agree with Fitch
                        as will result in the rating of the Series 1 Class A
                        Sixth Issuer Notes then outstanding being maintained.

                  "FITCH CRITERIA" means that the Collateral Amount shall not
                  exceed 100 per cent. of the mark-to-market value of the
                  outstanding Transactions as determined by Party A in good
                  faith from time.

            (iv)  (A) If Party A does not take any of the measures described in
                  (i) or (iv) above, such failure shall not be or give rise to
                  an Event of Default but shall constitute an Additional
                  Termination Event with respect to Party A and shall be deemed
                  to have occurred on the thirtieth day following the relevant
                  S&P Rating Event or Fitch Rating Event (as applicable) with
                  Party A as the sole Affected Party and all Transactions as
                  Affected Transactions.

                  EITHER

                  [(B) If Party A does not take the measures described in
                  (ii)(4) above, such failure shall not be or give rise to an
                  Event of Default but shall constitute an Additional
                  Termination Event with respect to Party A and shall be deemed
                  to have occurred on the thirtieth day following such downgrade
                  with Party A as the sole Affected Party and all Transactions
                  as Affected Transactions. Further, notwithstanding Section
                  5(a)(ii) of this Agreement, if [10] days after receiving
                  notice of failure to use its reasonable efforts to take one of
                  the measures described in (ii)(1), (ii)(2) or (ii)(3), Party A
                  still has not used reasonable efforts to take one of the above
                  courses of action, this shall not constitute an Event of
                  Default but shall be an Additional Termination Event with
                  Party A as the sole Affected Party and all Transactions as
                  Affected Transactions.

                  (C) If Party A does not take the measures described in
                  (iii)(4) above, such failure shall give rise to an Event of
                  Default with respect to Party A and shall be deemed to have
                  occurred (x) if Party A has already posted collateral pursuant
                  to the provisions of (ii)(4) above, on the [tenth] day
                  following such downgrade and (y) if Party A has not posted
                  collateral pursuant to the provisions of (ii)(4) above, on the
                  thirtieth day following such downgrade, in each case with
                  Party A as the Defaulting Party. Further, notwithstanding
                  Section 5(a)(ii) of this Agreement, if [10] days after
                  receiving notice of failure to use its reasonable efforts to
                  take one of the measures described in (iii)(1), (iii)(2) or
                  (iii)(3), Party A still has not used reasonable efforts to
                  take one of the above courses of action, this shall not
                  constitute an Event of Default but shall be an Additional
                  Termination Event with Party A as the sole Affected Party and
                  all Transactions as Affected Transactions.]

                  OR

                  [(B) If Party A does not take the measures described in
                  (ii)(1),(2),(3) or (4) above, such failure shall not be or
                  give rise to an Event of Default but shall constitute an
                  Additional Termination Event with respect to Party A and shall
                  be deemed to have occurred on the thirtieth day following the
                  occurrence of

<PAGE>

                  such Initial Moody's Rating Event with Party A as the sole
                  Affected Party and all Transactions shall be Affected
                  Transactions.

                  (C) If Party A does not take the measures described in
                  (iii)(4) above, such failure shall give rise to an Event of
                  Default with respect to Party A and shall be deemed to have
                  occurred on the tenth day following such Subsequent Moody's
                  Rating Event with Party A as the Defaulting Party. Further,
                  notwithstanding Section 5(a)(ii) of this Agreement, if 10 days
                  after receiving notice of failure to use its best efforts to
                  either transfer as described in (iii)(1), find a co-obligor as
                  described in (iii)(2) or take such other action as described
                  in (iii)(3), Party A still has not used best efforts to take
                  one of the above courses of action, this shall not constitute
                  an Event of Default but shall be an Additional Termination
                  Event with Party A as the sole Affected Party and all
                  Transactions shall be Affected Transactions.]

                  (D) In the event that Party B were to designate an Early
                  Termination Date and there would be a payment due to Party A,
                  Party B may only designate such an Early Termination Date in
                  respect of an Additional Termination Event under this Part
                  5(e) if Party B has found a replacement counterparty willing
                  to enter into a new transaction on terms that reflect as
                  closely as reasonably possible the economic, legal and credit
                  terms of the Terminated Transactions with Party A.

                  (E) Each of Party B and the Security Trustee shall use their
                  reasonable endeavours to co-operate with Party A in putting in
                  place any credit support documentation, including agreeing to
                  such arrangements in such documentation as may satisfy S&P,
                  Moody's and Fitch with respect to the operation and management
                  of the collateral (subject always to proviso (x) and (y) in
                  (i)(A) above) and entering into such documents as may
                  reasonably be requested by Party A in connection with the
                  provision of such collateral.

(h)   ADDITIONAL REPRESENTATIONS

      (i)   Section 3 is amended by the addition at the end thereof of the
            following additional representations:

            "(g)  NO AGENCY. It is entering into this Agreement and each
                  Transaction as principal and not as agent of any person."

      (ii)  The following additional representation shall be given by Party A
            only:

            (h)   PARI PASSU. Its obligations under this Agreement rank pari
                  passu with all of its other unsecured, unsubordinated
                  obligations except those obligations preferred by operation of
                  law.

(i)   RECORDING OF CONVERSATIONS

      Each party to this Agreement acknowledges and agrees to the tape recording
      of conversations between the parties to this Agreement.

<PAGE>

(j)   RELATIONSHIP BETWEEN THE PARTIES

      The Agreement is amended by the insertion after Section 14 of an
      additional Section 15, reading in its entirety as follows:

      "15. RELATIONSHIP BETWEEN THE PARTIES

      Each party will be deemed to represent to the other party on the date on
      which it enters into a Transaction that (absent a written agreement
      between the parties that expressly imposes affirmative obligations to the
      contrary for that Transaction):

      (a)   NON RELIANCE. It is acting for its own account, and it has made its
            own decisions to enter into that Transaction and as to whether that
            Transaction is appropriate or proper for it based upon advice from
            such advisers as it has deemed necessary. It is not relying on any
            communication (written or oral) of the other party as investment
            advice or as a recommendation to enter into that Transaction; it
            being understood that information and explanations related to the
            terms and conditions of a Transaction shall not be considered
            investment advice or a recommendation to enter into that
            Transaction. It has not received from the other party any assurance
            or guarantee as to the expected results of that Transaction.

      (b)   ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits
            of and understanding (through independent professional advice), and
            understands and accepts, the terms, conditions and risks of that
            Transaction. It is also capable of assuming, and assumes, the
            financial and other risks of that Transaction.

      (c)   STATUS OF PARTIES. The other party is not acting as a fiduciary or
            an adviser for it in respect of that Transaction."

(k)   TAX

      The Agreement is amended by deleting Section 2(d) in its entirety and
      replacing it with the following:

      "(d)  Deduction or Withholding for Tax

            (i)   Requirement to Withhold

            All payments under this Agreement will be made without any deduction
            or withholding for or on account of any Tax unless such deduction or
            withholding is required (including, for the avoidance of doubt, if
            such deduction or withholding is required in order for the payer to
            obtain relief from Tax) by any applicable law, as modified by the
            practice of any relevant governmental revenue authority, then in
            effect. If a party ("X") is so required to deduct or withhold, then
            that party (the "DEDUCTING PARTY"):

            (1)   will promptly notify the other party ("Y") of such
                  requirement;

            (2)   will pay to the relevant authorities the full amount required
                  to be deducted or withheld (including the full amount required
                  to be deducted or withheld from any Gross Up Amount (as
                  defined below) paid by the Deducting Party to Y under this
                  Section 2(d)) promptly upon the earlier of determining

<PAGE>

                  that such deduction or withholding is required or receiving
                  notice that such amount has been assessed against Y;

            (3)   will promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities; and

            (4)   if X is Party A, X will promptly pay in addition to the
                  payment to which Party B is otherwise entitled under this
                  Agreement, such additional amount (the "GROSS UP AMOUNT") as
                  is necessary to ensure that the net amount actually received
                  by Party B will equal the full amount which Party B would have
                  received had no such deduction or withholding been required.

      (ii)  Liability

            If:

            (1)   X is required by any applicable law, as modified by the
                  practice of any relevant governmental revenue authority, to
                  make any deduction or withholding for or on account of any Tax
                  in respect of payments under this Agreement; and

            (2)   X does not so deduct or withhold; and

            (3)   a liability resulting from such Tax is assessed directly
                  against X,

            then, except to the extent that Y has satisfied or then satisfies
            the liability resulting from such Tax, (A) where X is Party B, Party
            A will promptly pay to Party B the amount of such liability (the
            "LIABILITY AMOUNT") (including any related liability for interest
            and together with an amount equal to the Tax payable by Party B on
            receipt of such amount but including any related liability for
            penalties only if Party A has failed to comply with or perform any
            agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)) and Party
            B will promptly pay to the relevant government revenue authority the
            amount of such liability (including any related liability for
            interest and penalties) and (B) where X is Party A and Party A would
            have been required to pay a Gross Up Amount to Party B, Party A will
            promptly pay to the relevant government revenue authority the amount
            of such liability (including any related liability for interest and
            penalties).

      (iii) Tax Credit etc.

            Where Party A pays an amount in accordance with Section 2(d)(i)(4)
            above, Party B undertakes as follows:

            (1)   to the extent that Party B obtains any Tax credit, allowance,
                  set-off or repayment from the tax authorities of any
                  jurisdiction relating to any deduction or withholding giving
                  rise to such payment ("TAX CREDIT"), it shall pay to Party A,
                  as soon as practical after receipt of the same, so much of the
                  cash benefit (as calculated below) relating thereto which it
                  has received as will leave Party B in substantially the same
                  (but in any event no worse) position as Party B would have
                  been in if no such deduction or withholding had been required;

<PAGE>

            (2)   the "cash benefit" shall, in the case of credit, allowance or
                  set-off, be the additional amount of Tax which would have been
                  payable by Party B in the relevant jurisdiction referred to in
                  (1) above but for the obtaining by it of the said Tax credit,
                  allowance or set-off and, in the case of a repayment, shall be
                  the amount of the repayment together with any related interest
                  or similar payment obtained by Party B;

            (3)   it will use all reasonable endeavours to obtain any Tax Credit
                  as soon as is reasonably practicable and it shall, upon
                  request by Party A, supply Party A with a reasonably detailed
                  explanation of its calculation of the amount of any such Tax
                  Credit and of the date on which the same is received; and

            (4)   it will ensure that any Tax Credit obtained is paid directly
                  to Party A, and not applied in whole or part to pay any other
                  Issuer Secured Creditor or any other party, both prior to and
                  subsequent to any enforcement of the security constituted by
                  the Sixth Issuer Deed of Charge.

(l)   SECURITY, ENFORCEMENT AND LIMITED RECOURSE

      (a)   Party A agrees with Party B and the Security Trustee to be bound by
            the terms of the Sixth Issuer Deed of Charge and, in particular,
            confirms that:

            (i)   no sum shall be payable by or on behalf of Party B to it
                  except in accordance with the provisions of the Sixth Issuer
                  Deed of Charge; and

            (ii)  it will not take any steps for the winding up, dissolution or
                  reorganisation, or for the appointment of a receiver,
                  administrator, administrative receiver, trustee, liquidator,
                  sequestrator or similar officer of Party B or of any or all of
                  its revenues and assets nor participate in any ex parte
                  proceedings nor seek to enforce any judgment against Party B,
                  subject to the provisions of the Sixth Issuer Deed of Charge.

      (b)   In relation to all sums due and payable by Party B to Party A, Party
            A agrees that it shall have recourse only to Sixth Issuer Available
            Funds, but always subject to the order of priority of payments set
            out in the Sixth Issuer Cash Management Agreement and the Sixth
            Issuer Deed of Charge.

(m)   CONDITION PRECEDENT

      Section 2(a)(iii) shall be amended by the deletion of the words "a
      Potential Event of Default" in respect of obligations of Party B only.

(n)   REPRESENTATIONS

      Section 3(b) shall be amended by the deletion of the words "or Potential
      Event of Default" in respect of the representation given by Party B only.

<PAGE>

(o)   ADDITIONAL DEFINITIONS

      Words and expressions defined in the Amended and Restated Master
      Definitions and Interpretation Schedule (the "MASTER SCHEDULE") and the
      Sixth Issuer Master Definitions and Construction Schedule (the "ISSUER
      SCHEDULE") (together the "MASTER DEFINITIONS SCHEDULE") signed for the
      purposes of identification on ________, 2002 shall, except so far as the
      context otherwise requires, have the same meaning in this Agreement. In
      the event of any inconsistency between the definitions in this Agreement
      and in the Master Definitions Schedule the definitions in this Agreement
      shall prevail. In the event of any inconsistency between the Master
      Schedule and the Issuer Schedule, the Issuer Schedule shall prevail. The
      rules of interpretation set out in the Master Definitions Schedule shall
      apply to this Agreement.

(p)   CALCULATIONS

      Upon the occurrence of an Event of Default or an Additional Termination
      Event with respect to Party A, Party B will be entitled (but not obliged
      in the event that it does not designate an Early Termination Date) to
      proceed in accordance with Section 6 of the Agreement subject to the
      following:

      (i)   For the purposes of Section 6(d)(i), Party B's obligation with
            respect to the extent of information to be provided with its
            calculations is limited to information Party B has already received
            in writing and provided Party B is able to release this information
            without breaching the provisions of any law applicable to, or any
            contractual restriction binding upon, Party B.

      (ii)  The following amendments shall be deemed to be made to the
            definitions of "Market Quotation":

            (A)   the word "firm" shall be added before the word "quotations" in
                  the second line;

            (B)   the words "provided that the documentation relating thereto is
                  either the same as this Agreement and the existing
                  confirmations hereto (and the short-term, unsecured and
                  unsubordinated debt obligations of the Reference Market-maker
                  are rated not less than ["A-1+"] by S&P and ["F1"] by Fitch
                  and the long-term, unsecured and unsubordinated debt
                  obligations of the Reference Market-maker are rated not less
                  than ["A1"] by Moody's (or, if such Reference Market-maker is
                  not rated by a Rating Agency, at such equivalent rating (by
                  another Rating Agency) = that is acceptable to such Rating
                  Agency) or the Rating Agencies have confirmed in writing such
                  proposed documentation will not adversely impact the ratings
                  of the Series 1 Class A Issuer Notes " shall be added after
                  "agree" in the sixteenth line; and

            (C)   the last sentence shall be deleted and replaced with the
                  following:

                  "If, on the last date set for delivery of quotations, exactly
                  two quotations are provided, the Market Quotation will be
                  either (a) the lower of the two quotations where there would
                  be a sum payable by Party A to Party B, or (b) the higher of
                  the two quotations where there would be a sum payable by Party
                  B to Party A. If only one quotation is provided on such date,
                  Party B may, in its discretion, accept such quotation as the
                  Market Quotation and if Party B does not accept such

<PAGE>

                  quotation (or if no quotation has been provided), it will be
                  deemed that the Market Quotation in respect of the Terminated
                  Transaction cannot be determined."

      (iii) For the purpose of the definition of "Market Quotation", and without
            limiting the general rights of Party B under the Agreement:

            (A)   Party B will undertake to use its reasonable efforts to obtain
                  at least three firm quotations as soon as reasonably
                  practicable after the Early Termination Date and in any event
                  within the time period specified pursuant to (iii)(C) below;

            (B)   Party A shall, for the purposes of Section 6(e), be permitted
                  to obtain quotations from Reference Market-makers; and

            (C)   if no quotations have been obtained within 6 Local Business
                  Days after the occurrence of the Early Termination Date or
                  such longer period as Party B may specify in writing to Party
                  A, then it will be deemed that the Market Quotation in respect
                  of the Terminated Transaction cannot be determined.

      (iv)  Party B will be deemed to have discharged its obligations under
            (iii)(A) above if it promptly requests, in writing, Party A (such
            request to be made within two Local Business Days after the
            occurrence of the Early Termination Date) to obtain quotations from
            Reference Market-makers.

      (v)   Party B will not be obliged to consult with Party A as to the day
            and time of obtaining any quotations.

(q)   TRANSFERS

      Section 7 of this Agreement shall not apply to Party A, who shall be
      required to comply with, and shall be bound by, the following:

      Without prejudice to Section 6(b)(ii), Party A may transfer all its
      interest and obligations in and under this Agreement upon providing five
      Business Days prior written notice to the Security Trustee, to any other
      entity (a "TRANSFEREE") provided that:

      (a)   the Transferee's short-term unsecured and unsubordinated debt
            obligations are then rated not less than ["A-1+"] by S&P and ["F1"]
            by Fitch and its long-term unsecured and unsubordinated debt
            obligations are then rated not less than ["A1"] by Moody's (or its
            equivalent by any substitute rating agency) or such Transferee's
            obligations under this Agreement are guaranteed by an entity whose
            short-term, unsecured and unsubordinated debt obligations are then
            rated not less than ["A-1+"] by S&P and ["F1"] by Fitch and whose
            long-term, unsecured and unsubordinated debt obligations are then
            rated not less than ["A1"] by Moody's (or its equivalent by any
            substitute rating agency);

      (b)   as of the date of such transfer the Transferee will not, as a result
            of such transfer, be required to withhold or deduct on account of
            tax under this Agreement;

<PAGE>

      (c)   a Termination Event or an Event of Default does not occur under this
            Agreement as a result of such transfer;

      (d)   no additional amount will be payable by Party B to Party A or the
            Transferee on the next succeeding Scheduled Payment Date as a result
            of such transfer; and

      (e)   (if the Transferee is domiciled in a different country from both
            Party A and Party B) S&P, Moody's and Fitch have provided prior
            written notification that the then current ratings of the Series 1
            Class A Sixth Issuer Notes will not be adversely affected.

      Following such transfer all references to Party A shall be deemed to be
      references to the Transferee.

      Save as otherwise provided for in this Agreement and notwithstanding
      Section 7, Party A shall not be permitted to transfer (by way of security
      or otherwise) this Agreement nor any interest or obligation in or under
      this Agreement without the prior written consent of the Security Trustee.

<PAGE>

From:         _______

To:           Holmes Financing (No. 6) PLC
              Abbey House
              Baker Street
              London
              NW1 6XL

Attention:    Company Secretary

To:           JPMorgan Chase Bank, London Branch
              Trinity Tower
              9 Thomas More Street
              London
              E1W 1TY

Attention:    Manager Trust Administration Team

                                                                   _______, 2002

Dear Sirs,

CONFIRMATION -- SERIES 1 CLASS A DOLLAR TO STERLING CURRENCY SWAP

The purpose of this letter is to confirm the terms and conditions of the swap
transaction entered into between us on the Trade Date specified below (the "SWAP
TRANSACTION"). This letter constitutes a "CONFIRMATION" as referred to in the
1992 ISDA Master Agreement (Multicurrency-Cross Border) (Series 1 Class A)
entered into between us, you and _______ (the "SECURITY TRUSTEE") on the date
hereof as amended and supplemented from time to time (the "AGREEMENT").

The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps & Derivatives Association, Inc. (the
"DEFINITIONS") are incorporated into this Confirmation. In the event of any
inconsistency between any of the following, the first listed shall govern: (i)
this Confirmation, (ii) the Master Definitions Schedule, and (iii) the
Definitions.

The term "TRANSACTION" as used herein shall, for the purposes of the
Definitions, have the same meaning as "SWAP TRANSACTION".

1.    The following terms relate to all Transactions to which this Confirmation
      relates:

      Party A:                           _______

      Party B:                           Holmes Financing (No. 6) PLC

      Trade Date:                        _______, 2002

<PAGE>

      Termination Date:                  The earlier of the
                                         Party A Payment Date
                                         falling in [October 2003]
                                         and the date on which all
                                         of the Series 1 Class A
                                         Sixth Issuer Notes are
                                         redeemed in full.

      USD Currency Swap Rate:            _______ (USD per GBP)

      Business Days:                     London, New York and TARGET

      Business Day Convention:           Following

      Calculation Agent:                 Party A

2.    PRINCIPAL TRANSACTION:

Effective Date:                          _______, 2002

Party A Floating Amounts:

      Party A
      Currency Amount:                   USD [1,000,000,000]

      Party A
      Payment Dates:                     The [15th] of each month from and
                                         including [15th December, 2002] up to
                                         and including the Termination Date,
                                         provided that upon the occurrence of a
                                         Trigger Event or the enforcement of the
                                         Sixth Issuer Security in accordance
                                         with the Sixth Issuer Deed of Charge,
                                         the Party A Payment Dates shall occur
                                         on each [15th January, 15th April, 15th
                                         July and 15th October] up to and
                                         including the Termination Date.

      Floating Rate for
      Initial Calculation Period:        Linear Interpolation applicable.

      Party A
      Floating Rate Option:              USD-LIBOR-BBA

      Designated Maturity:               1 month

      Spread:                            _______ per cent. per annum

      Rounding Convention:               Rounded to the nearest cent

      Reset Dates:                       The Effective Date and thereafter the
                                         [15th] of each month from and including
                                         [15th December, 2002] (or if such day
                                         is not a Business Day, the next
                                         succeeding Business Day)

      Party A Floating Rate Day

<PAGE>

      Count Fraction:                    Actual/360

      Party A Compounding:               Compounding shall be applicable in
                                         respect of each Party A Calculation
                                         Period of two or three months.

      Party A Compounding Dates:         The [15th] of each month for each Party
                                         A Calculation Period to which
                                         compounding applies from and including
                                         the first day of the first Party A
                                         Calculation Period to which Compounding
                                         applies up to and including the last
                                         day prior to the Termination Date that
                                         is the [15th] day of a month and the
                                         Termination Date.

      Party A Compounding Period:        Means in respect of a Party A
                                         Calculation Period to which
                                         Compounding applies, each period
                                         from and including one Party A
                                         Compounding Date to but excluding the
                                         next Party A Compounding Date.

Party B Floating Amounts:

      Party B
      Currency Amount:                  GBP [Insert an amount by reference to
                                        the Party A Currency Amount and the
                                        Dollar Currency Swap Rate]

      Party B
      Payment Dates:                     The [15th January, 15th April,
                                         15th July, and 15th October] of each
                                         year commencing on [15th January, 2003]
                                         up to the Termination Date, and
                                         including the Termination Date.

      Floating Rate for
      Initial Party B Calculation
      Period:                           Linear Interpolation applicable.

      Party B
      Floating Rate Option:             GBP-LIBOR-BBA

      Designated Maturity:              3 months

      Spread:                           _______ per cent. per annum

      Floating Rate Day
      Count Fraction:                   Actual/365 (Fixed)

      Rounding Convention:              Rounded to the nearest penny

      Reset Dates:                      First day of each Calculation Period

<PAGE>

Initial Exchange:

      Initial Exchange Date:            _______, 2002

      Party A Initial
      Exchange Amount:                   Party B Currency Amount

      Party B Initial
      Exchange Amount:                   USD [1,000,000,000]

Final Exchange:

      Final Exchange Date:               Termination Date

      Party A Final
      Exchange Amount:                   Party A Currency Amount

      Party B Final
      Exchange Amount:                   Party B Currency Amount

3.    ADDITIONAL INTEREST RATE AND CURRENCY TRANSACTIONS:

      The terms set out below are applicable to each of the additional interest
      rate and currency transactions (each an "ADDITIONAL TRANSACTION")
      (comprising the Additional Initial Exchange Amounts and Additional Final
      Exchange Amounts, Party A Additional Floating Amounts and Party B
      Additional Amounts set out below). The following terms reflect such
      additional 1,000,000 Additional Transactions each on the terms set out
      below and each such Additional Transaction shall be referred to in
      numerical sequence beginning with "Additional Transaction 1" through to
      "Additional Transaction 1,000,000" (together, the "ADDITIONAL
      TRANSACTIONS"). Such Additional Transactions are to become effective on a
      sequential basis, starting on the first Additional Exchange Date on which
      the conditions referred to below are satisfied for that Additional
      Transaction.

      The first Additional Transaction shall be conditional upon the USD
      Amortisation Amount for any Party B Payment Date being greater than or
      equal to the Party B Additional Currency Amount (as defined below) and
      each subsequent Transaction shall be conditional upon (i) the Relevant
      Payment Date (as defined below) having occurred in respect of the
      immediately numerically preceding Additional Transaction, and (ii) the
      then relevant USD Amortisation Amount less the aggregate of the Party A
      Additional Initial Exchange Amounts of the preceding Additional
      Transactions in respect of which the Relevant Payment Date is the relevant
      Additional Initial Exchange Date equalling or exceeding the Party A
      Additional Initial Exchange Amount of the Additional Transaction.

      On or before each Party B Payment Date, Party B shall notify Party A as to
      the USD Amortisation Amount and the Additional Transactions in numerical
      order that are (i) then currently effective, and (ii) to become effective
      on the next Party B Payment Date.

      Capitalised terms not defined in or pursuant to Clause 1 above or this
      Clause 3 shall have the

<PAGE>

      meanings given to them in or pursuant to Clause 2 above.

      USD Amortisation Amount:           In respect of the Party B Payment Date,
                                         an amount in Dollars equal to the
                                         amount of the Series 1 Class A Sixth
                                         Issuer Notes to be redeemed on the
                                         Party B Payment Date occurring on or
                                         immediately following such Party B
                                         Payment Date.

Additional Initial Exchanges and
Additional Final Exchanges:

      Additional Initial Exchange
      Date and the Additional
      Effective Date:                    The Party B Payment Date on which the
                                         conditions referred to above for the
                                         relevant Transaction comprising one of
                                         the Additional Transactions are
                                         satisfied (being the "RELEVANT PAYMENT
                                         DATE" for that Transaction).

      Party A Additional Initial
      Exchange Amount:                   USD [1000]

      Party B Additional Initial
      Exchange Amount:                   GBP [Insert a figure calculated by
                                         reference to the Party A Additional
                                         Initial Exchange Amount and the Dollar
                                         Currency Swap Rate]

      Party A Additional Final
      Exchange Amount:                   GBP [Insert a figure calculated by
                                         reference to the Party B Additional
                                         Final Exchange Amount and the Dollar
                                         Currency Swap Rate]

      Party B Additional Final
      Exchange Amount:                   USD [1000]

      Additional Final Exchange Date:    Termination Date

 Additional Floating Amounts:

    Party A Additional Floating
    Amounts:

      Party A Additional Currency
      Amount:                            GBP [Insert a figure by reference to
                                         the Party B Additional Currency Amount
                                         and the Dollar Currency Swap Rate]

      Party A Additional Floating
      Amount Payer:                      Party A

      Party A Additional Floating
      Amount Payer Payment Dates:        Each Party B Payment Date following the
                                         Additional Exchange Date

<PAGE>

      Party A Additional Floating
      Amount Option:                     GBP - LIBOR - BBA

      Designated Maturity:               3 months

      Spread:                            _______ per cent. per annum

      Party A Additional Floating
      Amount Day Count Fraction:         Actual/365(Fixed)

      Reset Dates:                       The first day of each Party A
                                         Additional Calculation Period

      Party B Additional Amount Payer
      Payment Date:

    Party B Additional Floating Amounts:

      Party B Additional Currency
      Amount:                            USD [1000]

      Party B Additional Floating
      Amount Payer:                      Party B

      Party B Additional Floating
      Amount Payer Payment Dates:        Each Party A Payment Date following the
                                         Relevant Payment Date.

      Party B Additional Floating
      Amount Option:                     USD - LIBOR - BBA

      Designated Maturity:               1 month

      Spread:                            _______ per cent. per annum

      Party B Additional Floating
      Amount Day Count Fraction:         Actual/360

      Reset Dates:                       The [15th] of each month from and
                                         including the Additional Exchange Date
                                         (or if such day is not a Business Day,
                                         the next succeeding Business Day)

      Party B Additional Compounding:    Compounding  shall be applicable in
                                         respect of each Party B Additional
                                         Calculation Period of two or three
                                         months.

      Party B Additional Compounding
      Date:                              Each Party A Compounding Date from and
                                         including the Additional Exchange Date.

      Party B Additional Compounding
      Period:                            Means in respect of a Party B
                                         Additional Calculation Period, each
                                         period from and including one Party B
                                         Additional Compounding Date to but
                                         excluding the next Party B Additional
                                         Compounding Date.

<PAGE>

4.    MISCELLANEOUS:

      Section 2(c)(ii) of the Agreement will not apply and accordingly, any
      obligation of Party A to pay Sterling and Party B to pay Dollars in each
      case under any of the Additional Transactions on any date will be netted
      off against the obligations of Party B and Party A to make payments in
      Sterling and Dollars respectively under the Principal Transaction on such
      date. Since the relevant payment obligations under the Principal
      Transaction will always be larger than or equal to the Sterling and Dollar
      payment obligations respectively of Party A and Party B under the
      Additional Transactions, Party A and Party B shall not be required to make
      any Sterling and Dollar payments respectively under the Additional
      Transactions.

5.    ACCOUNT DETAILS:

      Payments to Party A
      in USD:                          Bank:                      Please provide

                                       Account Number:            Please provide

                                       Swift Code:                Please provide

      Payments to Party A
      in Sterling:                     Bank:                      Please provide

                                       Sort Code:                 Please provide

                                       Account Number:            Please provide

                                       Account Name:              Please provide

                                       CHAPS:                     Please provide

                                       SWIFT:                     Please provide

      Payments to Party B
      in USD:                          Bank:                      Please provide

                                       Account Number:            Please provide

                                       Swift Code:                Please provide

                                       Reference:                 Please provide

      Payments to Party B
      in Sterling:                     Bank:                      Please provide

                                       Account Number:            Please provide

                                       Sort Code:                 Please provide

                                       Reference:                 Please provide

<PAGE>

6.    NOTICE DETAILS:

      Party A:                   Please provide

      Address:                   Please provide

      Facsimile Number:          Please provide

      Attention:                 Please provide

      Party B:                   Holmes Financing (No. 6) PLC

      Address:                   [c/o Abbey National plc
                                 Abbey House (AAM 319)
                                 201 Grafton Gate East
                                 Milton Keynes
                                 MK9 1AN]

      Facsimile Number:          [+44 1908 344217]

      Attention:                 [Securitisation Team, Risk Operations]

      With a copy to the
      Security Trustee:          Please provide

      Address:                   Please provide

      Facsimile Number:          Please provide

      Attention:                 Please provide

Yours faithfully,

[SWAP COUNTERPARTY]

By:
Name:
Title:

Confirmed as of the date first written:

HOLMES FINANCING (NO. 6) PLC

<PAGE>

By:
Name:
Title:

[SECURITY TRUSTEE]

By:
Name:
Title:EXHIBIT 10.2.8

                                                              SERIES 1/2 CLASS B
                                                                  DRAFT 24.10.02

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

                          dated as of __________, 2002

between

(1)      ___ ("PARTY A");

(2)      HOLMES FINANCING (NO. 6) PLC ("PARTY B"); and

(3)      JPMORGAN CHASE BANK, LONDON BRANCH (the "SECURITY TRUSTEE", which
         expression shall include its successors and assigns and which has
         agreed to become a party to this Agreement solely for the purpose of
         taking the benefit of Parts 5(b) and (k) of the Schedule to this
         Agreement).

Part 1.  TERMINATION PROVISIONS

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

         Section 5(a)(v), none

         Section 5(a)(vi), none

         Section 5(a)(vii), none

         Section 5(b)(iv), none

         and in relation to Party B for the purpose of:-

         Section 5(a)(v), none

         Section 5(a)(vi), none

         Section 5(a)(vii), none

         Section 5(b)(iv), none

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

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

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

<PAGE>

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

(f)      PAYMENTS ON EARLY TERMINATION.  For the purposes of Section 6(e) of
         this Agreement:-

         (i)   Market Quotation will apply.

         (ii)  The Second Method will apply.

(g)      "TERMINATION CURRENCY" means Sterling.

<PAGE>

Part 2.  TAX REPRESENTATIONS

(a)      PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this
         Agreement, Party A and Party B will each make the following
         representation:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement. In making this representation, it may rely on (i)
         the accuracy of any representations made by the other party pursuant to
         Section 3(f) of this Agreement, (ii) the satisfaction of the agreement
         contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
         accuracy and effectiveness of any document provided by the other party
         pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii)
         the satisfaction of the agreement of the other party contained in
         Section 4(d) of this Agreement, provided that it shall not be a breach
         of this representation where reliance is placed on clause (ii) and the
         other party does not deliver a form or document under Section 4(a)(iii)
         by reason of material prejudice to its legal or commercial position.

(b)      PAYEE REPRESENTATIONS. For the purposes of Section 3(f) of the
         Agreement, Party A makes the representation specified below (the
         "ADDITIONAL TAX REPRESENTATION"):

         (i)    it is a party to each Transaction solely for the purposes of a
                trade (or part of a trade) carried on by it in the United
                Kingdom through a branch or agency; or

         (ii)   it is resident in the United Kingdom or in a jurisdiction with
                which the United Kingdom has a double tax treaty which makes
                provision, whether for relief or otherwise, in relation to
                interest.

(c)      ADDITIONAL TERMINATION EVENT. The Additional Tax Representation proves
         to have been incorrect or misleading in any material respect with
         respect to one or more Transactions (each an "Affected Transaction" for
         the purposes of this Additional Termination Event) when made or
         repeated or deemed to have been made or repeated. The sole Affected
         Party shall be Party A.

<PAGE>

Part 3.  AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:-

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

<TABLE>
<CAPTION>

       <S>                            <C>                          <C>
       PARTY REQUIRED TO DELIVER      FORM/DOCUMENT/CERTIFICATE    DATE BY WHICH TO BE DELIVERED
       DOCUMENT

                                      None

(b)    Other documents to be delivered are:-

       PARTY REQUIRED                                                                  COVERED BY
       TO DELIVER                     FORM/DOCUMENT/               DATE BY WHICH       SECTION 3(D)
       DOCUMENT                       CERTIFICATE                  TO BE DELIVERED     REPRESENTATION

       Party A and                    Appropriate                  On signing of       Yes
       Party B                        evidence of                  this Agreement
                                      its signatory's
                                      authority

       Party B                        Certified copy of            On signing of       Yes
                                      board resolution             this Agreement

       Party A                        Legal opinion                On signing of       No
                                      in form and                  this Agreement
                                      substance
                                      satisfactory to
                                      Party B

</TABLE>

<PAGE>

Part 4.  MISCELLANEOUS

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

         Address for notices or communications to Party A (other than by
         facsimile):-

         Address:          [______]
         Attention:        [______]

         Telex No:         [______]

         Answerback:       [______]

         For the purpose of facsimile notices or communications to Party A under
         this Agreement (other than a notice or communication under Section 5 or
         6):

         Facsimile No.:   [_______]
         Attention:       [_______]

         Designated responsible employee for the purposes of Section 12(a)(iii):
         [_______]

         Address for notices or communications to Party B:-

         Address:        [c/o Abbey National plc
                         Abbey House (AAM 319)
                         201 Grafton Gate East
                         Milton Keynes MK9 1AN]

         Attention:      [Securitisation Team, Risk Operations]

         Facsimile No.:  [+44 1908 344217]

         With a copy to the Security Trustee:-

         Address:         [_______]

         Attention:       [_______]

         Facsimile No.:   [_______]

(b)      PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:-

         Party A appoints as its Process Agent: None.

         Party B appoints as its Process Agent: None.

(c)      OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

<PAGE>

         Party A is not a Multibranch Party [and will act through its London
         Branch].

         Party B is not a Multibranch Party.

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

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

         In respect of Party A,     [_______]

         In respect of Party B, none

(g)      CREDIT SUPPORT PROVIDER. Credit Support Provider means in relation to
         Party A, [_______].

         Credit Support Provider means in relation to Party B, none.

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

(i)      NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this
         Agreement will apply to Transactions entered into under this Agreement
         unless otherwise specified in a Confirmation.

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

<PAGE>

Part 5.  OTHER PROVISIONS

(a)      NO SET-OFF

         (i)      All payments under this Agreement shall be made without
                  set-off or counterclaim, except as expressly provided for in
                  Section 6.

         (ii)     Section 6(e) shall be amended by the deletion of the following
                  sentence; "The amount, if any, payable in respect of an Early
                  Termination Date and determined pursuant to this Section will
                  be subject to any Set-off."

(b)      SECURITY INTEREST

         Notwithstanding Section 7, Party A hereby agrees and consents to the
         assignment by way of security by Party B of its interests under this
         Agreement (without prejudice to, and after giving effect to, any
         contractual netting provision contained in this Agreement) to the
         Security Trustee (or any successor thereto) pursuant to and in
         accordance with the Sixth Issuer Deed of Charge and acknowledges notice
         of such assignment. Each of the parties hereby confirms and agrees that
         the Security Trustee shall not be liable for any of the obligations of
         Party B hereunder.

(c)      DISAPPLICATION OF CERTAIN EVENTS OF DEFAULT

         Section 5(a)(ii), Section 5(a)(iii), Section 5(a)(iv), Section 5(a)(v),
         Section 5(a)(vii)(2),(5),(6),(7) and (9) and Section 5(a)(viii) will
         not apply in respect of Party B.

         Section 5(a)(vii)(8) will not apply to Party B to the extent that it
         applies to Section 5(a)(vii)(2) (5),(6),(7) and (9).

(d)      DISAPPLICATION OF CERTAIN TERMINATION EVENTS

         The "Tax Event" and "Tax Event upon Merger" provisions of Section
         5(b)(ii) and 5(b)(iii) will not apply to Party A or to Party B.

(e)      ADDITIONAL EVENT OF DEFAULT

         The following shall constitute an additional Event of Default with
         respect to Party B:

         "NOTE ENFORCEMENT NOTICE. The Security Trustee serves a Class B Issuer
         Note Enforcement Notice, as defined in Condition 9 of the Offered
         Issuer Notes, on Party B (in which case Party B shall be the Defaulting
         Party)."

(f)      ADDITIONAL TERMINATION EVENT

         The following shall constitute an Additional Termination Event with
         respect to Party B:

         "REDEMPTION AND PREPAYMENT OF THE SERIES 1 CLASS B NOTES. Party B
         exercises its option to redeem the Series 1 Class B Notes in whole in
         accordance with the provisions of Condition 5(E) of the Offered Issuer
         Notes."

<PAGE>

         In connection with this Additional Termination Event, Party B shall be
         the sole Affected Party and all Transactions shall be Affected
         Transactions.

(g)      RATINGS EVENT

         (i)    In the event that the short-term, unsecured and unsubordinated
                debt obligations of Party A (or its successor or assignee) and,
                if relevant, any Credit Support Provider of Party A, are
                downgraded below ["A-1+"] by Standard & Poor's Rating Services,
                a division of The McGraw-Hill Companies Inc. ("S&P") and, as a
                result of such downgrade, the then current rating of the Series
                1 Class B Sixth Issuer Notes may in the reasonable opinion of
                S&P be downgraded or placed under review for possible downgrade
                (an "S&P RATING EVENT"), then Party A will, within 30 days of
                the occurrence of such S&P Rating Event, at its own cost,
                either:

                (A)      put in place an appropriate mark-to-market collateral
                         agreement, (which may be based on the credit support
                         documentation published by ISDA, or otherwise, and
                         relates to collateral in the form of cash or securities
                         or both) in support of its obligations under this
                         Agreement provided that (x) Party A shall be deemed to
                         have satisfied the requirements of S&P if the amount of
                         collateral agreed to be provided in the form of cash
                         and/or securities (the "COLLATERAL AMOUNT") is
                         determined on a basis which is no more onerous than the
                         criteria of S&P as at 31st September, 1999 which enable
                         entities rated lower than a specified level to
                         participate in structured finance transactions which,
                         through collateralisation, are rated at a higher level
                         (as referred to, in part, in the article entitled New
                         Structured Finance Interest Rate and Currency Swap
                         Criteria Broadens Allowable Counterparties in the
                         January 1999 issue of S&P's Structured Finance
                         publication) (the "S&P CRITERIA"), and (y) the
                         Collateral Amount shall not be required to exceed such
                         amount as would be required (in accordance with the S&P
                         Criteria) to restore the rating of the Series 1 Class B
                         Sixth Issuer Notes to the level they would have been at
                         immediately prior to such downgrading;

                (B)      transfer all of its rights and obligations with respect
                         to this Agreement to a replacement third party whose
                         short-term, unsecured and unsubordinated debt
                         obligations are rated at least as high as ["A-1+"] by
                         S&P and ["F1"] by Fitch Ratings Limited ("FITCH") and
                         whose long-term, unsecured and unsubordinated debt
                         obligations are rated at least as high as ["A1"] by
                         Moody's Investors Services ("MOODY'S") or, in each
                         case, such other ratings as are commensurate with the
                         ratings assigned to the Series 1 Class B Sixth Issuer
                         Notes by such rating agencies from time to time; or

                (C)      procure another person to become co-obligor in respect
                         of the obligations of Party A under this Agreement or
                         take such other action as Party A may agree with S&P as
                         will result in the rating of the Series 1 Class B Sixth
                         Issuer Notes then outstanding following the taking of
                         such action being rated no lower than the rating of the
                         Series 1 Class B Sixth Issuer Notes immediately prior
                         to such downgrade.

<PAGE>

         EITHER

         [(ii)    In the event that (A) the long-term, unsecured and
                  unsubordinated debt obligations of Party A (or its successor)
                  and, if relevant, any Credit Support Provider of Party A, are
                  downgraded below "A1" (or its equivalent) by Moody's or (B)
                  the short-term, unsecured and unsubordinated debt obligations
                  of Party A (or its successor) and, if relevant, any Credit
                  Support Provider of Party A, are downgraded below "Prime-1"
                  (or its equivalent) by Moody's, then Party A will, on a
                  reasonable efforts basis and at its own cost, attempt to
                  either:

                  (1)      transfer all of its rights and obligations with
                           respect to this Agreement to either (x) a replacement
                           third party with the Required Ratings (as defined
                           below) domiciled in the same legal jurisdiction as
                           Party A or Party B, or (y) a replacement third party
                           as agreed with Moody's;

                  (2)      procure another person to become co-obligor in
                           respect of the obligations of Party A under this
                           Agreement, such co-obligor may be either (x) a person
                           with the Required Ratings (as defined below)
                           domiciled in the same legal jurisdiction as Party A
                           or Party B, or (y) such other person as agreed with
                           Moody's; or

                  (3)     take such other action as agreed with Moody's.

                  Pending compliance with any of (ii)(1), (ii)(2) or (ii)(3)
                  above, Party A will, at its own cost:

                  (4)     within 30 days of the occurrence of such downgrade,
                          put in place a mark-to-market collateral agreement in
                          a form and substance acceptable to Moody's (which may
                          be based on the credit support documentation published
                          by ISDA, or otherwise, and relates to collateral in
                          the form of cash or securities or both) in support of
                          its obligations under this Agreement complies with the
                          Moody's Criteria (as defined below) or is such other
                          lesser amount as may be agreed with Moody's.

                  If any of (ii)(1), (ii)(2) or (ii)(3) above are satisfied at
                  any time, all collateral (or the equivalent thereof, as
                  appropriate) transferred by Party A pursuant to (b)(D) will be
                  re-transferred to Party A and Party A will not be required to
                  transfer any additional collateral.

         (iii)    In the event that (A) the long-term, unsecured and
                  unsubordinated debt obligations of Party A (or its successor)
                  and, if relevant, any Credit Support Provider of Party A, are
                  downgraded below "A3" (or its equivalent) by Moody's or (B)
                  the short-term, unsecured and unsubordinated debt obligations
                  of Party A (or its successor) and, if relevant, any Credit
                  Support Provider of Party A, are downgraded below "Prime-2"
                  (or its equivalent) by Moody's, then Party A will, on a
                  reasonable efforts basis and at its own cost, attempt to
                  either:

                  (1)     transfer all of its rights and obligations with
                          respect to this Agreement to either (x) a replacement
                          third party with the Required Ratings (defined below)
                          domiciled in the same legal jurisdiction as Party A or

<PAGE>

                          Party B, or (y) a replacement third party as agreed
                          with Moody's;

                  (2)     procure another person to become co-obligor in respect
                          of the obligations of Party A under this Agreement,
                          such co-obligor may be either (x) a person with the
                          Required Ratings (defined below) domiciled in the same
                          legal jurisdiction as Party A or Party B, or (y) such
                          other person as agreed with Moody's; or

                  (3)     take such other action agreed with Moody's.

                  Pending compliance with (iii)(1), (iii)(2) or (iii)(3) above,
                  Party A will, at its own cost:

                  (4)     if Party A has not already posted collateral pursuant
                          to (ii)(4), within 30 days of the occurrence of such
                          downgrade, put in place a mark-to-market collateral
                          agreement in a form and substance acceptable to
                          Moody's (which may be based on the credit support
                          documentation published by ISDA, or otherwise, and
                          relates to collateral in the form of cash or
                          securities or both) in support of its obligations
                          under this Agreement Amount which complies with the
                          Moody's Criteria (defined below), and, if Party A has
                          already posted collateral pursuant to (ii)(4) above,
                          within 10 days of the occurrence of such downgrade,
                          post such additional collateral as is required to
                          ensure the Collateral Amount complies with the Moody's
                          Criteria, or in each case, is such other lesser amount
                          as may be agreed with Moody's.

                  If any of (iii)(1), (iii)(2) or (iii)(3) are satisfied at any
                  time, all collateral (or the equivalent thereof, as
                  appropriate) transferred by Party A pursuant to (iii)(4) will
                  be retransferred to Party A and Party A will not be required
                  to transfer any additional collateral.

                  For the purposes of (ii) and (iii), "REQUIRED RATINGS" means,
                  in respect of the relevant entity, its short-term, unsecured
                  and unsubordinated debt obligations are rated at least as high
                  as "Prime-1" and its long-term, unsecured and unsubordinated
                  debt obligations are rated at least as high as "A1", or such
                  other ratings as may be agreed with Moody's from time to time.

                  "MOODY'S CRITERIA" means that the Collateral Amount shall
                  equal the sum of (a) the product of A multiplied by the
                  mark-to-market value of the outstanding Transactions as
                  determined by Party A in good faith on each Local Business
                  Day, and (b) the product of B multiplied by the current
                  aggregate notional amounts of the outstanding Transactions,
                  where:

                  (i)      "A" means 102% and "B" means [2]% if the long-term,
                           unsecured and unsubordinated debt obligations or the
                           short-term, unsecured and unsubordinated debt
                           obligations of Party A (or its successor) and, if
                           relevant, any Credit Support Provider of Party A is
                           downgraded below "A1" or "Prime-1" by Moody's;

                  (ii)     "A" shall be equal to or greater than 102% (as
                           determined by Moody's) and"B" shall be equal to or
                           greater than [3]% (as determined by Moody's) if the
                           long-term, unsecured and unsubordinated debt

<PAGE>

                           obligations or the short-term, unsecured and
                           unsubordinated debt obligations of Party A (or its
                           successor) and, if relevant, any Credit Support
                           Provider of Party A is downgraded below "A3" or
                           "Prime-2" by Moody's; and

                  (iii)    "A" means 0% and "B" means 0% in all other cases.

                  In relation to paragraphs (ii)(4) and (iii)(4) above, Party A
                  will, upon receipt of reasonable notice from Moody's,
                  demonstrate to Moody's the calculation by it of the
                  mark-to-market value of the outstanding Transactions.]

                  OR

         [(ii)             In the event that (A) the long-term, unsecured and
                           unsubordinated debt obligations of Party A (or its
                           successor) and, if relevant, any Credit Support
                           Provider of Party A, is downgraded below "A1" (or its
                           equivalent) by Moody's or (B) the short-term,
                           unsecured and unsubordinated debt obligations of
                           Party A (or its successor) and, if relevant, any
                           Credit Support Provider of Party A, is downgraded
                           below "Prime-1" (or its equivalent) by Moody's (an
                           "INITIAL MOODY'S RATING EVENT"), then Party A will,
                           within 30 days of such Initial Moody's Rating Event
                           at its own cost, either:

                  (1)      transfer all of its rights and obligations with
                           respect to this Agreement to either (x) a replacement
                           third party with the Required Ratings (as defined
                           below) domiciled in the same legal jurisdiction as
                           Party A or Party B, or (y) a replacement third party
                           as agreed with Moody's; or

                  (2)      procure another person to become co-obligor in
                           respect of the obligations of Party A under this
                           Agreement, such co-obligor may be either (x) a person
                           with the Required Ratings (as defined below)
                           domiciled in the same legal jurisdiction as Party A
                           or Party B, or (y) such other person as agreed with
                           Moody's; or

                  (3)      take such other action as agreed with Moody's; or

                  (4)      put in place a mark-to-market collateral agreement in
                           a form and substance acceptable to Moody's (which may
                           be based on the credit support documentation
                           published by ISDA, or otherwise, and relates to
                           collateral in the form of cash or securities or both)
                           in support of its obligations under this Agreement
                           which complies with the Moody's Criteria (as defined
                           below) or such other amount as may be agreed with
                           Moody's.

                  If any of (ii)(1), (ii)(2) or (iii)(3) above are satisfied at
                  any time, all collateral (or the equivalent thereof, as
                  appropriate) transferred by Party A pursuant to (ii)(4) will
                  be retransferred to Party A and Party A will not be required
                  to transfer any additional collateral.

         (iii)    In the event that (A) the long-term, unsecured and
                  unsubordinated debt obligations of Party A (or its successor)
                  and, if relevant, any Credit Support Provider of Party A, is
                  downgraded below "Baa2" (or its equivalent) by

<PAGE>

                  Moody's or (B) the short-term, unsecured and unsubordinated
                  debt obligations of Party A (or its successor) and, if
                  relevant, any Credit Support Provider of Party A, is
                  downgraded below "Prime-2" (or its equivalent) by Moody's(a
                  "SUBSEQUENT MOODY'S RATING EVENT"), then Party A will, on a
                  best efforts basis, and at its own cost, attempt to either:

                  (1)     transfer all of its rights and obligations with
                          respect to this Agreement to either (x) a replacement
                          third party with the Required Ratings (defined below)
                          domiciled in the same legal jurisdiction as Party A or
                          Party B, or (y) a replacement third party as agreed
                          with Moody's; or

                  (2)     procure another person to become co-obligor in respect
                          of the obligations of Party A under this Agreement,
                          such co-obligor may be either (x) a person with the
                          Required Ratings (defined below) domiciled in the same
                          legal jurisdiction as Party A or Party B, or (y) such
                          other person as agreed with Moody's; or

                  (3)     take such other action agreed with Moody's.

                  Pending compliance with (iii)(1), (iii)(2) or (iii)(3) above,
                  Party A will at its own cost:

                  (4)     within 10 days of the occurrence of such Subsequent
                          Moody's Rating Event, put in place a mark-to-market
                          collateral agreement in a form and substance
                          acceptable to Moody's (which may be based on the
                          credit support documentation published by ISDA, or
                          otherwise, and relates to collateral in the form of
                          cash or securities or both) in support of its
                          obligations under this Agreement which complies with
                          the Moody's Criteria (defined below) or such other
                          amount as may be agreed with Moody's.

                  If any of (iii)(1), (iii)(2) or (iii)(3) are satisfied at any
                  time, all collateral (or the equivalent thereof, as
                  appropriate) transferred by Party A pursuant to (iii)(4) will
                  be retransferred to Party A and Party A will not be required
                  to transfer any additional collateral.

                  For the purposes of (ii) and (iii), "REQUIRED RATINGS" means,
                  in respect of the relevant entity, its short-term, unsecured
                  and unsubordinated debt obligations are rated at least as high
                  as "Prime-1" and its long-term, unsecured and unsubordinated
                  debt obligations are rated at least as high as "A1", or such
                  other ratings as may be agreed with Moody's from time to time.

                  "MOODY'S CRITERIA" means that the Collateral Amount shall
                  equal the sum of (a) the product of A multiplied by the
                  mark-to-market value of the outstanding Transactions as
                  determined by Party A in good faith on one Local Business Day
                  per week and (b) the product of B multiplied by the current
                  aggregate notional amounts of the outstanding Transactions,
                  where:

                  (i)      "A" means 102% and "B" means 2% if the long-term,
                           unsecured and unsubordinated debt obligations or the
                           short-term, unsecured and unsubordinated debt
                           obligations of Party A (or its successor) and, if

<PAGE>

                           relevant, any Credit Support Provider of Party A is
                           downgraded below "A1" or "Prime-1" by Moody's;

                  (ii)     "A" shall be equal to or greater than 102% (as
                           determined by Moody's) and"B" shall be equal to or
                           greater than 3% (as determined by Moody's) if the
                           long-term, unsecured and unsubordinated debt
                           obligations or the short-term, unsecured and
                           unsubordinated debt obligations of Party A (or its
                           successor) and, if relevant, any Credit Support
                           Provider of Party A is downgraded below "Baa2" or
                           "Prime-2" by Moody's; and

                  (iii)    "A" means 0% and "B" means 0% in all other cases.

                  In relation to paragraphs (b)(D) and (c)(D) above, Party A
                  will, upon receipt of reasonable notice from Moody's
                  demonstrate to Moody's the calculation by it of the
                  mark-to-market value of the outstanding Transactions. In
                  relation to paragraph (c)(D) above, Party A will, at its own
                  cost, on receipt of reasonable notice from Moody's (which, for
                  the avoidance of doubt, will be no less than 30 days) arrange
                  a third party valuation of the mark-to-market value of the
                  outstanding Transactions.]

        (iv)      If the short-term unsecured and unsubordinated debt
                  obligations of Party A (or its successor or assignee) and, if
                  relevant, any Credit Support Provider of Party A, are rated by
                  Fitch and in the event that the rating is, or is downgraded
                  below, ["F1"] (or its equivalent), and as a result the then
                  current rating of the Series 1 Class B Sixth Issuer Notes may
                  in the reasonable opinion of Fitch be downgraded or placed on
                  a credit watch for future downgrade (a "FITCH RATING EVENT"),
                  then Party A will, on a reasonable efforts basis, within 30
                  days of the occurrence of such Fitch Rating Even, at its own
                  cost, either:

                  (A)      attempt to transfer all of its rights and obligations
                           with respect to this Agreement to a replacement third
                           party whose short-term, unsecured and unsubordinated
                           debt ratings are rated at least as high as ["A-1+"]
                           by S&P and ["F1"] by Fitch and whose long-term,
                           unsecured and unsubordinated debt ratings are rated
                           at least as high as ["A1"] by Moody's or, in each
                           case, such other ratings as are commensurate with the
                           ratings assigned to the Series 1 Class B Sixth Issuer
                           Notes by such rating agencies from time to time; or

                  (B)      procure another person to become co-obligor or
                           guarantor in respect of the obligations of Party A
                           under this Agreement whose short-term, unsecured and
                           unsubordinated debt ratings are rated at least as
                           high as ["A-1+"] by S&P and ["F1"] by Fitch and whose
                           long-term, unsecured and unsubordinated debt ratings
                           are rated at least as high as ["A1"] by Moody's or,
                           in each case, such other ratings as are commensurate
                           with the ratings assigned to the Series 1 Class B
                           Sixth Issuer Notes by such rating agencies from time
                           to time; or

                  (C)      put in place an appropriate mark-to-market collateral
                           agreement, (which may be based on the credit support
                           documentation published by ISDA, or otherwise, and
                           relates to collateral in the form of cash or
                           securities or both) in support of its obligations
                           under this Agreement

<PAGE>

                           provided that (x) Party A shall be deemed to have
                           satisfied the requirements of Fitch if the Collateral
                           Amount is determined on a basis which is no more
                           onerous than the Fitch Criteria (defined below) and
                           (y) the Collateral Amount shall not be required to
                           exceed such amount as would be required (in
                           accordance with the Fitch Criteria) to restore the
                           rating of the Series 1 Class B Sixth Issuer Notes to
                           the level at which they would have been immediately
                           prior to such downgrading; or

                  (D)      take such other action as Party A may agree with
                           Fitch as will result in the rating of the Series 1
                           Class B Sixth Issuer Notes then outstanding being
                           maintained.

                  "FITCH CRITERIA" means that the Collateral Amount shall not
                  exceed 100 per cent. of the mark-to-market value of the
                  outstanding Transactions as determined by Party A in good
                  faith from time.

         (iv)     (A) If Party A does not take any of the measures described in
                  (i) or (iv) above, such failure shall not be or give rise to
                  an Event of Default but shall constitute an Additional
                  Termination Event with respect to Party A and shall be deemed
                  to have occurred on the thirtieth day following the relevant
                  S&P Rating Event or Fitch Rating Event (as applicable) with
                  Party A as the sole Affected Party and all Transactions as
                  Affected Transactions.

                  EITHER

                  [(B) If Party A does not take the measures described in
                  (ii)(4) above, such failure shall not be or give rise to an
                  Event of Default but shall constitute an Additional
                  Termination Event with respect to Party A and shall be deemed
                  to have occurred on the thirtieth day following such downgrade
                  with Party A as the sole Affected Party and all Transactions
                  as Affected Transactions. Further, notwithstanding Section
                  5(a)(ii) of this Agreement, if [10] days after receiving
                  notice of failure to use its reasonable efforts to take one of
                  the measures described in (ii)(1), (ii)(2) or (ii)(3), Party A
                  still has not used reasonable efforts to take one of the above
                  courses of action, this shall not constitute an Event of
                  Default but shall be an Additional Termination Event with
                  Party A as the sole Affected Party and all Transactions as
                  Affected Transactions.

                  (C) If Party A does not take the measures described in
                  (iii)(4) above, such failure shall give rise to an Event of
                  Default with respect to Party A andshall be deemed to have
                  occurred (x) if Party A has already posted collateral pursuant
                  to the provisions of (ii)(4) above, on the [tenth] day
                  following such downgrade and (y) if Party A has not posted
                  collateral pursuant to the provisions of (ii)(4) above, on the
                  thirtieth day following such downgrade, in each case with
                  Party A as the Defaulting Party. Further, notwithstanding
                  Section 5(a)(ii) of this Agreement, if [10] days after
                  receiving notice of failure to use its reasonable efforts to
                  take one of the measures described in (iii)(1), (iii)(2) or
                  (iii)(3), Party A still has not used reasonable efforts to
                  take one of the above courses of action, this shall not
                  constitute an Event of Default but shall be an Additional
                  Termination Event with Party A as the sole Affected Party and
                  all Transactions as Affected Transactions.]

<PAGE>

                  OR

                  [(B) If Party A does not take the measures described in
                  (ii)(1),(2),(3) or (4) above, such failure shall not be or
                  give rise to an Event of Default but shall constitute an
                  Additional Termination Event with respect to Party A and shall
                  be deemed to have occurred on the thirtieth day following the
                  occurrence of such Initial Moody's Rating Event with Party A
                  as the sole Affected Party and all Transactions shall be
                  Affected Transactions.

                  (C) If Party A does not take the measures described in
                  (iii)(4) above, such failure shall give rise to an Event of
                  Default with respect to Party A and shall be deemed to have
                  occurred on the tenth day following such Subsequent Moody's
                  Rating Event with Party A as the Defaulting Party. Further,
                  notwithstanding Section 5(a)(ii) of this Agreement, if 10 days
                  after receiving notice of failure to use its best efforts to
                  either transfer as described in (iii)(1), find a co-obligor as
                  described in (iii)(2) or take such other action as described
                  in (iii)(3), Party A still has not used best efforts to take
                  one of the above courses of action, this shall not constitute
                  an Event of Default but shall be an Additional Termination
                  Event with Party A as the sole Affected Party and all
                  Transactions shall be Affected Transactions.]

                  (D) In the event that Party B were to designate an Early
                  Termination Date and there would be a payment due to Party A,
                  Party B may only designate such an Early Termination Date in
                  respect of an Additional Termination Event under this Part
                  5(e) if Party B has found a replacement counterparty willing
                  to enter into a new transaction on terms that reflect as
                  closely as reasonably possible the economic, legal and credit
                  terms of the Terminated Transactions with Party A.

                  (E) Each of Party B and the Security Trustee shall use their
                  reasonable endeavours to co-operate with Party A in putting in
                  place any credit support documentation, including agreeing to
                  such arrangements in such documentation as may satisfy S&P,
                  Moody's and Fitch with respect to the operation and management
                  of the collateral (subject always to proviso (x) and (y) in
                  (i)(A) above) and entering into such documents as may
                  reasonably be requested by Party A in connection with the
                  provision of such collateral.

(h)      ADDITIONAL REPRESENTATIONS

         (i) Section 3 is amended by the addition at the end thereof of the
         following additional representations:

                   "(g)   NO AGENCY. It is entering into this Agreement and each
                          Transaction as principal and not as agent of any
                          person."

         (ii) The following additional representation shall be given by Party A
         only:

                   (h)    PARI PASSU. Its obligations under this Agreement rank
                          pari passu with all of its other unsecured,
                          unsubordinated obligations except those obligations
                          preferred by operation of law.

<PAGE>

(i)     RECORDING OF CONVERSATIONS

        Each party to this Agreement acknowledges and agrees to the tape
        recording of conversations between the parties to this Agreement.

(j)     RELATIONSHIP BETWEEN THE PARTIES

        The Agreement is amended by the insertion after Section 14 of an
        additional Section 15, reading in its entirety as follows:

        "15.     RELATIONSHIP BETWEEN THE PARTIES

        Each party will be deemed to represent to the other party on the date
        on which it enters into a Transaction that (absent a written agreement
        between the parties that expressly imposes affirmative obligations to
        the contrary for that Transaction):

        (a)    NON RELIANCE. It is acting for its own account, and it has made
               its own decisions to enter into that Transaction and as to
               whether that Transaction is appropriate or proper for it based
               upon advice from such advisers as it has deemed necessary. It is
               not relying on any communication (written or oral) of the other
               party as investment advice or as a recommendation to enter into
               that Transaction; it being understood that information and
               explanations related to the terms and conditions of a Transaction
               shall not be considered investment advice or a recommendation to
               enter into that Transaction. It has not received from the other
               party any assurance or guarantee as to the expected results of
               that Transaction.

        (b)    ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
               merits of and understanding (through independent professional
               advice), and understands and accepts, the terms, conditions
               and risks of that Transaction. It is also capable of assuming,
               and assumes, the financial and other risks of that
               Transaction.

        (c)    STATUS OF PARTIES. The other party is not acting as a fiduciary
               or an adviser for it in respect of that Transaction."

(k)     TAX

        The Agreement is amended by deleting Section 2(d) in its entirety and
        replacing it with the following:

        "(d)   Deduction or Withholding for Tax

               (i)  Requirement to Withhold

               All payments under this Agreement will be made without any
               deduction or withholding for or on account of any Tax unless
               such deduction or withholding is required (including, for the
               avoidance of doubt, if such deduction or withholding is
               required in order for the payer to obtain relief from Tax) by
               any applicable law, as modified by the practice of any
               relevant governmental revenue authority, then in effect. If a
               party ("X") is so required to deduct or withhold, then that
               party (the "DEDUCTING PARTY"):

<PAGE>

               (1) will promptly notify the other party ("Y") of such
               requirement;

               (2) will pay to the relevant authorities the full amount required
               to be deducted or withheld (including the full amount required to
               be deducted or withheld from any Gross Up Amount (as defined
               below) paid by the Deducting Party to Y under this Section 2(d))
               promptly upon the earlier of determining that such deduction or
               withholding is required or receiving notice that such amount has
               been assessed against Y;

               (3) will promptly forward to Y an official receipt (or a
               certified copy), or other documentation reasonably acceptable to
               Y, evidencing such payment to such authorities; and

               (4) if X is Party A, X will promptly pay in addition to the
               payment to which Party B is otherwise entitled under this
               Agreement, such additional amount (the "GROSS UP AMOUNT") as is
               necessary to ensure that the net amount actually received by
               Party B will equal the full amount which Party B would have
               received had no such deduction or withholding been required.

                (ii) Liability

                If:

                (1) X is required by any applicable law, as modified by the
                practice of any relevant governmental revenue authority, to
                make any deduction or withholding for or on account of any Tax
                in respect of payments under this Agreement; and

                (2) X does not so deduct or withhold; and

                (3) a liability resulting from such Tax is assessed directly
                against X,

                then, except to the extent that Y has satisfied or then
                satisfies the liability resulting from such Tax, (A) where X is
                Party B, Party A will promptly pay to Party B the amount of such
                liability (the "LIABILITY AMOUNT") (including any related
                liability for interest and together with an amount equal to the
                Tax payable by Party B on receipt of such amount but including
                any related liability for penalties only if Party A has failed
                to comply with or perform any agreement contained in Section
                4(a)(i), 4(a)(iii) or 4(d)) and Party B will promptly pay to the
                relevant government revenue authority the amount of such
                liability (including any related liability for interest and
                penalties) and (B) where X is Party A and Party A would have
                been required to pay a Gross Up Amount to Party B, Party A will
                promptly pay to the relevant government revenue authority the
                amount of such liability (including any related liability for
                interest and penalties).

         (iii)  Tax Credit etc.

                Where Party A pays an amount in accordance with Section
                2(d)(i)(4) above, Party B undertakes as follows:

                (1)      to the extent that Party B obtains any Tax credit,
                         allowance, set-off or repayment from the tax
                         authorities of any jurisdiction relating to any

<PAGE>

                         deduction or withholding giving rise to such payment
                         ("TAX CREDIT"), it shall pay to Party A, as soon as
                         practical after receipt of the same, so much of the
                         cash benefit (as calculated below) relating thereto
                         which it has received as will leave Party B in
                         substantially the same (but in any event no worse)
                         position as Party B would have been in if no such
                         deduction or withholding had been required;

                (2)      the "cash benefit" shall, in the case of credit,
                         allowance or set-off, be the additional amount of Tax
                         which would have been payable by Party B in the
                         relevant jurisdiction referred to in (1) above but
                         for the obtaining by it of the said Tax credit,
                         allowance or set-off and, in the case of a repayment,
                         shall be the amount of the repayment together with
                         any related interest or similar payment obtained by
                         Party B;

                (3)      it will use all reasonable endeavours to obtain any
                         Tax Credit as soon as is reasonably practicable and
                         it shall, upon request by Party A, supply Party A
                         with a reasonably detailed explanation of its
                         calculation of the amount of any such Tax Credit and
                         of the date on which the same is received; and

                (4)      it will ensure that any Tax Credit obtained is paid
                         directly to Party A, and not applied in whole or part
                         to pay any other Issuer Secured Creditor or any other
                         party, both prior to and subsequent to any
                         enforcement of the security constituted by the Sixth
                         Issuer Deed of Charge.

         (l)    SECURITY, ENFORCEMENT AND LIMITED RECOURSE

                (a)      Party A agrees with Party B and the Security Trustee
                         to be bound by the terms of the Sixth Issuer Deed of
                         Charge and, in particular, confirms that:

                         (i)    no sum shall be payable by or on behalf of Party
                                B to it except in accordance with the provisions
                                of the Sixth Issuer Deed of Charge; and

                         (ii)   it will not take any steps for the winding up,
                                dissolution or reorganisation, or for the
                                appointment of a receiver, administrator,
                                administrative receiver, trustee, liquidator,
                                sequestrator or similar officer of Party B or of
                                any or all of its revenues and assets nor
                                participate in any ex parte proceedings nor seek
                                to enforce any judgment against Party B, subject
                                to the provisions of the Sixth Issuer Deed of
                                Charge.

                (b)      In relation to all sums due and payable by Party B to
                         Party A, Party A agrees that it shall have recourse
                         only to Sixth Issuer Available Funds, but always
                         subject to the order of priority of payments set out
                         in the Sixth Issuer Cash Management Agreement and the
                         Sixth Issuer Deed of Charge.

<PAGE>

(m)      CONDITION PRECEDENT

         Section 2(a)(iii) shall be amended by the deletion of the words "a
         Potential Event of Default" in respect of obligations of Party B only.

(n)      REPRESENTATIONS

         Section 3(b) shall be amended by the deletion of the words "or
         Potential Event of Default" in respect of the representation given by
         Party B only.

(o)      ADDITIONAL DEFINITIONS

         Words and expressions defined in the Amended and Restated Master
         Definitions and Interpretation Schedule (the "MASTER SCHEDULE") and the
         Sixth Issuer Master Definitions and Construction Schedule (the "ISSUER
         SCHEDULE") (together the "MASTER DEFINITIONS SCHEDULE") signed for the
         purposes of identification on _______, 2002 shall, except so far as the
         context otherwise requires, have the same meaning in this Agreement. In
         the event of any inconsistency between the definitions in this
         Agreement and in the Master Definitions Schedule the definitions in
         this Agreement shall prevail. In the event of any inconsistency between
         the Master Schedule and the Issuer Schedule, the Issuer Schedule shall
         prevail. The rules of interpretation set out in the Master Definitions
         Schedule shall apply to this Agreement.

(p)      CALCULATIONS

         Upon the occurrence of an Event of Default or an Additional Termination
         Event with respect to Party A, Party B will be entitled (but not
         obliged in the event that it does not designate an Early Termination
         Date) to proceed in accordance with Section 6 of the Agreement subject
         to the following:

         (i)    For the purposes of Section 6(d)(i), Party B's obligation with
                respect to the extent of information to be provided with its
                calculations is limited to information Party B has already
                received in writing and provided Party B is able to release
                this information without breaching the provisions of any law
                applicable to, or any contractual restriction binding upon,
                Party B.

         (ii)   The following amendments shall be deemed to be made to the
                definitions of "Market Quotation":

                (A)    the word "firm" shall be added before the word
                       "quotations" in the second line;

                (B)    the words "provided that the documentation relating
                       thereto is either the same as this Agreement and the
                       existing confirmations hereto (and the short-term,
                       unsecured and unsubordinated debt obligations of the
                       Reference Market-maker are rated not less than ["A-1+"]
                       by S&P and ["F1"] by Fitch and the long-term, unsecured
                       and unsubordinated debt obligations of the Reference
                       Market-maker are rated not less than ["A1"] by Moody's
                       (or, if such Reference Market-maker is not rated by a
                       Rating Agency, at such equivalent rating (by another
                       Rating Agency) that is acceptable to such Rating
                       Agency) or the Rating Agencies have confirmed in writing
                       such proposed documentation will not adversely

<PAGE>

                       impact the ratings of the Series 1 Class B Issuer Notes"
                       shall be added after "agree" in the sixteenth line; and

                  (C)    the last sentence shall be deleted and replaced with
                         the following:

                       "If, on the last date set for delivery of quotations,
                       exactly two quotations are provided, the Market Quotation
                       will be either (a) the lower of the two quotations where
                       there would be a sum payable by Party A to Party B, or
                       (b) the higher of the two quotations where there would be
                       a sum payable by Party B to Party A. If only one
                       quotation is provided on such date, Party B may, in its
                       discretion, accept such quotation as the Market Quotation
                       and if Party B does not accept such quotation (or if no
                       quotation has been provided), it will be deemed that the
                       Market Quotation in respect of the Terminated Transaction
                       cannot be determined."

         (iii)    For the purpose of the definition of "Market Quotation", and
                  without limiting the general rights of Party B under the
                  Agreement:

                  (A)    Party B will undertake to use its reasonable efforts
                         to obtain at least three firm quotations as soon as
                         reasonably practicable after the Early Termination
                         Date and in any event within the time period
                         specified pursuant to (iii)(C) below;

                  (B)    Party A shall, for the purposes of Section 6(e), be
                         permitted to obtain quotations from Reference
                         Market-makers; and

                  (C)    if no quotations have been obtained within 6 Local
                         Business Days after the occurrence of the Early
                         Termination Date or such longer period as Party B may
                         specify in writing to Party A, then it will be deemed
                         that the Market Quotation in respect of the
                         Terminated Transaction cannot be determined.

         (iv)     Party B will be deemed to have discharged its obligations
                  under (iii)(A) above if it promptly requests, in writing,
                  Party A (such request to be made within two Local Business
                  Days after the occurrence of the Early Termination Date) to
                  obtain quotations from Reference Market-makers.

         (v)      Party B will not be obliged to consult with Party A as to the
                  day and time of obtaining any quotations.

(q)      TRANSFERS

         Section 7 of this Agreement shall not apply to Party A, who shall be
         required to comply with, and shall be bound by, the following:

         Without prejudice to Section 6(b)(ii), Party A may transfer all its
         interest and obligations in and under this Agreement upon providing
         five Business Days prior written notice to the Security Trustee, to any
         other entity (a "TRANSFEREE") provided that:

         (a)      the Transferee's short-term unsecured and unsubordinated debt
                  obligations are then rated not less than ["A-1+"] by S&P and
                  ["F1"] by Fitch and its long-term

<PAGE>

                  unsecured and unsubordinated debt obligations are then rated
                  not less than ["A1"] by Moody's (or its equivalent by any
                  substitute rating agency) or such Transferee's obligations
                  under this Agreement are guaranteed by an entity whose
                  short-term, unsecured and unsubordinated debt obligations are
                  then rated not less than ["A-1+"] by S&P and ["F1"] by Fitch
                  and whose long-term, unsecured and unsubordinated debt
                  obligations are then rated not less than ["A1"] by Moody's (or
                  its equivalent by any substitute rating agency);

         (b)      as of the date of such transfer the Transferee will not, as a
                  result of such transfer, be required to withhold or deduct on
                  account of tax under this Agreement;

         (c)      a Termination Event or an Event of Default does not occur
                  under this Agreement as a result of such transfer;

         (d)      no additional amount will be payable by Party B to Party A or
                  the Transferee on the next succeeding Scheduled Payment Date
                  as a result of such transfer; and

         (e)      (if the Transferee is domiciled in a different country from
                  both Party A and Party B) S&P, Moody's and Fitch have provided
                  prior written notification that the then current ratings of
                  the Series 1 Class B Sixth Issuer Notes will not be adversely
                  affected.

         Following such transfer all references to Party A shall be deemed to be
         references to the Transferee.

         Save as otherwise provided for in this Agreement and notwithstanding
         Section 7, Party A shall not be permitted to transfer (by way of
         security or otherwise) this Agreement nor any interest or obligation in
         or under this Agreement without the prior written consent of the
         Security Trustee.

<PAGE>

From:             ________

To:               Holmes Financing (No. 6) PLC
                  Abbey House
                  Baker Street
                  London
                  NW1 6XL

Attention:        Company Secretary

To:               JPMorgan Chase Bank, London Branch
                  Trinity Tower
                  9 Thomas More Street
                  London E1W 1YT

Attention:        Manager Trust Administration Team

                                                             _____________, 2002

Dear Sirs,

CONFIRMATION - SERIES 1 CLASS B DOLLAR TO STERLING CURRENCY SWAP

The purpose of this letter is to confirm the terms and conditions of the swap
transaction entered into between us on the Trade Date specified below (the "SWAP
TRANSACTION"). This letter constitutes a "CONFIRMATION" as referred to in the
1992 ISDA Master Agreement (Multicurrency-Cross Border) (Series 1 Class B)
entered into between us, you and ___ (the "SECURITY TRUSTEE") on the date hereof
as amended and supplemented from time to time (the "AGREEMENT").

The definitions and provisions contained in the 2000 ISDA Definitions as
published by the International Swaps & Derivatives Association, Inc. (the
"DEFINITIONS") are incorporated into this Confirmation. In the event of any
inconsistency between any of the following, the first listed shall govern: (i)
this Confirmation, (ii) the Master Definitions Schedule, and (iii) the
Definitions.

The term "TRANSACTION" as used herein shall, for the purposes of the
Definitions, have the same meaning as "SWAP TRANSACTION".

1. THE FOLLOWING TERMS RELATE TO ALL TRANSACTIONS TO WHICH THIS
   CONFIRMATION RELATES:

        Party A:                              _________

        Party B:                              Holmes Financing (No. 6) PLC

        Trade Date:                           _____________, 2002

<PAGE>

        Termination Date:                     The earlier of the Interest
                                              Payment Date falling in [July
                                              2040] and the date on which all of
                                              the Series 1 Class B Sixth Issuer
                                              Notes are redeemed in full.

        Dollar Currency Swap Rate:            __________ (USD per GBP)

        Business Days:                        London, New York and TARGET

        Calculation Agent:                    Party A

2. PRINCIPAL TRANSACTION:

Effective Date:                               _____________, 2002

Party A Floating Amounts:

        Party A
        Currency Amount:                      USD [34,000,000]

        Party A
        Payment Dates:                        Each Interest Payment Date up to
                                              the Termination Date, and
                                              including the Termination Date.

        Floating Rate for
        Initial Calculation Period:           Linear Interpolation applicable

        Party A
        Floating Rate Option:                 USD-LIBOR-BBA

        Designated Maturity:                  3 months

        Spread:                               ________ per cent. per annum up to
                                              and including the Interest Payment
                                              Date falling in [April, 2008] and
                                              thereafter ___ per cent. per
                                              annum.

        Rounding Convention:                  Rounded to the nearest cent

        Reset Dates:                          The first day of each Calculation
                                              Period

        Party A Floating Rate Day
        Count Fraction:                       Actual/360

Party B Floating Amounts:

        Party B
        Currency Amount:                      GBP [Insert an amount calculated
                                              by reference to the Party A
                                              Currency Amount and the Dollar
                                              Currency Swap Rate]

<PAGE>

         Party B
         Payment Dates:                       Each Interest Payment Date up to
                                              the Termination Date, and
                                              including the Termination Date.

         Floating Rate for
         Initial Calculation
         Period:                              Linear Interpolation applicable.

         Party B
         Floating Rate Option:                GBP-LIBOR-BBA

         Designated Maturity:                 3 months

         Spread:                              _____ per cent. per annum up to
                                              and including the Interest Payment
                                              Date falling in [April, 2008] and
                                              thereafter ____ per cent. per
                                              annum.

         Floating Rate Day
         Count Fraction:                      Actual/365(Fixed)

         Rounding Convention:                 Rounded to the nearest penny

         Reset Dates:                         The first day of each Calculation
                                              Period

Initial Exchange:

         Initial Exchange Date:               _________, 2002

         Party A Initial
         Exchange Amount:                     Party B Currency Amount

         Party B Initial
         Exchange Amount:                     Party A Currency Amount

Final Exchange:

         Final Exchange Date:                 Termination Date

         Party A Final
         Exchange Amount:                     Party A Currency Amount

         Party B Final
         Exchange Amount:                     Party B Currency Amount

<PAGE>

3.      ADDITIONAL INTEREST RATE AND CURRENCY TRANSACTIONS:

        The terms set out below are applicable to each of the additional
        interest rate and currency transactions (each an "ADDITIONAL
        TRANSACTION") (comprising the Additional Initial Exchange Amounts and
        Additional Final Exchange Amounts, Party A Additional Floating Amounts
        and Party B Additional Floating Amounts set out below). The following
        terms reflect such additional 1,000,000 Additional Transactions each on
        the terms set out below and each such Additional Transaction shall be
        referred to in numerical sequence beginning with "Additional Transaction
        1" through to "Additional Transaction 1,000,000" (together, the
        "ADDITIONAL TRANSACTIONS"). Such Additional Transactions are to become
        effective on a sequential basis, starting on the first Additional
        Initial Exchange Date on which the conditions referred to below are
        satisfied for that Additional Transaction.

        The first Additional Transaction shall be conditional upon the USD
        Amortisation Amount for any Interest Payment Date being greater than or
        equal to the Party B Additional Currency Amount (as defined below) and
        each subsequent Transaction shall be conditional upon: (i) the Relevant
        Payment Date (as defined below) having occurred in respect of the
        immediately numerically preceding Additional Transactions and (ii) the
        then relevant USD Amortisation Amount less the aggregate of the Party A
        Additional Initial Exchange Amounts of the preceding Additional
        Transactions in respect of which the Relevant Payment Date is the
        relevant Additional Initial Exchange Date equalling or exceeding the
        Party A Additional Initial Exchange Amount of the Additional
        Transaction.

        On each Interest Payment Date Party B shall notify Party A as to the USD
        Amortisation Amount and the Additional Transactions in numerical order
        that are (i) then currently effective, and (ii) to become effective on
        the next Party A Payment Date.

        USD Amortisation Amount:                         In respect of the
                                                         Interest Payment Date,
                                                         an amount in Dollars
                                                         equal to the amount of
                                                         the Series 1 Class B
                                                         Sixth Issuer Notes to
                                                         be redeemed on such
                                                         Interest Payment Date.

        Additional Initial Exchanges and
        Additional Final Exchanges:

        Additional Initial Exchange Date and the         The Interest Payment
        Effective Date:                                  Date on which the
                                                         conditions referred to
                                                         above for the relevant
                                                         Transaction comprising
                                                         one of the Additional
                                                         Transactions are
                                                         satisfied (being the
                                                         "RELEVANT PAYMENT DATE"
                                                         for that Transaction).

        Party A Additional Initial Exchange Amount:      USD [34.00]

        Party B Additional Initial Exchange Amount:      GBP [Insert a figure
                                                         calculated by reference
                                                         to the Party A
                                                         Additional Initial
                                                         Exchange Amount and the
                                                         Dollar Currency Swap
                                                         Rate]

<PAGE>

        Party A Additional Final Exchange Amount:        GBP [Insert a figure
                                                         calculated by reference
                                                         to the Party B
                                                         Additional Final
                                                         Exchange Amount and the
                                                         Dollar Currency Swap
                                                         Rate]

        Party B Additional Final Exchange Amount:        USD [34.00]

        Additional Final Exchange Date:                  Termination Date

        Additional Floating Amounts:

        Party A Additional Floating Amounts:

        Party A Additional Currency Amount:              GBP [Insert a figure
                                                         calculated by reference
                                                         to the Party B
                                                         Additional Final
                                                         Exchange Amount and the
                                                         Dollar Currency Swap
                                                         Rate]

        Party A Additional Floating Amount Payer:        Party A

        Party A Additional Floating Amount               Each Interest Payment
        Payer Payment Dates:                             Date following the
                                                         Relevant Payment Date

        Party A Additional Floating Amount Option:       GBP - LIBOR - BBA

        Designated Maturity:                             3 months

        Spread:                                          ____ per cent. per
                                                         annum up to and
                                                         including the Interest
                                                         Payment Date falling in
                                                         [April, 2008] and
                                                         thereafter ____ per
                                                         cent. per annum

        Party A Additional Floating Amount
        Day Count Fraction:                              Actual/365(Fixed)

        Reset Dates:                                     The first day of each
                                                         Calculation Period

        Party B Additional Floating Amounts:

        Party B Additional Currency Amount:              USD [34.00]

        Party B Additional Floating Amount Payer:        Party B

        Party B Additional Floating Amount               Each Interest Payment
        Payer Payment Date:                              Date following the
                                                         Relevant Payment Date

        Party B Additional Floating Rate Amount Option:  USD - LIBOR - BBA

<PAGE>

        Designated Maturity:                             3 months

        Spread:                                          ____ per cent. per
                                                         annum up to and
                                                         including the Interest
                                                         Payment Date falling in
                                                         [April, 2008] and
                                                         thereafter ____ per
                                                         cent. per annum

        Party B Floating Rate Day Count Fraction:        Actual/360

        Reset Dates:                                     The first day of each
                                                         Calculation Period

4.      DEFERRAL OF FLOATING AMOUNTS:

        If any payment of interest under the Series 1 Class B Sixth Issuer
        Notes is deferred in accordance with the terms and conditions of the
        Series 1 Class B Sixth Issuer Notes then a corresponding part of the
        Party A Floating Amount and a pro rata part of the Party B Floating
        Amount which, in each case, would otherwise be due in respect of the
        relevant Interest Payment Date shall be deferred.

        The amount so deferred on the Party A Floating Amount shall be payable
        on the next Party A Floating Amount Payment Date (together with an
        additional floating amount accrued thereon at the applicable Party A
        Floating Rate) and the Party A Floating Amount due on such date shall
        be deemed to include such amounts.

        The amount so deferred on the Party B Floating Amount shall be payable
        on the next Party B Floating Amount Payment Date (together with an
        additional floating amount accrued thereon accrued at the applicable
        Party B Floating Rate) and the Party B Floating Amount due on such date
        shall be deemed to include such amounts.

        On any subsequent occasion if any payment of interest under the Series
        1 Class B Sixth Issuer Notes is deferred (including any payment of a
        previous shortfall of interest or any payment of interest on such
        shortfall) in accordance with the terms and conditions of the Series 1
        Class B Sixth Issuer Notes then all or a corresponding part of the
        Party A Floating Amount and a pro rata part of the Party B Floating
        Amount shall be deferred.

        The amount so deferred on the Party A Floating Amount shall be payable
        on the next Party A Floating Amount Payment Date (together with an
        additional floating amount accrued thereon at the applicable Party A
        Floating Rate) and the Party A Floating Amount due on such date shall
        be deemed to include such amounts.

        The amount so deferred on the Party B Floating Amount shall be payable
        on the next Party B Floating Amount Payment Date (together with an
        additional floating amount accrued thereon at the applicable Party B
        Floating Rate) and the Party B Floating Amount due on such date shall
        be deemed to include such amounts.

<PAGE>

5.      MISCELLANEOUS:

        Section 2(c)(ii) of the Agreement will not apply and accordingly, any
        obligation of Party A to pay Sterling and Party B to pay Dollars in
        each case under any of the Additional Transactions on any date will be
        netted off against the obligation of Party B and Party A to make
        payments in Sterling and Dollars respectively under the Principal
        Transaction on such date. Since the relevant payment obligations under
        the Principal Transaction will always be larger than or equal to the
        Sterling and Dollar payment obligations respectively of Party A and
        Party B under the Additional Transactions, Party A and Party B shall
        not be required to make any Sterling and Dollar payments respectively
        under the Additional Transactions.

6.      ACCOUNT DETAILS:

        Payments to Party A
        in Dollars:                Bank:                     Please provide

                                   Account Number:           Please provide

                                   SWIFT:                    Please provide

                                   ABA No.:                  Please provide

                                   Account Name:             Please provide

        Payments to Party A
        in Sterling:               Bank:                     Please provide

                                   Sort Code                 Please provide

                                   Account Number:           Please provide

                                   Account Name:             Please provide

                                   CHAPS:                    Please provide

                                   SWIFT:                    Please provide

        Payments to Party B
        in Dollars:                Bank:                     Please provide

                                   Account Number:           Please provide

                                   Swift Code:               Please provide

                                   Sort Code:                Please provide

                                   Reference:                Please provide

<PAGE>

        Payments to Party B
        in Sterling:               Bank:                     Please provide

                                   Account Number:           Please provide

                                   Sort Code:                Please provide

                                   Reference:                Please provide

7.      Notice Details:

        Party A:                   ___________

        Address:                   [_________]

        Facsimile Number:          [_________]

        Attention:                 [_________]

        Party B:                   Holmes Financing (No. 6) PLC

        Address:                   [c/o Abbey National plc
                                   Abbey House (AAM 319)
                                   201 Grafton Gate East
                                   Milton Keynes
                                   MK9 1AN]

        Facsimile Number:          [+44 1908 344217]

        Attention:                 [Securitisation Team, Risk Operations]

        With a copy to the
        Security Trustee:          ___________

        Address:                   [_________]

        Facsimile Number:          [_________]

        Attention:                 [_________]

Yours faithfully,

<PAGE>

[SWAP COUNTERPARTY]

By:
Name:
Title:

<PAGE>

Confirmed as of the date first written:

HOLMES FINANCING (NO. 6) PLC

By:
Name:
Title:

[SECURITY TRUSTEE]
By:
Name:
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]